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</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#160;<ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>&#160;&#160;&#160;REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric>&#160;&#160;&#160;ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR THE FISCAL YEAR ENDED&#160;<ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">DECEMBER 31</ix:nonNumeric>,&#160;<ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>&#160;&#160;&#160;TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>&#160;&#160;&#160;SHELL
COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission file number:&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber"><b>001-37381</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><b>Medigus Ltd.</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in its
charter)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><b>Israel</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">10 Hanechoshet</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">4th Floor</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Tel-Aviv</ix:nonNumeric> <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">6971072</ix:nonNumeric>,
<ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Israel</ix:nonNumeric></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName"><b>Tali Dinar</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">10 Hanechoshet</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">4th Floor</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Tel-Aviv</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">6971072</ix:nonNumeric>,
<ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Israel</ix:nonNumeric> Tel: <span style="-sec-ix-hidden: hidden-fact-0"><span style="-sec-ix-hidden: hidden-fact-1">+972-73-370-4691</span></span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Fax: <ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelFaxNumber">+972 72 260-2249</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered pursuant
to Section 12(b) of the Act:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 32%; border-bottom: black 1.5pt solid; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt"><b>Title of class</b></span></td> <td style="white-space: nowrap; width: 2%; text-align: center; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="white-space: nowrap; width: 32%; border-bottom: black 1.5pt solid; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt"><b>Trading Symbol(s)&#160;</b></span></td> <td style="white-space: nowrap; width: 2%; text-align: center; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="white-space: nowrap; width: 32%; border-bottom: black 1.5pt solid; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt"><b>Name of each exchange on which registered</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">American Depositary Shares, each representing fifteen (15) Ordinary Shares<sup>(1)</sup></span></td> <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">MDGS&#160;</span></td> <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Nasdaq Capital Market</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: center; direction: ltr; unicode-bidi: embed"><ix:nonNumeric contextRef="c0" continuedAt="_Security12bTitle-c0_cont_1" name="dei:Security12bTitle"><span style="font-size: 10pt">Ordinary Shares, no-par value&#160;<sup>(2)</sup></span></ix:nonNumeric></td> <td style="text-align: left; direction: ltr; unicode-bidi: embed"><ix:continuation continuedAt="_Security12bTitle-c0_cont_2" id="_Security12bTitle-c0_cont_1">&#160;</ix:continuation></td> <td style="text-align: center; direction: ltr; unicode-bidi: embed"><ix:continuation continuedAt="_Security12bTitle-c0_cont_3" id="_Security12bTitle-c0_cont_2">&#160;</ix:continuation></td> <td style="text-align: left; direction: ltr; unicode-bidi: embed"><ix:continuation continuedAt="_Security12bTitle-c0_cont_4" id="_Security12bTitle-c0_cont_3">&#160;</ix:continuation></td> <td style="text-align: center; direction: ltr; unicode-bidi: embed"><ix:continuation continuedAt="_Security12bTitle-c0_cont_5" id="_Security12bTitle-c0_cont_4">&#160;</ix:continuation></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: center; direction: ltr; unicode-bidi: embed"><ix:continuation id="_Security12bTitle-c0_cont_5"><span style="font-size: 10pt">Series C Warrants</span></ix:continuation></td> <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="text-align: center; direction: ltr; unicode-bidi: embed"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-size: 10pt">MDGSW</span></ix:nonNumeric></td> <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric>&#160;Capital Market</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Evidenced by American Depositary
    Receipts.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Not for trading, but only in connection
    with the registration of the American Depositary Shares.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered pursuant
to Section 12(g) of the Act:&#160;&#160;<b><span style="text-decoration:underline">None</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:&#160;<b><span style="text-decoration:underline">None</span></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate the number of outstanding
shares of each of the issuer&#8217;s classes of capital or common stock as of December&#160;31,&#160;2022: <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">24,661,470</ix:nonFraction>&#160;<b>Ordinary
Shares, no par value per share</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark if
the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark if
the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;
</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric>&#160;<span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this report is an annual
or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;
</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric>&#160;<span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant:&#160;(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric>&#160;<span style="font-family: Times New Roman, Times, Serif">&#9746;
</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;No&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
(&#167; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric>&#160;<span style="font-family: Times New Roman, Times, Serif">&#9746;
</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;No&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.&#160;&#160;See
definition of &#8220;accelerated filer and large accelerated filer&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of
the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="width: 28%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Large Accelerated filer</span></td> <td style="width: 6%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 26%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Accelerated filer&#160;</span></td> <td style="width: 6%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 25%; text-align: left; direction: ltr; unicode-bidi: embed"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-size: 10pt">Non-accelerated filer</span></ix:nonNumeric></td> <td style="width: 6%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Emerging growth company</span></td> <td style="text-align: left; direction: ltr; unicode-bidi: embed"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an emerging growth company
that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act. &#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm
that prepared or issued its audit report.&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant&#8217;s
executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark the
basis of accounting the registrant has used to prepare the financial statements included in this filing:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">U.S. GAAP</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td> <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-2">International Financial Reporting Standards</span>&#160;as issued by the International Accounting Standards Board</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Other</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If &#8220;Other&#8221; has
been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to
follow.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Item 17&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;
</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Item 18&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this is an annual report,
indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;
</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;No&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 9%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 80%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td colspan="3" style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_001">Introduction</a></b>&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td colspan="3" style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_002">Cautionary
    Note Regarding Forward-Looking Statements</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td colspan="3" style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
    Risk Factors</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_003">Part
    I</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    1.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_004">Identity
    of Directors, Senior Management and Advisors</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    2.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_005">Offer
    Statistics and Expected Timetable</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    3.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_006">Key
    Information</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_007">Reserved</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_008">Capitalization
    and Indebtedness</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_009">Reasons
    for the Offer and Use of Proceeds</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_010">Risk
    Factors</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    4.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_011">Information
    on the Company</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_012">History
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_013">Business
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_014">Organizational
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_015">Property,
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    4a.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_016">Unresolved
    staff Comments</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    5.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_017">Operating
    and Financial Review and Prospects</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_018">Operating
    Results</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_019">Liquidity
    and Capital Resources</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_020">Research
    and Development, Patents and Licenses, etc.</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_021">Trend
    Information</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_022">Critical
    Accounting Estimates</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    6.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_023">Directors,
    Senior Management and Employees</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_024">Directors
    and Senior Management</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_025">Compensation</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_026">Board
    Practices</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">50</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_027">Employees</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_028">Share
    Ownership</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    7.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_029">Major
    Shareholders and Related Party Transactions</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_030">Major
    Shareholders</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_031">Related
    Party Transactions</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_032">Interests
    of Experts and Counsel</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    8.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_033">Financial
    Information</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_034">Consolidated
    Statements and Other Financial Information</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_035">Significant
    Changes</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    9.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_036">The
    Offer and Listing</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_037">Offer
    and Listing Details</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_038">Plan
    of Distribution</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_039">Markets</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_040">Selling
    Shareholders</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_041">Dilution</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_042">Expenses
    of the Issue</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="width: 9%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    10.</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 80%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_043">Additional
    Information</a></b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 9%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_044">Share
    Capital</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_045">Memorandum
    and Articles of Association</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_046">Material
    Contracts</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_047">Exchange
    Controls</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_048">Taxation</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_049">Dividends
    and Paying Agents</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_050">Statements
    by Experts</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_051">Documents
    on Display</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_052">Subsidiary
    Information</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    11.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_053">Quantitative
    and Qualitative Disclosures About Market Risk</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    12.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_054">Description
    of Securities Other Than Equity Securities</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_055">Debt
    Securities</a> &#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_056">Warrants
    and Rights</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_057">Other
    Securities</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_058">American
    Depositary Shares</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_059">Part
    II</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    13.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_060">Defaults,
    Dividend Arrearages and Delinquencies</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    14.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_061">Material
    Modifications to the Rights of Security Holders and Use of proceeds</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    15.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_062">Controls
    and Procedures</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_063">Reserved</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16A.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_064">Audit
    Committee Financial Expert</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16B.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_065">Code
    of Ethics</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16C.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_066">Principal
    Accountant Fees and Services</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16D.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_067">Exemptions
    from the Listing Standards for Audit Committees</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16E.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_068">Purchases
    of Equity Securities by the Issuer and Affiliated Purchasers</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16F.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_069">Change
    in Registrant&#8217;s Certifying Accountant</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16G.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_070">Corporate
    Governance</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16H.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_071">Mine
    Safety Disclosure</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16I.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_072">Disclosure
    regarding foreign jurisdictions that prevent inspections</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_073">Part
    III</a></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_074">Financial
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_075">Financial
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    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</span></td></tr>
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
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    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</span></td></tr>
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    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence -->&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INTRODUCTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Certain Definitions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">In this annual report, unless the context
otherwise requires:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;ADS&#8221;
    refer to American Depositary Shares, each representing fifteen (15) Ordinary Shares.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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    Law&#8221; refer to the Israeli Companies Law, 5759-1999, as amended.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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    refer to a medical procedure which is used to diagnose or treat various diseases using an endoscope (a flexible tube which contains
    lighting features, imaging features and a system used to direct the endoscope within bodily systems).</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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    refer to Eventer Technologies Ltd., a company incorporated under the laws of the State of Israel, a majority subsidiary of the Company.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;GERD IP&#8221;
    refer to GERD IP, Inc., a corporation incorporated under the laws of the State of Delaware, a majority owned subsidiary of the Company</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;Gix Internet&#8221; refer to Gix Internet Ltd.
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  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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    refer to the Company and its consolidated subsidiaries, which are Jeffs&#8217; Brands, Charging Robotics Ltd., GERD IP, Gix Internet and
    Eventer.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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    Brands&#8221; refer to Jeffs&#8217; Brands Ltd., a company incorporated under the laws of the State of Israel, a majority owned subsidiary
    of the Company.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;Medigus,&#8221;
    the &#8220;Company,&#8221; the &#8220;Registrant,&#8221; &#8220;us,&#8221; &#8220;we&#8221; and &#8220;our&#8221; refer to Medigus
    Ltd., an Israeli company.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;MUSE<sup>&#8482;</sup>&#8221;
    refer to the Medigus Ultrasonic Surgical Endostapler, the trade name of an endoscopy system developed by the Company which is intended
    as a minimally invasive treatment for Gastroesophageal Reflux Disease, or GERD.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;NIS&#8221;
    refer to New Israeli Shekels, the Israeli currency.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;Ordinary
    Shares,&#8221; &#8220;our shares&#8221; and similar expressions refer to the Company&#8217;s Ordinary Shares, of no par value per
    share.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;Polyrizon&#8221;
    refer to Polyrizon Ltd., a company incorporated under the laws of the State of Israel, a minority owned entity of the Company.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;Pro&#8221;
    refer to Smart Repair Pro, Inc., a corporation incorporated under the laws of the State of California, a majority owned subsidiary
    of the Company.&#160;&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;Purex&#8221;
    refer to Purex, Corp., a corporation incorporated under the laws of the State of California, a majority owned subsidiary of the Company.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to the &#8220;SEC&#8221;
    refer to the United States Securities and Exchange Commission.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#9679;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">references to &#8220;ScoutCam&#8221;
    refer to ScoutCam Inc., a company incorporated under the laws of State of Nevada, minority owned subsidiary of the Company.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All share data information
in this annual report on Form 20-F reflects a 20-for-1 reverse share split of our ordinary shares effected on July 7, 2022, together with
a ratio change of 1:15 ADSs per of ordinary shares effected on November 14, 2022, such that after the reverse share split was implemented
each ADS represents 15 post- reverse share split ordinary shares, instead of 20 pre-reverse share split ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
AND A SUMMARY OF RISK FACTORS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain information included
or incorporated by reference in this&#160;annual report&#160;on Form 20-F may be deemed to be &#8220;forward-looking statements&#8221;.
Forward-looking statements are often characterized by the use of forward-looking terminology such as &#8220;may,&#8221; &#8220;will,&#8221;
&#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;believe,&#8221; &#8220;should,&#8221;
&#8220;intend,&#8221; &#8220;project&#8221; or other similar words, but are not the only way these statements are identified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These forward-looking statements
may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections
of results of operations or of financial condition,&#160;statements relating to the research, development and use of our products,&#160;and
all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project,
believe or anticipate will or may occur in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on
assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions,
expected future developments and other factors they believe to be appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Important factors that could
cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements
include, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to freely operate our business;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>
</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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</table><div>

</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory reforms may adversely affect our ability to sell our products profitably;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if we fail to comply with the extensive government regulations relating to our business, we may be subject to fines, injunctions and other penalties that could harm our business;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">raising additional capital by issuing securities may cause dilution to existing shareholders;</span></td></tr>
  </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Readers are urged to carefully
review and consider the various disclosures made throughout this&#160;annual report&#160;on Form 20-F,&#160;which are designed to advise
interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the section of
this&#160;Annual Report&#160;on Form 20-F entitled &#8220;Item 4. Information on the Company&#8221; contains information obtained from
independent industry and other sources that we have not independently verified. You should not put undue reliance on any forward-looking
statements. Any forward-looking statements in this&#160;annual report&#160;are made as of the date hereof, and we undertake no obligation
to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except
as required by law.</p><div>

</div><p style="margin: 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 6; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence -->&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART&#160;I</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISORS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 3. KEY INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>A. [Reserved]</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>B. Capitalization and Indebtedness</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>C. Reasons for the Offer and Use of Proceeds</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>D. Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You&#160;should carefully
consider the risks described below, together with all of the other information in this annual report on Form&#160;20-F. The risks described
below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be
immaterial may also materially and adversely affect our business operations. If any of these risks actually occurs, our business and
financial condition could suffer, and the price of our shares could decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You&#160;should carefully
consider the risks described below, together with all of the other information in this annual report on Form&#160;20-F. The risks described
below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be
immaterial may also materially and adversely affect our business operations. If any of these risks actually occurs, our business and
financial condition could suffer, and the price of our shares could decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 7; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Our Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Starting 2019, we made material changes
to our business strategy. We cannot guarantee that any of these changes will result in any value to our shareholders.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since 2019, we have materially changed our business model, adjusted
our exclusive focus on the medical device industry to include other industries, abandoned our strategy to commercialize the MUSE<sup>&#8482;</sup>&#160;system,
and consummated a securities exchange agreement in relation to ScoutCam Ltd. and diversified our investments into new markets and industries.
In addition to the medical field, we have entered the electric vehicle field. We have also invested into different internet-related markets,
specifically e-commerce and online advertising. As a result of these changes, we have acquired substantial stakes in a number of ventures,
including but not limited to online business activities such as ad-tech, e-commerce, drone technology and online event management. We
cannot guarantee that these strategic decisions will derive the anticipated value to our shareholders, or any value at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have a history of operating losses,
we may incur additional losses in the future and our ability to grow sales and achieve profitability are unpredictable.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022, we had an accumulated deficit of $85.6 million
and incurred total operating loss of approximately $13.8 million in the year ended on December 31, 2022, and total operating losses of
approximately $9.8 million in the year ended December 31, 2021. Our losses have had, and will continue to have, an adverse effect on our
shareholders&#8217; equity and working capital. Any failure to achieve and maintain profitability would continue to have an adverse effect
on our shareholders&#8217; equity and working capital and could result in a decline in our share price or cause us to cease operations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to reach profitability
depends on many factors, which include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that we will be able to successfully implement our business plan, meet our challenges and become profitable in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We will need additional funding. If we
are unable to raise capital, we will be forced to reduce or eliminate our operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December 31, 2022, the Group incurred loss of
$10.2 million mainly due to operating loss from our consolidated financial reports of approximately $13.8 million and a negative cash
flow from operating activities of approximately $5.6 million. Furthermore, in the recent years, the Group has suffered recurring losses
from operations, negative cash flows from operating activities and has an accumulated deficit of $85.6 million as of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022, we had a total cash and cash equivalents balance
and short term deposits of approximately $21&#160;million. Our management expects that we will continue to generate operating losses.
Our management plans to continue to fund its operations primarily through utilization of its financial resources. In addition, we may
raise additional capital or realize some of our investments in other entities in order to fund our operating needs. Our management is
of the opinion that based on our current operating plan it will be able to carry out its plan for more than a year after the issuance
date of this Annual Report on Form 20-F. However,&#160;we anticipate that we are likely to continue to incur significant losses for at
least the next year. There is no assurance however, that we will be successful in obtaining the level of financing needed for our operations.&#160;If
we are unable to obtain additional sufficient financing our business and results of operations will be materially harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even if we are able to continue
to finance our business, the sale of additional equity or debt securities could result in dilution to our current shareholders and could
require us to grant a security interest in our assets. If we raise additional funds through the issuance of debt securities, these securities
may have rights senior to those of our Ordinary Shares and could contain covenants that could restrict our operations. In addition, we
may require additional capital beyond our currently forecasted amounts to achieve profitability. Any such required additional capital
may not be available on reasonable terms, or at all.&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Global economic and macroeconomic conditions
may adversely affect our operating results in a material manner</i></b>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operating businesses
are subject to normal economic cycles affecting the general economy or the specific industries in which they operate. Negative conditions
in the general economy, including significant inflation, rising interest rates, financial and credit market fluctuations, international
trade relations, political turmoil, geopolitical conflicts such as the military conflict between Russia and Ukraine, natural catastrophes,
regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic, warfare and terrorist attacks, could cause a decrease
in business investments and could produce a material adverse effect on one or more of our subsidiaries. Extreme volatility in financial
markets, has adversely impacted and may continue to adversely impact our share price and our ability to access capital markets. To the
extent that access to the capital markets is restricted or the cost of funding increases, our operations could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our ability to freely operate our business
is limited as a result of certain covenants included in our Series C Warrants.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series C Warrant Agreement,
or the Series C Warrant, contains a number of covenants that limit our operating activities, and may prevent our acquisition by a third
party, including a provision setting forth that in the event of a fundamental transaction (other than a fundamental transaction not approved
by the our board of directors), we or any successor entity may at the Series C Warrant holder&#8217;s option, exercisable at any time
concurrently with, or within 30 days after, the consummation of the fundamental transaction, purchase the Series C Warrants from the
holder by paying to the Series C Warrant holder an amount of cash equal to the Black Scholes value of the remaining unexercised portion
of the Series C Warrants on the date of the consummation of such fundamental transaction. These and other similar provisions could delay,
prevent or impede an acquisition of us or our merger with another company, even if such an acquisition or merger would be beneficial
to us or to our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain of our subsidiaries rely on key
employees and highly skilled personnel, and, if they are unable to attract, retain or motivate qualified personnel, they may not be able
to operate its business effectively.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The success of certain of
our subsidiaries depends largely on the continued employment of their senior management and key personnel who can effectively operate
its business and its ability to attract and retain skilled employees. Competition for highly skilled management, technical, research
and development, and other employees is intense, and our subsidiaries may not be able to attract or retain highly qualified personnel
in the future. If any of the key employees of these subsidiaries leave or are terminated, and such companies fail to manage a transition
to new personnel effectively, or if they fail to attract and retain qualified and experienced professionals on acceptable terms, the
business, financial condition and results of operations of these subsidiaries could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We, and our subsidiaries, are subject to
stringent and changing laws, regulations, standards, and contractual obligations related to privacy, data protection, and data security.
The actual or perceived failure to comply with such obligations could harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiaries and we receive,
collect, store, process, transfer, and use personal information and other data relating to users of our products, our employees and contractors,
and other persons. We have legal and contractual obligations regarding the protection of confidentiality and appropriate use of certain
data, including personal information. We are subject to numerous federal, state, local, and international laws, directives, and regulations
regarding privacy, data protection, and data security and the collection, storing, sharing, use, processing, transfer, disclosure, and
protection of personal information and other data, the scope of which are changing, subject to differing interpretations, and may be
inconsistent among jurisdictions or conflict with other legal and regulatory requirements. We are also subject to certain contractual
obligations to third parties related to privacy, data protection and data security. We strive to comply with our applicable policies
and applicable laws, regulations, contractual obligations, and other legal obligations relating to privacy, data protection, and data
security to the extent possible. However, the regulatory framework for privacy, data protection and data security worldwide is, and is
likely to remain for the foreseeable future, uncertain and complex, and it is possible that these or other actual or alleged obligations
may be interpreted and applied in a manner that we do not anticipate or that is inconsistent from one jurisdiction to another and may
conflict with other legal obligations or our practices. Further, any significant change to applicable laws, regulations or industry practices
regarding the collection, use, retention, security or disclosure of data, or their interpretation, or any changes regarding the manner
in which the consent of users or other data subjects for the collection, use, retention or disclosure of such data must be obtained,
could increase our costs and require us to modify our services and features, possibly in a material manner, which we may be unable to
complete, and may limit our ability to store and process user data or develop new services and features.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our subsidiaries or we
were found in violation of any applicable laws or regulations relating to privacy, data protection, or security, our business may be
materially and adversely affected, and we would likely have to change our business practices and potentially the services and features
available through our platform. In addition, these laws and regulations could impose significant costs on us and could constrain our
ability to use and process data in manners that may be commercially desirable. In addition, if a breach of data security were to occur
or to be alleged to have occurred, if any violation of laws and regulations relating to privacy, data protection or data security were
to be alleged, or if we had any actual or alleged defect in our safeguards or practices relating to privacy, data protection, or data
security, our solutions may be perceived as less desirable, and our business, prospects, financial condition, and results of operations
could be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also expect that there
will continue to be new laws, regulations, and industry standards concerning privacy, data protection, and information security proposed
and enacted in various jurisdictions. For example, the data protection landscape in the European Union (&#8220;EU&#8221;) is currently
evolving, resulting in possible significant operational costs for internal compliance and risks to our business. The EU adopted the General
Data Protection Regulation or GDPR, which became effective in May 2018, and contains numerous requirements and changes from previously
existing EU laws, including more robust obligations on data processors and heavier documentation requirements for data protection compliance
programs by companies. Among other requirements, the GDPR regulates the transfer of personal data subject to the GDPR to third countries
that have not been found to provide adequate protection to such personal data, including the United States. Failure to comply with the
GDPR could result in penalties for noncompliance (including possible fines of up to the greater of &#8364;20&#160;million and 4% of our
global annual turnover for the preceding financial year for the most serious violations, as well as the right to compensation for financial
or&#160;non-financial&#160;damages claimed by individuals under Article 82 of the GDPR).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the GDPR,
the European Commission has another draft regulation in the approval process that focuses on a person&#8217;s right to conduct a private
life. The proposed legislation, known as the Regulation of Privacy and Electronic Communications, or ePrivacy Regulation, would replace
the current ePrivacy Directive. Originally planned to be adopted and implemented at the same time as the GDPR, the ePrivacy Regulation
is still being negotiated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, in June 2018,
California passed the California Consumer Privacy Act, or CCPA, which provides new data privacy rights for California consumers and new
operational requirements for covered companies. Specifically, the CCPA provides that covered companies must provide new disclosures to
California consumers and afford such consumers new data privacy rights that include the right to request a copy from a covered company
of the personal information collected about them, the right to request deletion of such personal information, and the right to request
to&#160;opt-out&#160;of certain sales of such personal information. The CCPA became operative on January&#160;1, 2020. The California
Attorney General can enforce the CCPA, including seeking an injunction and civil penalties for violations. The CCPA also provides a private
right of action for certain data breaches expected to increase data breach litigation. The CCPA may require us to modify our data practices
and policies and to incur substantial costs and expenses in order to comply. On November 3, 2020, California voters passed the California
Privacy Rights Act (&#8220;CPRA&#8221;) into law, which took effect in January 2023 and significantly expands the CCPA, including by
introducing additional obligations such as data minimization and storage limitations, granting additional rights to consumers. The CCPA
and CPRA may increase our compliance costs and potential liability. More generally, some observers have noted the CCPA and CPRA could
mark the beginning of a trend toward more stringent United States state and federal privacy legislations, which could increase our potential
liability and adversely affect our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, failure to comply
with the Israeli Privacy Protection Law 5741-1981, and its regulations as well as the guidelines of the Israeli Privacy Protection Authority,
may expose us to administrative fines, civil claims (including class actions), and in certain cases, criminal liability. Current pending
amendment to the Israeli Privacy Protection Law, 1981 is expected to enhance fines and sanctions for breaching the Israeli Privacy Law
and to strengthen the enforcement capacity of the Israeli Privacy Protection Authority. There have also been privacy bills enacted in
other countries around the world, such as Brazil, which have introduced new or expanded privacy requirements and we expect that privacy
legislation will continue to evolve in the coming years. Therefore, it is difficult to determine whether and how such existing laws and
regulations will apply to and impact the internet and our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any failure or perceived
failure by our subsidiaries or by us to comply with our posted privacy policies, our privacy-related obligations to users or other third
parties, or any other legal obligations or regulatory requirements relating to privacy, data protection, or data security may result
in governmental investigations or enforcement actions, litigation, claims, or public statements against us by consumer advocacy groups
or others and could result in significant liability, cause our users to lose trust in us, and otherwise materially and adversely affect
our reputation and business. Furthermore, the costs of compliance with, and other burdens imposed by, the laws, regulations, other obligations,
and policies that are applicable to the businesses of our users may limit the adoption and use of, and reduce the overall demand for,
our platform. Additionally, if third parties we work with violate applicable laws, regulations, or contractual obligations, such violations
may put our users&#8217; data at risk, could result in governmental investigations or enforcement actions, fines, litigation, claims,
or public statements against us by consumer advocacy groups or others and could result in significant liability, cause our users to lose
trust in us, and otherwise materially and adversely affect our reputation and business. Further, public scrutiny of, or complaints about,
technology companies or their data handling or data protection practices, even if unrelated to our business, industry, or operations,
may lead to increased scrutiny of technology companies, including us, and may cause government agencies to enact additional regulatory
requirements, or to modify their enforcement or investigation activities, which may increase our costs and risks.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<b>Risks Related to Gix Internet&#8217;s
Business and Industry </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><b><i>Gix
Internet&#8217;s success depends, in part, upon the continued demand of digital advertising as an integral part of corporate marketing
and internal communications plans and the continued growth and acceptance of digital content as effective alternatives to traditional
offline marketing products and services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gix Internet provides digital
advertising platforms. Its revenues are derived from the sale of its platforms. If the demand for digital advertising does not continue
to grow or customers do not embrace its platforms, this could have a material adverse effect on its business and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gix Internet&#8217;s success
also depends, in part, on its ability to compete for a share of available advertising/marketing expenditures as more traditional offline
and emerging media companies continue to enter the digital advertising market, as well as on the continued growth and acceptance of digital
advertising generally. If for any reason digital advertising is not perceived as effective (relative to traditional advertising), web
browsers, software programs and/or other applications that limit or prevent advertising from being displayed become commonplace and/or
the industry fails to effectively manage click fraud, the market for digital advertising will be negatively impacted. Any lack of growth
in the market for digital advertising could adversely affect its business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><b><i>Online
platform updates, including operating systems, search engines, browsers and social media might affect Gix Internet&#8217;s ability to
generate revenues, temporarily or permanently.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gix Internet complies with
certain guidelines promulgated by online platforms for the use of the respective brands and services. Online platforms may unilaterally
update their policies and guidelines, which could, in turn, require modifications to, or prohibit and/or render obsolete certain of its
advertising solutions, products, services and practices, which could be costly to address or otherwise have an adverse effect on its
business, its financial condition and results of operations. Noncompliance with platforms&#8217; guidelines, whether by it or by third
parties it works with, if not cured, could result in such online platforms&#8217; suspension of some or all of their services to it,
or to the websites of third parties it works with, or the reimbursement of funds paid to it, or the imposition of additional restrictions
on our advertising abilities or the termination of certain advertising agreements with its customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><b><i>Should
the providers of internet browsers, advertisement platforms and Search Engines further regulate, constrain or limit Gix Internet&#8217;s
ability to offer advertising services, or materially change their guidelines, technology or the way they operate, its ability to generate
revenue from advertising could be significantly reduced.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As Gix Internet provides its services through the internet, it&#8217;s
reliant on its ability to work with the different internet browsers, search engines and advertisement platforms. If Microsoft, Google,
Apple, Meta or other companies that provide internet browsers, advertisement platforms and search engines, effectively further restrict,
discourage or otherwise hamper companies, like Gix Internet, from offering or advertising services, this would continue to cause a material
adverse effect on its revenue and its financial results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Large and established internet and technology
companies, such as Google and Meta, play a substantial role in the digital advertising market and may significantly impair Gix Internet&#8217;s
ability to operate in this industry.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Google and Meta are substantial
players in the digital advertising market and account for a large portion of the digital advertising budgets, along with other smaller
players. Such high concentration subjects Gix Internet to unilateral changes with respect to advertising on their respective platforms,
which may be more lucrative than alternative methods of advertising or partnerships with other publishers that are not subject to such
changes. Furthermore, Gix Internet could have limited ability to respond to, and adjust for, changes implemented by such players.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These companies, along with
other large and established Internet and technology companies, may also leverage their power to make changes to their web browsers, operating
systems, platforms, networks or other products or services in a way that impacts the entire digital advertising marketplace.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The use of third-party
software solutions for the purpose of blocking ads and / or alerts may cause Gix Internet&#8217;s business to suffer.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Digital
advertising may be blocked by third-party providers. As a result, Gix Internet may lose both existing and potential new customers and
its ability to generate revenue will be negatively impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Gix Internet depends
on supply sources to provide it with advertising inventory in order for it to deliver advertising campaigns in a cost-effective manner.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Gix
Internet relies on a diverse set of publishers including direct publishers, advertising exchange platforms, social networks and other
platforms, that aggregate advertising inventory, to provide it with high-quality digital advertising inventory on which it delivers ads,
collectively referred to as &#8220;supply sources&#8221;. The future growth of Gix Internet&#8217;s advertising business will depend,
in part, on its ability to maintain, expand and further develop successful business relationships in order to increase the network of
its supply sources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Gix
Internet&#8217;s supply sources typically make their advertising inventory available to it on a non-exclusive basis and are not required
to provide any minimum amounts of advertising inventory to it or to provide it with a consistent supply of advertising inventory, at
any predetermined price or through real time bidding. Supply sources often maintain relationships with various sources of demand that
compete with Gix Internet, and it is easy for supply sources to quickly shift their advertising inventory among these demand sources,
or to shift inventory to new demand sources, without notice or accountability. Supply sources may also seek to change the terms at which
they offer inventory to Gix Internet, or they may allocate their advertising inventory to its competitors who offer more favorable economic
terms, better solutions and advanced technology. Supply sources may also elect to sell all, or a portion, of their advertising inventory
directly to advertisers and agencies, or they may develop their own competitive offerings, which could diminish the demand for Gix Internet&#8217;s
solutions. In addition, significant supply sources within the industry may enter into exclusivity arrangements with Gix Internet&#8217;s
competitors, which could limit its access to a meaningful supply of inventory. As a result of all of these factors, Gix Internet&#8217;s
supply sources may not supply it with sufficient amounts of high-quality digital advertising inventory in order for it to fulfill the
demands of its advertising customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Because
of these factors, Gix Internet seeks to expand and diversify its supply sources; nonetheless, if its supply sources terminate or reduce
its access to their advertising inventory, increase the price of inventory or place significant restrictions on the sale of their advertising
inventory, or if platforms or exchanges terminate its access to them and it is unsuccessful in establishing or maintaining its relationships
with supply sources on commercially reasonable terms, it may not be able to replace this with inventory from other supply sources that
satisfy its requirements in a timely and cost-effective manner. If any of these happens, Gix Internet&#8217;s revenue could decline or
its cost of acquiring inventory could increase, which, in turn, could lower its operating margins and materially adversely affect its
advertising business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reliance upon Gix Internet&#8217;s top
customers may adversely affect its revenue and operating results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.55pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.55pt">Gix Internet&#8217;s top
ten customers represented approximately 68% and 88% of its consolidated revenue for the years ended December 31, 2022, and 2021, respectively
on a pro forma basis. It is likely that Gix Internet will depend on a relatively small number of customers for a significant portion
of its revenue in the future. If a top customer fails to pay Gix Internet, cash flow from operations would be impacted and its operating
results and financial condition could be harmed. Additionally, if Gix Internet were to lose a material customer, it may not be able to
offer its services at similar utilization or pricing levels and such loss could have an adverse effect on its business until the services
are offered at similar utilization or pricing levels.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Gix Internet&#8217;s search platform depends
heavily upon revenue generated from a material agreement with one Major Customer (the &#8220;Major Customer&#8221;), and any adverse change
in that agreement could adversely affect its business, financial condition and results of operations. </i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Gix
Internet is highly dependent on the material agreement with its Major Customer. If this material agreement is terminated or substantially
amended (not on favorable terms), Gix Internet would experience a material decrease in its revenue or the profits it generates and would
be forced to seek alternative customers, at less competitive terms or accelerate the business it has with the other customers. There
are few companies in the market that provide internet search and search advertising services with whom Gix Internet can directly engage
with in the same manner which we are engaged with its Major Customer. Such companies are substantially the only participants in western
markets, and competitors do not offer as much coverage through sponsored links or searches. Gix Internet may divert its operations and
user traffic to other third-party partners which provide search feed to search engines, however Gix Internet cannot guarantee that it
will be successful. If Gix Internet fails to quickly locate, negotiate and finalize alternative arrangements or otherwise expedite current
operations it has with such alternative search providers, or if it does, but the alternatives do not provide for terms that are as favorable
as those currently provided and utilized, it would experience a material reduction in its revenue and, in turn, its business, financial
condition and results of operations would be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reliance upon material suppliers may adversely
affect Gix Internet&#8217;s revenue and operating results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.55pt">Gix Internet is
dependent on certain material suppliers and service providers for some of the services it renders. In certain cases, Gix Internet
relies on single supplier and/or service provider for the services it offers its customers. In most cases Gix Internet does not have
long term contracts with these suppliers, and even in the cases where it does, the contracts include significant qualifications that
would make it extremely difficult for it to force the supplier or service provider to provide it with their services, should they
choose not to do so. Gix Internet is therefore subject to the risk that these third-parties it works with will not be able or
willing to continue to provide it with services that meet its specifications, quality standards and delivery schedules. Factors that
could impact these third parties&#8217; willingness and ability to continue to provide Gix Internet with the required services
include disruption at or affecting their facilities, such as work stoppages or natural disasters, adverse weather or other
conditions that affect their supply, their financial conditions and / or deterioration in its relationships with these third
parties. In addition, Gix Internet cannot be sure that it will be able procure<span style="font-family: Times New Roman, Times, Serif"><sup>1 </sup></span>the services its needs on satisfactory terms. Any increase in costs could reduce Gix Internet&#8217;s revenues and
harm its gross margins. In addition, any loss of a material supplier and / or service provider may permanently cause a change in one
or more of Gix Internet&#8217;s services that may not be accepted by its customers or cause it to eliminate that product
altogether.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.55pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Gix Internet may not be able to generate
enough cash flow to meet its debt obligations or fund its other liquidity needs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gix Internet&#8217;s ability
to satisfy its liabilities will depend upon future performance and its ability to repay or refinance its debt as it becomes due. Gix
Internet&#8217;s future operating performance and ability to refinance will be affected by economic and capital market conditions, results
of operations and other factors, many of which are beyond its control. Its ability to meet its debt obligations also may be impacted
by changes in prevailing interest rates, as borrowings under our loans bear interest at floating rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.55pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Eventer&#8217;s Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If Eventer fails to maintain and improve
the quality of its platform, it may not be able to attract clients seeking to manage their online and offline events or facilitate ticket
sales for events.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To satisfy both clients seeking
to manage online and offline events through Eventer&#8217;s platform, Eventer needs to continue to improve the user experience and innovate
and introduce features and services that both event managers and ticket purchasers find useful cause them to use Eventer&#8217;s platform
more frequently. In addition, Eventer needs to adapt, expand and improve its platform and user interfaces to keep up with changing user
preferences. Eventer invests substantial resources in researching and developing new features and enhancing its platform by incorporating
these new features, improving the functionality, and adding other improvements to meet users&#8217; evolving demands. The success of
any enhancements or improvements to Eventer&#8217;s platform or any new features depends on several factors, including timely completion,
adequate quality testing, integration with technologies on the platform and overall market acceptance. Because further development of
Eventer&#8217;s platform is complex, challenging, and dependent upon an array of factors, the timetable for the release of new features
and enhancements to Eventer&#8217;s platform is difficult to predict, and it may not offer new features as rapidly as users of its platform
require or expect.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is difficult to predict
the problems Eventer may encounter in introducing new features to its platform. Eventer may need to devote significant resources to creating,
supporting, and maintaining these features. Eventer provides no assurance that its initiatives to improve the user experience will be
successful. Eventer also cannot predict whether users will well receive any new features or whether improving its platform will be successful
or sufficient to offset the costs incurred to offer these new features. If Eventer is unable to improve or maintain its platform&#8217;s
quality, its business, prospects, financial condition, and results of operations could be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Eventer&#8217;s business is highly sensitive
to public tastes. It is dependent on its ability to secure popular artists and other live music events. Eventer&#8217;s ticketing clients
may be unable to anticipate or respond to consumer preferences changes, which may result in decreased demand for its services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer&#8217;s business
is highly sensitive to rapidly changing public tastes and is dependent on the availability of popular artists and events. Eventer&#8217;s
live entertainment business depends on its ability to anticipate the tastes of consumers and offer events that appeal to them. Since
Eventer relies on unrelated parties to create and perform at live music events as well as online events, any lack of availability of
popular artists could limit its ability to generate revenue. If artists do not choose to perform, or if Eventer cannot secure performances
and events to be managed and ticketed through its platform, Eventer&#8217;s business would be adversely affected. Furthermore, Eventer&#8217;s
business could be adversely affected if artists utilizing its platform do not tour or perform as frequently as anticipated, or if such
tours or performances are not as widely attended by fans as anticipated due to changing tastes, general economic conditions or otherwise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Eventer faces intense competition in the
online and offline event and ticketing industries. It may not be able to maintain or increase its current revenue, which could adversely
affect its business, financial condition, and operations results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer is active in highly
competitive industries, and it may not be able to maintain or increase its current revenue due to such competition. Online and offline
leisure events compete with other entertainment forms for consumers&#8217; discretionary spending and within this industry, Eventer faces
competition from other promoters and venue operators. Eventer&#8217;s competitors compete for relationships with popular music artists
and other service providers who have a history of being able to book artists for concerts and events. These competitors may engage in
more extensive development efforts, undertake more far-reaching marketing campaigns, adopt more aggressive pricing policies and make
more attractive offers to existing and potential artists. Due to increasing artist influence and competition to attract and maintain
artist clients for events managed on Eventer&#8217;s platform, it may enter into agreements on terms that are less favorable to it, which
could negatively impact the number of commissions collected from ticket sales which may adversely affect its financial results. Eventer&#8217;s
competitors may develop services and advertising options equivalent to or superior to those they provide or achieve greater market acceptance
and brand recognition than it achieves. Across the live music and entertainment industry, it is possible that new competitors may emerge
and rapidly acquire significant market share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer&#8217;s business
faces significant competition from other ticketing service providers to continuously secure new and retain existing clients. Additionally,
it faces significant and increasing challenges from companies that sell self-ticketing systems and clients who choose to self-ticket
by integrating such systems into their existing operations or the acquisition of primary ticket services providers. The advent of new
technology, particularly as it relates to online ticketing, has amplified this competition. The intense competition that Eventer faces
in the ticketing industry could cause the volume of ticketing services to decline.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If our Eventer subsidiary fails to offer
high-quality customer service, their brand and reputation could suffer.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer&#8217;s clients rely
on the platform to plan and manage online and offline events and expect a high level of user experience and customer service relating
to both the event management functions of the platform as well as ticket sales. Providing such quality service is imperative for ensuring
customer success, sustaining sales growth, and developing Eventer&#8217;s business. To the extent that Eventer cannot provide real-time
support for users of its platforms, the platform may become less attractive to potential users, and its results of operations may be
harmed.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The success of Eventer&#8217;s event management
and ticketing solutions and other operations depends, in part, on the integrity of its systems and infrastructure, as well as affiliate
and third-party computer systems, Wi-Fi, and other communication systems. System interruption and the lack of integration and redundancy
in these systems and infrastructure may have an adverse impact on its business, financial condition, and operations results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">System interruption and the
lack of integration and redundancy in the information systems and infrastructure, utilized for Eventer&#8217;s platform as well as other
computer systems and third-party software, Wi-Fi and other communications systems service providers on which Eventer relies, may adversely
affect its ability to operate the platform, process and fulfill transactions, respond to customer inquiries and generally maintain cost-efficient
operations. Such interruptions could occur by virtue of natural disasters, malicious actions such as hacking or acts of terrorism or
war, or human error. In addition, the loss of some or all of certain key personnel could require Eventer to expend additional resources
to continue to maintain its software and systems and could subject it to systems interruptions. The infrastructure required to operate
Eventer&#8217;s platform requires an ongoing investment of time, money, and effort to maintain or refresh hardware and software and ensure
it remains at a level capable of servicing the demand and volume of business it receives. Failure to do so may result in system instability,
degradation in performance, or unfixable security vulnerabilities that could adversely impact both the business and the consumers utilizing
Eventer&#8217;s services.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While Eventer has backup
systems for certain aspects of its operations, disaster recovery planning by its nature cannot be sufficient for all eventualities. In
addition, Eventer may not have adequate insurance coverage to compensate for losses from a major interruption. If any of these adverse
events were to occur, it could adversely affect Eventer&#8217;s business, financial condition, and operations results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Eventer&#8217;s success depends, in significant
part, on entertainment and leisure events and economic and other factors adversely affecting such events could have a material adverse
effect on its business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A decline in attendance at
or reduction in the number of entertainment and leisure events may have an adverse effect on Eventer&#8217;s revenue and operating income.
In addition, during periods of economic slowdown and recession, many consumers have historically reduced their discretionary spending
and advertisers have reduced their advertising expenditures. The impact of economic slowdowns on Eventer&#8217;s business is difficult
to predict, but they may result in reductions in ticket sales and the ability to generate revenue. The risks associated with Eventer&#8217;s
businesses may become more acute in periods of a slowing economy or recession, which may be accompanied by a decrease in attendance at
entertainment and leisure events. Many of the factors affecting the number and availability of entertainment and leisure events are beyond
Eventer&#8217;s control. For example, COVID-19 has led to lockdowns and governmental restrictions on live entertainment and leisure events
as well as restrictions regarding the attendance of such events. Although Eventer&#8217;s platform supports the management and ticketing
of online events, there is no assurance that online events will generate demand on par with live events, which could adversely affect
Eventer&#8217;s operations results.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer&#8217;s business
depends on discretionary consumer and enterprise spending. Many factors related to corporate spending and discretionary consumer spending,
including economic conditions affecting disposable consumer income such as unemployment levels, fuel prices, interest rates, changes
in tax rates and tax laws that impact companies or individuals, and inflation can significantly impact Eventer&#8217;s operating results.
Business conditions, as well as various industry conditions, including corporate marketing and promotional spending and interest levels,
can also significantly impact Eventer&#8217;s operating results. These factors can affect attendance at online and offline events, advertising,
and spending, as well as the financial results of venues, events, and the industry. Negative factors such as challenging economic conditions
and public concerns over terrorism and security incidents, particularly when combined, can impact corporate and consumer spending and
one negative factor can result in more than another. There can be no assurance that consumer and corporate spending will not be adversely
impacted by current economic conditions or by any future deterioration in economic conditions, thereby possibly impacting Eventer&#8217;s
operating results and growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt"></p><div>

</div><!-- Field: Page; Sequence: 15; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Errors, defects, or disruptions in Eventer&#8217;s
platform could diminish its brand, subject it to liability, and materially and adversely affect its business, prospects, financial condition,
and operations results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any errors, defects, or disruptions
in Eventer&#8217;s platform or other performance problems with its platform could harm its brand and may damage the businesses of artists
and clients that manage events on its platform. Eventer&#8217;s online systems, including its website and mobile apps, could contain
undetected errors, or &#8220;bugs,&#8221; that could adversely affect their performance. Additionally, Eventer regularly updates and
enhances its website, platform, and other online systems and introduces new versions of its software products and apps. These updates
may contain undetected errors when first introduced or released, which may cause disruptions in its services and may, as a result, cause
Eventer to lose market share, and its brand, business, prospects, financial condition and results of operations could be materially and
adversely affected.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Eventer is subject to escrow, payment services,
and money transmitter regulations that may materially and adversely affect its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer relies on third-party
to collect funds from ticket purchasers, remit payments to clients that manage events on its platform, and hold funds in connection with
ticket purchases. Although Eventer believes that by working with third parties, its operations comply with existing applicable laws and
regulatory requirements related to escrow, money transmission, handling or moving of money, existing laws or regulations may change,
and interpretations of existing laws regulations may also change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result, Eventer could
be required to be licensed as an escrow agent or a money transmitter (or other similar licensees) in jurisdictions in which it is active
or may choose to obtain such a license even if not required. As a result, Eventer may be required to register as a money services business
under applicable laws and regulations. It is also possible that Eventer could become subject to regulatory enforcement or other proceedings
in those jurisdictions with escrow, money transmission, or other similar statutes or regulatory requirements related to the handling
or moving of money, which could, in turn, have a significant impact on its business, even if we were to ultimately prevail in such proceedings.
Any developments in the laws or regulations related to escrow, money transmission, or the handling or moving of money or increased scrutiny
of its business may lead to additional compliance costs and administrative overhead.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Eventer faces payment and fraud risks that
could materially and adversely affect its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Requirements applicable to
Eventer&#8217;s platform relating to user authentication and fraud detection are complex. If Eventer&#8217;s security measures do not
succeed, Eventer&#8217;s business may be adversely affected. In addition, bad actors worldwide use increasingly sophisticated methods
to engage in illegal activities involving personal data, such as unauthorized use of another&#8217;s identity or payment information,
unauthorized acquisition or use of credit or debit card details, and other fraudulent use of another&#8217;s identity or information.
This could result in any of the following, each of which could adversely affect Eventer&#8217;s business:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Eventer may be held liable for
    the unauthorized use of a credit card or bank account number by ticket purchasers and be required by card issuers or banks to pay
    a chargeback or return fee, and if chargeback or return rate becomes excessive, credit card networks may also require Eventer to
    pay fines or other fees;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Eventer may be subject to additional
    risk and liability exposure, including negligence, fraud or other claims, if employees or third-party service providers misappropriate
    user information for their own gain or facilitate the fraudulent use of such information; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Eventer may suffer reputational
    damage as a result of the occurrence of any of the above.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite measures taken by
Eventer to detect and reduce the risk of this kind of conduct, it cannot ensure that any of its measures will stop illegal or improper
uses of its platform. Eventer may receive complaints from users and other third parties concerning misuse of its platform in the future.
Even if these claims do not result in litigation or are resolved in Eventer&#8217;s favor, these claims, and the time and resources necessary
to resolve them, could divert the resources of Eventer&#8217;s management and materially and adversely affect its business, prospects,
financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Eventer uses open source software, which
could negatively affect its ability to offer its platform and subject it to litigation or other actions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer uses substantial
amounts of open source software in its platform and may use more open source software in the future. From time to time, there have been
claims challenging both the ownership of open source software against companies that incorporate open source software into their products
and whether such incorporation is permissible under various open source licenses. U.S. and Israeli courts have not interpreted the terms
of many open source licenses, and there is a risk that these licenses could be construed in a way that could impose unanticipated conditions
or restrictions on its ability to commercialize its platform. As a result, Eventer could be subject to lawsuits by parties claiming ownership
of what we believe to be open source software, or breach of open source licenses. Litigation could be costly for Eventer to defend, have
a negative effect on its results of operations and financial condition, or require it to devote additional research and development resources
to change its platform. In addition, if Eventer were to combine its proprietary source code or software with open source software in
a certain manner, it could, under certain of the open source licenses, be required to release the source code of its proprietary software
to the public. This would allow its competitors to create similar products with less development effort and time. If Eventer inappropriately
uses open source software or the license terms for open source software that its uses change, Eventer may be required to re-engineer
its platform, or certain aspects of it, incur additional costs, discontinue the availability of certain features, or take other remedial
actions.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to risks related
to license requirements, open source software usage can lead to greater risks than use of third-party commercial software, as open source
licensors generally do not provide warranties or assurance of title or controls on origin of the software. In addition, many of the risks
associated with usage of open source software, such as the lack of warranties or assurances of title, cannot be eliminated and could,
if not properly addressed, negatively affect Eventer&#8217;s business. Eventer has established processes to help alleviate these risks,
but it cannot be sure that all of its use of open source software is in a manner that is consistent with its current policies and procedures
or will not subject Eventer to liability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>To the extent Eventer&#8217;s security
measures are compromised, its platform may be perceived as not being secure. This may result in customers curtailing or ceasing their
use of Eventer&#8217;s platform, its reputation being harmed, Eventer incurring significant liabilities, and adverse effects on its results
of operations and growth prospects.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer&#8217;s operations
involve the storage and transmission of artist and ticket purchaser data or information. Cyberattacks and other malicious internet-based
activity continue to increase, and cloud-based platform providers of services are expected to continue to be targeted. Threats include
traditional computer &#8220;hackers,&#8221; malicious code (such as viruses and worms), employee theft or misuse and denial-of-service
attacks. Sophisticated nation-states and nation-state supported actors now engage in such attacks, including advanced persistent threat
intrusions. The ticket sales solution included in Eventer&#8217;s platform stores credit card data and other customer personal information.
Hackers and malicious actors may target Eventer in order to obtain credit card information. Despite significant efforts to create security
barriers to such threats, it is virtually impossible for Eventer to entirely mitigate these risks. If Eventer&#8217;s security measures
are compromised as a result of third-party action, employee or customer error, malfeasance, stolen or fraudulently obtained log-in credentials,
or otherwise, Eventer&#8217;s reputation could be damaged, its business may be harmed, and it could incur significant liability. Eventer
may be unable to anticipate or prevent techniques used to obtain unauthorized access or to compromise its systems because they change
frequently and are generally not detected until after an incident has occurred. As Eventer relies on third-party and public-cloud infrastructure,
it will depend in part on third-party security measures to protect against unauthorized access, cyberattacks, and the mishandling of
customer data. A cybersecurity event could have significant costs, including regulatory enforcement actions, litigation, litigation indemnity
obligations, remediation costs, network downtime, increases in insurance premiums, and reputational damage. Many companies that provide
cloud-based services have reported a significant increase in cyberattack activity since the beginning of the COVID-19 pandemic.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 17; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Jeffs&#8217; Brands Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Jeffs&#8217; Brands have a short operating
history in an evolving industry and, as a result, Jeffs&#8217; Brands past results may not be indicative of future operating performance.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jeffs&#8217; Brands has a
short operating history in a rapidly evolving industry that may not develop in a manner favorable to our business. Jeffs&#8217; Brands
relatively short operating history makes it difficult to assess future performance.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jeffs&#8217; Brands future
success depends in large part upon the ability to, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">successfully develop, retain and
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">hire, integrate and retain talented
    people at all levels of organization;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">avoid interruptions in Jeffs&#8217;
    Brands business from information technology downtime, cybersecurity breaches or labor stoppages;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">maintain the quality of technology
    infrastructure; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    functionality.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Jeffs&#8217; Brands may not be able to
manage growth effectively, and such rapid growth may adversely affect Jeffs&#8217; Brands corporate culture.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jeffs&#8217; Brands expect
to rapidly and significantly expand their operations and anticipate expanding further as Jeffs&#8217; Brands pursue growth strategies.
Such expansion increases the complexity of Jeffs&#8217; Brands business and places a significant strain on Jeffs&#8217; Brands management,
operations, technical systems, financial resources and internal control over financial reporting functions. Jeffs&#8217; Brands current
and planned personnel, systems, procedures and controls may not be adequate to support and effectively manage Jeffs&#8217; Brands future
operations, especially as Jeffs&#8217; Brands employ personnel in several geographic locations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jeffs&#8217; Brands is currently
in the process of transitioning certain of Jeffs&#8217; Brands business and financial systems to systems on a scale reflecting the increased
size, scope and complexity of their operations, and the process of migrating the legacy systems could disrupt our ability to timely and
accurately process information, which could adversely affect results of operations and cause harm to Jeffs&#8217; Brands reputation.
As a result, Jeffs&#8217; Brands may not be able to manage Jeffs&#8217; Brands expansion effectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that Jeffs&#8217;
Brands entrepreneurial and collaborative culture has been a major contributor to its success. Jeffs&#8217; Brands may have difficulties
maintaining such culture or adapting it sufficiently to meet the needs of Jeffs&#8217; Brands future and evolving operations as it&#8217;s
continue to grow, in particular as Jeffs&#8217; Brands grows internationally.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, Jeffs&#8217;
Brands expect to experience some challenges in developing and maintaining Jeffs&#8217; Brands culture as a public company, with the attendant
changes in policies, practices, and corporate governance and management requirements. Failure to successfully develop or maintain such
a culture could have a material adverse effect on Jeffs&#8217; Brands business, results of operations, financial condition and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 18; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Jeffs&#8217; Brands e-commerce operations
are reliant on the Amazon marketplace and fulfillment by Amazon and changes to the marketplace, Amazon services and their terms of use
may harm Jeffs&#8217; Brands business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jeffs&#8217; Brands products
are sold predominantly on the Amazon marketplace and orders are fulfilled entirely by Amazon utilizing the fulfilled by Amazon, or FBA,
model. In order to continue to utilize the Amazon marketplace and FBA, Jeffs&#8217; Brands must comply with the applicable policies and
terms of use relating to these services. Such policies and terms of use may be altered or amended at Amazon&#8217;s sole discretion,
including changes regarding the cost of securing these services, and changes that increase the burden of compliance with its requirements,
may cause Jeffs Brands to significantly alter Jeffs&#8217; Brands business model or incur additional costs in order to comply, which
could negatively impact Jeffs&#8217; Brands results of operations. Non-compliance&#160;with applicable terms of use and policies can
result in the removal of one or more products from the marketplace and suspension of fulfillment services either of which could have
a material adverse effect on Jeffs&#8217; Brands business and results of Jeffs&#8217; Brands operations. Although Jeffs&#8217; Brands
exert efforts in order to ensure ongoing compliance and no notices of non-compliance&#160;have been received to date, we cannot assure
you that events of this kind will not occur in the future.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Jeffs&#8217; Brands relies on data provided
by third parties, the loss of which could limit the functionality of its platforms, cause it to invest in the wrong product or disrupt
its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jeffs&#8217; Brands uses third
party software to determine market trends and what markets to enter into. Its ability to successfully use this software depends on its
ability to analyze and utilize data, including search engine results, provided by unaffiliated third parties, primarily, Google and Amazon.
Some of this data is provided to it pursuant to third-party data sharing policies and terms of use, under data sharing agreements by third-party
providers or by customer consent. The majority of this data is sourced for free or for de minimis amounts. These sources of data allow
Jeffs&#8217; Brands, along with AI tools, to determine trends, performance and consumer sentiment on products and searches within e-commerce
platforms. This functionality allows it to help determine which products to market, in some cases manufacture through contract manufacturers,
import and sell on e-commerce marketplaces. The connection to multiple e-commerce platforms through application programming interfaces,
or APIs, allows Jeffs&#8217; Brands to develop the automation of the purchase of marketing and automate the change of pricing of product
listings on those e-commerce platforms.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the future, any of these
third parties could change its data sharing policies, including making them more restrictive, charging fees or altering its algorithms
that determine the placement, display and accessibility of search results and social media updates, any of which could result in the
loss of, or significant impairment to, Jeffs&#8217; Brands ability to collect useful data. These third parties could also interpret its,
or its service providers&#8217;, data collection policies or practices as being inconsistent with their policies, which could result
in the loss of its ability to collect this data. Privacy concerns may cause end users to resist providing the personal data necessary
to allow Jeffs&#8217; Brands to determine market trends as well as our ability to effectively retain existing customers. Privacy advocacy
groups and the technology and other industries are considering various new, additional or different self-regulatory standards that may
place additional burdens on Jeffs&#8217; Brands. Any such changes could impair its ability to use data and could adversely impact select
functionality of our proprietary software, impairing our ability to use this data to anticipate customer demand and market trends, as
well as adversely affecting Jeffs&#8217; Brands business and its ability to generate revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Jeffs&#8217; Brands business depends on
its ability to build and maintain strong product listings on e-commerce platforms. It may not be able to maintain and enhance its product
listings if it receives a substantial number of customer complaints, negative publicity or otherwise fails to live up to customers&#8217;
expectations, any of which could materially adversely affect its business, results of operations and growth prospects.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Maintaining and enhancing
Jeffs&#8217; Brands product listings is critical in expanding and growing its business. However, a significant portion of its perceived
performance to the customer depends on third parties outside of its control, including suppliers and logistics providers such as FedEx,
UPS, postal services and other third-party delivery agents and online retailers, mainly Amazon. Because Jeffs&#8217; Brands agreements
with its online retail partners are generally terminable at will, it may be unable to maintain these relationships, and its results of
operations could fluctuate significantly from period to period. Because it relies on third party logistics companies, like FedEx, to
deliver its products, it is subject to shipping delays or disruptions caused by inclement weather, natural disasters, labor activism,
health epidemics or bioterrorism. In addition, because Jeffs&#8217; Brands relies on national, regional and local transportation companies
for the delivery of some of its other products, it is also subject to risks of breakage or other damage during delivery by any of these
third parties. If these third parties do not meet its or its customers&#8217; expectations, its brands may suffer irreparable damage.
In addition, maintaining and enhancing Jeffs&#8217; Brands current and future brands may require it to make substantial investments,
and these investments may not be yield sufficient returns. If it fails to promote and maintain its brands, or if it incurs excessive
expenses in this effort, its business, operating results and financial condition may be materially adversely affected. We anticipate
that, as its market becomes increasingly competitive, maintaining and enhancing its brands may become increasingly difficult and expensive.
Maintaining and enhancing its brands will depend largely on its ability to anticipate market trends and customer demand and to provide
high quality products to its customers and a reliable, trustworthy and profitable sales channel to its suppliers, which it may not be
able to do successfully.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A substantial number of customer
complaints or negative publicity about Jeffs&#8217; Brands sites, products, delivery times, customer data handling and security practices
or customer support, especially on blogs, social media websites or its sites, could rapidly and severely diminish consumer views of its
products and result in harm to its brands. Customers may also make safety-related claims regarding products sold through its online retail
partners, such as Amazon, which may result in an online retail partner removing the product from its marketplace. Such removal may materially
impact its financial results depending on the product that is removed and length of time that it is removed. Jeffs&#8217; Brands also
uses and relies on other services from third parties, such as its telecommunications services, and those services may be subject to outages
and interruptions that are not within its control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks related to our MUSE<sup>&#8482;</sup>&#160;Technology
Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are currently proposing our MUSE</i><sup>&#8482;&#160;</sup><i>system
business for sale or grant of license. If we are unable to sell or license our MUSE</i><sup>&#8482;&#160;</sup><i>business or unable
to sell or license it in terms acceptable to us, we will have to write off our investment in the MUSE</i><sup>&#8482;&#160;</sup><i>system,
which will adversely affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are currently proposing
our MUSE<sup>&#8482;</sup>&#160;system business for sale or license. If we are unable to sell or license our MUSE&#8482; business or
unable to sell or license it in terms acceptable to us, we could not derive any value from the sale and will lose significant cash flow,
which, in turn, will adversely affect our financial results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Several factors may delay
or prevent us from selling or granting license to our MUSE<sup>&#8482;&#160;</sup>system business:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">potential purchasers&#8217; or
    licensee&#160;perception on the cost, safety, efficacy, and convenience of the MUSE<sup>&#8482;&#160;</sup>system in relation to
    alternative treatments and products;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">publicity concerning our products,
    including MUSE<sup>&#8482;</sup>, or competing products and treatments;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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    events while using the MUSE<sup>&#8482;&#160;</sup>system; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
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    sector, which could harm the ability to market and commercialize the MUSE<sup>&#8482;&#160;</sup>system and, as a result, impact
    the attractiveness of the MUSE<sup>&#8482;&#160;</sup>system in the eyes of potential purchasers.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, we have only limited
clinical data to support the value of the MUSE<sup>&#8482;&#160;</sup>system, which may make patients, physicians and hospitals reluctant
to accept or purchase our products, and as such a potential purchaser may be reluctant to purchase our MUSE<sup>&#8482;&#160;</sup>business
or such lack of data will be reflected in the purchase price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, various modifications
to our MUSE<sup>&#8482;</sup>&#160;system regulator-cleared products may require new regulatory clearances or approvals or require a
recall or cease marketing of the MUSE<sup>&#8482;</sup>&#160;system until clearances or approvals are obtained. Clearances and approvals
by the applicable regulator are subject to continual review, and the later discovery of previously unknown problems can result in product
labeling restrictions or withdrawal of the product from the market. The potential loss of previously received approvals or clearances,
or the failure to comply with existing or future regulatory requirements could reduce the potential sales, profitability and future growth
prospects of the MUSE<sup>&#8482;</sup>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have entered into a Licensing and Sale
Agreement with Shanghai Golden Grand-Medical Instruments Ltd. (&#8220;Golden Grand&#8221;) for the know-how licensing and sale of goods
relating to the Medigus Ultrasonic Surgical Endostapler (MUSE</i></b><sup>&#8482;</sup><b><i>) system in China with a substantial amount
of the consideration subject to milestone achievements.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We entered into a Licensing
and Sale Agreement with Shanghai Golden Grand, or Golden Grand Agreement, for the know-how licensing and sale of goods relating to the
Medigus Ultrasonic Surgical Endostapler (MUSE<sup>&#8482;</sup>) system in China, Hong Kong, Taiwan and Macao. The payment of a substantial
amount of the consideration is contingent on achievement of certain milestones such as establishing a MUSE<sup>&#8482;&#160;</sup>assembly
line in China. In the event that we are not able to meet such milestones, due to various factors including natural disasters, public
health crises, political crises and trade wars which are not under our control, our entitlement to the aggregate consideration under
the agreement may be impaired. Until December 31, 2022, we recognized revenues of $2.4 million due to completion of 80% of the milestones.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Our Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to secure and maintain
patent or other intellectual property protection for the intellectual property used in our products, our ability to compete will be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our commercial success depends,
in part, on obtaining and maintaining patent and other intellectual property protection for the technologies used in our products. If
we, or the other parties from whom we may license intellectual property, fail to obtain and maintain adequate patent or other intellectual
property protection for intellectual property used in our products, or if any protection is reduced or eliminated, others could use the
intellectual property used in our products, resulting in harm to our competitive business position. In addition, patent and other intellectual
property protection may not provide us with a competitive advantage against competitors that devise ways of making competitive products
without infringing any patents that we own or have rights to.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. patents and patent applications
may be subject to interference proceedings, and U.S. patents may be subject to re-examination proceedings in the U.S. Patent and Trademark
Office. Foreign patents may be subject to opposition or comparable proceedings in the corresponding foreign patent offices. Any of these
proceedings could result in loss of the patent or denial of the patent application, or loss or reduction in the scope of one or more
of the claims of the patent or patent application. Changes in either patent laws or in interpretations of patent laws may also diminish
the value of our intellectual property or narrow the scope of our protection. Interference, re-examination and opposition proceedings
may be costly and time consuming, and we, or the other parties from whom we might potentially license intellectual property, may be unsuccessful
in defending against such proceedings. Thus, any patents that we own or might license may provide limited or no protection against competitors.
In addition, our pending patent applications and those we may file in the future may have claims narrowed during prosecution or may not
result in patents being issued. Even if any of our pending or future applications are issued, they may not provide us with adequate protection
or any competitive advantages. Our ability to develop additional patentable technology is also uncertain.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-payment or delay in payment
of patent fees or annuities, whether intentional or unintentional, may also result in the loss of patents or patent rights important
to our business. Many countries, including certain countries in Europe, have compulsory licensing laws under which a patent owner may
be compelled to grant licenses to other parties. In addition, many countries limit the enforceability of patents against other parties,
including government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could
materially diminish the value of the patent. In addition, the laws of some foreign countries do not protect intellectual property rights
to the same extent as do the laws of the United States, particularly in the field of medical products and procedures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to prevent unauthorized
use or disclosure of our proprietary trade secrets and unpatented know-how, our ability to compete will be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Proprietary trade secrets,
copyrights, trademarks and unpatented know-how are also very important to our business. We rely on a combination of trade secrets, copyrights,
trademarks, confidentiality agreements and other contractual provisions and technical security measures to protect certain aspects of
our technology, especially where we do not believe that patent protection is appropriate or obtainable. We require our office holders,
employees, consultants and distributors of our products&#160;and most third parties (such as contractors or clinical collaborators) to
execute confidentiality agreements in connection with their relationships with us. However, these measures may not be adequate to safeguard
our proprietary intellectual property and conflicts may, nonetheless, arise regarding ownership of inventions. Such conflicts may lead
to the loss or impairment of&#160;our intellectual property or to expensive litigation to defend our rights against competitors who may
be better funded and have superior resources. Our office holders, employees, consultants and other advisors may unintentionally or willfully
disclose our confidential information to competitors. In addition, confidentiality agreements may be unenforceable or may not provide
an adequate remedy in the event of unauthorized disclosure. Enforcing a claim that a third party illegally obtained and is using our
trade secrets is expensive and time consuming, and the outcome is unpredictable. Moreover, our competitors may independently develop
equivalent knowledge, methods and know-how. Unauthorized parties may also attempt to copy or reverse engineer certain aspects of our
products that we consider proprietary. As a result, other parties may be able to use our proprietary technology or information, and our
ability to compete in the market would be harmed.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We could become subject to patent and other
intellectual property litigation that could be costly, result in the diversion of management&#8217;s attention, require us to pay damages
and force us to discontinue selling our products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our industry is characterized
by competing intellectual property and a substantial amount of litigation over patent and other intellectual property rights. Determining
whether a product infringes a patent involves complex legal and factual issues, and the outcome of a patent litigation action is often
uncertain. No assurance can be given that patents containing claims covering our products, parts of our products, technology or methods
do not exist, have not been filed or could not be filed or issued. Furthermore, our competitors or other parties may assert that our
products and the methods we employ in the use of our products are covered by U.S. or foreign patents held by them. In addition, because
patent applications can take many years to issue and because publication schedules for pending applications vary by jurisdiction, there
may be applications now pending of which we are unaware and which may result in issued patents which our current or future products infringe.
Also, because the claims of published patent applications can change between publication and patent grant, there may be published patent
applications with claims that we infringe. There could also be existing patents that one or more of our products or parts may infringe
and of which we are unaware. As the number of competitors in the endoscopic procedure market grows, and as the number of patents issued
in this area grows, the possibility of patent infringement claims against us increases.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Infringement actions and
other intellectual property claims and proceedings brought against or by us, whether with or without merit, may cause us to incur substantial
costs and could place a significant strain on our financial resources, divert the attention of management from our business and harm
our reputation. Some of our competitors may be able to sustain the costs of complex patent or intellectual property litigation more effectively
than we can because they have substantially greater resources<b><i>.&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot be certain that
we will successfully defend against allegations of infringement of patents and intellectual property rights of others. In the event that
we become subject to a patent infringement or other intellectual property lawsuit and if the other party&#8217;s patents or other intellectual
property were upheld as valid and enforceable and we were found to infringe the other party&#8217;s patents or violate the terms of a
license to which we are a party, we could be required to pay damages. We could also be prevented from selling our products unless we
could obtain a license to use technology or processes covered by such patents or will be able to redesign the product&#160;to avoid infringement.
A license may not be available at all or on commercially reasonable terms or we may not be able to redesign our products to avoid infringement.
Modification of our products or development of new products could require us to conduct clinical trials and to revise our filings with
the applicable regulatory bodies, which would be time consuming and expensive. In these circumstances, we may be unable to sell our products
at competitive prices or at all, our business and operating results could be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to claims that our employees,
consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties or, that our employees
have wrongfully used or disclosed alleged trade secrets of their former employers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of our employees
and personnel were previously employed at universities, medical institutions, or other biotechnology or pharmaceutical companies. Although
we try to ensure that our employees, consultants, and independent contractors do not use the proprietary information or know-how of others
in their work for us, we may be subject to claims that we or our employees, consultants, or independent contractors have inadvertently
or otherwise used or disclosed intellectual property, including trade secrets or other proprietary information, of any of our employee&#8217;s
former employer or other third parties. Litigation may be necessary to defend against these claims. If we fail in defending any such
claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful
in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees.
Furthermore, universities or medical institutions who employ some of our key employees and personnel in parallel to their engagement
by us may claim that intellectual property developed by such person is owned by the respective academic or medical institution under
the respective institution intellectual property policy or applicable law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to claims challenging the
inventorship or ownership of our patents and other intellectual property.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be subject to claims
that former employees, collaborators, or other third parties have an ownership interest in our patents or other intellectual property.
Ownership disputes may arise in the future, for example, from conflicting obligations of consultants or others who are involved in developing
our product candidates. Litigation may be necessary to defend against these and other claims challenging inventorship or ownership. If
we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such
as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse effect on our
business. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction
to management and other employees.<b><i>&#160;</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Disruptions to the Group&#8217;s information
technology systems due to cyber-attacks or the Group&#8217;s failure to upgrade and adjust our information technology systems, may materially
impair the Group&#8217;s operations, hinder our growth and materially and adversely affect our business and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that an appropriate
information technology, or IT, infrastructure is important in order to support the Group&#8217;s daily operations and the growth of our
business. If we experience difficulties in implementing new or upgraded information systems or experience significant system failures,
or if we are unable to successfully modify the Group&#8217;s management information systems or respond to changes in our business needs,
we may not be able to effectively manage the Group&#8217;s business, and we may fail to meet our reporting obligations. Additionally,
if our current back-up storage arrangements and our disaster recovery plan are not operated as planned, we may not be able to effectively
recover our information system in the event of a crisis, which may materially and adversely affect our business and&#160;results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the current environment,
there are numerous and evolving risks to cybersecurity and privacy, including criminal hackers, hacktivists, state-sponsored intrusions,
industrial espionage, employee malfeasance and human or technological error. High-profile security breaches at other companies and in
government agencies have increased in recent years, and security industry experts and government officials have warned about the risks
of hackers and cyber-attacks targeting businesses such as ours. Computer hackers and others routinely attempt to breach the security
of technology products, services and systems, and to fraudulently induce employees, customers, or others to disclose information or unwittingly
provide access to systems or data.&#160;We can provide no assurance that the Group&#8217;s current IT system or any updates or upgrades
thereto and the current or future IT systems of our distributors use or may use in the future, are fully protected against third-party
intrusions, viruses, hacker attacks, information or data theft or other similar threats. Legislative or regulatory action in these areas
is also evolving, and we may be unable to adapt the Group&#8217;s IT systems or to manage the IT systems of third parties to accommodate
these changes.&#160;We have experienced and expect to continue to experience actual or attempted cyber-attacks of our IT networks. Although
none of these actual or attempted cyber-attacks has had a material&#160;adverse&#160;impact on our operations or financial condition,
we cannot guarantee that any such incidents will not have&#160;such an&#160;impact&#160;in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Regulatory Compliance</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we or our contractors or service providers
fail to comply with regulatory laws and regulations, we or they could be subject to regulatory actions, which could affect our ability
to develop, market and sell our products in the medical field and any other or future products that we may develop and may harm our reputation
in the medical field.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we or our manufacturers
or other third-party contractors fail to comply with applicable federal, state or foreign laws or regulations, including with respect
to healthcare and data privacy, we could be subject to regulatory actions, which could affect our ability to develop, market and sell
our current products or any future products which we may develop in the future and could harm our reputation and lead to reduced demand
for or non-acceptance of our proposed products by the market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Regulatory reforms may adversely affect
our ability to sell our products profitably.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, legislation
is drafted and introduced in the United States, European Union or other countries in which we operate, that could significantly change
the statutory provisions governing the clearance or approval, manufacture and marketing of our products, including in the medical devices
industry. In addition, regulations and guidance may often be revised or reinterpreted by the regulatory authorities in ways that may
significantly affect our business and our products. It is impossible to predict whether legislative changes will be enacted, or interpretations
changed, and what the impact of such changes, if any, may be.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we fail to comply with the extensive
government regulations relating to our business, we may be subject to fines, injunctions and other penalties that could harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The application of our MUSE<sup>&#8482;&#160;</sup>system
as a medical device is subject to extensive regulation by the FDA, pursuant to the Federal Food, Drug, and Cosmetic Act, or FDCA, and
various other federal, state and foreign governmental authorities. Government regulations and requirements specific to medical devices
are wide ranging and govern, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify">&#160;&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to annual
regulatory audits in order to maintain our quality system certifications, CE mark permissions, FDA Clearance and Canadian medical device
license. We do not know whether we will be able to continue to affix the CE mark for new or modified products or that we will continue
to meet the quality and safety standards required to maintain the permissions and license we have already received. If we are unable
to maintain our quality system certifications and permission to affix the CE mark to our products, we will no longer be able to sell
our products in member countries of the European Union or other areas of the world that require CE&#8217;s or FDA&#8217;s approval of
medical devices. If we are unable to maintain our quality system certifications and Canadian medical device license, we will not be able
to sell our products in Canada.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our medical device products
and operations are also subject to regulation by the Medical Devices and Accessories Division in the Israeli Ministry of Health, or AMAR,
which is responsible for the registration of medical devices in Israel, issuance of import licenses and monitoring marketing of medical
equipment.&#160;We have received an AMAR approval in Israel. If we fail to comply with the extensive government regulations relating
to our business, we may be subject to fines, injunctions and other penalties that could harm our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Our Operations in Israel</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our headquarters and administrative offices
are located in Israel and, therefore, our results may be adversely affected by political, economic and military instability in Israel.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our employees, including
management members operate from our offices that are located in Israel. In addition, a number of our officers and directors are residents
of Israel. Accordingly, political, economic, and military conditions in Israel and the surrounding region may directly affect our business
and operations. In recent years, Israel has been engaged in sporadic armed conflicts with Hamas, an Islamist terrorist group that controls
the Gaza Strip, with Hezbollah, an Islamist terrorist group that controls large portions of southern Lebanon, and with Iranian-backed
military forces in Syria. In addition, Iran has threatened to attack Israel and may be developing nuclear weapons. Some of these hostilities
were accompanied by missiles being fired from the Gaza Strip against civilian targets in various parts of Israel, including areas in
which our employees and some of our consultants are located, and negatively affected business conditions in Israel. Any hostilities involving
Israel or the interruption or curtailment of trade between Israel and its trading partners could adversely affect our operations and
results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our commercial insurance
does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli government currently
covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, we cannot assure you that this
government coverage will be maintained or that it will sufficiently cover our potential damages. Any losses or damage incurred by us
could have a material adverse effect on our business. Any armed conflicts or political instability in the region would likely negatively
affect business conditions and could harm our results of operations. Further, in the past, the State of Israel and Israeli companies
have been subjected to economic boycotts. Several countries still restrict business with the State of Israel and with Israeli companies.
These restrictive laws and policies may have an adverse impact on our operating results, financial condition or the expansion of our
business. A campaign of boycotts, divestment and sanctions has been undertaken against Israel, which could also adversely impact our
business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, many Israeli
citizens are obligated to perform several days, and in some cases more, of annual military reserve duty each year until they reach the
age of 40 (or older, for reservists who are military officers or who have certain occupations) and, in the event of a military conflict,
may be called to active duty. In response to increases in terrorist activity, there have been periods of significant call-ups of military
reservists. It is possible that there will be military reserve duty call-ups in the future. Our operations could be disrupted by such
call-ups, which may include the call-up of members of our management. Such disruption could materially adversely affect our business,
prospects, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Israeli government is
currently pursuing extensive changes to Israel&#8217;s judicial system. In response to the foregoing developments, many individuals,
organizations and institutions, both within and outside of Israel, have voiced concerns that the proposed changes may negatively impact
the business environment in Israel due to the reluctance of foreign investors to invest or transact business in Israel, increased currency
fluctuations, downgrades in credit rating, increased interest rates, increased volatility in security markets, and other changes in macroeconomic
conditions. We cannot be certain whether the planned judicial overhaul will occur or in what form. To the extent that any of the negative
developments stated above do occur, we cannot be certain on how investors will assess these matters and whether their assessment will
adversely impact the perception of our business and our share price, or how these developments impact our business operations in Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exchange rate fluctuations between foreign
currencies and the U.S. Dollar may negatively affect our earnings.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73.25pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our reporting and functional
currency is the U.S. dollar. Our, ScoutCam and Jeffs&#8217; Brands revenues are currently primarily payable in U.S. dollars, and we expect
our future revenues to be denominated primarily in U.S. dollars. However, Eventer&#8217;s and Gix&#8217;s revenues and certain amount
of our expenses and investments are in NIS and as a result, we are exposed to the currency fluctuation risks relating to the recording
of our expenses and Eventer&#8217;s revenues in U.S. dollars. We may, in the future, decide to enter into currency hedging transactions.
These measures, however, may not adequately protect us from material adverse effects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The government tax benefits that we currently
are entitled to receive require us to meet several conditions and may be terminated or reduced in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of our operations in
Israel may entitle us to certain tax benefits under the Law for the Encouragement of Capital Investments, 5719-1959, or the Investments
Law once we begin to produce taxable income. From time to time, the government of Israel has considered reducing or eliminating the tax
benefits available to Benefitted Enterprise programs such as ours. If we do not meet the requirements for maintaining these benefits,
they may be reduced or cancelled and the relevant operations would be subject to Israeli corporate tax at the standard rate, which was
set at 23% in 2018 and thereafter. In addition to being subject to the standard corporate tax rate, we could be required to refund any
tax benefits that we have already received, plus interest and penalties thereon. Even if we continue to meet the relevant requirements,
the tax benefits that our current &#8220;Benefitted Enterprise&#8221; is entitled to may not be continued in the future at their current
levels, or at all. If these tax benefits were reduced or eliminated, the amount of taxes that we will have to pay if we produce revenues
would likely increase, as all of our operations would consequently be subject to corporate tax at the standard rate, which could adversely
affect our results of operations. Additionally, if we increase our activities outside of Israel, for example, by way of acquisitions,
our increased activities may not be eligible for inclusion in Israeli tax benefits programs. See Item 10. &#8220;Additional Information
&#8212; E. Taxation.&#8221;<b><i>&#160;</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provisions of Israeli law and our amended
and restated articles of association may delay, prevent or otherwise impede a merger with, or an acquisition of, our Company, which could
prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders. &#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provisions of Israeli law
and our amended and restated articles of association could have the effect of delaying or preventing a change in control and may make
it more difficult for a third party to acquire us or our shareholders to elect different individuals to our board of directors, even
if doing so would be considered to be beneficial by some of our shareholders, and may limit the price that investors may be willing to
pay in the future for our Ordinary Shares. Among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Israeli corporate law regulates mergers,
    requires tender offers for acquisitions of shares above specified thresholds, requires special approvals for transactions involving
    directors, officers or significant shareholders and regulates other matters that may be relevant to such types of transactions. For
    example, a merger may not be consummated unless at least 50&#160;days have passed from the date on which a merger proposal is filed
    by each merging company with the Israel Registrar of Companies and at least 30&#160;days have passed from the date on which the shareholders
    of both merging companies have approved the merger. In addition, a majority of each class of securities of the target company must
    approve a merger. Moreover, a tender offer for all of a company&#8217;s issued and outstanding shares can only be completed if the
    acquirer receives positive responses from the holders of at least 95% of the issued share capital. Completion of the tender offer
    also requires approval of a majority of the offerees that do not have a personal interest in the tender offer, unless, following
    consummation of the tender offer, the acquirer would hold at least 98% of the Company&#8217;s outstanding shares. Furthermore, the
    shareholders, including those who indicated their acceptance of the tender offer, may, at any time within six months following the
    completion of the tender offer, claim that the consideration for the acquisition of the shares does not reflect their fair market
    value, and petition an Israeli court to alter the consideration for the acquisition accordingly, unless the acquirer stipulated in
    its tender offer that a shareholder that accepts the offer may not seek such appraisal rights, and the acquirer or the company published
    all required information with respect to the tender offer prior to the tender offer&#8217;s response date;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">our amended and restated articles
    of association divide our directors into three classes, each of which is elected once every three years;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">our amended and restated articles
    of association require a vote of the holders of a majority of our outstanding Ordinary Shares entitled to vote present and voting
    on the matter at a general meeting of shareholders (referred to as simple majority). The affirmative vote of at least three-quarters
    (3/4) of the directors, in addition to the approval of our shareholders, is required in order to amend our amended and restated articles
    of association;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">our amended and restated articles
    of association provide that director vacancies may be filled by our board of directors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">subject to certain exceptions,
    our amended and restated articles of association restrict us from engaging in certain business combination transactions with any
    shareholder and/or its affiliates and/or investors for a period of three years following (i) any shareholder who holds 15% or more
    of our voting power, and (ii) with respect to all shareholders of the Company, each time as such shareholder and/or any of its affiliates
    and/or investors become(s) (other than due to a buyback, redemption or cancellation of shares by the Company) the holder(s) (beneficially
    or of record) of fifteen percent (15%) or more of the issued and outstanding voting power of our Ordinary Shares. The transactions
    subject to such restrictions include mergers, consolidations and dispositions of our assets with an aggregate market value of 10%
    or more of our assets or outstanding shares; and </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">our amended and restated articles
    of association require an affirmative vote of at least three-quarters (3/4) of the then serving directors, to approve certain transactions
    which may have a significant effect on the Company&#8217;s structure, assets or business, including mergers acquisitions, consolidations
    and issuance of equity securities or debt securities convertible into equity in each case that would reasonably be expected to result
    in change of beneficial ownership of above than fifteen percent (15%) in the Company, material changes to the principal business
    of the Company and any resolution to transfer the headquarters of the Company outside of Israel.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, Israeli tax
considerations may make potential transactions unappealing to us or to our shareholders whose country of residence does not have a tax
treaty with Israel exempting such shareholders from Israeli tax. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These and other similar provisions
could delay, prevent or impede an acquisition of us or our merger with another company, even if such an acquisition or merger would be
beneficial to us or to our shareholders<i>.</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>It may be difficult to enforce a judgment
of a U.S. court against us and our officers and directors and the Israeli experts named in this annual report on Form 20-F in Israel
or the United States, to assert United States securities laws claims in Israel or to serve process on our officers and directors and
these experts.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are incorporated in Israel.
Certain of our executive officers and directors reside in Israel and most of our assets and most of the assets of these persons are located
outside of the United States. Therefore, a judgment obtained against us, or any of these persons in the United States, including one
based on the civil liability provisions of the U.S. federal securities laws, may not be collectible in the United States and may not
necessarily be enforced by an Israeli court. It may also be difficult to affect service of process on these persons in the United States
or to assert United States securities law claims in original actions instituted in Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even if an Israeli court
agrees to hear such claim, it may determine that Israeli law, and not U.S. law is applicable to the claim. Under Israeli law, if U.S.
law is found to be applicable to such claim, the content of applicable U.S. law must be proven as a fact by expert witnesses, which can
be a time consuming and costly process, and certain matters of procedure would also be governed by Israeli law. There is little binding
case law in Israel that addresses the matters.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our amended and restated articles of association
provide that unless the Company consents otherwise, the competent courts of Tel Aviv, Israel shall be the sole and exclusive forum for
substantially all disputes between the Company and its shareholders under the Companies Law and the Israeli Securities Law, which could
limit its shareholders ability to brings claims and proceedings against, as well as obtain favorable judicial forum for disputes with
the Company, its directors, officers and other employees.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The competent courts of Tel Aviv, Israel shall
be the exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim
of breach of fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company&#8217;s shareholders,
or (iii) any action asserting a claim arising pursuant to any provision of the Companies Law or the Israeli Securities Law. This exclusive
forum provisions is intended to apply to claims arising under Israeli Law and would not apply to claims brought pursuant to the Securities
Act or the Exchange Act or any other claim for which federal courts would have exclusive jurisdiction. Such exclusive forum provision
in our amended and restated articles of association will not relieve the Company of its duties to comply with federal securities laws
and the rules and regulations thereunder, and shareholders of the Company will not be deemed to have waived the Company&#8217;s compliance
with these laws, rules and regulations. This exclusive forum provision may limit a shareholders ability to bring a claim in a judicial
forum of its choosing for disputes with the Company or its directors or other employees which may discourage lawsuits against the Company,
its directors, officers and employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The rights and responsibilities of a shareholder
will be governed by Israeli law which differs in some material respects from the rights and responsibilities of shareholders of U.S.
companies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rights and responsibilities
of the holders of our Ordinary Shares are governed by our amended and restated articles of association and by Israeli law. These rights
and responsibilities differ in some material respects from the rights and responsibilities of shareholders in typical U.S.-registered
corporations. In particular, a shareholder of an Israeli company has certain duties to act in good faith and fairness towards the company
and other shareholders, and to refrain from abusing its power in the company. There is limited case law available to assist us in understanding
the nature of this duty or the implications of these provisions. These provisions may be interpreted to impose additional obligations
and liabilities on holders of our Ordinary Shares that are not typically imposed on shareholders of U.S. corporations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The ability of any Israeli company to pay
dividends is subject to Israeli law and the amount of cash dividends payable may be subject to devaluation in the Israeli currency.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We paid cash dividends in
an amount of $1.6 million on December 28, 2022. We do not anticipate that we will pay any cash dividends on our securities in the foreseeable
future. The ability of an Israeli company to pay dividends is governed by Israeli law, which provides that cash dividends may be paid
only out of retained earnings or earnings derived over the two most recent fiscal years, whichever is higher, as determined for statutory
purposes in Israeli currency, provided that there is no reasonable concern that payment of a dividend will prevent a company from satisfying
its existing and foreseeable obligations as they become due. In the event of a devaluation of the Israeli currency against the U.S. dollar,
the amount in U.S. dollars available for payment of cash dividends out of prior years&#8217; earnings will decrease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The termination or reduction of tax and
other incentives that the Israeli Government provides to domestic companies may increase the costs involved in operating a company in
Israel.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Israeli government currently
provides major tax and capital investment incentives to domestic companies, as well as grant and loan programs relating to research and
development and marketing and export activities. In recent years, the Israeli Government has reduced the benefits available under these
programs and the Israeli Governmental authorities have indicated that the government may in the future further reduce or eliminate the
benefits of those programs. We currently take advantage of these programs. There is no assurance that such benefits and programs would
continue to be available in the future to us. If such benefits and programs were terminated or further reduced, it could have an adverse
effect on our business, operating results and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may become subject to claims for remuneration
or royalties for assigned service invention rights by our employees, which could result in litigation and adversely affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A significant portion of
our intellectual property has been developed by our employees in the course of their employment for us. Under the Israeli Patent Law,
5727-1967, or the Patent Law, inventions conceived by an employee in the course and as a result of or arising from his or her employment
with a company are regarded as &#8220;service inventions,&#8221; which belong to the employer, absent a specific agreement between the
employee and employer giving the employee service invention rights. The Patent Law also provides that if there is no such agreement between
an employer and an employee, the Israeli Compensation and Royalties Committee, or the Committee, a body constituted under the Patent
Law, will determine whether the employee is entitled to remuneration for his inventions. Recent case law clarifies that the right to
receive consideration for &#8220;service inventions&#8221; can be waived by the employee and that in certain circumstances, such waiver
does not necessarily have to be explicit. The Committee will examine, on a case-by-case basis, the general contractual framework between
the parties, using interpretation rules of the general Israeli contract laws. Further, the Committee has not yet determined one specific
formula for calculating this remuneration (but rather uses the criteria specified in the Patent Law). Although we generally enter into
assignment-of-invention agreements with our employees pursuant to which such individuals assign to us all rights to any inventions created
in the scope of their employment or engagement with us, we may face claims demanding remuneration in consideration for assigned inventions.
As a consequence of such claims, we could be required to pay additional remuneration or royalties to our current and/or former employees,
or be forced to litigate such claims, which could negatively affect our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to an Investment Our Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may have been a passive foreign investment
company, or PFIC, for U.S. federal income tax purposes in 2022 and may be a PFIC in any subsequent year. This may result in adverse U.S.
federal income tax consequences for U.S. taxpayers that are holders of our securities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be treated as a PFIC
for U.S. federal income tax purposes in any taxable year in which either (1) at least 75% of our gross income is &#8220;passive&#160;income&#8221;
or (2) on average at least 50% of our assets by value&#160;(generally determined on the basis of a quarterly average)&#160;produce passive
income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain
dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property
that gives rise to passive income. Passive income also includes amounts derived by reason of the temporary investment of funds, including
those raised in a public offering. In determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets
of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account. There can be no
assurance that we were not a PFIC in 2022 and will not be a PFIC in subsequent years, as our operating results for any such years may
cause us to be a PFIC. If we were a PFIC in 2022, or are a PFIC in any subsequent year, and a U.S. shareholder does not make an election
to treat us as a &#8220;qualified electing fund,&#8221; or QEF, or make a &#8220;mark-to-market&#8221; election, then &#8220;excess distributions&#8221;
to a U.S. shareholder, and any gain realized on the sale or other disposition of our securities will be subject to special rules. Under
these rules: (1) the excess distribution or gain would be allocated ratably over the U.S. shareholder&#8217;s holding period for the securities;
(2) the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which we were
a PFIC would be taxed as ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the
highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit
would be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, if the U.S. Internal Revenue
Service, or the IRS, determines that we are a PFIC for a year with respect to which we have determined that we were not a PFIC, it may
be too late for a U.S. shareholder to make a timely QEF or mark-to-market election. You may make a QEF election with respect to your ordinary
shares or ADSs only if we furnish you annually with certain tax information, and we currently do not intend to prepare or provide such
information. U.S. shareholders who hold or have held our securities during a period when we were or are a PFIC will generally be subject
to the foregoing rules unless we cease to be a PFIC and you make a &#8220;deemed sale&#8221; election with respect to our ordinary shares.
If we are a PFIC in any year, U.S. shareholders may be subject to additional IRS filing requirements, including the filing of IRS Form
8621, as a result of directly or indirectly owning stock of a PFIC. U.S. shareholders are urged to consult their own tax advisors regarding
the application of the PFIC rules. For more information, see Item 10. &#8220;Additional Information &#8212; Taxation &#8212; Certain Material
U.S. Federal Income Tax Consequences.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 28; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If a United States person is treated as owning at least 10% of
our Ordinary Shares, such holder may be subject to adverse U.S. federal income tax consequences.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a United States person
is treated as owning (directly, indirectly, or constructively) at least 10% of the value or voting power of our Ordinary Shares, such
person may be treated as a &#8220;United States shareholder&#8221; with respect to each controlled foreign corporation, or CFC, in our
group (if any). Because our group includes a U.S. subsidiary, certain of our non-U.S. subsidiaries will be treated as CFCs (regardless
of whether or not we are treated as a CFC). A United States shareholder of a CFC may be required to report annually and include in its
U.S. taxable income its pro rata share of &#8220;Subpart F income,&#8221; &#8220;global intangible low-taxed income,&#8221; and investments
in U.S. property by CFCs, regardless of whether we make any distributions. An individual that is a United States shareholder with respect
to a CFC generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder
that is a U.S. corporation. Failure to comply with these reporting obligations may subject a United States shareholder to significant
monetary penalties and may prevent the statute of limitations with respect to such shareholder&#8217;s U.S. federal income tax return
for the year for which reporting was due from starting. We cannot provide any assurances that we will assist investors in determining
whether we are or any of our non-U.S. subsidiaries is treated as CFC or whether any investor is treated as a United States shareholder
with respect to any such CFC or furnish to any United States shareholders information that may be necessary to comply with the aforementioned
reporting and tax paying obligations. The IRS has provided limited guidance on situations in which investors may rely on publicly available
information to comply with their reporting and tax paying obligations with respect to foreign-controlled CFCs. A United States investor
should consult its advisors regarding the potential application of these rules to an investment in our Ordinary Shares or ADSs.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Changes in U.S. and foreign tax laws could
have a material adverse effect on our business, cash flow, results of operations or financial conditions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to taxation
in several countries, including the United States and Israel; changes in tax laws or challenges to our tax positions could adversely
affect our business, results of operations, and financial condition. As such, we are subject to tax laws, regulations, and policies of
the U.S. federal, state, and local governments and of comparable taxing authorities in foreign jurisdictions. Changes in tax laws, including
the U.S. federal tax legislation enacted in 2017, commonly referred to as the Tax Cuts and Jobs Act of 2017, as well as other factors,
could cause us to experience fluctuations in our tax obligations and effective tax rates in the future and otherwise adversely affect
our tax positions and/or our tax liabilities. There can be no assurance that our effective tax rates, tax payments, tax credits, or incentives
will not be adversely affected by changes in tax laws in various jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The market prices of our securities are&#160;subject&#160;to
fluctuation, which could result in substantial losses by our investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stock market in general
and the market prices of our ADSs on Nasdaq, in particular, are or will be subject to fluctuation, and changes in these prices may be
unrelated to our operating performance. We anticipate that the market prices of our securities will&#160;continue&#160;to be subject
to wide fluctuations. The market price of our securities is, and will be, subject to a number of factors, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; direction: ltr; unicode-bidi: embed; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; direction: ltr; unicode-bidi: embed; font-size: 10pt"><span style="font-size: 10pt">announcements of technological innovations or new products by us or others;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; text-align: justify; direction: ltr; unicode-bidi: embed; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; direction: ltr; unicode-bidi: embed; font-size: 10pt"><span style="font-size: 10pt">announcements by us of significant acquisitions, strategic partnerships, in-licensing, out-licensing, ventures or capital commitments;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">expiration
                                            or terminations of licenses, research contracts or other collaboration agreements;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">public
                                            concern as to the safety of the equipment we sell;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            volatility of market prices for shares of medical devices companies generally;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">developments
                                            concerning intellectual property rights or regulatory approvals;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">variations
                                            in our and our competitors&#8217; results of operations;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 29; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">changes
                                            in revenues, gross profits and earnings announced by the Company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">changes
in estimates or recommendations by securities analysts, if our Ordinary Shares or the ADSs are covered by analysts;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">fluctuations
                                            in the stock price of our publicly traded subsidiaries;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">changes
                                            in government regulations or patent decisions; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: justify; text-indent: 32.2pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">general
                                            market conditions and other factors, including factors unrelated to our operating performance.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">These</td><td style="text-align: justify">factors may&#160;materially&#160;and
                                            adversely affect the market price of our securities s and result in substantial losses by
                                            our investors.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We do not know whether a market for the
ADSs will be sustained or what the trading price of the ADSs will be and as a result it may be difficult for you to sell your ADSs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although our ADSs trade on
Nasdaq, an active trading market for the ADSs may not be sustained. It may be difficult for you to sell your ADSs without depressing
the market price for the ADSs. As a result of these and other factors, you may not be able to sell your ADSs. Further, an inactive market
may also impair our ability to raise capital by selling ADSs and may impair our ability to enter into strategic partnerships or acquire
companies or products by using our ADSs as consideration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We do not know whether a market for our
Series C Warrants will be sustained or what the trading price of the Series C Warrants will be and as a result it may be difficult for
you to sell your Series C Warrants.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even though our Series C
Warrant are listed on Nasdaq, there is no assurance that a market will be sustained or maintain a high enough per warrant trading price
to maintain the national exchange listing requirements in the future. Without an active market, the liquidity of the Series C Warrants
will be limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Series C Warrants are speculative in
nature.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series C Warrants do
not confer any rights of ownership of Ordinary Shares or ADSs on their holders, such as voting rights with the exception of the right
to receive dividends, but only represent the right to acquire ADSs at a fixed price for a limited period of time. Holders of the Series
C Warrants may exercise their right to acquire ADSs and pay the exercise price per ADS of $52.50, subject to adjustment upon certain
events, prior to five years from the date of issuance, after which date any unexercised warrants will expire and have no further value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future sales of our securities could reduce
their market price.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Substantial sales of our
securities on Nasdaq, may cause the market price of our securities to decline. Sales by us or our security holders of substantial amounts
of our securities, or the perception that these sales may occur in the future, could cause a reduction in the market price of our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The issuance of any additional
Ordinary Shares, ADSs, warrants or any securities that are exercisable for or convertible into our Ordinary Shares or ADSs, may have
an adverse effect on the market price of our securities and will have a dilutive effect on our existing shareholders and holders of ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Holders of ADSs may not receive the&#160;same&#160;distributions
or dividends as those we make to the holders of our Ordinary Shares, and, in some limited circumstances, you may not receive dividends
or other distributions on our Ordinary Shares and you may not receive any value for them, if it is illegal or impractical to make them
available to you.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary for the ADSs
has agreed to pay to you the cash dividends or other distributions it or the custodian receives on Ordinary Shares or other deposited
securities underlying the ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number
of Ordinary Shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical to
make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if
it consists of securities that require registration under the Securities Act of 1933, as amended, or the Securities Act, but that are
not properly registered or distributed under an applicable exemption from registration. In addition, conversion into U.S. dollars from
foreign currency that was part of a dividend made in respect of deposited Ordinary Shares may require the approval or license of, or a
filing with, any government or agency thereof, which may be unobtainable. In these cases, the depositary may determine not to distribute
such property and hold it as &#8220;deposited securities&#8221; or may seek to affect a substitute dividend or distribution, including
net cash proceeds from the sale of the dividends that the depositary deems an equitable and practicable substitute. We have no obligation
to register under U.S. securities laws any ADSs, Ordinary Shares, rights or other securities received through such distributions. We also
have no obligation to take any other action to permit the distribution of ADSs, Ordinary Shares, rights or anything else to holders of
ADSs. In addition, the depositary may withhold from such dividends or distributions its fees and an amount on account of taxes or other
governmental charges to the extent the depositary believes it is required to make such withholding. This means that you may not receive
the same distributions or dividends as those we make to the holders of our Ordinary Shares, and, in some limited circumstances, you may
not receive any value for such distributions or dividends if it is illegal or impractical for us to make them available to you. These
restrictions may cause a material decline in the value of the ADSs.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Holders of ADSs must act through the&#160;depositary&#160;to
exercise their rights as shareholders of our Company.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of our ADSs do not
have the same rights of our shareholders and may only exercise the voting rights with respect to the underlying Ordinary Shares in accordance
with the provisions of the Deposit Agreement. Under Israeli law and our amended and restated articles of association, the minimum notice
period required to convene a shareholders meeting is no less than 21 or 35 calendar days, depending on the proposals on the agenda for
the shareholders meeting. When a shareholder meeting is convened, holders of ADSs may not receive sufficient notice of a shareholders&#8217;
meeting to permit them to withdraw their Ordinary Shares to allow them to cast their vote with respect to any specific matter. In addition,
the Depositary and its agents may not be able to send voting instructions to holders of ADSs or carry out their voting instructions in
a timely manner. We will make all reasonable efforts to cause the Depositary to extend voting rights to holders of the ADSs in a timely
manner, but we cannot assure holders that they will receive the voting materials in time to ensure that they can instruct the Depositary
to vote their Ordinary Shares underlying the ADSs. Furthermore, the Depositary and its agents will not be responsible for any failure
to carry out any instructions to vote, for the manner in which any vote is cast or for the effect of any such vote. As a result, holders
of ADSs may not be able to exercise their right to vote and they may lack recourse if their Ordinary Shares underlying the ADSs are not
voted as they requested. In addition, in the capacity as a holder of ADSs, they will not be able to call a shareholders&#8217; meeting.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We incur additional increased costs as
a result of the listing of the ADSs for trading on Nasdaq, and our management is required to devote substantial time to new compliance
initiatives and reporting requirements.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a public company in the
United States, we incur significant accounting, legal and other expenses as a result of the listing of the ADSs on Nasdaq.&#160;These
include costs associated with corporate governance requirements of the Securities Exchange Commission, or the SEC, and the Marketplace
Rules of the Nasdaq, as well as requirements under Section 404 and other provisions of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley
Act. These rules and regulations increase our legal and financial compliance costs, introduce costs such as investor relations, stock
exchange listing fees&#160;and&#160;shareholder reporting, and make some activities more time consuming and costly.&#160;Any future changes
in the laws and regulations affecting public companies in the United States and Israel, including Section 404 and other provisions of
the Sarbanes-Oxley Act, the rules and regulations adopted by the SEC and the rules of the Nasdaq Stock Market may result in increased
costs to us as we respond to such changes. These laws, rules and regulations could make it more difficult or more costly for us to obtain
certain types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits
and coverage or incur substantially higher costs to obtain the same or similar coverage. The impact of these requirements could also
make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as
executive officers.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As a foreign private issuer, we are permitted
to follow certain&#160;home&#160;country corporate governance practices instead of applicable SEC and Nasdaq requirements, which may
result in less protection than is accorded to investors under rules applicable to domestic issuers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
we are permitted to follow certain home country corporate governance practices instead of those otherwise required under the rules of
the Nasdaq for domestic issuers.&#160;Following our home country governance practices as opposed to the requirements that would otherwise
apply to a U.S. company listed on the Nasdaq, may provide less protection than is accorded to investors under the rules of the Nasdaq
applicable to domestic issuers. For more information, see &#8220;Item 16G. Corporate Governance - Nasdaq Stock Market Listing Rules and
Home Country Practices.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, as a foreign
private issuer, we are exempt from the rules and regulations under the Securities Exchange Act of 1934, as amended, or the Exchange Act,
related to the furnishing and content of&#160;proxy&#160;statements, and our officers, directors and principal shareholders are exempt
from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required
under the Exchange Act to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly
as domestic companies whose securities are registered under the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may lose our foreign&#160;private&#160;issuer
status in the future, which could result in significant additional costs and expenses.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a foreign private
issuer, as such term is defined in Rule 405 under the Securities Act, and therefore, we are not required to comply with all the periodic
disclosure and current reporting requirements of the Exchange Act and related rules and regulations. Under Rule 405, the determination
of foreign private issuer status is made annually on the last business day of an issuer&#8217;s most recently completed second fiscal
quarter and, accordingly, the next determination will be made with respect to us on June 30, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the future, we would lose
our foreign private issuer status if a majority of our shareholders, directors or management are U.S. citizens or residents, and we fail
to meet additional requirements necessary to avoid loss of foreign private issuer status. Although we have elected to comply with certain
U.S. regulatory provisions, our loss of foreign private issuer status would make such provisions mandatory. The regulatory and compliance
costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher. If we are not a foreign private issuer,
we will be required to file periodic reports and registration statements on U.S. domestic issuer forms with the U.S. Securities and Exchange
Commission, or the SEC, which are more detailed and extensive than the forms available to a foreign private issuer. For example, the
annual report on Form 10-K requires domestic issuers to disclose executive compensation information on an individual basis with specific
disclosure regarding the domestic compensation philosophy, objectives, annual total compensation (base salary, bonus, equity compensation)
and potential payments in connection with change in control, retirement, death or disability, while the SEC forms applicable to foreign
private issuers permit them to disclose compensation information on an aggregate basis if executive compensation disclosure on an individual
basis is not required or otherwise has not been provided in the issuer&#8217;s home jurisdiction. We disclose individual compensation
information, but this disclosure is not as comprehensive as that required of U.S. domestic issuers since we are not required to disclose
more detailed information in Israel. We intend to continue this practice as long as it is permitted under the SEC&#8217;s rules and Israel&#8217;s
rules do not require more detailed disclosure. We will also have to mandatorily comply with U.S. federal proxy requirements, and our
officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section
16 of the Exchange Act. We may also be required to modify certain of our policies to comply with good governance practices associated
with U.S. domestic issuers. Such conversion and modifications will involve additional costs. In addition, we may lose our ability to
rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>We have concluded that our internal controls
over financial reporting are not effective. If we fail to develop and maintain proper and effective internal controls over financial reporting,
our ability to produce timely and accurate financial statements, comply with applicable laws and regulations, or access the capital markets
could be impaired.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a public company, we are
actively evaluating our internal control over financial reporting in a manner that meets the standards of publicly traded companies required
by Section 404(a) of the Sarbanes-Oxley Act, or Section 404. As disclosed in Item 15, our management concluded that, as of December 31,
2022, the Company&#8217;s internal controls over financial reporting are not effective since a significant subsidiary of the Company,
Gix Internet, whose financial statements were initially consolidated in March 2022, was excluded from management&#8217;s evaluation of
the effectiveness of internal controls over financial reporting as of December 31, 2022 due to post acquisition exclusion made by Viewbix,
a subsidiary of Gix Internet in accordance with the SEC guidance during the fiscal year post acquisition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The process of designing and
implementing effective internal control over financial reporting is a continuous effort. If our management cannot favorably assess the
effectiveness of our internal controls over financial reporting, or if our independent registered public accounting firm identifies material
weaknesses in our internal control, investor confidence in our financial results may weaken, and the market price of our securities may
suffer.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our amended and restated articles of association
provide that unless we consent to an alternate forum, the federal district courts of the United States shall be the exclusive forum of
resolution of any claims arising under the Securities Act which may impose additional litigation costs on our shareholders. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our amended and restated
articles of association provide that the federal district courts of the United States shall be the exclusive forum for the resolution
of any complaint asserting a cause or causes of action arising under the Securities Act, including all causes of action asserted against
any defendant to such complaint. Section&#160;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over
all such Securities Act actions. Accordingly, both U.S.&#160;state and federal courts have jurisdiction to entertain such claims. This
choice of forum provision may limit a shareholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or our directors, officers or other employees and may increase the costs associated with such lawsuits, which may discourage
such lawsuits against us and our directors, officers and employees. Alternatively, if a court were to find these provisions of our amended
and restated articles of association inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or
proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect
our business and financial condition. Any person or entity purchasing or otherwise acquiring any interest in our share capital shall
be deemed to have notice of and to have consented to the choice of forum provisions of our amended and restated articles of association
described above. This provision would not apply to shall not apply to causes of action arising under the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>General Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We do not intend to pay any cash dividends
on our Ordinary Shares in the foreseeable future and, therefore, any return on your investment in our&#160;securities must come from
increases in the value and trading price of our securities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We paid cash dividends in
an amount of $1.6 million on December 28, 2022. We do not anticipate that we will pay any cash dividends on our securities in the foreseeable
future, therefore, any return on your investment in our securities must come from increases in the value and trading price of our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to retain our earnings
to finance the development and expenses of our business. Any future determination relating to our dividend policy will be at the discretion
of our board of directors and will depend on a number of factors, including future earnings, our financial condition, operating results,
contractual restrictions, capital requirements, business prospects, applicable Israeli law and other factors our board of directors may
deem relevant.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Raising additional capital by issuing securities
may cause dilution to&#160;existing&#160;shareholders.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may seek additional capital
through a combination of private and public equity offerings, debt financings and collaborations and strategic and licensing arrangements.
To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest will
be diluted, and the terms of any such offerings may include liquidation or other preferences that may adversely affect the then existing
shareholders rights. Debt financing, if available, would result in increased fixed payment obligations and may involve agreements that
include covenants limiting or restricting our ability to take specific actions such as incurring debt or making capital expenditures.
If we raise additional funds through collaboration, strategic alliance or licensing arrangements with third parties, we may have to relinquish
valuable rights to our technologies, future revenue streams or product candidates, or grant licenses on terms that are not favorable
to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities or industry analysts do not&#160;publish&#160;research
or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading market for our
securities will depend on the research and reports that securities or industry analysts publish about us or our business. We do not have
any control over these analysts. There can be no assurance that analysts will cover us, or provide favorable coverage. If one or more
analysts downgrade our share or change their opinion of our securities, the price of our securities would likely decline. In addition,
if one or more analysts cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in the financial
markets, which could cause our share price or trading volume to decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Increased attention to, and evolving expectations
for, environmental, social, and governance (ESG) initiatives could adversely impact our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2022, the SEC published
a proposed climate disclosure rule, subject to which we would be required to disclose certain climate-related information such as governance
of climate-related risks and relevant risk management processes that could affect us, a climate related financial statements matrix and
more. While the proposed rule has yet to be finalized and we cannot predict the ultimate scope and impact this will have on our business,
if finalized, it would likely result in additional legal, accounting and financial compliance and increased general and administrative
expenses. Moreover, this could result in increased management time and attention to ensure we are compliant with the regulations and
expectations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>ITEM 4. INFORMATION ON THE COMPANY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>A. History and Development of the Company</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated in the
State of Israel on December 9, 1999, as a private company pursuant to the Israeli Companies Ordinance (New Version), 1983. In February
2006, we completed our initial public offering in Israel, and our Ordinary Shares traded on the TASE until January 25, 2021. In May 2015,
we listed the ADSs on Nasdaq and since August 2015 the ADSs have been traded on Nasdaq under the symbol &#8220;MDGS&#8221;. Following
a 20:1 reverse share split of our ordinary shares effected on July 7, 2022, together with a 1:15 ratio change of the ADSs on November
14, 2022 (the &#8220;Ratio Change&#8221;), each ADS represents fifteen (15) Ordinary Shares. Our Series C Warrants have been trading on
Nasdaq under the symbol &#8220;MDGSW&#8221; since July 2018. Following the Ratio Change, the Series C Warrant were adjusted, such that
the exercise price was increased by a factor of fifteen (15), and the number of ADSs issuable under the warrants was decreased by a factor
of fifteen (15). Each Series C Warrant is exercisable into one/fifteen ADS at an exercise price of $52.50 and will expire in July 2023.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Principal Capital Expenditures</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Group had capital expenditures of approximately $74,000, $139,000
and $324,000 in the years ended on December 31, 2022, 2021, and 2020, respectively. Our capital expenditures are primarily for network
infrastructure, computer hardware, purchase of machinery and software and leasehold improvements of our facilities. We have financed our
capital expenditures from our available cash. We expect to maintain our capital expenditures in 2023 with a consistent volume.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no significant
capital expenditures or divestitures currently in progress by the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>B. Business Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Overview </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The activities carried out
by us and our subsidiaries are focused on internet and other online-related technologies, e-commerce, medical-related devices, products
and safety systems for drones and the electric vehicle (EV) sector.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our internet-related activities
include ad-tech operations through our stake in Gix Internet in which we currently hold 42.25% of its outstanding share capital. Our internet
related activities also include our investment in Eventer, an online &#8211; event management and ticketing platform in which we currently
hold 46.21% of its outstanding share capital&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our e-commerce activity includes
the operations of Jeffs&#8217; Brands Ltd., a subsidiary in which we hold 34.87% of its outstanding share capital, and which operates
online stores for the sale of various consumer products on the Amazon online marketplace.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our medical related activities
include; innovative surgical devices with direct visualization capabilities for the treatment of Gastroesophageal Reflux Disease using
Ultrasonic Surgical Endostapler, or MUSE and Polyrizon&#8217;s development of biological gels designed to protect patients against biological
threats and reduce intrusion of allergens and viruses through the upper airways and eye cavities.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our activity in the EV sector
includes our ownership of Charging Robotics Ltd. (&#8220;Charging Robotics&#8221;) and its 19.99% subsidiary Revoltz, both develop three
modular EVs and wireless vehicle battery charging technology. On April 7, 2023, Charging Robotics consummated a share exchange transaction,
whereby it became a wholly owned subsidiary of Fuel Doctor. As a result, we now hold 67% of the outstanding share capital of Fuel Doctor,
with an option to increase our holdings to 71% of the outstanding share capital based on predetermined milestone.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our activity in the products
and safety for drones through our stake in Parazero Technologies Ltd. (&#8220;Parazero&#8221;) in which we hold 40.35% of its outstanding
share capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Internet and other online related Activity
Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Gix Internet</i> &#8211;&#160;<i>Ad-Tech and
Online Advertising</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gix Internet is the parent
of Viewbix which is the majority shareholder of Gix Media Ltd. following a corporate reorganization that consummated on September 19,
2022 (&#8220;Reorganization Transaction&#8221;). Gix Media Ltd., which is the majority holder of the Cortex Media Group Ltd., and of Viewbix,
a digital advertising platform that develops and markets a variety of technological platforms that automate, optimize and monetize digital
online campaigns&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have consolidated Gix Internet&#8217;s
financial statement as of March 1, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently hold 42.25%
of Gix Internet&#8217;s outstanding share capital. We have an option to increase our stakes in Gix Internet to 44.94% of its outstanding
share capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Eventer Technologies Ltd. &#8211; Online Event
Management</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer is a technology company
engaged in the development of&#160;unique tools for automatic creation, management, promotion, and billing of events and ticketing sales.
Eventer seeks to tap the growing demand for enterprise and private online communication. As such, Eventer&#8217;s systems offer and enable
advanced, user-friendly solutions for online events such as online concerts, enterprise events and online conferences, in addition to
management and ticket sales for events carried out in offline venues. In addition, Eventer&#8217;s platform provides individuals with
the ability to create and sell tickets to custom small-scale private or public events. Eventer&#8217;s revenues are derived from commissions
from sales of tickets for online and offline events planned and managed through its platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently hold 46.21%
of Eventer&#8217;s outstanding share capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>E-commerce Activity Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Jeffs&#8217; Brands Ltd.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jeffs&#8217; Brands (Nasdaq:
JFBR) is an e-commerce&#160;consumer products goods, or CPG, company, operating primarily on Amazon platform. Jeffs&#8217; Brands is the
owner of Smart Repair Pro, Inc., or Pro, Purex Corp., or Purex, and Top Rank Ltd. that operate online stores for the sale of various consumer
products on the Amazon online marketplace, utilizing the Fulfillment by Amazon, or FBA, model. In addition to executing the FBA business
model, Jeffs&#8217; Brands utilizes artificial intelligence, or A.I., and machine learning technologies to analyze sales data and patterns
on Amazon platform in order to identify existing stores, niches and products that have the potential for development and growth, and for
maximizing sales of existing proprietary products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 30, 2022, we participated
in Jeffs&#8217; Brands initial public offering on Nasdaq.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently hold&#160;34.87%
of Jeffs&#8217; Brands outstanding share capital. We have 240,385 warrants to purchase up to 240,385 ordinary shares with an exercise
price of $2.02 per ordinary share and additional 240,385 unlisted warrants to purchase up to 240,385 ordinary shares with an exercise
price of $2.02 per ordinary share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Medical Activity Overview</b><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Our MUSE&#8206;&#8482;&#8206;&#160;System</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been engaged in the
development, production and marketing of innovative surgical devices with direct visualization capabilities for the treatment of Gastroesophageal
Reflux Disease, a common ailment, which is predominantly treated by medical therapy (e.g. proton pump inhibitors) or in chronic cases,
conventional open or laparoscopic surgery. Our product, the MUSE&#8482; system for transoral fundoplication is a single use innovative
device for the treatment of GERD disorder. The MUSE&#8482; system is an endoscopic, incisionless solution that is used to perform a procedure
as an alternative to a surgical fundoplication.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 3, 2019, we entered into the Golden Grand Agreement for the
know-how licensing and sale of good relating to the MUSE&#8482; system in China, Hong Kong, Taiwan and Macao. Four out of five predetermined
in the agreement milestones were completed during 2020 and 2021, and consequently 80% of the agreed payments were already transferred
to us. The final milestones will be completed, and the final installment will be paid upon completion of a MUSE&#8482; assembly line in
China. Due to COVID-19, the implementation of certain actions required to be achieved under the milestones have been delayed and are expected
to be completed during 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Polyrizon &#8211; Protective Biological Gels</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Polyrizon is a clinical development
biotech company specializing in the development of innovative nasal gels to provide preventative treatment against a wide cross section
of viruses, as well as bacteria, allergens, and other toxins. Polyrizon&#8217;s proprietary Capture and Contain hydrogel platform is delivered
in the form of nasal sprays, and forms a thin gel-based protective shield containment barrier in the nasal cavity.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently hold 37.03% of
Polyrizon&#8217;s outstanding share capital. Additionally, we have invested $314,000 in multiple SAFEs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>ClearMind &#8211; Psychedelic Medicine</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ClearMind Medicine, Inc. (Nasdaq:
CMND) (&#8220;ClearMind&#8221;) is a psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived
therapeutics to solve widespread and underserved health problems, including mental health, alcohol use disorder, binge eating and depression.&#160;ClearMind&#8217;s
patent portfolio consists of four utility patent families, which includes seven approved patents and 13 pending applications.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 8, 2022, we entered
into a share purchase agreement with ClearMind. On November 15, 2022, we participated in ClearMind&#8217;s initial public offering on
Nasdaq.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently hold 5.77% of
ClearMind&#8217;s outstanding share capital and 39,747 warrants to purchase an additional 39,747 shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Electric Vehicle Activity Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Charging</i>&#160;<i>Robotics Ltd.</i></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To date, we have invested
an aggregated amount of $1,286,000, in Charging Robotics, which was previously our wholly owned subsidiary. Charging Robotics is developing
an autonomous wireless charging system for electric vehicles. On March 28, 2023, the Company entered into a securities exchange agreement
(the &#8220;Exchange Agreement&#8221;) with Fuel Doctor. Pursuant to the Exchange Agreement, at the closing, which occurred on April 7,
2023, Fuel Doctor acquired 100% of the issued and outstanding share capital of Charging Robotics, making Charging Robotics a wholly-owned
subsidiary of Fuel Doctor, in exchange for the issuance of shares of the Fuel Doctor&#8217;s common stock. As a result, Charging Robotics
became a subsidiary of Fuel Doctor and we now hold 67% ofFuel Doctor&#8217;s outstanding share capital, with an option to increase our
holdings to up to 71% of its outstanding share capital based on pre-set milestones.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Revoltz Ltd.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 19, 2021, we
entered into a joint venture agreement with Amir Zaid, Weijian Zhou and Charging Robotics, for the purpose of developing and commercializing
three modular electric vehicle (EV) micro mobility vehicles for urban individual use and &#8220;last mile&#8221; cargo delivery, through
a new subsidiary, Revoltz Ltd. (&#8220;Revoltz&#8221;) Pursuant to the terms of such agreement, Charging Robotics was issued 19.99% of
the issued and outstanding share capital of the Revoltz.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Other Activities</b><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>ScoutCam</i><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;
</span><i>&#8211; Miniaturized Imaging Equipment </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently hold&#160;18.45%
of the outstanding share capital&#160;of ScoutCam, which is engaged in the development, production and marketing of innovative visual
solutions composed of imaging equipment, cloud and software-based image processing (artificial intelligence (AI), machine learning (ML),
and additional algorithm methodologies). Some of ScoutCam&#8217;s products that utilize its micro ScoutCam&#8482; technology are used
in medical procedures as well as various applications in other industries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Automax Ltd.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently hold 6.46% of
the outstanding share capital of Automax Motors Ltd. (TASE:&#160;AMX), or Automax (formerly known as Matomy Media Group Ltd., following
several sales and purchases in the stock market during 2021). Automax is an indirect importer and distributor of vehicles in Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Elbit Imaging Ltd.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2021 we completed a
number of transactions for the purchase of shares of Elbit Imaging Ltd. (TASE: EMITF), or Elbit Imaging, and currently hold 5.72 % of
its outstanding shares. Elbit Imaging is a holding company with interests in real estate, medical imaging, hotels, shopping malls and
retail.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, during 2022 we
received cash dividends of $171,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Safee Cyber Technologies Ltd.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 13, 2021, we entered
into a share purchase agreement with Safee Cyber Technologies Ltd., or Safee, a blockchain company and we currently hold 2.35% of its
outstanding share capital. Safee&#8217;s social network allows creators and collectors to easily create, own, engage, control and trade
digital goods. Safee&#8217;s platform expands the reach of NFTs to mass market buyers, creators, digital artists, illustrators, photographers,
musicians, regular consumer digital content creators and more.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Parazero Ltd.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2022 we made multiple
investments in Parazero, a company specializing in drone safety systems, through various transactions. We currently hold 40.35% of Parazero&#8217;s
outstanding share capital and we are entitled to increase our holdings in Parazero by a conversion of our SAFE agreements. Parazero develops
and provides drone safety solutions designed to protect people and payloads, providing a solution to reduce the risk of a drone&#8217;s
malfunction in an urban environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Laminera Flow Optimization Ltd.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2021 and 2022 we
engaged Laminera Flow Optimization Ltd., or Laminera, in a number of share purchase transactions and a bridge loan agreement, in which
we currently hold 19.7% of the outstanding share capital. Laminera develops solutions to improve and optimize global water, oil, and
gas pipeline infrastructure by reducing energy and maintenance costs while enhancing capacity, all without having to replace existing
infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Strategy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our primary goal is to generate
revenues through the activities of our consolidated subsidiaries, each in their respective market and field. In addition, we seek to
generate revenues by pursuing potential opportunities to sell our MUSE<sup>&#8482;</sup>&#160;technology, or alternatively grant a license
or licenses for the use of the MUSE<sup>&#8482;</sup>&#160;technology. Our strategy includes the following key elements:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 37; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Commercialization of the
products and services provided by our consolidated subsidiaries as well as achieving organic growth and profitability.&#160;</i>Our board
of directors has determined that we support the growth, development and expansion of our consolidated subsidiaries businesses.<i>&#160;</i></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Sell or License MUSE&#8206;<sup>&#8482;</sup>&#160;technology</i>.
Our board of directors has determined to examine potential opportunities to sell our MUSE<sup>&#8482;</sup>&#160;technology, or alternatively
grant a license or licenses for the use of the MUSE<sup>&#8482;&#160;</sup>technology.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>General Pursuit of Opportunities</i>.
Our board of directors and management are constantly seeking and pursuing opportunities through which to leverage our assets and capabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A substantial material portion
of our revenues in 2022 derived from Gix Internet, Jeffs&#8217; Brands and Eventer. In 2021 and 2020 revenues derived from Jeffs&#8217;
Brands, Eventer and from the e licensing and sale agreement The following data reflects our total revenue arising from the following services:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following data reflects
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Seasonality of Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the last few years
we have not seen any seasonality in our sales. However, our subsidiaries experience certain effects of seasonality in their operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with our subsidiary,
Eventer, there is an increase in events scheduled during the holiday season in Israel, which typically occurs in September and October,
and which corresponds to an increase in ticket sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with our subsidiary,
Jeffs&#8217; Brands, the fourth quarter of each fiscal year typically yields significant activity due to the holiday season. As a result,
revenue generally declines and loss from operations generally increases in the first quarter sequentially from the fourth quarter of
the previous year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 38; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with our subsidiary,
Gix Internet, the digital advertising industry is not affected by much seasonality. However, there is a seasonality trend such that the
fourth quarter is characterized by higher activity compared to average, while the first quarter is characterized in lower activity than
average. This seasonality results from, among other things, changes in large advertising budgets, usually towards the end of each quarter
and effective towards the end of each year. In addition, the last quarter of the year includes many leading events and an increase in
advertising budgets and the volume of traffic on the network.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Marketing and Distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Sale or License of MUSE<sup>&#8482;</sup>&#160;System</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of our board of directors
decision to examine potential opportunities to sell our MUSE<sup>&#8482;</sup>&#160;technology, or alternatively grant a license or licenses
for the use of the MUSE<sup>&#8482;</sup>&#160;technology, our board of directors has reexamined the efforts and resources previously
invested by us in our MUSE<sup>&#8482;</sup>&#160;technology distribution agreements as well as the revenues obtained through such agreements
in order to assess their financial viability. As a result of this analysis, our board of directors resolved to terminate our distribution
agreements in order to redirect our resources to securing licensing agreements, which may in turn generate significant income in the
short term, reduce operating expenses and lower our Company&#8217;s burn rate. On May 5, 2021, the Company engaged with a contractor
into service agreement, which the contractor seek, develop, evaluate, filter and recommend suitable business opportunities for the Company
in the fields of the Muse products and technology, and also Communicate and meet potential customers and introduce the Company and the
Company&#8217;s products thereto, and, to the extent required by the Company from time to time, assistance and support with respect to
negotiations with potential customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Intellectual Property </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our commercial success depends,
in part, on obtaining and maintaining patent and other intellectual property protection, in the United States and internationally, for
the technologies used in our products. We cannot be sure that any of our patents will be commercially useful in protecting our technology.
Our commercial success also depends in part on our non-infringement of the patents or proprietary rights of third parties. The patent
positions of medical device companies, including ours, can be highly uncertain and involve complex and evolving legal and factual questions.
For additional information see &#8220;Item 3. Key information&#8212;D. Risk Factors&#8212;Risks Related to Our Intellectual Property.&#8221;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, Charging Robotics and
GERD IP (hereinafter in this paragraph: &#8220;We&#8221; or &#8220;Us&#8221;) own 17&#160;U.S. patents and have one additional pending
patent applications in the U.S. and one U.S. Provisional Patent Applications. In addition, We own 11 patents that were granted in other
countries, including 7 European patent assets, which are not valid on their own unless validated in specific European countries as indeed
were validated according to our list of chosen European countries and one allowed European Patent Office patent application and 8 pending
patent applications in such other countries. We also have two pending Paris Convention Treaty (PCT) patent applications. We also have
an exclusive license to three pending patent applications from an academic institute subject to terms agreed in such license agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot be sure that any
patents will be granted with respect to any the pending patent applications or with respect to any patent applications filed by us in
the future. There is also a significant risk that any issued patents will have substantially narrower claims than those that are currently
sought.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Competition with the MUSE&#8206;</i><sup>&#8482;</sup><i>&#160;system</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have several competitors
in the medical device and pharmaceutical industries. Patients and physicians may opt for more established existing therapies to treat
GERD, including PPI pharmaceutical treatment or laparoscopic fundoplication surgery. PPIs are currently being offered by several large
pharmaceutical manufacturers, most of whom have significantly greater financial, clinical, manufacturing, marketing, distribution and
technical resources and experience than we have.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the last few years a
number of different medical devices and treatments have been introduced to address the &#8220;treatment gap&#8221; in GERD treatments
and therapies which is found between long-term pharmaceutical therapy on one hand and surgery on the other. These devices and treatments
seek to treat GERD less invasively than fundoplication and without the need for long-term use of drug therapy.<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Competition related to our Subsidiary Jeffs&#8217;
Brands</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consumer goods and e-commerce
market is a highly competitive environment. Jeffs&#8217; competitive landscape consists of various types of companies such as traditional
and non-traditional consumer good companies, discount stores, traditional retailers, independent retail stores, the online platforms of
these traditional retail competitors and e-commerce companies. Such competitors include: Thrasio Holdings, Inc., Aterian, Inc. (Nasdaq:
ATER), Amazon.com, Helen of Troy Ltd., Newell Brands&#160;(Nasdaq:&#160;NWL), Frigidaire Appliance Company, and Trademark Global Inc.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consumer goods and e-commerce
market is a highly competitive environment. Our competitive landscape consists of various types of companies such as: traditional and
non-traditional consumer good companies; discount stores; traditional retailers; independent retail stores; the online platforms of these
traditional retail competitors; and e-commerce companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Among CPG companies, our
competitors include: Thrasio Holdings, Inc.; Aterian, Inc. (Nasdaq: ATER); Amazon; Helen of Troy Ltd., Newell Brands&#160;(Nasdaq:&#160;NWL);
Frigidaire Appliance Company; and Trademark Global Inc. Despite the seemingly harsh competitive landscape, we believe that our technology
and experience enable us to successfully compete and achieve our financial goals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Competition related to our Subsidiary Eventer</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eventer&#8217;s competitors
are traditional ticketing offices and digital ticketing companies that operate online platforms similar to Eventer&#8217;s platform and/or
offer ticket marketing and distribution services. There are many companies outside of Israel that offer event management services similar
to Eventer. Specifically in Israel, however, competitors that operate in the digital ticket sales platform space include Eventbuzz and
TickChak Ltd., and companies that market events include Kupat and Eventim. Likewise, there are three large companies in Israel engaged
in the field of marketing and distribution of events, including Leaan Tickets Ltd., CTS Eventim New Co (Eventim), and Kupot Tel-Aviv Tickets
and Shows Ltd. Eventer also enables the sale of tickets to various attractions and activities, such as skydiving, glamping and motorsport.
For these types of events and activities, Eventer competes with companies, including BUYME and Groupon, which sell vouchers to consumers
and businesses and generates revenue from such sales commissions.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Government Regulation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The healthcare industry,
and, therefore, our business, is subject to extensive federal, state, local and foreign regulation. Some of the pertinent laws have not
been definitively interpreted by the regulatory authorities or the courts, and their provisions are open to a variety of interpretations.
In addition, these laws and their interpretations are subject to change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both federal and state governmental
agencies continue to subject the healthcare industry to intense regulatory scrutiny, including heightened civil and criminal enforcement
efforts. As indicated by work plans and reports issued by these agencies, the federal government will continue to scrutinize, among other
things, the billing practices of healthcare providers and the marketing of healthcare products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that we have structured
our business operations and relationships with our customers to comply with all applicable legal requirements. However, it is possible
that governmental entities or other third parties could interpret these laws differently and assert otherwise. In addition, because there
is a risk that our products are used off label, we believe we are subject to increased risk of prosecution under these laws and by these
entities even if we believe we are acting appropriately. We discuss below the statutes and regulations that are most relevant to our
business and most frequently cited in enforcement actions.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>C. Organizational Structure </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022,
we have four significant subsidiaries, (i) Jeffs&#8217; Brands, a company incorporated under the laws of the State of Israel, in which
we hold 35.94% of its outstanding share capital, (ii) Eventer Technologies, a company incorporated under the laws of the State of Israel
in which we hold 46.21% of its outstanding share capital, (iii) our wholly owned subsidiary, Charging Robotics, a company incorporated
under the laws of the State of Israel and (iv) Gix Internet a company incorporated under the laws of the State of Israel in which we
hold 42.25% of its outstanding share capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2023 our formerly
wholly owned subsidiary Charging Robotics consummated a share exchange transaction with Fuel Doctor and became its wholly owned subsidiary.
See also&#160;&#8220;Item 4.B. &#8211; Business Overview &#8211; Electric Vehicle Activity Overview.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>D. Property, Plant and Equipment</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our offices and research
and development facility are located at 10 HaNechoshet Street, Tel Aviv, Israel, 6971072, where we occupy approximately 102 square meters.
We believe our facilities sufficiently meet our current needs.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>ITEM 4A. UNRESOLVED&#160;STAFF&#160;COMMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;5. OPERATING AND FINANCIAL REVIEW
AND PROSPECTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following discussion
of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the
related notes to those statements included elsewhere in this annual report on Form 20-F. In addition to historical consolidated financial
information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions.
Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as
a result of many factors, including those discussed under &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; and elsewhere in
this annual report.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Certain information called
for by this Item 5, including a discussion of the year ended December&#160;31, 2021, compared to the year ended December&#160;31, 2020,
has been reported previously in our annual report on April 29, 2022, under Item 5 &#8220;Operating and Financial Review and Prospects&#8221;.</i></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>For the purpose of this
Item 5., references to &#8220;Medigus&#8221;, the &#8220;Company&#8221;, &#8220;us&#8221;, &#8220;we&#8221; and &#8220;our&#8221; refer
to Medigus and its consolidated subsidiaries.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our legal and commercial
name is Medigus Ltd. We were incorporated in the State of Israel on December 9, 1999, as a private company pursuant to the Israeli Companies
Ordinance (New Version), 1983. In February 2006, we completed our initial public offering in Israel, and until January 25, 2021, our
Ordinary Shares were traded on the TASE, under the symbol &#8220;MDGS&#8221;. On January 25, 2021, we delisted our Ordinary Shares from
trading on TASE. In May 2015, we listed our ADSs on Nasdaq, and since August 2015 our ADSs have been traded&#160;on the Nasdaq under
the symbol &#8220;MDGS&#8221;. Following a 1:15 ratio change of the ADSs on November 14, 2022 (the &#8220;Ratio Change&#8221;), each
ADS represents fifteen (15) Ordinary Shares. In July 2018, we listed our Series C Warrants on the Nasdaq, and since then our Series C
Warrants have been traded on Nasdaq under the symbol &#8220;MDGSW&#8221;. Following the Ratio Change, the Series C Warrant were adjusted,
such that the exercise price was increased by a factor of fifteen (15), and the number of ADSs issuable under the warrants was decreased
by a factor of fifteen (15). Each Series C Warrant is exercisable into one/fifteen ADSs for an exercise price of $52.50, and will expire
five years from the date of issuance.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ScoutCam Ltd. was formed in Israel on January 3, 2019, as a wholly
owned subsidiary of Medigus, in order to distinguish ScoutCam&#8217;s miniaturized imaging business, or the micro ScoutCam<sup>&#8482;</sup>&#160;portfolio,
from Medigus&#8217; other operations. In December 2019, Medigus and ScoutCam Ltd. consummated an Amended and Restated Asset Transfer Agreement,
effective March 1, 2019, which transferred and assigned certain assets and intellectual property rights to ScoutCam Inc., which became
the sole owner of ScoutCam Ltd.. ScoutCam Inc. consummated a private placement offering of USD 20 million in March 2021, in which we did
not participate, following that offering our holdings in ScoutCam Inc. were reduced to 28.06% of its outstanding share capital. Accordingly
ScoutCam was deconsolidated as of such date and is accounted for as an equity investment as of April 1, 2021.&#160;As of today, we hold
18.45% of ScoutCam&#8217;s outstanding share capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 14, 2020, we signed a share purchase agreement and a revolving
loan agreement with Eventer. The Eventer transaction closed on October 26, 2020. Pursuant to the share purchase agreement, we invested
$750,000 and were issued 325,270 ordinary shares of Eventer, representing 58.7% of Eventer&#8217;s then issued and outstanding share capital.
On April 8, 2021, Eventer consummated an additional share purchase agreement with certain investors in connection with the sale and issuance
its ordinary shares for an aggregate amount of $2.25 million (the &#8220;Purchase Agreement).&#8221; According to the Purchase Agreement,
if during the twelve months following the closing of the Purchase Agreement, or March 25, 2022, Eventer shall not consummate an IPO, then
the price per share shall be adjusted by issuance of additional shares. By March 25, 2022, Eventer had not consummated an IPO, therefore,
on May 25, 2022, Eventer issued additional shares to the Company and additional investors. As a result of such share issuance, our holding
in Eventer decreased to 46.21% of Eventer&#8217;s outstanding share capital.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 8, 2020, we entered into a common stock purchase agreement
with Pro Inc., Purex, and their respective stockholders pursuant to which we acquired 50.01% of Pro&#8217;s and 50.03% of Purex&#8217;s
issued and outstanding share capital on a fully diluted basis through a combination of cash investments in the companies and acquisition
of additional shares from the then current shareholders of the two companies in consideration for our restricted ADSs and a cash component.
We agreed to; invest an aggregate amount of $1,250 thousand in Pro and Purex, pay $150 thousand in cash consideration to the current stockholders,
and issue up to $500 thousand worth of restricted ADSs to the current stockholders of such companies subject to EBITDA milestones. Following
the EBITDA results, the Company issued $71 thousand worth of restricted ADSs in June 20201. The transactions contemplated in the definitive
agreements closed on January 4, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 16, 2021, we entered
into a stock exchange and plan of restructuring agreement with Victor Hacmon, the other shareholder of Pro and Purex, and Jeffs&#8217;
Brands. Pursuant to which, among other things, we and Victor Hacmon transferred all our holdings in Pro and Purex to Jeffs&#8217; Brands,
in return for a consideration of Jeffs&#8217; Brands ordinary shares that were issued respectively. As a result, Pro and Purex became
wholly-owned subsidiaries of Jeffs&#8217; Brands. The share exchange transaction was accounted in a manner similar to Pooling-of-Interests
(&#8220;As Pooling&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 30, 2022, we participated
in Jeffs&#8217; Brands initial public offering, and purchased 240,385 units comprised of 240,385 ordinary shares and warrants to purchase
up to 240,385 ordinary shares with an exercise price of $2.02 per ordinary share.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently hold&#160;34.87%
of Jeffs&#8217; Brands outstanding share capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2021, Medigus held 34.58% of Gix Internet&#8217;s
outstanding share capital. On February 14, 2022, we purchased 500,000 additional shares, increasing our holdings to 35.78% of Gix Internet's
outstanding share capital.. On February 28, 2022, we purchased additional shares following which our holdings in Gix Internet increased
to 38.03% of its outstanding share capital. As a result of this increase, and the fulfillment of additional conditions we consolidated
Gix Internet&#8217;s financial statements as of February 28, 2023. On June 19, 2022, we purchased an additional 3,171,160 shares of Gix
Internet, We currently hold 42.25% of Gix Internet&#8217;s outstanding share capital.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A. Operating results</i></b>:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth a summary of our operating results:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Restated</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 44; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Year ended December 31, 2022, compared to year
ended December 31, 2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenues for the year ended December 31, 2022, were $91,858,000 representing
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The increase in revenues was
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tables below set forth
our revenues, by region and by product for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>U.S. dollars; in thousands</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>U.S. dollars; in thousands</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our revenues in 2021 were
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The decrease in revenues from Products on the Amazon Online Marketplace
was primarily due to an increase in competition. The increase in revenues from commissions was primarily due to an increase in events
during 2022. The increase in revenues from internet services is due to the consolidation initiation of Gix Internet&#8217;s financials
commencing February 28, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of revenues</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cost of revenues for the
year ended December 31, 2022, were $77,406,000 representing an increase of $72,089,000, or 1,356%, compared to cost of revenues and of
$5,317,000 for the year ended December 31, 2021. The increase was primarily due to the increase in cost of revenues related to the consolidation
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Gross Profit</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gross profit for the year ended December 31, 2022, was $14,452,000,
representing an increase of $9,651,000 compared to gross loss of $4,801,000 for the year ended December 31, 2021. The gross profit increase
is a result mainly due to the consolidation of Gix Internet commencing February 28, 2022..</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Research and Development Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development expenses for the year ended December 31, 2022,
were $4,853,000, representing an increase of $3,808,000, or 364%, compared to $1,045,000 for the year ended December 31, 2021. The increase
was primarily due to the consolidation of Gix Internet commencing February 28,2022. In addition to the increase in Charging Robotics Ltd.
research and development activities.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sales and Marketing Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales and marketing expenses for the year ended December 31, 2022,
were $4,006,000, representing an increase of $2,018,000, or 102%, compared to $1,988,000 for the year ended December 31, 2021. The increase
was primarily due to the consolidation of Gix Internet commencing February 28, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>General and Administrative Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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expenses for the year ended December 31, 2022, were $14,174,000, representing an increase of $4,210,000, or 42%, compared to $9,964,000,
for the year ended December 31, 2021. The increase was primarily due to:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Net change in fair value of financial assets
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fair value of financial assets derived mainly due to expenses of USD 1,128 thousand from Clearmind Shares, expenses of USD 427 thousand
from Gix Internet Anti-dilution rights and USD 578 thousand from Automax shares..</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Share of net loss of accounted for using
the equity method</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The investment in Polyrizon, Revoltz, Laminera, Parazero, Fuel Doctor,
Elbit (until October 2022), Gix (up to February 28, 2022) and ScoutCam are accounted for using the equity method. The share net loss of
accounted for using the equity method for the year ended December 31, 2022, amounted to $2,659 thousand.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incurred an operating loss of $13,784,000 for the year ended December
31, 2022, representing an increase of $3,889,000, or 39%, compared to operating loss of $9,895,000 for the year ended December 31, 2021.
The increase was primarily due to an increase of $3,257,000 in net change in fair value of financial assets at fair value through profit
or loss and an increase of the share of net loss of associates accounted for using the equity method of USD 510 thousand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Change in Fair Value of Warrants Issued
to Investors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Profit from change in the
fair value of warrants issued to investors for the year ended December 31, 2022, was $159,000, representing a decrease of $325,000, compared
to profit of $484,000 for the year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Warrants issued to investors
are classified as either liabilities or as part of the shareholders&#8217; equity based on the accounting guidance established in connection
with the rights attached to the warrants. The warrants that were classified as liabilities due to a cashless exercise mechanism are subject
to adjustment to fair value each statement of financial position cut-off date. This adjustment is presented separately within the consolidated
statement of loss and other comprehensive loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-align: justify; text-indent: 0.5in"><b><i>Gain from initial recognition
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recognized a gain of $2,300,000 from initial recognition
of assets and liabilities due to control obtained in Gix Internet commencing February 28, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial expenses net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finance expenses, net for
the year ended December 31, 2022, was $2,309,000, representing an increase of $1,962,000, compared to finance expenses of $347,000 for
the year ended December 31, 2021, primarily due to interest accumulated on loans in Gix internet, Eventer and Jeffs&#8217; Brands and
due to exchange rate differences.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incurred net loss of $10,208,000 for the year ended December 31,
2022, representing a decrease of $14,254,000, or 352%, compared to profit of $4,046,000 for the year ended December 31, 2021, which was
primarily due to one-time gain in 2021 upon loss of control of a subsidiary in the amount of $11,465,000. The decrease was further due
to an increase of $3,257,000 in net change in fair value of financial assets at fair value through profit or loss and an increase of the
share of net loss of associates accounted for using the equity method of $510,000.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Year ended December 31, 2021, compared to year
ended December 31, 2020</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The discussion and analysis
regarding the results of operations from the fiscal years ended December 31, 2021, and December 31, 2020, is contained in our annual report
on Form 20-F, filed with the SEC, on April 29, 2022, and May 14, 2021.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Effective Corporate Tax Rate</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our&#160; effective consolidated tax rate for the years ended December
31, 2022, and 2021 was almost zero percent (0%), primarily due to the fact that the Company did not record a tax asset, Gix Internet,
Jeffs' Brands and Eventer did not record a deferred tax asset in connection with the losses incurred in Israel, since it is not probable
that we will be able to utilize such losses in the foreseeable future against taxable income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generate part of our revenues
in different currencies than our functional currency (U.S. dollars), such as NIS and Euro. As a result, some of our financial assets
are denominated in these currencies, and fluctuations in these currencies could adversely affect our financial results. A considerable
amount of our expenses are generated in U.S. dollars, but a significant portion of our expenses such as salaries are generated in other
currencies such as NIS. In addition to our operations in Israel, we are expanding our international operations<b>&#160;</b>in the European
Union. Accordingly, we incur and expect to continue incurring additional expenses in non-U.S. dollar currencies, such as described above.<b>&#160;</b>Due
to the mentioned, our results could be adversely affected as a result of a strengthening or weakening of the U.S. Dollar compared to
these other currencies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The inflation in Israel during
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective January 1, 2016,
we changed our functional currency to the U.S. dollar from NIS. This change was based on management&#8217;s assessment that the U.S.
dollar is the primary currency of the economic environment in which we operate. Accordingly, the functional and reporting currency of
our consolidated financial statements is the U.S. dollar.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>B. Liquidity and Capital Resources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December 31, 2022, we incurred a total comprehensive
loss of approximately $9.7 million and a negative cash flow used in operating activities of approximately $5.6 million. As of December
31, 2022, we incurred accumulated deficit of approximately $85.6 million.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will need to seek additional
sources of funds, including selling additional equity, debt or other securities or entering into a credit facility, take costs reduction
steps or modify our current business plan to achieve profitability. If we raise additional funds through the issuance of debt securities,
these securities may have rights senior to those of our Ordinary Shares and could contain covenants that could restrict our operations
and ability to issue dividends. We may also require additional capital beyond our currently forecasted amounts. Any required additional
capital, whether forecasted or not, may not be available on reasonable terms, or at all. If we are unable to obtain additional financing,
we may be required to reduce the scope of, delay or eliminate some or all of our planned research, development and commercialization
activities, which could materially harm our business and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because of the numerous risks
and uncertainties associated with the development of our products and the current economic situation, we are unable to estimate the exact
amounts of capital outlays and operating expenditures necessary to complete the development of our products and successfully deliver
commercial products to the market. Our future capital requirements will depend on many factors, including but not limited to the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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  <tr style="vertical-align: top">
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    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash Flows</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in operating
activities for the year ended December 31, 2022, was $5,656,000, compared to $5,250,000 for the year ended December 31, 2021. For the
year ended December 31, 2022, the Company had net cash used in investing activities of $4,476,000 compared to net cash used in investing
activities of $12,446,000 for the year ended December 31, 2021. For the year ended December 31, 2022, the Company had net cash generated
from financing activities of $5,410,000 compared to $19,150,000 for the year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The change in our liquidity
for the year ended December 31, 2022, resulted from several factors, including but not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">net cash used in operating activities consists primarily of
$2,300,000 gain from initial recognition of assets and liabilities upon consolidation of Gix Internet, Changes in fair value of warrants
issued to third party investors by a consolidated subsidiary of $3,619,000 , net loss from change in the fair value of financial assets
at fair value through profit or loss in the amount of $2,544,000, share of net loss of associates accounted for using the equity method
in an amount of &#160;$2,659,000 and &#160;stock-based compensation in connection with options granted to employees and service providers
of $787,000.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">net generated from financing activities consists mainly of
$12,567,000 proceeds from issuance of shares and warrants by subsidiaries, $1,752,000 receipt of loans offset by $2,520,000 repayment
of loans and $4,186,000 dividends.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>C. Research and Development,
Patents and Licenses, etc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 79.85pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
efforts are focused on continuous improvement of our products. We conduct all of our research activities in Israel.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022, our research and development team consisted
of 16 employees and subcontractors for the development of our products in Gix, and Eventer as needed. We have assembled an experienced
team with recognized expertise in, software, control algorithms and systems integration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below set forth
our research and development expenses for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we file applications for patent registration in
certain countries, some in which we are active and some which we consider as potential markets in order to protect our developed intellectual
property.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>D. Trend Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as described in Item 3.D. &#8220;Risk Factors&#8221;, in
Item 5.A. &#8220;Operating Results&#8221;, and in Item 5.B. &#8220;Liquidity and Capital Resources&#8221; of this Annual Report, we are
not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net
revenues, income from operations, profitability, liquidity or capital resources, or that would cause the disclosed financial information
to be not necessarily indicative of future operating results or financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>E. Critical Accounting Estimates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our significant accounting
policies and their effect on our financial condition and results of operations are more fully described in our audited consolidated financial
statements included elsewhere in this Annual Report. We have prepared our financial statements in conformity with International Financial
Reporting Standards or IFRS, which requires management to make estimates and assumptions that affect the amounts reported in our consolidated
financial statements and accompanying notes. These estimates are prepared using our best judgment, after considering past and current
events and various other assumptions. While management believes the factors evaluated provide a meaningful basis for establishing and
applying sound accounting policies, management cannot guarantee that the estimates will always be consistent with actual results. In
addition, certain information relied upon by us in preparing such estimates includes internally generated financial and operating information,
external market information, when available, and when necessary, information obtained from consultations with third parties. Actual results
may differ from these estimates. We believe that the accounting policies discussed below are critical to our financial results and to
the understanding of our past and future performance, as these policies relate to the more significant areas involving management&#8217;s
estimates and assumptions. We consider an accounting estimate to be critical if: (1) it requires us to make assumptions because it included
matters that were highly uncertain at the time, we were making our estimate or the assumption is material due to the levels of subjectivity
and judgment involved, and (2) changes in the estimate could have a material impact on our financial condition or results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Warrants/options assets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Warrants/options assets, which
measured as fair value through profit and loss, are subsequently measured using the Black-Scholes option-pricing model as follow:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Black-Scholes option-pricing
model requires us to make a number of assumptions, including the value of Ordinary Shares, expected volatility, expected term, risk-free
interest rate and expected dividends.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Expected volatility of private
company warrants was calculated based on the implied volatilities from market comparisons of certain publicly traded companies and other
factors. Expected volatility for traded company warrants was calculated based upon their share prices. Share price as of the cut-off date
for private company relies on the last finance round.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The risk-free interest rate
was based on the U.S. treasury bonds yield with an equivalent term or Israel treasury bonds yield. There are no foreseeable plans to pay
dividends. Future expense amounts for any period could be affected by changes in our assumptions and market conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Stock-Based Compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We as well as our &#160;subsidiaries
grant equity-based awards to certain employees, directors and other service providers. The expense is measured at the grant date fair
value of the award and recognized as compensation expense over the service period. The fair value of the awards is estimated on the grant
date using the Black Scholes option pricing model. The use of an option valuation model includes subjective assumptions, including the
expected stock price volatility and average life of each grant, as well probability of successful completion of the IPOs of our subsidiaries
that were in process at the date of grant or during subsequent periods to the extent the award terms included performance conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financial instruments at fair value through
profit and loss / Financial instruments at cost that are initially measured at fair value</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In estimating the fair value of such assets or
a liabilities, the Group uses market-observable data. Where Level 1 or 2 inputs are not available, we determine the fair value of the
financial instrument using acceptable valuation techniques and, as applicable, engage with qualified third party valuation specialists
to perform the valuation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We perform a purchase price allocation in regards
with our investments, as needed. Following the consolidation of Gix to our financial statements, we &#160;performed a &#160;purchase price
allocation to Goodwill and other intangible assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value determination of acquired intangible
assets for [these purchases price allocations require us to make significant estimates. These estimates include, among others, forecasted
discounted cash flows which include, inter alia, significant assumptions for revenue growth rates and the selection of an appropriate
discount rate.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Business Combinations</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of an acquired
business in a business combination are included in the Company&#8217;s consolidated financial statements from the date of acquisition
according to IFRS 3R, &#8220;Business Combinations.&#8221; The Company allocates the purchase price, which is the sum of the consideration
provided and may consist of cash, equity or a combination of the two, to the identifiable assets and liabilities of the acquired business
at their fair values as of the acquisition date. The excess of the purchase price over the amount allocated to the identifiable assets
and liabilities, if any, is recorded as goodwill. The non-controlling interest are measured upon the date of the business combination
in the amount of their share at the fair value of assets, liabilities and contingent liabilities of the acquired acquisition other than
their share in goodwill.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The estimated fair values
and useful lives of identifiable intangible assets are based on many factors, including estimates and assumptions of future operating
performance and cash flows of the acquired business, the nature of the business acquired and the specific characteristics of the identified
intangible assets. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could
change due to numerous factors, including market conditions, technological developments, economic conditions and competition.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Contingent consideration
incurred in a business combination is included as part of the acquisition price and recorded at a probability weighted assessment of
the fair value as of the acquisition date. The fair value of the contingent consideration is re-measured at each reporting period, with
any adjustments in fair value recognized in earnings under general and administrative expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Acquisition related costs
incurred by the Company are not included as a component of consideration transferred but are accounted for as an expense in the period
in which the costs are incurred.&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Share-Based Compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for share-based
compensation in accordance with IFRS 2, &#8220;Share-based Payment.&#8221; Share based awards are mainly granted to employees, service
providers and members of our board of directors and measured at fair value at each grant date. We calculate the fair value of share-based
compensation options, on the date of grant using the Black-Scholes option-pricing model and the expense is recognized over the requisite
service period using the accelerated basis method.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize forfeitures
as they occur.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The requisite service period
for share-based compensation options is generally 3 years and vesting equally on quarterly basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Black-Scholes option-pricing
model requires us to make a number of assumptions, including the value of our Ordinary Shares, expected volatility, expected term, risk-free
interest rate and expected dividends.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We evaluate the assumptions
used to value share-based compensation options upon grant date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Expected volatility for share-based
compensation options was calculated based upon the Company&#8217;s share prices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The risk-free interest rate
was based on the U.S. treasury bonds yield with an equivalent term. We have not paid dividends and have no foreseeable plans to pay dividends.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As it relates to the fair
value estimate of equity awards granted by our subsidiaries, the assumptions with respect to the underlying share price are primarily
based on recent financing rounds, and the assumptions with respect to volatility of the share price is based on comparable companies.
In cases equity awards granted by our subsidiaries have contractual terms that dependents on the successful completion of an IPO, our
fair value estimate with respect to these awards includes assumption with respect to the probability of occurrence of an IPO event.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Future expense amounts for
any particular period could be affected by changes in our assumptions or market conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Accounting Pronouncements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please see Note 2 to our
audited consolidated financial statements included elsewhere in this Annual Report for information regarding recent accounting pronouncements.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>A. Directors and Senior Management </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table lists the names and ages of
our directors and senior management as of March 1, 2023:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 27pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt"><b>Age</b></span></td>
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Liron Carmel</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">39</span></td>
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Eliyahu Yoresh<sup>(1)(3)(4)</sup></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">53</span></td>
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    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">51</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
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  <tr style="vertical-align: top">
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">54</span></td>
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  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Kineret Tzedef<sup>(2)(4)</sup></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">43</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Tali Dinar</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">51</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Chief Financial Officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">(1)</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Member of the compensation committee.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">(3)</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Member of the investment committee.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">(4)</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Indicates independent director under
    Nasdaq Stock Market rules.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Liron Carmel&#160;</i>has
been serving as our Chief Executive Officer since April 2019. Mr. Carmel has vast experience in business and leadership across multiple
industries, including bio pharma, internet technology, oil &amp; gas exploration &amp; production, real estate and financial services.
In addition he serves as chairman of the Israel Tennis Table Association. Mr. Carmel also currently serves as a member of the board of
directors of several of our subsidiaries including Gix Internet (TASE: GIX), beginning April 2021, Polyrizon Ltd., beginning July 2020,
Jeffs&#8217; Brands Ltd. beginning September 2021, Viewbix Inc. (OTC:VBIX) beginning September 2022 and as the chairman of the board of
directors of Eventer Technologies Ltd. beginning October 2020.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Eliyahu Yoresh</i>&#160;has
been serving as a member of our Board since September 2018 and as our Chairman of the board since February 2020. Mr. Yoresh serves as
chief financial officer of Foresight Autonomous Holdings Ltd.&#160;(Nasdaq, TASE: FRSX). In addition, Mr. Yoresh serves as Chairman of
Gix (TASE: GIX) and serves as a director of Rail Vision (Nasdaq: RVSN), Jeff Brands (Nasdaq: JFBR), Viewbix Inc. (OTC:VBIX) and Elbit
Imaging (TASE: EMITF).&#160;Mr. Yoresh served as the chief executive officer of Tomcar Global Holdings Ltd., a global manufacturer of
off-road vehicles, from 2005 to 2008. Mr. Yoresh is an Israeli Certified Public Accountant. Yoresh acquired a B.A. in business administration
from the Business College, Israel and an M.A. in Law Study from Bar-Ilan University, Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Ronen Rosenbloom&#160;</i>has
been serving as a member of our Board since September 2018. Mr. Rosenbloom&#160;is an independent lawyer working out of a self-owned
law firm specializing in white collar offences and AML. Mr. Rosenbloom serves as chairman of the Israeli Money Laundering Prohibition
committee and the Prohibition of Money Laundering Committee of the Tel Aviv District, both of the Israel Bar Association. Mr. Rosenbloom
previously served as a police prosecutor in the Tel Aviv District. Mr. Rosenbloom holds an LL.B. from the Ono Academic College, an Israeli
branch of University of Manchester.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Eli Cohen</i>&#160;has
been serving as a member of our Board since September 2018. Mr. Cohen<i>&#160;</i>is an independent lawyer working out of a self-owned
firm. He serves as chairman of Univo Pharmaceuticals Ltd., as director of Europe Hagag Ltd., and has previously served as director of
Hagag Group Ltd., Multimatrixs Ltd., Matrat Mizug Ltd. and User Trend-M Ltd. Mr. Cohen also serves as a director of several private companies.
Mr. Cohen holds an economics degree, an LL.B. and an LL.M. in Commercial Law from Tel-Aviv University, as well as an MBA from the Northwestern
University and Tel-Aviv University joint program.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Kineret
Tzedef&#160;</i>has been serving as member of our Board since June 2019. Ms. Tzedef also serves as a director of sports division and
served in other positions at Hapoel Organization (Israeli Sport Federation) since 2007. Ms. Tzedef serves as an external director at
Upsellon Brands Holdings Ltd. (TASE: UPSL), and as an external director of Augwind Energy Tech Storage Ltd. (TASE: AUGN). Ms. Tzedef
is admitted to the Israel Bar Association since 2014. Ms. Tzedef acquired a LL.B from the Academic Center for Law and Science,
Israel and a B.Ed. in Law Study from the Academic College at Wingate, Israel.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Tali Dinar</i>&#160;has
been serving as our Chief Financial Officer since June 8, 2021 Mrs. Dinar served as Chief Financial Officer of Novomic Ltd., a private
company between January 2019 and January 2023. Mrs. Dinar also currently serves as a member of the board of directors of Jeffs&#8217;
Brands, beginning September 30, 2021, Parazero. beginning February 13, 2022, and Charging Robotics Ltd. since November 2021. She has also
served as a member of the board of directors of Micronet Ltd. (TASE: MCRNT) between July 2016 and February 2023. In addition, she has
also served as a director of Canzon Israel Ltd. (TASE:&#160;CNZN) since August&#160;2020 until March 2022. Between 2019 and 2020, Mrs.
Dinar served as the Chief Financial Officer of TechCare Corp. (currently Citrine Global Corp.) (OTCQB: CTGL). Between 2009 and 2019, Mrs.
Dinar worked at the MICT group and served in various positions, including as Chief Financial Officer of MICT Inc. (Nasdaq: MICT) and as
Chief Financial Officer of MICT Telematics Ltd. From 2002 until 2006, Mrs. Dinar served as the chief controller of I.T.L. Optronics Ltd.
From 1997 until 2000, Mrs. Dinar worked in the audit department of Ernst &amp; Young Global. Mrs. Dinar is a certified public accountant
in Israel and holds a B.A. degree in Accounting and Business Management from The College of Management, Israel.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Family Relationships</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">There are no family relationships
between any members of our executive management and our directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Arrangements for Election of Directions and Members
of Management</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no arrangements
or understandings with major shareholders, customers, suppliers or others pursuant to which any of our executive management or our directors
were appointed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>B. Compensation </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Compensation of Directors and Executive Officers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the provisions
of the Companies Law, the compensation of our directors and officer holders must generally comply with the terms and conditions of our
compensation policy, as approved by our compensation committee, board of directors and general meetings of our shareholders, subject to
certain exceptions under the Companies Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below reflects
the compensation granted to our six most highly compensated directors and officers during or with respect to the year ended December
31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Name and Position</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>Equity-Based
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">U.S. Dollars in thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">77</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">127</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">365</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">Tali Dinar<sup>(3)</sup><i>, Chief Financial Officer</i></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">151</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">221</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">39</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">48</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">87</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">39</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">(1)</span></td>
    <td style="width: 99%; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Represents the equity-based
    compensation expenses recorded in the Company&#8217;s consolidated financial statements for the year ended December 31, 2022, based
    on the option&#8217;s fair value, calculated in accordance with accounting guidance for equity-based compensation.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">(2)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">(3)</span></td>
    <td style="width: 99%; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Salary includes gross
    salary plus payment of social benefits made by us on behalf of such office holder. Such benefits may include, to the extent applicable
    to the office holder, payments, contributions and/or allocations for<b>&#160;</b>savings funds (such as managers&#8217; life insurance
    policy), education funds (referred to in Hebrew as &#8220;keren hishtalmut&#8221;), pension, severance, risk insurances (e.g., life,
    or work disability insurance), payments for social security and tax gross-up payments, vacation, medical insurance and benefits,
    convalescence or recreation pay and other benefits and perquisites consistent with our policies.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate compensation
paid by us to our office holders, as defined in the Companies Law, for the year ended December 31, 2022, was approximately $1.2 million,
which includes six persons. This amount includes, when applicable, set aside or accrued to provide pension, severance, retirement or similar
benefits or expenses, car expenses and value of the Ordinary Shares underlying the options representing accounting expenses, but does
not include business travel, relocation, professional and business association dues and expenses reimbursed to officers, and other benefits
commonly reimbursed or paid by companies in Israel.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Compensation of Director</i>s</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Companies Law and
the rules and regulations promulgated thereunder, our directors are entitled to fixed annual compensation, up to the limits set forth
in the compensation policy. We currently pay each of Mr. Ronen Rosenbloom, Ms. Kineret Tzedef and Mr. Eli Cohen an annual fee of NIS
132,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of our non-executive
directors were also granted options to purchase 100,000 Ordinary Shares under the Plan (as defined herein). Such options were granted
on June 29, 2021. The options vest over a period of three (3) years commencing on April 1, 2021, with 1/12 of such options vesting at
the end of each subsequent three-month period following the grant, (ii) the term of the options is of six (6) years from the grant date,
unless they have been exercised or cancelled in accordance with the terms of and conditions of the applicable incentive plan of the Company,
(iii) unless previously exercised or cancelled, the options may be exercised until 180 days from the termination of the tenure of a director,
(iv) the exercise price per share of the options is equal to the average share price of the 30 days prior to the date of grant, $1.783
(v) the options grant is in accordance and pursuant to Section 102 of the Income Tax Ordinance [New Version] (&#8220;Tax Ordinance&#8221;),
if applicable, and (vi) the options will be accelerated upon the closing of a material transaction, resulting in change of control of
the Company.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 25, 2021, and on May 4, 2021, our compensation committee and board of directors approved new compensation terms for Mr. Eliyahu
Yoresh in connection with his services as an active chairman of the board of directors. For his services, Mr. Yoresh is entitled to receive
a monthly payment of NIS 45,000 plus VAT, which constitutes the sole and complete compensation. In addition, Mr. Yoresh is entitled to
an annual, target based bonus and an additional overachievement bonus of up to 6 monthly salaries, each. The weight afforded to each
target and overachievement component, is to be decided by our board of directors and compensation committee in accordance with the following
weights: (a) 35% Company performance measures of strategic goals and related objectives; (b) 25% Company performance measures of material
transaction or material profitability/revenues; (c) 20% Company performance measures of revenues and/or loss reduction; and (d) 20% Company
performance measures of achieving commercialization of Company&#8217;s technology. The aforementioned compensation terms are consistent
with our current compensation policy.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the approval of
the annual general meeting of our shareholders held on August 30, 2021, Mr. Yoresh was granted with a one-time grant of options&#160;to
purchase 300,000 Ordinary Shares in accordance with the terms of the Plan. The options vest over a period of three (3) years commencing
on April 1,2021, with 1/12 of such options vesting at the end of each subsequent three-month period following the grant, (ii) the term
of the options is of six (6) years from the grant date, unless they have been exercised or cancelled in accordance with the terms of and
conditions of the applicable incentive plan of the Company, (iii) unless previously exercised or cancelled, the options may be exercised
until 180 days from the termination of Mr. Yoresh&#8217; tenure as a chairman, (iv) the exercise price per share of the options is equal
to the average share price of the 30 days prior to the date of grant, $1.783 (v) the options grant will be in accordance and pursuant
to Section 102 of the Tax Ordinance, if applicable, and (vi) the options will be accelerated upon the closing of a material transaction,
resulting in change of control of the Company.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
Based Compensation of our Executive Officers and Directors</i>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 1, 2023, options
to purchase 1,212,500 of our Ordinary Shares were outstanding and held by current executive officers and directors (consisting of 6 persons)
with an average exercise price of NIS 6.78 per ordinary share, of which, options to purchase 867,708 of our Ordinary Shares are currently
exercisable or exercisable within 60 days as of March 1, 2023. See &#8220;Item 6. Directors, Senior Management and Employees&#8212;E.
Share Ownership&#8221; in this annual report on Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Agreements
with our Executive Officers </i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into written agreements with each of our executive officers. All of these agreements contain customary provisions regarding
non-competition, confidentiality of information and assignment of inventions. However, the enforceability of the noncompetition provisions
may be limited under applicable law. In addition, we have entered into agreements with each executive officer and director pursuant to
which we have agreed to indemnify each of them to the fullest extent permitted by law to the extent that these liabilities are not covered
by directors and officers insurance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
office holders are generally eligible for bonuses each year. The bonuses are established and granted in accordance with our compensation
policy and are generally payable upon meeting objectives and targets that are approved by our compensation committee and board of directors
(and if required by our shareholders).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consulting
Agreement with Mr. Carmel</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 25, 2019, our shareholders
approved that as of April 2, 2019, our Company would enter into a consulting agreement with Mr. Carmel, who serves as our Chief Executive
Officer. The term is for an indefinite period, however the agreement may be terminated by either party by giving 60 days advance notice,
or shorter periods in some cases, such as termination for &#8220;cause.&#8221; During the notice period, Mr. Carmel will be entitled to
consulting fees only to the extent that he provides services to the Company during the notice period. The agreement also includes customary
covenants regarding confidentiality, IP assignment, non-competition and non-solicitation.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Carmel&#8217;s monthly consulting fee is NIS 60,000 plus VAT, effective as of May 2021, as approved by our shareholders at our annual
general meeting held on August 30, 2021. In addition, Mr. Carmel is entitled to an annual target based bonus and an additional overachievement
bonus of up to 6 monthly salaries each, subject to a performance matrix to be approved by the Company&#8217;s compensation committee
and board of directors on an annual basis, while up to 30% of such annual bonus may be discretionary and not subject to measurable performance
indexes. The annual target bonus may be reduced by our board of directors according to our financial position and Mr. Carmel&#8217;s
performance, and must be returned by Mr. Carmel if it is later shown to be granted in error which shall be restated in our financial
statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, Mr. Carmel was granted with options to purchase up to
62,500 Ordinary Shares of the Company (the &#8220;Options&#8221;), in accordance with the following terms: (i) the Options vest over a
period of four (4) years commencing April 1, 2019, 25% of the Options vest on the first anniversary (i.e., April 1, 2020), and 75% of
the Options vest on a quarterly basis over a period of three (3) years thereafter; (ii) the term of the Options is of six (6) years from
the date of grant, unless they have been exercised or cancelled in accordance with the terms of and conditions of the applicable incentive
plan of the Company, (iii) unless previously exercised or cancelled, the Options may be exercised until 180 days from the date of termination
of the service, (iv) the exercise price per share of the Options shall be NIS 11.8, (v) the Options&#8217; grant shall be in accordance
and pursuant to Section 102 of the Income Tax Ordinance [New Version], and (vi) the Options shall be accelerated upon the closing of a
material transaction, resulting in change of control of the Company.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the annual general meeting
of our shareholders held on August 30, 2021, Mr. Carmel was granted with additional grant of options to purchase 300,000 Ordinary Shares.
The options vest over a period of three (3) years commencing on April 1, 2021, with 1/12 of such options vesting at the end of each subsequent
three-month period following the grant, (ii) the term of the options is of six (6) years from the grant date, unless they have been exercised
or cancelled in accordance with the terms of and conditions of the applicable incentive plan of the Company, (iii) unless previously exercised
or cancelled, the options may be exercised until 180 days following the termination of the engagement, (iv) the exercise price per share
of the options is equal to the average share price of the 30 days prior to the date of grant, $1.783 (v) the options grant will be in
accordance and pursuant to Section 102 of the Tax Ordinance, if applicable, and (vi) the options will be accelerated upon the closing
of a material transaction, resulting in change of control of the Company. &#160;&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Board Practices</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Introduction</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law and our amended and restated articles of association, the management of our business is vested in our board of directors.
Our board of directors may exercise all powers and may take all actions that are not specifically granted to our shareholders or to management.
Our executive officers are responsible for our day-to-day management and have individual responsibilities established by our board of
directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our amended and restated articles of association, our board of directors must consist of at least three and not more than six directors,
including two external directors appointed as required under the Companies Law. Our board of directors currently consists of four members,
none of which are external directors, including our chairman of the board of directors, which is also appointed by the general meeting
of our shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors are divided into three classes with staggered three-year terms. At each annual general meeting of our shareholders, the election
or re-election of directors following the expiration of the term of office of the directors of that class of directors is for a term
of office that expires on the third annual general meeting following such election or re-election, such that at each annual general meeting
the term of office only one class of directors will expire. Each director holds office until the annual general meeting of our shareholders
for the year in which his or her term expires and until his or her successor is duly appointed, unless the tenure of such director expires
earlier pursuant to the Companies Law upon the occurrence of certain events or unless removed from office by a vote of the holders of
at least 65% of the total voting power of our shareholders at a general meeting of our shareholders in accordance with our amended and
restated articles of association.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors are divided among the three classes as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Class I directors consist of Mr. Eli Cohen, and his terms will expire at our annual general
                                            meeting of shareholders to be held in 2023;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Class II directors consist of Ms. Kineret Tzedef and her terms will expire at our annual
                                            general meeting of shareholders to be held in 2024; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Class III directors consist of Mr. Eliyahu Yoresh and Mr. Ronen Rosenbloom and their terms
                                            will expire at our annual general meeting of shareholders to be held in 2025.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our amended and restated articles of association allow our Board of Directors to appoint directors to fill vacancies on our
Board of Directors or in addition to the acting directors (subject to the limitation on the number of directors and their qualifications),
until the next general meeting in which directors may be appointed or such appointment terminated.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors (and, if so determined by the board of directors, the general meeting) may at any time and from time to time appoint
any person as a director to fill a vacancy (whether such vacancy is due to a director no longer serving or due to the number of directors
serving being less than the maximum number of six directors. In the event of one or more such vacancies in the board of directors, the
continuing directors may continue to act in every matter, provided, however, that if the number of directors serving is less than three,
than our board of directors may only act in an emergency or to fill the office of a director which has become vacant up to three directors,
or for the purpose of convening a general meeting of the Company&#8217;s shareholders for the purpose of electing directors to fill any
or all vacancies. The office of a director that was appointed by the board of directors to fill any vacancy shall only be for the remaining
period of time during which the director whose service has ended was filled would have held office, or in case of a vacancy due to the
number of directors serving being less than six, the board of directors shall determine at the time of appointment the class to which
the additional director shall be assigned.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Companies Law and our amended and restated articles of association, a resolution proposed at any meeting of our board of directors
at which a quorum is present is adopted if approved by a vote of a majority of the directors present and eligible to vote. A quorum of
the board of directors requires at least a majority of the directors then in office who are lawfully entitled to participate in the meeting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Companies Law, the board of directors of a public company must determine the minimum number of board members that should have
financial and accounting expertise while considering,&#160;among other, the nature of the company, its size, the scope and complexity
of its operations and the number of directors stated in the articles of association. Our board of directors resolved that the minimum
number of board members that need to have financial and accounting expertise is one, and that Mr. Eliyahu Yoresh has accounting and financial
expertise as required under the Companies Law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>External
Directors</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, companies incorporated under the laws of the State of Israel that are &#8220;public companies,&#8221; including companies
with shares listed on the Nasdaq Capital Market, are required to appoint at least two external directors. External directors must meet
certain independence criteria to ensure that they are unaffiliated with the company and its controlling shareholder, as well certain
other criteria. External directors are elected for three-year terms in accordance with specific rules set forth in the Companies Law
and the regulations promulgated thereunder and may be removed from office only under limited circumstances. Under the Companies Law,
each committee of a company&#8217;s board of directors that is authorized to exercise powers of the board of directors is required to
include at least one external director, and all external directors must be members of the company&#8217;s audit committee and compensation
committee.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to regulations promulgated under the Companies Law, companies with shares traded on a U.S. stock exchange, including the Nasdaq Capital
Market, may, subject to certain conditions, &#8220;opt out&#8221; from the Companies Law requirements to appoint external directors and
related Companies Law rules concerning the composition of the audit committee and compensation committee of the board of directors. In
accordance with these regulations, effective as of June 28, 2017, we have &#8220;opted out&#8221; from the Companies Law requirements
to appoint external directors and related Companies Law rules concerning the composition of the audit committee and compensation committee
of the board of directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 15.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 15.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these regulations, the exemptions from such Companies Law requirements will continue to be available to us so long as: (i) we do not
have a &#8220;controlling shareholder&#8221; (as such term is defined under the Companies Law), (ii) our shares are traded on a U.S.
stock exchange, including the Nasdaq Capital Market, and (iii) we comply with the director independence requirements, the audit committee
and the compensation committee composition requirements, under U.S. laws (including applicable Nasdaq Rules) applicable to U.S. domestic
issuers. We believe that Mr. Eli Cohen, Mr. Eliyahu Yoresh, Mr. Ronen Rosenbloom and Ms. Kineret Tzedef are &#8220;independent&#8221;
for purposes of the Nasdaq Stock Market rules.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Alternate
directors</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated articles of association provide, as allowed by the Companies Law, that any director may, by written notice to us,
appoint another person who is qualified to serve as a director to serve as an alternate director and to terminate such appointment. Under
the Companies Law, a person who is not qualified to be appointed as a director, a person who is already serving as a director or a person
who is already serving as an alternate director for another director, may not be appointed as an alternate director. Nevertheless, a
director who is already serving as a director may be appointed as an alternate director for a member of a committee of the board of directors
as long as he or she is not already serving as a member of such committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
committees</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors may, subject to the provisions of the Companies Law, delegate any or all of its powers to committees, each consisting
of one or more directors (except the audit and compensation committees, as described below), and it may, from time to time, revoke such
delegation or alter the composition of any such committees. Unless otherwise expressly provided by the board of directors, the committees
will not be empowered to further delegate such powers. The composition and duties of our audit committee and compensation committee are
described below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
committee</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee is currently comprised of Mr. Eli Cohen, Mr. Eliyahu Yoresh, and Mr. Ronen Rosenbloom. Mr. Eli Cohen acts as the chairperson
of our audit committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Companies
Law Requirements</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, our board of directors is required to appoint an audit committee, which is responsible, among others, for:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
                                            whether there are deficiencies in the business management practices of our Company, including
                                            in consultation with our internal auditor or the independent auditor, and making recommendations
                                            to our board of directors to improve such practices;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
                                            the approval process for transactions that are &#8216;non-negligible&#8217; (i.e., transactions
                                            with a controlling shareholder that are classified by the audit committee as non-negligible,
                                            even though they are not deemed extraordinary transactions), as well as determining which
                                            types of transactions would require the approval of the audit committee, optionally based
                                            on criteria which may be determined annually in advance by the audit committee;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
                                            whether to approve certain related party transactions (including transactions in which an
                                            office holder has a personal interest and whether such transaction is extraordinary or material
                                            under Companies Law. See &#8220;&#8212; Fiduciary duties and approval of specified related
                                            party transactions and compensation under Israeli law.&#8221;;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
                                            the board of directors approves the working plan of the internal auditor, to examine such
                                            working plan before its submission to our board of directors and proposing amendments thereto;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">examining
                                            our internal controls and internal auditor&#8217;s performance, including whether the internal
                                            auditor has sufficient resources and tools to dispose of its responsibilities;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">examining
                                            the scope of our auditor&#8217;s work and compensation and submitting a recommendation with
                                            respect thereto to our board of directors or shareholders, depending on which of them is
                                            considering the appointment of our auditor; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
                                            procedures for the handling of employees&#8217; complaints as to the management of our business
                                            and the protection to be provided to such employees.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nasdaq
requirements</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Nasdaq corporate governance rules, we are required to maintain an audit committee consisting of at least three independent directors,
all of whom are financially literate and one of whom has accounting or related financial management expertise. All members of our audit
committee meet the requirements for financial literacy under the applicable rules and regulations of the SEC and the Nasdaq corporate
governance rules. Our board of directors has determined that Mr. Eliyahu Yoresh is an audit committee financial expert as defined by
the SEC rules and has the requisite financial experience as defined by the Nasdaq Marketplace Rules.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the members of the audit committee is required to be &#8220;independent&#8221; as such term is defined in Rule&#160;10A-3(b)(1) under
the Exchange Act, which is different from the general test for independence of board and committee members. Our board of directors has
determined that each member of our audit committee is independent as such term is defined in Rule 10A-3(b)(1) of the Exchange Act.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
committee role</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted an audit committee charter setting forth the responsibilities of the audit committee consistent with the
rules of the SEC and the Nasdaq Rules, which include, among others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retaining
                                            and terminating our independent auditors, subject to the ratification of the board of directors,
                                            and in the case of retention, to that of the shareholders;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-approving
                                            of audit and non-audit services and related fees and terms, to be provided by the independent
                                            auditors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
                                            the accounting and financial reporting processes of our Company and audits of our financial
                                            statements, the effectiveness of our internal control over financial reporting and making
                                            such reports as may be required of an audit committee under the rules and regulations promulgated
                                            under the Exchange Act;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            with management and our independent auditor our annual and quarterly financial statements
                                            prior to publication or filing (or submission, as the case may be) to the SEC;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending
                                            to the board of directors the retention and termination of the internal auditor, and the
                                            internal auditor&#8217;s engagement fees and terms, in accordance with the Companies Law
                                            as well as approving the yearly or periodic work plan proposed by the internal auditor;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            with our general counsel and/or external counsel, as deem necessary, legal and regulatory
                                            matters that could have a material impact on the financial statements;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying
                                            irregularities in our business administration, inter alia, by consulting with the internal
                                            auditor or with the independent auditor, and suggesting corrective measures to the board
                                            of directors; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            policies and procedures with respect to transactions (other than transactions related to
                                            the compensation or terms of services) between the Company and officers and directors, or
                                            affiliates of officers or directors, or transactions that are not in the ordinary course
                                            of the Company&#8217;s business and deciding whether to approve such acts and transactions
                                            if so required under the Companies Law.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit committee charter states that in fulfilling its obligations, the committee is entitled to demand from the Company any document,
file, report or any other information that is required for the fulfillment of its roles and duties and to interview any of our employees
or any employees of our subsidiaries in order to receive more details about his or her line of work or other issues that are connected
to the roles and duties of the audit committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
Committee</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee is currently comprised of Mr. Ronen Rosenbloom, Mr. Eli Cohen and Ms. Kineret Tzedef. Mr. Ronen Rosenbloom acts
as the chairperson of our compensation committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Companies
Law requirements</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, the board of directors of a public company must appoint a compensation committee which roles are, among others, as
follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            recommend to the board of directors the approval of compensation policy for directors and
                                            officers in accordance with the requirements of the Companies Law;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            oversee the development and implementation of such compensation policy and recommending to
                                            the board of directors regarding any amendments or modifications that the compensation committee
                                            deems appropriate;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -14.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            determine whether to approve transactions concerning the terms of engagement and employment
                                            of office holders that require approval of the compensation committee; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -14.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            resolve whether to exempt a transaction with a candidate for chief executive officer from
                                            shareholder&#8217;s approval.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nasdaq
requirements</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted a compensation committee charter setting forth the responsibilities of the committee consistent with the
Nasdaq Rules, which include among others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending
    to our board of directors for its approval a compensation policy in accordance with the requirements of the Companies Law as well
    as other compensation policies, incentive-based compensation plans and equity-based compensation plans, and overseeing the development
    and implementation of such policies and recommending to our board of directors any amendments or modifications to the committee deems
    appropriate, including as required under the Companies Law;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving the granting of options and other incentive awards to our chief executive officer and other executive officers, including
    reviewing and approving corporate goals and objectives relevant to the compensation of our chief executive officer and other executive
    officers, including evaluating their performance in light of such goals and objectives;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    and exempting certain transactions regarding office holders&#8217; compensation pursuant to the Companies Law; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">administer
    our equity-based compensation plans, including without limitation to approve the adoption of such plans, to amend and interpret such
    plans and the awards and agreements issued pursuant thereto, and to make awards to eligible persons under the plans and determine
    the terms of such awards.&#160;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation committee is also authorized to retain and terminate compensation consultants, legal counsel or other advisors to the committee
and to approve the engagement of any such consultant, counsel or advisor, to the extent it deems necessary or advisable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has determined that each member of our compensation committee is independent under the Nasdaq Rules, including the
additional independence requirements applicable to the members of a compensation committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation
policy</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, companies incorporated under the laws of the State of Israel, whose shares are listed for trading on a stock exchange
or have been offered to the public in or outside of Israel, such as us, are required to adopt a policy governing the compensation of
&#8220;office holders&#8221; (as defined in the Companies Law). Following the recommendation of our compensation committee and approval
by our board of directors, our shareholders approved a new compensation policy for directors and officers on August 30, 2021. Our compensation
policy must be approved at least once every three years, first, by our board of directors, upon recommendation of our compensation committee,
and second, by a simple majority of the Ordinary Shares present, in person or by proxy, and voting at a shareholders meeting, provided
that either:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
                                            majority includes at least a majority of the shares held by shareholders who are not controlling
                                            shareholders and shareholders who do not have a personal interest in such compensation policy;
                                            or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            total number of shares of non-controlling shareholders and shareholders who do not have a
                                            personal interest in the compensation policy and who vote against the policy, does not exceed
                                            2% of the company&#8217;s aggregate voting rights.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
majority determined in accordance with the majority requirement described above is hereinafter referred to as the Compensation Special
Majority Requirement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent a compensation policy is not approved by shareholders at a duly convened shareholders meeting or by the Compensation Special
Majority Requirement, the board of directors of a company may override the resolution of the shareholders following a re-discussion of
the matter by the board of directors and the compensation committee and for specified reasons, and after determining that despite the
rejection by the shareholders, the adoption of the compensation policy is in the best interest of the company. A compensation policy
that is for a period of more than three years must be approved in accordance with the above procedure once every three years.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation policy must serve as the basis for decisions concerning the financial terms of employment or engagement of office holders,
including exculpation, insurance, indemnification or any monetary payment or obligation of payment in respect of employment or engagement.
The compensation policy must relate to certain factors, including advancement of the company&#8217;s objectives, the company&#8217;s
business plan and its long-term strategy, and creation of appropriate incentives for office holders. It must also consider, among other
things, the company&#8217;s risk management, size and the nature of its operations; and with respect to variable compensation, the contribution
of the office holder towards the achievement of the company&#8217;s long-term goals and the maximization of its profits, all with a long-term
objective and according to the position of the office holder. The compensation policy must furthermore consider the following additional
factors:&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            education, skills, experience, expertise and accomplishments of the relevant office holder;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            office holder&#8217;s position and responsibilities;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
                                            compensation agreements with the office holder;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            ratio between the cost of the terms of employment of an office holder and the cost of the
                                            employment of other employees of the company, including employees employed through contractors
                                            who provide services to the company, in particular the ratio between such cost to the average
                                            and median salary of such employees of the company, as well as the impact of disparities
                                            between them on the work relationships in the company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            terms of employment include variable components &#8212; the possibility of reducing variable
                                            components at the discretion of the board of directors and the possibility of setting a limit
                                            on the value of&#160;non-cash&#160;variable equity-based components; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            the terms of employment include severance compensation &#8212; the term of employment or
                                            office of the office holder, the terms of the office holder&#8217;s compensation during such
                                            period, the company&#8217;s performance during such period, the office holder&#8217;s individual
                                            contribution to the achievement of the company goals and the maximization of its profits
                                            and the circumstances under which he or she is leaving the company.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation policy must also include the following principles:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
                                            regards to variable components;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
                                            the exception of office holders who report to the chief executive officer, a means of determining
                                            the variable components on the basis of long-term performance and measurable criteria; provided
                                            that the company may determine that an immaterial part of the variable components of the
                                            compensation package of an office holder shall be awarded based on&#160;non-measurable&#160;criteria,
                                            or if such amount is not higher than three months&#8217; salary per annum, taking into account
                                            such office holder&#8217;s contribution to the company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            ratio between variable and fixed components, as well as the limit of the values of variable
                                            components at the time of their payment, or in the case of equity-based compensation, at
                                            the time of grant;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    condition under which the office holder will return to the company, according to conditions to be set forth in the compensation policy,
    any amounts paid as part of the office holder&#8217;s terms of employment, if such amounts were paid based on information later to
    be discovered to be wrong, and such information was restated in the company&#8217;s financial statements;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    minimum holding or vesting period of variable equity-based components to be set in the terms of office or employment, as applicable,
    while taking into consideration long-term incentives; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limit to retirement grants.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation policy is designed to promote retention and motivation of directors and executive officers, incentivize superior individual
excellence, align the interests of our directors and executive officers with our long-term performance and provide a risk management
tool. To that end, a portion of our executive officer compensation package is targeted to reflect our short and long-term goals, as well
as the executive officer&#8217;s individual performance. On the other hand, our compensation policy includes measures designed to reduce
the executive officer&#8217;s incentives to take excessive risks that may harm us in the long-term, such as limits on the value of cash
bonuses and equity-based compensation, limitations on the ratio between the variable and the total compensation of an executive officer
and minimum vesting periods and performance based vesting for equity-based compensation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation policy also addresses our executive officers&#8217; individual characteristics (such as their respective position, education,
scope of responsibilities and contribution to the attainment of our goals) as the basis for compensation variation among our executive
officers and considers the internal ratios between compensation of our executive officers and directors and other employees. Pursuant
to our compensation policy, the compensation that may be granted to an executive officer may include: base salary, annual bonuses and
other cash bonuses (such as a signing bonus and special bonuses with respect to any special achievements, such as outstanding personal
achievement, outstanding personal effort or outstanding Company performance), equity-based compensation, benefits and retirement and
termination of service arrangements. All cash bonuses are limited to a maximum amount linked to the executive officer&#8217;s base salary.&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
annual cash bonus may be awarded to executive officers upon the attainment of&#160;pre-set&#160;periodic objectives and individual targets.
The annual cash bonus that may be granted to our executive officers other than our Chief Executive Officer will be based on performance
objectives and a discretionary evaluation of the executive officer&#8217;s overall performance by our Chief Executive Officer and subject
to minimum thresholds. The annual cash bonus that may be granted to executive officers other than our Chief Executive Officer may alternatively
be based entirely on a discretionary evaluation. Furthermore, our Chief Executive Officer will be entitled to approve performance objectives
for executive officers who report to him.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
measurable performance objectives of our Chief Executive Officer will be determined annually by our compensation committee and board
of directors. A&#160;non-material&#160;portion of the Chief Executive Officer&#8217;s annual cash bonus, as provided in our compensation
policy, may be based on a discretionary evaluation of the Chief Executive Officer&#8217;s overall performance by the compensation committee
and the board of directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity-based compensation under our compensation policy for our executive officers (including members of our board of directors) is designed
in a manner consistent with the underlying objectives in determining the base salary and the annual cash bonus, with its main objectives
being to enhance the alignment between the executive officers&#8217; interests with our long-term interests and those of our shareholders
and to strengthen the retention and the motivation of executive officers in the long term. Our compensation policy provides for executive
officer compensation in the form of share options or other equity-based awards, such as restricted shares and restricted share units,
in accordance with our equity incentive plan then in place. The equity-based compensation shall be granted from time to time and be individually
determined and awarded according to the performance, educational background, prior business experience, qualifications, role and the
personal responsibilities of the executive officer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our compensation policy contains compensation recovery provisions which allow us under certain conditions to recover bonuses
paid in excess, enable our Chief Executive Officer to approve an immaterial change in the terms of employment of an executive officer
who reports directly him (provided that the changes of the terms of employment are in accordance with our compensation policy) and allow
us to exculpate, indemnify and insure our executive officers and directors to the maximum extent permitted by Israeli law subject to
certain limitations set forth therein.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation policy also provides for compensation to the members of our board of directors either (i)&#160;in accordance with the amounts
provided in the Companies Regulations (Rules Regarding the Compensation and Expenses of an External Director) of 2000, as amended by
the Companies Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel) of 2000, as such regulations may be
amended from time to time, or (ii)&#160;in accordance with the amounts determined in our compensation policy.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Committee</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
investment committee is comprised of Mr. Eli Yoresh and Mr. Eli Cohen. The investment committee is authorized to approve certain investments
in accordance with the Company&#8217;s investment policy approved by the board of directors. The investment committee monitors the management
of the portfolio for compliance with the investment policies and guidelines and considers the merits of time sensitive investments that
could be beneficial to the Company.&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Internal
auditor</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, the board of directors of a public company must appoint an internal auditor based on the recommendation of the audit
committee. Under the Companies Law, each of the following may not be appointed as internal auditor:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            person (or a relative of a person) who holds more than 5% of the company&#8217;s outstanding
                                            shares or voting rights;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            person (or a relative of a person) who has the power to appoint a director or the general
                                            manager of the company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            office holder (including a director) of the company (or a relative thereof); or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            member of the company&#8217;s independent accounting firm, or anyone on his or her behalf.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
role of the internal auditor is, among other things, to examine whether a company&#8217;s actions comply with applicable law and orderly
business procedure.&#160;The audit committee is required to oversee the activities and to assess the performance of the internal auditor
as well as to review the internal auditor&#8217;s work plan. Our internal auditor is Daniel Spira, Certified Public Accountant (Isr.).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiduciary
duties and approval of specified related party transactions and compensation under Israeli law</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fiduciary
duties of office holders</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law imposes fiduciary duties on all office holders of a company comprised of a duty of care and a duty of loyalty.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
duty of care requires an office holder to act in the same degree of proficiency with which a reasonable office holder in the same position
would have acted under the same circumstances. The duty of care includes, among other things, a duty to use reasonable means, in light
of the circumstances, to obtain:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
                                            on the business advisability of a given action brought for his or her approval or performed
                                            by virtue of his or her position; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                            other important information pertaining to such action.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
duty of loyalty requires an office holder to act in good faith and for the benefit of the company, and includes, among other things,
the duty to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">refrain
                                            from any act involving a conflict of interest between the performance of his or her duties
                                            in the company and his or her other duties or personal affairs;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">refrain
                                            from any activity that is competitive with the business of the company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">refrain
                                            from exploiting any business opportunity of the company for the purpose of gaining a personal
                                            advantage for himself or herself or others; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disclose
                                            to the company any information or documents relating to the company&#8217;s affairs which
                                            the office holder received as a result of his or her position as an office holder.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, we may approve an act specified above, provided that the office holder acted in good faith, the act or its approval
does not harm the company&#8217;s best interest, and the office holder discloses his or her personal interest a sufficient time before
the approval of such act, including any relevant document.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disclosure
of personal interests of an office holder and approval of transactions</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law requires that an office holder promptly disclose to the company any personal interest that he or she may have and all related
material information or documents relating to any existing or proposed transaction by the company. An interested office holder&#8217;s
disclosure must be made promptly and, in any event, no later than the first meeting of the board of directors at which the transaction
is considered. Under the Companies Law, once an office holder complies with the above disclosure requirement, the board of directors
at which the transaction is considered. An office holder is not obliged to disclose such information if the personal interest of the
office holder derives solely from the personal interest of his or her relative in a transaction that is not considered an extraordinary
transaction.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, a company may approve a transaction between the company and the office holder or a third party in which the office
holder has a personal interest only if the office holder has complied with the above disclosure requirement, provided, however, that
a company may not approve a transaction or action that is not to the company&#8217;s benefit.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, unless the articles of association of a company provide otherwise, a transaction with an office holder or with a third
party in which the office holder has a personal interest, which is not an extraordinary transaction, requires approval by the board of
directors. Our amended and restated articles of association do not state otherwise. If the transaction considered with an office holder
or third party in which the office holder has a personal interest is an extraordinary transaction, then the audit committee&#8217;s approval
is required prior to approval by the board of directors. For the approval of compensation arrangements with directors and executive officers,
see &#8220;Item 6. Directors, Senior Management and Employees &#8212;C. Board Practices&#8212;Compensation of directors and executive
officers.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
person who has a personal interest in the approval of a transaction that is brought before a meeting of the board of directors or the
audit committee may not be present at the meeting or vote on the matter. However, if the chairperson of the board of directors or the
chairperson of the audit committee has determined that the presence of an office holder with a personal interest is required, such office
holder may be present at the meeting for the purpose of presenting the matter. Notwithstanding the foregoing, a director who has a personal
interest may be present at the meeting and vote on the matter if a majority of the directors or members of the audit committee have a
personal interest in the approval of such transaction&#8217; provided, however, that if a majority of the directors at a board of directors
meeting have a personal interest in the approval of the transaction, such transaction also requires the approval of the shareholders
of the company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&#8220;personal interest&#8221; is defined under the Companies Law as the personal interest of a person in an action or in a transaction
of the company, including the personal interest of such person&#8217;s relative or the interest of any other corporate body in which
such person and/or such person&#8217;s relative is a director or general manager, a 5% shareholder or holds 5% or more of the voting
rights, or has the right to appoint at least one director or the general manager, but excluding a personal interest stemming solely from
the fact of holding shares in the company. A personal interest also includes (1) a personal interest of a person who votes according
to a proxy of another person, including in the event that the other person has no personal interest, and (2) a personal interest of a
person who gave a proxy to another person to vote on his or her behalf regardless of whether the discretion of how to vote lies with
the person voting or not.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
&#8220;extraordinary transaction&#8221; is defined under the Companies Law as any of the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            transaction other than in the ordinary course of business;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            transaction that is not on market terms; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            transaction that may have a material impact on the company&#8217;s profitability, assets
                                            or liabilities.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
extraordinary transaction in which an office holder has a personal interest requires approval of the company&#8217;s audit committee
followed by the approval of the board of directors.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disclosure
of personal interests of a controlling shareholder and approval of transactions</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law also requires that a controlling shareholder promptly disclose to the company any personal interest that he or she may
have and all related material information or documents relating to any existing or proposed transaction by the company. A controlling
shareholder&#8217;s disclosure must be made promptly and, in any event, no later than the first meeting of the board of directors at
which the transaction is considered. The following require the approval of each of (i) the audit committee (or the compensation committee
with respect to the terms of engagement of the controlling shareholder or relative thereof with the company related for the provision
of service, including among others as an office holder or employee of the company), (ii) the board of directors and (iii) the shareholders
(in that order): (a) extraordinary transactions with a controlling shareholder or in which a controlling shareholder has a personal interest
(including a private placement in which a controlling shareholder has a personal interest), (b) the engagement with a controlling shareholder
or his or her relative, directly or indirectly, for the provision of services to the company, (c) the terms of engagement and compensation
of a controlling shareholder or his or her relative as an office holder, and (d) the employment of a controlling shareholder or his or
her relative by the company, other than as an office holder (collectively referred as Transaction with a Controlling Shareholder). In
addition, the shareholder approval must fulfill one of the following requirements:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    least a majority of the shares held by shareholders who have no personal interest in the transaction and are voting at the meeting
    must be voted in favor of approving the transaction, excluding abstentions; or</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    shares voted by shareholders who have no personal interest in the transaction who vote against the transaction represent no more
    than two percent (2%) of the voting rights in the company.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any extraordinary transaction with a controlling shareholder or in which a controlling shareholder has a personal interest
with a term of more than three years requires the abovementioned approval every three years, however, unless, with respect to certain
transactions the audit committee determines that such longer term is reasonable under the circumstances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to regulations promulgated under the Companies Law, certain transactions with a controlling shareholder, a relative thereof, or with
a director, that would otherwise require approval of a company&#8217;s shareholders may be exempt from shareholder approval upon certain
determinations of the audit committee and board of directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law requires that every shareholder that participates, in person, by proxy or by voting instrument, in a vote regarding a transaction
with a controlling shareholder, must indicate in advance or in the ballot whether or not that shareholder has a personal interest in
the vote in question. Failure to so indicate will result in the invalidation of that shareholder&#8217;s vote.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Approval
of the compensation of directors and executive officers</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation of, or an undertaking to indemnify, insure or exculpate, an office holder who is not a director requires the approval of
the company&#8217;s compensation committee, followed by the approval of the company&#8217;s board of directors, and, if such compensation
arrangement or an undertaking to indemnify or insure is inconsistent with the company&#8217;s stated compensation policy, or if the said
office holder is the chief executive officer of the company (apart from a number of specific exceptions), then such arrangement is subject
to the approval of our shareholders, subject to the Compensation Special Majority Requirement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Directors</i>.
Under the Companies Law, the compensation of our directors requires the approval of our compensation committee, the subsequent approval
of the board of directors and, unless exempted under the regulations promulgated under the Companies Law, the approval of the general
meeting of our shareholders. If the compensation of our directors is inconsistent with our stated compensation policy, then, provided
that those provisions that must be included in the compensation policy according to the Companies Law have been considered by the compensation
committee and board of directors, shareholder approval will also be required to be approved by the Compensation Special Majority Requirement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Executive
officers other than the chief executive officer.</i>&#160;The Companies Law requires the approval of the compensation of a public company&#8217;s
executive officers (other than the chief executive officer) in the following order: (i) the compensation committee, (ii) the company&#8217;s
board of directors, and (iii) if such compensation arrangement is inconsistent with the company&#8217;s stated compensation policy, the
company&#8217;s shareholders by the Compensation Special Majority Requirement. However, if the shareholders of the company do not approve
a compensation arrangement with an executive officer that is inconsistent with the company&#8217;s stated compensation policy, the compensation
committee and board of directors may override the shareholders&#8217; decision if each of the compensation committee and the board of
directors provide detailed reasons for their decision.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Chief
executive officer.</i>&#160;Under the Companies Law, the compensation of a public company&#8217;s chief executive officer is required
to be approved by: (i) the company&#8217;s compensation committee; (ii) the company&#8217;s board of directors, and (iii) the company&#8217;s
shareholders by the Compensation Special Majority Requirement. However, if the shareholders of the company do not approve the compensation
arrangement with the chief executive officer, the compensation committee and board of directors may override the shareholders&#8217;
decision if each of the compensation committee and the board of directors provide a detailed reasoning for their decision. The approval
of each of the compensation committee and the board of directors must be in accordance with the company&#8217;s stated compensation policy;
however, under special circumstances, the compensation committee and the board of directors may approve compensation terms of a chief
executive officer that are inconsistent with the company&#8217;s compensation policy provided that they have considered those provisions
that must be included in the compensation policy according to the Companies Law and that shareholder approval was obtained by the Compensation
Special Majority Requirement. In addition, the compensation committee may resolve that the shareholder approval is not required for the
approval of the engagement terms of a candidate to serve as the chief executive officer, if the compensation committee determines that
the compensation arrangement is consistent with the company&#8217;s stated compensation policy, that the chief executive officer did
not have a prior business relationship with the company or a controlling shareholder of the company, and that subjecting the approval
to a shareholder vote would impede the company&#8217;s ability to attain the candidate to serve as the company&#8217;s chief executive
officer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duties
of shareholders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, a shareholder has a duty to refrain from abusing its power in the company and to act in good faith and in an acceptable
manner in exercising its rights and performing its obligations to the company and other shareholders, including, among other things,
when voting at meetings of shareholders on the following matters:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            amendment to the articles of association;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            increase in the company&#8217;s authorized share capital;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            merger; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            approval of related party transactions and acts of office holders that require shareholder
                                            approval.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder also has a general duty to refrain from discriminating against other shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remedies generally available upon a breach of contract will also apply to a breach of the shareholder duties mentioned above, and in
the event of discrimination against other shareholders, additional remedies are available to the injured shareholder.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any controlling shareholder, any shareholder that knows that its vote can determine the outcome of a shareholder vote and any
shareholder that, under a company&#8217;s articles of association, has the power to appoint or prevent the appointment of an office holder,
or any other power with respect to a company, is under a duty to act with fairness towards the company. The Companies Law does not describe
the substance of this duty except to state that the remedies generally available upon a breach of contract will also apply in the event
of a breach of the duty to act with fairness, taking each shareholder&#8217;s position in the company into account.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approval
of private placements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law and the regulations promulgated thereunder, a private placement of securities does not require approval at a general
meeting of the shareholders of a company; provided however, that in special circumstances, such as a private placement completed in lieu
of a special tender offer or a private placement which qualifies as a related party transaction (See &#8220;Item 6. Directors, Senior
Management and Employees &#8212;C. Board Practices&#8212;Fiduciary duties and approval of specified related party transactions and compensation
under Israeli law&#8221;), for which approval at a general meeting of the shareholders of a company is required.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exemption,
Insurance and Indemnification of Directors and Officers</b>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, a company may not exculpate an office holder from liability for a breach of a fiduciary duty. An Israeli company may
exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result
of a breach of duty of care but only if a provision authorizing such exculpation is included in its articles of association. Our amended
and restated articles of association include such a provision. The company may not exculpate in advance a director from liability arising
out of a prohibited dividend or distribution to shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law and the Securities Law, 5738-1968, or the Securities Law, a company may indemnify an office holder in respect of the
following liabilities, payments and expenses incurred for acts performed by him or her as an office holder, either in advance of an event
or following an event, provided its articles of association include a provision authorizing such indemnification:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            monetary liability incurred by or imposed on the office holder in favor of another person
                                            pursuant to a court judgment, including pursuant to a settlement confirmed as judgment or
                                            arbitrator&#8217;s decision approved by a competent court. However, if an undertaking to
                                            indemnify an office holder with respect to such liability is provided in advance, then such
                                            an undertaking must be limited to events which, in the opinion of the board of directors,
                                            can be foreseen based on the company&#8217;s activities when the undertaking to indemnify
                                            is given, and to an amount or according to criteria determined by the board of directors
                                            as reasonable under the circumstances, and such undertaking will detail the abovementioned
                                            foreseen events and amount or criteria;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reasonable
                                            litigation expenses, including reasonable attorneys&#8217; fees, which were incurred by the
                                            office holder as a result of an investigation or proceeding filed against the office holder
                                            by an authority authorized to conduct such investigation or proceeding, provided that such
                                            investigation or proceeding was either (i) concluded without the filing of an indictment
                                            against such office holder and without the imposition on him of any monetary obligation in
                                            lieu of a criminal proceeding; (ii) concluded without the filing of an indictment against
                                            the office holder but with the imposition of a monetary obligation on the office holder in
                                            lieu of criminal proceedings for an offense that does not require proof of criminal intent;
                                            or (iii) in connection with a monetary sanction;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reasonable
                                            litigation expenses, including attorneys&#8217; fees, incurred by the office holder or which
                                            were imposed on the office holder by a court (i) in a proceeding instituted against him or
                                            her by the company, on its behalf, or by a third party, (ii) in connection with criminal
                                            indictment of which the office holder was acquitted, or (iii) in a criminal indictment which
                                            the office holder was convicted of an offense that does not require proof of criminal intent;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            monetary liability imposed on the office holder in favor of a payment for a breach offended
                                            at an Administrative Procedure (as defined below) as set forth in Section 52(54)(a)(1)(a)
                                            to the Securities Law;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses
                                            incurred by an office holder or certain compensation payments made to an injured party that
                                            were instituted against an office holder in connection with an Administrative Procedure under
                                            the Securities Law, including reasonable litigation expenses and reasonable attorneys&#8217;
                                            fees; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other obligation or expense in respect of which it is permitted or will be permitted under
                                            applicable law to indemnify an office holder, including, without limitation, matters referenced
                                            in Section 56H(b)(1) of the Securities Law.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 67; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
&#8220;Administrative Procedure&#8221; is defined as a procedure pursuant to chapters H3 (Monetary Sanction by the Israeli Securities
Authority), H4 (Administrative Enforcement Procedures of the Administrative Enforcement Committee) or I1 (Arrangement to prevent Procedures
or Interruption of procedures subject to conditions) to the Securities Law.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law and the Securities Law, a company may insure an office holder against the following liabilities incurred for acts performed
by him or her as an office holder if and to the extent provided in the company&#8217;s articles of association:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            breach of a fiduciary duty to the company, provided that the office holder acted in good
                                            faith and had a reasonable basis to believe that the act would not harm the company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            breach of duty of care to the company or to a third party, to the extent such a breach arises
                                            out of the negligent conduct of the office holder;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            monetary liability imposed on the office holder in favor of a third party;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            monetary liability imposed on the office holder in favor of an injured party at an Administrative
                                            Procedure pursuant to Section 52(54)(a)(1)(a) of the Securities Law; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses
                                            incurred by an office holder in connection with an Administrative Procedure, including reasonable
                                            litigation expenses and reasonable attorneys&#8217; fees.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, a company may not indemnify, exculpate or insure an office holder against any of the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            breach of fiduciary duty, except for indemnification and insurance for a breach of the fiduciary
                                            duty to the company to the extent that the office holder acted in good faith and had a reasonable
                                            basis to believe that the act would not prejudice the company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            breach of duty of care committed intentionally or recklessly, excluding a breach arising
                                            out of the negligent conduct of the office holder;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            act or omission committed with intent to derive illegal personal benefit; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            civil or administrative fine, monetary sanction or forfeit levied against the office holder.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, exculpation, indemnification and insurance of office holders must be approved by the compensation committee and the
board of directors and, with respect to directors or controlling shareholders, their relatives and third parties in which such controlling
shareholders have a personal interest, also by the shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated articles of association permit us to exculpate, indemnify and insure our office holders to the fullest extent permitted
or to be permitted by law. On February 18, 2021, our board of directors approved a new directors&#8217; and officers&#8217; liability
insurance policy, following the recent amended of our compensation policy approved by our shareholders on February 12, 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
and consulting agreements with executive officers</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into written employment or service agreements with each of our executive officers. See &#8220;Item 7. Major Shareholders
and Related Party Transactions &#8212; B. Related Party Transactions &#8211; Employment Agreements&#8221; for additional information.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors&#8217;
service contracts</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no arrangements or understandings between us, on the one hand, and any of our directors, on the other hand, providing for benefits
upon termination of their employment or service as directors of our Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Employees </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Number
of Employees</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, the Group employed 77 employees, which include our chief executive officer that is engaged by the Company as a
consultant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, we employed 26 employees, including those employed by our subsidiaries Jeffs&#8217; Brands, Charging Robotics and
Eventer, which include our chief executive officer that is engaged by the Company as a consultant.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, we employed 39 employees in Israel including those employed by our indirect subsidiaries ScoutCam Ltd. and Eventer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Distribution
of Employees </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
breakdown of our employees, by areas of engagement and geographic location, as of the end of each of the past three fiscal years is as
follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-style: italic">Numbers of employees by category of activity</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Management and administrative</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">32</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">20</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">21</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">16</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">39</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years covered by the above table, we did not employ a significant number of temporary employees. We consider our relations with our
employees excellent and have never experienced a strike or work stoppage. None of our employees is represented by a labor union.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Israel we are subject to certain labor statutes and national labor court precedent rulings, as well as to certain provisions of the collective
bargaining agreements between the Histadrut (General Federation of Labor in Israel) and the Coordination Bureau of Economic Organizations
including the Industrialists&#8217; Associations. These provisions of collective bargaining agreements are applicable to our Israeli
employees by virtue of extension orders issued in accordance with relevant labor laws by the Israeli Ministry of Economy and Industry,
and which apply such agreement provisions to our employees even though they are not directly part of a union that has signed a collective
bargaining agreement. The laws and labor court rulings that apply to our employees principally concern the minimum wage laws, length
of the work day and workweek, overtime payment, procedures for dismissing employees, determination of severance pay, leaves of absence
(such as annual vacation or maternity leave), sick pay and other conditions for employment. The general extension orders which apply
to our employees principally concern mandatory contributions to a pension fund or managers&#8217; insurance, annual recreation allowance,
travel expenses payment and other conditions of employment. We generally provide our employees with benefits and working conditions beyond
the required minimums.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 69; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
law generally requires severance pay upon a dismissal of an employee by the employer without &#8220;cause&#8221; (as defined in the law),
which equal to the employee&#8217;s latest monthly salary multiplied by the number of years of continuous employment with the same employer
or at the same employment facilities (the &#8220;Statutory Severance Pay&#8221;). The severance pay is usually funded by the employer
allocating monthly payments to employees&#8217; managers&#8217; insurance and/or pension fund described below, on account of the Statutory
Severance Pay. The monthly payments to the managers&#8217; insurance and/or pension fund in respect of severance pay usually amount to
8.33% or 6% of an employee&#8217;s monthly wages. Upon an event that entitles an employee to severance pay, the employer will generally
release in favor of the employee the amounts accrued in the severance fund, as described above and will complete any shortfall amount
between the Statutory Severance Pay and the amounts accrued in the severance fund. An alternative, and commonly used, pension and severance
contribution scheme is known as the Section 14 Arrangement under the General Approval issued under the Severance Pay Law (the &#8220;Section
14 Arrangement&#8221;). Where the Section 14 Arrangement is properly applied, the amounts accrued in the severance fund are in lieu of
the Statutory Severance Pay and the employer&#8217;s sole obligation with respect to severance pay would be to release the amounts accrued
in the severance and pension funds in any event of termination of employment (dismissal or resignation), without the need to complete
any amounts on account the Statutory Severance Pay. Furthermore, Israeli employees and employers are required to pay predetermined sums
to the National Insurance Institute, which is similar to the United States Social Security Administration. Such amounts also include
payments for national health insurance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Share Ownership</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share
ownership by Directors and Executive Officers</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information regarding ownership of our Ordinary Shares by our directors and executive officers, see Item 7. &#8220;Major Shareholders
and Related Party Transactions &#8212; A. Major Shareholders.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2013
Share Option and Incentive Plan</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2013, our board of directors approved and adopted our 2013 Share Option and Incentive Plan, or the Plan, which expires in August
2023. The Plan provides for the issuance of shares and the granting of options, restricted shares, restricted share units and other share-based
awards to employees, directors, officers, consultants, advisors, and our and Medigus U.S.&#8217;s service providers. The Plan provides
for awards to be issued at the determination of our board of directors in accordance with applicable law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;The
Plan provides for the grant to residents of Israel of options that qualify under the provisions of Section 102 Tax Ordinance, as well
as for the grant of options that do not qualify under such provisions. The 2013 Plan was submitted to the ITA, as required by applicable
law. The Plan also provides for the grant of options to U.S. resident employees that are &#8220;qualified&#8221;, i.e., incentive stock
options, under the U.S. Internal Revenue Code of 1986, as amended, or the Code, and options that are not qualified. In addition to the
grant of awards under the relevant tax regimes of the United States and Israel, the Plan allows for the grant of awards to grantees in
other jurisdictions, with respect to which our board of directors is empowered to make the requisite adjustments in the plan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
granted under the Plan which are currently outstanding generally may not expire later than six years from the date of grant, unless otherwise
specified. Unvested awards that are cancelled and/or forfeited go back into the plan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 61.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 61.35pt"></p><div>

</div><!-- Field: Page; Sequence: 70; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 61.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 71.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Major Shareholders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
information with respect to the beneficial ownership of our Ordinary Shares as of March 1, 2023 (unless otherwise noted below), the beneficial
ownership of our Ordinary Shares by:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person, or group of affiliated persons, known to us to be the beneficial owner of more than 5% of our voting securities;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    of our executive officers and directors as a group.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The beneficial ownership of
our Ordinary Shares is determined in accordance with the rules of the SEC. Under these rules, a person is deemed to be a beneficial owner
of a security if that person has or shares voting power, which includes the power to vote or to direct the voting of the security, or
investment power, which includes the power to dispose of or to direct the disposition of the security. For purposes of the table below,
we deem Ordinary Shares issuable pursuant to options that are currently exercisable or exercisable within 60 days as of March 1, 2023,
if any, to be outstanding and to be beneficially owned by the person holding the options or warrants for the purposes of computing the
percentage ownership of that person, but we do not treat them as outstanding for the purpose of computing the percentage ownership of
any other person. The percentage of Ordinary Shares beneficially owned is based on 24,661,470 Ordinary Shares outstanding as of March
1, 2023.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
where otherwise indicated, we believe, based on information furnished to us by such owners, that the beneficial owners of the Ordinary
Shares listed below have sole investment and voting power with respect to such shares. In addition, none of our shareholders will have
different voting rights from other shareholders. To the best of our knowledge, we are not owned or controlled, directly or indirectly,
by another corporation or by any foreign government. We are not aware of any arrangement that may, at a subsequent date, result in a
change of control of our Company.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 1, 2023, there
was one shareholder of record of our Ordinary Shares. The number of record holders is not representative of the number of beneficial holders
of our Ordinary Shares, as the shares of all shareholders for a publicly traded company such as our Ordinary Shares underlying our ADSs
are recorded in the name of our transfer agent, Computershare Trust Company, N.A.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise noted below,
each beneficial owner&#8217;s address is Medigus Ltd., 10 Hanechoshet Street, Tel Aviv, Israel, 6971072.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal shareholders do not have different or special voting rights.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Holders of more than 5% of our voting securities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Owned<sup>(2)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liron Carmel<sup>(4)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eliyahu Yoresh<sup>(6)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eli Cohen<sup>(7)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tali Dinar<sup>(8)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">58,333</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>All
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    <td style="text-align: left">&#160;</td><td style="text-align: right">877,539</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">less
    than 1%.&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
    ownership is determined in accordance with the rules of the SEC. Under these rules, a person is deemed to be a beneficial owner of
    a security if that person, even if not the record owner, has or shares the underlying benefits of ownership. These benefits include
    the power to direct the voting or the disposition of the securities or to receive the economic benefit of ownership of the securities.
    A person also is considered to be the &#8220;beneficial owner&#8221; of securities that the person has the right to acquire within
    60 days by option or other agreement. Beneficial owners include persons who hold their securities through one or more trustees, brokers,
    agents, legal representatives or other intermediaries, or through companies in which they have a &#8220;controlling interest,&#8221;
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 71; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The percentages shown are based on 24,661,470 Ordinary Shares issued and outstanding as of &#160;March 1, 2023.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes options to purchase (i) 34,375 Ordinary Shares at an exercise price of NIS 8.96 per share, and (ii) 66,667 Ordinary Shares at an exercise price of NIS 5.81 per share that are exercisable within 60 days of March 1, 2023. In addition, Ms. Tzedef holds (i) options to purchase 3,125 Ordinary Shares that are not exercisable within 60 days of March 1, 2023, which have expiration date of July 8, 2026 and an exercise price of NIS 8.96, and (ii) options to purchase 33,333 Ordinary Shares that are not exercisable within 60 days of March 1, 2023, which have expiration date June 29, 2027 and an exercise price of NIS 5.81.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Significant&#160;Changes in Percentage Ownership by Major Shareholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the course of 2022 and
as of March 1, 2023, there were no changes in the percentage ownership of our major shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the course of 2021, there
were no changes in the percentage ownership of our major shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the course of 2020, there were no increases in the percentage ownership of our major shareholders. On the other hand, there were decreases
in the percentage ownership of our former significant shareholders: (i) L.I.A. Pure Capital Ltd., from 6.02% to 3.68%; (ii) Sabby Management,
LLC, from 6.78% to 0.34%; (iii) Hal Mintz, from 6.78% to 0.34%; (iv) Ryan M. Lane from 9.99% to 0.99%; and (v) Martin D. Hoe from 9.99%
to 0.99%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the course of 2020, there were decreases in the percentage of ownership held by Gix Internet Ltd. (formerly known as Algomizer Ltd.)
from more than 5% of its outstanding share capital to below 5% of its outstanding share capital.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Related Party Transactions </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Agreements
with our Executive Officers</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into written agreements with each of our executive officers. All of these agreements contain customary provisions regarding
non-competition, confidentiality of information and assignment of inventions. However, the enforceability of the non-competition provisions
may be limited under applicable law. In addition, we have entered into agreements with each executive officer and director pursuant to
which we have agreed to indemnify each of them to the fullest extent permitted by law to the extent that these liabilities are not covered
by directors and officers insurance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
office holders are generally eligible for bonuses each year. The bonuses are established and granted in accordance with our compensation
policy and, are generally payable upon meeting objectives and targets that are approved by our compensation committee and board of directors
(and if required by our shareholders).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Directors
and Officers Insurance Policy and Indemnification Agreements</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated articles of association permit us to exculpate, indemnify and insure our directors and officeholders to the fullest
extent permitted by the Companies Law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into agreements with each of our current director and officers exculpating them from a breach of their duty of care to us
to the fullest extent permitted by law, subject to limited exceptions, and undertaking to indemnify them to the fullest extent permitted
by law, to the extent that these liabilities are not covered by insurance. This indemnification is limited, with respect to any monetary
liability imposed in favor of a third party, to events determined as foreseeable by the board of directors based on our activities. The
maximum aggregate amount of indemnification that we may pay to our directors and officers based on such indemnification agreement is
equal to 25% of our shareholders&#8217; equity pursuant to our latest audited or unaudited consolidated financial statements, as applicable,
as of the date of the indemnification payment. Such indemnification amounts are in addition to any insurance amounts. Each director or
officer who agrees to receive this letter of indemnification also gives his approval to the termination of all previous letters of indemnification
that we have provided to him or her in the past, if any.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current compensation policy determines, among others, that we may provide our directors and officers, including those serving in any
of our subsidiaries from time or time and those who are controlling shareholders, with liability insurance policies provided that the
engagement is in the ordinary course of business, in market terms and is not expected to materially influence our profits, properties
and undertakings. The coverage limit is of up to the greater of $50 million or 50% of the Company&#8217;s shareholders equity based on
the most recent financial statements of the Company at the time of approval of the insurance policy by our compensation committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 2, 2023, our compensation
committee approved a new directors&#8217; and officers&#8217; liability insurance policy. The new directors&#8217; and officers&#8217;
liability insurance policy provides total coverage of $4 million in the aggregate, for the benefit of all of our directors and officers,
in respect of which we are charged a twelve-month premium of $195,000, and which includes a deductible of $300,000 per claim, other than
securities related claims filed in the United States or Canada, for which the deductible will not exceed $1 million.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 73; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Agreements
with our Subsidiaries </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 14, 2020, we signed a share purchase agreement and a revolving loan agreement with Eventer (the &#8220;Revolving Loan Agreement&#8221;).
As part of the share purchase agreement and the revolving loan agreement, we invested $750,000, and following the completion thereof
we held 58.7% of Eventer&#8217;s issued and outstanding share capital.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 8, 2021, Eventer consummated a share purchase agreement for an aggregate amount of $2.25 million out of which we invested $300,000.
We currently hold approximately 46.21% of Eventer&#8217;s outstanding share capital.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2021 we agreed with Eventer that the repayment of the initial advance under the Revolving Loan Agreement will occur on the earlier
of (i) six months following the maturity date of the initial advance; or (ii) immediately following an initial public offering of Eventer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 12, 2022, we amended
the Revolving Loan Agreement, such that the repayment of the initial advance will occur at the earlier of (i) twelve months following
the Maturity Date of the Initial Advance; or (ii) immediately following an initial public offering of Eventer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2020, we entered into an Asset Transfer Agreement, effective January 20, 2020, with our majority owned subsidiary GERD IP.
Pursuant to the Asset Transfer Agreement, we transferred certain of our patents in consideration for seven capital notes issued to us
by GERD IP, of $2,000,000 each.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 2, 2021, we entered
into two loans and pledges agreements with Jeffs&#8217; Brands and its other stockholder, to finance Smart Repair Pro&#8217;s additional
purchases of three new brands on the Amazon online marketplace. Pursuant to the forgoing agreements, the Company extended USD 4 million
loans, with an annual interest of 4%, to be repaid on the fifth anniversary of the effective date. On August 30, 2022 all the loans were
converted into shares of Jeffs&#8217; Brands as part of Jeffs&#8217; Brands IPO, in which we invested an additional USD 1 million. As
a result, we currently hold approximately 34.87% of Jeffs&#8217; Brands outstanding share capital.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 20, 2021, we entered
into a sublease agreement with Jeffs&#8217; Brands pursuant to which we subleased office space of approximately 97 square meters to Jeffs&#8217;
Brands, which terminated on October 30, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 12, 2021, we entered into a loan agreement with Gix Internet
(the &#8220;Gix Loan Agreement&#8221;), pursuant to which we lent to Gix Internet NIS 4 million. On August 25, 2022, we entered into an
amendment to the Gix Loan Agreement, effective as of July 1, 2022 (the &#8220;Amendment to the Gix Loan Agreement), pursuant to which,
on November 2, 2022, the Company received a total of NIS 1 million as repayment of the original loan and the accrued interest thereon
up to such date. The Repayment of the balance of the loan fund, in the amount of NIS 3 million, was postponed until June 30, 2023. In
addition, the Company is entitled to convert all or part of the balance of the extended loan into shares of Gix Internet. The Gix Loan
Agreement and the Amendment to the Gix Loan Agreement are filed as Exhibit 4.5 and 4.6, respectively, to this annual report on Form 20-F,
and are incorporated herein by reference.<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 7, 2023, our formerly
wholly owned subsidiary Charging Robotics consummated a share exchange transaction with Fuel Doctor and became its wholly owned subsidiary.
As a result of the transaction, we now hold 67% of Fuel Doctor&#8217;s outstanding share capital, with options to acquire up to 71% of
its outstanding share capital based on predetermined milestones.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Interests of Experts and Counsel</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;8.
FINANCIAL INFORMATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Consolidated Statements and Other Financial Information.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 18. Financial Statements.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Export
Sales</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents total export sales for each of the fiscal years indicated ($, in thousands):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended<br/>
December 31,</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2020</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total export sales*</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89,393</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,935</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">481</span></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>as a percentage of total revenues</i></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Export
                                            sales, as presented, are defined as sales to customers located outside of Israel.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Proceedings</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time we may assert or be subject to various asserted or unasserted legal proceedings and claims. Any such claims, regardless
of merit, could be time-consuming and expensive to defend and could divert management&#8217;s attention and resources from our operations.
While the management believes that we have adequate insurance coverage and we accrue loss contingencies for all known matters that are
probable and can be reasonably estimated, we cannot assure that the outcome of all current or future litigation will not have a material
adverse effect on us and our results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2022, we paid cash dividends on our Ordinary Shares and our Series C Warrants. We do not anticipate that we will further
pay any cash dividends on our Ordinary Shares or ADSs in the foreseeable future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to retain our earnings to finance the development and expenses of our business. Any future determination relating to our dividend
policy will be at the discretion of our board of directors and will depend on a number of factors, including future earnings, our financial
condition, operating results, contractual restrictions, capital requirements, business prospects, applicable Israeli law and other factors
our board of directors may deem relevant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_035"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Significant Changes</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
significant change, other than as otherwise described in this annual report, has occurred in our operations since the date of our consolidated
financial statements included in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_036"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;9.
THE OFFER AND LISTING</b>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_037"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Offer and Listing Details</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares were traded on the TASE under the symbol &#8220;MDGS&#8221; from February 2006 to January 25, 2021, when we delisted
our Ordinary Shares from TASE. In August 2015, our ADSs commenced trading on Nasdaq under the symbol &#8220;MDGS.&#8221; Each ADS currently
represents 15 Ordinary Shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a description of the ADSs, see &#8220;Item 12. Description of Securities Other Than Equity Securities &#8211; D. American Depositary
Shares.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Series C Warrants have been trading on Nasdaq under the symbol &#8220;MDGSW&#8221; since July 2018. Each Series C Warrant is exercisable
into one/fifteen ADSs for an exercise price of $52.50 and will expire in July 2023.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_038"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Plan of Distribution</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_039"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Markets</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Ordinary Shares are no
longer listed on TASE. Our ADSs are traded on Nasdaq under the symbol &#8220;MDGS.&#8221; Our Series C Warrants are traded on the Nasdaq
under the symbol &#8220;MDGSW.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_040"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Selling Shareholders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><div><a id="a_041"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Dilution</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_042"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
Expenses of the Issue</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_043"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;10.
ADDITIONAL INFORMATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_044"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Share Capital</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_045"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Memorandum and Articles of Association</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of our amended and restated articles of association is attached as Exhibit 1.1 to this annual report on Form 20-F. The information
called for by this Item is set forth in Exhibit 2.3 to this annual report on Form 20-F and is incorporated by reference into this annual
report on Form 20-F.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><div><a id="a_046"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Material Contracts</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of each material contract, other than material contracts entered into in the ordinary course of business, to which
we are or have been a party, for the two years immediately preceding the date of this annual report on Form 20-F:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan and Pledge Agreement by and among Medigus Ltd., Smart Repair Pro, Inc., and Julia Gerasimova, dated February 2, 2021, filed as Exhibit 4.19 to the Company&#8217;s annual report on Form 20-F for the fiscal year ended December 31, 2021, and incorporated herein by reference.</span></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to Loan and Pledge Agreement by and between Medigus Ltd., Smart Repair Pro, Inc., and Julia Gerasimova, dated February 5, 2021, filed as Exhibit 4.20 to the Company&#8217;s annual report on Form 20-F for the fiscal year ended December 31, 2021, and incorporated herein by reference.</span></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan Agreement by and between the Company and Gix Internet dated October 12, 2021 (the &#8220;Loan Agreement&#8221;), filed as Exhibit 4.6 to this annual report on Form 20-F, and incorporated herein by reference.</span></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to the Loan Agreement by and between the Company and Gix Internet dated August 25, 2022, and effective as of July 1, 2022, filed as Exhibit 4.7 to this annual report on Form 20-F, and incorporated herein by reference.</span></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Purchase Agreement, by and among the Company, Parazero, Delta Drone International Ltd., L.I.A Pure Capital Ltd. and other entities listed therein, dated January 28, 2022, filed as Exhibit 4.8 to this annual report on Form 20-F, and incorporated herein by reference.</span></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    </tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Exchange Agreement by and between Medigus Ltd., the additional shareholders of Charging Robotics Ltd. and Fuel Doctor Holdings, Inc. dated March 28, 2023, filed as Exhibit 4.9 to this annual report on Form 20-F, and incorporated herein by reference.</span></td>
    </tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_047"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Exchange Controls</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are currently no Israeli currency control restrictions on payments of dividends or other distributions with respect to our securities
or the proceeds from the sale of our securities, except or otherwise as set forth in this section and under &#8220;Item 10E. Additional
Information&#160;&#8212;&#160;Taxation.&#8221; However, legislation remains in effect pursuant to which currency controls can be imposed
by administrative action at any time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ownership or voting of our Ordinary Shares by non-residents of Israel, except with respect to citizens of countries that are in a state
of war with Israel, is not restricted in any way by our amended and restated articles or by the laws of the State of Israel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_048"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Taxation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description is not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership
and disposition of our Ordinary Shares. You should consult your own tax advisor concerning the tax consequences of your particular situation,
as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Israeli
Tax Considerations and Government Programs</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the material Israeli tax laws applicable to us, and some Israeli Government programs benefiting us. This section
also contains a discussion of some Israeli tax consequences to persons owning our Ordinary Shares. This summary does not discuss all
the aspects of Israeli tax law that may be relevant to a particular investor in light of his or her personal investment circumstances
or to some types of investors subject to special treatment under Israeli law. Examples of this kind of investor include traders in securities
or persons that own, directly or indirectly, 10% or more of our outstanding means of control, all of whom are subject to special tax
regimes not covered in this discussion. Some parts of this discussion are based on a new tax legislation which has not been subject to
judicial or administrative interpretation. The discussion should not be construed as legal or professional tax advice and does not cover
all possible tax considerations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDERS
ARE URGED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE ISRAELI OR OTHER TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF
OUR ORDINARY SHARES, INCLUDING, IN PARTICULAR, THE EFFECT OF ANY FOREIGN, STATE OR LOCAL TAXES.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
Corporate Tax Structure in Israel</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
resident companies are generally subject to corporate tax on their taxable income at the rate of 23% of a company&#8217;s taxable income.
However, the effective tax rate payable by a company that derives income from a Benefited Enterprise, a Preferred Enterprise, a Special
Preferred Enterprise, a Preferred Technological Enterprise or a Special Preferred Technological Enterprise (as discussed below) may be
considerably less. Capital gains derived by an Israeli resident company are generally subject to tax at the prevailing corporate tax
rate.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Law
for the Encouragement of Industry (Taxes), 5729-1969</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Law for the Encouragement of Industry (Taxes), 5729-1969, generally referred to as the Industry Encouragement Law, provides several tax
benefits for &#8220;Industrial Companies.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Industry Encouragement Law defines an &#8220;Industrial Company&#8221; as an Israeli resident company incorporated in Israel, of which
90% or more of its income in the tax year, other than income from certain government loans, derived from an &#8220;Industrial Enterprise&#8221;
owned by it and located in Israel or in the &#8220;Area&#8221;, in accordance with the definition under section&#160;3A of Tax Ordinance
(New Version) 1961 (the &#8220;Tax Ordinance&#8221;). An &#8220;Industrial Enterprise&#8221; is defined as an enterprise which is held
by an Industrial Company whose principal activity in any given tax year is industrial production.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following corporate tax benefits, among others, are available to Industrial Companies:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="width: 0.25in; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Amortization over an eight-year period commencing on the year in which such rights were first exercised, of the cost of purchased patents, rights to use a patent and know-how which are used for the development or advancement of the Industrial Enterprise;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Under limited conditions, an election to file consolidated tax returns with related Israeli Industrial Companies controlled by it; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed">&#160;</td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-size: 10pt">Under certain conditions, expenses related to a public offering are deductible in equal amounts over a three years period commencing on the year of the offering.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may qualify as an Industrial Company and may be eligible for the benefits described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility
for benefits under the Industry Encouragement Law is not contingent upon approval of any governmental authority.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Benefits and Grants for Research and Development</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
tax law allows, under certain conditions, a tax deduction for research and development expenditures, including capital expenditures,
over three-years period. Expenditures are deemed related to scientific research and development projects, if:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    expenditures are approved by the relevant Israeli government ministry, determined by the field of research;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    research and development must be for the promotion of the company; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    research and development is carried out by or on behalf of the company seeking such tax deduction.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of such deductible expenses is reduced by the sum of any funds received through government grants for the finance of such scientific
research and development projects. No deduction under these research and development deduction rules is allowed if such deduction is
related to an expense invested in an asset depreciable under the general depreciation rules of the Tax Ordinance. Expenditures not so
approved are deductible in equal amounts over a three-year period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may apply the Israel Innovation Authority (previously known as the Israeli Office of the Chief Scientist) (the &#8220;IIA&#8221;)
for approval to allow a tax deduction for all research and development expenses during the year incurred. There can be no assurance that
such application will be accepted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Law
for the Encouragement of Capital Investments, 5719-1959</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the Investment Law, provides certain incentives
for capital investments in production facilities (or other eligible assets) by &#8220;Industrial Enterprises&#8221; (as defined under
the Investment Law).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Law has been amended several times over the recent years, with the three most significant changes effective as of April&#160;1,
2005 (referred to as the 2005 Amendment), as of January&#160;1, 2011 (referred to as the 2011 Amendment) and as of January 1, 2017 (referred
to as the 2017 Amendment).&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Benefits Subsequent to the 2005 Amendment</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2005 Amendment applies to investment programs commencing after 2004, but does not apply to investment programs approved prior to April&#160;1,
2005. The 2005 Amendment provides that terms and benefits included in any certificate of approval that was granted before the 2005 Amendment
became effective (April&#160;1, 2005) will remain subject to the provisions of the Investment Law as in effect on the date of such approval.
Pursuant to the 2005 Amendment, the Israeli Authority for Investments and Development of the Israeli Ministry of Economy (referred to
as the Investment Center) will continue to grant Approved Enterprise status to qualifying investments. The 2005 Amendment, however, limits
the scope of enterprises that may be approved by the Investment Center by setting criteria for the approval of a facility as an Approved
Enterprise, such as provisions generally requiring that at least 25% of the Approved Enterprise&#8217;s income be derived from exports.
An enterprise that qualifies under the new provisions is referred to as a &#8220;Benefited Enterprise&#8221;, rather than &#8220;Approved
Enterprise&#8221;. The 2005 Amendment provides that Approved Enterprise status will only be necessary for receiving cash grants. As a
result, it was no longer necessary for a company to obtain Approved Enterprise status in order to receive the tax benefits previously
available under the alternative benefits track. Rather, a company may claim the tax benefits offered by the Investment Law directly in
its tax returns, provided that its facilities meet the criteria for tax benefits set forth in the 2005 Amendment. Such a position may
be subject to a future tax audit. Companies are entitled to approach the Israeli Tax Authority for a pre-ruling regarding their eligibility
for benefits under the Investment Law, as amended.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
benefits are available under the 2005 Amendment to production facilities (or other eligible facilities) which are generally required
to derive 25% or more of their business income from export to specific markets with a population of at least 14 million in 2012 (such
export criteria will further be increased in the future by 1.4% per annum). In order to receive the tax benefits, the 2005 Amendment
states that a company must make an investment which meets all of the conditions, including exceeding a minimum investment amount specified
in the Investment Law. Such investment allows a company to receive &#8220;Benefited Enterprise&#8221; status, and may be made over a
period of no more than three years that will end at the year in which the company requested to have the tax benefits apply to its Benefited
Enterprise. The benefits period under the Benefited Enterprise status is limited to 12 years from the year the company chose to have
its tax benefits apply. Where the company requests to apply the tax benefits to an expansion of existing facilities, only the expansion
will be considered to be a Benefited Enterprise and the company&#8217;s effective tax rate will be the weighted average of the applicable
rates. In this case, the minimum investment required in order to qualify as a Benefited Enterprise is required to exceed a certain percentage
of the value of the company&#8217;s production assets before the expansion.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
extent of the tax benefits available under the 2005 Amendment to qualifying income of a Benefited Enterprise depend on, among other things,
the geographic location in Israel of the Benefited Enterprise. The location will also determine the period for which tax benefits are
available. Such tax benefits include an exemption from corporate tax on undistributed income for a period of between two to ten years,
depending on the geographic location of the Benefited Enterprise in Israel, and a reduced corporate tax rate of between 10% to 25% for
the remainder of the benefits period, depending on the level of foreign investment in the company in each year. The benefits period is
limited to 12 or 14&#160;years from the year the company first chose to have the tax benefits apply, depending on the location of the
company within Israel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
company qualifying for tax benefits under the 2005 Amendment which pays a dividend out of income derived by its Benefited Enterprise
during the tax exemption period will be subject to corporate tax in respect of the gross amount of the dividend, or a lower rate in the
case of a qualified Foreign Investors&#8217; Company, to which we refer as a FIC, which is at least 49% owned by non-Israeli residents.
Dividends paid to Israeli shareholders out of income attributed to a Benefited Enterprise (or out of dividends received from a company
whose income is attributed to a Benefited Enterprise) are generally subject to withholding tax at source at the rate of 15% (in the case
of non-Israeli shareholders - subject to the receipt in advance of a valid certificate from the ITA allowing the reduced 15% tax rate,
or such lower rate as may be provided in an applicable tax treaty). The reduced rate of 15% is limited to dividends and distributions
out of income attributed to a Benefited Enterprise during the benefits period and actually paid at any time up to 12 years thereafter
except with respect to a FIC (as such term is defined in the Investment Law), in which case the 12-year limit does not apply.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
benefits available to a Benefited Enterprise are subject to the fulfillment of conditions stipulated in the Investment Law and its regulations.
If a company does not meet these conditions, it may be required to refund the amount of tax benefits, as adjusted by the Israeli consumer
price index, and interest, or other monetary penalties.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Benefits under the 2011 Amendment</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Law was significantly amended as of January&#160;1, 2011 (the &#8220;2011 Amendment&#8221;). The 2011 Amendment introduced
new benefits to replace those granted in accordance with the provisions of the Investment Law in effect prior to the 2011 Amendment.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2011 Amendment introduced new tax benefits for income generated by a &#8220;Preferred Company&#8221; through its &#8220;Preferred Enterprise&#8221;
in accordance with the definition of such term in the Investments Law. A &#8220;Preferred Company&#8221; is defined as either: (i) a
company incorporated in Israel which is not wholly owned by a governmental entity, or (ii) a limited partnership that: (a) was registered
under the Israeli Partnerships Ordinance and; (b) all of its limited partners are companies incorporated in Israel, but not all of them
are governmental entities; which has, among other things, Preferred Enterprise status and is controlled and managed from Israel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Preferred Company is entitled to a reduced flat tax rate with respect to the income attributed to the Preferred Enterprise, at the following
rates:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Tax Year</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Development Region &#8220;A&#8221;</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Other&#160;Areas within Israel</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">2011 &#8211; 2012</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">10</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">15</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2013</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12.5</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2014</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017 onwards<sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16</td><td style="text-align: left">%</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            December 2016, the Israeli Parliament (the Knesset) approved an amendment to the Investment
                                            Law pursuant to which the tax rate applicable to Preferred Enterprises in Development Region
                                            &#8220;A&#8221; would be reduced to 7.5% as of 2017.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Income derived by a Preferred Company from a &#8220;Special Preferred Enterprise&#8221; (as such term is defined in the Investment
Law) would be entitled, during a benefits period of 10 years, to further reduced tax rates of 8%, or to 5% if the Special Preferred Enterprise
is located in a Development Region &#8220;A&#8221;. Since January 1, 2017, the definition for &#8220;Special Preferred Enterprise&#8221;
includes less stringent conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
distributed from income which is attributed to a &#8220;Preferred Enterprise&#8221; or to a &#8220;Special Preferred Enterprise&#8221;
will be subject to withholding tax at source at the following rates: (i) Israeli resident corporations &#8212; 0%, (ii) Israeli resident
individuals &#8212; 20%, and (iii) non-Israeli residents &#8212; 20% or a reduced tax rate under the provisions of an applicable double
tax treaty, subject to the receipt in advance of a valid certificate from the Israel Tax Authority (&#8220;ITA&#8221;) allowing for a
reduced tax rate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 2011 Amendment, a company located in Development Region &#8220;A&#8221; may be entitled to cash grants and the provision of loans
under certain conditions, if approved. The rates for grants and loans shall not be fixed, but up to 20% of the amount of the approved
investment (may be increased with additional 4%). In addition, a company owning a Preferred Enterprise under the Grant Track may be entitled
also to the tax benefits which are prescribed for a Preferred Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2011 Amendment also provided
transitional provisions to address companies already enjoying current benefits under the Investment Law. These transitional provisions
provide, among other things, that unless an irrevocable request is made to apply the provisions of the Investment Law as amended in 2011
with respect to income to be derived as of January 1, 2011: (i) the terms and benefits included in any certificate of approval that was
granted to an Approved Enterprise, which chose to receive grants, before the 2011 Amendment became effective, will remain subject to the
provisions of the Investment Law as in effect on the date of such approval, and subject to certain conditions; (ii) the terms and benefits
included in any certificate of approval that was granted to an Approved Enterprise, that had participated in an alternative benefits program,
before the 2011 Amendment became effective will remain subject to the provisions of the Investment Law as in effect on the date of such
approval, provided that certain conditions are met; and (iii) a Benefited Enterprise can elect to continue to benefit from the benefits
provided to it before the 2011 Amendment came into effect, provided that certain conditions are met.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax benefits under the 2011 Amendment also include accelerated depreciation and amortization for tax purposes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
termination or substantial reduction of any of the benefits available under the Investment Law could materially increase our tax liabilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Company does not have taxable income as of today, it does not use tax benefits under the said regime.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
Tax benefits under the 2017 Amendment that became effective on January 1, 2017</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2017 Amendment provides new tax benefits for two types of Technology Enterprises, as described below, and is in addition to the other
existing tax beneficial programs under the Investment Law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2017 Amendment provides that a technology company satisfying certain conditions will qualify as a Preferred Technology Enterprise and
will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as Preferred Technology Income, as defined in the Investment
Law. The tax rate is further reduced to 7.5% for a Preferred Technology Enterprise located in development zone &#8220;A&#8221;. In addition,
a Preferred Technology Company will enjoy a reduced corporate tax rate of 12% on capital gain derived from the sale of certain Benefited
Intangible Assets (as defined in the Investment Law) to a related foreign company if the Benefited Intangible Assets were acquired from
a foreign company after January 1, 2017, for at least NIS 200 million, and the sale receives prior approval from the IIA.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2017 Amendment further provides that a technology company satisfying certain conditions will qualify as a &#8220;Special Preferred Technology
Enterprise&#8221; (an enterprise for which, among others, total consolidated revenues of its parent company and all subsidiaries is at
least NIS&#160;10 billion) and will thereby enjoy a reduced corporate tax rate of 6% on Preferred Technology Income regardless of the
company&#8217;s geographic location within Israel. In addition, a Special Preferred Technology Enterprise will enjoy a reduced corporate
tax rate of 6% on capital gain derived from the sale of certain &#8220;Benefited Intangible Assets&#8221; to a related foreign company
if the Benefited Intangible Assets were either developed by the Special Preferred Technology Enterprise or acquired from a foreign company
after January 1, 2017, and the sale received prior approval from IIA. A Special Preferred Technology Enterprise that acquires Benefited
Intangible Assets from a foreign company for more than NIS 500 million will be eligible for these benefits for at least ten years, subject
to certain approvals as specified in the Investment Law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
distributed to Israeli shareholders by a Preferred Technology Enterprise or a Special Preferred Technology Enterprise, paid out of Preferred
Technology Income, are generally subject to withholding tax at source at the rate of 20% (in the case of non-Israeli shareholders - subject
to the receipt in advance of a valid certificate from the ITA allowing the reduced 20% tax rate, or such lower rate as may be provided
in an applicable tax treaty). However, if such dividends are paid to an Israeli company, no tax is required to be withheld (although,
if such dividends are subsequently distributed to individuals or a non-Israeli company, the aforesaid will apply). If such dividends
are distributed to a foreign company that holds solely or together with other foreign companies 90% or more in the Israeli company and
other conditions are met, the withholding tax rate will be 4% or a lower rate under a tax treaty, if applicable subject to the receipt
in advance of a valid certificate from the ITA.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Our Shareholders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
Gains</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
gain tax is imposed on the disposition of capital assets by an Israeli resident, and on the disposition of such assets by a non-Israeli
resident if those assets are either (i) located in Israel; (ii) are shares or a right to a share in an Israeli resident corporation,
or (iii) represent, directly or indirectly, rights to assets located in Israel, unless a tax treaty between Israel and the seller&#8217;s
country of residence provides otherwise. The Tax Ordinance distinguishes between &#8220;Real Capital Gain&#8221; and the &#8220;Inflationary
Surplus&#8221;. Real Capital Gain is the excess of the total capital gain over Inflationary Surplus computed generally on the basis of
the increase in the Israeli Consumer Price Index or, in certain circumstances, a foreign currency exchange rate between the date of purchase
and the date of disposition. Inflationary Surplus is not subject to tax in Israel if accrued after 1993.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
Real Capital Gain accrued by individuals on the sale of our Ordinary Shares will be taxed at the rate of 25%. However, if the individual
shareholder is a &#8220;Substantial Shareholder&#8221; (i.e., a person who holds, directly or indirectly, alone or together with such
person&#8217;s relative or another person who collaborates with such person on a permanent basis, 10% or more of one of the Israeli resident
company&#8217;s means of control (including, among other things, the right to receive profits of the company, voting rights, the right
to receive the company&#8217;s liquidation proceeds, the right to appoint a director or an executive officer and order someone who holds
any of the aforesaid rights how to act, regardless of the source of such right) at the time of sale or at any time during the preceding
12 months period, such gain will be taxed at the rate of 30%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
Capital Gain derived by corporations will be generally subject to a corporate tax rate of 23% (in 2022).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individuals
and corporate shareholders dealing in securities in Israel are taxed at the tax rates applicable to business income &#8212; 23% for corporations
in 2022 and a marginal tax rate of up to 47% in 2022 for individuals (excluding excess tax as discussed below), unless the benefiting
provisions of an applicable treaty applies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, capital gains derived from the sale of our Ordinary Shares by a non-Israeli shareholder may be exempt under the Tax Ordinance
from Israeli taxation provided that the following cumulative conditions are met: (i) the shares were purchased upon or after the registration
of the securities on the stock exchange (ii) the seller does not have a permanent establishment in Israel to which the derived capital
gain is attributed, (iii) neither the shareholder nor the particular capital gain is otherwise subject to the Israeli Income Tax Law
(Inflationary Adjustments) 5745-1985), (iv) if the seller is a corporation, no more than 25% of its means of control are held, directly
and indirectly, by an Israeli resident shareholders, and there is no Israeli Resident that is entitled to 25% or more of the revenues
or profits of the corporation directly or indirectly. In addition, such an exemption would not be available to a person whose gains from
selling or otherwise disposing of the securities are deemed to be business income.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the sale of shares may be exempt from Israeli capital gain tax under the provisions of an applicable tax treaty. For example,
the U.S.-Israel Double Tax Treaty exempts a U.S. resident from Israeli capital gain tax in connection with such sale, provided that (i)
the U.S. resident owned, directly or indirectly, less than 10% of an Israeli resident company&#8217;s voting power at any time within
the 12 month period preceding such sale; (ii) the seller, being an individual, is present in Israel for a period or periods of less than
183 days in the aggregate at the taxable year; and (iii) the capital gain from the sale was not derived through a permanent establishment
of the U.S. resident in Israel; (iv) the capital gain arising from such sale, exchange or disposition is not attributed to real estate
located in Israel; (v) the capital gains arising from such sale, exchange or disposition is not attributed to royalties; and (vi) the
shareholder is a U.S. resident (for purposes of the U.S.-Israel Treaty) is holding the shares as a capital asset. Under the U.S.-Israel
Double Tax Treaty, a U.S. resident would be permitted to claim a credit for the Israeli tax against the U.S. federal income tax imposed
with respect to the sale, exchange or disposition, subject to the limitations in U.S. laws applicable to foreign tax credits. The U.S-Israel
Double Tax Treaty does not provide such credit against any U.S. state or local taxes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regardless
of whether our shareholders (including non-Israeli shareholders) may be liable for Israeli tax on the sale of their Ordinary Shares,
the payment of the consideration may be subject to the withholding of Israeli tax at source. Shareholders may be required to demonstrate
that they are exempt from tax on their capital gains in order to avoid withholding at source at the time of sale. Specifically, the ITA
may require shareholders who are not liable for Israeli tax to sign declarations in forms specified by this authority, provide documentation
(including, for example, a certificate of residency) or to obtain a specific exemption from the ITA to confirm their status as non-Israeli
resident, and, in the absence of such declarations or exemptions, may require the purchaser of the shares to withhold taxes at source.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the sale of securities traded on a stock exchange a detailed return, including a computation of the tax due, must be filed and an advanced
payment must be paid on January&#160;31 and July&#160;31 of every tax year in respect of sales of securities made within the previous
six months. However, if all tax due was withheld at source according to applicable provisions of the Tax Ordinance and regulations promulgated
thereunder the aforementioned return need not be filed and no advance payment must be paid provided that (i)&#160;such income was not
generated from business conducted in Israel by the taxpayer, (ii)&#160;the taxpayer has no other taxable sources of income in Israel
with respect to which a tax return is required to be filed and an advance payment does not need to be made, and (iii)&#160;the taxpayer
is not obligated to pay excess tax (as further explained below). Capital gain is also reportable on the annual income tax return.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividend
Income</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
a distribution of a dividend to Israeli shareholders by our Company from income attributed to a Benefited Enterprise will be subject
to withholding tax in Israel at a rate of 15% (in the case of non-Israeli shareholders - subject to the receipt in advance of a valid
certificate from the ITA allowing the reduced 15% tax rate or such a reduced tax rate as may be provided under an applicable tax treaty).
A distribution of dividend by our Company from income attributed to a Preferred Enterprise or Preferred Technology Enterprise (if the
Company will be entitled to tax benefits of a Preferred Enterprise or Preferred Technology Enterprise) will generally be subject to withholding
tax in Israel at the following tax rates: Israeli resident individuals &#8212; 20%; Israeli resident companies &#8212; 0%; Non-Israeli
residents &#8212; 20% (subject to the receipt in advance of a valid certificate from the ITA allowing for a reduced tax rate,20% , or
such lower rate as may be provided in an applicable tax treaty),.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
distribution of dividends from income, which is not attributed to a Preferred Enterprise or a Benefited Enterprise to an Israeli resident
individual, will generally be subject to withholding tax at a rate of 25%. However, a 30% tax rate will apply if the dividend recipient
is a &#8220;Substantial Shareholder&#8221; (as defined above) at the time of distribution or at any time during the preceding 12 months
period. If the recipient of the dividend is an Israeli resident corporation, such dividend will be exempt from withholding tax provided
the income from which such dividend is distributed was derived or accrued within Israel and was subject to tax in Israel. An average
rate will be set in case the dividend is distributed from mixed types of income (regular and preferred income).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Tax Ordinance provides that a non-Israeli resident (either individual or corporation) is generally subject to an Israeli income tax on
the receipt of dividends at the rate of 25% (30% if the dividends recipient is a &#8220;Substantial Shareholder&#8221; (as defined above),
at the time of distribution or at any time during the preceding 12 months period). Dividends paid on publicly traded shares, like our
Ordinary Shares, to non-Israeli residents, are generally subject to Israeli withholding tax at a rate of 25%, so long as the shares are
registered with a nominee company (whether or not the recipient is a substantial shareholder); those rates are subject to a reduced tax
rate under the provisions of an applicable double tax treaty (subject to the receipt in advance of a valid certificate from the ITA allowing
for a reduced tax rate). Thus, under the U.S.-Israel Double Tax Treaty the following rates will apply in respect of dividends not attributed
to a Benefited Enterprise or Preferred Enterprise distributed by an Israeli resident company to a U.S. resident: (i) if the U.S. resident
is a corporation which holds during that portion of the taxable year which precedes the date of payment of the dividend and during the
whole of its prior taxable year (if any), at least 10% of the outstanding shares of the voting share capital of the Israeli resident
paying corporation and not more than 25% of the gross income of the Israeli resident paying corporation for such prior taxable year (if
any) consists of certain type of interest or dividends &#8212; the tax rate is 12.5%. Notwithstanding the foregoing, dividends distributed
from income attributed to a Benefited Enterprise or Preferred Enterprise are not entitled to such reduction under such tax treaty but
are subject to withholding tax at the rate of 15% or 20% for such a United States corporate shareholder, provided that the conditions
related to the holding of 10% of our voting capital and to our gross income for the previous year (as set forth in the previous sentence)
are met. The aforementioned rates under the Israel U.S. Double Tax Treaty will not apply if the dividend income was derived through a
permanent establishment of the U.S. resident in Israel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-Israeli resident who receives dividends from which tax was withheld is generally exempt from the obligation to file tax returns in
Israel with respect to such income, provided that (i) such income was not generated from business conducted in Israel by the taxpayer,
(ii) the taxpayer has no other taxable sources of income in Israel with respect to which a tax return is required to be filed, and (iii)
the taxpayer is not obligated to pay excess tax (as further explained below).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payers
of dividends on our Ordinary Shares, including the Israeli stockbroker effectuating the transaction, or the financial institution through
which the securities are held, are generally required, subject to any of the foregoing exemptions, reduced tax rates and the demonstration
of a shareholder regarding his, her or its foreign residency, to withhold tax upon the distribution of dividend at the rate of 25%, so
long as the shares are registered with a nominee company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
paid a dividend in December 2022 but do not expect to further pay any cash dividends in the near future. Following the receipt of a tax
ruling from the Israeli Tax Authorities, the payment was not subject to tax withholding in Israel and the Company will pay the cash capital
amount in full.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Excess
Tax</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of an applicable tax treaty, individuals who are subject to tax in Israel (whether any such individual is an Israeli
resident or non-Israeli resident) are also subject to an additional tax at a rate of 3% on annual income (including, but not limited
to, income derived from dividends, interest and capital gains) exceeding NIS 663,240 for 2022, which amount is linked to the annual change
in the CPI.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Exchange Regulations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-residents
of Israel who hold our Ordinary Shares are able to receive any dividends, and any amounts payable upon the dissolution, liquidation and
winding up of our affairs, repayable in non-Israeli currency at the rate of exchange prevailing at the time of conversion. However, Israeli
income tax is generally required to have been paid or withheld on these amounts. In addition, the statutory framework for the potential
imposition of currency exchange control has not been eliminated and may be restored at any time by administrative action.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estate
and Gift Tax</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
law presently does not impose estate or gift taxes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Material U.S. Federal Income Tax Consequences</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion describes certain material U.S. federal income tax consequences to U.S. Holders (as defined below) under present
law of an investment in our Ordinary Shares or ADSs. This discussion applies only to U.S. Holders that hold our Ordinary Shares or ADSs
as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), that
have acquired their Ordinary Shares or ADSs and that have the U.S. dollar as their functional currency.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on the tax laws of the United States, including the Code, as in effect on the date hereof and on U.S. Treasury regulations
as in effect or, in some cases, as proposed, on the date hereof, the United States-Israel Tax Treaty (the &#8220;Treaty&#8221;), as well
as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject
to change, which change could apply retroactively and could affect the tax consequences described below. We have not sought, and will
not seek, a ruling from the IRS or an opinion of counsel as to any U.S. federal income tax consequence described herein. There can be
no assurances that the IRS will not take a different position concerning the tax consequences of the acquisition, ownership and disposition
of our Ordinary Shares or ADSs or that such a position would not be sustained. This summary does not address any estate or gift tax consequences,
the alternative minimum tax, the Foreign Account Tax Compliance Act or any state, local, or non-U.S. tax consequences.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion neither deals with the tax consequences to any particular investor nor describes all of the tax consequences applicable
to persons in special tax situations such as:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
                                            financial institutions;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
                                            companies;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
                                            investment companies;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
                                            estate investment trusts;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders
                                            that elect to mark to market;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
                                            former citizens or residents of the United States;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
                                            entities;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            holding our Ordinary Shares or ADSs as part of a straddle, hedging, constructive sale, conversion
                                            or integrated transaction;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            that actually (directly or indirectly) or constructively own 10% or more of our total voting
                                            power or value;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            that are residents or ordinarily resident in or have a permanent establishment in a jurisdiction
                                            outside the United States;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            who acquired our Ordinary Shares or ADSs pursuant to the exercise of any employee share option
                                            or otherwise as compensation;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-corporation
                                            and partnerships, including entities classified as partnerships for U.S. federal income tax
                                            purposes;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
                                            or agencies or instrumentalities thereof;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">grantor
                                            trusts;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">passive
                                            foreign investment companies; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">controlled
                                            foreign corporations.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTORS
ARE URGED TO CONSULT THEIR TAX ADVISORS ABOUT THE APPLICATION OF THE U.S. FEDERAL TAX RULES TO THEIR PARTICULAR CIRCUMSTANCES AS WELL
AS THE STATE, LOCAL, NON-U.S. AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES OR
ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to you if you are the beneficial
owner of our Ordinary Shares or ADSs and you are, for U.S. federal income tax purposes,</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual who is a citizen or resident of the United States;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States
    or under the laws of the United States, any state thereof or the District of Columbia;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate, the income of which is subject to U.S. federal income taxation regardless of its source; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons
    for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a
    U.S. person.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -20.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity or other arrangement treated as a partnership for U.S. federal income tax purposes holds our Ordinary Shares or ADSs, the tax
treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. A person that would
be a U.S. Holder if it held our Ordinary Shares or ADSs directly and that is a partner of a partnership holding our Ordinary Shares or
ADSs is urged to consult its own tax advisor.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ownership
of ADSs</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
U.S. federal income tax purposes, a holder of ADSs generally will be treated as the owner of the Ordinary Shares represented by such
ADSs. Gain or loss will generally not be recognized on account of exchanges of Ordinary Shares for ADSs, or of ADSs for ordinary shares.
References to ordinary shares in the discussion below are deemed to include ADSs, unless context otherwise requires.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive
Foreign Investment Company</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our anticipated income and the composition of our income and assets, there is a significant risk that we will be a passive foreign
investment company, or PFIC, for U.S. federal income tax purposes at least until we start generating a substantial amount of active revenue.
Because PFIC status is a factual determination based on actual results for the entire taxable year, there can be no assurance that we
were not a PFIC in 2022 and will not be a PFIC in subsequent years, as our operating results for any such years may cause us to be a
PFIC. A non-U.S. entity treated as a corporation for U.S. federal income tax purposes will generally be a PFIC for U.S. federal income
tax purposes for any taxable year after applying certain look-through rules with respect to the income and assets of subsidiaries if
either:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                            least 75% of its gross income for such year is passive income (such as interest income);
                                            or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                            least 50% of the value of its assets (based on an average of the quarterly values of the
                                            assets) during such year is attributable to assets that produce passive income or are held
                                            for the production of passive income.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passive
income for this purpose generally includes dividends, interest, royalties, rents, gains from commodities and securities transactions,
the excess of gains over losses from the disposition of assets which produce passive income, and includes amounts derived by reason of
the temporary investment of funds raised in offerings of our shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
this purpose, we will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of
any other entity treated as a corporation for U.S. federal income tax purposes in which we own, directly or indirectly, 25% or more (by
value) of the stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
separate determination must be made after the close of each taxable year as to whether we were a PFIC for that year. Because the value
of our assets for purposes of the PFIC test will generally be determined by reference to the market price of our Ordinary Shares, our
PFIC status may depend in part on the market price of our Ordinary Shares, which may fluctuate significantly. In addition, there may
be certain ambiguities in applying the PFIC test to us. No rulings from the U.S. Internal Revenue Service, or IRS, however, have been
or will be sought with respect to our status as a PFIC. If we are a PFIC for any taxable year during which you hold our Ordinary Shares,
we generally will continue to be treated as a PFIC with respect to your investment in our Ordinary Shares for all succeeding years during
which you hold our Ordinary Shares, unless we cease to be a PFIC and you make a &#8220;deemed sale&#8221; election with respect to our
Ordinary Shares. If such election is made, you will be deemed to have sold our Ordinary Shares you hold at their fair market value on
the last day of the last taxable year in which we were a PFIC, and any gain from such deemed sale would be subject to taxation under
the excess distribution regime described below. After the deemed sale election, your Ordinary Shares with respect to which the deemed
sale election was made will not be treated as shares in a PFIC unless we subsequently become a PFIC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each taxable year that we are treated as a PFIC with respect to you, you will be subject to special tax rules with respect to any &#8220;excess
distribution&#8221; (as defined below) you receive and any gain you realize from a sale or other disposition (including a pledge) of
our Ordinary Shares, unless you make a valid &#8220;mark-to-market&#8221; election as discussed below. Distributions you receive in a
taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable
years or your holding period for our Ordinary Shares will be treated as an excess distribution. Under these special tax rules:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            excess distribution or gain will be allocated ratably over your holding period for our Ordinary
                                            Shares;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            amount allocated to the current taxable year, and any taxable years in your holding period
                                            prior to the first taxable year in which we were a PFIC, will be treated as ordinary income;
                                            and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            amount allocated to each other taxable year will be subject to the highest tax rate in effect
                                            for individuals or corporations, as applicable, for each such year and the interest charge
                                            generally applicable to underpayments of tax will be imposed on the resulting tax attributable
                                            to each such year.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -20.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax liability for amounts allocated to taxable years prior to the year of disposition or excess distribution cannot be offset by any
net operating losses, and gains (but not losses) realized on the sale of our Ordinary Shares cannot be treated as capital gains, even
if you hold our Ordinary Shares as capital assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are treated as a PFIC with respect to you for any taxable year, to the extent any of our subsidiaries are also PFICs, you may be deemed
to own shares in such lower-tier PFICs that are directly or indirectly owned by us in that proportion which the value of our Ordinary
Shares you own bears to the value of all of our Ordinary Shares, and you may be subject to the adverse tax consequences described above
with respect to the shares of such lower-tier PFICs you would be deemed to own. As a result, you may incur liability for any excess distribution
described above if we receive a distribution from our lower-tier PFICs or if any shares in such lower-tier PFICs are disposed of (or
deemed disposed of). You should consult your tax advisor regarding the application of the PFIC rules to any of our subsidiaries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder of &#8220;marketable stock&#8221; (as defined below) in a PFIC may make a mark-to-market election for such stock to elect
out of the tax treatment discussed above. If you make a valid mark-to-market election for our Ordinary Shares, you will include in income
for each year that we are treated as a PFIC with respect to you an amount equal to the excess, if any, of the fair market value of our
Ordinary Shares as of the close of your taxable year over your adjusted basis in such Ordinary Shares. You will be allowed a deduction
for the excess, if any, of the adjusted basis of our Ordinary Shares over their fair market value as of the close of the taxable year.
However, deductions will be allowable only to the extent of any net mark-to-market gains on our Ordinary Shares included in your income
for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other
disposition of our Ordinary Shares, will be treated as ordinary income. Ordinary loss treatment will also apply to the deductible portion
of any mark-to-market loss on our Ordinary Shares, as well as to any loss realized on the actual sale or disposition of our Ordinary
Shares, to the extent the amount of such loss does not exceed the net mark-to-market gains for such Ordinary Shares previously included
in income. Your basis in our Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a mark-to-market
election, any distributions we make would generally be subject to the rules discussed below under &#8220;&#8212; Taxation of dividends
and other distributions on our Ordinary Shares,&#8221; except the lower rates applicable to qualified dividend income would not apply.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for &#8220;marketable stock,&#8221; which is stock that is regularly traded on a qualified
exchange or other market, as defined in applicable U.S. Treasury regulations. We expect our Ordinary Shares will continue to be listed
on Nasdaq. Because a mark-to-market election cannot be made for equity interests in any lower-tier PFICs we own, you generally will continue
to be subject to the PFIC rules with respect to your indirect interest in any investments held by us that are treated as an equity interest
in a PFIC for U.S. federal income tax purposes. The Nasdaq is a qualified exchange, but there can be no assurance that the trading in
our Ordinary Shares will be sufficiently regular to qualify our Ordinary Shares as marketable stock. You should consult your tax advisor
as to the availability and desirability of a mark-to-market election, as well as the impact of such election on interests in any lower-tier
PFICs. Alternatively, if a non-U.S. entity treated as a corporation is a PFIC, a holder of shares in that entity may avoid taxation under
the PFIC rules described above regarding excess distributions and recognized gains by making a &#8220;qualified electing fund&#8221;
election to include in its income, on a current basis: (1) as ordinary income, its pro rata share of the &#8220;ordinary earnings&#8221;
of the qualified electing fund; and (2) as long-term capital gain, its pro rata share of the &#8220;net capital gain&#8221; of the qualified
electing fund. However, you may make a qualified electing fund election with respect to your Ordinary Shares only if we furnish you annually
with certain tax information, and we currently do not intend to prepare or provide such information.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder of a PFIC may be required to file an IRS Form 8621. The failure to file this form when required could result in substantial
penalties. If we are a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you. You are
urged to consult your tax advisor regarding the application of the PFIC rules to the acquisition, ownership and disposition of our Ordinary
Shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">YOU
ARE STRONGLY URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE IMPACT OF OUR BEING A PFIC ON YOUR INVESTMENT IN OUR ORDINARY SHARES OR
ADSs AS WELL AS THE APPLICATION OF THE PFIC RULES AND THE POSSIBILITY OF MAKING A MARK-TO-MARKET ELECTION.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Dividends and Other Distributions on our Ordinary Shares</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed above, the gross amount of any distributions we make to you (including the amount of any tax withheld) with
respect to our Ordinary Shares generally will be includible in your gross income as dividend income on the date of receipt by the holder,
but only to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal
income tax principles). The dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of
dividends received from other U.S. corporations. To the extent the amount of the distribution exceeds our current and accumulated earnings
and profits (as determined under U.S. federal income tax principles), such excess amount will be treated first as a tax-free return of
your tax basis in your Ordinary Shares, and then, to the extent such excess amount exceeds your tax basis in your Ordinary Shares, as
capital gain. We currently do not, and we do not intend to, calculate our earnings and profits under U.S. federal income tax principles.
Therefore, you should expect that a distribution will generally be reported as a dividend even if that distribution would otherwise be
treated as a non-taxable return of capital or as capital gain under the rules described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to certain non-corporate U.S. Holders, including individual U.S. Holders, dividends may be taxed at the lower capital gain rates
applicable to &#8220;qualified dividend income,&#8221; provided (1) our Ordinary Shares are readily tradable on an established securities
market in the United States (such as Nasdaq), (2) we are neither a PFIC nor treated as such with respect to you (as discussed above)
for either the taxable year in which the dividend was paid or the preceding taxable year, (3) certain holding period requirements are
met and (4) you are not under an obligation to make related payments with respect to positions in substantially similar or related property.
As discussed above under &#8220;Passive Foreign Investment Company,&#8221; there is a significant risk that we will be a PFIC for U.S.
federal income tax purposes, and, as a result, the qualified dividend rate may be unavailable with respect to dividends we pay.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
amount of any distribution paid in a currency other than U.S. dollars will be equal to the U.S. dollar value of such currency on the
date such distribution is includible in your income, regardless of whether the payment is in fact converted into U.S. dollars at that
time. If the foreign currency is converted into U.S. dollars on the date of receipt, a U.S. Holder generally will not be required to
recognize foreign currency gain or loss in respect of the distribution. A U.S. Holder may have foreign currency gain or loss if the foreign
currency is converted into U.S. dollars after the date of receipt, depending on the exchange rate at the time of conversion. Any gains
or losses resulting from the conversion of foreign currency into U.S. dollars generally will be treated as ordinary income or loss, as
the case may be, and generally will be treated as U.S. source. In addition, proposed Treasury regulations (which taxpayers may rely upon
pending publication of final regulations) issued on December 18, 2017, provide that certain taxpayers may elect to &#8216;mark to market&#8217;
gain or loss resulting from exchange rate fluctuations. The proposed regulations are complex, and you should consult your tax advisor
regarding the availability of the proposed regulations in your particular circumstances. The amount of any distribution of property other
than cash will be equal to the fair market value of such property on the date of distribution.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Subject
to certain significant conditions and limitations, including potential limitations under the Treaty, U.S. Holders may be entitled to
a credit against their U.S. federal income tax liability or a deduction against U.S. federal taxable income in an amount equal to the
non-refundable Israeli tax withheld on distributions on our Ordinary Shares. The election to deduct, rather than credit, foreign taxes,
is made on a year-by-year basis and applies to all foreign taxes paid by a U.S. Holder or withheld from a U.S. Holder that year. Distributions
paid on our Ordinary Shares will generally be treated as passive income that is foreign source for U.S. foreign tax credit purposes.
As a result of recent changes to the U.S. foreign tax credit rules, a withholding tax generally will need to satisfy certain additional
requirements in order to be considered a creditable tax for a U.S. Holder. We have not determined whether these requirements have been
met and, accordingly, no assurance can be given that any withholding tax on dividends paid by us will be creditable. U.S. Holders should
consult their own tax advisors to determine whether and to what extent they would be entitled to such credit.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Disposition of Ordinary Shares</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Subject
to the PFIC rules discussed above, upon a sale or other disposition of Ordinary Shares, you will generally recognize capital gain or
loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized (including the amount of any
tax withheld) and your tax basis in such Ordinary Shares. If the consideration you receive for our Ordinary Shares is not paid in U.S.
dollars, the amount realized will be the U.S. dollar value of the payment received determined by reference to the spot rate of exchange
on the date of the sale or other disposition. However, if our Ordinary Shares are treated as traded on an &#8220;established securities
market&#8221; and you are either a cash basis taxpayer or an accrual basis taxpayer that has made a special election (which must be applied
consistently from year to year and cannot be changed without the consent of the IRS), you will determine the U.S. dollar value of the
amount realized in a non-U.S. dollar currency by translating the amount received at the spot rate of exchange on the settlement date
of the sale. If you are an accrual basis taxpayer that is not eligible to or does not elect to determine the amount realized using the
spot rate on the settlement date, you will recognize foreign currency gain or loss to the extent of any difference between the U.S. dollar
amount realized on the date of sale or disposition and the U.S. dollar value of the currency received at the spot rate on the settlement
date. In addition, proposed Treasury regulations (which taxpayers may rely upon pending publication of final regulations) issued on December
18, 2017, provide that certain taxpayers may elect to &#8220;mark to market&#8221; gain or loss resulting from exchange rate fluctuations.
The proposed regulations are complex, and you should consult your tax advisor regarding the availability of the proposed regulations
in your particular circumstances.&#160;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
tax basis in our Ordinary Shares generally will equal the cost of such Ordinary Shares. If you are a non-corporate U.S. Holder, capital
gain from the sale, exchange or other disposition of shares is generally eligible for a preferential rate of taxation applicable to capital
gains, if your holding period determined at the time of such sale, exchange or other disposition for such shares exceeds one year (i.e.,
such gain is long-term capital gain). The deductibility of capital losses is subject to significant limitations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that, the sale, exchange or disposition of our Ordinary Shares would be subject to Israeli tax, a U.S. Holder generally will
not be entitled to claim a foreign tax credit for such tax unless the U.S. Holder is eligible for benefits under the Treaty, is considered
a resident of the United States for purposes of the Treaty, and &#160;<b>&#160;</b>otherwise meets the requirements for claiming benefits
under the Treaty. In lieu of claiming a credit, a U.S. Holder may be able to elect to deduct the Israeli taxes in computing taxable income,
subject to applicable limitations. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign
taxes paid or accrued in the relevant taxable year. U.S. Holders should consult their own tax advisors regarding the &#160;deduction
or credit for any such Israeli tax and their eligibility for the benefits of the Treaty.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
with respect to Net Investment Income Tax</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders who are individuals, estates or trusts may be required to pay an additional 3.8% Net Investment Income Tax, or NIIT, on,
among other things, dividends and capital gains from the sale or other disposition of our shares. For individuals, the additional NIIT
tax applies to the lesser of (i) &#8220;net investment income&#8221; or (ii) the excess of &#8220;modified adjusted gross income&#8221;
over $200,000 ($250,000 if married and filing jointly or $125,000 if married and filing separately). &#8220;Net investment income&#8221;
generally equals the taxpayer&#8217;s gross investment income reduced by the deductions that are allocable to such income. U.S. Holders
will likely not be able to credit foreign taxes against the 3.8% NIIT.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
with respect to Reporting Requirements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders may be required to file IRS Form 926, Return by U.S. Transferor of Property to a Foreign Corporation and IRS Form 5471,
Information Return of U.S. Persons With Respect to Certain Foreign Corporations, reporting transfers of cash or other property to us
and information relating to the U.S. Holder and us. Substantial penalties may be imposed upon a U.S. Holder that fails to comply.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders owning &#8220;specified foreign financial assets&#8221; may be required to file IRS Form 8938, or Statement of Specified
Foreign Financial Assets, with respect to such assets with their tax returns. &#8220;Specified foreign financial assets&#8221; generally
include any financial accounts maintained by foreign financial institutions, as well as any of the following, but only if they are not
held in accounts maintained by financial institutions: (i) stocks and securities issued by non-U.S. persons (ii) financial instruments
and contracts held for investment that have non-U.S. issuers or counterparties and (iii) interests in foreign entities. The IRS has issued
guidance exempting &#8220;specified foreign financial assets&#8221; held in a financial account from reporting under this provision (although
the financial account itself, if maintained by a foreign financial institution, may remain subject to this reporting requirement). The
failure to file this form when required could result in substantial penalties. You are urged to consult your tax advisors regarding the
application of these requirements to your ownership of our shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, certain U.S. Holders may be required to report additional information relating to an interest in our Ordinary Shares, subject
to certain exceptions. You are urged to consult your tax advisors regarding your information reporting obligations, if any, with respect
to your ownership and disposition of our Ordinary Shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Backup
Withholding Tax</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
information reporting requirements will apply to distributions on our Ordinary Shares or proceeds on the disposition of our Ordinary
Shares paid within the United States (and, in certain cases, outside the United States) to U.S. Holders other than certain exempt recipients,
such as corporations. Furthermore, backup withholding may apply to such amounts if the U.S. Holder fails to (i) provide a correct taxpayer
identification number, (ii) report interest and dividends required to be shown on its U.S. federal income tax return, or (iii) make other
appropriate certifications in the required manner. U.S. Holders who are required to establish their exempt status generally must provide
such certification on IRS Form W-9.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Amounts withheld as backup withholding from a payment may be credited against a U.S. Holder&#8217;s
U.S. federal income tax liability and such U.S. Holder may obtain a refund of any excess amounts withheld by timely filing the appropriate
claim for refund with the IRS and furnishing any required information in a timely manner.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
SUMMARY OF CERTAIN MATERIALU.S. FEDERAL INCOME TAX CONSEQUENCES SET OUT ABOVE IS FOR GENERAL INFORMATIONAL PURPOSES ONLY. INVESTORS ARE
URGED TO CONSULT THEIR TAX ADVISORS ABOUT THE APPLICATION OF THE U.S. FEDERAL TAX RULES TO THEIR PARTICULAR CIRCUMSTANCES AS WELL AS
THE STATE, LOCAL, NON-U.S. AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES OR ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_049"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>F.
Dividends and Paying Agents</b></span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_050"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.
Statements by Experts</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_051"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.
Documents on Display</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may read and copy this annual report on Form 20-F, including the related exhibits and schedules, and any document we file with the SEC
through the SEC&#8217;s website at www.sec.gov.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section 16 of the Exchange Act. Furthermore, as a foreign private issuer, we are also not subject to the requirements of Regulation
FD (Fair Disclosure) promulgated under the Exchange Act. In addition, we are not be required under the Exchange Act to file annual or
other reports and consolidated financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are
registered under the Exchange Act. Instead, we must file with the SEC, within 120 days after the end of each fiscal year, or such other
applicable time as required by the SEC, an annual report on Form 20-F containing consolidated financial statements audited by an independent
registered public accounting firm. We also intend to furnish certain other material information to the SEC under cover of Form 6-K.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 89; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
maintain a corporate website at&#160;www.medigus.com<i>.</i>&#160;Information contained on, or that can be accessed through, our website
does not constitute a part of this Annual Report on Form 20-F. We have included our website address in this annual report on Form 20-F
solely as an inactive textual reference.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_052"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.
Subsidiary Information</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not<b>&#160;</b>applicable.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.
Annual Report to Security Holders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_053"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;11.
QUANTITATIVE&#160;AND QUALITATIVE&#160;DISCLOSURES ABOUT&#160;MARKET RISK</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
risk is the risk of loss related to changes in market prices, including interest rates and foreign exchange rates, of financial instruments
that may adversely impact our consolidated financial position, results of operations or cash flows.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risk of Interest Rate Fluctuation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, our investments consist primarily of
cash and cash equivalents and short-term bank deposits. We follow an investment policy that was set by our board of directors, pursuant
to which we currently invest in tradable short term Israeli government loans or bank deposits. Our investments are exposed to market risk
due to fluctuation in interest rates, which may affect our interest income and the fair market value of our investments. Our interest
income is not material and a changes in interest rates would not have a significant impact on us. We manage this exposure by performing
ongoing evaluations of our investments. Due to the short-term maturities of our investments to date, their carrying value has always approximated
their fair value. It is our current policy to hold investments to maturity in order to limit our exposure to interest rate fluctuations.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Exchange Risk</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reporting and functional currency is the U.S. dollar. Our revenues are currently primarily payable in the U.S. dollars and Euros, and
we expect our future revenues to be denominated primarily in U.S. dollars and Euros. However, certain amount of our expenses are in NIS
and as a result, we are exposed to the currency fluctuation risks relating to the recording of our expenses in the U.S. dollars. We may,
in the future, decide to enter into currency hedging transactions. These measures, however, may not adequately protect us from material
adverse effects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have not engaged in hedging transactions, however we hold our investments in both NIS and US dollars. In the future, we may
enter into currency hedging transactions to decrease the risk of financial exposure from fluctuations in the exchange rates of our principal
operating currencies. These measures, however, may not adequately protect us from the material adverse effects of such fluctuations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
interest rate risk exposure is in respect to bank deposits, which expose us to risk due to change in fair value interest rates. As of
December 31, 2022, these deposits carried relatively low interest rates and under these low interest rates, reasonable changes in interest
rates are expected have negligible impact on the fair value of these assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><div><a id="a_054"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>ITEM
12. DESCRIPTION&#160;OF&#160;SECURITIES OTHER THAN EQUITY SECURITIES</b></span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_055"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>A.
Debt Securities.</b></span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_056"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>B.
Warrants and rights. </b></span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_057"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>C.
Other Securities.</b></span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_058"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>D.
American Depositary Shares.</b></span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary description of the ADSs and does not purport to be complete. Each ADS represents 15 Ordinary Shares (or a right
to receive 15 Ordinary Shares) deposited with The Bank of New York Mellon, located in Manchester, as custodian for the Bank of New York
Mellon as the Depositary. Each ADS also represents any other securities, cash or other property which may be held by the Depositary.
The Depositary&#8217;s office at which the ADSs will be administered is located at 240 Greenwich Street, New York, New York 10286.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 90; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
form of the deposit agreement for the ADSs and the form of American Depositary Receipt (ADR) that represents an ADS as filed as exhibits
to the Company&#8217;s registration statement on Form F-6 with the SEC on May 7, 2015, as amended on October 26, 2020. Copies of the
deposit agreement are available for inspection at the principal office of the Bank of New York Mellon, located at 240 Greenwich Street,
New York, New York 10286.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees
and Expenses</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="border-bottom: black 1.5pt solid; vertical-align: top; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Persons
    depositing or withdrawing shares or ADS<br/>
    holders must pay</i>:</b></span></td>
    <td style="vertical-align: top; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>For</i>:</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 54%; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs)</span></td>
    <td style="width: 1%; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 3%; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="width: 42%; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of ADSs, including issuances resulting from a distribution of shares or rights or other property</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation
    of ADSs for the purpose of withdrawal, including if the deposit agreement terminates</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.05
    (or less) per ADS</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    cash distribution to ADS holders</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited
    for issuance of ADSs</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
    of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS holders</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.05
    (or less) per ADS per calendar year</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary
    services</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    or transfer fees</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
    and registration of shares on our share register to or from the name of the Depositary or its agent when you deposit or withdraw
    shares</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
    of the Depositary</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cable,
    telex and facsimile transmissions (when expressly provided in the deposit agreement)</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">converting
    foreign currency to U.S. dollars</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    and other governmental charges the Depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
    taxes, stamp duty or withholding taxes</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    necessary</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    charges incurred by the depositary or its agents for servicing the deposited securities</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    necessary</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The Depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The Depositary may collect any of its fees by deduction from any cash distribution payable
to ADS holders that are obligated to pay those fees. The Depositary may generally refuse to provide fee-attracting services until its
fees for those services are paid.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Depositary may make payments to us to reimburse and/or share revenue from the fees collected from ADS holders, or waive
fees and expenses for services provided, generally relating to costs and expenses arising out of establishment and maintenance of the
ADS program. In performing its duties under the deposit agreement, the Depositary may use brokers, dealers or other service providers
that are affiliates of the Depositary and that may earn or share fees or commissions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payment
of Taxes</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any
of your ADSs. The Depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented
by your ADSs until such taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by
your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the Depositary sells deposited securities, it will,
if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property,
remaining after it has paid the taxes.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 91; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_059"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART&#160;II</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_060"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;13.
DEFAULTS, DIVIDEND&#160;ARREARAGES&#160;AND DELINQUENCIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no defaults, dividend arrangements or delinquencies that are required to be disclosed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_061"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_062"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;15.
CONTROLS AND PROCEDURES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a)
Disclosure controls and procedures</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, including our chief executive officer and chief financial officer, has evaluated the effectiveness of our disclosure controls
and procedures as of December 31, 2022. The term &#8220;disclosure controls and procedures&#8221;, as defined in Rules 13a-15(e) and
15d-15(e) under the Exchange Act, means controls and other procedures that are designed to ensure that information required to be disclosed
by us in the reports that we file or submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitation, controls and procedures
designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated
and communicated to the our management, including our chief executive officer and chief financial officer, or persons performing similar
functions, as appropriate to allow timely decisions regarding required disclosure. Based on the foregoing, our chief executive officer
and chief financial officer have concluded that, as of December 31, 2022, our disclosure controls and procedures were effective.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)
Management report on internal control over financial reporting</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, under the supervision of our chief executive officer and chief financial officer, is responsible for establishing and maintaining
adequate internal control over our financial reporting. The Company&#8217;s internal control over financial reporting, as defined in
Rules 13a-15(f) and 15d-15(f) of the Exchange Act, means a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. Internal control over financial reporting includes policies and procedures that:</span></p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 49.5pt; text-indent: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; width: 22.5pt; text-indent: 0pt; vertical-align: top">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pertain
                                            to the maintenance of records that in reasonable detail accurately and fairly reflect our
                                            transactions and asset dispositions.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 49.5pt; text-indent: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; width: 22.5pt; text-indent: 0pt; vertical-align: top">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
                                            reasonable assurance that transactions are recorded as necessary to permit the preparation
                                            of our financial statements in accordance with generally accepted accounting principles,
                                            and that our receipts and expenditures are being made only in accordance with authorizations
                                            of our management and directors; and</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 49.5pt; text-indent: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; width: 22.5pt; text-indent: 0pt; vertical-align: top">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
                                            reasonable assurance regarding the prevention or timely detection of unauthorized acquisition,
                                            use or disposition of assets that could have a material effect on our financial statements.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management evaluated the effectiveness of our internal control over financial reporting as of December 31, 2022, based on the criteria
established in Internal Control&#8212;Integrated Framework (2013)&#160;issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Based on this evaluation, our management concluded that, as of December 31, 2022, the Company&#8217;s internal control
over financial reporting was not effective since a significant subsidiary of the Company, Gix Internet, whose financial statements were
initially consolidated in March 2022, was excluded from management&#8217;s evaluation of the effectiveness of internal control over financial
reporting as of December 31, 2022 due to post acquisition exclusion made by Viewbix, a subsidiary of Gix Internet in accordance with
the SEC guidance during the fiscal year post acqusition. Gix Internet&#8217;s assets constitute 52% of the Company&#8217;s assets as
of December 31, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(c)
Attestation Report of the Registered Public Accounting Firm</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(d)
Changes in internal control over financial reporting</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Other
than the changes to our internal control over financial reporting resulting from the consolidation of the financial statements of Gix
Internet in March 2022, there were no changes in internal control over financial reporting during the year ended December 31, 2022, that
have materially affected or are reasonably likely to materially affect the Company&#8217;s internal control over financial reporting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_063"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;16.
RESERVED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_064"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>ITEM&#160;16A.
AUDIT COMMITTEE FINANCIAL EXPERT</b></span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has determined that Mr. Eliyahu Yoresh is an audit committee financial expert as defined under the rules under the
Exchange Act, and is independent in accordance with applicable Exchange Act rules and Nasdaq Stock Market rules.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_065"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;16B.
CODE OF ETHICS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2016, we adopted a written code of ethics and business conduct, which applies to all our directors, officers and employees, including
without limitation our, Chief Executive Officer, Chief Financial Officer, and controller, or persons performing similar functions. This
code of ethics is posted on our website, www.medigus.com.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_066"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;16C.
PRINCIPAL&#160;ACCOUNTANT FEES&#160;AND SERVICES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees
and services</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brightman
Almagor Zohar and Co., Certified Public Accountant (Isr.), a firm in the Deloitte Global Network, has served as our principal independent
registered public accounting firm for the years ended December 31, 2022, and 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table provides information regarding consolidated fees related to Brightman Almagor Zohar and Co., for all services, including
audit services, for the year ended December 31, 2022, and for the year ended December 31, 2021:</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Year
    Ended<br/> December&#160;31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Year
    Ended<br/> December&#160;31,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">(USD
    in thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit fees<sup>(1)</sup></span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">575</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">721</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-Related Fees<sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">369</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax fees<sup>(3)</sup></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">96</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">771</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,123</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Includes
    professional services rendered in connection with the audit of our annual financial statements and the review of our interim financial
    statements. This category also includes services that generally the independent accountant provides, such as consents and assistance
    with and review of documents filed with the SEC.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2022, audit fee included are for Medigus, Eventer, Gix Internet and Jeffs&#8217; Brands.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2021, audit fee included are for Medigus, ScoutCam, Eventer, Gix Internet and Jeffs&#8217; Brands.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Includes
    mainly offering costs and related services by the principal accountant that are reasonably related to the performance of the audit
    or review of the registrant&#8217;s financial statements.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2022, audit related fee included Medigus, Eventer, Gix Internet and Jeffs&#8217; Brands.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2021, audit related fee included for Medigus, Scoutcam, Jeffs&#8217; Brands, and Eventer.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    fees for professional services rendered by our independent registered public accounting firm for tax compliance and tax advice on
    actual or contemplated transactions.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
committee&#8217;s pre-approval policies and procedures</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee&#8217;s specific responsibilities in carrying out its oversight of the quality and integrity of the accounting, auditing
and reporting practices of our Company include the approval of audit and non-audit services to be provided by the external auditor. The
audit committee approves in advance the particular services or categories of services to be provided to us during the following yearly
period and also sets forth a specific budget for such audit and non-audit services. Additional non-audit services may be pre-approved
by the audit committee</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_067"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_068"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>ITEM&#160;16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_069"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;16F.
CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_070"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;16G.
CORPORATE GOVERNANCE</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nasdaq
Stock Market Listing Rules and Home Country Practices</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are permitted to follow Israeli corporate governance practices instead of Nasdaq Marketplace rules, provided
that we disclose which requirements we are not following and the equivalent Israeli requirement. We rely on this &#8220;foreign private
issuer exemption&#8221; with respect to the following items:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left; text-indent: 32.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Quorum</i>.
                                            While the Marketplace Rules of the Nasdaq Stock Market require that the quorum for purposes
                                            of any meeting of the holders of a listed company&#8217;s common voting stock, as specified
                                            in the company&#8217;s bylaws, be no less than 33 1/3% of the company&#8217;s outstanding
                                            common voting stock, under Israeli law, a company is entitled to determine in its articles
                                            of association the number of shareholders and percentage of holdings required for a quorum
                                            at a shareholders meeting. Our amended and restated articles of association provide that
                                            a quorum of two or more shareholders holding at least 10% of the voting rights in person
                                            or by proxy is required for commencement of business at a general meeting so long as (i)
                                            such general meeting was initiated by and convened pursuant to a resolution adopted by the
                                            Board of Directors and (ii) at the time of such general meeting the Company is qualified
                                            to use the forms of a &#8220;foreign private issuer&#8221; under US securities laws. However,
                                            the quorum set forth in our amended and restated articles of association with respect to
                                            an adjourned meeting consists of any number of shareholders present in person or by proxy.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51.5pt; text-align: left; text-indent: 32.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Approval
                                            of Related Party Transactions</i>. All related party transactions are approved in accordance
                                            with the requirements and procedures for approval of interested party acts and transactions,
                                            set forth in sections 268 to 275 of the Companies Law, and the regulations promulgated thereunder,
                                            which require the approval of the audit committee, the compensation committee, the board
                                            of directors and shareholders, as may be applicable, for specified transactions, rather than
                                            approval by the audit committee or other independent body of our board of directors as required
                                            under the Listing Rules of the Nasdaq Stock Market.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
                                            Compensation Plans</i>.&#160;We do not necessarily seek shareholder approval for the establishment
                                            of, and amendments to, stock option or equity compensation plans (as set forth in Nasdaq
                                            Listing Rule 5635(c)), as such matters are not subject to shareholder approval under Israeli
                                            law. We will attempt to seek shareholder approval for our stock option or equity compensation
                                            plans (and the relevant annexes thereto) to the extent required in order to ensure they are
                                            tax qualified for our employees in the United States. However, even if such approval is not
                                            received, then the stock option or equity compensation plans will continue to be in effect,
                                            but we will not be able to grant options to our U.S. employees that qualify as Incentive
                                            Stock Options for U.S. federal tax purpose. Our stock option or other equity compensation
                                            plans are also available to our non-U.S. employees, and provide features necessary to comply
                                            with applicable non-U.S. tax laws.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shareholder
                                            approval.</i>&#160; Rather than follow the Nasdaq rules requiring shareholder approval for
                                            the issuance of securities in certain circumstances, we follow Israeli law, under which a
                                            private placement of securities requires approval by our board of directors and shareholders
                                            if it will cause a person to become a controlling shareholder (generally presumed at 25%
                                            ownership) or if: (a) the securities issued amount to 20% or more of our outstanding voting
                                            rights before the issuance; (b) some or all of the consideration is other than cash or listed
                                            securities or the transaction is not on market terms; and (c) transaction will increase the
                                            relative holdings of a shareholder that holds 5% or more of our outstanding share capital
                                            or voting rights or will cause any person to become, as a result of the issuance, a holder
                                            of more than 5% of our outstanding share capital or voting rights.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Otherwise,
we comply with the rules generally applicable to U.S. domestic companies listed on the Nasdaq Stock Market. We may in the future decide
to use the foreign private issuer exemption with respect to some or all of the other Nasdaq Marketplace Rules related to corporate governance.
We also comply with Israeli corporate governance requirements under the Israeli Companies Law applicable to public companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_071"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;16H.
MINE SAFETY DISCLOSURE</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_072"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_073"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART&#160;III</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_074"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><b>ITEM&#160;17.
FINANCIAL STATEMENTS</b></span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_075"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;18.
FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements and the related notes required by this Item are included in this annual report on Form 20-F beginning
on page&#160;F-1.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_076"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;19.
EXHIBITS </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="9" style="border-bottom: black 1.5pt solid; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;
    Incorporation by Reference</b></span></td></tr>
  <tr>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 7%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit&#160;No.</b></span></td>
    <td style="vertical-align: top; width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 41%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td>
    <td style="vertical-align: top; width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 5%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Form</b></span></td>
    <td style="vertical-align: bottom; width: 1%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 10%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>File
    No.</b></span></td>
    <td style="vertical-align: bottom; width: 1%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 7%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit&#160;No.</b></span></td>
    <td style="vertical-align: top; width: 1%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 16%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Filing
    Date</b></span></td>
    <td style="vertical-align: top; width: 1%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 8%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Filed
    / Furnished</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex1-1_medigusltd.htm">Articles
    of Association of Medigus Ltd., as amended</a></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1618500/000117891315001517/exhibit_2-1.htm">Form
    of Deposit Agreement between Medigus Ltd., The Bank of New York Mellon as Depositary, and owners and holders from time to time of
    ADSs issued thereunder, including the Form of American Depositary Shares</a></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37381</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    7, 2015</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1618500/000121390018009341/ff12018a2ex4-1_medigusltd.htm">Form
    of Series C Warrant Agent Agreement between the Registrant and Computershare Inc., as warrant agent, including Form of Series C Warrant</a></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-2225610</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    18, 2018</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex2-3_medigusltd.htm">Description
    of Securities</a></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#8224;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1618500/000117891315001517/exhibit_4-6.htm">2013
    Share Option and Incentive Plan</a></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37381</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    7, 2015</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#8224;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1618500/000121390022022705/f20f2021ex4-2_medigusltd.htm">Compensation
    Policy of Medigus Ltd., as adopted on August 30, 2021</a></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37381&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    29, 2022&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&#8224;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1618500/000117891315001517/exhibit_4-15.htm">Form
    of Indemnification and Exculpation Undertaking</a></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37381</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    7, 2015</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>

<tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1618500/000121390021026459/f20f2020ex4-19_medigusltd.htm">Loan
    and Pledge Agreement by and between the Registrant, Smart Repair Pro, Inc., and its stockholder, dated February 2, 2021***</a>&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37381</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 14, 2021&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1618500/000121390021026459/f20f2020ex4-20_medigusltd.htm">First
    Amendment to Loan and Pledge Agreement by and between the Registrant, Smart Repair Pro, Inc., and its stockholder, dated February
    5, 2021***</a></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37381</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.20</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 14, 2021&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex4-6_medigusltd.htm">Loan
    Agreement by and between the Company and Gix Internet Ltd. dated October 12, 2021</a></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex4-7_medigusltd.htm">Amendment
    to the Loan Agreement by and between the Company and Gix Internet Ltd. dated August 25, 2022, and effective as of July 1, 2022.</a></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex4-8_medigusltd.htm">Share
    Purchase Agreement, by and among the Company, Parazero, Delta Drone International Ltd., L.I.A Pure Capital Ltd. and other entities
    listed therein., dated January 28, 2022.</a></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 41%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex4-9_medigusltd.htm">Securities
                           Exchange Agreement by and between Medigus Ltd., the additional shareholders of Charging Robotics Ltd. and
                           Fuel Doctor Holdings, Inc dated March 28, 2023.</a></span></p></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 95; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 7%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 41%; text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex8-1_medigusltd.htm">List
    of Subsidiaries&#160;</a></span></td>
    <td style="width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 5%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 10%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 7%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 16%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 8%; text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-1_medigusltd.htm">Certification
    of Chief Executive Officer as required by rule 13a-14(a)(1)</a></span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;**</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-2_medigusltd.htm">Certification
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;**</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex13-1_medigusltd.htm">Certification
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;**</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex13-2_medigusltd.htm">Certification
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;**</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex15-1_medigusltd.htm"><span style="font-size: 10pt">Consent
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Schema Document.</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Calculation Linkbase Document.</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104**</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
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    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.3in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
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</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.3in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished
                                            herewith.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.3in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
                                            confidential information contained in this exhibit, marked by brackets, was omitted because
                                            it is both (i) not material and (ii) would likely cause competitive harm to the Company if
                                            publicly disclosed. &#8220;[***]&#8221; indicates where the information has been omitted
                                            from this exhibit.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.3in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicates
                                            management contract or compensatory plan or arrangement.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
agreements filed as exhibits to this Annual Report contain representations and warranties that the parties thereto made to each other.
These representations and warranties have been made solely for the benefit of the other parties to such agreements and may have been
qualified by certain information that has been disclosed to the other parties to such agreements and that may not be reflected in such
agreements. In addition, these representations and warranties may be intended as a way of allocating risks among parties if the statements
contained therein prove to be incorrect, rather than as actual statements of fact. Accordingly, there can be no reliance on any such
representations and warranties as characterizations of the actual state of facts. Moreover, information concerning the subject matter
of any such representations and warranties may have changed since the date of such agreements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_077"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURE</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this registration statement on its behalf.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Medigus
    Ltd.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 36%; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    May 3, 2023</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
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    <td style="vertical-align: top; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liron
    Carmel</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Tali Dinar</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tali
    Dinar</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; direction: ltr; unicode-bidi: embed"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>MEDIGUS
LTD.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b>Index
to Consolidated Financial Statements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_001">Reports&#160;of Independent Registered Public Accounting&#160;Firm <br/> (Firm Name: Brightman Almagor Zohar &amp; Co / PCAOB ID No. <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">1197</ix:nonNumeric>)</a></span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2 to F-3</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_002">Consolidated Statements of Financial Position</a> </span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4 to F-5</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_003">Consolidated Statements of Income/Loss and Other Comprehensive Income/Loss</a></span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_004">Consolidated Statements of Changes in Equity</a></span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7 to F-9</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_005">Consolidated Statements of Cash Flows</a></span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-10 to F-13</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_006">Notes to Consolidated Financial Statements</a></span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-14 to F-107</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 98; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="finimage_001.jpg"/>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholders and the Board of Directors of Medigus Ltd.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Opinion on the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statements of financial position of Medigus Ltd. and its subsidiaries (the &#8220;Company&#8221;) as of December 31, 2022, and 2021, and
the related consolidated statements of income (loss) and other comprehensive income (loss), changes in equity and cash flows for each
of the three years in the period ended December 31, 2022, and the related notes (collectively referred to as the &#8220;financial statements&#8221;).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December
31, 2022, and 2021, and the results of its operations and its cash flows for the each of the three years in the period ended December
31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Critical Audit Matter</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The critical audit matter communicated below is
a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the
audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially
challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion
on the critical audit matter or on the accounts or disclosures to which it relates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<img alt="" src="finimage_002.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img alt="" src="finimage_001.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Business Combination - Initial Consolidation
of Gix Internet Ltd. &#8211; Refer to Note 2C and 4F to the Consolidated Financial Statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Critical Audit Matter Description</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 1, 2022, the Company acquired a controlling interest in Gix
Internet Ltd., an equity investee of the Company prior to the acquisition. The acquisition purchase price was approximately USD 7.7 million.
The Company allocated the purchase price between tangible and intangible assets acquired and liabilities assumed based on estimated fair
values, with the residual of the purchase price recorded as goodwill. The intangible assets identified in the acquisition were technology
and customer relations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management estimated the fair value of these intangible
assets using the income approach, which is based on the present value of the future cash flows attributable to each identifiable intangible
asset. The income approach to valuation required management to make significant estimates and assumptions related to future cash flows
and discount rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We identified the fair value of the intangible
assets acquired as a critical audit matter because of the significant judgments, estimates and assumptions made by management to estimate
their fair value. This required a high degree of auditor judgment and an increased extent of effort, in relation to our audit as whole,
including the need to involve our fair value specialists when performing audit procedures to evaluate the reasonableness of future cash
flows and discount rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>How the Critical Audit Matter Was Addressed
in the Audit</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit procedures related to the purchase price
allocation included the following, among others:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
evaluated the reasonableness of management&#8217;s assumptions and forecasts of future cash flows by comparing these forecasts to historical
results, as well as by testing the other underlying source information for accuracy and completeness.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the assistance of our fair value specialists, we evaluated the valuation methodologies and the reasonableness of the discount rates and
royalty rates, including testing the mathematical accuracy of the calculations, and developing a range of independent estimates and comparing
those to the discount and royalty rates selected by management.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName">Brightman Almagor Zohar &amp; Co</ix:nonNumeric>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certified Public Accountants</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Firm in the Deloitte Global Network</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Tel Aviv, Israel</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 3, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor since 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="finimage_002.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><!-- Field: Page; Sequence: 100; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(Concluded) - 1</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">8</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>The accompanying notes
are an integral part of these consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><!-- Field: Page; Sequence: 101; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">(Concluded) &#8211; 2</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center"><p style="margin: 0pt 0">11</p></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">4E</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">NON-CURRENT LIABILITIES:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Accumulated deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Equity attributable to owners of Medigus Ltd.</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Non-controlling interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">4A3</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">54,689</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">TOTAL LIABILITIES AND EQUITY</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
and per share data in these financial statements have been retrospectively adjusted, for all periods presented, to reflect a number of
shares that is equivalent to the number of shares of the Company post the Reverse Split (see note 14a(7)).</span></ix:footnote></td>
</tr></table><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>The accompanying notes
are an integral part of these consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 102; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED
STATEMENTS OF INCOME/LOSS AND OTHER COMPREHENSIVE INCOME/LOSS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Profit (loss) before taxes on income</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net profit (loss) for the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Other comprehensive income</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Share of other comprehensive income of consolidated subsidiaries and associates accounted for using the equity method</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" scale="3" sign="-" unitRef="usd">191</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" scale="3" sign="-" unitRef="usd">8</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Items that will not be reclassified to profit or loss</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Share of other comprehensive income (loss) of consolidated subsidiaries and associates accounted for using the equity method</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-30">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" unitRef="usd">162</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Total comprehensive income (loss) for the year</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Net profit (loss) for the year is attributable to:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
and per share data in these financial statements have been retrospectively adjusted, for all periods presented, to reflect a number of
shares that is equivalent to the number of shares of the Company post the Reverse Split (see note 14a(7)).</span></ix:footnote></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>The accompanying notes
are an integral part of these interim condensed consolidated financial statements.</b></p><div>

</div><!-- Field: Page; Sequence: 103; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Note</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">TRANSACTIONS WITH SHAREHOLDERS:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of warrants and shares by Gix Internet</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c22" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfWarrantsAndShares" scale="3" sign="-" unitRef="usd">567</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfWarrantsAndShares" scale="3" sign="-" unitRef="usd">567</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c19" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfWarrantsAndShares" scale="3" unitRef="usd">682</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfWarrantsAndShares" scale="3" unitRef="usd">115</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Deemed contributions to Jeffs&#8217; Brands</td><td>&#160;</td>
    <td style="text-align: center">4E</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c25" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DeemedContributionsToASubsidiaryNote3E" scale="3" unitRef="usd">148</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c22" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DeemedContributionsToASubsidiaryNote3E" scale="3" sign="-" unitRef="usd">598</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DeemedContributionsToASubsidiaryNote3E" scale="3" sign="-" unitRef="usd">450</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c19" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DeemedContributionsToASubsidiaryNote3E" scale="3" unitRef="usd">743</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DeemedContributionsToASubsidiaryNote3E" scale="3" unitRef="usd">293</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of shares in consideration for investments</td><td>&#160;</td>
    <td style="text-align: center">4N, 4O</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-57">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c20" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesInConsiderationForInvestments" scale="3" unitRef="usd">900</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-60">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-63">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesInConsiderationForInvestments" scale="3" unitRef="usd">900</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-64">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesInConsiderationForInvestments" scale="3" unitRef="usd">900</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">Issuance of shares by Eventer</td><td>&#160;</td>
    <td style="text-align: center">4D</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-65">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-66">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-67">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c22" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesByEventer" scale="3" sign="-" unitRef="usd">12</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesByEventer" scale="3" sign="-" unitRef="usd">12</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c19" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesByEventer" scale="3" unitRef="usd">11</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesByEventer" scale="3" sign="-" unitRef="usd">1</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Consolidation of Gix Internet</td><td>&#160;</td>
    <td style="text-align: center">4F</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c20" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConsolidationOfGixInternetLtd" scale="3" sign="-" unitRef="usd">144</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-74">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConsolidationOfGixInternetLtd" scale="3" sign="-" unitRef="usd">144</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c19" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConsolidationOfGixInternetLtd" scale="3" unitRef="usd">7,849</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConsolidationOfGixInternetLtd" scale="3" unitRef="usd">7,705</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Subsidiaries&#8217; share-based compensation to employees and service providers</td><td>&#160;</td>
    <td style="text-align: center">4D</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c19" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SubsidiariesSharebasedCompensationToEmployeesAndServiceProvidersNote" scale="3" unitRef="usd">102</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SubsidiariesSharebasedCompensationToEmployeesAndServiceProvidersNote" scale="3" unitRef="usd">102</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Share based compensation to employees and service providers</td><td>&#160;</td>
    <td style="text-align: center">14</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c21" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" scale="3" unitRef="usd">685</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-90">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" scale="3" unitRef="usd">685</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" scale="3" unitRef="usd">685</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Amendment of long-term related party payable by Eventer</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c25" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AmendmentOfLongtermRelatedPartyPayableByEventer" scale="3" unitRef="usd">167</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-102">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AmendmentOfLongtermRelatedPartyPayableByEventer" scale="3" unitRef="usd">167</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c19" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AmendmentOfLongtermRelatedPartyPayableByEventer" scale="3" unitRef="usd">253</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AmendmentOfLongtermRelatedPartyPayableByEventer" scale="3" unitRef="usd">420</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of shares and warrants by Jeffs&#8217; Brands upon completion of IPO</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Reorganization transaction by Gix Internet</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Expiration of options</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">TOTAL TRANSACTIONS WITH SHAREHOLDERS</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c25" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" scale="3" unitRef="usd">315</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">BALANCE AS OF DECEMBER 31, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="text-align: justify"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
and per share data in these financial statements have been retrospectively adjusted, for all periods presented, to reflect a number of
shares that is equivalent to the number of shares of the Company post the Reverse Split (see note 14a(7)).</span></ix:footnote></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The accompanying notes are an integral part
of these consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><!-- Field: Page; Sequence: 104; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>The accompanying notes
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><!-- Field: Page; Sequence: 105; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED STATEMENTS
OF CHANGES IN EQUITY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Purchase of a subsidiary</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-265">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-266">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-268">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-269">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-270">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-271">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-272">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-273">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Issuance of shares and warrants</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-274">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c71" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesAndWarrants" scale="3" sign="-" unitRef="usd">3,766</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-276">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c73" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesAndWarrants" scale="3" unitRef="usd">3,632</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-277">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c75" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesAndWarrants" scale="3" unitRef="usd">17,775</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-278">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesAndWarrants" scale="3" unitRef="usd">17,775</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Exercise of warrants</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c68" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" scale="3" unitRef="usd">16,941</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c77" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" scale="3" sign="-" unitRef="usd">12,596</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-280">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-281">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-282">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c73" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" scale="3" sign="-" unitRef="usd">3,632</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-283">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c75" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" scale="3" unitRef="usd">713</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-284">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" scale="3" unitRef="usd">713</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Issuance of shares and warrants by the Subsidiary</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-285">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-286">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-287">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-288">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c71" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesAndWarrantsByTheSubsidiary" scale="3" unitRef="usd">1,956</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-289">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-290">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-291">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c75" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesAndWarrantsByTheSubsidiary" scale="3" unitRef="usd">1,956</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c76" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesAndWarrantsByTheSubsidiary" scale="3" unitRef="usd">2,632</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesAndWarrantsByTheSubsidiary" scale="3" unitRef="usd">4,588</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Conversion into shares and warrants of loan granted to
    the Subsidiary</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-292">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-293">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-294">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-295">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c71" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConversionIntoSharesAndWarrantsOfLoanGrantedToTheSubsidiary" scale="3" sign="-" unitRef="usd">136</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-296">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-297">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-298">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c75" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConversionIntoSharesAndWarrantsOfLoanGrantedToTheSubsidiary" scale="3" sign="-" unitRef="usd">136</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c76" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConversionIntoSharesAndWarrantsOfLoanGrantedToTheSubsidiary" scale="3" unitRef="usd">136</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-299">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Share in capital reserve of an associate</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-300">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-301">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-302">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-303">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c71" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" scale="3" unitRef="usd">33</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-304">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-305">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-306">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c75" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" scale="3" unitRef="usd">33</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-307">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" scale="3" unitRef="usd">33</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Stock-based compensation in connection with options granted
    to employees and service providers</td><td>&#160;</td>
    <td style="text-align: center">14</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-308">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-309">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c69" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:StockbasedCompensationInConnectionWithOptionsGrantedToEmployeesAndServiceProviders" scale="3" unitRef="usd">191</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-310">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-311">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-312">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-313">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-314">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c75" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:StockbasedCompensationInConnectionWithOptionsGrantedToEmployeesAndServiceProviders" scale="3" unitRef="usd">191</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c76" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:StockbasedCompensationInConnectionWithOptionsGrantedToEmployeesAndServiceProviders" scale="3" unitRef="usd">1,197</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:StockbasedCompensationInConnectionWithOptionsGrantedToEmployeesAndServiceProviders" scale="3" unitRef="usd">1,388</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Expiration of options</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-315">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c77" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughExerciseOfOptions" scale="3" unitRef="usd">92</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The accompanying notes are an integral part
of these consolidated financial statements.</b></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(Continued) &#8211; 1</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Purchase of property and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Payments for acquisitions of associates and financial assets at fair value through profit or loss (note 4 and note 5)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Deconsolidation of ScoutCam upon loss of control (Appendix C and note 4C)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DeconsolidationOfUponLossOfControl" scale="3" unitRef="usd">3,252</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Consolidation of subsidiaries upon gain of control (Appendix E and note 4F, Appendix D and note 4E, Appendix B and note 4D)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Purchase of intangible assets (note 10 and supplemental disclosure of cash flow information)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Exercise of warrants issued by an associate (note 4C)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Loans to associates (note 4F, note 4I, note 4M, note 4N)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Loans to others (note 7b)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Proceeds from sale of financial assets at fair value through profit of loss and securities of an associate (note 5, note 4G)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Changes in short term deposits</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Net cash flow used in investing activities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from issuance of shares and warrants by subsidiaries, net of issuance costs (note&#160;4E,&#160;note&#160;4F)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ProceedsFromIssuanceOfSharesAndWarrantsBySubsidiariesNetOfIssuanceCosts" scale="3" unitRef="usd">1,388</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ProceedsFromIssuanceOfSharesAndWarrantsBySubsidiariesNetOfIssuanceCosts" scale="3" unitRef="usd">4,587</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Receipt of short-term loans (note 4E, note 4F)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ReceiptOfShorttermLoans" scale="3" unitRef="usd">981</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-334">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Repayment of short-term loans (note 4E, note 4F)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RepaymentOfLoansseeNote3E" scale="3" unitRef="usd">2,520</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RepaymentOfLoansseeNote3E" scale="3" unitRef="usd">1,336</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-335">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Receipt of long-term loans (note 4E)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ChangeInTheTermsOfLoans" scale="3" unitRef="usd">940</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-336">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Repayment of long-term loans (note 4F)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-337">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-338">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Repayment of related party debt (note 4D)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-339">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Dividend (note 4F, note 14(d))</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Principal elements of lease liability</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-340">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="usd">46</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Proceeds from issuance of shares and warrants and from exercise of warrants, net of issuances costs (note 14)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-341">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:UnpaidRecapitalizationTransactionCosts" scale="3" unitRef="usd">17,336</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:UnpaidRecapitalizationTransactionCosts" scale="3" unitRef="usd">18,405</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>The accompanying notes
are an integral part of these consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(Continued) &#8211; 2</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED STATEMENTS
OF CASH FLOWS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>APPENDIX A TO THE CONSOLIDATED
STATEMENTS OF CASH FLOWS:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Changes in fair value of warrants</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Changes in fair value of warrants issued to third party investors by a consolidated subsidiary</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Dividend received</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Increase (decrease) in accrued expenses and other current liabilities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Increase in inventory</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">CASH FLOWS USED IN OPERATIONS</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>The accompanying notes
are an integral part of these consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 108; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>CONSOLIDATED STATEMENTS
OF CASH FLOWS</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-349">-</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-350">-</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Non-cash investment in Gix Internet and Gix Media (note 4F)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-351">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NoncashInvestmentInGixGroup" scale="3" unitRef="usd">4,417</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-352">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-353">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfSharesInExchangeForMediaAndAdvertisingServicesRightsNote3D" scale="3" unitRef="usd">1,250</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-354">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-355">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Increase in Screenz payable balance due to modification into a debt (note 4D)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IncreaseInScreenzPayableBalanceDueToModificationIntoADebt" scale="3" unitRef="usd">115</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Deferred offering costs included in other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DeferredOfferingCostsIncludedInOtherCurrentLiabilities" scale="3" unitRef="usd">423</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Dividend included in other payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DividendToNoncontrollingInterestsIncludedUnOtherPayables" scale="3" unitRef="usd">580</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-356">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Decrease in long-term related party payable in exchange for advertising services (note 4D)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DecreaseInLoanBalanceDueToModificationOfTerms" scale="3" unitRef="usd">656</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-357">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-358">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Substantial modification of shareholders loans recorded in equity (note 4E)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SubstantialModificationOfShareholdersLoansRecordedInEquity" scale="3" unitRef="usd">222</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-359">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of ordinary shares upon conversion of shareholders loans (note 4E)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:IssuanceOfOrdinarySharesUponConversionOfShareholdersLoans" scale="3" unitRef="usd">587</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-360">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-361">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Non-cash investment in Laminera (note 4N)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NoncashInvestmentInLamineranote4N" scale="3" unitRef="usd">400</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-362">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-363">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Non-cash investment in ClearMind (note 4O)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NoncashInvestmentInClearMindMedicineIncnote" scale="3" unitRef="usd">500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-364">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-365">-</div></td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>APPENDIX B TO THE CONSOLIDATED
STATEMENTS OF CASH FLOWS:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>As
                                            of<br/>
                                            October&#160;15,<br/>
                                            2020</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD <br/>
in&#160;thousands</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Consolidation of Eventer upon gain of control:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Other receivables</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c78" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherReceivables" scale="3" unitRef="usd">35</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c78" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:PropertyAndEquipment" scale="3" sign="-" unitRef="usd">1</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c78" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:Goodwill1" scale="3" sign="-" unitRef="usd">296</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Technology &#8211; net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c78" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:TechnologyNet" scale="3" sign="-" unitRef="usd">199</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Trade payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c78" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayables" scale="3" unitRef="usd">2</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Liability to event producers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c78" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:LiabilityToEventProducers" scale="3" sign="-" unitRef="usd">689</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c78" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NoncontrollingInterestsOther" scale="3" sign="-" unitRef="usd">381</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net cash acquired</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c78" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NetCashAcquired" scale="3" sign="-" unitRef="usd">541</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>APPENDIX C TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<br/>
    March&#160;31,<br/>
    2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD<br/>
 in&#160;thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Deconsolidation of ScoutCam upon loss of control:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Net working capital other than cash</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c79" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:WorkingsCapitalOtherThanCash" scale="3" sign="-" unitRef="usd">340</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Property and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c79" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:PropertyAndEquipment" scale="3" unitRef="usd">370</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lease liability- long term</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c79" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:LeasesLiabilityLongTerm" scale="3" sign="-" unitRef="usd">144</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">ScoutCam investment at fair value</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c79" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ScoutCamWarrants" scale="3" unitRef="usd">11,843</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">ScoutCam warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c79" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="usd">97</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Derecognition of non-controlling interests</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c79" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DerecognitionOfNoncontrollingInterests" scale="3" unitRef="usd">2,760</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Gain arising from deconsolidation upon loss of control</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c79" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:GainArisingFromDeconsolidationUponLossesOfControl" scale="3" unitRef="usd">11,562</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net cash deconsolidated upon loss of control</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c79" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:CashDeconsolidatedUponLossOfControlNet" scale="3" unitRef="usd">3,252</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>CONSOLIDATED STATEMENTS
OF CASH FLOWS</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>APPENDIX D TO THE CONSOLIDATED
STATEMENTS OF CASH FLOWS:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">As of <br/> January&#160;04,<br/> 2021</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">USD in<br/> thousands</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Consolidation of Jeffs&#8217; Brands upon gain of control:</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; font: 10pt Times New Roman, Times, Serif; text-align: left">Net working capital other than cash and inventory</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c80" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NetWorkingCapitalOtherThanCashAndInventory" scale="3" sign="-" unitRef="usd">1,576</ix:nonFraction></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c80" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="usd">1,312</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Related party loans fair value adjustment</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c80" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RelatedPartyLoansFairValueAdjustments" scale="3" unitRef="usd">98</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c80" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:Inventory" scale="3" sign="-" unitRef="usd">778</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Deferred tax liability</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c80" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:deferredTaxLiability" scale="3" sign="-" unitRef="usd">188</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Non-controlling interests</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c80" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Borrowings" scale="3" unitRef="usd">1,156</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Non-cash consideration</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c80" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NoncashConsiderations" scale="3" sign="-" unitRef="usd">71</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>APPENDIX E TO THE CONSOLIDATED STATEMENTS
OF CASH FLOWS:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Consolidation of Gix Internet upon gain of control:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Intangible assets</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Derecognition of investments accounted for using the equity method</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Short- term borrowings</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Gain arising from consolidation upon gain of control</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c81" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:GainArisingFromConsolidationUponGainOfControl" scale="3" unitRef="usd">2,300</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net cash acquired</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_1" escape="true" name="mdgsw:DisclosureofGeneralExplanatoryTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 &#8211; GENERAL</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_2" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>A.</b></td><td style="text-align: justify">Medigus Ltd. (the &#8220;Company&#8221; or &#8220;Medigus&#8221;)
                                        was incorporated in Israel on December 9, 1999. The Company&#8217;s registered office and principal
                                        place of business are located in Israel. The address of its registered office is Hanehoshet 10,
                                        4th Floor, Tel-Aviv POB 6971072, Israel.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_3" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company, together with its subsidiaries and associates, operates
in the technology sector, focusing on medical-related devices and products (through its associate Polyrizon), on visualization and AI
based solutions (through its associate ScoutCam), on internet related activities (through its subsidiaries Eventer and Gix Internet),
on e-commerce (through its subsidiary Jeffs&#8217; Brands), on safety systems for commercial drones (through its associate Parazero),
on energy efficiency technology (through its associate Laminera) and on the electric vehicle sector (through its subsidiary Charging Robotics).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_4" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Additionally, through its corporate,
the Company is engaged in the licensing of intellectual property relating to its legacy product, the Medigus Ultrasonic Surgical Endostapler
(&#8220;MUSE&#8221;), to Golden Grand Medical Instruments Ltd., a China based medical services provider, and in the investment of its
excess cash resources, primarily in equity securities.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_5" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#8220;Group&#8221; &#8211; the Company together with, Jeffs&#8217;
Brands Ltd., Charging Robotics Ltd., GERD IP, Inc., Eventer Technologies Ltd. and Gix Internet Ltd.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_6" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#8220;Subsidiaries&#8221; &#8211;
entities under the control of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_7" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>ScoutCam Inc.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_8" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">ScoutCam Inc (&#8220;ScoutCam&#8221;)
has executed a number of capital raising transactions during 2021 and 2023, of which the last was a private placement that occurred on
March 21, 2023 (see note 21(4)). The private placement during 2021 diluted the Company&#8217;s holdings in ScoutCam and lead to a deconsolidation
of ScoutCam and the remaining holdings were accounted for under the equity method. The private placement during 2023 diluted the Company&#8217;s
holdings in ScoutCam and the remaining holdings were accounted for as investment at fair value through profit or loss (FVTPL). For additional
information, see note 4C.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_9" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>GERD IP Inc.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_10" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 13, 2020, together with
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capital, under the name GERD IP Inc. (&#8220;GERD IP&#8221;). The Company transferred certain of its patents in consideration for seven
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</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_11" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Eventer Technologies Ltd.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_12" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company
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is a technology company engaged in the development of tools for automatic creation, management, promotion, and billing of events and
ticketing sales. For additional information, see note 4D. &#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 111; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 &#8211; GENERAL:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"><b>A.</b></td><td style="text-align: justify">(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_13" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Gix Internet Ltd.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_14" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 28, 2022, the Company purchased
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</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_15" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company holds <ix:nonFraction contextRef="c84" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:NumberOfIssuedShares" scale="0" unitRef="shares">42.25</ix:nonFraction>% of the issued and
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</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_16" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Charging Robotics Ltd.&#160;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_17" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 7, 2021, the Company entered
into an agreement to purchase a provisional patent filed with the United States Patent and Trademark Office and know-how relating to
wireless vehicle battery charging technology. Furthermore, the Company entered into a collaboration agreement with the seller, whereby
the Company committed to invest in a newly incorporated wholly owned subsidiary of the Company, Charging Robotics Ltd. (&#8220;Charging
Robotics&#8221;), incorporated on February 1, 2021, which will focus on the Company&#8217;s new electric vehicle and wireless charging
activities. On February 19, 2021, the Company entered into a venture agreement with Amir Zaid, Weijian Zhou and Charging Robotics, under
which the Company formed a venture, under the name Revoltz Ltd., or Revoltz, to develop and commercialize three modular electric vehicle
(EV) micro mobility vehicles for urban individual use and &#8220;last mile&#8221; cargo delivery. For additional information, see note
4I.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_18" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Jeffs&#8217; Brands Ltd.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_19" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 8, 2020, the Company entered
into a common stock purchase agreement with Smart Repair Pro, Inc. (&#8220;Pro&#8221;), Purex, Corp. (&#8220;Purex&#8221;), and their
respective stockholders (the &#8220;Pro and Purex SPA&#8221;). Pro and Purex both are in the e-Commerce field and operate online stores
for the sale of various consumer products on the Amazon online marketplace. The transactions contemplated in the Pro and Purex SPA closed
on January 4, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_20" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 16, 2021, the <ix:nonNumeric contextRef="c85" name="mdgsw:ExchangeAgreementDescription">Company entered into a stock exchange and plan
of restructuring agreement with Victor Hakmon, the other shareholder of Pro and Purex, and Jeffs&#8217; Brands Ltd. (&#8220;Jeffs&#8217;
Brands&#8221;), a newly incorporated entity, pursuant to which, among other things, the Company and Victor Hakmon transferred all their
holdings in Pro and Purex to Jeffs&#8217; Brands, in return for a consideration of Jeffs&#8217; Brands ordinary shares that were issued
respectively.</ix:nonNumeric> As a result, Pro and Purex became wholly owned subsidiaries of Jeffs&#8217; Brands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_21" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 30, 2022, as a result of
an initial public offering of Jeffs&#8217; Brands (&#8220;IPO&#8221;), and the closing of a portion of the underwriter&#8217;s over-allotment
option, Jeffs&#8217; Brands received aggregate gross proceeds of approximately USD <ix:nonFraction contextRef="c86" decimals="-5" format="ixt:num-dot-decimal" name="mdgsw:AggregateGrossProceeds" scale="6" unitRef="usd">15.5</ix:nonFraction> million before deducting underwriting discounts
and other estimated offering expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_22" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company
holds <ix:nonFraction contextRef="c87" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">35.94</ix:nonFraction>% of the issued and outstanding share capital of Jeffs&#8217; Brands. For additional information, see note 4E.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 &#8211; GENERAL: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>A.</b></td><td style="text-align: justify">(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_23" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Interests in other entities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_24" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company
also holds <ix:nonFraction contextRef="c88" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">40.35</ix:nonFraction>% in Parazero Technologies Ltd. (&#8220;Parazero&#8221;) (see note 4M), <ix:nonFraction contextRef="c89" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">37.03</ix:nonFraction>% in Polyrizon Ltd. (&#8220;Polyrizon&#8221;)
(see note 4H), <ix:nonFraction contextRef="c90" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">35.06</ix:nonFraction>% in Fuel Doctor Holding Inc. (&#8220;Fuel Doctor&#8221;) (see note 4L), <ix:nonFraction contextRef="c91" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">19.7</ix:nonFraction>% in Laminera Flow Optimization Ltd.
(&#8220;Laminera&#8221;) (formerly known as ABI Energy Ltd.) (see note 4N), <ix:nonFraction contextRef="c92" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">5.72</ix:nonFraction>% in Elbit Imaging Ltd. (&#8220;Elbit Imaging&#8221;)
(see note 4J), <ix:nonFraction contextRef="c93" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">6.46</ix:nonFraction>% in Automax Ltd. (&#8220;Automax&#8221;) (formerly known as Matomy Ltd.) (see note 4G), <ix:nonFraction contextRef="c94" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">5.77</ix:nonFraction>% in ClearMind Medicine,
Inc. (&#8220;ClearMind&#8221;) (see note 4O), <ix:nonFraction contextRef="c95" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">1.6</ix:nonFraction>% in SciSparc Ltd. (&#8220;SciSparc&#8221;) (see note 4K), <ix:nonFraction contextRef="c96" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">2.35</ix:nonFraction>% in Safee Cyber Technologies
Ltd. (&#8220;Safee&#8221;) (see note 4P), <ix:nonFraction contextRef="c97" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">1.28</ix:nonFraction>% in Maris-Tech Ltd. (&#8220;Maris&#8221;), <ix:nonFraction contextRef="c98" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">0.97</ix:nonFraction>% in Colugo Systems Ltd. (&#8220;Colugo&#8221;),
<ix:nonFraction contextRef="c99" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">0.47</ix:nonFraction>% in Safe Foods, Inc. ( &#8220;SAFO&#8221;) and <ix:nonFraction contextRef="c100" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">0.67</ix:nonFraction>% in Tondo Smart Ltd. (&#8220;Tondo&#8221;) and <ix:nonFraction contextRef="c101" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInJointOperation" scale="-2" unitRef="pure">1.49</ix:nonFraction>% in Bubbles Intergroup Ltd.
(&#8220;Bubbles&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_25" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company&#8217;s ordinary shares
were listed on the Tel Aviv Stock Exchange Ltd. (&#8220;TASE&#8221;) from February 2006 until January 25, 2021, when the Company voluntarily
delisted its shares from trading on the TASE. As of May 20, 2015, the Company&#8217;s American Depository Shares (&#8220;ADSs&#8221;)
evidenced by American Depositary Receipts (&#8220;ADRs&#8221;) are listed on the Nasdaq Capital Market. The Company&#8217;s depositary
agent for the ADR program is the Bank of New York Mellon. The Company&#8217;s Series C Warrants have been traded on Nasdaq Capital Market
since July 2018.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_26" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_25"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>B.</b></td><td style="text-align: justify">As of the approval date of these financial statements, the Company
has cash and cash equivalents in the amount of USD <span><ix:nonFraction contextRef="c102" decimals="-5" format="ixt:num-dot-decimal" name="mdgsw:cashAndCashEquivalentsAmount" scale="6" unitRef="usd">4.9</ix:nonFraction> </span>million. The Company anticipates
such cash and cash equivalents will provide sufficient liquidity for more than a twelve-month period from the date of these financial
statements.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_27" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">However, since inception, the Company&#8217;s activities have been
funded mainly by its shareholders. Furthermore, in the recent years the Company has suffered recurring losses from operations, negative
cash flows from operating activities, and has an accumulated deficit as of December 31, 2022. As such, the Company&#8217;s ability to
continue operating may be dependent on several factors, amongst which is its ability to raise sufficient additional funding, which funding
may not necessarily be available to the Company, obtained on terms favorable to the Company, or provide the Company with sufficient funds
to meet its objectives.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_28" id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_27"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: justify"><b>Russia-Ukraine
                                            War</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="mdgsw_DisclosureofGeneralExplanatoryTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In late February 2022, Russia invaded
Ukraine. As military activity proceeds and sanctions, export controls and other measures are imposed against Russia, Belarus and specific
areas of Ukraine, the war is increasingly affecting the global economy and financial markets, as well as exacerbating ongoing economic
challenges, including rising inflation and global supply-chain disruption. Although the group do not have direct suppliers based in Russia
or Ukraine, additional supply delays and possible shortages of critical components may arise as the conflict progresses and if certain
suppliers&#8217; operations and/or subcomponent supply from affected countries are disrupted further.</p></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_1" escape="true" name="mdgsw:DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>A.</b></td><td style="text-align: justify"><b>Basis of accounting </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_2" id="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The financial statements of the Group
have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International
Accounting Standards Board (&#8220;IASB&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_3" id="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The financial statements have been
prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at revalued amounts
or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based
on the fair value of the consideration given in exchange for goods and services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_4" id="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Fair value is the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair
value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would
take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or
disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions
that are within the scope of IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities
to fair value but are not fair value, such as net realizable value in IAS 2 <i>Inventories</i> or value in use in IAS 36 <i>Impairment
of Assets</i>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_5" id="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The consolidated financial statements were authorized for issuance
by the Board of Directors on May 3, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:continuation id="mdgsw_DescriptionOfAccountingPolicyForBasisOfAccountingPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The significant accounting policies
set out below have been consistently applied to in the preparation of these consolidated financial statements for all years presented,
unless otherwise stated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_1" escape="true" name="mdgsw:DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>B.</b></td><td style="text-align: justify"><b>Basis of consolidation </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_2" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The consolidated financial statements
incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December
each year. Control is achieved when the Company:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_3" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Has the power
                                            over the investee.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_4" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Is exposed, or
                                            has rights, to variable returns from its involvement with the investee.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_5" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Has the ability
                                            to use its power to affect its returns.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_6" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company reassesses whether or
not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control
listed above.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_7" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When the Company has less than a majority
of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it
the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances
in assessing whether or not the Company&#8217;s voting rights in an investee are sufficient to give it power, including:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_8" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The size of the
                                            Company&#8217;s holding of voting rights relative to the size and dispersion of holdings
                                            of the other vote holders.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_9" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Potential voting
                                            rights held by the Company, other vote holders or other parties.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_10" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Rights arising
                                            from other contractual arrangements.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_11" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Any additional
                                            facts and circumstances that indicate that the Company has, or does not have, the current
                                            ability to direct the relevant activities at the time that decisions need to be made, including
                                            voting patterns at previous shareholders&#8217; meetings.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 114; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>B.</b></td><td style="text-align: justify"><b>Basis of consolidation </b>(continued)</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_12" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Consolidation of a subsidiary begins
when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results
of subsidiaries acquired or disposed of during the year are included in the consolidated statements of income/loss and other comprehensive
income/loss from the date the Company gains control until the date when the Company ceases to control the subsidiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_13" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Where necessary, adjustments are made
to the financial statements of subsidiaries to bring the accounting policies used into line with the Group&#8217;s accounting policies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_14" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">All intragroup assets and liabilities,
equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_15" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Non-controlling interests in subsidiaries
are identified separately from the Group&#8217;s equity therein. Those interests of non-controlling shareholders that are present ownership
interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or
at the non-controlling interests&#8217; proportionate share of the fair value of the acquiree&#8217;s identifiable net assets. The choice
of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value.
Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus
the non-controlling interests&#8217; share of subsequent changes in equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_16" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Profit or loss and each component
of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income
of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling
interests having a deficit balance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_17" id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Changes in the Group&#8217;s interests
in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group&#8217;s
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any
difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration paid or received
is recognized directly in equity and attributed to the owners of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation id="mdgsw_DescriptionOfAccountingPolicyForConsolidationExplanatoryPolicyTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When the Group loses control of a
subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between (i) the aggregate of the
fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets
(including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other
comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or
liabilities of the subsidiary (i.e., reclassified to profit or loss or transferred to another category of equity as required/permitted
by applicable IFRS Accounting Standards). The fair value of any investment retained in the former subsidiary at the date when control
is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 <i>Financial Instruments </i>when
applicable, or the cost on initial recognition of an investment in an associate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>C.</b></td><td style="text-align: justify"><b>Business combinations </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Acquisitions of businesses are accounted
for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated
as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners
of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognized
in profit or loss as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At the acquisition date, the identifiable
assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date, except that:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.45pt; text-align: justify; text-indent: -0.25in"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">Deferred
                                            tax assets or liabilities and assets or liabilities related to employee benefit arrangements
                                            are recognized and measured in accordance with IAS 12 <i>Income Taxes </i>and IAS 19 <i>Employee
                                            Benefits </i>respectively</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.45pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">Liabilities
                                            or equity instruments related to share-based payment arrangements of the acquiree or share-based
                                            payment arrangements of the Group entered into to replace share-based payment arrangements
                                            of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see below)</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.45pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">Assets
                                            (or disposal groups) that are classified as held for sale in accordance with IFRS 5 <i>Non-current
                                            Assets Held for Sale and Discontinued Operations </i>are measured in accordance with that
                                            Standard.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 115; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>C.</b></td><td style="text-align: justify"><b>Business combinations </b>(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Goodwill is measured as the excess
of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer&#8217;s
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired
and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and
liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and
the fair value of the acquirer&#8217;s previously held interest in the acquiree (if any), the excess is recognized immediately in profit
or loss as a bargain purchase gain.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A contingent consideration incurred
in a business combination is included as part of the acquisition price and recorded at a probability weighted assessment of the fair
value as of the acquisition date. The fair value of the contingent consideration is re-measured at each reporting period, with any adjustments
in fair value recognized in earnings under general and administrative expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When the consideration transferred
by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its
acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of
the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments
against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the &#8216;measurement
period&#8217; (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition
date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:continuation id="_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The subsequent accounting for changes
in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent
consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and
its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting
dates with changes in fair value recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>D.</b></td><td style="text-align: justify"><b>Goodwill </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Goodwill is initially recognized and
measured as set out above.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Goodwill is not amortized but is reviewed
for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group&#8217;s cash-generating
units (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which
goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated
first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis
of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">On disposal of a cash-generating unit, the attributable
amount of goodwill is included in the determination of the profit or loss on disposal.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation id="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group&#8217;s policy for goodwill
arising on the acquisition of an associate is described below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 116; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>E.</b></td><td style="text-align: justify"><b>Investments in associates </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_2" id="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">An associate is an entity over which
the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions
of the investee. The Group is presumed to have significant influence when it holds <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:ProportionOfVotingPowerHeldInAssociatepercentage" scale="-2" unitRef="pure">20</ix:nonFraction> percent or more of the voting rights of an investee,
unless it can be clearly demonstrated that this is not the case. The Group does not control its associates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_3" id="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The results and assets and liabilities
of associates are incorporated in these financial statements using the equity method of accounting, except when the investment is classified
as held for sale, in which case it is accounted for in accordance with IFRS 5.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_4" id="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the equity method, an investment
in an associate is recognized initially in the consolidated statements of financial position at cost and adjusted thereafter to recognize
the Group&#8217;s share of the profit or loss and other comprehensive income of the associate. Dividends received or receivable from
associates are recognized as a reduction in the carrying amount of the investment. When the Group&#8217;s share of losses of an associate
or exceeds the Group&#8217;s interest in that associate (which includes any long-term interests that, in substance, form part of the
Group&#8217;s net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are
recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_5" id="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">An investment in an associate is accounted
for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate,
any excess of the cost of the investment over the Group&#8217;s share of the net fair value of the identifiable assets and liabilities
of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group&#8217;s
share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized
immediately in profit or loss in the period in which the investment is acquired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_6" id="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If there is objective evidence that
the Group&#8217;s net investment in an associate is impaired, the requirements of IAS 36 are applied to determine whether it is necessary
to recognize any impairment loss with respect to the Group&#8217;s investment. When necessary, the entire carrying amount of the investment
(including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher
of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognized is not allocated to any
asset, including goodwill that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized
in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_7" id="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group discontinues the use of
the equity method from the date when the investment ceases to be an associate. When the Group retains an interest in the former associate
and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value
is regarded as its fair value on initial recognition in accordance with IFRS 9. The difference between the carrying amount of the associate
at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part
interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Group accounts
for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required
if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other
comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets or liabilities,
the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the associate is disposed
of.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_8" id="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When the Group reduces its ownership
interest in an associate but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of
the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if
that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation id="_DescriptionOfAccountingPolicyForInvestmentInAssociates-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When a Group entity transacts with
an associate of the Group, profits and losses resulting from the transactions with the associate are recognized in the Group&#8217;s
consolidated financial statements only to the extent of interests in the associate that are not related to the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 117; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>F.</b></td><td style="text-align: justify"><b>Foreign currencies </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: 0.35pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">The functional currency and the
presentation currency</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The reporting and functional currency
of the Company and each of its subsidiaries, GERD IP, Charging Robotics and Jeffs&#8217; Brands is USD while Eventer and Gix Internet
is NIS.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The consolidated financial statements
are presented in USD and rounded to the nearest thousand.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The consolidation of Gix Internet&#8217;s
and Eventer&#8217;s financial statements is accounted for as a foreign operation using IAS 21, the Effects of Changes in Foreign Exchange
Rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Transactions and balances</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In preparing the financial statements
of the Group entities, transactions in currencies other than the entity&#8217;s functional currency (&#8220;Foreign Currencies&#8221;)
are recognized at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities
that are denominated in Foreign Currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair
value that are denominated in Foreign Currencies are translated at the rates prevailing at the date when the fair value was determined.
Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Exchange differences are recognized
in profit or loss in the period in which they arise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Foreign Operations</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the purpose of presenting consolidated
financial statements, the assets and liabilities of the Group&#8217;s foreign operations are translated at exchange rates prevailing
on the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate
significantly during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising,
if any, are recognized in other comprehensive income and accumulated in a foreign exchange translation reserve (attributed to non-controlling
interests as appropriate).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On the disposal of a foreign operation
(i.e. a disposal of the Group&#8217;s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary
that includes a foreign operation or a partial disposal of an interest in an associate that includes a foreign operation of which the
retained interest becomes a financial asset), all of the exchange differences accumulated in a foreign exchange translation reserve in
respect of that operation attributable to the owners of the Company are reclassified to profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In addition, in relation to a partial
disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the
proportionate share of accumulated exchange differences is re-attributed to non-controlling interests and are not recognized in profit
or loss. For all other partial disposals (i.e., partial disposals of associates that do not result in the Group losing significant influence),
the proportionate share of the accumulated exchange differences is reclassified to profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Goodwill and fair value adjustments
arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing
rate. Exchange differences arising are recognized in other comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 118; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>G.</b></td><td style="text-align: justify"><b>Property and equipment </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and equipment are initially
recognized at purchased cost. Subsequent costs are included in the asset&#8217;s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the
item can be measured reliably. The carrying amount of replaced items is derecognized. All other repairs and maintenance are charged to
profit or loss during the financial period in which they are incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and equipment are measured
at cost less accumulated depreciation and accumulated impairment loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Depreciation is calculated using the
straight-line method over the estimated useful life of the asset as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:DisclosureOfEstimatedUsefulLifeOfAssetTableTextBlock"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 70%; text-align: justify"><span style="font-size: 10pt">Machinery and equipment</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 29%; text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c103" name="mdgsw:MachineryAndEquipmentDescription">6 &#8211; 10 years (primarily 10)</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"><span style="font-size: 10pt">Leasehold improvements and furniture</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c104" format="ixt-sec:duryear" name="mdgsw:EstimatedUsefulLifeYears">7</ix:nonNumeric> &#8211; <ix:nonNumeric contextRef="c105" format="ixt-sec:duryear" name="mdgsw:EstimatedUsefulLifeYears">14</ix:nonNumeric> years</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Computers and programs</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c106" format="ixt-sec:duryear" name="mdgsw:EstimatedUsefulLifeYears">3</ix:nonNumeric> years</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Leasehold improvements are depreciated
using the straight-line method over the shorter of the term of the lease or the estimated useful lives of the assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The estimated useful lives, residual
values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted
for on a prospective basis.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">An item of property and equipment
is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain
or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying
amount of the asset and is recognized in profit or loss.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>H.</b></td><td style="text-align: justify"><b>Financial instruments</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial assets and financial liabilities
are recognized in the Group&#8217;s consolidated statements of financial position when the Group becomes a party to the contractual provisions
of the instrument.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial assets and financial liabilities
are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured
at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial
liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from
the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable
to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit
or loss.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Classification</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group classifies its financial
assets in the following measurement categories:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">those
                                            to be measured subsequently at fair value through profit or loss, and</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">those
                                            to be measured at amortized cost.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The classification depends on the
entity&#8217;s business model for managing the financial assets and the contractual terms of the cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For assets measured at fair value,
gains and losses will be recorded in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 119; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 2 &#8211; SIGNIFICANT ACCOUNTING POLICIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1.1pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>H.</b></td><td style="text-align: justify"><b>Financial instruments </b>(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Recognition</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Regular way purchases and sales of
financial assets are recognized on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets
are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group
has transferred substantially all the risks and rewards of ownership.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Measurement</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At initial recognition, the Group
measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (&#8220;FVTPL&#8221;),
transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried
at FVTPL are expensed in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial assets with embedded derivatives
are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Debt instruments</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Subsequent measurement of investments
in debt instruments depends on the Group&#8217;s business model for managing the asset and the cash flow characteristics of the asset.
There are two measurement categories into which the Group classifies its investments in debt instruments:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Amortized
                                            cost: Financial assets are measured at amortized cost if both of the following conditions
                                            are met:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the financial asset is held within a business model whose objective
    is to hold financial assets in order to collect contractual cash flows; and</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the contractual terms of the financial asset give rise on specified
    dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Interest income from these financial
assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized
directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify; text-indent: -7.1pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Fair
                                            value through profit or loss: A gain or loss on a debt investment that is subsequently measured
                                            at FVTPL is recognized in profit or loss and presented net within other gains/(losses) in
                                            the period in which it arises.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Equity instruments</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group subsequently measures investments
in equity instruments at fair value through profit or loss except when the Group has control or significant influence. Dividends from
such investments continue to be recognized in profit or loss as other income when the Group&#8217;s right to receive payments is established.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Changes in the fair value of financial
assets at FVTPL are recognized in &#8220;net change in fair value of financial assets at fair value through profit or loss&#8221; in the
Consolidated statements of loss and other comprehensive loss, as applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 120; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>H.</b></td><td style="text-align: justify"><b>Financial instruments </b>(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Impairment of financial assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group recognizes a loss allowance
for expected credit losses on financial assets at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At each reporting date, the Group
assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. If the financial instrument
is determined to have a low credit risk at the reporting date, the Company assumes that the credit risk on a financial instrument has
not increased significantly since initial recognition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group measures the loss allowance for expected credit losses on
trade receivables and on financial instruments for which the credit risk has increased significantly since initial recognition based on
lifetime expected credit losses based on information available on their credit condition, current aging, historical experience, future
economic and market conditions. The Group has determined that the estimates of current and expected credit losses are immaterial.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Derecognition of financial assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group derecognizes a financial
asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially
all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the
risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset
and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership
of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing
for the proceeds received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On derecognition of a financial asset
measured at amortized cost, the difference between the asset&#8217;s carrying amount and the sum of the consideration received and receivable
is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial liabilities and equity
</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Classification as debt or equity</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Debt and equity instruments are classified
as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of
a financial liability and an equity instrument.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Equity instruments </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">An equity instrument is any contract
that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the
Group are recognized at the proceeds received, net of direct issue costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Repurchase of the Company&#8217;s
own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase,
sale, issue or cancellation of the Company&#8217;s own equity instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Compound instruments </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The component parts of convertible
loan notes issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the
contractual arrangements and the definitions of a financial liability and an equity instrument. A conversion option that will be settled
by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company&#8217;s own equity instruments
is an equity instrument.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At the date of issue, the fair value
of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount
is recorded as a liability on an amortized cost basis using the effective interest method until extinguished upon conversion or at the
instrument&#8217;s maturity date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The conversion option classified as
equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This
is recognized and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option
classified as equity will remain in equity until the conversion option is exercised, in which case the balance recognized in equity will
be transferred to share premium. Where the conversion option remains unexercised at the maturity date of the convertible loan note, the
balance recognized in equity will be transferred to retained earnings. No gain or loss is recognized in profit or loss upon conversion
or expiration of the conversion option.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 121; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>H.</b></td><td style="text-align: justify"><b>Financial instruments </b>(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Compound instruments </i>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Transaction costs that relate to the
issue of the convertible loan notes are allocated to the liability and equity components in proportion to the allocation of the gross
proceeds. Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability
component are included in the carrying amount of the liability component and are amortized over the lives of the convertible loan notes
using the effective interest method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Financial liabilities </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial liabilities are initially
recognized at their fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs
that are directly attributable to the issue of the financial liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial liabilities are subsequently
measured at amortized cost using the effective interest method, except for derivative financial instruments, which are subsequently measured
at fair value through profit or loss (FVTPL).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;&#160;&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group has early adopted the narrow-scope
amendment to IAS 1. Accordingly, financial liabilities are classified as non-current if the Group has a substantive
right to defer settlement for at least 12 months at the end of the reporting period, otherwise, they are classified as current liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group&#8217;s financial liabilities
at amortized cost are included in accounts payable, accrued expenses, other current liabilities, payable in respect of the intangible
asset and lease liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The derivative financial instruments
represent warrants that confer the right to net share settlement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_50" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group derecognizes a financial
liability (or a part of a financial liability) when, and only when, it is extinguished (when the obligation specified in the contract
is discharged, cancelled or expired).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_51" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Derecognition of financial liabilities
</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_52" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group derecognizes financial liabilities
when, and only when, the Group&#8217;s obligations are discharged, cancelled or have expired. The difference between the carrying amount
of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When the Group exchanges with the
existing lender one debt instrument into another one with substantially different terms, such exchange is accounted for as an extinguishment
of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification
of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new
liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms,
including any fees paid net of any fees received and discounted using the original effective interest rate is at least <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:EffectiveInterestRateOfFinancialAssetsReclassifiedOutOfAvailableforsaleFinancialAssets" scale="-2" unitRef="pure">10</ix:nonFraction> per cent different
from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial,
the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows
after modification is recognized in profit or loss as the modification gain or loss within other gains and losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>I.</b></td><td style="text-align: justify"><b>Inventory </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Inventories are stated at the lower
of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labor costs and those overheads that
have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average
cost method. Net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred
in marketing, selling and distribution.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group periodically evaluates the
condition and age of inventories and makes provisions for slow moving inventories accordingly.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>J.</b></td><td style="text-align: justify"><b>Cash and cash equivalents </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_2" id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the statement of financial position,
cash and bank balances comprise cash (i.e., cash on hand and demand deposits) and cash equivalents. Cash equivalents are short-term (generally
with original maturity of three months or less), highly liquid investments that are readily convertible to a known amount of cash and
which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash
commitments rather for investment or other purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><ix:continuation id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the purposes of the statement
of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts which
are repayable on demand and form an integral part of the Group&#8217;s cash management. Such overdrafts are presented as short-term borrowings
in the statement of financial position.&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>K.</b></td><td style="text-align: justify"><b>Taxation </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The income tax expense represents
the sum of the tax currently payable and deferred tax.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Current Tax</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The tax currently payable is based
on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income
or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group&#8217;s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A provision is recognized for those
matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a
tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on
the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases
based on specialist independent tax advice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Deferred Tax</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Deferred tax is the tax expected to
be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding
tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally
recognized for all taxable temporary differences and are recognized to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference
arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognized if the temporary difference
arises from the initial recognition of goodwill.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Deferred tax liabilities are recognized
for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred
tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is
probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are
expected to reverse in the foreseeable future.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">No deferred tax assets have been recorded
in the Group&#8217;s books and records with respect to accumulated losses since it is not probable that the Group will be able to utilize
such losses in the foreseeable future against taxable income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The carrying amount of deferred tax
assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will
be available to allow all or part of the asset to be recovered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Deferred tax is calculated at the
tax rates that are expected to apply in the period when the liability is settled, or the asset is realized based on tax laws and rates
that have been enacted or substantively enacted at the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The measurement of deferred tax liabilities
and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 123; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>K.</b></td><td style="text-align: justify"><b>Taxation </b>(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Deferred Tax </i>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Deferred tax assets and liabilities
are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate
to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net
basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Current tax and deferred tax for
the year</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:continuation id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Current and deferred tax are recognized
in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which
case the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current
tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the
business combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>L.</b></td><td style="text-align: justify"><b>Short-term and other long-term employee benefits &#160;</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Pension and severance pay obligations
</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Israeli labor law generally requires
payment of severance pay upon dismissal of an employee or upon termination of employment in certain other circumstances. Pursuant to
Section 14 of the Severance Compensation Act, 1963 (&#8220;Section 14&#8221;), all of the Company&#8217;s employees in Israel are entitled
a monthly contribution, at a rate of <ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOfSalaryRate" scale="-2" unitRef="pure">8.33</ix:nonFraction>% of their monthly salary, made in their name with insurance companies. Contributions under
Section 14 relieve the Company from any future severance payment obligation with respect to those employees. The aforementioned contributions
are not recorded as an asset on the Company&#8217;s consolidated statements of financial position, and there is no liability recorded
as the Company does not have a future obligation to make any additional payments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The asset and the liability for severance
pay presented in the consolidated statements of financial position reflects employees that began employment prior to automatic application
of Section 14.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The severance pay liability of the
Company to its employees that began employment prior to automatic application of Section 14 based upon the number of years of service
and the latest monthly salary and is partly covered by regular deposits with recognized pension funds and deposits with severance pay
funds. Under labor laws, these deposits are in the employees&#8217; names and, subject to certain limitations, are the property of the
employees. The Company records the obligation as if it were payable at each statement of financial position date on an undiscounted basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Vacation and recreation pay </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the Israeli law, each employee
is legally entitled to vacation and recreation benefits. The entitlement is based on term of employment. The Group records such obligations
as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Bonus plans</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152"><ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group record bonus obligation
when a contractual or constructive obligation exists. Such bonus obligation is record in the amount expected to be paid, to the extent
that the Group can reliably estimate the amount expected to be paid.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>M.</b></td><td style="text-align: justify"><b>Provisions </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Provisions are recognized when the
Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to
settle that obligation and a reliable estimate can be made of the amount of the obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><ix:continuation id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amount recognized as a provision
is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks
and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation,
its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 2 &#8211;
SIGNIFICANT ACCOUNTING POLICIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>N.</b></td><td style="text-align: justify"><b>Share-based payments</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Equity-settled share-based payments
to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair
value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled
share-based transactions are set out in note 14.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The fair value determined at the grant
date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group&#8217;s
estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the
number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision
of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with
a corresponding adjustment to reserves.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159"><ix:continuation id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Equity-settled share-based payment
transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair
value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at
the date the entity obtains the goods or the counterparty renders the service.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>O.</b></td><td style="text-align: justify"><b>Revenue recognition </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group recognizes revenue from
the following major sources:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Product revenue</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Service revenue</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revenue is measured based on the consideration
to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The
Group recognizes revenue when it transfers control of a product or service to a customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Product Revenue</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revenues from product sales of Jeffs&#8217;
Brands, conducted directly to customers through Jeffs&#8217; Brands own online Amazon stores.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For sales of goods to retail customers,
revenue is recognized when control of the goods has transferred to the customer, being at the point the goods are delivered to the customer.
Payment of the transaction price is due immediately at the point the customer purchases the goods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under Jeffs&#8217; Brands standard
contract terms, customers have a right of return within 30 until 90 days. Jeffs&#8217; Brands uses its accumulated historical experience
to estimate the number of returns on a portfolio level using the expected value method. It is considered highly probable that a significant
reversal in the cumulative revenue recognized will not occur given the consistent level of returns over previous years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Service Revenue through Gix Internet</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Gix Internet generates revenues from
obtaining internet user traffic and routing such traffic to its customers. Gix Internet is entitled to receive consideration for its service
upon each individual internet user traffic routed to and monetized by its customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Gix Internet&#8217;s revenues are measured
and recognized according to the fair value of the consideration expected to be received in accordance with the terms of the contract,
less the amounts collected for the benefit of third parties (such as taxes).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revenues from the search sector and
the digital content sector in which Gix Internet operates as the main supplier are presented on a gross basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Revenues from the search sector and the digital content
sector are recognized immediately upon the provision of the service.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Service Revenues through Eventer</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group provides through the subsidiary
Eventer services for using the event production platform in exchange for a commission from the sale of tickets for events. These services
constitute a performance obligation that is fulfilled at one point in time and therefore the Group recognizes revenues at the time of
the event.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The essence of the Group&#8217;s promise
to the customer is to arrange for the consideration for the tickets to be provided by another party, therefore the Group&#8217;s revenues
from these transactions are presented on a net basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 2 &#8211; SIGNIFICANT ACCOUNTING POLICIES:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>P.</b></td><td style="text-align: justify"><b>Leases</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group assesses whether a contract
is or contains a lease, at inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with
respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12
months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones).
For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease
unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The lease liability is initially measured
at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease.
If this rate cannot be readily determined, the Group uses its incremental borrowing rate.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The incremental borrowing rate depends
on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on
government bond rates; a country-specific risk adjustment; a credit risk adjustment based on bond yields; and an entity-specific adjustment
when the risk profile of the entity that enters into the lease is different to that of the Group and the lease does not benefit from
a guarantee from the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Lease payments included in the measurement
of the lease liability comprise:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">Fixed lease
                                            payments (including in-substance fixed payments), less any lease incentives receivable</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">Variable
                                            lease payments that depend on an index or rate, initially measured using the index or rate
                                            at the commencement date</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">The amount
                                            expected to be payable by the lessee under residual value guarantees</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">The exercise
                                            price of purchase options, if the lessee is reasonably certain to exercise the options</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">Payments
                                            of penalties for terminating the lease, if the lease term reflects the exercise of an option
                                            to terminate the lease</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The lease liability is presented as
a separate line in the consolidated statement of financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The lease liability is subsequently
measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing
the carrying amount to reflect the lease payments made.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group remeasures the lease liability
(and makes a corresponding adjustment to the related right-of-use asset) whenever:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">The lease
                                            term has changed or there is a significant event or change in circumstances resulting in
                                            a change in the assessment of exercise of a purchase option, in which case the lease liability
                                            is remeasured by discounting the revised lease payments using a revised discount rate</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">The lease
                                            payments change due to changes in an index or rate or a change in expected payment under
                                            a guaranteed residual value, in which cases the lease liability is remeasured by discounting
                                            the revised lease payments using an unchanged discount rate (unless the lease payments change
                                            is due to a change in a floating interest rate, in which case a revised discount rate is
                                            used)</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">A lease
                                            contract is modified, and the lease modification is not accounted for as a separate lease,
                                            in which case the lease liability is remeasured based on the lease term of the modified lease
                                            by discounting the revised lease payments using a revised discount rate at the effective
                                            date of the modification</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 2 &#8211; SIGNIFICANT ACCOUNTING POLICIES:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>P.</b></td><td style="text-align: justify"><b>Leases </b>(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group did not make any such adjustments
during the periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The right-of-use assets comprise the
initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives
received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Right-of-use assets are depreciated
over the shorter period of lease term and useful life of the right-of-use asset. The depreciation starts at the commencement date of
the lease.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The right-of-use assets are presented
as a separate line in the consolidated statement of financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group applies IAS 36 to determine
whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the &#8216;Property and Equipment&#8217;
policy.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198"><ix:continuation id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As a practical expedient, IFRS 16
permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single
arrangement. The Group has not used this practical expedient. For contracts that contain a lease component and one or more additional
lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative
stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>Q.</b></td><td style="text-align: justify"><b>Loss (Earning) per share </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Loss (Earning) per share is based
on the loss (earning) that is attributed to the shareholders holding ordinary shares, divided by the weighted average number of ordinary
shares in issue during the period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For purposes of the calculation of
the diluted loss (earning) per share, the Company adjusts the loss (earning) that is attributed to the holders of the Company&#8217;s
ordinary shares, and the weighted average number of ordinary shares in issue, to assume conversion of all of the dilutive potential shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202"><ix:continuation id="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The potential shares are taken into
account only if their effect is dilutive (increases loss/ decrease earning per share).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 2 &#8211; SIGNIFICANT ACCOUNTING POLICIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>R.</b></td><td style="text-align: justify"><b>Intangible assets </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Intangible assets acquired separately
</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Intangible assets with finite useful
lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization
is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed
at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible
assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Internally generated intangible
assets - research and development expenditure </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Expenditure on research activities
is recognized as an expense in the period in which it is incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">An internally generated intangible
asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following
conditions have been demonstrated:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">The technical
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">The intention
                                            to complete the intangible asset and use or sell it</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">The ability
                                            to use or sell the intangible asset</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">How the
                                            intangible asset will generate probable future economic benefits</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">The availability
                                            of adequate technical, financial and other resources to complete the development and to use
                                            or sell the intangible asset</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">The ability
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amount initially recognized for
internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the
recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized
in profit or loss in the period in which it is incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 128; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 2 </b>&#8211; <b>SIGNIFICANT ACCOUNTING POLICIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>R.</b></td><td style="text-align: justify"><b>Intangible assets </b>(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Internally generated intangible
assets - research and development expenditure </i>(continued)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Subsequent to initial recognition,
internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same
basis as intangible assets that are acquired separately.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Intangible assets acquired in a
business combination </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Intangible assets acquired in a business
combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded
as their cost).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Subsequent to initial recognition,
intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses,
on the same basis as intangible assets that are acquired separately.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Derecognition of intangible assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">An intangible asset is derecognized
on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an
intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized
in the consolidated statements of income/loss and other comprehensive income/loss as profit/loss when the asset is derecognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At each reporting date, the Company
reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment
loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable
amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating
units for which a reasonable and consistent allocation basis can be identified. Intangible assets with an indefinite useful life are
tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224"><ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Recoverable amount is the higher of
fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognized immediately in the consolidated statements of income/loss and other comprehensive
income/loss as profit/loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 129; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><b>NOTE 2 &#8211; SIGNIFICANT ACCOUNTING POLICIES:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>S.</b></td><td style="text-align: justify"><b>Impairment of property and equipment and intangible assets excluding goodwill</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At each reporting date, the Group
reviews the carrying amounts of its property and equipment and intangible assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine
the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the
Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis
of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated
to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Intangible assets with an indefinite
useful life are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the
asset may be impaired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Recoverable amount is the higher of
fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset for which the estimates of future cash flows have not been adjusted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the recoverable amount of an asset
(or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit)
is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried
at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss
is greater than the related revaluation surplus, the excess impairment loss is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Where an impairment loss subsequently
reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount,
but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss
been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in
profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years. Any increase
in excess of this amount is treated as a revaluation increase.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DescriptionOfAccountingPolicyForSegmentsExplanatory-c0_cont_1" escape="true" name="mdgsw:DescriptionOfAccountingPolicyForSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>T.</b></td><td style="text-align: justify"><b>Segments </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForSegmentsExplanatory-c0_cont_2" id="mdgsw_DescriptionOfAccountingPolicyForSegmentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group reports financial and descriptive
information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet
specified criteria as defined in IFRS 8, Operating Segments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.8pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForSegmentsExplanatory-c0_cont_3" id="mdgsw_DescriptionOfAccountingPolicyForSegmentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Operating segments are distinguishable
components of an entity for each of which a separate financial information is available and is reported in a manner consistent with the
internal reporting provided to the entity&#8217;s Chief Operating Decision Maker (&#8220;CODM&#8221;) in making decisions about how to
allocate resources and in assessing performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234"><ix:continuation continuedAt="mdgsw_DescriptionOfAccountingPolicyForSegmentsExplanatory-c0_cont_4" id="mdgsw_DescriptionOfAccountingPolicyForSegmentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When the Group is committed to a sale
plan involving disposal of an investment in an associate or, a portion of an investment in an associate, the investment, or the portion
of the investment in the associate that will be disposed of is classified as held for sale when the criteria described above are met.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235"><ix:continuation id="mdgsw_DescriptionOfAccountingPolicyForSegmentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group then ceases to apply the
equity method in relation to the portion that is classified a held for sale. Any retained portion of an investment in an associate that
has not been classified as held for sale continues to be accounted for using the equity method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 2 &#8211; SIGNIFICANT ACCOUNTING POLICIES:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DescriptionOfAccountingPolicyForDeferredOfferingCostsExplanatory-c0_cont_1" escape="true" name="mdgsw:DescriptionOfAccountingPolicyForDeferredOfferingCostsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>U.</b></td><td style="text-align: justify"><b>Deferred offering costs</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237"><ix:continuation id="mdgsw_DescriptionOfAccountingPolicyForDeferredOfferingCostsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group capitalizes certain legal
and other third-party fees that are directly related to the Group&#8217;s in-process equity financing until such financing is consummated.
After the consummation of such equity financing, these costs are recorded as a reduction of the respective gross proceeds. Should a planned
equity financing be abandoned, terminated, or significantly delayed, the deferred offering costs are written off to operating expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_1" escape="true" name="mdgsw:DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>V.</b></td><td style="text-align: justify"><b>New and revised IFRS Accounting Standards in issue but not yet effective </b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_2" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Amendments to IFRS 10 Consolidated
Financial Statements and IAS 28 Investments in Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and
its Associate or Joint Venture</i></b>&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_3" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amendments to IFRS 10 and IAS
28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically,
the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction
with an associate or a joint venture that is accounted for using the equity method, are recognized in the parent&#8217;s profit or loss
only to the extent of the unrelated investors&#8217; interests in that associate or joint venture. Similarly, gains and losses resulting
from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted
for using the equity method) to fair value are recognized in the former parent&#8217;s profit or loss only to the extent of the unrelated
investors&#8217; interests in the new associate or joint venture.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_4" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The effective date of the amendments
has yet to be set by the IASB; however, earlier application of the amendments is permitted. The directors of the Company anticipate that
the application of these amendments may have an impact on the Group&#8217;s consolidated financial statements in future periods should
such transactions arise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_5" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Amendments to IAS 1 Presentation
of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements - Disclosure of Accounting Policies</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_6" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amendments change the requirements
in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term &#8216;significant accounting
policies&#8217; with &#8216;material accounting policy information&#8217;. Accounting policy information is material if, when considered
together with other information included in an entity&#8217;s financial statements, it can reasonably be expected to influence decisions
that the primary users of general-purpose financial statements make on the basis of those financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_245" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_7" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The supporting paragraphs in IAS 1
are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is
immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions,
other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions,
other events or conditions is itself material.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_246" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_245"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_8" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The IASB has also developed guidance
and examples to explain and demonstrate the application of the &#8216;four-step materiality process&#8217; described in IFRS Practice
Statement 2.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_247" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_246"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_9" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amendments to IAS 1 are effective
for annual periods beginning on or after 1 January 2023, with earlier application permitted and are applied prospectively. The amendments
to IFRS Practice Statement 2 do not contain an effective date or transition requirements.&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 2 &#8211; SIGNIFICANT ACCOUNTING POLICIES:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><b>V.</b></td><td style="text-align: justify"><b>New and revised IFRS Accounting Standards in issue but not
                                        yet effective </b>(continued)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_248" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_247"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_10" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Amendments to IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_249" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_248"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_11" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amendments replace the definition
of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are &#8220;monetary
amounts in financial statements that are subject to measurement uncertainty&#8221;.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_251" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_250"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_13" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">A change in accounting
                                            estimate that results from new information or new developments is not the correction of an
                                            error</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_252" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_251"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_14" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The effects of
                                            a change in an input or a measurement technique used to develop an accounting estimate are
                                            changes in accounting estimates if they do not result from the correction of prior period
                                            errors</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_253" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_252"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_15" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amendments are effective for annual
periods beginning on or after 1 January 2023 to changes in accounting policies and changes in accounting estimates that occur on or after
the beginning of that period, with earlier application permitted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_254" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_253"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_16" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Amendments to IAS 12 Income
Taxes - Deferred Tax related to Assets and Liabilities arising from a Single Transaction</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_255" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_254"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_17" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The amendments introduce a further
exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for
transactions that give rise to equal taxable and deductible temporary differences.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_256" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_255"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_18" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Depending on the applicable tax law,
equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is
not a business combination and affects neither accounting nor taxable profit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_257" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_256"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_19" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Following the amendments to IAS
12, an entity is required to recognize the related deferred tax asset and liability, with the recognition of any deferred tax asset being
subject to the recoverability criteria in IAS 12.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_258" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_257"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_20" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amendments apply to transactions
that occur on or after the beginning of the earliest comparative period presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c0" name="mdgsw:LeaseDescription"><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_259" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_258"><ix:continuation continuedAt="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_21" id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amendments are effective for annual
reporting periods beginning on or after 1 January 2023, with earlier application permitted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_259"><ix:continuation id="mdgsw_DescriptionOfNewAndRevisedIFRSAccountingStandardsInIssueButNotYetEffectiveTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The management of the Company anticipate
that the application of these amendments may have an impact on the Group&#8217;s consolidated financial statements in future periods
should such transactions arise.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 3 &#8211; CRITICAL ACCOUNTING JUDGEMENTS
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</div><div>

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policies, which are described in note 2, the management is required to make judgements (other than those involving estimations) that
have a significant impact on the amounts recognize and to make estimates and assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimate are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future
periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 3 &#8211; CRITICAL ACCOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION UNCERTAINTY: </b>(continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Key sources of estimation uncertainty
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The key assumptions concerning the
future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Fair value measurements and valuation
process </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

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liabilities are measured at fair value for financial reporting purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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asset or a liability, the Group uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the
Group engages third party qualified valuers to perform the valuation. The Company works closely with the qualified external valuers to
establish the appropriate valuation techniques and inputs to the model.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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other intangible assets of certain of the Company&#8217;s subsidiaries are sensitive to changes in one or more unobservable inputs which
are considered reasonably possible within the next financial year. Further information on the carrying amounts of these assets and the
relevant unobservable inputs are provided in note 4.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_2" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>
</div><div>

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</div><div>

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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Ownership rights<br/>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Main place of<br/>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">interest<br/>
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  <tr style="vertical-align: bottom">
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    <td style="text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="text-align: right"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td></tr>
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    <td style="width: 76%; text-align: justify">Jeffs&#8217; Brands Ltd.</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center"><ix:nonNumeric contextRef="c87" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary">Israel</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c87" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">64.06</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Eventer Technologies Ltd.</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c288" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary">Israel</ix:nonNumeric></td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_6" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_5"><ix:continuation id="mdgsw_ScheduleOfGeneralInformationTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_7" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_9" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of financial position:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="text-align: justify"><ix:footnote id="ix_3_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i><span style="text-decoration:underline">Eventer Technologies Ltd.</span></i></b> (continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_16" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_15"><ix:continuation continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_2" id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-size: 10pt">(**)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">&#160;&#160;<ix:footnote id="ix_7_footnote" xml:lang="en-US">Translated according to the average exchange rates for
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_17" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i><span style="text-decoration:underline">Jeffs&#8217; Brands Ltd.</span></i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_18" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of financial position:
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_19" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_18"><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_3" id="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_20" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of comprehensive income:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_21" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_20"><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory-c0_cont_2" id="_DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 136; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt"><b>2.</b></span></td>
    <td><span style="font-size: 10pt"><b>Summarized financial information of subsidiaries</b>: (continued)</span></td></tr>
</table><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration:underline">Jeffs&#8217;
Brands Ltd.</span></i></b> (continued)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_22" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of cash flows:</b></p><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_23" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_22"><ix:continuation continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_3" id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_24" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i><span style="text-decoration:underline">Gix Internet Ltd.</span></i></b></p><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_25" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of financial position:
</b></p><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_26" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_25"><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_4" id="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_27" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_26"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_28" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of comprehensive income:</b></p><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_30" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of cash flows:</b></p><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_31" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_30"><ix:continuation continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_4" id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_32" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_31"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(**)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translated
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</tr></table><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 137; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_33" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_32"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 24px"><span style="font-size: 10pt"><b>3.</b></span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_34" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Balance of non-controlling interests:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_35" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_34"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_36" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Profit (Loss) attributed to non-controlling
interests:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_37" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_36"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:DisclosureOfProfitlossAttributedToNoncontrollingInterestTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_38" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_37"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>4.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Information
                                            related to loss of control in subsidiary:</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_39" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 22, 2021, the Company&#8217;s holdings
in ScoutCam were diluted, therefore it was deconsolidated. For additional information see note 4C.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_40" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_39"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>5.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Additional
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_41" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company consolidated Eventer as of October 15, 2020, because the
Company has exclusive rights regarding determination of a business plan and budget, appointing or dismissing the CEO, determining his
compensation package and on declaration or payment of any dividend or distribution of cash, securities and other assets. Additionally,
the Company has the power to appoint or remove half of the members of the board. All of the above indicates the Company&#8217;s control
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_42" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company consolidated Gix
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the largest shareholder in Gix Internet, on a fully diluted basis. Additionally, the Company has appointed 3 out of 5 of the members
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_43" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.25in">On August 30, 2022, Jeffs&#8217; Brands completed an initial public
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However, the Company continues to consolidate Jeffs&#8217; Brands for the following reasons: the Company is the largest shareholder in
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Directors will remain the same until the next annual meeting, which will be scheduled during 2023. These reasons indicate the Company&#8217;s
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</div><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


</div><!-- Field: Page; Sequence: 138; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_44" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_43"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Investments
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_45" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_44"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>1.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>This
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_46" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_45"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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    <td style="font-size: 10pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
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    <td style="font-size: 10pt; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font: 10pt Times New Roman, Times, Serif; text-align: justify">ScoutCam (note 4C)</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c331" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" scale="3" unitRef="usd">9,375</ix:nonFraction></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Gix Internet (note 4F)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-374">-</div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Polyrizon (note 4H)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Elbit Imaging (note 4J)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_47" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_46"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_48" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_47"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:ScheduleOfSummarizesTheTotalShareOfLossprofitOfInvestmentsAccordingToTheEquityMethodTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 December&#160;31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 December&#160;31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-379">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-380">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_49" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_48"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>3.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>This
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_50" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_49"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:ScheduleOfSummarizeTheCompanysRightsInShareCapitalAndVotingRightsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td>Laminera</td><td>&#160;</td>
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    <td>Polyrizon</td><td>&#160;</td>
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    <td>ScoutCam</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary">Israel</ix:nonNumeric></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline"><b>December 31, 2021</b></td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Gix Internet</td><td>&#160;</td>
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    <td>Polyrizon</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>


</div><!-- Field: Page; Sequence: 139; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Investment
                                            according to the equity method:</b></span> (continued)</td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_51" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_50"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>4.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Summarized
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_52" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>ScoutCam</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_53" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>Summarized statements of financial position:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_54" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_53"><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_5" id="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_55" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_54"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of comprehensive income:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_56" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_55"><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory-c0_cont_4" id="_DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_57" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_56"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify">ScoutCam was deconsolidated on March 31, 2021, and the investment was
accounted for as an equity method investment from April 1, 2021 (refer to note 4C).</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_58" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of cash flows:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_59" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_58"><ix:continuation id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_60" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_59"><p style="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b><i>Parazero</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_61" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_60"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>Summarized statements of financial position:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_62" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_61"><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_6" id="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 140; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Investment
                                            according to the equity method:</b></span> (continued)</td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>4.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Summarized
                                            financial information of material investments:</b></span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Parazero</i></b> (continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_63" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_62"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of comprehensive income:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_64" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory-c0_cont_5" id="_DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_65" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_64"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Laminera</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_66" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_65"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>Summarized statements of financial position:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_67" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_66"><ix:continuation id="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c302" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="usd">40</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_68" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_67"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Summarized statement of comprehensive income:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_69" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_68"><ix:continuation id="_DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_72" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_71"><ix:continuation continuedAt="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_2" id="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_73" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_72"><ix:continuation id="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 141; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_74" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_73"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>ScoutCam</b></span></td>
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_75" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_74"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 30, 2019, the Company and
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_76" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_75"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 22, 2021, ScoutCam
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which resulted in loss of control in ScoutCam as of April 2021. Accordingly, ScoutCam was deconsolidated as of such date and
accounted for using the equity method, with the purchase price being the fair value of ScoutCam&#8217;s shares held by ScoutCam as
of such date. As a result of deconsolidation of ScoutCam and initial recognition of the investment in shares of ScoutCam at fair
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_77" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_76"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 9, 2021, ScoutCam amended
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_78" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_77"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_79" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_78"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 21, 2023, ScoutCam executed a capital raising transaction
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</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&#160;</p><div>

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<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ScoutCam</b> (continued)</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_84" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_83"><ix:continuation continuedAt="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_2" id="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: left">Excess cost Amortization-technology</td><td>&#160;</td>
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    <td style="text-align: left">Exercise of warrants by the Group</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c364" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ExerciseOfWarrantsByTheGroup" scale="3" unitRef="usd">234</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c364" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:GroupShareInExerciseWarrantsByOthers" scale="3" unitRef="usd">218</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c364" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:GroupShareInForfeitedOptions" scale="3" unitRef="usd">32</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c300" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentProperty" scale="3" unitRef="usd">10,735</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 143; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="text-align: left; width: 0.25in"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>ScoutCam</b></span> (continued)</td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_85" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_84"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0pt"><b>Reconciliation to carrying amounts:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_86" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_85"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_1" escape="true" name="mdgsw:DisclosureOfReconciliationToCarryingAmountsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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    <td style="font-size: 10pt; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-size: 10pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td colspan="2" style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td></tr>
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    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c381" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:Equityattributableamount" scale="3" unitRef="usd">11,785</ix:nonFraction></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Equity As adjusted as of December 31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">Groups share in %</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c382" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:GroupsShare" scale="-2" unitRef="pure">27.02</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Balance of excess cost:</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Balance as of December 31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_87" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_86"><ix:continuation continuedAt="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_2" id="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="width: 88%"><span style="font-size: 10pt">Equity attributable to <i>ScoutCam</i> shareholders&#8217; as of December 31,
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    <td style="padding-bottom: 1.5pt">Equity As adjusted as of December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_88" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_87"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>D.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Eventer</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_89" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_88"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>General</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_90" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_89"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 14, 2020, the Company signed
a share purchase agreement and a revolving loan agreement with Eventer, a technology company engaged in the development of unique tools
for automatic creation, management, promotion, and billing of events and ticketing sales. <ix:nonNumeric contextRef="c115" continuedAt="mdgsw_DescriptionOfSharePurchaseAgreement-c115_cont_1" name="mdgsw:DescriptionOfSharePurchaseAgreement">Pursuant to the share purchase agreement, the
Company invested USD 750 thousand and was issued an aggregate of 325,270 ordinary shares of Eventer, representing 58.7% of the issued
and outstanding share capital (50.01% of Eventer&#8217;s issued and outstanding share capital on a fully diluted basis). The share purchase
agreement provides that the Company will invest an additional USD 250 thousand in a second tranche, subject to Eventer achieving certain
post-closing EBITDA based milestones during the fiscal years 2021 through 2023, or the &#8220;Milestones&#8221;. The Milestones will be
examined in each of the years 2021 through 2023. The fair value of the earn-out was calculated by using a Monte Carlo Simulation. According
to this model, the fair value of the earn-out was NIS 233 thousand (USD 69 thousand) as of October 14, 2020. As of December 31, 2022,
the Milestones have not been achieved and the fair value of the earn-out was determined to be immaterial.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_91" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_90"><ix:continuation id="mdgsw_DescriptionOfSharePurchaseAgreement-c115_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In addition, the Company granted a
loan to Eventer in the amount of USD 250 thousand (&#8220;Initial Advance&#8221;), and the loan was valued at USD 204 thousand. According
to the loan agreement, the Company committed to lend up to USD 1,250 thousand to Eventer through advances of funds upon Eventer&#8217;s
request and subject to the Company&#8217;s approval. Advances extended under the Loan Agreement may be repaid and borrowed, in part or
in full, from time to time. The Initial Advance should be repaid in twenty-four equals monthly instalments, commencing on the first anniversary
of the Loan Agreement. Other advances extended under the Loan Agreement will be repaid immediately following, and in no event later than
thirty days following the completion of the project or purpose for which they were made. Outstanding principal balances on the advances
will bear interest at a rate equal to the higher of (i) 4% per year, or (ii) the interest rate determined by the Israeli Income Tax Ordinance
[New Version] 5721-1961 and the rules and regulation promulgated thereunder. Interest payments will be made on a monthly basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_92" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_91"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Additionally, on October 14, 2020,
the Company entered the Exchange Agreement with Eventer&#8217;s shareholders, pursuant to which, during the period commencing on the second
anniversary of the Exchange Agreement and ending fifty-four (54) months following the date of the Exchange Agreement, Eventer&#8217;s
shareholders may elect to exchange all of their Eventer shares for ordinary shares of the Company. The number of ordinary shares of the
Company to which Eventer&#8217;s shareholders would be entitled pursuant to an exchange will be calculated by dividing the fair market
value of each of Eventer&#8217;s ordinary share, as mutually determined by the Company and the shareholders, by the average closing price
of an ordinary share of the Company on the principal market on which its ordinary shares or ADSs are traded during the sixty days prior
to the exchange date, rounded down to the nearest whole number. The Company board of directors may defer the exchange&#8217;s implementation
in the event it determines in good faith that doing so would be materially detrimental to the Company and its shareholders. In addition,
the exchange may not be affected for so long as USD&#160;<ix:nonFraction contextRef="c116" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RemainingOutstandingAmount" scale="3" unitRef="usd">600</ix:nonFraction>&#160;thousand or more remains outstanding under the Loan Agreement, or if
an event of default under the Loan Agreement has occurred.&#160;The Company treated the Exchange Agreement at the date of the business
combination from accounting perspective as recognition of non-controlling interests, in addition to the recognition of a liability in
respect of a derivative (exchange options) which will be measured at fair value at each cut-off date and will be revalued. The changes
in the fair value at each cut-off date will be recorded as a financial income/expense. The Company concluded that the fair value of this
derivative is immaterial, as this is an exchange of Eventer shares held by the other party, a fixed number in consideration for a variable
number of the Company&#8217;s shares whose total value is equal to the value of the Eventer shares exchanged.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_93" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_92"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 25, 2021, <ix:nonNumeric contextRef="c117" name="mdgsw:EventerDescription">Eventer completed
a finance round of approximately USD 2,250 thousand (approximately NIS 7,300 thousand) from a group of 7 investors, in exchange for 146,637
shares, representing 20% of Eventer&#8217;s outstanding shares after consummation of the investment. As part of the investment agreement,
Keshet Holdings LP (&#8220;Keshet&#8221;), one of the 7 investors, committed to provide Eventer with advertising services for USD 1,250
thousand (approximately NIS 4,000 thousand), over a period of 1 year, until June 30, 2022. The agreement further provided that the investment
proceeds to be paid by Keshet are to be netted by the USD 1,250 thousand to be paid as consideration of the above-mentioned advertising
services. Accordingly, the net amount Eventer raised in the finance round amounted to USD 1,000 thousand, with advertising services recorded
as prepaid expense in the amount of USD 1,250 thousand. Eventer is not entitled to a refund in the event these advertising services are
unutilized through the entire period until June 30, 2022. Following lack of usage of advertising services by Eventer till 30 June 2022
Eventer and Keshet agreed to extend the entitlement period till December 31, 2023, such that the original volume would be utilized. As
the extension in time period does not entitle Eventer to additional advertisement services, the Company concluded that the fair value
of the additional benefit represented by the extension is immaterial. Following the finance round, the Company&#8217;s holding in Eventer
decreased to 47.69% of Eventer&#8217;s issued and outstanding share capital.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_94" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_93"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Additionally, the investment agreement
further provided that if in the following twelve months of the closing, Eventer shall not consummate an IPO, then the price per share
(&#8220;PPS&#8220;) shall be adjusted downward to reflect&#160;<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:PPSPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% of the PPS at the time of the closing Date (the &#8220;Adjusted PPS&#8221;),
and the Investors shall be issued with additional Ordinary Shares of Eventer, at no additional consideration. Eventer did not consummate
an IPO, therefore on May 25, 2022, Eventer issued to the investors&#160;<ix:nonFraction contextRef="c118" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" scale="0" unitRef="shares">65,310</ix:nonFraction>&#160;shares from which the Company received&#160;<ix:nonFraction contextRef="c118" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:ReceivedShares" scale="0" unitRef="shares">19,518</ix:nonFraction>&#160;shares.
The Company&#8217;s holding in Eventer decreased to&#160;<ix:nonFraction contextRef="c119" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:CompanyHolding" scale="-2" unitRef="pure">46.21</ix:nonFraction>% from that date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_95" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_94"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During November 2021, the Company and
Eventer agreed that the Initial Advance will be repaid the earlier of (i) six months following the Maturity Date of the Initial Advance;
or (ii) immediately following an initial public offering of Eventer. The Company concluded the change in terms does not constitute a material
modification of the loan. Accordingly, the loan&#8217;s carrying value was retained and no profit or loss outcome was recorded as a result
of the change in terms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 145; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0in"></td>
    <td style="width: 24px"><span style="font-size: 10pt"><b>D.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Eventer </b>(continued)</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>General</i></b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_97" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_96"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 30, 2022, the Company and
Eventer signed an amendment according to which the maturity date of the Initial Advance and the loan will be May 30, 2024. In an event
Eventer will issue securities in consideration of at least USD <ix:nonFraction contextRef="c122" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:ConsiderationPaidReceived" scale="6" unitRef="usd">2</ix:nonFraction> million or in the event of an IPO or right offering (the&#8221; Investment&#8221;),
then the outstanding Initial Advance and the loan will automatically be converted into shares. The number of shares will be calculated
by dividing the outstanding balance loan as of the closing date of the Investment by a price per share which shall reflect a <ix:nonFraction contextRef="c123" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:DiscountPercentage" scale="-2" unitRef="pure">20</ix:nonFraction>% discount
off the lowest price per share paid in the Investment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_98" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_97"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company concluded the fair value
of the benefit represented by the change in terms is immaterial.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_99" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_98"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Loan agreement with Safee Cyber
Technologies Inc. </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_100" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_99"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 1, 2022, <ix:nonNumeric contextRef="c124" continuedAt="mdgsw_LoanAgreementDescription-c124_cont_1" name="mdgsw:LoanAgreementDescription">the Company and
Eventer signed a loan agreement with Safee Cyber Technologies Inc. (&#8220;Safee&#8221;). For more details about the Company&#8217;s investment
in Safee, see note 4P.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_101" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_100"><ix:continuation continuedAt="mdgsw_LoanAgreementDescription-c124_cont_2" id="mdgsw_LoanAgreementDescription-c124_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">According to the loan agreement, the
Company loaned Safee an amount of NIS 250 thousand (USD 74 thousand) and Eventer loaned Safee an amount of NIS 300 thousand (USD 89 thousand)
consisting of NIS 100 thousand (USD 30 thousand) in cash and by assigning to Screenz NIS 200 thousand (USD 59 thousand) of the unutilized
advertising rights Eventer had purchased from Keshet in March 2021 as mentioned above.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_102" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_101"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><ix:continuation id="mdgsw_LoanAgreementDescription-c124_cont_2">Additionally, for the purpose of loan
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_103" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_102"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Safee shall repay the loans and the
interest out of the proceeds that it will receive, directly and/or indirectly, from the sale of NFT, in a way that the company and Eventer
will be entitled to receive the relative part of the loans (excluding <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:Loans" scale="-2" unitRef="pure">10</ix:nonFraction>% of such proceeds). Safee shall not use the NFT proceeds for
any other purpose and shall not grant any rights to any third party in the proceeds, until the full repayment of the loans and the interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_104" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_103"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Following the full repayment of the
loans and the interest, Safee will be entitled to receive <ix:nonFraction contextRef="c125" decimals="3" format="ixt:num-dot-decimal" name="mdgsw:RepaymentLoanInterestRatePercentage" scale="-2" unitRef="pure">43.3</ix:nonFraction>% of the NFT proceeds and each the Company and Eventer will be entitled
to receive <ix:nonFraction contextRef="c126" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RepaymentLoanInterestRatePercentage" scale="-2" unitRef="pure">28.35</ix:nonFraction>% of the NFT proceeds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_105" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_104"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the event that the net proceeds
shall not be sufficient to repay the loans within the period of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="mdgsw:NetProceeds">2</ix:nonNumeric> years or in case the Cooperation Agreement shall be terminated prior
to the full payment of the loans, the Company and Eventer shall waive all unpaid amounts of the loans.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_106" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_105"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The loans bear a fixed annual interest
at the minimal rate required according to the applicable tax law, starting from the date the loan was provided and until its full repayment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_107" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_106"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the fair value
of the loan is USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:LoanAgreementAmount" scale="3" unitRef="usd">104</ix:nonFraction> thousand.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_108" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_107"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Contingent liabilities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_109" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_108"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On September 19, 2022, a lawsuit was
filed against Eventer and others in the amount of NIS <ix:nonFraction contextRef="c127" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPetroleumAndPetrochemicalProducts" scale="3" unitRef="ils">280</ix:nonFraction> thousand (USD <ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPetroleumAndPetrochemicalProducts" scale="3" unitRef="usd">80</ix:nonFraction> thousand), alleging a violation of the Prohibition of Discrimination
in Products, Services, and Entry into Places of Entertainment and Public Places Law. According to the opinion of Eventer&#8217;s legal
counsel, the chances of the lawsuit to be rejected are more likely than not.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_110" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_109"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 14, 2022, a request for
a class action was filed against Eventer and its two directors, alleging the violation of the provisions of the Prohibition of Discrimination
in Products, Services, and Entry into Places of Entertainment and Public Places Law. The plaintiff claims that Eventer allows the allocation
of different kinds of tickets to different groups (such as women, children etc.), thereby allowing structured discrimination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_111" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_110"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">According to the opinion of Eventer&#8217;s
legal counsel, the chances of the class action to be rejected are more likely than not both against the Eventer and its directors. Eventer
must submit its response to the class action request by May 14, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 146; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>D.</b></span></td><td style="text-align: justify"><b>Eventer
                                            </b>(continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_112" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_111"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Agreement with Screenz Cross
Media Ltd.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_113" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_112"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 4, 2021, Eventer signed
an addendum to the agreement with Screenz Cross Media Ltd. (a company indirectly controlled and managed by Eli Uzan who serves as Eventer&#8217;s
Director) (hereafter &#8220;Screenz&#8221;). The agreement was signed during November 2020 for the purpose of collaborating in the field
of virtual conferences. According to the provisions of the addendum to the agreement, Eventer will receive an exclusive license for using
the broadcasting system of Screenz with respect to the field of virtual conferences and development services, and in exchange will pay
Screenz an amount of USD <ix:nonFraction contextRef="c128" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsForDevelopmentProjectExpenditure" scale="3" unitRef="usd">1,500</ix:nonFraction> thousand (approximately NIS <ix:nonFraction contextRef="c128" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsForDevelopmentProjectExpenditure" scale="3" unitRef="ils">4,280</ix:nonFraction> thousand) over a period of eight months, as well as <ix:nonFraction contextRef="c128" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:RevenuesEarnedsPercentage" scale="-2" unitRef="pure">8</ix:nonFraction>% from the revenues
earned from using the broadcasting system in the field of virtual conferences.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_114" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_113"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 30, 2021, <ix:nonNumeric contextRef="c129" name="mdgsw:AgreementWithScreenzCrossMediaLtdDescription">the Board of
Directors approved an amendment to the agreement between Eventer and Screenz effective September 30, 2021 (the &#8220;Effective Date&#8221;).
As per the amendment, instead of USD 1,500, Eventer will pay in exchange for the license an aggregate amount of USD 1,800 thousand, and
the repayment term is to be extended to a period of three years, in monthly instalments of approximately USD 50 thousand each. Eventer
evaluated the change in the terms of the commitment in accordance with IFRS 9 and concluded that the change does constitute a material
modification of the loan. As of September 30, 2021, the loan&#8217;s book value was USD 1,300 thousands and the fair value of the debt
was valued at USD 1,415 thousand. The difference of USD 115 thousand was recorded as finance expenses.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_115" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_114"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2021, the balance
of Eventer&#8217;s debt to Screenz for the license was a total of USD <ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:LicenseTotalAmount" scale="3" unitRef="usd">1,217</ix:nonFraction> thousand. For additional information see note 17b4.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_116" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_115"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 20, 2022, Eventer and Screenz
agreed to reduce the monthly payments for the license from <ix:nonFraction contextRef="c130" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:MonthlyPaymentsForLicense" scale="3" unitRef="usd">50</ix:nonFraction> thousand dollars to <ix:nonFraction contextRef="c131" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:MonthlyPaymentsForLicense" scale="3" unitRef="usd">25</ix:nonFraction> thousand dollars for a period of 5 months. The modified
loan terms did not represent a substantial modification in accordance with IFRS 9.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_117" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_116"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The aforementioned payments ceased
in August 2022 and in December 2022 an amendment was signed pursuant to which Eventer repaid its debt to Screenz by assigning to Screenz
the remaining unutilized advertising rights Eventer had purchased from Keshet in March 2021 as mentioned above. The prepaid expense balance
in respect of these advertising rights in the books of Eventer as of the repayment date, which approximates the advertising rights&#8217;
fair value, was USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:FairValueAmount" scale="3" unitRef="usd">660</ix:nonFraction> thousand. The debt balance as of the date of the amendment was USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DebtAmount" scale="3" unitRef="usd">1,062</ix:nonFraction> thousand (NIS <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DebtAmount" scale="3" unitRef="ils">3,862</ix:nonFraction> thousand). The difference
between the debt balance and the advertising rights of USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AdvertisingRight" scale="3" unitRef="usd">402</ix:nonFraction> thousand was recorded as a capital contribution from Screenz to Eventer.
It was also determined that Screenz will have the first right to receive any money received from Eventer and resulting from a digital
ticketing platform for interactive virtual events up to a total amount of USD <ix:nonFraction contextRef="c132" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromExerciseOfWarrants" scale="3" unitRef="usd">480</ix:nonFraction> thousand. The Company concluded the fair value of this
commitment is immaterial given the uncertainty of revenues to be generated by Eventer from interactive virtual events.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;&#160;&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_118" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_117"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Deferred offering costs</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_119" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_118"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During 2021, Eventer recorded USD <ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DeferredOfferingCosts1" scale="3" unitRef="usd">470</ix:nonFraction>
thousand as deferred offering costs in relation to a planned initial public offering (&#8220;IPO&#8221;). During 2022, Eventer recorded
these deferred offering costs as an expense due to the fact that the offering did not occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_120" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_119"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Share based compensation grants</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_121" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_120"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 30, 2021, Eventer&#8217;s
Board of Directors approved a contractual agreement with Eventer&#8217;s CEO. The date of the commencement of the agreement is January
1, 2021. The CEO will be entitled to a salary of NIS <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SalarieAndWages" scale="3" unitRef="ils">33</ix:nonFraction> thousand (USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SalarieAndWages" scale="3" unitRef="usd">10</ix:nonFraction> thousand). In addition, Eventer granted the CEO 29,944 options
to purchase one share at an exercise price of <ix:nonFraction contextRef="c133" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" scale="0" unitRef="ilsPershares">0.001</ix:nonFraction> NIS per share. The options shall vest over a period of three years commencing from
the engagement date with 1/12 of such options vesting at the end of each subsequent three-month period following the grant. The fair value
of the option granted is estimated on the grant date, using the Black-Scholes Model using the following inputs: (a) risk-free interest
rate&#8211; <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">0.15</ix:nonFraction>%; (b) expected dividend &#8211; <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" scale="-2" unitRef="pure">0</ix:nonFraction>%; (c) expected volatility &#8211; <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">47.02</ix:nonFraction>%; (d) forecasted life &#8211; <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="mdgsw:ForecastedLife">10</ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_122" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_121"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The value of this grant was estimated
at approximately NIS <ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FairValueOfInvestmentInJointVenturesWherePriceQuotationsPublished" scale="3" unitRef="ils">1,668</ix:nonFraction> thousand (USD <ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FairValueOfInvestmentInJointVenturesWherePriceQuotationsPublished" scale="3" unitRef="usd">473</ix:nonFraction> thousand). For the years ended December 31, 2022, and 2021, approximately NIS <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RecognizedExpenses" scale="3" unitRef="ils">418</ix:nonFraction> thousand
(USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RecognizedExpenses" scale="3" unitRef="usd">124</ix:nonFraction> thousand) and NIS <ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RecognizedExpenses" scale="3" unitRef="ils">1,123</ix:nonFraction> thousand (USD <ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RecognizedExpenses" scale="3" unitRef="usd">347</ix:nonFraction> thousand), respectively, were recognized and recorded as expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_123" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_122"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 30, 2021, Eventer&#8217;s
Board of Directors approved a contractual agreement with Round Robin Ltd. Which is one of the founding partners of Eventer. The date of
the commencement of the agreement is January 1, 2021. Under the agreement, Round Robin Ltd. will provide Eventer with 12 monthly hours
of technological consulting, and in exchange, Eventer will grant Round Robin Ltd. <ix:nonFraction contextRef="c134" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:OptionsPurchaseShares" scale="0" unitRef="shares">29,944</ix:nonFraction> options to purchase one share at exercise price
of <ix:nonFraction contextRef="c134" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ExercisePriceShareOptionsGranted2019" scale="0" unitRef="ilsPershares">0.001</ix:nonFraction> NIS per share. The options shall vest over a period of three years commencing the engagement date with 1/12 of such options vesting
at the end of each subsequent three-month period following the grant. The fair value of the option granted is estimated on the grant date,
using the Black-Scholes Model, according to the following parameters: (a) risk-free interest rate &#8211; <ix:nonFraction contextRef="c134" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">0.15</ix:nonFraction>%; (b) expected dividend
&#8211; <ix:nonFraction contextRef="c134" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" scale="-2" unitRef="pure">0</ix:nonFraction>%; (c) expected volatility &#8211; <ix:nonFraction contextRef="c134" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">47.02</ix:nonFraction>%; (d) forecasted life &#8211; <ix:nonNumeric contextRef="c134" format="ixt-sec:duryear" name="mdgsw:ForecastedLife">10</ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 147; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eventer
</b>(continued)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Share based compensation grants
</i></b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_124" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_123"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The value of this grant was estimated
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_125" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_124"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 4, 2021, Eventer&#8217;s
Board of Directors approved a contractual agreement with Mr. Roee Grinblat as Eventer&#8217;s Chief Business Manager. According to the
agreement, the engagement between Eventer and Mr. Greenblatt commenced on January 1, 2021. The monthly professional fee will be approximately
NIS <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfessionalFeesExpense" scale="3" unitRef="ils">20</ix:nonFraction> thousand (USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfessionalFeesExpense" scale="3" unitRef="usd">6</ix:nonFraction> thousand). In addition to the professional fee, Eventer will grant a quantity of shares, that will constitute approximately
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shall vest over a period of three years commencing on engagement date with 1/12 of such options vesting at the end of each subsequent
three-month period following the grant. The exercise price of <ix:nonFraction contextRef="c136" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:ExercisePricePercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% of the options will be equal to the public offering and <ix:nonFraction contextRef="c136" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:PublicOfferingPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% will equal
the share price of the capital raising round that preceded the public offering price. The fair value of the options as at the grant date
was estimated on the grant date, using the Black-Scholes Model, according to the following parameters: (a)&#160;risk-free interest rate&#8211;
<ix:nonFraction contextRef="c136" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">0.49</ix:nonFraction>%; (b)&#160;expected dividend &#8211; <ix:nonFraction contextRef="c136" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" scale="-2" unitRef="pure">0</ix:nonFraction>%; (c)&#160;expected volatility &#8211; <ix:nonFraction contextRef="c136" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">47.02</ix:nonFraction>%; (d)&#160;forecasted life &#8211; <ix:nonNumeric contextRef="c136" format="ixt-sec:duryear" name="mdgsw:ForecastedLife">5</ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_126" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_125"><ix:nonNumeric contextRef="c137" continuedAt="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_1" name="ifrs-full:DescriptionOfChangeOfInvestmentEntityStatus"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The value of this grant was estimated at approximately NIS 277 thousand
(USD 83 thousand). For the year ended December 31, 2021, approximately NIS 186 thousand (USD 58 thousand) were recognized and recorded
as expense. During 2022 Eventer reversed the expense due to the fact that the offering did not occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_127" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_126"><ix:continuation continuedAt="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_2" id="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 4, 2021, Eventer&#8217;s
Board of Directors approved a contractual agreement with Mr. Liron Carmel as the Chairman of the Board of Directors of Eventer. According
to the agreement, the engagement between Eventer and Mr. Carmel commenced on January 1, 2021. The monthly professional fee will be approximately
NIS 20 thousand (USD 6 thousand). In addition to the professional fee, Eventer granted options to purchase a quantity of ordinary shares,
that will constitute approximately 2% of the Eventer&#8217;s issued and outstanding ordinary shares immediately after the public offering
is completed, as options grant. The options shall vest over a period of three years, commencing on engagement date. The exercise price
of 50% of the options granted will be equal to the public offering price, and 50% will equal to the share price of the capital raising
round that preceded the public offering price. The fair value of the options granted is estimated on the grant date, using the Black-Scholes
Model, according to the following parameters: (a) risk-free interest rate &#8211; 0.49%; (b) expected dividend &#8211; 0%; (c) expected
volatility &#8211; 47.02%; (d) forecasted life &#8211; 5 years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_128" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_127"><ix:continuation continuedAt="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_3" id="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The value of this grant was estimated at approximately NIS 277 thousand
(USD 86 thousand). For the year ended December 31, 2021, approximately NIS 186 thousand (USD 58 thousand) were recognized and recorded
as expense. During 2022 Eventer reversed the expense due to the fact that the offering did not occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_129" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_128"><ix:continuation continuedAt="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_4" id="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 4, 2021, Eventer&#8217;s
Board of Directors approved a contractual agreement with Mr. Eli Uzan as Eventer&#8217;s President and Director. According to the agreement,
the engagement between Eventer and Mr. Uzan commenced on January 1, 2021. The monthly professional fee will be approximately NIS 20 thousand
(USD 6 thousand). In addition to the professional fee, Eventer granted options to purchase a quantity of ordinary shares, that will constitute
approximately 2% of Eventer issued and outstanding ordinary shares immediately after the public offering is completed, as options grant.
The options shall vest over a period of three years commencing on engagement date with 1/12 of such options vesting at the end of each
subsequent three-month period following the grant. The exercise price of 50% of the options granted will be equal to the public offering
price, and 50% will equal the share price of the capital raising round that preceded the public offering. The fair value of the option
granted is estimated on the grant date, using the Black-Scholes Model, according to the following parameters: (a)&#160;risk-free interest
rate &#8211; 0.49%; (b)&#160;expected dividend &#8211; 0%; (c)&#160;expected volatility &#8211; 47.02%; (d)&#160;forecasted life &#8211;
5 years.</p><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_130" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_129"><ix:continuation continuedAt="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_5" id="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The fair value of this grant was estimated at approximately NIS 219
thousand (USD 68 thousand). For the year ended December 31, 2021, approximately NIS 147 thousand (USD 46 thousand) were recognized and
recorded as expenses. During 2022 Eventer reversed the expense due to the fact that the offering did not occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>D.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Eventer
                                            </b>(continued)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Share based compensation grants
</i></b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_131" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_130"><ix:continuation continuedAt="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_6" id="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 30, 2021, Eventer&#8217;s
board of directors approved a grant of NIS 8 thousand (USD 2 thousand) to Eventer&#8217;s chief executive officer as a bonus for the results
and achievements of Eventer for the year 2021. Additionally, Eventer&#8217;s board of directors approved a bonus of USD 90 thousand to
the chief executive officer which shall be paid in 9 equal instalments per month commencing January 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_132" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_131"><ix:continuation id="_DescriptionOfChangeOfInvestmentEntityStatus-c137_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During April 2022, Eventer&#8217;s
board of directors approved a salary increase to Eventer&#8217;s chief executive officer to NIS 50 thousand (USD 15 thousand) per month,
effective as of January 1, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_133" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_132"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Jeffs&#8217;
                                            Brands&#160;Ltd.:</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_134" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_133"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>General</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_135" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_134"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 8, 2020, <ix:nonNumeric contextRef="c138" continuedAt="mdgsw_JeffsBrandsLtdDescription-c138_cont_1" name="mdgsw:JeffsBrandsLtdDescription">the Company entered
into the Pro and Purex SPA. Pro and Purex (as defined in note 1) both are in the e-Commerce field and operate online stores for the sale
of various consumer products on the Amazon Online Marketplace. Pursuant to the Pro and Purex SPA, the Company acquired 50.01% of Pro&#8217;s
and 50.03% of Purex&#8217; issued and outstanding share capital on a fully diluted basis through a combination of cash investments in
the companies and acquisition of additional shares from the current shareholders of the two companies in consideration for the Company&#8217;s
ADSs and a cash component. The Company agreed to invest an aggregate amount of USD 1,250 thousand in Pro and Purex, pay USD 150 thousand
in cash consideration to the former stockholders, and issue up to USD 500 thousand worth of ADSs to the former stockholders of such companies
subject to EBITDA milestones. On July 2021, and following EBITDA results the Company issued USD 71 thousand worth of ADSs.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_136" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_135"><ix:continuation id="mdgsw_JeffsBrandsLtdDescription-c138_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In addition, the companies&#8217; former
shareholders are entitled to additional milestone issuances of up to an aggregate USD 750 thousand in ADSs subject to the achievement
by Pro and Purex of certain milestones throughout 2021. The transactions closed on January 4, 2021. Also, the Company agreed to financing
arrangements including (i) providing financing by way of a stockholder loan of a principal amount equal to USD 250 thousand which may
be extended up to an aggregate cap of USD 1 million of which the Company will finance 60% with the remaining 40% to be financed by the
other Pro&#8217;s and Purex&#8217; stockholders; and (ii) additional financing of up to a principal amount of USD 1 million, to finance
the acquisition of additional online Amazon stores provided that such acquisition financing will constitute 80% of the applicable acquisition
cost, with the remaining 20% to be financed by the other Pro&#8217;s and Purex&#8217; stockholders. Subsequently, according to the terms
of the Pro and Purex SPA, the Company entered into a loan and pledge agreement, effective January 5, 2021, with its majority owned subsidiaries
Pro and Purex.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_137" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_136"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Pursuant to this loan and pledge agreement,
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date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_138" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_137"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">The table set forth below summarizes the estimates of the fair value
of assets acquired and liabilities assumed and the allocation of the purchase price as of the acquisition date:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_139" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_138"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DisclosureOfPriceAllocationSummary-c0_cont_1" escape="true" name="mdgsw:DisclosureOfPriceAllocationSummary"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">January 4,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD<br/> in&#160;thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Cash consideration invested in Jeffs&#8217; Brands</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c399" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:CashConsiderationInvestedInJeffsBrands" scale="3" unitRef="usd">1,650</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c399" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NonCashConsiderationInvestedInJeffsBrands" scale="3" unitRef="usd">71</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total consideration</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c399" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="usd">1,721</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Less:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c399" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:FairValueOfNetAssetsAcquired" scale="3" unitRef="usd">2,314</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total acquired</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c399" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:Goodwill1" scale="3" unitRef="usd">563</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><!-- Field: Page; Sequence: 149; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Jeffs&#8217;
                                            Brands&#160;Ltd.:</b></span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>General</i> </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_140" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_139"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 10, 2021, the Company entered into a stock exchange and plan
of restructuring agreement with Victor Hakmon, the other shareholder of Pro and Purex, and Jeffs&#8217; Brands, a newly incorporated entity,
Pursuant to which, among other things, the Company and Victor Hakmon transferred all holdings in Pro and Purex to Jeffs&#8217; Brands,
in return for a consideration of Jeffs&#8217; Brands ordinary shares issued respectively. As a result, Pro and Purex became wholly owned
subsidiaries of Jeffs&#8217; Brands. The share exchange transaction was accounted for as a common control transaction, such that the carrying
values of the assets and liabilities of Pro and Purex were retained through the transaction. To date, the Company invested approximately
USD <ix:nonFraction contextRef="c139" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentInvestments" scale="6" unitRef="usd">6.5</ix:nonFraction> million in Jeffs&#8217; Brands and holds <ix:nonFraction contextRef="c140" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOnSharesIssued" scale="-2" unitRef="pure">35.94</ix:nonFraction>% of its shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_141" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_140"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In April 2021, Top Rank Ltd., an Israeli
company, was established as a wholly owned subsidiary of Jeffs&#8217; Brands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_142" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_141"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 23, 2021, the Company granted
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in the six months period ended June 30, 2021. The grant was recorded as an expense in the consolidated statements of income/loss and other
comprehensive income/loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_143" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_142"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 3, 2022, Jeffs&#8217; Brands Board of Directors approved
to increase Mr. Hakmon&#8217;s monthly salary to NIS <ix:nonFraction contextRef="c143" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInBiologicalAssets" scale="3" unitRef="ils">55</ix:nonFraction> thousand (USD <ix:nonFraction contextRef="c143" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInBiologicalAssets" scale="3" unitRef="usd">23</ix:nonFraction> thousand) plus applicable value added taxes (&#8220;VAT&#8221;),
retroactively from February 1, 2022, until the closing of the IPO. Effective on September 1, 2022, Jeffs Brands Board of Directors approved
an increase to Mr. Hakmon&#8217;s monthly salary to NIS <ix:nonFraction contextRef="c144" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInBiologicalAssets" scale="3" unitRef="ils">80</ix:nonFraction> thousand (USD <ix:nonFraction contextRef="c145" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInBiologicalAssets" scale="3" unitRef="usd">24</ix:nonFraction> thousand) plus VAT and a one-time bonus of NIS <ix:nonFraction contextRef="c146" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInBiologicalAssets" scale="3" unitRef="ils">480</ix:nonFraction> thousand
(USD <ix:nonFraction contextRef="c146" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInBiologicalAssets" scale="3" unitRef="usd">140</ix:nonFraction> thousand).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_144" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_143"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In February 2023, Jeffs&#8217; Brands
Holding Inc., was established as a wholly owned subsidiary of Jeffs&#8217; Brands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_145" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_144"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 9, 2023, Jeffs&#8217; Brands purchased all
of the issued and outstanding share capital of Fort, a company incorporated under the laws of England and Wales. For additional information
see note 21(6).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_146" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_145"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Initial Public Offering</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_147" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_146"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 30, 2022, Jeffs&#8217; Brands completed its initial public
offering (&#8220;IPO&#8221;). In connection with the IPO, Jeffs&#8217; Brands sold <ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:initialPublicOffering" scale="0" unitRef="shares">3,717,473</ix:nonFraction> units at a public offering price of USD <ix:nonFraction contextRef="c147" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:CommonStockParValue" scale="0" unitRef="usdPershares">4.16</ix:nonFraction>
per unit, with each unit consisting of one ordinary share, no par value per share (&#8220;Ordinary Share&#8221;), and one warrant (&#8220;IPO
Warrant&#8221;), to purchase one Ordinary Share, at an exercise price of USD <ix:nonFraction contextRef="c148" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:CommonStockParValue" scale="0" unitRef="usdPershares">4.04</ix:nonFraction> per Ordinary Share. Additionally, Jeffs&#8217; Brands
issued warrants to the underwriter to purchase up to <ix:nonFraction contextRef="c149" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:NumberOfWarrantsIssued" scale="0" unitRef="shares">185,873</ix:nonFraction> ordinary shares at an exercise price of USD <ix:nonFraction contextRef="c108" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:WarrantToPurchaseShares" scale="0" unitRef="shares">5.20</ix:nonFraction> per Ordinary Share (&#8220;Underwriter&#8217;s
Warrants&#8221;). The underwriter partially exercised its right to purchase an additional <ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:IncrementalCommonSharesAttributableToCallOptionsAndWarrant" scale="0" unitRef="shares">425,912</ix:nonFraction> warrants for total consideration of
USD <ix:nonFraction contextRef="c108" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NetIssuanceExpenses" scale="3" unitRef="usd">4</ix:nonFraction> thousand. Jeffs&#8217; Brands received total net proceeds of USD <ix:nonFraction contextRef="c150" decimals="-5" format="ixt:num-dot-decimal" name="mdgsw:NetIssuanceExpenses" scale="6" unitRef="usd">13.4</ix:nonFraction> million after deducting issuance costs of USD <ix:nonFraction contextRef="c108" decimals="-5" format="ixt:num-dot-decimal" name="mdgsw:DeductingIssuance" scale="6" unitRef="usd">2.1</ix:nonFraction> million.
Following the IPO completion, the Company&#8217;s holdings in Jeffs&#8217; Brands decreased to <ix:nonFraction contextRef="c108" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:IssuedAndOutstandingShareCapitalPercentage" scale="-2" unitRef="pure">35.94</ix:nonFraction>% of the issued and outstanding share
capital of Jeffs&#8217; Brands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_148" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_147"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On September 7, 2022, Jeffs&#8217;
Brands&#8217; volume weighted average stock price was less than the exercise floor of USD <ix:nonFraction contextRef="c151" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:WarrantToPurchaseShares" scale="0" unitRef="shares">4.04</ix:nonFraction> for the IPO Warrants. Accordingly, and
based on the contractual terms of the IPO Warrants, effective after the closing of trading on November 28, 2022 (the 90<sup>th</sup> calendar
day immediately following the issuance date of the IPO Warrants), the IPO Warrants were adjusted (&#8220;As-Adjusted IPO Warrants&#8221;)
pursuant to their terms, including, but not limited to, the reduction of the exercise price of the IPO Warrants to USD <ix:nonFraction contextRef="c152" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:WarrantToPurchaseShares" scale="0" unitRef="shares">2.02</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_149" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_148"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Additionally, Additional Warrants
were issued to each qualified buyer who continued to hold at least <ix:nonFraction contextRef="c153" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:WarrantToPurchaseShares" scale="0" unitRef="shares">120,192</ix:nonFraction> IPO Warrants as of November 28, 2022. Accordingly, Jeffs&#8217;
Brands issued Additional Warrants to purchase <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:OrdinaryShares" scale="0" unitRef="shares">2,824,525</ix:nonFraction> Ordinary Shares. Each Additional Warrant has substantially the same terms as
the As-Adjusted IPO Warrant; provided, however, that the term of each Additional Warrant will be <ix:nonNumeric contextRef="c0" continuedAt="mdgsw_WarrantTerm-c0_cont_1" format="ixt-sec:durwordsen" name="mdgsw:WarrantTerm">five</ix:nonNumeric> (5)<ix:continuation id="mdgsw_WarrantTerm-c0_cont_1"> years</ix:continuation> from the issuance date
and such Additional Warrant will not be listed on any securities exchange. In addition, as long as the Additional Warrants are outstanding,
each holder of at least <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:semiAnnualPayments" scale="0" unitRef="shares">120,192</ix:nonFraction> IPO Warrants will receive semi-annual payments based on the Jeffs&#8217; Brands consolidated revenues,
dependent on the amount of the Additional Warrants outstanding. As of December 31, 2022, the payment will be equal to approximately <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="mdgsw:ConsolidatedRevenues" scale="-2" unitRef="pure">2.3</ix:nonFraction>%
of Jeffs&#8217; Brands consolidated revenues for the period ended December 31,2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_150" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_149"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The IPO Warrants and the Additional Warrants were accounted for derivative
liabilities measured at fair value through profit or loss (see note 5).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_151" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_150"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Ordinary Shares and IPO Warrants
trade on the Nasdaq under the symbol &#8220;JFBR&#8221; and &#8220;JFBRW&#8221;, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Jeffs&#8217;
                                            Brands&#160;Ltd.:</b></span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Related parties&#8217; loans</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_152" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_151"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 2, 2021, the Company entered
into a loan and pledge agreement (the &#8220;Pro Loan and Pledge Agreement&#8221;) with Pro and Pro&#8217;s other shareholder, to finance
Pro&#8217;s additional purchases of three new brands on the Amazon Online Marketplace. Pursuant to the Pro Loan and Pledge Agreement,
the Company and Pro&#8217;s other shareholder extended a USD <ix:nonFraction contextRef="c154" decimals="-4" format="ixt:num-dot-decimal" name="mdgsw:LoanAmount" scale="6" unitRef="usd">3.76</ix:nonFraction> million and a USD <ix:nonFraction contextRef="c155" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:LoanAmount" scale="3" unitRef="usd">940</ix:nonFraction> thousand loans, respectively, with an annual
compound interest of <ix:nonFraction contextRef="c155" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:AnnualInterestRate" scale="-2" unitRef="pure">4</ix:nonFraction>%, to be repaid on February 2, 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 2.4pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_153" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_152"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company concluded the stated interest
is materially lower than its market price. Accordingly, the difference between the fair value and face value of the loan attributable
to the Company was recorded as a deemed contribution by the Company to Jeffs&#8217; Brands. Similarly, the difference between the fair
value and face value of the loan attributable to the non-controlling interest was recorded as a deemed contribution by the non-controlling
interest to Jeffs&#8217; Brands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_154" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_153"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Until May 3, 2022, the loans were
measured at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_155" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_154"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of May 3, 2022, Pro had outstanding
loans to the Company, Mr. Hakmon and L.I.A. Pure Capital Ltd. of USD <ix:nonFraction contextRef="c156" decimals="-5" format="ixt:num-dot-decimal" name="mdgsw:OutstandingLoans" scale="6" unitRef="usd">4.1</ix:nonFraction> million, USD <ix:nonFraction contextRef="c157" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:OutstandingLoans" scale="3" unitRef="usd">940</ix:nonFraction> thousand, and USD <ix:nonFraction contextRef="c158" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:OutstandingLoans" scale="3" unitRef="usd">109</ix:nonFraction> thousand, respectively.
On May 3, 2022, Jeffs&#8217; Brands entered into Assignments to Loan Agreements with the Company, Pro, Mr. Hakmon and L.I.A. Pure Capital
Ltd., pursuant to which Jeffs&#8217; Brands assumed Pro&#8217;s obligations under the outstanding loans and agreed that unless previously
repaid, pursuant to the terms of the respective loan agreements with such parties, effective immediately upon the consummation of IPO,
all outstanding principal due to each such party shall be automatically converted into a number of Jeffs&#8217; Brands ordinary shares
equal to the quotient obtained by dividing the outstanding principal amount due to such party, by the per ordinary share price obtained
by dividing USD <ix:nonFraction contextRef="c132" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesOfDiscontinuedOperations" scale="6" unitRef="usd">10</ix:nonFraction> million by the fully diluted issued and outstanding ordinary shares as of immediately prior to the closing of the IPO.
Any accrued and unpaid interest due to such party as of such date will be paid in cash.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_156" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_155"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company concluded the modified
loan terms (&#8220;Modified Loan&#8221;) including an equity conversion feature upon IPO, represent a substantial modification in accordance
with IFRS 9 and is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability.
Accordingly, the difference between the fair value and face value of the loan attributable to the Company was recorded as a deemed contribution
by the Company to Jeffs&#8217; Brands. Similarly, the difference between the fair value and face value of the loan attributable to the
non-controlling interest was recorded as a deemed contribution by the non-controlling interest to Jeffs&#8217; Brands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_157" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_156"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In connection with the IPO that was
consummated on August 30, 2022, the loans between the Company, Jeffs&#8217; Brands, Mr. Hakmon and L.I.A. Pure Capital Ltd. were converted
into <ix:nonFraction contextRef="c159" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageShares" scale="0" unitRef="shares">1,463,619</ix:nonFraction> ordinary shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_158" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_157"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Short term loans</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_159" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_158"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DisclosureOfShortTermLoansTextBlock-c0_cont_1" escape="true" name="mdgsw:DisclosureOfShortTermLoansTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
    2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Amazon loans</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c400" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" scale="3" unitRef="usd">86</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c401" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" scale="3" unitRef="usd">101</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Related party loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-385">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c403" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" scale="3" unitRef="usd">111</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Third parties&#8217; loans</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-386">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c167" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" scale="3" unitRef="usd">715</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" scale="3" unitRef="usd">86</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" scale="3" unitRef="usd">927</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Jeffs&#8217;
                                            Brands&#160;Ltd.:</b></span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_160" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_159"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>Amazon Loans</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_161" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_160"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 8, 2021, Pro entered into
a loan agreement with Amazon.com. Pursuant to which, Pro received from Amazon.com an aggregated amount of USD 78 thousand. The loan matures
within 12 months and bears an annual interest at a rate of <ix:nonFraction contextRef="c160" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">10.99</ix:nonFraction>% per year. In order to secure the loan, Pro pledged its financial balances
on its Amazon account on Amazon.com and its inventories held in Amazon&#8217;s warehouses, in favor of Amazon.com. In September 2021,
the loan was fully repaid.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_162" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_161"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On September 22, 2021, Pro entered
into a loan agreement with Amazon.com. Pursuant to the loan agreement, Pro received from Amazon.com an aggregated amount of USD<ix:nonFraction contextRef="c161" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:LoanAgreements" scale="3" unitRef="usd">153</ix:nonFraction> thousand,
of which USD<ix:nonFraction contextRef="c162" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AggregateAmount" scale="3" unitRef="usd">14</ix:nonFraction> thousand of such amount offset from the received amount on the account of repayment of previous Amazon loan balance. The
loan matures within 9 months and bears an annual interest at a rate of <ix:nonFraction contextRef="c161" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:AnnualInterest" scale="-2" unitRef="pure">9.99</ix:nonFraction>% per year. In order to secure the loan, Pro pledged its financial
balances on its Amazon account on Amazon.com and its inventories held in Amazon&#8217;s warehouses, in favor of Amazon. On May 9, 2022,
the loan was fully repaid.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_163" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_162"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 09, 2022, Pro entered into a
loan agreement with Amazon.com. Pursuant to the loan agreement, Pro received from Amazon.com an aggregate amount of USD <ix:nonFraction contextRef="c163" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:LoanAgreements" scale="0" unitRef="usd">153</ix:nonFraction> thousand.
The loan matures within 12 months and bears an annual interest at a rate of&#160;<ix:nonFraction contextRef="c164" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:AnnualInterestRatePercentage" scale="-2" unitRef="pure">9.99</ix:nonFraction>% per year. In order to secure the loan, Pro pledged
its financial balances on its Amazon account on Amazon.com and its inventories held in Amazon&#8217;s warehouses, in favor of Amazon.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_164" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_163"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in"><b><i>Third parties&#8217;
loans</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_165" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_164"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>July 1, 2021, loan:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_166" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_165"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 1, 2021, Pro entered into a
loan agreement with a third party. The loan bore annual interest rate of <ix:nonFraction contextRef="c165" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:AnnualInterestRatePercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% and was payable on January 1, 2022. Pro was entitled to extend
the loan by an additional sixty days, with additional interest of <ix:nonFraction contextRef="c165" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure">1</ix:nonFraction>% per month. In addition, pursuant to the loan agreement, in the event
of an IPO of Jeffs&#8217; Brands, the lender will be entitled to Ordinary Shares of the Company at an aggregate value of USD <ix:nonFraction contextRef="c165" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:conversionPrice" scale="3" unitRef="usd">125</ix:nonFraction> thousand
with a conversion price at the IPO price. On July 6, 2021, <ix:nonNumeric contextRef="c166" name="mdgsw:LoanAgreementDescription">the loan principal of USD 375 thousand was received.</ix:nonNumeric> The proceeds from the
lender were first allocated to the liability to issue a variable number of shares based on its fair value at the date of issuance in an
amount of USD <ix:nonFraction contextRef="c165" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:issuanceOfAmount" scale="3" unitRef="usd">31</ix:nonFraction>, with a corresponding discount recorded on the third-party loan. The derivate liability is revalued at each period-end
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_167" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_166"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><ix:nonNumeric contextRef="c168" name="mdgsw:LoanMaturityDates">On November 23, 2021, the loan agreement
was amended to extend the maturity date of the loan to the earlier of (i) March 31, 2023, or (ii) the closing of an IPO of the Company.</ix:nonNumeric>
<ix:nonNumeric contextRef="c168" name="mdgsw:MaturityLoanDescription">Based on Jeffs&#8217; Brands management&#8217;s assessment, the amendment resulted in a significant modification to the loan in accordance
with IFRS 9. As a result of the debt extinguishment, Jeffs&#8217; Brands recorded a financial gain in the amount of USD 7 thousand.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_168" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_167"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Following the IPO, Jeffs&#8217; Brands repaid the third-party loan
and issued the third-party <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:AdditionalWarrants" scale="0" unitRef="shares">30,048</ix:nonFraction> warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_169" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_168"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>July 5, 2021, loan:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_170" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_169"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 5, 2021, Pro entered into a
loan agreement with a third party. The loan bore annual interest rate of <ix:nonFraction contextRef="c169" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:AnnualInterestRate" scale="-2" unitRef="pure">10</ix:nonFraction>% and was payable on January 5, 2022. Pro had the right to
extend the loan period by an additional sixty days, with additional interest of <ix:nonFraction contextRef="c170" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:AdditionalInterestPercentage" scale="-2" unitRef="pure">1</ix:nonFraction>% per month. In addition, pursuant to the loan agreement,
in the event of an IPO of Jeffs&#8217; Brands, the lender would be entitled to Ordinary Shares of Jeffs&#8217; Brands at an aggregate
value of USD 125 thousand, with a conversion price based on the IPO price per share, exercisable for a three-year period beginning on
the closing date of the IPO. <ix:nonNumeric contextRef="c171" name="mdgsw:LoanAgreementDescription">On July 9, 2021, the loan principal of USD 375 thousand was received.</ix:nonNumeric> The proceeds from the lender were first
allocated to the liability to issue a variable number of shares based on its fair value at the date of issuance in an amount of USD <ix:nonFraction contextRef="c172" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:issuanceOfAmount" scale="3" unitRef="usd">31</ix:nonFraction>,
with a corresponding discount recorded on the third-party loan. The derivate liability is revalued at each period-end and amounted to
USD <ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DerivateLiabilities" scale="3" unitRef="usd">69</ix:nonFraction> as of December 31, 2021 (see note 5).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 152; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Jeffs&#8217;
                                            Brands&#160;Ltd.:</b></span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><b><i>Third parties&#8217;
loans</i></b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>July 5, 2021, loan: </i>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_171" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_170"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 23, 2021, <ix:nonNumeric contextRef="c173" name="mdgsw:MaturityLoanDescription">the loan agreement
was amended to extend the maturity date of the loan to the earlier of (i) March 31, 2023, or (ii) the closing of an IPO of the Company.
Based on Jeffs&#8217; Brands management&#8217;s assessment, the amendment resulted in a significant modification to the loan in accordance
with IFRS 9. As a result of the debt extinguishment, Jeffs&#8217; Brands recorded a financial gain in the amount of USD 7 thousand.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_172" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_171"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Following the IPO, Jeffs&#8217; Brands repaid the third-party loan
and issued the third-party <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:NumberOfWarrants" scale="0" unitRef="shares">30,048</ix:nonFraction> warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_173" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_172"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in"><b><i>Bank Leumi
Loan</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_174" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_173"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 22, 2022, Jeffs&#8217;
Brands entered into a loan agreement with Bank Leumi Le-Israel (&#8220;Bank Leumi&#8221;) to provide a line of credit in an aggregate
amount of up to USD <ix:nonFraction contextRef="c174" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AggregateAmount" scale="3" unitRef="usd">1</ix:nonFraction> million, which Jeffs&#8217; Brands may draw in two tranches at its request, but in no event after July 21, 2022.
Pursuant to the loan agreement, amounts drawn bear interest at a rate of Secured Overnight Financing Rate (&#8220;SOFR&#8221;) plus <ix:nonFraction contextRef="c174" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" scale="-2" unitRef="pure">3.25</ix:nonFraction>%
annually. Unless otherwise provided with respect to a particular draw, any unpaid principal together with accrued and unpaid interest
under the line of credit is required to be repaid no later than August 21, 2022. In order to induce Bank Leumi to provide the loan, Jeffs&#8217;
Brands and the Company entered into a controlling shareholders&#8217; comfort letter, subordination agreements and a negative pledge.
On March 3, 2022, Jeffs&#8217; Brands drew USD <ix:nonFraction contextRef="c175" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CreditDerivativeFairValue" scale="3" unitRef="usd">400</ix:nonFraction> thousand under the line of credit. On June 2, 2022, Jeffs&#8217; Brands drew additional
USD <ix:nonFraction contextRef="c176" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CreditDerivativeFairValue" scale="3" unitRef="usd">200</ix:nonFraction> thousand under the line of credit. Following the IPO, Jeffs&#8217; Brands repaid the bank loan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_175" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_174"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>Related parties&#8217; loans</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_176" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_175"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in">For more information on related parties&#8217;
transactions see note 17b4.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-align: center"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_177" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_176"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>Deferred offering costs</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_178" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_177"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Jeffs&#8217; Brands capitalized certain
legal and other third-party fees that were directly related to the Jeffs&#8217; Brands IPO. As of December 31, 2021, there were USD <ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DeferredOfferingCost" scale="3" unitRef="usd">366</ix:nonFraction>
thousand of deferred offering costs included in other non-current assets on the balance sheet.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_179" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_178"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The total gross consideration from
the IPO was initially allocated to the derivative warrant liability based on its fair value and the remaining amount was allocated to
the Ordinary Shares issued and recognized as a component of equity. Issuance costs were allocated between the warrant liability and Ordinary
Shares based on their relative fair values.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_180" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_179"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>Ordinary shares and incentive
plan</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_181" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_180"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2021, Jeffs&#8217;
Brands issued and outstanding ordinary shares are comprised of <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" scale="0" unitRef="shares">10</ix:nonFraction> thousand shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_182" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_181"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 19, 2022, Jeffs&#8217; Brands board of directors approved
Jeffs&#8217; Brands 2022 Incentive Option Plan (the &#8220;Plan&#8221;). A total of <ix:nonFraction contextRef="c178" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">1,765</ix:nonFraction> ordinary shares were reserved and subject to
the Plan. The Plan was amended on February 17, 2022, and the number of options increased to <ix:nonFraction contextRef="c179" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">3,000,000</ix:nonFraction> ordinary shares (the total number
of ordinary shares reserved for the exercise of options granted under the Plan is <ix:nonFraction contextRef="c180" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">1,307,027</ix:nonFraction> following the effectiveness of the two reverse
share splits). The Plan is intended as an incentive to retain directors, officers, employees, consultants and advisers of Jeffs&#8217;
Brands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c0" name="mdgsw:DescriptionOfOrdinarySharesAndIncentivePlan"><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_183" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_182"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 17, 2022, Jeffs&#8217; Brands board of directors approved the issuance of bonus shares
(equivalent to a stock dividend) on a basis of 664 (prior to adjustments for subsequent reverse share split) Ordinary Shares for each
Ordinary Share issued and outstanding as of the close of business on February 17, 2022 (provided that any fractional shares be rounded
down to the nearest whole number), pursuant to which holders of Jeffs&#8217; Brands ordinary shares received 664 (prior to adjustments
for subsequent reverse share split) ordinary shares for every one ordinary share held as of such date, resulting in an aggregate issuance
by Jeffs&#8217; Brands of 6,630,547 (prior to adjustments for subsequent reverse share split) Ordinary Shares on such date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_184" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_183"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Additionally, Jeffs&#8217; Brands&#8217;
board of directors approved an increase of the authorized share capital of Jeffs&#8217; Brands to <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AuthorizedShareCapital" scale="3" unitRef="usd">100</ix:nonFraction> million (<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve" scale="3" unitRef="usd">43,567,567</ix:nonFraction> after giving
effect to the two reverse share splits) ordinary shares subject to Jeffs&#8217; Brands&#8217; shareholder approval and effective upon
the effective date of the registration statement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Jeffs&#8217;
                                            Brands&#160;Ltd.:</b></span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>Ordinary shares and incentive
plan </i></b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_185" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_184"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 3, 2022, Jeffs&#8217; Brands&#8217;
board of directors approved a 0.806-for-1 reverse split of the Jeffs&#8217; Brands issued and outstanding ordinary shares, effective as
of May 3, 2022, pursuant to which, holders of the Jeffs&#8217; Brands ordinary shares received 0.806 of ordinary shares for one ordinary
share held as of immediately prior to such date. The reverse stock split proportionally reduced the number of authorized share capital
to <ix:nonFraction contextRef="c181" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AuthorizedShareCapital" scale="3" unitRef="usd">5,352,281</ix:nonFraction> shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_186" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_185"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 16, 2022, Jeffs&#8217; Brands&#8217;
board of directors approved a 1-for-1.85 reverse split of Jeffs&#8217; Brands issued and outstanding ordinary shares, effective as of
June 16, 2022, pursuant to which, holders of Jeffs&#8217; Brands ordinary shares received one ordinary share for every 1.85 ordinary shares
held as of such date. The reverse stock split proportionally reduced the number of authorized share capital to <ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="3" unitRef="usd">2,893,125</ix:nonFraction> shares.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_187" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_186"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">All share and stock option information related to Jeffs&#8217; Brands,
have been adjusted to reflect the bonus share issuance and the reverse share splits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_188" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_187"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>Consultant agreement with Pure
Capital</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_189" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_188"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 26, 2022, Jeffs&#8217; Brands
and Pure Capital entered into a consulting agreement, pursuant to which Pure Capital will provide consulting services to Jeffs&#8217;
Brands for a monthly fee of NIS <ix:nonFraction contextRef="c183" decimals="-2" format="ixt:num-dot-decimal" name="mdgsw:monthlyFee" scale="3" unitRef="ils">57.5</ix:nonFraction> thousand (approximately USD <ix:nonFraction contextRef="c183" decimals="-2" format="ixt:num-dot-decimal" name="mdgsw:monthlyFee" scale="3" unitRef="usd">16.5</ix:nonFraction> thousand). Jeffs&#8217; Brands paid Pure Capital a one-time signing
bonus in the amount of NIS <ix:nonFraction contextRef="c184" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SecuritiesOfferedAmounted" scale="3" unitRef="ils">425</ix:nonFraction> thousand (approximately USD <ix:nonFraction contextRef="c185" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SecuritiesOfferedAmounted" scale="3" unitRef="usd">121</ix:nonFraction> thousand) for their services to Jeffs&#8217; Brands from the day of Jeffs&#8217;
Brands inception until the closing of the IPO. As part of the consulting agreement, Pure Capital is also entitled to the following payment:
(i) an amount equal to <ix:nonFraction contextRef="c184" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:GrossProceedsPercentage" scale="-2" unitRef="pure">7</ix:nonFraction>% of the gross proceeds paid to Jeffs&#8217; Brands in connection with any exercise of warrants, whether or not
currently outstanding; and (ii) <ix:nonFraction contextRef="c184" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:TotalConsiderationOfPercentage" scale="-2" unitRef="pure">8</ix:nonFraction>% of the total consideration paid in connection with any purchase of a new brand, businesses, or similar
events initiated or assisted by Pure Capital and approved by the Chief Executive Officer and Chairman of the Board based on agreement
with Pure Capital. The consulting agreement is for an undefined period of time and may be terminated after <ix:nonFraction contextRef="c184" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:AgreementTerm" scale="-2" unitRef="pure">3</ix:nonFraction> years from October 26, 2022,
by either party upon 30 days advance notice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_190" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_189"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Additionally, on October 26, 2022,
Jeffs&#8217; Brands and Pure NJ Logistics LLC, owned by Pure Capital and a director of Jeffs&#8217; Brands, entered into a warehouse lease
agreement for a warehouse located in the USA. As of December 31, 2022, the advances to suppliers comprised of USD <ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AdvancesToSupplier" scale="3" unitRef="usd">228</ix:nonFraction> thousand that were
paid to Pure NJ Logistics LLC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_191" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_190"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>Short-term lease agreement with
the Company</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_192" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_191"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 21, 2022, Jeffs&#8217; Brands entered into a short-term lease
agreement for its offices from the Company and participated in <ix:nonFraction contextRef="c186" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:LeasePercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% of the related lease and maintenance expenses. Jeffs&#8217; Brands
paid USD <ix:nonFraction contextRef="c187" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AmountPaid" scale="3" unitRef="usd">86</ix:nonFraction> thousand plus VAT on December 30, 2022. The outstanding payable to the Company as of December 31, 2022, was USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:OutstandingPayable" scale="3" unitRef="usd">32</ix:nonFraction> thousand
plus VAT.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_193" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_192"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>Leases </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_194" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_193"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Jeffs&#8217; Brands leases office space
since October 1, 2022, for a period of <ix:nonNumeric contextRef="c188" format="ixt-sec:duryear" name="mdgsw:LeaseTerm"><ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="mdgsw:UsefulLifeRemainingLease">3</ix:nonNumeric></ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_195" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_194"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, Jeffs&#8217; Brands&#8217; right of use asset
and lease liabilities totaled USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionsToRightofuseAssets" scale="3" unitRef="usd">138</ix:nonFraction> thousand and USD <ix:nonFraction contextRef="c189" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionsToRightofuseAssets" scale="3" unitRef="usd">141</ix:nonFraction> thousand, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_196" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_195"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Jeffs&#8217; Brands uses its incremental
borrowing rate as the discount rate for its leases, as the implicit rate in the lease is not readily determinable. As of December 31,
2022, Jeffs&#8217; Brands&#8217; leases had a weighted average remaining lease term of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="mdgsw:LeaseTerm">3</ix:nonNumeric> years and a weighted average borrowing rate of
<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">10</ix:nonFraction>%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_197" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_196"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0pt"></td>
    <td style="width: 24px"><span style="font-size: 10pt"><b>F.</b></span></td>
    <td><span style="font-size: 10pt"><b><i>Gix Internet Ltd:</i></b></span></td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_198" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_197"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>General</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_199" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_198"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 19, 2019, <ix:nonNumeric contextRef="c190" name="mdgsw:InvestmentAgreementDescription">the Company signed an agreement with Gix Internet
and its then wholly owned subsidiary Gix Media, for an investment of approximately USD 5 million (the &#8220;Investment Agreement&#8221;).
The investment was subject to certain pre-conditions, which were met on September 3, 2019. As part of the investment, the Company received
729,508 ordinary shares of Gix Media, 2,168,675 ordinary shares of Gix Internet and 2,898,183 warrants to purchase 2,898,183 Gix Internet&#8217;s
shares.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_200" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_199"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Medigus was also entitled, for a period
of three years following the closing of the investment, to convert any and all of its Gix Media&#8217;s shares into Gix Internet shares
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_201" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_200"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As part of the investment agreement,
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3, 2019. Until September 3, 2022, such event had not occurred. On September 3, 2022, the Anti-dilution has expired.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_202" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_201"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company also held <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:WarrantsToPurchaseShares" scale="0" unitRef="shares">2,898,183</ix:nonFraction> warrants
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expired on September 3, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_203" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_202"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In March and June 2021, the Company
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_204" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_203"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">These increases were accounted for
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_205" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_204"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 14, 2021, Gix Media completed
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has developed expertise in turning original content into a profit center through user traffic acquisition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_207" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_206"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Through the period from February 14,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_208" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_207"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company allocated the purchase
price between tangible and intangible assets acquired and liabilities assumed based on estimated fair values, with the residual of the
purchase price recorded as goodwill. The intangible assets identified in the acquisition were technology and customer relations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_209" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_208"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The table set forth below summarizes the allocation
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_210" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_209"><ix:continuation id="mdgsw_DisclosureOfPriceAllocationSummary-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total consideration</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c107" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="usd">7,669</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Less:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Fair value of customer relations acquired, net of deferred taxes</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total acquired</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c107" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:Goodwill1" scale="3" unitRef="usd">8,164</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><!-- Field: Page; Sequence: 155; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0pt"></td>
    <td style="width: 24px"><span style="font-size: 10pt"><b>F.</b></span></td>
    <td><span style="font-size: 10pt"><b><i>Gix Internet Ltd: </i></b>(continued)</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>General</i></b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_211" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_210"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of February 28, 2022, Gix
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outstanding and issued shares of Cortex.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_212" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_211"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 21, 2022, Gix Internet issued
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consolidated financial statements as a transaction with non-controlling interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">

</p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_213" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_212"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of the rights
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_214" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_213"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 28, 2022, the General Meeting
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the General Meeting of Gix Internet shareholders approved the issuance of 400,000 options to four of Gix Internet directors (an expense
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_215" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_214"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On September 19, 2022, Gix Internet
completed a reverse triangle merger (&#8220;merger&#8221;) between Gix Internet, Gix Media and ViewBix Inc. After the merger, Gix Media
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_216" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_215"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the year ended December 31, 2022,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_217" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_216"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 25, 2022, Cortex declared
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_218" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_217"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On September 14, 2022, Gix Media declared
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_219" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_218"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>Loans</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_220" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_219"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><i>Short term loans:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_221" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_220"><ix:continuation id="mdgsw_DisclosureOfShortTermLoansTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c405" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="3" unitRef="usd">1,500</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total consideration</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c406" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConsiderationPaidReceived" scale="3" unitRef="usd">6,525</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_222" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_221"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><i>Long term loans:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_223" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_222"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:DisclosureOfLongTermLoansTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 88%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Long term bank loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:LongTermBankLoans" scale="3" unitRef="usd">2,881</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 156; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>F.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b><i>Gix
                                            Internet Ltd: </i></b>(continued)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><b><i>Loans </i></b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_224" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_223"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 18, <ix:nonFraction contextRef="c207" decimals="-3" name="mdgsw:GrossProceedsFromPublicOffering" scale="3" unitRef="usd">2020</ix:nonFraction>, ViewBix Inc.
entered into an agreement with certain investors (&#8220;Investors&#8221;) in connection with the sale and issuance of shares of common
stock. In addition, and on the same date, ViewBix Inc. entered into a loan agreement with the Investors, pursuant to which the Investors
loaned an aggregated amount of USD <ix:nonFraction contextRef="c208" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestorsLentAnAggregate" scale="3" unitRef="usd">69</ix:nonFraction> thousand (the &#8220;Principal Amount&#8221;). In accordance with the terms of the loan agreement,
ViewBix Inc. repaid the interest on the Principal Amount (<ix:nonFraction contextRef="c208" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:InterestRatePercentages" scale="-2" unitRef="pure">8</ix:nonFraction>% compounded annually) to the Investors in the form of an issuance of shares
of common stock. During 2023 ViewBix repaid the loan to investors in 3 equal payments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_225" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_224"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 13, 2021, Gix Media entered
into a loan agreement with Bank Leumi Le-Israel (&#8220;Bank Leumi&#8221;) to provide for a line of credit in an aggregate amount of up
to USD <ix:nonFraction contextRef="c209" decimals="-2" format="ixt:num-dot-decimal" name="ifrs-full:CreditDerivativeFairValue" scale="3" unitRef="usd">3.5</ix:nonFraction> million and a long-term loan in an aggregate amount of up to USD <ix:nonFraction contextRef="c210" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherLongtermBenefits" scale="3" unitRef="usd">6</ix:nonFraction> million. Additionally, Gix Internet also signed on a loan
agreement with Bank Leumi in an aggregate amount of up to NIS 3 million. The main points of the agreement with Bank Leumi include:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_226" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_225"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">NIS <ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLoansAndReceivables" scale="3" unitRef="ils">3</ix:nonFraction> million loan to Gix Internet for <ix:nonNumeric contextRef="c212" format="ixt-sec:durmonth" name="mdgsw:LoanTerm">48</ix:nonNumeric> months period. The loan shall
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</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_227" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_226"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">USD <ix:nonFraction contextRef="c213" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLoansAndReceivables" scale="3" unitRef="usd">6</ix:nonFraction> million loan to Gix Media for <ix:nonNumeric contextRef="c214" format="ixt-sec:duryear" name="mdgsw:LoanTerm">48</ix:nonNumeric> months period. The loan shall bear interest at rate of LIBOR plus <ix:nonFraction contextRef="c213" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" scale="-2" unitRef="pure">4.12</ix:nonFraction>% annually. The loan was classified as long-term loan.</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_228" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_227"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify">Credit line to Gix Media in an aggregate amount of up to USD <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="mdgsw:AggregateAmountOfCreditLine" scale="6" unitRef="usd">3.5</ix:nonFraction> million to be utilized for a period of up to <ix:nonNumeric contextRef="c0" format="ixt-sec:durmonth" name="mdgsw:LoanTerm">48</ix:nonNumeric> months. The amounts that will be drawn from the credit line will bear interest of LIBOR plus <ix:nonFraction contextRef="c2" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" scale="-2" unitRef="pure">3.2</ix:nonFraction>% annually. The credit line was classified as short-term loan.</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_229" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_228"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 7 ,2022 Cortex, a subsidiary
of Gix Media, entered into an amendment to the loan agreement dated August 15, 2021, with Bank Leumi Le-Israel (&#8220;Bank Leumi&#8221;)
to provide for additional credit line in an aggregate amount of up to USD <ix:nonFraction contextRef="c215" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:CreditDerivativeFairValue" scale="6" unitRef="usd">1</ix:nonFraction> million, such that the total allocated credit line sum up
to USD <ix:nonFraction contextRef="c216" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CreditDerivativeFairValue" scale="6" unitRef="usd">2.5</ix:nonFraction> million to be utilized till September 24 ,2022. The initial credit line shall bear an interest rate of LIBOR plus <ix:nonFraction contextRef="c217" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:InterestRatePercentages" scale="-2" unitRef="pure">3.45</ix:nonFraction>% annually
while the additional credit shall bear an interest rate of SOFR plus <ix:nonFraction contextRef="c218" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" scale="-2" unitRef="pure">3.52</ix:nonFraction>% annually. The credit line was classified as short-term loan.
As of December 31, 2022, the additional credit line was not renewed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_230" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_229"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b><i>Loan agreement between the
Company and Gix Internet</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_231" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_230"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 13, 2021, the Company entered
into a loan agreement with Gix Internet. Pursuant to the loan agreement, Gix Internet received an aggregate amount of USD <ix:nonFraction contextRef="c219" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InternetAggregateAmount" scale="3" unitRef="usd">1,240</ix:nonFraction> thousand
(NIS <ix:nonFraction contextRef="c220" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InternetAggregateAmount" scale="3" unitRef="ils">4,000</ix:nonFraction> thousand) from the Company. The loan bears interest at a rate equivalent to the minimal interest rate recognized and attributed
by the Israel Tax Authority (<ix:nonFraction contextRef="c3" decimals="-4" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="6" unitRef="ils">3.23</ix:nonFraction>% in 2022). <ix:nonNumeric contextRef="c221" name="mdgsw:LoanAgreementDescription">The loan will be repaid in full, together with the accrued interest, in one (1) instalment
upon the earliest of: (i) the closing of a rights offering by Gix Internet for an aggregate amount of at least NIS 12,000 thousand (approximately
USD 3,858 thousand); or (ii) June 30, 2022.</ix:nonNumeric> Upon consolidation of Gix Internet as of February 28, 2022, as further described above, the
loan is eliminated in consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_232" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_231"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company concluded the stated interest
is materially lower than its market price. The loan was initially measured at fair value in accordance with IFRS 9, Financial Instruments.
Accordingly, the difference between the fair value and face value of the loan attributable to the Company was recorded as a capital reserve.
The difference between the fair value and face value of the loan attributable to Gix Internet was recorded as deemed contribution by the
Company to Gix Internet.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_233" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_232"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><ix:nonNumeric contextRef="c222" name="mdgsw:LoanAgreementDescription">On August 25, 2022, the Company and
Gix Internet signed an addendum to the Loan Agreement, effective as of July 1, 2022. Pursuant to the addendum, on November 2, 2022, the
company received a total of NIS 1 million as repayment of the loan and the accrued interest up to that date. Repayment of the balance
of the loan fund, in the amount of NIS 3 million, will be postponed until June 30, 2023.</ix:nonNumeric> In addition, the Company will be entitled to
request the conversion of all or part of the balance of the extended loan in exchange for Gix Internet&#8217;s shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_234" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_233"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Based on the Company&#8217;s management
assessment, the modified loan terms (&#8220;Modified Loan&#8221;) including an equity conversion feature, represent a substantial modification
in accordance with IFRS 9 and is accounted for as an extinguishment of the original financial liability and the recognition of a new financial
liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_235" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_234"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>F.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b><i>Gix
                                            Internet Ltd: </i></b>(continued)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_236" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_235"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Investment accounted for using
the equity method</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_237" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_236"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The tables set forth below summarizes
the activity in the investment account and the reconciliation to carrying amounts:&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_238" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_237"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Activity in investment account:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_239" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_238"><ix:continuation continuedAt="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_3" id="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%">Balance as of January 01, 2022</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c366" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:USDNISTranslationAdjustments" scale="3" sign="-" unitRef="usd">45</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_240" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_239"><ix:continuation continuedAt="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_4" id="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD<br/>
 in&#160;thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%">Balance as of January 01, 2021</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Group share in losses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c368" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:GroupShareInLosses" scale="3" sign="-" unitRef="usd">298</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Group share in other comprehensive loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c368" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" sign="-" unitRef="usd">227</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Excess cost amortization</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c368" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ExcessCostAmortization" scale="3" sign="-" unitRef="usd">525</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercise of the Conversion Right on March 31, 2021</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Exercise of the Conversion Right on June 30, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c368" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ExerciseOfTheConversionRightOnMarchThirtyFirtsTwoThousandTwenty1" scale="3" unitRef="usd">1,831</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Additional purchase on October 1, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c368" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AdditionalPurchase" scale="3" unitRef="usd">222</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Balance as of December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 158; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0pt"></td>
    <td style="width: 24px"><span style="font-size: 10pt"><b>F.</b></span></td>
    <td><span style="font-size: 10pt"><b><i>Gix Internet Ltd:</i></b></span> (continued)</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Investment accounted for using the equity method
(continued)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_241" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_240"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Reconciliation to carrying amounts:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_242" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_241"><ix:continuation continuedAt="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_3" id="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Balance of excess cost:</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_243" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_242"><ix:continuation continuedAt="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_4" id="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Balance as of December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 159; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>G.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b><i>Automax:</i></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_244" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_243"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 19, 2021, and March 9, 2021,
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with Automax, which is now traded on TASE (AMX.TA), the Company&#8217;s aggregate holdings in Automax decreased to <ix:nonFraction contextRef="c225" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:DecreasedToIssuedAndOutstandingShareCapital" scale="-2" unitRef="pure">4.73</ix:nonFraction>% of its issued
and outstanding share capital. Therefore, the investment since March 9, 2021, was treated as fair value through profit or loss, (see also
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_245" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_244"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During August and October 2021, the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_246" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_245"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 6, 2022, the Company purchased
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_247" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_246"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During July 2022, the Company purchased
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_248" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_247"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_249" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_248"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For additional information see note
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_250" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_249"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>The activity in the investment account
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_251" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_250"><ix:nonNumeric contextRef="c362" escape="true" name="ifrs-full:DisclosureOfEffectOfChangeOfInvestmentEntityStatusOnFinancialStatementsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 9,<br/>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">Investment as of January 1, 2021 Equity method</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Held for sale asset</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Total amount as of March 9, 2021</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_252" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_251"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>H.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b><i>Polyrizon</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_253" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_252"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Polyrizon Ltd. (&#8220;Polyrizon&#8221;)
is a private company engaged in developing biological gels designed to protect patients against biological threats and reduce the intrusion
of allergens and viruses through the upper airways and eye cavities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_254" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_253"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_255" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_254"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 27, 2022, Polyrizon entered
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_256" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_255"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">On May 8, 2022, Polyrizon entered into an additional SAFE with several
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</div><div>

</div><!-- Field: Page; Sequence: 160; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>H.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b><i>Polyrizon
                                            </i></b>(continued)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_257" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_256"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Upon completion of IPO, the SAFE will
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discounted by <ix:nonFraction contextRef="c235" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:OfferingDiscountedPercentage" scale="-2" unitRef="pure">20</ix:nonFraction>%. If an IPO will not occur by July 31, 2023, the SAFE will be automatically converted into such number of the most senior
class of Equity Shares of Polyrizon then outstanding, equal to, the purchase amount, divided by the lowest price per share actually paid
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_258" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_257"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The SAFE investments were accounted for as assets through profit or
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<ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RiskFreeInterestRatePercentage" scale="-2" unitRef="pure">4.76</ix:nonFraction>%, probabilities of five difference scenarios (equity financing, liquidity event, IPO, drop date and failure).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_259" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_258"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the fair value
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_260" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_259"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 30, 2022, Polyrizon entered into
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_261" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_260"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the collaboration agreement, SciSparc
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fulfilled.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_262" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_261"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The activity in the investment account of Polyrizon during the
years ended December 31, 2022, and 2021, was as follows:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_263" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_262"><ix:continuation continuedAt="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_5" id="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_264" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_263"><ix:continuation continuedAt="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_6" id="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 161; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_265" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_264"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>I.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Charging
                                            Robotics Ltd:</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_266" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_265"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 7, 2021, the Company entered
an agreement to purchase a provisional patent filed with the United States Patent and Trademark Office and know-how relating to wireless
vehicle battery charging technology in consideration for USD <ix:nonFraction contextRef="c238" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConsiderationAmount" scale="3" unitRef="usd">75</ix:nonFraction> thousand. Furthermore, the Company entered a collaboration agreement with
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Robotics Ltd. (hereinafter &#8211; &#8220;Charging Robotics&#8221;), incorporated on February 1, 2021, which will focus on the Company&#8217;s
new electric vehicle and wireless charging activities. Pursuant to the collaboration agreement, the seller is entitled to a monthly consultant
fee as well as options to purchase <ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:OptionsToPurchaseShares" scale="0" unitRef="pure">15</ix:nonFraction> shares, which represents <ix:nonFraction contextRef="c238" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:ShareCapitalPercentage" scale="-2" unitRef="pure">15</ix:nonFraction>% of Charging Robotics&#8217; fully diluted share capital as of its incorporation
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estimated on the grant date, using the Black-Scholes Model, according to the following parameters: (a) risk-free interest rate &#8211;
<ix:nonFraction contextRef="c240" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">0.85</ix:nonFraction>%; (b) expected dividend &#8211; <ix:nonFraction contextRef="c240" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" scale="-2" unitRef="pure">0</ix:nonFraction>%; (c) expected volatility &#8211; <ix:nonFraction contextRef="c240" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">85</ix:nonFraction>%; (d) forecasted life &#8211;<ix:nonNumeric contextRef="c240" format="ixt-sec:duryear" name="mdgsw:ForecastedLife">4.44</ix:nonNumeric> years. For the year ended
December 31, 2022, and 2021 approximately USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RecognizedAndRecordedAsExpenses" scale="3" unitRef="usd">0</ix:nonFraction> thousand and USD <ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:RecognizedAndRecordedAsExpenses" scale="3" unitRef="usd">91</ix:nonFraction> thousand were recognized and recorded as expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_267" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_266"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During 2021 the Company invested in Charging Robotics an additional
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_268" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_267"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">On February 19, 2021, the Company
entered into the Venture Agreement, with Mr. Amir Zaid and Mr. Weijian Zhou (the founders of Emuze Ltd., a privately held company that
designs and develops electric mobility micro vehicles), and Charging Robotics (the &#8220;Venture Agreement&#8221;), under which the
Company formed a venture, under the name Revoltz, to develop and commercialize three modular electric vehicle (&#8220;EV&#8221;) micro
mobility vehicles for urban individual use and &#8220;last mile&#8221; cargo delivery.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_269" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_268"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the terms of the Venture Agreement,
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additional investments occurred. The investment in Revoltz was accounted for using the equity method. The additional investment requirement
was accounted for as a derivative liability measured at fair value through profit or loss. As of December 31, 2022, the fair value of
the derivative liability was concluded to be immaterial.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_270" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_269"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 11, 2022, the Company and
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securities exchange agreement, if signed, will be subject to customary closing conditions. The transaction will result in Charging Robotics
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_271" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_270"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 28, 2022, Charging Robotics entered into a convertible loan
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_272" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_271"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Total Loan Amount shall be converted
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_273" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_272"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">a. The consummation of funding by Revoltz
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_274" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_273"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">b. Revoltz has generated an aggregate
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_275" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_274"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the event that a Trigger Event shall
not have occurred on or prior to the 24-month anniversary of the date on which the Loan Principal Amount was extended to Revoltz, the
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</div><div>

</div><!-- Field: Page; Sequence: 162; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_276" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_275"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>J.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Elbit
                                            Imaging Ltd.:</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_277" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_276"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Elbit Imaging Ltd. operates in the following
principal fields of business: (i) medical industries through indirect holdings in Insightec Ltd. and Gamida Cell Ltd.; and (ii) land plots
in India which are designated for sale (and which were initially designated for residential projects).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_278" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_277"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During June 2021 the Company purchased
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_279" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_278"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 30, 2021, the Company submitted
a request to convene a special meeting to replace some of the directors in Elbit Imaging Ltd. The meeting took place on August 4, 2021,
and the Company appointed 3 directors out of the 8 directors in Elbit Imaging Ltd. Therefore, since that date, the Company concluded to
have a significant influence in Elbit Imaging Ltd. and the investment was accounted for as an equity investment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_280" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_279"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During July 2021, the Company invested
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_281" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_280"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In April and June 2022, Elbit Imaging paid dividends to shareholders.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_282" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_281"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the general shareholders meeting
held on October 18, 2022, two of the directors who were previously appointed by the Company ceased their roles as directors of Elbit Imaging
Ltd. As a result, and as of that date, the Company&#8217;s investment was treated as an investment at fair value through profit or loss.
See also note 5.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_283" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_282"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>The activity in the investment account
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_284" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_283"><ix:continuation continuedAt="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_7" id="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_285" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_284"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>The activity in the investment account
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 &#8211; INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_287" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_286"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>K.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>SciSparc
                                            Ltd.</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_288" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_287"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">SciSparc Ltd. (&#8220;SciSparc&#8221;)
is an Israeli company. SciSparc listed its American Depository Shares on the OTCQB until December 7, 2021, after which SciSparc uplisted
to Nasdaq.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_289" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_288"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Buffalo Investments Ltd. (&#8220;Buffalo&#8221;),
an Israeli private company, owned <ix:nonFraction contextRef="c252" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:OptionsToPurchaseShares" scale="0" unitRef="pure">150,000</ix:nonFraction> options to purchase <ix:nonFraction contextRef="c253" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:OptionsToPurchaseShares" scale="0" unitRef="pure">150,000</ix:nonFraction> shares of SciSparc at an exercise price of USD <ix:nonFraction contextRef="c253" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">5.02</ix:nonFraction> per share. On
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Company was obligated to immediately exercise all such options into shares and the Company paid to SciSparc an additional USD <ix:nonFraction contextRef="c256" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:EquityFinancingAmount" scale="3" unitRef="usd">753</ix:nonFraction> thousand
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3 months following the Buffalo Agreement (the &#8220;Purchase Period&#8221;) in consideration for USD <ix:nonFraction contextRef="c257" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">6.05</ix:nonFraction> per share. On April 27, 2022,
the Buffalo Agreement was amended such that the Company extended the Purchase Period until June 7, 2021. On June 30, 2022, the Buffalo
Agreement was amended such that the Company extended the Purchase Period until December 31, 2022, and Buffalo undertook to purchase <ix:nonFraction contextRef="c258" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:BuffaloUndertookPurchasePercentage" scale="-2" unitRef="pure">90</ix:nonFraction>%
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_290" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_289"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 26, 2021, the Company&#8217;s
Board of Directors approved to sell all the interests in SciSparc Ltd. in the next twelve months. The investment is SciSparc was therefore
classified as a short-term investment as of December 31, 2021. See also note 5.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_291" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_290"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During March 2022 the company purchased
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_292" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_291"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company
treated the investment as a short-term forward contract such that the difference between the quoted price and the sale price will be recognized
as a provision and the difference between the total cost paid by the Company (USD <ix:nonFraction contextRef="c2" decimals="1" format="ixt:num-dot-decimal" name="mdgsw:CostPaidPricePerShare" scale="0" unitRef="usdPershares">5.5</ix:nonFraction> per share) and the price in the forward transaction
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_293" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_292"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 25, 2023, the Company sold
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_294" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_293"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 16, 2023, the Company and Buffalo
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_295" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_294"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The following table provides the
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_296" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_295"><ix:continuation continuedAt="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_8" id="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_297" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_296"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The following table provides the activity in the investment
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</div><div>

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</div><div>

</div><!-- Field: Page; Sequence: 164; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_299" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_298"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>L.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Fuel
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_300" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_299"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">On December 21, 2021, the Company
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_301" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_300"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">As of the purchase date Fuel Doctor had total liabilities of USD <ix:nonFraction contextRef="c260" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialLiabilities" scale="3" unitRef="usd">5</ix:nonFraction>
thousand and had no assets and a negative equity. According to IFRS-3R, the investment was not considered a business acquisition and the
transaction was recognized during 2021 as an expense in the consolidated statements of income/loss and other comprehensive income/loss
under the item of amortization of the excess cost of an associate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_302" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_301"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>M.</b></span></td><td style="text-align: justify"><b>Parazero
                                            <span style="font-size: 10pt">Technologies Ltd.</span></b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_303" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_302"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Parazero was incorporated in Israel
on June 30, 2013. Parazero specializes in the design, development, manufacturing, distribution, and sales of safety systems for commercial
drones. Parazero&#8217;s technology enables real-time identification of critical failures of drones, and upon detection of an emergency,
a parachute is autonomously deployed in fractions of a second, thus ensuring safe landings at all times. Parazero sells its products internationally
with a focus on the U.S. market.</p><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_304" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_303"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 28, 2022, the Company and
additional investors (the &#8220;Acquirers&#8221;), entered into a share purchase agreement with Delta drone International Ltd. (&#8220;Delta&#8221;),
an Australian corporation (the &#8220;Seller&#8221;) to purchase <ix:nonFraction contextRef="c262" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:ExchangePercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% of Parazero&#8217;s share capital for a total consideration of AUD
<ix:nonFraction contextRef="c263" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:Cash" scale="6" unitRef="aud">6</ix:nonFraction>&#160;million (USD <ix:nonFraction contextRef="c264" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:Cash" scale="0" unitRef="usd">4,335</ix:nonFraction> million) in cash (the &#8220;Consideration Amount&#8221;).</p><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_305" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_304"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company purchased <ix:nonFraction contextRef="c113" decimals="-6" format="ixt:num-dot-decimal" name="mdgsw:AdditionallySalesAchievement" scale="6" unitRef="usd">674,362</ix:nonFraction> of Parazero
shares as part of this agreement for total consideration of AUD <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:CommonStockOutstandingPecentage" scale="-2" unitRef="pure">2,235</ix:nonFraction> thousand (USD <ix:nonFraction contextRef="c265" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:CommonStockOutstandingPecentage" scale="-2" unitRef="pure">1,613</ix:nonFraction> thousand), which represent <ix:nonFraction contextRef="c265" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:CommonStockIssuedPercentage" scale="-2" unitRef="pure">40.35</ix:nonFraction>% holdings of
the issued and outstanding shares of Parazero. The investment was accounted for as an equity investment. During April 2022, the Consideration
Amount was adjusted. As a result of this adjustment, the company received USD <ix:nonFraction contextRef="c266" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ReceivedAmount" scale="3" unitRef="usd">18</ix:nonFraction> thousand. The Company invested the USD <ix:nonFraction contextRef="c266" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestedAmount" scale="3" unitRef="usd">18</ix:nonFraction> thousand as
additional SAFE investments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_306" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_305"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 28, 2022, prior to the closing
of the acquisition, all outstanding liabilities between Parazero and Delta were converted into equity.</p><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_307" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_306"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 2, 2022 (the &#8220;Issue Date&#8221;), Parazero issued
to Delta a warrant to purchase shares. The exercise price of such warrant is (A) if a Trigger Event (defined below) occurs, the price
per share in the IPO, or, (B) if a Trigger Event has not occurred, USD <ix:nonFraction contextRef="c267" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">5.9834</ix:nonFraction> per each share, reflecting a pre-money valuation of USD
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the fifth anniversary of the Issue Date, then the warrant shall expire after the lapse of 90 days from the earlier of (&#8220;Trigger
Event&#8221;): (i) the fifth anniversary of the Issue Date; or (ii) the price per each share has increased by at least <ix:nonFraction contextRef="c268" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:PricePerEachShareIncreasedPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% compared to
the listing price per share as part of the IPO (to be determined based upon one-calendar-month Volume Weighted Average Price. (B) if an
initial public offering of the Company occurs before the lapse of the fifth anniversary of the Issue Date, then the warrant shall expire
after the lapse of 12 months from the fifth anniversary of the Issue Date. This Warrant shall be exercisable for <ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:WarrantExercisableShares" scale="0" unitRef="shares">51,689</ix:nonFraction> Shares of Parazero,
in the event of a Trigger Event, or for <ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:TriggerEventShares" scale="0" unitRef="shares">50,139</ix:nonFraction> Shares of Parazero in the event there is no Trigger Event. The fair value of the warrants
as of February 2, 2022, was estimated at USD <ix:nonFraction contextRef="c268" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:FairValueWarrants" scale="3" unitRef="usd">25</ix:nonFraction> thousand. The fair value was calculated using the Black &amp; Scholes option price model.
This amount was deducted from the equity as of February 2 ,2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_308" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_307"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The closing date of the transaction occurred on February 2, 2022.</p><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 165; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>M.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Parazero
                                            Technologies Ltd. </b>(continued)</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_309" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_308"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company
holds <ix:nonFraction contextRef="c269" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:HoldingsIssuedAndOutstandingSharesPercentage" scale="-2" unitRef="pure">40.35</ix:nonFraction>% of the issued and outstanding shares of Parazero.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_310" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_309"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In February, March and May 2022, Parazero
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_311" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_310"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Parazero is in process of Initial Public
Offering (&#8220;IPO&#8221;). Upon completion of IPO, the SAFE will be automatically converted into a number of Ordinary Shares equal
to the purchase amount divided by the per unit price in this offering discounted by <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:OfferingDiscountedPercentage" scale="-2" unitRef="pure">25</ix:nonFraction>%. The right to receive shares upon conversion of
the SAFE shall also include the right to receive warrants similar to those granted to the investors in the IPO. However, warrants issued
upon the conversion of the SAFE will not be tradable warrants nor carry any registration rights.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_312" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_311"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The SAFE investments were accounted
for as assets through profit or loss measured at fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_313" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_312"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, there were
no material differences between the cost and the fair value of the SAFE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_314" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_313"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 30, 2022, the Company
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bear interest and shall be repaid on the earlier of: (i) first anniversary date (ii) the closing of an IPO (iii) default event. As
of December 31, 2022, Parazero withdrew USD <ix:nonFraction contextRef="c269" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ParazeroWithdrewAmount" scale="3" unitRef="usd">500</ix:nonFraction> thousand.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_315" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_314"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The loan was accounted for as an asset
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_316" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_315"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>Purchase price allocation summary
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_317" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_316"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DisclosureOfPurchasePriceAllocationTextBlock-c0_cont_1" escape="true" name="mdgsw:DisclosureOfPurchasePriceAllocationTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">February 2,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD<br/> in&#160;thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%">Purchase price</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c413" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:PurchasePrice" scale="3" unitRef="usd">1,595</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Adjusted equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c414" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AdjustedEquity" scale="3" sign="-" unitRef="usd">252</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Excess to allocate</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c414" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ExcessToAllocate" scale="3" unitRef="usd">1,847</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Excess purchase price to allocate to technology </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c414" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ExcessPurchasePriceToAllocateToTechnologyNetOfDeferredTax" scale="3" unitRef="usd">745</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c413" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="usd">1,102</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c413" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:Total" scale="3" unitRef="usd">1,847</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</div><div>

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account:&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_319" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_318"><ix:continuation continuedAt="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_9" id="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 166; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>M.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Parazero
                                            Technologies Ltd. </b>(continued)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_320" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_319"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in"><b>Reconciliation to carrying
amounts:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_321" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_320"><ix:continuation continuedAt="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_5" id="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_322" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_321"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>N.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Laminera
                                            Flow Optimization Ltd.</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_323" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_322"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Laminera (formerly &#8220;ABI Energy
Ltd.&#8221;), an Israeli company, is a development stage company that aims to disrupt fluid transportation. Laminera is exploring ways
to improve and optimize the global infrastructure of water, oil and gas pipeline transportation by reducing energy costs, maintenance
costs, and enhancing capacity without having to replace infrastructure. Laminera was incorporated on June 27, 2017, and started its operation
on January 1, 2018. On November 1, 2018, Laminera entered into an agreement with Mekorot Water Company Ltd. (&#8220;Mekorot&#8221;), the
national water company of Israel, to conduct a beta testing and to evaluate Laminera&#8217;s beta product to examine the qualification,
performance, and other features of the beta product for commercial production. In conjunction with the Mekorot agreement, the Company
granted Mekorot warrants to purchase <ix:nonFraction contextRef="c271" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:WarrantsToPurchaseShares" scale="0" unitRef="shares">3,401</ix:nonFraction> Ordinary Shares of Laminera, all of which are fully vested upon grant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
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</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_324" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_323"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 22, 2021, the Company purchased
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was treated in the Company&#8217;s consolidated financial statements at fair value through profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_325" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_324"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 31, 2022, the Company and a group of investors (each an &#8220;Investor&#8221;)
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on March 31, 2022 (&#8220;Closing&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_326" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_325"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">According to the Laminera Agreement,
the Company purchased <ix:nonFraction contextRef="c278" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:ShareIssued" scale="0" unitRef="shares">7,028</ix:nonFraction> shares of Laminera&#8217;s ordinary shares. Following the purchase, the Company&#8217;s share in Laminera
increased to <ix:nonFraction contextRef="c278" decimals="3" format="ixt:num-dot-decimal" name="mdgsw:PercentageOfIssuedAndOutstandingShares" scale="-2" unitRef="pure">19.7</ix:nonFraction>% of Laminera&#8217;s issued and outstanding shares. As of the closing, the Company&#8217;s holdings were accounted in
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consolidated statement of income / loss and other comprehensive income / loss as a result of the revaluation of the investment in Laminera
from its initial purchase date through the date of transition to equity method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_327" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_326"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In addition, pursuant to the terms
of the Laminera Agreement, in the event that Laminera issues new securities on one or more occasions, during the period of 24 months from
the closing, without consideration or for a consideration per share of less than the price per share in this agreement (subject to any
share split, combination or similar changes), or the &#8220;Reduced price per share&#8221;, then on each such issuance of new securities
Laminera shall issue to each Investor additional ordinary shares, at no cost to the Investor, in such number equal to the difference between
(i) the number of Investor shares which would be held by the Investor if it had made the investment under the Reduced price per share;
and (ii) the number of Investor&#8217;s shares issued to such Investor for its investment under this Agreement (based on the price per
share in this Laminera Agreement), or the March 2022 Anti-Dilution Protection. The March 2022 Anti-Dilution Protection expires immediately
prior to the earlier of (a) the closing of an initial public offering, and (b) the lapse of 24 months following the date of the Closing.
The March 2022 Anti-Dilution Protection is measured at fair value through profit or loss using the Black-Scholes model. As of December
31, 2022, the fair value of the Anti-Dilution Protection was estimated to be inconsequential.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_328" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_327"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On August 10, 2022, the Company signed a bridge loan agreement with
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repayment will be accelerated earlier in the event of closing an equity financing round or right offering, an IPO or a default event as
described in the bridge loan agreement. As of December 31, 2022, there were no material differences between the cost and the fair value
of the bridge loan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 167; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0pt"></td>
    <td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>N.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Laminera Flow Optimization Ltd. </b>(continued)</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_329" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_328"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Purchase price allocation summary
following a purchase of shares on March 31, 2022:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_330" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_329"><ix:continuation id="mdgsw_DisclosureOfPurchasePriceAllocationTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_331" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_330"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>The activity in the investment account:&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_332" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_331"><ix:continuation id="mdgsw_ScheduleOfActivityInInvestmentAccountTableTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_333" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_332"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Reconciliation to carrying amounts:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_334" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_333"><ix:continuation id="mdgsw_DisclosureOfReconciliationToCarryingAmountsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_335" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_334"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 24px; text-align: left"><span style="font-size: 10pt"><b>O.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>ClearMind
                                            Medicine Inc.</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_336" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_335"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">ClearMind Medicine Inc. (&#8220;ClearMind&#8221;)
was incorporated in the province of British Columbia on July 18, 2017. ClearMind &#8217;s previous business was carrying out mining exploration
operations and was involved in the exploration of the Lorn mineral property located in the Clinton and Lillooet Mining Divisions of British
Columbia. As of May, 2021, ClearMind is in the business of researching and developing and marketing of proprietary formulations of psychedelic
designer therapeutics with an initial focus of developing products.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_337" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_336"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 3, 2022, <ix:nonNumeric contextRef="c280" name="mdgsw:SubscriptionAgreementDescription">the Company entered into a subscription agreement
with ClearMind, for a private placement in which ClearMind raised approximately CAD 1.6 million (USD 1.25 million) (&#8220;Subscription
Agreement&#8221;). Pursuant to the Subscription Agreement ClearMind issued to the Company 1,987,344 units, at a subscription price of
CAD 0.80 (USD 0.63) per unit. Each unit is comprised of one Common Share and one warrant to purchase one Common Share of ClearMind. Each
warrant will be exercisable for a period of 18 months into one additional Common Share at an exercise price of CAD 2.00 per share. CAD
960 thousand (USD 750 thousand) of the investment amount was paid by the Company in cash and CAD 640 thousand (USD 500 thousand) of the
investment amount was paid through the issuance of the Company&#8217;s ordinary shares, at a price per share of USD 1.20. The Company
issued to ClearMind 416,666 shares. The Company&#8217;s holdings in ClearMind&#8217;s issued and outstanding shares were 5.02%.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_338" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_337"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The transaction closed on April 25, 2022, (&#8220;Closing&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_339" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_338"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In addition, and pursuant to the Subscription
Agreement, if at any time after the Closing, but prior to the earlier of: 18 months after the Closing; and The first business day following
the closing of initial public offering on a recognized exchange in the USA, except OTC quotation in the USA; ClearMind shall issue or
propose to issue any additional shares, warrants, options to the Company, excluding any of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_340" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_339"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(a)Option granted to employees of ClearMind
; (b) Common shares upon conversion or exercise of any convertible instruments issued and outstanding, prior to the Closing or other rights
or instruments of any kind convertible into or exercisable or exchangeable for common shares (the &#8220;Additional Securities&#8221;),
The Company shall receive for no consideration the Additional Securities necessary to maintain a fully diluted ownership percentage in
ClearMind only in respect of the units acquired by way of the Cash Investment. Provided however that in the case of unexercised warrants
the purchaser shall receive the Additional Securities in the form of warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_341" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_340"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 14, 2022, ClearMind completed
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_342" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_341"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In connection with the offering, ClearMind&#8217;s
common shares were approved for listing on the Nasdaq and began trading on the Nasdaq under the symbol &#8220;CMND&#8221; on November
15, 2022. Following the public offering, and as agreed on the Subscription Agreement, the Company is entitled to receive&#160;<ix:nonFraction contextRef="c282" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:ReceivedShares" scale="0" unitRef="shares">44,829</ix:nonFraction>&#160;shares
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_343" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_342"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company
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5).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_344" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_343"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0pt"></td>
    <td style="width: 24px"><span style="font-size: 10pt"><b>P.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Safee Cyber Technologies Ltd.</b></span></td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_345" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_344"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 13, 2021, the Company entered
into a share purchase agreement with Safee Cyber Technologies Ltd., or Safee, a technology company focused on non-fungible tokens (NFTs),
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diluted basis. The investment was treated at fair value through profit or loss. See also note 5.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_346" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_345"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For additional information about the loan agreement between the Company
and Safee, see note 4D above.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 169; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><b>NOTE 4 &#8211;
INTEREST IN OTHER ENTITIES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_347" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_346"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0pt">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt"><b>Q.</b></span></td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_348" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_347"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">GERD IP Inc. (&#8220;GERD IP&#8221;)
was incorporated under the laws of the State of Delaware on January 13, 2020. GERD IP is in the business of holding and licensing patents
that serves as the foundation of a device used to perform a minimally invasive, trans-oral fundoplication surgical procedure for the treatment
of patients suffering from gastroesophageal reflux disease.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_349" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_348"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">O<span style="font-family: Times New Roman, Times, Serif">n
May 11, 2021, GERD IP signed a Confidential Settlement Agreement to resolve a lawsuit, concerning alleged infringement of its intellectual
property, filed by GERD IP in July 2020 with the United States District Court for the District of Delaware against a US medical device
company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_350" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_349"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The claim for alleged intellectual property
infringement referred to two patents issued by the United States Patent and Trademark Office, owned by GERD IP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_351" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_350"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During 2021 GERD IP received USD <ix:nonFraction contextRef="c286" decimals="-6" format="ixt:num-dot-decimal" name="mdgsw:ReceivedCompensation" scale="6" unitRef="usd">1</ix:nonFraction> million
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</div><div>

</div><ix:continuation id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_351"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During 2022 GERD IP received USD <ix:nonFraction contextRef="c287" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NetIssuanceExpenses" scale="3" unitRef="usd">300</ix:nonFraction>
thousand compensation related to this settlement agreement, and after reduction of legal cost the net amount received summed up to USD
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinancialRiskManagementExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 5
&#8211; FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial risk management</b>:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_4" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group is exposed to a variety of financial
risks such as: market risks, credit risks and liquidity risks. The Group&#8217;s overall risk management plan focuses on the unpredictability
of financial markets and seeks to minimize the potential adverse effects on the Group&#8217;s financial performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_5" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Risk management is performed by the finance
department according to the policy authorized by the board of directors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_6" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">a)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Market risk - Currency risk</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_7" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Currency risk is the risk that the
value of financial instruments will fluctuate due to changes in foreign exchange rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_8" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Group operates internationally
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future commercial transactions, assets or liabilities denominated in foreign currency.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_9" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Group&#8217;s policy to reduce
the exposure to changes in exchange rates is based on maintaining, where possible, the balances of current monetary assets, according
to the currency of the current liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_10" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">As of December 31, 2022, and 2021,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_11" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_12" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Credit risk arises when a failure
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end of the reporting year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


</div><!-- Field: Page; Sequence: 170; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 5 &#8211;
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial risk management: </b>
(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Financial risk factors</span>  (continued)</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_13" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Credit risks are treated at the Group
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receivables and committed transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_14" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">No credit limits were exceeded during
the reported periods and Group&#8217;s management does not expect any losses from non-performance of these parties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_15" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_16" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Liquidity risk exists where the Group
might encounter difficulties in meeting its financial obligations as they become due. The Group monitors&#160;its liquidity in order
to ensure that sufficient liquid resources are available to allow it to meet its obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_17" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Cash flow forecasting is performed
by the Group&#8217;s finance department of each of the companies in the Group. The finance department monitors rolling forecasts of the
Group&#8217;s liquidity requirements to ensure that it has sufficient cash to meet operational needs, while maintaining sufficient headroom
on its undrawn committed borrowing facilities, so that the Group does not breach any of its credit facilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_18" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Liquidity risk arises from financial
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_19" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Estimates of fair value</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_20" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Below is an analysis of the financial
instruments carried at fair value, by valuation method. The different levels have been defined as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_21" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">Quoted prices (unadjusted) in active markets for identical assets or
    liabilities (level 1).</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_22" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_23" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Financial assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_24" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Company has several financial assets
measured at fair value through profit or loss, which meet the level 1 and level 3 criteria as of December 31, 2022, and 2021 as follow:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_25" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2021 the Company sold shares of
Automax and since March 2021 the investment is measured at fair value through profit or loss and meets level 1 criteria.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_26" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2022 the Company invested another
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of Automax&#8217;s issued and outstanding share capital (see note 4G).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_27" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2021 the Company invested in Safee
and holds <ix:nonFraction contextRef="c417" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOnSharesIssued" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c417" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:OutstandingSharesPercentage" scale="-2" unitRef="pure">2.35</ix:nonFraction></ix:nonFraction>% of Safee&#8217;s issued and outstanding share capital. The investment meets level 3 criteria.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_28" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2021 the Company invested in Tondo
and holds <ix:nonFraction contextRef="c418" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOnSharesIssued" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c418" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:OutstandingSharesPercentage" scale="-2" unitRef="pure">0.67</ix:nonFraction></ix:nonFraction>% of Tondo&#8217;s issued and outstanding share capital. The investment meets level 1 criteria.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_29" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2020 The Company invested in Safo
an amount of USD <ix:nonFraction contextRef="c46" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestedAmount" scale="3" unitRef="usd">100</ix:nonFraction> thousand in respect of <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:NumberOfWarrants" scale="0" unitRef="shares">91,743</ix:nonFraction> warrants and shares (represent holding of <ix:nonFraction contextRef="c5" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ShareCapitalIssuedPercentage" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ShareCapitalOutstandingPercentage" scale="-2" unitRef="pure">0.47</ix:nonFraction></ix:nonFraction>% Safo&#8217;s issued and outstanding
share capital). The investment in share meets level 1 criteria. The investment in warrants meets level 3 criteria.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_30" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2021 the Company invested in SciSparc
and holds <ix:nonFraction contextRef="c419" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOnSharesIssued" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c419" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:OutstandingSharesPercentage" scale="-2" unitRef="pure">3.09</ix:nonFraction></ix:nonFraction>% of SciSparc&#8217;s issued and outstanding share capital. The investment meets level 1 criteria (see note 4K).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_31" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2021 the Company invested in Maris-Tech an amount of USD <ix:nonFraction contextRef="c420" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestedAmount" scale="3" unitRef="usd">240</ix:nonFraction>
thousand to purchase <ix:nonFraction contextRef="c420" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:WarrantsIssuedOnShares" scale="0" unitRef="shares">78,370</ix:nonFraction> shares and warrants and held <ix:nonFraction contextRef="c421" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOnSharesIssued" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c421" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:OutstandingSharesPercentage" scale="-2" unitRef="pure">2.09</ix:nonFraction></ix:nonFraction>% of Maris-Tech&#8217;s issued and outstanding share capital as of December
31, 2021. The investment and warrants were measured according to fair value through profit or loss and meet level 3 criteria. On February
2, 2022, Maris completed an IPO. The Company participated in this IPO and invested an additional amount of USD <ix:nonFraction contextRef="c422" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestedAdditionalAmount" scale="3" unitRef="usd">100</ix:nonFraction> thousand in Maris-Tech
to purchase additional <ix:nonFraction contextRef="c422" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:PurchaseOfAdditionalSharesAndWarrants" scale="0" unitRef="shares">23,810</ix:nonFraction> shares and warrants. Following this IPO and as of December 31, 2022, the Company holds <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOnSharesIssued" scale="-2" unitRef="pure">1.28</ix:nonFraction>% of Maris&#8217;s
issued and outstanding share capital and the investment was transferred from level 3 criteria to level 1 criteria.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></p></ix:continuation><div>


</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 5 &#8211;
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial risk management: </b>
(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Estimates of fair value</span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Financial assets</span>
(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_32" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2022 the Company invested in Bubbles
an amount of USD <ix:nonFraction contextRef="c423" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestedAmount" scale="3" unitRef="usd">306</ix:nonFraction> thousand to purchase <ix:nonFraction contextRef="c424" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:PurchaseShare" scale="0" unitRef="usd">1,236,000</ix:nonFraction> shares and holds <ix:nonFraction contextRef="c424" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOnSharesIssued" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c424" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:OutstandingSharesPercentage" scale="-2" unitRef="pure">1.49</ix:nonFraction></ix:nonFraction>% of Bubbles&#8217; issued and outstanding share capital as of
December 31, 2022. The investment was measured according to fair value through profit or loss and meets level 1 criteria.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_33" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In April 2022 the Company invested in
ClearMind an amount of USD <ix:nonFraction contextRef="c425" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestedAmount" scale="3" unitRef="usd">1,250</ix:nonFraction> thousand to purchase <ix:nonFraction contextRef="c425" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:WarrantsIssuedOnShares" scale="0" unitRef="shares">66,245</ix:nonFraction> shares and warrants. In November 2022, the Company invested an additional
amount of USD <ix:nonFraction contextRef="c426" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestedAdditionalAmount" scale="3" unitRef="usd">500</ix:nonFraction> thousand to purchase additional <ix:nonFraction contextRef="c426" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:AdditionalSharePurchase" scale="0" unitRef="shares">76,800</ix:nonFraction> shares and holds <ix:nonFraction contextRef="c426" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOnSharesIssued" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c426" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:OutstandingSharesPercentage" scale="-2" unitRef="pure">5.77</ix:nonFraction></ix:nonFraction>% of ClearMind&#8217;s issued and outstanding share capital
as of December 31, 2022. The investment was measured according to fair value through profit or loss and meets level 1 criteria.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_34" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2022 the Company invested in Colugo
an amount of USD <ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestedAmount" scale="3" unitRef="usd">400</ix:nonFraction> thousand to purchase <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:SharesPurchase" scale="0" unitRef="shares">24,920</ix:nonFraction> shares and holds <ix:nonFraction contextRef="c427" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ShareCapitalIssuedPercentage" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c427" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ShareCapitalOutstandingPercentage" scale="-2" unitRef="pure">0.97</ix:nonFraction></ix:nonFraction>% of Colugo&#8217;s issued and outstanding share capital as of December
31, 2022. The investment was measured according to fair value through profit or loss and meets level 3 criteria.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_35" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">During 2022 the Company invested in Automax
bonds an amount of USD <ix:nonFraction contextRef="c428" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InvestedAmount" scale="3" unitRef="usd">68</ix:nonFraction> thousand to purchase <ix:nonFraction contextRef="c416" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:PurchaseOfBonds" scale="0" unitRef="shares">220,000</ix:nonFraction> bonds. During April and May 2022, the Company sold <ix:nonFraction contextRef="c199" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:AutomaxSoldBonds" scale="0" unitRef="usd"><ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:AutomaxSoldBonds" scale="0" unitRef="usd">190,000</ix:nonFraction></ix:nonFraction> bonds. The Automax bonds
were accounted for as asset through profit or loss measured at fair value and meets level 1 criteria.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_36" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Polyrizon Options- the Original Option
(as defined in note 4H) was measured at fair value through profit or loss and was calculated using the Black &amp; Scholes option pricing
model. The Original Option and the Alternative Option (as defined in note 4H) was calculated based on management&#8217;s expectations
for the IPO scenario.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_37" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">IPO scenario: share price: USD 1 of expected
IPO share price, expected volatility of <ix:nonFraction contextRef="c429" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ExpectedVolatilityPercentage" scale="-2" unitRef="pure">81.99</ix:nonFraction>%, risk-free interest of <ix:nonFraction contextRef="c429" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RiskFreeInterestPercentage" scale="-2" unitRef="pure">4.22</ix:nonFraction>%, expected term of <ix:nonNumeric contextRef="c429" format="ixt-sec:duryear" name="mdgsw:ExpectedTerm">3.55</ix:nonNumeric> years following the grant date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_38" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following table presents
the level 1 and level 3 fair value financial assets as of December 31, 2022, and 2021</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_39" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_38"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br/>
2022</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c478" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">53</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-396; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c480" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">53</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-397; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-398; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-399; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-400; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c485" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">34</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-401; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c489" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">84</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-402; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c491" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">246</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c492" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">246</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-403; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c494" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">13</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c495" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">13</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-404; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c497" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">57</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c498" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">57</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-405; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c501" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">97</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c502" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">429</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-406; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c504" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">429</ix:nonFraction></span></td>
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  <tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c506" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValue" scale="3" unitRef="usd">400</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-427; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-428; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-430; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-432; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-435; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-437; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-439; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-440; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-442; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-444; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-447; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 172; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 5 &#8211; FINANCIAL INSTRUMENTS AND FINANCIAL
RISK MANAGEMENT: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial risk management: </b>
(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Estimates of fair value</span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Financial assets</span>
(continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_40" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following table presents the Level
1 financial assets roll-forward during 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_41" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_40"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DisclosureOfFairValueOfFinancialInstrumentsTextBlock-c0_cont_1" escape="true" name="mdgsw:DisclosureOfFairValueOfFinancialInstrumentsTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-487">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-488">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-489">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-490">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-491">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-492">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></p><div>

</div><!-- Field: Page; Sequence: 173; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>NOTE 5
&#8211; FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial risk management: </b>
(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Estimates of fair value</span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Financial assets </span>(continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_42" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following table presents the Level
3 financial assets roll-forward during 2022:&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_43" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_42"><ix:continuation continuedAt="mdgsw_DisclosureOfFairValueOfFinancialInstrumentsTextBlock-c0_cont_2" id="mdgsw_DisclosureOfFairValueOfFinancialInstrumentsTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 9pt; vertical-align: bottom">
    <td style="font-size: 9pt; padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    Anti-dilution</td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom">
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: White">
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    <td style="font-size: 9pt; padding-left: 0.125in; text-indent: -0.125in; text-align: left">transfer to equity investment treatment</td><td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: White">
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</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_44" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The following table presents the Level 1 financial assets roll-forward
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_45" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_44"><ix:continuation continuedAt="mdgsw_DisclosureOfFairValueOfFinancialInstrumentsTextBlock-c0_cont_3" id="mdgsw_DisclosureOfFairValueOfFinancialInstrumentsTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-indent: -9pt; padding-left: 9pt">Sale of securities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 174; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>NOTE 5
&#8211; FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT: </b>(continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial risk management: </b>
(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Estimates of fair value</span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Financial assets </span>(continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_46" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">The following table presents the Level 3 financial assets
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_48" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Financial liabilities </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -21.25pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_49" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Level 1 financial instruments:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_50" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">As of December 31, 2022, and 2021, the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_51" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The fair value of financial instruments
traded in active markets is based on quoted market prices at the statement of financial position date. A market is regarded as active
if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory
agency, and those prices represent actual and regularly occurring market transactions on an arm&#8217;s length basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_52" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Level 3 financial instruments:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_53" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">As of December 31, 2022, and 2021,
the Group has financial liabilities measured at level 3 &#8211; commitment to issue warrants to lenders of Jeffs&#8217; Brands upon IPO
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


</div><!-- Field: Page; Sequence: 175; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 5 &#8211;
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial risk management: </b>
(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Estimates of fair value</span> (continued)</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Financial liabilities</span>
(continued)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_54" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following table presents the financial
liabilities that were measured at fair value through profit or loss:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_55" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_54"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_56" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_55"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">The following table presents the Level 3 financial liabilities
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_57" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_56"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinancialLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_58" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">The following table presents the Level 3 financial liabilities
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_59" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_58"><ix:continuation continuedAt="_DisclosureOfFinancialLiabilitiesExplanatory-c0_cont_2" id="_DisclosureOfFinancialLiabilitiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_60" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_59"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">The following table presents the Level 1 financial liabilities
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_61" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_60"><ix:continuation continuedAt="_DisclosureOfFinancialLiabilitiesExplanatory-c0_cont_3" id="_DisclosureOfFinancialLiabilitiesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_62" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_61"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">The following table presents the Level 1 financial liabilities
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_63" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_62"><ix:continuation id="_DisclosureOfFinancialLiabilitiesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 5 &#8211;
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Financial risk management:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_64" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_63"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="text-decoration:underline">Valuation processes of the Group:&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_65" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_64"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Set forth below are details regarding the valuation
processes of the Group as of December 31,2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_66" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_65"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in"><span style="font-size: 10pt">1)</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants issued on November 1, 2017: as part of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series C warrants - financial instruments measured
at fair value through profit or loss. For details, see note&#160;14b.</p>
</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_67" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_66"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jeffs&#8217; Brands warrants - On August 30, 2022, Jeffs&#8217; Brands
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</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_68" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_67"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following table lists the significant unobservable
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_70" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_69"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">3)</td><td style="text-align: justify">Investments in SAFO, Tondo, SciSparc, Maris, Automax shares and
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_71" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_70"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">4)</td><td style="text-align: justify">Safee shares - on October 12, 2021, the Company invested in Safee.
Since Safee is a small private company, which does not raise funds on a regular basis and does not have significant activity that indicates
a change in fair value, the Company assumes that there is no reason to believe that there is a material change in value and that the investment
value adequately represents the fair value at the reporting date. This assumption is reviewed at each cut-off date.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_72" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_71"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">5)</td><td style="text-align: justify">Maris warrants - the Company used the Black-Scholes model, using the following principal assumptions: share price: USD <ix:nonFraction contextRef="c437" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:ExpectedVolatilitySharePricePerShare" scale="0" unitRef="usdPershares">0.83</ix:nonFraction>, expected volatility of <ix:nonFraction contextRef="c438" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:WeightedAverageCostOfCapitalPercentage" scale="-2" unitRef="pure">83.57</ix:nonFraction>%, risk-free interest of <ix:nonNumeric contextRef="c437" format="ixt-sec:duryear" name="mdgsw:ExpectedTerm">4.22</ix:nonNumeric>%, expected term of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="mdgsw:ExpectedTerms">3</ix:nonNumeric> years following the grant date. The asset amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88.9pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 5 &#8211; FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88.9pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Financial risk management:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88.9pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><span style="text-decoration:underline">Valuation
processes of the Group:</span> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88.9pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_73" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_72"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="text-align: left; width: 0.25in">6)</td><td style="text-align: justify">Colugo shares - the Company assumes that there is no reason to believe
that there is a material change in value and that the investment value adequately represents the fair value at the reporting date. This
assumption is reviewed at each cut-off date.</td>
</tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88.9pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_74" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_73"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFO warrants - the Company used the Black-Scholes model, using the following principal assumptions: share price: USD <ix:nonFraction contextRef="c439" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:SharesPrice" scale="0" unitRef="usdPershares">0.75</ix:nonFraction>, expected volatility of <ix:nonFraction contextRef="c439" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ExpectedVolatilityPercentage" scale="-2" unitRef="pure">78.86</ix:nonFraction>%, risk-free interest of <ix:nonFraction contextRef="c439" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RiskFreeInterestPercentage" scale="-2" unitRef="pure">4.73</ix:nonFraction>%, expected term of <ix:nonNumeric contextRef="c439" format="ixt-sec:duryear" name="mdgsw:ExpectedTerm">3</ix:nonNumeric> years following the grant date. The asset amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_75" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_74"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8)</span></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Polyrizon Options - the Original Option (as defined in note 4H) was
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_76" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_75"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9)</span></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Polyrizon SAFE - on January 27, 2022, the Company
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the following principal assumptions:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The asset amount is adjusted at each statement of financial position
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</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_77" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_76"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_78" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_77"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Set forth below are details regarding the valuation
processes of the Group as of December 31,2021:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_79" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_78"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants issued on December 6, 2016: as part of a registered direct offering - the Company used the Black-Scholes model, using the following principal assumptions: expected volatility of <ix:nonFraction contextRef="c447" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ExpectedVolatilityPercentage" scale="-2" unitRef="pure">63.32</ix:nonFraction>%, risk-free interest of <ix:nonFraction contextRef="c448" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RiskFreeInterestRatePercentage" scale="-2" unitRef="pure">0.19</ix:nonFraction>%, expected term of <ix:nonNumeric contextRef="c447" format="ixt-sec:duryear" name="mdgsw:ExpectedTerm">5.5</ix:nonNumeric> years following the grant date. The liability amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration. see note&#160;14b.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants issued on March 29, 2017: as part of a public offering - the Company used the Black-Scholes model, using the following principal assumptions: expected volatility of <ix:nonFraction contextRef="c449" decimals="3" format="ixt:num-dot-decimal" name="mdgsw:ExpectedVolatilityPercentage" scale="-2" unitRef="pure">63.2</ix:nonFraction>%, risk-free interest of <ix:nonFraction contextRef="c450" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RiskFreeInterestRatePercentage" scale="-2" unitRef="pure">0.19</ix:nonFraction>%, expected term of <ix:nonNumeric contextRef="c449" format="ixt-sec:duryear" name="mdgsw:ExpectedTerm">5</ix:nonNumeric> years following the grant date. The liability amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration. For details, see note&#160;14b.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants issued on November 28, 2017: as part of a direct offering - the Company used the Black-Scholes model, using the following principal assumptions: expected volatility of <ix:nonFraction contextRef="c451" decimals="3" format="ixt:num-dot-decimal" name="mdgsw:ExpectedVolatilityPercentage" scale="-2" unitRef="pure">63.2</ix:nonFraction>%, risk-free interest of <ix:nonFraction contextRef="c452" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RiskFreeInterestRatePercentage" scale="-2" unitRef="pure">0.19</ix:nonFraction>%, expected term of <ix:nonNumeric contextRef="c451" format="ixt-sec:duryear" name="mdgsw:ExpectedTerm">5.5</ix:nonNumeric> years following the grant date. The liability amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration. For details, see note&#160;14b.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series C warrants - financial instruments measured at fair value through profit or loss. For details, see note&#160;14b.</p></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_80" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_79"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gix
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88.9pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 5 &#8211; FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Financial risk management:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><span style="text-decoration:underline">Valuation
processes of the Group:</span> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88.9pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_81" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_80"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ScoutCam
warrants - the Company used the Black-Scholes model, using the following principal assumptions: share price of USD <ix:nonFraction contextRef="c455" decimals="1" format="ixt:num-dot-decimal" name="mdgsw:SharesPrice" scale="0" unitRef="usdPershares">6.3</ix:nonFraction>, expected volatility
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of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_82" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_81"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gix
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of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_83" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_82"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in SAFO, Tondo, SciSparc and Automax - financial instruments measured at fair value through profit or loss and meet level 1 criteria.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88.9pt; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_84" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_83"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6)</span></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Safee shares - on October 12, 2021, the Company invested in Safee.
Since Safee is a small private company, which does not raise funds on a regular basis and does not have significant activity that indicates
a change in fair value, the Company assumes that there is no reason to believe that there is a material change in value and that the investment
value adequately represents the fair value at the reporting date. This assumption is reviewed at each cut-off date.</p></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 88.9pt; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_85" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_84"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in"><span style="font-size: 10pt">7)</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Maris investment - on March 24, 2021 the Company invested in Maris.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_86" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_85"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in"><span style="font-size: 10pt">8)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">SAFO warrants - the Company used the Black-Scholes model, using the following principal assumptions: share price: USD <ix:nonFraction contextRef="c460" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:SharesPrice" scale="0" unitRef="usdPershares">7.56</ix:nonFraction>, expected volatility of <ix:nonFraction contextRef="c460" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ExpectedVolatilityPercentage" scale="-2" unitRef="pure">78.86</ix:nonFraction>%, risk-free interest of <ix:nonFraction contextRef="c460" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RiskFreeInterestPercentage" scale="-2" unitRef="pure">0.97</ix:nonFraction>%, expected term of <ix:nonNumeric contextRef="c460" format="ixt-sec:duryear" name="mdgsw:ExpectedTerm">3</ix:nonNumeric> years following the grant date. The asset amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_87" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_86"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9)</span></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Polyrizon Options - the Original Option (as defined in note 4H) was measured at fair value through profit or loss and was calculated using the Black &amp; Scholes option price model. The Original Option and the Alternative Option (as defined in note 4H) was calculated based on management&#8217;s expectations for the IPO scenario.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-IPO scenario: share price: USD <ix:nonFraction contextRef="c461" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:SharesPrice" scale="0" unitRef="usdPershares">0.0544</ix:nonFraction>, expected volatility of <ix:nonFraction contextRef="c461" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ExpectedVolatilityPercentage" scale="-2" unitRef="pure">87.86</ix:nonFraction>%, risk-free interest of <ix:nonFraction contextRef="c461" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RiskFreeInterestPercentage" scale="-2" unitRef="pure">0.85</ix:nonFraction>%, expected term of <ix:nonNumeric contextRef="c461" format="ixt-sec:duryear" name="mdgsw:ExpectedTerm">2.77</ix:nonNumeric> years following the grant date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IPO scenario: share price: <ix:nonFraction contextRef="c462" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:SharePricePercentage" scale="-2" unitRef="pure">120</ix:nonFraction>% of expected IPO share price, expected volatility of <ix:nonFraction contextRef="c463" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ExpectedVolatilityPercentage" scale="-2" unitRef="pure">93.76</ix:nonFraction>%, risk-free interest of <ix:nonFraction contextRef="c463" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:RiskFreeInterestPercentage" scale="-2" unitRef="pure">0.97</ix:nonFraction>%, expected term of <ix:nonNumeric contextRef="c463" format="ixt-sec:duryear" name="mdgsw:ExpectedTerm">3.55</ix:nonNumeric> years following the grant date.</p></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_87"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options to employees and
    advisors. For details, see note 14c.</span></td></tr>
  </table></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p><div>

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CASH AND CASH EQUIVALENTS, SHORT TERM DEPOSIT AND RESTRICTED CASH:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: justify">Cash and cash equivalents &#8211; held in bank accounts</td><td style="width: 1%">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_3" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_2"><ix:continuation id="mdgsw_CashAndCashEquivalentsCarryingValueTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_5" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:CashAndCashEquivalentsCurrenciesDenominatedTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The carrying amount of cash and cash
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherCurrentAssetsExplanatory-c0_cont_2" id="_DisclosureOfOtherCurrentAssetsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherCurrentAssetsExplanatory-c0_cont_3" id="_DisclosureOfOtherCurrentAssetsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:ScheduleOfOtherReceivablesAndPrepaidExpenses"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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</div><div>


</div><!-- Field: Page; Sequence: 180; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 7 &#8211; OTHER RECEIVABLES, PREPAID EXPENSES AND LOANS TO
OTHERS:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherCurrentAssetsExplanatory-c0_cont_4" id="_DisclosureOfOtherCurrentAssetsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherCurrentAssetsExplanatory-c0_cont_5" id="_DisclosureOfOtherCurrentAssetsExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:ScheduleOfLoansToOthersTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation id="_DisclosureOfOtherCurrentAssetsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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the Company entered into an amendment to the conversion loan agreement. According to the amendment, the repayment will be postponed by
3 months, to June 13, 2023.</p></td>
</tr></table></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInventoriesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 8 &#8211;
INVENTORY:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_2" id="_DisclosureOfInventoriesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Composed as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_3" id="_DisclosureOfInventoriesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:DisclosureOfDetailedInformationAboutInventoriesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="6" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation id="_DisclosureOfInventoriesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">As of December 31, 2022 and 2021, the inventory is derived from Jeffs&#8217;
Brands.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"></p><div>

</div><!-- Field: Page; Sequence: 181; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 9 -
PROPERTY AND EQUIPMENT: </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>a.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt">Composition of property and
equipment and accumulated depreciation thereon, grouped by major classifications and changes therein, and their movements during 2022:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Consolidation of Gix Internet (note 4F)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Currency translation</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Balance as of December 31, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt"><b>b.</b></span></td>
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thereon, grouped by major classifications and changes therein, and their movements during 2021:</p></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4"><ix:continuation id="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Balance as of January 01, 2021</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Removal upon deconsolidation</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Balance as of December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Accumulated Depreciation:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Balance as of January 01, 2021</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Additions</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 182; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 10 &#8211; GOODWILL AND INATANGIBLE ASSETS:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

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</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_3"><ix:continuation id="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Additions during the year:</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Through the period from February 14, 2022, up
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Accordingly, Gix Internet was consolidated as of such date and the investment. As of the consolidation date the Company recorded intangible
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">On January 4, 2021, the Company closed a common stock purchase agreement
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the stock exchange with Jeffs&#8217; Brands, see note 4E.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 10 &#8211; GOODWILL AND INATANGIBLE ASSETS:</b> (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Additions during the year:
</b>(continued)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">On January 7, 2021, Charging Robotics purchased
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technology in consideration for USD <ix:nonFraction contextRef="c725" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromSaleOfElectricity" scale="3" unitRef="usd">75</ix:nonFraction> thousand. For additional information see note 4I.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">On February 2, 2021, Pro entered into purchase
agreement of a virtual store &#8220;Whoobli&#8221; from a third party (hereafter - the &#8220;Whoobli Seller&#8221;). As part of the agreement,
Pro purchased a seller account which operates on the Amazon.com website under the name &#8220;Whoobli&#8221;, which markets a private
label of basketball shooting baskets, children&#8217;s punching bags and decoration for children&#8217;s birthday parties, including the
intellectual property attributed to it and including trademarks attributed to products sold on the account&#8217;s sales page, for a total
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Pro fully recognized all the amount of the acquisition as an intangible asset, and in the Company&#8217;s management opinion, the useful
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">On February 2, 2021, Pro entered into a purchase
agreement of a virtual store &#8220;Wellted&#8221; from a third party (hereafter - the &#8220;Wellted Seller&#8221;). As part of the agreement,
Pro purchased a seller account which operates on the Amazon.com website under the name &#8220;Wellted&#8221;, which markets a private
label of brushes used for removing and cleaning animal body hair from fabrics, including the intellectual property attributed to it and
including trademarks attributed to products sold on the account&#8217;s sales page, for a total amount of USD <ix:nonFraction contextRef="c727" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:TrademarksProducts" scale="3" unitRef="usd">250</ix:nonFraction> thousand. In addition,
in accordance with the agreement, Pro purchased from Wellted seller the inventory that remained in his possession for a total of approximately
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all the amount of the acquisition as an intangible asset, and in the Company&#8217;s management opinion, the useful life of the intangible
asset recognized is <ix:nonNumeric contextRef="c727" format="ixt-sec:duryear" name="mdgsw:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019Term">10</ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">On February 3, 2021, Pro entered into purchase
agreement of a virtual store &#8220;Pet-evo&#8221; from a third party (hereafter - the &#8220;Pet-evo Seller&#8221;). As part of the agreement,
Pro purchased a seller account which operates on the Amazon.com website under the name &#8220;Pet-evo&#8221;, which markets a private
label of used car door protectors from damage caused by animals, including the intellectual property attributed to it and including trademarks
attributed to products sold on the account&#8217;s sales page, for a total of USD <ix:nonFraction contextRef="c728" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:TrademarksProducts" scale="3" unitRef="usd">450</ix:nonFraction> thousand. In addition, in accordance with the agreement,
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the cost of the inventory purchased by Pet-evo seller. On the date of the acquisition, Pro fully recognized all the amount of the acquisition
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">On February 4, 2021, Eventer signed <ix:nonNumeric contextRef="c128" name="ifrs-full:DescriptionOfPlanAmendmentsCurtailmentsAndSettlements">an addendum
to the agreement with Screenz Cross Media Ltd. (a company owned and managed by Eli Uzan who serves as the Company&#8217;s President).</ix:nonNumeric>
The agreement was signed during November 2020 for the purpose of collaborating in the field of virtual conferences. According to the provisions
of the addendum to the agreement, Eventer will receive an exclusive license for using the broadcasting system of Screenz with respect
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of virtual conferences.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In March 2021, Purex received an update from Amazon.com
(Hereafter &#8211; &#8220;Amazon&#8221;) regarding a new Environmental Protection Agency (EPA) regulation. Following the new EPA regulation,
Amazon categorized the Purex&#8217; product as a pesticide product. Amazon requires that pesticide products be filed with evidence of
an EPA registration number and/or EPA Establishment number or certification that the product is exempt from EPA regulation, otherwise
the existing listing (of the product) may be subject to removal. Purex examined the related costs following that requirement to comply
with such regulations and decided to write off the intangible asset balance. Therefore, the Group eliminated the intangible asset related
sum to the amount of USD <ix:nonFraction contextRef="c730" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="-3" unitRef="usd">87</ix:nonFraction> thousand.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 184; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfLeasesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 11 &#8211; LEASES:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_2" id="_DisclosureOfLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 21, 2022, the Company has entered into a short-term lease agreement
for its offices. According to the agreement, the Company will pay NIS 17 thousand plus VAT per month. On December 30, 2022, the Company
terminated the agreement and paid the lessor a one-time compensation of NIS <ix:nonFraction contextRef="c766" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ShorttermLeaseAgreement" scale="3" unitRef="ils"><ix:nonFraction contextRef="c766" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AgreementCompensation" scale="3" unitRef="ils">11</ix:nonFraction></ix:nonFraction> thousand.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_3" id="_DisclosureOfLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jeffs&#8217; Brands leases office space with a
remaining useful life of less than 3 years and uses its incremental borrowing rate as the discount rate for its leases, as the implicit
rate in the lease is not readily determinable. As of December 31, 2022, Jeffs&#8217; leases had a weighted average remaining lease term
of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="mdgsw:WeightedAverageRemainingLeaseTerm">3</ix:nonNumeric> years and a weighted average borrowing rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:WeightedAverageBorrowingRate" scale="-2" unitRef="pure">10</ix:nonFraction>%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_4" id="_DisclosureOfLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 25, 2021, Gix Media entered into a
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terms of 24 months each. In accordance with the lease agreement, Gix Media made leasehold improvements in exchange for a rent fee discount
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_5" id="_DisclosureOfLeasesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company includes renewal options that it
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_6" id="_DisclosureOfLeasesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Right-of-use assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_7" id="_DisclosureOfLeasesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_8" id="_DisclosureOfLeasesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:ScheduleOfLeaseTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 185; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 11 &#8211; LEASES: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_9" id="_DisclosureOfLeasesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Lease liabilities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_10" id="_DisclosureOfLeasesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Maturities of lease liabilities as of December 31, 2022,
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</div><div>

</div><ix:continuation id="_DisclosureOfLeasesExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:LeaseLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 12 - TAXES ON INCOME:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_2" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_3" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">For the Company and all subsidiaries
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_4" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Gix Internet and its subsidiaries Gix
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_5" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">For all subsidiaries of the Company
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_6" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_8" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; background-color: white">As of December
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_9" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; background-color: white">As of December
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 12 &#8211; TAXES ON INCOME: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_10" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_11" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; background-color: white">Deferred income
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</div><div>

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</div><div>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c780" decimals="-3" format="ixt:num-dot-decimal" id="ix_56_fact" name="mdgsw:CarryForwardTaxLosses" scale="3" unitRef="usd">574</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">GERD IP*</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c782" decimals="-3" format="ixt:num-dot-decimal" id="ix_58_fact" name="mdgsw:CarryForwardTaxLosses" scale="3" unitRef="usd">786</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jeffs&#8217; Brands*</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c295" decimals="-3" format="ixt:num-dot-decimal" id="ix_60_fact" name="mdgsw:CarryForwardTaxLosses" scale="3" unitRef="usd">1,217</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jeffs&#8217; Brands subsidiaries</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-658">-</div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c785" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:CarryForwardTaxLosses" scale="3" unitRef="usd">49</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Gix Internet</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:CarryForwardTaxLosses" scale="3" unitRef="usd">18,471</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_18" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">There is no record deferred taxes asset in respect of these
losses, as the utilization thereof is not expected to occur in the foreseeable future.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 187; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 12 &#8211; TAXES ON INCOME: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52.9pt; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_19" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>f.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Taxes
                                            on income included in the Statements of Loss and Other Comprehensive Loss for the periods
                                            presented:</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 120.5pt; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_20" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following is reconciliation between the &#8220;theoretical&#8221;
tax, which would apply to the Group if all of its income were taxed at the regular rate applicable to the Company in Israel and the amount
of tax reflected in the consolidated statements of loss and other comprehensive loss for the reported year:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation id="_DisclosureOfIncomeTaxExplanatory-c0_cont_20"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:AmountOfTaxReflectedInTheConsolidatedStatementsOfLosstableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Theoretical tax rate</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Theoretical tax expense (benefit)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" scale="3" sign="-" unitRef="usd">2,322</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" scale="3" unitRef="usd">955</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Disallowed deductions (tax exempt income):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Change in fair value of assets and liabilities measured at fair value
through profit or loss</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ChangeInFairValueOfAssetsAndLiabilitiesMeasuredAtFairValueThroughProfitOrLoss" scale="3" sign="-" unitRef="usd">275</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ChangeInFairValueOfAssetsAndLiabilitiesMeasuredAtFairValueThroughProfitOrLoss" scale="3" unitRef="usd">86</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Share-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SharebasedCompensation" scale="3" unitRef="usd">183</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SharebasedCompensation" scale="3" unitRef="usd">298</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Amortization of excess purchase price of an associate</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AmortizationOfExcessPurchasePricesOfAnAssociate" scale="3" unitRef="usd">60</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Profit recognized upon deconsolidation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-661">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-662">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Profit recognized upon first time consolidation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ProfitRecognizedUponFirstTimeConsolidation" scale="3" sign="-" unitRef="usd">529</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-663">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-664">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:NondeductibleExpenses" scale="3" unitRef="usd">723</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-665">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-666">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Different tax rates applicable to subsidiaries</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DifferentTaxRatesApplicableToSubsidiaries" scale="3" sign="-" unitRef="usd">360</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-667">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-668">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-669">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DisclosureOfAccountsPayablesAndOtherCurrentLiabilitiesTextBlockAbstract-c0_cont_1" escape="true" name="mdgsw:DisclosureOfAccountsPayablesAndOtherCurrentLiabilitiesTextBlockAbstract"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 13 &#8211; ACCOUNTS PAYABLES, ACCRUED EXPENSES AND OTHER CURRENT
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</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureOfAccountsPayablesAndOtherCurrentLiabilitiesTextBlockAbstract-c0_cont_2" id="mdgsw_DisclosureOfAccountsPayablesAndOtherCurrentLiabilitiesTextBlockAbstract-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>a.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Accounts
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureOfAccountsPayablesAndOtherCurrentLiabilitiesTextBlockAbstract-c0_cont_3" id="mdgsw_DisclosureOfAccountsPayablesAndOtherCurrentLiabilitiesTextBlockAbstract-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:DisclosureOfTradePayablesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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</div><div>

</div><ix:continuation continuedAt="mdgsw_DisclosureOfAccountsPayablesAndOtherCurrentLiabilitiesTextBlockAbstract-c0_cont_4" id="mdgsw_DisclosureOfAccountsPayablesAndOtherCurrentLiabilitiesTextBlockAbstract-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation id="mdgsw_DisclosureOfAccountsPayablesAndOtherCurrentLiabilitiesTextBlockAbstract-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:ScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Employees and related institutions</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.1pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 188; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.1pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 14 &#8211; EQUITY: </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 105pt; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt"><b>a.</b></span></td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-indent: 7.1pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 72px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Composed as follows:</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:DisclosureOfDetailedInformationAboutClassesOfShareCapitalExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="11" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
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    <td>&#160;</td>
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    </tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="5" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized</b></span></td>
    <td>&#160;</td>
    <td colspan="5" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issued and
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td colspan="6" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issued and
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    </tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="5" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    </tr>
  <tr>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in"><span style="font-size: 10pt">3)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">On February 12, 2021, following the approval of an extraordinary general meeting of the Company shareholders held on February 12, 2021, the Company amended its articles of association to eliminate the par value of its ordinary shares, such that the authorized share capital of the Company following the amendment consists of <ix:nonFraction contextRef="c790" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">1,000,000,000</ix:nonFraction> ordinary shares of no-par value.</span></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><span style="font-size: 10pt">4)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">On January 11, 2021, the Company entered into an underwriting agreement with Aegis Capital Corp. (&#8220;Aegis&#8221;), pursuant to which the Company agreed to sell to Aegis, in a firm commitment public offering <ix:nonFraction contextRef="c791" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:SharesOfPublicOffering" scale="0" unitRef="shares">3,659,735</ix:nonFraction> ADSs, representing a total of <ix:nonFraction contextRef="c792" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">73,194,700</ix:nonFraction> ordinary shares of no-par value for a public offering price of USD <ix:nonFraction contextRef="c791" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">2.30</ix:nonFraction> per ADS. In addition, the Underwriter was granted an option to purchase additional <ix:nonFraction contextRef="c793" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:PurchaseAdditionalRate" scale="-2" unitRef="pure">15</ix:nonFraction> percent of the ADSs sold in the Offering solely to cover over-allotments, exercisable until the earlier of 30-days or the last day of trading of the Company&#8217;s ordinary shares on the Tel-Aviv Stock Exchange. Aegis exercised its over-allotment option in full to purchase an additional <ix:nonFraction contextRef="c794" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:WarrantsIssuedOnShares" scale="0" unitRef="shares">548,960</ix:nonFraction> ADSs, the closing of which occurred on January 19, 2021. The total gross proceeds of the offering to approximately USD <ix:nonFraction contextRef="c793" decimals="-4" format="ixt:num-dot-decimal" name="mdgsw:GrossProceedsFromPublicOffering" scale="6" unitRef="usd">9.68</ix:nonFraction> million.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt">&#160;</p></ix:continuation><div>
</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 14 &#8211; EQUITY: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>b.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Share
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_13" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_ScheduleOfWarrantsOutstandingTableTextBlock-c0_cont_1" escape="true" name="mdgsw:ScheduleOfWarrantsOutstandingTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_14" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_13"><ix:continuation id="mdgsw_ScheduleOfWarrantsOutstandingTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><ix:nonNumeric contextRef="c817" id="ix_78_fact" name="mdgsw:DateOfGrant">March 2017</ix:nonNumeric></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">Placement 03/2017(**)</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c819" id="ix_102_fact" name="mdgsw:DateOfGrant">March 2017</ix:nonNumeric></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Series L(*)</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c821" id="ix_82_fact" name="mdgsw:DateOfGrant">November 2017</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c821" format="ixt:date-monthname-day-year-en" id="ix_85_fact" name="ifrs-full:DateOfAuthorisationForIssueOfFinancialStatements2013">May 27, 2023</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Series M(**)</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c823" id="ix_106_fact" name="mdgsw:DateOfGrant">November 2017</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c823" format="ixt:date-monthname-day-year-en" id="ix_109_fact" name="ifrs-full:DateOfAuthorisationForIssueOfFinancialStatements2013">November 24, 2022</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants C(*)</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c825" id="ix_86_fact" name="mdgsw:DateOfGrant">July 2018</ix:nonNumeric></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants C(**)</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c827" id="ix_110_fact" name="mdgsw:DateOfGrant">July 2018</ix:nonNumeric></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">HCW warrants(*)</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c829" id="ix_90_fact" name="mdgsw:DateOfGrant">July 2018</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c829" format="ixt:date-monthname-day-year-en" id="ix_93_fact" name="ifrs-full:DateOfAuthorisationForIssueOfFinancialStatements2013">July 18, 2023</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Algomizer (Note 3)(**)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt"><ix:nonNumeric contextRef="c831" id="ix_114_fact" name="mdgsw:DateOfGrant">September 2019</ix:nonNumeric></td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" id="ix_119_fact" name="ifrs-full:DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares" scale="0" unitRef="shares">286,494</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: center">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_15" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-size: 10pt">These
warrants, under certain circumstances, can be exercised via cashless exercise mechanism as defined in the warrant agreement. Therefore,
the warrants were classified as financial liabilities measured at fair value through profit or loss at each reporting period (see note
5).</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_16" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">**</span></td><td style="text-align: justify"><span style="font-size: 10pt">Recorded
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_17" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">***</span></td><td style="text-align: justify"><span style="font-size: 10pt">Adjusted to reflect the 1:15 ratio change of the Company&#8217;s American Depositary Receipt, or ADR, program. As a result, the number of ordinary shares of the Company represented by each American Depositary Share, or ADS, will be changed from one (<ix:nonFraction contextRef="c800" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" scale="0" unitRef="shares">1</ix:nonFraction>) ordinary share to fifteen (<ix:nonFraction contextRef="c801" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" scale="0" unitRef="shares">15</ix:nonFraction>) ordinary shares. The effective date for the ratio change was November 14, 2022</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 190; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 14 &#8211; EQUITY: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_18" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>c.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Share
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.9pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_19" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_20" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_22" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted to related parties.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(**)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted to reflect the Reverse Split of the Company&#8217;s authorized and outstanding ordinary shares at a ratio of 20:1 effected on July 7, 2022.</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 191; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 14 &#8211; EQUITY: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>c.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Share
                                            based payments</b>: (continued)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_23" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The fair value of all of the options
was calculated using the Black and Scholes options pricing model, and based on the following assumptions:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt">&#160;</p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_25" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
to reflect the Reverse Split of the Company&#8217;s authorized and outstanding ordinary shares at a ratio of 20:1 effected on July 7,
2022.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 192; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 14 &#8211; EQUITY: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>c.</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Share
                                            based payments</b>: (continued)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_26" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">3)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The changes in the number of share options and the weighted averages
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_27" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_26"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">Granted</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-677">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_28" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_27"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in">&#160;</td> <td style="width: 0.25in"><span style="font-size: 10pt">4)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">The amounts of expenses that were recorded for options to employees and other service providers are USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:OptionsOfEmployeeOtherServices" scale="3" unitRef="usd">624</ix:nonFraction> thousand, USD <ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:OptionsOfEmployeeOtherServices" scale="3" unitRef="usd">1,049</ix:nonFraction> thousand and USD <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:OptionsOfEmployeeOtherServices" scale="3" unitRef="usd">191</ix:nonFraction> thousand for the years ended December 31, 2022, 2021 and 2020, respectively (these amounts do not include expenses of USD <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="mdgsw:Expenses" scale="0" unitRef="usd">79</ix:nonFraction> and USD <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:Expenses" scale="3" unitRef="usd">1,107</ix:nonFraction> thousand recorded in ScoutCam in Q1 2021 and 2020, respectively. The expenses recorded in Eventer in the consolidate period of 2020 are immaterial).</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_29" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_30" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In accordance with these general rules
and the track chosen by the Company pursuant to the terms thereof, in respect of options granted to employees under the option allotment
plan, the Company is not allowed to claim as an expense for tax purposes the amounts credited to employees as a benefit, including amounts
recorded as salary benefits in the Company&#8217;s books, with the exception of the salary-benefit component, if exists, determined on
the grant date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_31" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_30"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><b>d.</b></td><td style="text-align: justify"><b>Dividends</b>:</td>
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</div><div>

</div><ix:continuation id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">In December 2022, the Company distributed
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfExpensesByNatureExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 15 &#8211;
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</div><div>

</div><ix:continuation id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:ScheduleOfExpensesByNatureTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 16 &#8211;
EARNING (LOSS) PER SHARE:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Basic net earnings (loss) per share
is computed by dividing net earnings (loss) attributable to ordinary shareholders of Medigus Ltd. by the weighted average number of ordinary
shares outstanding for the reporting periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Diluted net earnings (loss) per share
is computed by dividing the basic net loss per share including adjustment of the dilutive effect of the Company&#8217;s revaluation of
warrants, by the weighted-average number of ordinary shares and the potential dilutive ordinary shares outstanding during the period.
Diluted shares outstanding include the dilutive effect of in-the-money options using the treasury stock method. For the year ended December
31, 2022, and December 31, 2020, the Company reported a net loss, therefore does not have dilutive securities. For the year ended on December
31, 2021, the Company reported net earnings. Nevertheless, all the warrants and options that might be exercised by others into Medigus
shares are out of the money, therefore did not have a dilutive effect.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_4" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following table presents the numerator
and denominator of the basic and diluted net loss per share computations:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DisclosureOfDetailedInformationAboutNumeratorAndDenominatorOfTheBasicAndDilutedNetLossPerShareExplanatory-c0_cont_1" escape="true" name="mdgsw:DisclosureOfDetailedInformationAboutNumeratorAndDenominatorOfTheBasicAndDilutedNetLossPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5"><ix:continuation id="mdgsw_DisclosureOfDetailedInformationAboutNumeratorAndDenominatorOfTheBasicAndDilutedNetLossPerShareExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify; font-size: 10pt"><ix:footnote id="ix_19_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted to reflect the Reverse Split at ratio of 20:1 occurred effected on July 7, 2022 &#8211; see also note 14</span></ix:footnote></td></tr> </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 194; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 17 &#8211; TRANSACTIONS AND BALANCES WITH RELATED PARTIES:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p></ix:nonNumeric><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_3" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Key management personnel of the Company
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_6" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_5"><ix:continuation continuedAt="mdgsw_DisclosureOfDetailedInformationAboutTransactionsWithRelatedParties-c0_cont_2" id="mdgsw_DisclosureOfDetailedInformationAboutTransactionsWithRelatedParties-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_7" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_6"><ix:continuation continuedAt="mdgsw_DisclosureOfDetailedInformationAboutTransactionsWithRelatedParties-c0_cont_3" id="mdgsw_DisclosureOfDetailedInformationAboutTransactionsWithRelatedParties-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_8" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_7"><ix:continuation continuedAt="mdgsw_DisclosureOfDetailedInformationAboutTransactionsWithRelatedParties-c0_cont_4" id="mdgsw_DisclosureOfDetailedInformationAboutTransactionsWithRelatedParties-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_9" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_8"><ix:continuation continuedAt="mdgsw_DisclosureOfDetailedInformationAboutTransactionsWithRelatedParties-c0_cont_5" id="mdgsw_DisclosureOfDetailedInformationAboutTransactionsWithRelatedParties-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">****</td><td style="text-align: justify"><ix:footnote id="ix_23_footnote" xml:lang="en-US">Julia Gerasimova, and Victor Hakmon are related parties of Jeffs&#8217;
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_10" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_9"><ix:continuation id="mdgsw_DisclosureOfDetailedInformationAboutTransactionsWithRelatedParties-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_11" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_12" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The compensation to key management
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</div><div>

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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 195; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 17 &#8211; TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.8pt; text-align: justify; text-indent: 7.1pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt"><b>a.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Transactions with related parties:&#160;</b>(continued)</span></td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.8pt; text-align: justify; text-indent: 7.1pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_15" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Indemnification,
                                            exemption and insurance for directors and officers of the Company</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_16" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">a.</span></td><td style="text-align: justify"><span style="font-size: 10pt">The
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_17" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 72px">&#160;</td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has a liability for insurance of directors and officers&#8217; covering all of the Company&#8217;s directors and officers. <ix:nonNumeric contextRef="c0" name="mdgsw:DescriptionOfDirectorsAndOfficersLiabilityInsuranceProvidingTotalCoverage">The Company currently has directors&#8217; and officers&#8217; liability insurance providing total coverage of USD 4 million for the benefit of all of the Company directors and officers, in respect of which the Company are charged a twelve-month premium of USD 195, and which includes a deductible of up to USD 1 million per claim, other than securities related claims filed in the United States or Canada, for which the deductible will not exceed USD 2.5 million and USD 5 million in respect of claim with respect to Mergers and Acquisitions.</ix:nonNumeric></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_18" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Transactions</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_19" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">a.</span></td><td style="text-align: justify"><span style="font-size: 10pt">On
                                            May 30, 2019, the Company entered into an intercompany services agreement, or the Intercompany
                                            Agreement, with ScoutCam, for provision of services by the Company to ScoutCam. On April
                                            19, 2020, the Intercompany Agreement was amended such that ScoutCam shall provide the Company
                                            with services to the Company, including usage of ScoutCam offic space in consideration for
                                            a fee determined based on the actual usage by the Company. During 2021 no services have been
                                            provided under the Intercompany Agreement. On March 22, 2022, the Company received from ScoutCam
                                            Ltd. a prior written notice of termination of the Intercompany Agreement effective May 21,
                                            2022.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_20" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in">&#160;</td> <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">b.</span></td> <td style="text-align: justify"><ix:nonNumeric contextRef="c878" name="mdgsw:DescriptionOfDirectorsAndOfficersLiabilityInsuranceProvidingTotalCoverage"><span style="font-size: 10pt">On February 12, 2020, ScoutCam&#8217;s Inc. Board of Directors authorized the grant of options to purchase 2,235,691 shares of Common Stock to Professor Benad Goldwasser, ScoutCam&#8217;s Inc. Chairman of the Board, and options to purchase 1,865,346 shares of Common Stock to certain officers of ScoutCam Inc. Each option is convertible into one share of common stock of ScoutCam Inc. of USD 0.001 par value at an exercise price of USD 0.29.</span></ix:nonNumeric></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-size: 10pt">c. </span></td> <td style="text-align: justify"><span style="font-size: 10pt">On May 1, 2019, the Company entered into a consulting agreement, or
the Consulting Agreement, with L.I.A Pure Capital Ltd. or Pure Capital, a company owned by Kfir Zilberman for the provision of business
development and strategic consulting services, including ongoing consulting to the Company, its management and its chief executive officer
in the fields of M&amp;A and investment activities. <ix:nonNumeric contextRef="c879" name="mdgsw:IntercompanyAgreementDescription">In consideration for its services, Pure Capital is entitled to a monthly fee of NIS
40 thousand (approximately USD 11 thousand), a finder&#8217;s fee of 5% of any investment of equity or debt introduced by him to the
Company and reimbursement of expenses of up to USD 1 thousand per month.</ix:nonNumeric> As part of Gix Internet investment, Pure Capital received a
finder fee in the amount of USD <ix:nonFraction contextRef="c879" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AmountOfFinderFees" scale="3" unitRef="usd">125</ix:nonFraction> thousand. On January 10, 2021, the Company and Pure Capital entered into amendment no. 2 of the Consulting
Agreement. Under amendment no. 2, Pure Capital shall be entitled to a special bonus upon consummation of an offering of the Company&#8217;s
securities. The special bonus will depend on the gross proceeds of such an offering. The transaction also includes granted options benefit
aggregated to USD <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:OptionsGrantedValue" scale="3" unitRef="usd">189</ix:nonFraction> thousand in 2020.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-size: 10pt">d.</span></td> <td style="text-align: justify"><span style="font-size: 10pt">On October 15, 2020, the Company signed a share purchase agreement and a revolving loan agreement with Eventer. As part of the share purchase agreement and the revolving loan agreement, the Company invested USD <ix:nonFraction contextRef="c880" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SharePurchasesValue" scale="3" unitRef="usd">750</ix:nonFraction> thousand. For additional information see note 3D. &#160; On April 8, 2021, Eventer consummated a share purchase agreement for an aggregate amount of USD <ix:nonFraction contextRef="c163" decimals="-4" format="ixt:num-dot-decimal" name="mdgsw:SharesAggregateAmount" scale="6" unitRef="usd">2.25</ix:nonFraction> million out of which the Company invested USD <ix:nonFraction contextRef="c163" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:SharePurchasesValue" scale="3" unitRef="usd">300</ix:nonFraction> thousand. As a result, the Company currently holds approximately <ix:nonFraction contextRef="c163" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ShareCapitalPercentage" scale="-2" unitRef="pure">47.69</ix:nonFraction>% of Eventer&#8217;s share capital. &#160; During November 2021, the Company and Eventer agreed that the Initial Advance loan will be repaid the earlier of (i) six months following the Maturity Date of the Initial Advance; or (ii) immediately following an initial public offering of Eventer. &#160; On November 11, 2021, the Company loaned additional amount of USD <ix:nonFraction contextRef="c881" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:LoanAmounts" scale="3" unitRef="usd">250</ix:nonFraction> thousand to Eventer be repaid 6 months starting the loan received by eventer. The loan will bear <ix:nonFraction contextRef="c882" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:InterestRatePercentage" scale="-2" unitRef="pure">4</ix:nonFraction>% interest per year.</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>



</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 17 &#8211; TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt"><b>a.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Transactions with related parties:&#160;</b>(continued)</span></td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Transactions
                                            (continued)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_21" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in">&#160;</td> <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">e.</span></td> <td style="text-align: justify"><span style="font-size: 10pt">On April 19, 2020, the Company entered into an Asset Transfer Agreement, effective January 20, 2020, with our majority owned subsidiary GERD IP. Pursuant to the Asset Transfer Agreement, the Company transferred certain of our patents in consideration for seven capital notes issued to us by GERD IP, of USD <ix:nonFraction contextRef="c883" decimals="-6" format="ixt:num-dot-decimal" name="mdgsw:CapitalNotesIssued" scale="6" unitRef="usd">2</ix:nonFraction> million each.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-size: 10pt">f.</span></td> <td style="text-align: justify"><span style="font-size: 10pt">In February 2021, the Company entered into two loans and pledges agreements
with Jeffs&#8217; Brands and its other stockholder, to finance Smart Repair Pro&#8217;s additional purchases of three new brands on the
Amazon online marketplace. Pursuant to the agreements, the Company extended a USD <ix:nonFraction contextRef="c884" decimals="-6" format="ixt:num-dot-decimal" name="mdgsw:ExtendedLoans" scale="6" unitRef="usd">4</ix:nonFraction> million loans, with an annual interest of <ix:nonFraction contextRef="c884" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:AnnualInterestRepaidPercentage" scale="-2" unitRef="pure">4</ix:nonFraction>%, to
be repaid on the fifth anniversary of the effective date. Following the closing of an IPO of Jeffs&#8217; Brands, the loans were converted
to shares.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-size: 10pt">g.</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 26, 2022, Jeffs&#8217; Brands
and Pure Capital entered into a consulting agreement, pursuant to which Pure Capital will provide consulting services to Jeffs&#8217;
Brands for a monthly fee of NIS <ix:nonFraction contextRef="c183" decimals="-2" format="ixt:num-dot-decimal" name="mdgsw:ConsultancyServicesFee" scale="3" unitRef="ils">57.5</ix:nonFraction> thousand (approximately USD <ix:nonFraction contextRef="c183" decimals="-2" format="ixt:num-dot-decimal" name="mdgsw:ConsultancyServicesFee" scale="3" unitRef="usd">16.5</ix:nonFraction> thousand). Jeffs&#8217; Brands paid Pure Capital a one-time signing
bonus in the amount of NIS <ix:nonFraction contextRef="c885" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConsultancyServicesFee" scale="3" unitRef="ils">425</ix:nonFraction> thousand (approximately USD <ix:nonFraction contextRef="c885" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:ConsultancyServicesFee" scale="3" unitRef="usd">121</ix:nonFraction> thousand) for their services to Jeffs&#8217; Brands from the day of Jeffs&#8217;
Brands inception until the closing of the IPO. As part of the consulting agreement, Pure Capital is also entitled to the following payment:
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events initiated or assisted by Pure Capital and approved by the Chief Executive Officer and Chairman of the Board based on agreement
with Pure Capital. The consulting agreement is for an undefined period of time and may be terminated after 3 years from October 26, 2022,
by either party upon 30 days advance notice.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, on October 26, 2022, Jeffs&#8217;
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for a warehouse located in the USA. As of December 31, 2022, the advances to suppliers comprised of USD <ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AdvanceToSuppliers" scale="3" unitRef="usd">228</ix:nonFraction> thousand that were paid to
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issuance by Eventer (in an amount of at least USD <ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="mdgsw:SecuritiesIssuance" scale="6" unitRef="usd">2</ix:nonFraction> million), prior the maturity date, the loan will be automatically converted into Eventer's
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_22" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><b>b.</b></td><td style="text-align: justify"><b>Balances with related parties:</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_23" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><b>(1)</b></td><td style="text-align: justify"><b>Current assets under related parties section:</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_24" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_23"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:DisclosureOfCurrentAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-691">-</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AdvancedtoPureLogistics" scale="3" unitRef="usd">228</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-692">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_25" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><b>(2)</b></td><td style="text-align: justify"><b>Current assets under loans to others section:</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_26" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_25"><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_DisclosureOfNonCurrentAssetsExplanatory-c0_cont_1" escape="true" name="mdgsw:DisclosureOfNonCurrentAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-694">-</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_27" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_26"><ix:continuation id="mdgsw_DisclosureOfNonCurrentAssetsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_28_footnote" xml:lang="en-US">Gix Internet is consolidated commencing February 28, 2022.</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 197; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 17 &#8211; TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
</b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 48px"></td><td style="width: 24px; text-align: left"><b>b.</b></td><td style="text-align: justify"><b>Balances with
                                            related parties: </b>(continued)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_28" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_27"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><b>(3)</b></td><td style="text-align: justify"><b>Current Liabilities:</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Compensation to key management personnel(*)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" id="ix_193_fact" name="ifrs-full:KeyManagementPersonnelCompensation" scale="3" unitRef="usd">649</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other payable dividend to related parties of Gix Internet</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current liabilities of Jeffs&#8217; Brands to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-699">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_30" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_29"><ix:continuation id="mdgsw_DisclosureOfCurrentLiabilities-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_29_footnote" xml:lang="en-US">Compensation to key management:</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_31" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_30"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:DisclosureOfDetailedInformationAboutBalancesWithRelatedPartiesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD in thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
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</div><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><b>(4)</b></td><td style="text-align: justify"><b>Loans:</b></td>
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_34" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_33"><ix:continuation continuedAt="mdgsw_DisclosureOfLoansExplanatory-c0_cont_2" id="mdgsw_DisclosureOfLoansExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt">*</span></td> <td style="text-align: justify"><ix:footnote id="ix_30_footnote" xml:lang="en-US"><span style="font-size: 10pt">Kfir Zilberman is a related party of Jeffs&#8217; Brands.</span></ix:footnote></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_35" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_34"><ix:continuation id="mdgsw_DisclosureOfLoansExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt">**</span></td> <td style="text-align: justify"><ix:footnote id="ix_31_footnote" xml:lang="en-US"><span style="font-size: 10pt">Julia Gerasimova, Kfir Zilberman and Victor Hakmon are related parties of Jeffs&#8217; Brands.</span></ix:footnote></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_35"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt"><b>c.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>As to options granted to related parties, see note 14c.</b></span></td></tr>
  </table></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.7pt; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRevenueExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 18 &#8211; REVENUES:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_2" id="_DisclosureOfRevenueExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt"><b>a.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Disaggregation of Revenues:</b></span></td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_3" id="_DisclosureOfRevenueExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following table present the Group&#8217;s
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</div><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Miniature camera and related equipment (from ScoutCam)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-704">-</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Revenues from commissions (from Eventer)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Products (from Jeffs&#8217; Brands)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-705">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Revenues from internet services (from Gix Internet) *</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-707">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">MUSE and related equipment (from Medigus). </td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_5" id="_DisclosureOfRevenueExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_6" id="_DisclosureOfRevenueExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_8" id="_DisclosureOfRevenueExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="mdgsw:DisclosureOfContractFulfillmentAssetsTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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solutions, energy efficiency technology, electric vehicles and corporate (see note 1a). The Company concluded that the medical, electric
vehicles, safety systems for commercial drones, visualization and AI based solutions and energy efficiency technology segments are not
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_6" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt">*</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Includes an investment accounted for using the equity method of USD
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</div><div>

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</div><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_9" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 200; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 19 &#8211; SEGMENTS: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</i></b>(continued)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_17" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left"><span style="font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-size: 10pt">Includes equity loss of USD <ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLoss" scale="3" unitRef="usd">823</ix:nonFraction>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_18" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left"><span style="font-size: 10pt">**</span></td><td style="text-align: justify"><span style="font-size: 10pt">Includes equity loss of USD <ix:nonFraction contextRef="c890" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLoss" scale="3" unitRef="usd">1,402</ix:nonFraction>
thousand in relation to ScoutCam. For the operating results of Scoutcam, refer to note 4C.</span></td>
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</div><div>

</div><ix:continuation id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
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</tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 201; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="mdgsw_EntityLevelDisclosuresTextBlock-c0_cont_1" escape="true" name="mdgsw:EntityLevelDisclosuresTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>NOTE 20 &#8211;
ENTITY LEVEL DISCLOSURES:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

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</div><div>

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</div><ix:continuation continuedAt="mdgsw_EntityLevelDisclosuresTextBlock-c0_cont_4" id="mdgsw_EntityLevelDisclosuresTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 21 &#8211; EVENT SUBSEQUENT TO DECEMBER 31, 2022:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -49.6pt">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_5" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; background-color: white; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On <ix:nonNumeric contextRef="c946" name="mdgsw:DescriptionOfWarrants">March 21, 2023, ScoutCam Inc. completed a private placement to existing stockholders, of 3,294,117 units, at a purchase price of USD 4.25 per unit, with each unit consisting of one share of Scoutcam&#8217;s common stock and one three-year warrant to purchase one share of Scoutcam&#8217;s common stock at an exercise price of USD <ix:nonFraction contextRef="c947" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">5.50</ix:nonFraction></ix:nonNumeric> per share. The private placement was led by existing investors Mori Arkin, the Phoenix Insurance Company Ltd and Shotfut Menayot Israel &#8211; Phoenix Amitim. Following the private placement, the company held <ix:nonFraction contextRef="c947" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:PercentageOfPrivatePlacement" scale="-2" unitRef="pure">18.45</ix:nonFraction>% in ScoutCam. </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
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</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_6" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c948" name="mdgsw:DescriptionOfSharePurchaseAgreement">On February 23, 2023, Jeffs&#8217; Brands Ltd. and Jeffs&#8217; Brands Holdings Inc., entered into a stock purchase agreement (the &#8220;Wellution Agreement&#8221;), with SciSparc Ltd. (&#8220;SciSparc&#8221;), pursuant which, on March 22, 2022, Jeffs&#8217; Brands Holdings acquired from SciSparc 57 shares of common stock of SciSparc Nutraceuticals Inc. (&#8220;SciSparc Nutraceuticals&#8221;), a wholly-owned subsidiary of SciSparc that owns and operates Wellution , a top-selling Amazon food supplements and cosmetics brand, representing approximately 49% of the issued and outstanding common stock of SciSparc Nutraceuticals, for approximately USD 2.5 million in cash (the &#8220;Wellution Transaction&#8221;).</ix:nonNumeric> On March 22, 2023, Jeffs&#8217; Brands Ltd., Jeffs&#8217; Brands Holdings and SciSparc entered into Addendum No. 1 to the Wellution Agreement, or the Addendum, to provide for an additional amount of USD <ix:nonFraction contextRef="c949" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:AdditionalAmount" scale="3" unitRef="usd">489</ix:nonFraction> thousand, representing adjustments related to inventory and working capital, to be paid to SciSparc in five equal installments of USD <ix:nonFraction contextRef="c950" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:InstallmentAmount" scale="3" unitRef="usd">98</ix:nonFraction> thousand on the tenth day of each consecutive calendar month, beginning in May 2023. Also pursuant to the SciSparc SPA, in connection with the closing of the SciSparc Nutraceuticals Joint Venture, on March 22, 2023, Jeffs&#8217; Brands entered into a consulting agreement with SciSparc Nutraceuticals (the &#8220;SciSparc Consulting Agreement&#8221;), pursuant to which Jeffs&#8217; Brands will provide management services to SciSparc Nutraceuticals for the WellutionTM brand for a monthly fee of USD <ix:nonFraction contextRef="c950" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LicenceFeeIncome" scale="3" unitRef="usd">20</ix:nonFraction> thousand and Jeffs; Brands received a one-time signing bonus in the amount of USD <ix:nonFraction contextRef="c950" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:Bonus" scale="3" unitRef="usd">51</ix:nonFraction> thousand. The SciSparc Consulting Agreement is for an undefined period of time and may be terminated by either party with 30 days advance notice.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_7" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Also pursuant to the Wellution Agreement,
in connection with the closing of the Wellution Transaction, on March 22, 2023, Jeffs&#8217; Brands issued <ix:nonFraction contextRef="c950" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageShares" scale="0" unitRef="shares">247,415</ix:nonFraction> of its Ordinary Shares
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Shares&#8221;), representing <ix:nonFraction contextRef="c951" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ExchangeSharesPercentage" scale="-2" unitRef="pure">2.97</ix:nonFraction>% and <ix:nonFraction contextRef="c952" decimals="4" format="ixt:num-dot-decimal" name="mdgsw:ExchangeSharesPercentage" scale="-2" unitRef="pure">4.99</ix:nonFraction>%, respectively, of Jeffs&#8217; Brands&#8217; and SciSparc&#8217;s issued and outstanding
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price of the relevant company&#8217;s shares on the Nasdaq Capital Market for the 30 consecutive trading days ending on the third trading
day immediately prior to the closing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MEDIGUS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 21 &#8211; EVENT SUBSEQUENT TO DECEMBER 31, 2022: </b>(continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_8" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">6.</td><td style="text-align: justify">On March 2, 2023, Jeffs&#8217; Brands entered into a share purchase agreement (the &#8220;Fort SPA&#8221;), with the holders (the &#8220;Sellers&#8221;), of all of the issued and outstanding share capital of Fort, a company incorporated under the laws of England and Wales and engaged in the sale of pest control products primarily through Amazon.uk, pursuant to which on March 9, 2023, Jeffs&#8217; Brands acquired all of the issued and outstanding share capital of Fort, for approximately &#163;<ix:nonFraction contextRef="c953" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:OutstandingShareCapital" scale="3" unitRef="eur">2,000</ix:nonFraction> thousand (approximately USD <ix:nonFraction contextRef="c953" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:OutstandingShareCapital" scale="3" unitRef="usd">2,400</ix:nonFraction> thousand) in cash (the &#8220;Fort Acquisition&#8221;). The Fort SPA provides that for a period of three years from closing, the Sellers will not compete with Fort&#8217;s business.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_9" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Also, in connection with the Fort Acquisition,
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Sellers, by which such employees&#8217; employment with Fort will terminate three months following March 9, 2023 and certain other customary
conditions. During this three-month period, Jeffs&#8217; Brands intends to carry out operational changes in Fort&#8217;s business that
will allow Fort to wind down the activities conducted in its leased warehouse and to move all such operations to warehouses operated
by Amazon. In connection with the closing of the acquisition, on March 9th, 2023, Jeffs&#8217; Brands and the Sellers entered into a
consulting agreement, pursuant to which the Sellers will provide Jeffs&#8217; Brands with consultancy services for a period of three
months, in consideration for a monthly fee of &#163;<ix:nonFraction contextRef="c953" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LicenceFeeIncome" scale="3" unitRef="eur">2,500</ix:nonFraction> (approximately USD <ix:nonFraction contextRef="c953" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LicenceFeeIncome" scale="3" unitRef="usd">3</ix:nonFraction> thousand).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_10" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td> <td style="text-align: justify; font-size: 10pt"><ix:nonNumeric contextRef="c954" name="ifrs-full:ExplanationOfFactThatEntitysOwnersOrOthersHavePowerToAmendFinancialStatementsAfterIssue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 16, 2023, the Company signed an amendment to the option sale agreement by and between the Company and Buffalo Investment Ltd. (&#8220;Buffalo&#8221;) dated as of December 7, 2021 (the &#8220;Amendment&#8221; and the &#8220;Buffalo Agreement&#8221;), according to which Buffalo and Pure Capital Ltd. shall transfer to the Company shares of Hydreight Technologies Inc., Viewbix Inc., SciSparc Ltd. (&#8220;SciSparc&#8221;), ClearMind Medicine Inc. and Colugo Systems Ltd., instead of a transfer of 135,000 shares of SciSparc worth USD 817 thousand which was originally agreed under the Buffalo Agreement. The aggregated value of the shares transferred under the Amendment is USD 937 thousand reflecting USD 817 thousand plus compensation worth of &#160;USD 130 thousand.</span></ix:nonNumeric></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_11" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 28, 2023, the company signed a security exchange agreement with Fuel Doctor to sell all its shares in its wholly owned subsidiary, Charging Robotics to Fuel Doctor. As part of the exchange agreement, Fuel Doctor will acquire all of the issued and outstanding shares of Charging Robotics, on a fully diluted basis and as a result Charging Robotics will become a wholly owned subsidiary of Fuel Doctor. In exchange for all of its shares in Charging Robotics, the company received such number of newly issues shares of Fuel Doctor&#8217;s common stock equal to <ix:nonFraction contextRef="c955" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" scale="-2" unitRef="pure">60</ix:nonFraction>% of the total number of shares of Fuel Doctor&#8217;s common stock issued and outstanding as of the closing on a fully diluted basis. Subject to several pre-determined milestones, the company might increase its holding in Fuel Doctor up to <ix:nonFraction contextRef="c956" decimals="2" format="ixt:num-dot-decimal" name="mdgsw:IncreaseItsHolding" scale="-2" unitRef="pure">71</ix:nonFraction>%.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_12" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">9</td><td style="text-align: justify">On April 13, 2022, the Company acquired <ix:nonFraction contextRef="c957" decimals="3" format="ixt:num-dot-decimal" name="mdgsw:InitialEquityPercentage" scale="-2" unitRef="pure">19.9</ix:nonFraction>% of Metagramm Software
Ltd. (&#8220;Metagramm&#8221;), an innovative AI, machine learning (ML) communication and grammar assistant software. In return, The
Company paid Metagramm USD <ix:nonFraction contextRef="c957" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:CommonSharesAmount" scale="3" unitRef="usd">250</ix:nonFraction> thousand in Company&#8217;s common shares. In addition, the Company will extend Metagramm a loan in the
amount of USD <ix:nonFraction contextRef="c958" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConsumerLoans" scale="3" unitRef="usd">250</ix:nonFraction> thousand in three instalments, the first instalment of which will be granted at closing. The loan will be repaid from
Metagramm&#8217;s existing and future profits and is secured by the shares of all other current Metagramm shareholders.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">10</td><td style="text-align: justify">During February and March 2023, Cortex distributed dividends in an aggregated amount of approximately USD <ix:nonFraction contextRef="c959" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DividendsAggregatedAmount" scale="3" unitRef="usd">1,039</ix:nonFraction> thousand (approximately NIS <ix:nonFraction contextRef="c960" decimals="-4" format="ixt:num-dot-decimal" name="mdgsw:DividendsAggregatedAmount" scale="6" unitRef="ils">3.03</ix:nonFraction> million) to non-controlling interest. In addition, Gix Media distributed a dividend in an aggregated amount of approximately USD &#160;<ix:nonFraction contextRef="c961" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DividendsAggregatedAmount" scale="3" unitRef="usd">130</ix:nonFraction> thousand (approximately NIS <ix:nonFraction contextRef="c962" decimals="-3" format="ixt:num-dot-decimal" name="mdgsw:DividendsAggregatedAmount" scale="3" unitRef="ils">432</ix:nonFraction> thousand).</td>
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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-107</p><div>

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<ix:footnote id="ix_4_footnote" xml:lang="en-US">ScoutCam was deconsolidated on March 31, 2021, and the investment was accounted for as an equity method investment from April 1, 2021 (refer to note 4C).</ix:footnote><!--Text not found in footnote sections assigned to Schedule of comprehensive income-->
<ix:footnote id="ix_5_footnote" xml:lang="en-US">Translated according to the average exchange rates for each period.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of comprehensive income-->
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<ix:footnote id="ix_6_footnote" xml:lang="en-US">Translated according to the average exchange rates for the period from February 28, 2022 until December 31, 2022.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of cash flows-->
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<ix:nonFraction contextRef="c325" id="hidden-fact-372" name="ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c298" id="hidden-fact-373" name="ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c333" id="hidden-fact-374" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c344" id="hidden-fact-378" name="ifrs-full:SellingProfitLossOnFinanceLeases" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c347" id="hidden-fact-379" name="ifrs-full:SellingProfitLossOnFinanceLeases" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c348" id="hidden-fact-380" name="ifrs-full:SellingProfitLossOnFinanceLeases" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c211" id="hidden-fact-381" name="ifrs-full:FairValueOfPropertyPlantAndEquipmentMateriallyDifferentFromCarryingAmount" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c211" id="hidden-fact-382" name="ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c359" id="hidden-fact-383" name="ifrs-full:FairValueOfPropertyPlantAndEquipmentMateriallyDifferentFromCarryingAmount" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c359" id="hidden-fact-384" name="ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:footnote id="ix_8_footnote" xml:lang="en-US">Gix Internet is consolidated since February 28, 2022 (note 4F).</ix:footnote><!--Text not found in footnote sections assigned to Schedule of fair value investments in affiliated companies for market price on stock exchange-->
<ix:footnote id="ix_9_footnote" xml:lang="en-US">Elbit Imaging investment was accounted for as assets at fair value through profit or loss since October 18, 2022 (note 4J).</ix:footnote><!--Text not found in footnote sections assigned to Schedule of fair value investments in affiliated companies for market price on stock exchange-->
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<ix:footnote id="ix_11_footnote" xml:lang="en-US">On August 23, 2022, the Company signed a convertible loan agreement with A.I Artificial Intelligence Research and Development Ltd. (A.I R&amp;D Ltd.) for the assignment of a loan it has given to A.I Systems Ltd, a public company traded in Tel Aviv. The original loan amount was NIS 6,000 thousand. According to the agreement, the Company purchased from A.I R&amp;D Ltd., 50% from the original loan in exchange for USD 914 thousand (NIS 3,000 thousand) in the same terms of the original loan given to A.I Systems Ltd.
According to the agreement, the loan will bear an interest of 1% per month and will be repaid or converted into shares of A.I Systems Ltd. on March 13, 2023. The loan was accounted for as financial assets measured at fair value through profit or loss. As of December 31, 2022, the fair value of the loan was USD 940 thousand (USD 3,307 thousand). On March 12, 2023, the Company entered into an amendment to the conversion loan agreement. According to the amendment, the repayment will be postponed by 3 months, to June 13, 2023.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of loans to others-->
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<ix:nonFraction contextRef="c759" id="hidden-fact-630" name="ifrs-full:OtherIntangibleAssets" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c760" id="hidden-fact-631" name="ifrs-full:OtherIntangibleAssets" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c763" id="hidden-fact-643" name="mdgsw:AcquisitionOfSubsidiaryAccumulatedAmortization" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c765" id="hidden-fact-644" name="mdgsw:AcquisitionOfSubsidiaryAccumulatedAmortization" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c732" id="hidden-fact-645" name="ifrs-full:OtherIntangibleAssets" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c768" id="hidden-fact-648" name="mdgsw:RightofuseAssetsAtCost" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c768" id="hidden-fact-649" name="mdgsw:AccumulatedDepreciationLeaseCost" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c5" id="hidden-fact-656" name="ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:footnote id="ix_12_footnote" xml:lang="en-US">There is no record deferred taxes asset in respect of these losses, as the utilization thereof is not expected to occur in the foreseeable future.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of carry forward tax losses-->
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{"company-data": {"conformed-name": "Medigus Ltd.", "cik": "0001618500", "assigned-sic": "3841", "irs-number": "000000000", "state-of-incorporation": "L3", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-37381", "film-number": "23885461"}, "business-address": {"street1": "3 HANECHOSHET STREET, BUILDING B", "city": "TEL AVIV", "state": "L3", "zip": "6971068", "phone": "972722602211"}, "mail-address": {"street1": "3 HANECHOSHET STREET, BUILDING B", "city": "TEL AVIV", "state": "L3", "zip": "6971068"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
20-F
☐
REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED
DECEMBER 31
,
2022
OR
☐
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number:
001-37381
Medigus Ltd.
(Exact name of Registrant as specified in its
charter)
Israel
(Jurisdiction of incorporation or organization)
10 Hanechoshet
,
4th Floor
,
Tel-Aviv
6971072
,
Israel
(Address of principal executive offices)
Tali Dinar
10 Hanechoshet
,
4th Floor
,
Tel-Aviv
6971072
,
Israel
Tel:
+972-73-370-4691
Fax:
+972 72 260-2249
(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)
Securities registered or to be registered pursuant
to Section 12(b) of the Act:
Title of class
Trading Symbol(s)
Name of each exchange on which registered
American Depositary Shares, each representing fifteen (15) Ordinary Shares
(1)
MDGS
Nasdaq Capital Market
Ordinary Shares, no-par value
(2)
Series C Warrants
MDGSW
Nasdaq
Capital Market
(1)
Evidenced by American Depositary
    Receipts.
(2)
Not for trading, but only in connection
    with the registration of the American Depositary Shares.
Securities registered or to be registered pursuant
to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding
shares of each of the issuer's classes of capital or common stock as of December 31, 2022:
24,661,470
Ordinary
Shares, no par value per share
Indicate by check mark if
the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:
Indicate by check mark if
the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:
Yes
☐
No
☒
If this report is an annual
or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934:
Yes
☐
No
☒
Indicate by check mark whether
the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether
the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).
Yes
☒
No
☐
Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.  See
definition of "accelerated filer and large accelerated filer" and "emerging growth company" in Rule 12b-2 of
the Exchange Act.
Large Accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Emerging growth company
☐
If an emerging growth company
that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act.
☐
Indicate by check mark whether
the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm
that prepared or issued its audit report.
☐
If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark the
basis of accounting the registrant has used to prepare the financial statements included in this filing:
☐
U.S. GAAP
☒
International Financial Reporting Standards
as issued by the International Accounting Standards Board
☐
Other
If "Other" has
been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to
follow.
Item 17
☐
Item 18
☐
If this is an annual report,
indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes
☐
No
☒
TABLE OF CONTENTS
Page
Introduction
iii
Cautionary
    Note Regarding Forward-Looking Statements
iv
Summary
    Risk Factors
Part
    I
Item
    1.
Identity
    of Directors, Senior Management and Advisors
1
Item
    2.
Offer
    Statistics and Expected Timetable
1
Item
    3.
Key
    Information
1
A.
Reserved
1
B.
Capitalization
    and Indebtedness
1
C.
Reasons
    for the Offer and Use of Proceeds
1
D.
Risk
    Factors
1
Item
    4.
Information
    on the Company
28
A.
History
    and Development of the Company
28
B.
Business
    Overview
28
C.
Organizational
    Structure
35
D.
Property,
    Plant and Equipment
35
Item
    4a.
Unresolved
    staff Comments
36
Item
    5.
Operating
    and Financial Review and Prospects
36
A.
Operating
    Results
38
B.
Liquidity
    and Capital Resources
42
C.
Research
    and Development, Patents and Licenses, etc.
43
D.
Trend
    Information
43
E.
Critical
    Accounting Estimates
44
Item
    6.
Directors,
    Senior Management and Employees
46
A.
Directors
    and Senior Management
46
B.
Compensation
47
C.
Board
    Practices
50
D.
Employees
63
E.
Share
    Ownership
64
Item
    7.
Major
    Shareholders and Related Party Transactions
65
A.
Major
    Shareholders
65
B.
Related
    Party Transactions
67
C.
Interests
    of Experts and Counsel
68
Item
    8.
Financial
    Information
68
A.
Consolidated
    Statements and Other Financial Information
68
B.
Significant
    Changes
69
Item
    9.
The
    Offer and Listing
69
A.
Offer
    and Listing Details
69
B.
Plan
    of Distribution
69
C
Markets
69
D
Selling
    Shareholders
69
E
Dilution
69
F
Expenses
    of the Issue
69
i
Item
    10.
Additional
    Information
70
A.
Share
    Capital
70
B.
Memorandum
    and Articles of Association
70
C.
Material
    Contracts
70
D.
Exchange
    Controls
70
E.
Taxation
70
F.
Dividends
    and Paying Agents
83
G.
Statements
    by Experts
83
H.
Documents
    on Display
83
I.
Subsidiary
    Information
84
Item
    11.
Quantitative
    and Qualitative Disclosures About Market Risk
84
Item
    12.
Description
    of Securities Other Than Equity Securities
84
A.
Debt
    Securities
84
B.
Warrants
    and Rights
84
C.
Other
    Securities
84
D.
American
    Depositary Shares
84
Part
    II
Item
    13.
Defaults,
    Dividend Arrearages and Delinquencies
86
Item
    14.
Material
    Modifications to the Rights of Security Holders and Use of proceeds
86
Item
    15.
Controls
    and Procedures
86
Item
    16
Reserved
86
Item
    16A.
Audit
    Committee Financial Expert
87
Item
    16B.
Code
    of Ethics
87
Item
    16C.
Principal
    Accountant Fees and Services
87
Item
    16D.
Exemptions
    from the Listing Standards for Audit Committees
88
Item
    16E.
Purchases
    of Equity Securities by the Issuer and Affiliated Purchasers
88
Item
    16F.
Change
    in Registrant's Certifying Accountant
88
Item
    16G.
Corporate
    Governance
88
Item
    16H.
Mine
    Safety Disclosure
88
Item
    16I.
Disclosure
    regarding foreign jurisdictions that prevent inspections
88
Part
    III
Item
    17.
Financial
    Statements
89
Item
    18.
Financial
    Statements
89
Item
    19.
Exhibits
89
Signatures
91
ii
INTRODUCTION
Certain Definitions
In this annual report, unless the context
otherwise requires:
●
references to "ADS"
    refer to American Depositary Shares, each representing fifteen (15) Ordinary Shares.
●
references to the "Companies
    Law" refer to the Israeli Companies Law, 5759-1999, as amended.
●
references to "endoscopy"
    refer to a medical procedure which is used to diagnose or treat various diseases using an endoscope (a flexible tube which contains
    lighting features, imaging features and a system used to direct the endoscope within bodily systems).
●
references to "Eventer"
    refer to Eventer Technologies Ltd., a company incorporated under the laws of the State of Israel, a majority subsidiary of the Company.
●
references to "GERD IP"
    refer to GERD IP, Inc., a corporation incorporated under the laws of the State of Delaware, a majority owned subsidiary of the Company
●
references to "Gix Internet" refer to Gix Internet Ltd.
(formerly known as Algomizer Ltd.), a public company incorporated under the laws of the State of Israel, a subsidiary of the Company.
●
references to "Group"
    refer to the Company and its consolidated subsidiaries, which are Jeffs' Brands, Charging Robotics Ltd., GERD IP, Gix Internet and
    Eventer.
●
references to "Jeffs'
    Brands" refer to Jeffs' Brands Ltd., a company incorporated under the laws of the State of Israel, a majority owned subsidiary
    of the Company.
●
references to "Medigus,"
    the "Company," the "Registrant," "us," "we" and "our" refer to Medigus
    Ltd., an Israeli company.
●
references to "MUSE
™
"
    refer to the Medigus Ultrasonic Surgical Endostapler, the trade name of an endoscopy system developed by the Company which is intended
    as a minimally invasive treatment for Gastroesophageal Reflux Disease, or GERD.
●
references to "NIS"
    refer to New Israeli Shekels, the Israeli currency.
●
references to "Ordinary
    Shares," "our shares" and similar expressions refer to the Company's Ordinary Shares, of no par value per
    share.
●
references to "Polyrizon"
    refer to Polyrizon Ltd., a company incorporated under the laws of the State of Israel, a minority owned entity of the Company.
●
references to "Pro"
    refer to Smart Repair Pro, Inc., a corporation incorporated under the laws of the State of California, a majority owned subsidiary
    of the Company.
●
references to "Purex"
    refer to Purex, Corp., a corporation incorporated under the laws of the State of California, a majority owned subsidiary of the Company.
●
references to the "SEC"
    refer to the United States Securities and Exchange Commission.
●
references to "ScoutCam"
    refer to ScoutCam Inc., a company incorporated under the laws of State of Nevada, minority owned subsidiary of the Company.
All share data information
in this annual report on Form 20-F reflects a 20-for-1 reverse share split of our ordinary shares effected on July 7, 2022, together with
a ratio change of 1:15 ADSs per of ordinary shares effected on November 14, 2022, such that after the reverse share split was implemented
each ADS represents 15 post- reverse share split ordinary shares, instead of 20 pre-reverse share split ordinary shares.
iii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
AND A SUMMARY OF RISK FACTORS
Certain information included
or incorporated by reference in this annual report on Form 20-F may be deemed to be "forward-looking statements".
Forward-looking statements are often characterized by the use of forward-looking terminology such as "may," "will,"
"expect," "anticipate," "estimate," "continue," "believe," "should,"
"intend," "project" or other similar words, but are not the only way these statements are identified.
These forward-looking statements
may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections
of results of operations or of financial condition, statements relating to the research, development and use of our products, and
all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project,
believe or anticipate will or may occur in the future.
Forward-looking statements
are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on
assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions,
expected future developments and other factors they believe to be appropriate.
Important factors that could
cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements
include, among other things:
●
recent material changes in our
    strategy;
●
we have a history of operating
    losses, we may incur additional losses in the future and our ability to grow sales and achieve profitability are unpredictable;
●
we will need additional funding.
    If we are unable to raise capital, we will be forced to reduce or eliminate our operations;
●
the overall global economic
    and macroeconomic environment;
●
our ability to freely operate our business;
●
certain of our subsidiaries'
dependencies on key employees;
●
changing laws, regulations, standards and contractual obligations related to privacy, data protection and data security and our and our subsidiaries' ability to comply with them;
●
Gix Internet's performance;
●
Eventer's commercial success;
●
Jeffs' Brands commercial
    success;
●
our ability to sell or license
    our MUSE
™
technology;
●
our ability to secure and maintain intellectual property protections;
●
patent and other intellectual property litigation that could be costly, result in the diversion of management's attention, require us to pay damages and force us to discontinue selling our products;
●
disruptions to the Group's information technology systems due to cyber-attacks or the Group's failure to upgrade and adjust our information technology systems, may materially impair the Group's operations, hinder our growth and materially and adversely affect our business and results of operations;
●
regulatory reforms may adversely affect our ability to sell our products profitably;
●
if we fail to comply with the extensive government regulations relating to our business, we may be subject to fines, injunctions and other penalties that could harm our business;
●
raising additional capital by issuing securities may cause dilution to existing shareholders;
●
increased attention to, and evolving expectations for, environmental, social, and governance (ESG) initiatives could adversely impact our business;
●
those factors referred to in "Item 3. Key Information – D. Risk Factors," "Item 4. Information on the Company," and "Item 5. Operating and Financial Review and Prospects", as well as in this annual report on Form 20-F generally.
Readers are urged to carefully
review and consider the various disclosures made throughout this annual report on Form 20-F, which are designed to advise
interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.
In addition, the section of
this Annual Report on Form 20-F entitled "Item 4. Information on the Company" contains information obtained from
independent industry and other sources that we have not independently verified. You should not put undue reliance on any forward-looking
statements. Any forward-looking statements in this annual report are made as of the date hereof, and we undertake no obligation
to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except
as required by law.
iv
PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISORS
Not applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
ITEM 3. KEY INFORMATION
A. [Reserved]
B. Capitalization and Indebtedness
Not applicable.
C. Reasons for the Offer and Use of Proceeds
Not applicable.
D. Risk Factors
You should carefully
consider the risks described below, together with all of the other information in this annual report on Form 20-F. The risks described
below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be
immaterial may also materially and adversely affect our business operations. If any of these risks actually occurs, our business and
financial condition could suffer, and the price of our shares could decline.
You should carefully
consider the risks described below, together with all of the other information in this annual report on Form 20-F. The risks described
below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be
immaterial may also materially and adversely affect our business operations. If any of these risks actually occurs, our business and
financial condition could suffer, and the price of our shares could decline.
1
Risks Related to Our Business
Starting 2019, we made material changes
to our business strategy. We cannot guarantee that any of these changes will result in any value to our shareholders.
Since 2019, we have materially changed our business model, adjusted
our exclusive focus on the medical device industry to include other industries, abandoned our strategy to commercialize the MUSE
™
system,
and consummated a securities exchange agreement in relation to ScoutCam Ltd. and diversified our investments into new markets and industries.
In addition to the medical field, we have entered the electric vehicle field. We have also invested into different internet-related markets,
specifically e-commerce and online advertising. As a result of these changes, we have acquired substantial stakes in a number of ventures,
including but not limited to online business activities such as ad-tech, e-commerce, drone technology and online event management. We
cannot guarantee that these strategic decisions will derive the anticipated value to our shareholders, or any value at all.
We have a history of operating losses,
we may incur additional losses in the future and our ability to grow sales and achieve profitability are unpredictable.
As of December 31, 2022, we had an accumulated deficit of $85.6 million
and incurred total operating loss of approximately $13.8 million in the year ended on December 31, 2022, and total operating losses of
approximately $9.8 million in the year ended December 31, 2021. Our losses have had, and will continue to have, an adverse effect on our
shareholders' equity and working capital. Any failure to achieve and maintain profitability would continue to have an adverse effect
on our shareholders' equity and working capital and could result in a decline in our share price or cause us to cease operations.
Our ability to reach profitability
depends on many factors, which include:
●
successfully implementing our business
    strategy;
●
increasing revenues; and
●
controlling costs.
There can be no assurance
that we will be able to successfully implement our business plan, meet our challenges and become profitable in the future.
We will need additional funding. If we
are unable to raise capital, we will be forced to reduce or eliminate our operations.
During the year ended December 31, 2022, the Group incurred loss of
$10.2 million mainly due to operating loss from our consolidated financial reports of approximately $13.8 million and a negative cash
flow from operating activities of approximately $5.6 million. Furthermore, in the recent years, the Group has suffered recurring losses
from operations, negative cash flows from operating activities and has an accumulated deficit of $85.6 million as of December 31, 2022.
As of December 31, 2022, we had a total cash and cash equivalents balance
and short term deposits of approximately $21 million. Our management expects that we will continue to generate operating losses.
Our management plans to continue to fund its operations primarily through utilization of its financial resources. In addition, we may
raise additional capital or realize some of our investments in other entities in order to fund our operating needs. Our management is
of the opinion that based on our current operating plan it will be able to carry out its plan for more than a year after the issuance
date of this Annual Report on Form 20-F. However, we anticipate that we are likely to continue to incur significant losses for at
least the next year. There is no assurance however, that we will be successful in obtaining the level of financing needed for our operations. If
we are unable to obtain additional sufficient financing our business and results of operations will be materially harmed.
Even if we are able to continue
to finance our business, the sale of additional equity or debt securities could result in dilution to our current shareholders and could
require us to grant a security interest in our assets. If we raise additional funds through the issuance of debt securities, these securities
may have rights senior to those of our Ordinary Shares and could contain covenants that could restrict our operations. In addition, we
may require additional capital beyond our currently forecasted amounts to achieve profitability. Any such required additional capital
may not be available on reasonable terms, or at all.
2
Global economic and macroeconomic conditions
may adversely affect our operating results in a material manner
.
Our operating businesses
are subject to normal economic cycles affecting the general economy or the specific industries in which they operate. Negative conditions
in the general economy, including significant inflation, rising interest rates, financial and credit market fluctuations, international
trade relations, political turmoil, geopolitical conflicts such as the military conflict between Russia and Ukraine, natural catastrophes,
regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic, warfare and terrorist attacks, could cause a decrease
in business investments and could produce a material adverse effect on one or more of our subsidiaries. Extreme volatility in financial
markets, has adversely impacted and may continue to adversely impact our share price and our ability to access capital markets. To the
extent that access to the capital markets is restricted or the cost of funding increases, our operations could be adversely affected.
Our ability to freely operate our business
is limited as a result of certain covenants included in our Series C Warrants.
The Series C Warrant Agreement,
or the Series C Warrant, contains a number of covenants that limit our operating activities, and may prevent our acquisition by a third
party, including a provision setting forth that in the event of a fundamental transaction (other than a fundamental transaction not approved
by the our board of directors), we or any successor entity may at the Series C Warrant holder's option, exercisable at any time
concurrently with, or within 30 days after, the consummation of the fundamental transaction, purchase the Series C Warrants from the
holder by paying to the Series C Warrant holder an amount of cash equal to the Black Scholes value of the remaining unexercised portion
of the Series C Warrants on the date of the consummation of such fundamental transaction. These and other similar provisions could delay,
prevent or impede an acquisition of us or our merger with another company, even if such an acquisition or merger would be beneficial
to us or to our shareholders.
Certain of our subsidiaries rely on key
employees and highly skilled personnel, and, if they are unable to attract, retain or motivate qualified personnel, they may not be able
to operate its business effectively.
The success of certain of
our subsidiaries depends largely on the continued employment of their senior management and key personnel who can effectively operate
its business and its ability to attract and retain skilled employees. Competition for highly skilled management, technical, research
and development, and other employees is intense, and our subsidiaries may not be able to attract or retain highly qualified personnel
in the future. If any of the key employees of these subsidiaries leave or are terminated, and such companies fail to manage a transition
to new personnel effectively, or if they fail to attract and retain qualified and experienced professionals on acceptable terms, the
business, financial condition and results of operations of these subsidiaries could be adversely affected.
We, and our subsidiaries, are subject to
stringent and changing laws, regulations, standards, and contractual obligations related to privacy, data protection, and data security.
The actual or perceived failure to comply with such obligations could harm our business.
Our subsidiaries and we receive,
collect, store, process, transfer, and use personal information and other data relating to users of our products, our employees and contractors,
and other persons. We have legal and contractual obligations regarding the protection of confidentiality and appropriate use of certain
data, including personal information. We are subject to numerous federal, state, local, and international laws, directives, and regulations
regarding privacy, data protection, and data security and the collection, storing, sharing, use, processing, transfer, disclosure, and
protection of personal information and other data, the scope of which are changing, subject to differing interpretations, and may be
inconsistent among jurisdictions or conflict with other legal and regulatory requirements. We are also subject to certain contractual
obligations to third parties related to privacy, data protection and data security. We strive to comply with our applicable policies
and applicable laws, regulations, contractual obligations, and other legal obligations relating to privacy, data protection, and data
security to the extent possible. However, the regulatory framework for privacy, data protection and data security worldwide is, and is
likely to remain for the foreseeable future, uncertain and complex, and it is possible that these or other actual or alleged obligations
may be interpreted and applied in a manner that we do not anticipate or that is inconsistent from one jurisdiction to another and may
conflict with other legal obligations or our practices. Further, any significant change to applicable laws, regulations or industry practices
regarding the collection, use, retention, security or disclosure of data, or their interpretation, or any changes regarding the manner
in which the consent of users or other data subjects for the collection, use, retention or disclosure of such data must be obtained,
could increase our costs and require us to modify our services and features, possibly in a material manner, which we may be unable to
complete, and may limit our ability to store and process user data or develop new services and features.
3
If our subsidiaries or we
were found in violation of any applicable laws or regulations relating to privacy, data protection, or security, our business may be
materially and adversely affected, and we would likely have to change our business practices and potentially the services and features
available through our platform. In addition, these laws and regulations could impose significant costs on us and could constrain our
ability to use and process data in manners that may be commercially desirable. In addition, if a breach of data security were to occur
or to be alleged to have occurred, if any violation of laws and regulations relating to privacy, data protection or data security were
to be alleged, or if we had any actual or alleged defect in our safeguards or practices relating to privacy, data protection, or data
security, our solutions may be perceived as less desirable, and our business, prospects, financial condition, and results of operations
could be materially and adversely affected.
We also expect that there
will continue to be new laws, regulations, and industry standards concerning privacy, data protection, and information security proposed
and enacted in various jurisdictions. For example, the data protection landscape in the European Union ("EU") is currently
evolving, resulting in possible significant operational costs for internal compliance and risks to our business. The EU adopted the General
Data Protection Regulation or GDPR, which became effective in May 2018, and contains numerous requirements and changes from previously
existing EU laws, including more robust obligations on data processors and heavier documentation requirements for data protection compliance
programs by companies. Among other requirements, the GDPR regulates the transfer of personal data subject to the GDPR to third countries
that have not been found to provide adequate protection to such personal data, including the United States. Failure to comply with the
GDPR could result in penalties for noncompliance (including possible fines of up to the greater of €20 million and 4% of our
global annual turnover for the preceding financial year for the most serious violations, as well as the right to compensation for financial
or non-financial damages claimed by individuals under Article 82 of the GDPR).
In addition to the GDPR,
the European Commission has another draft regulation in the approval process that focuses on a person's right to conduct a private
life. The proposed legislation, known as the Regulation of Privacy and Electronic Communications, or ePrivacy Regulation, would replace
the current ePrivacy Directive. Originally planned to be adopted and implemented at the same time as the GDPR, the ePrivacy Regulation
is still being negotiated.
Additionally, in June 2018,
California passed the California Consumer Privacy Act, or CCPA, which provides new data privacy rights for California consumers and new
operational requirements for covered companies. Specifically, the CCPA provides that covered companies must provide new disclosures to
California consumers and afford such consumers new data privacy rights that include the right to request a copy from a covered company
of the personal information collected about them, the right to request deletion of such personal information, and the right to request
to opt-out of certain sales of such personal information. The CCPA became operative on January 1, 2020. The California
Attorney General can enforce the CCPA, including seeking an injunction and civil penalties for violations. The CCPA also provides a private
right of action for certain data breaches expected to increase data breach litigation. The CCPA may require us to modify our data practices
and policies and to incur substantial costs and expenses in order to comply. On November 3, 2020, California voters passed the California
Privacy Rights Act ("CPRA") into law, which took effect in January 2023 and significantly expands the CCPA, including by
introducing additional obligations such as data minimization and storage limitations, granting additional rights to consumers. The CCPA
and CPRA may increase our compliance costs and potential liability. More generally, some observers have noted the CCPA and CPRA could
mark the beginning of a trend toward more stringent United States state and federal privacy legislations, which could increase our potential
liability and adversely affect our business.
In addition, failure to comply
with the Israeli Privacy Protection Law 5741-1981, and its regulations as well as the guidelines of the Israeli Privacy Protection Authority,
may expose us to administrative fines, civil claims (including class actions), and in certain cases, criminal liability. Current pending
amendment to the Israeli Privacy Protection Law, 1981 is expected to enhance fines and sanctions for breaching the Israeli Privacy Law
and to strengthen the enforcement capacity of the Israeli Privacy Protection Authority. There have also been privacy bills enacted in
other countries around the world, such as Brazil, which have introduced new or expanded privacy requirements and we expect that privacy
legislation will continue to evolve in the coming years. Therefore, it is difficult to determine whether and how such existing laws and
regulations will apply to and impact the internet and our business.
Any failure or perceived
failure by our subsidiaries or by us to comply with our posted privacy policies, our privacy-related obligations to users or other third
parties, or any other legal obligations or regulatory requirements relating to privacy, data protection, or data security may result
in governmental investigations or enforcement actions, litigation, claims, or public statements against us by consumer advocacy groups
or others and could result in significant liability, cause our users to lose trust in us, and otherwise materially and adversely affect
our reputation and business. Furthermore, the costs of compliance with, and other burdens imposed by, the laws, regulations, other obligations,
and policies that are applicable to the businesses of our users may limit the adoption and use of, and reduce the overall demand for,
our platform. Additionally, if third parties we work with violate applicable laws, regulations, or contractual obligations, such violations
may put our users' data at risk, could result in governmental investigations or enforcement actions, fines, litigation, claims,
or public statements against us by consumer advocacy groups or others and could result in significant liability, cause our users to lose
trust in us, and otherwise materially and adversely affect our reputation and business. Further, public scrutiny of, or complaints about,
technology companies or their data handling or data protection practices, even if unrelated to our business, industry, or operations,
may lead to increased scrutiny of technology companies, including us, and may cause government agencies to enact additional regulatory
requirements, or to modify their enforcement or investigation activities, which may increase our costs and risks.
4
Risks Related to Gix Internet's
Business and Industry
Gix
Internet's success depends, in part, upon the continued demand of digital advertising as an integral part of corporate marketing
and internal communications plans and the continued growth and acceptance of digital content as effective alternatives to traditional
offline marketing products and services.
Gix Internet provides digital
advertising platforms. Its revenues are derived from the sale of its platforms. If the demand for digital advertising does not continue
to grow or customers do not embrace its platforms, this could have a material adverse effect on its business and financial condition.
Gix Internet's success
also depends, in part, on its ability to compete for a share of available advertising/marketing expenditures as more traditional offline
and emerging media companies continue to enter the digital advertising market, as well as on the continued growth and acceptance of digital
advertising generally. If for any reason digital advertising is not perceived as effective (relative to traditional advertising), web
browsers, software programs and/or other applications that limit or prevent advertising from being displayed become commonplace and/or
the industry fails to effectively manage click fraud, the market for digital advertising will be negatively impacted. Any lack of growth
in the market for digital advertising could adversely affect its business, financial condition and results of operations.
Online
platform updates, including operating systems, search engines, browsers and social media might affect Gix Internet's ability to
generate revenues, temporarily or permanently.
Gix Internet complies with
certain guidelines promulgated by online platforms for the use of the respective brands and services. Online platforms may unilaterally
update their policies and guidelines, which could, in turn, require modifications to, or prohibit and/or render obsolete certain of its
advertising solutions, products, services and practices, which could be costly to address or otherwise have an adverse effect on its
business, its financial condition and results of operations. Noncompliance with platforms' guidelines, whether by it or by third
parties it works with, if not cured, could result in such online platforms' suspension of some or all of their services to it,
or to the websites of third parties it works with, or the reimbursement of funds paid to it, or the imposition of additional restrictions
on our advertising abilities or the termination of certain advertising agreements with its customers.
Should
the providers of internet browsers, advertisement platforms and Search Engines further regulate, constrain or limit Gix Internet's
ability to offer advertising services, or materially change their guidelines, technology or the way they operate, its ability to generate
revenue from advertising could be significantly reduced.
As Gix Internet provides its services through the internet, it's
reliant on its ability to work with the different internet browsers, search engines and advertisement platforms. If Microsoft, Google,
Apple, Meta or other companies that provide internet browsers, advertisement platforms and search engines, effectively further restrict,
discourage or otherwise hamper companies, like Gix Internet, from offering or advertising services, this would continue to cause a material
adverse effect on its revenue and its financial results.
5
Large and established internet and technology
companies, such as Google and Meta, play a substantial role in the digital advertising market and may significantly impair Gix Internet's
ability to operate in this industry.
Google and Meta are substantial
players in the digital advertising market and account for a large portion of the digital advertising budgets, along with other smaller
players. Such high concentration subjects Gix Internet to unilateral changes with respect to advertising on their respective platforms,
which may be more lucrative than alternative methods of advertising or partnerships with other publishers that are not subject to such
changes. Furthermore, Gix Internet could have limited ability to respond to, and adjust for, changes implemented by such players.
These companies, along with
other large and established Internet and technology companies, may also leverage their power to make changes to their web browsers, operating
systems, platforms, networks or other products or services in a way that impacts the entire digital advertising marketplace.
The use of third-party
software solutions for the purpose of blocking ads and / or alerts may cause Gix Internet's business to suffer.
Digital
advertising may be blocked by third-party providers. As a result, Gix Internet may lose both existing and potential new customers and
its ability to generate revenue will be negatively impacted.
Gix Internet depends
on supply sources to provide it with advertising inventory in order for it to deliver advertising campaigns in a cost-effective manner.
Gix
Internet relies on a diverse set of publishers including direct publishers, advertising exchange platforms, social networks and other
platforms, that aggregate advertising inventory, to provide it with high-quality digital advertising inventory on which it delivers ads,
collectively referred to as "supply sources". The future growth of Gix Internet's advertising business will depend,
in part, on its ability to maintain, expand and further develop successful business relationships in order to increase the network of
its supply sources.
Gix
Internet's supply sources typically make their advertising inventory available to it on a non-exclusive basis and are not required
to provide any minimum amounts of advertising inventory to it or to provide it with a consistent supply of advertising inventory, at
any predetermined price or through real time bidding. Supply sources often maintain relationships with various sources of demand that
compete with Gix Internet, and it is easy for supply sources to quickly shift their advertising inventory among these demand sources,
or to shift inventory to new demand sources, without notice or accountability. Supply sources may also seek to change the terms at which
they offer inventory to Gix Internet, or they may allocate their advertising inventory to its competitors who offer more favorable economic
terms, better solutions and advanced technology. Supply sources may also elect to sell all, or a portion, of their advertising inventory
directly to advertisers and agencies, or they may develop their own competitive offerings, which could diminish the demand for Gix Internet's
solutions. In addition, significant supply sources within the industry may enter into exclusivity arrangements with Gix Internet's
competitors, which could limit its access to a meaningful supply of inventory. As a result of all of these factors, Gix Internet's
supply sources may not supply it with sufficient amounts of high-quality digital advertising inventory in order for it to fulfill the
demands of its advertising customers.
Because
of these factors, Gix Internet seeks to expand and diversify its supply sources; nonetheless, if its supply sources terminate or reduce
its access to their advertising inventory, increase the price of inventory or place significant restrictions on the sale of their advertising
inventory, or if platforms or exchanges terminate its access to them and it is unsuccessful in establishing or maintaining its relationships
with supply sources on commercially reasonable terms, it may not be able to replace this with inventory from other supply sources that
satisfy its requirements in a timely and cost-effective manner. If any of these happens, Gix Internet's revenue could decline or
its cost of acquiring inventory could increase, which, in turn, could lower its operating margins and materially adversely affect its
advertising business.
6
Reliance upon Gix Internet's top
customers may adversely affect its revenue and operating results.
Gix Internet's top
ten customers represented approximately 68% and 88% of its consolidated revenue for the years ended December 31, 2022, and 2021, respectively
on a pro forma basis. It is likely that Gix Internet will depend on a relatively small number of customers for a significant portion
of its revenue in the future. If a top customer fails to pay Gix Internet, cash flow from operations would be impacted and its operating
results and financial condition could be harmed. Additionally, if Gix Internet were to lose a material customer, it may not be able to
offer its services at similar utilization or pricing levels and such loss could have an adverse effect on its business until the services
are offered at similar utilization or pricing levels.
Gix Internet's search platform depends
heavily upon revenue generated from a material agreement with one Major Customer (the "Major Customer"), and any adverse change
in that agreement could adversely affect its business, financial condition and results of operations.
Gix
Internet is highly dependent on the material agreement with its Major Customer. If this material agreement is terminated or substantially
amended (not on favorable terms), Gix Internet would experience a material decrease in its revenue or the profits it generates and would
be forced to seek alternative customers, at less competitive terms or accelerate the business it has with the other customers. There
are few companies in the market that provide internet search and search advertising services with whom Gix Internet can directly engage
with in the same manner which we are engaged with its Major Customer. Such companies are substantially the only participants in western
markets, and competitors do not offer as much coverage through sponsored links or searches. Gix Internet may divert its operations and
user traffic to other third-party partners which provide search feed to search engines, however Gix Internet cannot guarantee that it
will be successful. If Gix Internet fails to quickly locate, negotiate and finalize alternative arrangements or otherwise expedite current
operations it has with such alternative search providers, or if it does, but the alternatives do not provide for terms that are as favorable
as those currently provided and utilized, it would experience a material reduction in its revenue and, in turn, its business, financial
condition and results of operations would be adversely affected.
Reliance upon material suppliers may adversely
affect Gix Internet's revenue and operating results.
Gix Internet is
dependent on certain material suppliers and service providers for some of the services it renders. In certain cases, Gix Internet
relies on single supplier and/or service provider for the services it offers its customers. In most cases Gix Internet does not have
long term contracts with these suppliers, and even in the cases where it does, the contracts include significant qualifications that
would make it extremely difficult for it to force the supplier or service provider to provide it with their services, should they
choose not to do so. Gix Internet is therefore subject to the risk that these third-parties it works with will not be able or
willing to continue to provide it with services that meet its specifications, quality standards and delivery schedules. Factors that
could impact these third parties' willingness and ability to continue to provide Gix Internet with the required services
include disruption at or affecting their facilities, such as work stoppages or natural disasters, adverse weather or other
conditions that affect their supply, their financial conditions and / or deterioration in its relationships with these third
parties. In addition, Gix Internet cannot be sure that it will be able procure
1
the services its needs on satisfactory terms. Any increase in costs could reduce Gix Internet's revenues and
harm its gross margins. In addition, any loss of a material supplier and / or service provider may permanently cause a change in one
or more of Gix Internet's services that may not be accepted by its customers or cause it to eliminate that product
altogether.
Gix Internet may not be able to generate
enough cash flow to meet its debt obligations or fund its other liquidity needs.
Gix Internet's ability
to satisfy its liabilities will depend upon future performance and its ability to repay or refinance its debt as it becomes due. Gix
Internet's future operating performance and ability to refinance will be affected by economic and capital market conditions, results
of operations and other factors, many of which are beyond its control. Its ability to meet its debt obligations also may be impacted
by changes in prevailing interest rates, as borrowings under our loans bear interest at floating rates.
7
Risks Related to Eventer's Business
If Eventer fails to maintain and improve
the quality of its platform, it may not be able to attract clients seeking to manage their online and offline events or facilitate ticket
sales for events.
To satisfy both clients seeking
to manage online and offline events through Eventer's platform, Eventer needs to continue to improve the user experience and innovate
and introduce features and services that both event managers and ticket purchasers find useful cause them to use Eventer's platform
more frequently. In addition, Eventer needs to adapt, expand and improve its platform and user interfaces to keep up with changing user
preferences. Eventer invests substantial resources in researching and developing new features and enhancing its platform by incorporating
these new features, improving the functionality, and adding other improvements to meet users' evolving demands. The success of
any enhancements or improvements to Eventer's platform or any new features depends on several factors, including timely completion,
adequate quality testing, integration with technologies on the platform and overall market acceptance. Because further development of
Eventer's platform is complex, challenging, and dependent upon an array of factors, the timetable for the release of new features
and enhancements to Eventer's platform is difficult to predict, and it may not offer new features as rapidly as users of its platform
require or expect.
It is difficult to predict
the problems Eventer may encounter in introducing new features to its platform. Eventer may need to devote significant resources to creating,
supporting, and maintaining these features. Eventer provides no assurance that its initiatives to improve the user experience will be
successful. Eventer also cannot predict whether users will well receive any new features or whether improving its platform will be successful
or sufficient to offset the costs incurred to offer these new features. If Eventer is unable to improve or maintain its platform's
quality, its business, prospects, financial condition, and results of operations could be materially and adversely affected.
Eventer's business is highly sensitive
to public tastes. It is dependent on its ability to secure popular artists and other live music events. Eventer's ticketing clients
may be unable to anticipate or respond to consumer preferences changes, which may result in decreased demand for its services.
Eventer's business
is highly sensitive to rapidly changing public tastes and is dependent on the availability of popular artists and events. Eventer's
live entertainment business depends on its ability to anticipate the tastes of consumers and offer events that appeal to them. Since
Eventer relies on unrelated parties to create and perform at live music events as well as online events, any lack of availability of
popular artists could limit its ability to generate revenue. If artists do not choose to perform, or if Eventer cannot secure performances
and events to be managed and ticketed through its platform, Eventer's business would be adversely affected. Furthermore, Eventer's
business could be adversely affected if artists utilizing its platform do not tour or perform as frequently as anticipated, or if such
tours or performances are not as widely attended by fans as anticipated due to changing tastes, general economic conditions or otherwise.
Eventer faces intense competition in the
online and offline event and ticketing industries. It may not be able to maintain or increase its current revenue, which could adversely
affect its business, financial condition, and operations results.
Eventer is active in highly
competitive industries, and it may not be able to maintain or increase its current revenue due to such competition. Online and offline
leisure events compete with other entertainment forms for consumers' discretionary spending and within this industry, Eventer faces
competition from other promoters and venue operators. Eventer's competitors compete for relationships with popular music artists
and other service providers who have a history of being able to book artists for concerts and events. These competitors may engage in
more extensive development efforts, undertake more far-reaching marketing campaigns, adopt more aggressive pricing policies and make
more attractive offers to existing and potential artists. Due to increasing artist influence and competition to attract and maintain
artist clients for events managed on Eventer's platform, it may enter into agreements on terms that are less favorable to it, which
could negatively impact the number of commissions collected from ticket sales which may adversely affect its financial results. Eventer's
competitors may develop services and advertising options equivalent to or superior to those they provide or achieve greater market acceptance
and brand recognition than it achieves. Across the live music and entertainment industry, it is possible that new competitors may emerge
and rapidly acquire significant market share.
Eventer's business
faces significant competition from other ticketing service providers to continuously secure new and retain existing clients. Additionally,
it faces significant and increasing challenges from companies that sell self-ticketing systems and clients who choose to self-ticket
by integrating such systems into their existing operations or the acquisition of primary ticket services providers. The advent of new
technology, particularly as it relates to online ticketing, has amplified this competition. The intense competition that Eventer faces
in the ticketing industry could cause the volume of ticketing services to decline.
If our Eventer subsidiary fails to offer
high-quality customer service, their brand and reputation could suffer.
Eventer's clients rely
on the platform to plan and manage online and offline events and expect a high level of user experience and customer service relating
to both the event management functions of the platform as well as ticket sales. Providing such quality service is imperative for ensuring
customer success, sustaining sales growth, and developing Eventer's business. To the extent that Eventer cannot provide real-time
support for users of its platforms, the platform may become less attractive to potential users, and its results of operations may be
harmed.
8
The success of Eventer's event management
and ticketing solutions and other operations depends, in part, on the integrity of its systems and infrastructure, as well as affiliate
and third-party computer systems, Wi-Fi, and other communication systems. System interruption and the lack of integration and redundancy
in these systems and infrastructure may have an adverse impact on its business, financial condition, and operations results.
System interruption and the
lack of integration and redundancy in the information systems and infrastructure, utilized for Eventer's platform as well as other
computer systems and third-party software, Wi-Fi and other communications systems service providers on which Eventer relies, may adversely
affect its ability to operate the platform, process and fulfill transactions, respond to customer inquiries and generally maintain cost-efficient
operations. Such interruptions could occur by virtue of natural disasters, malicious actions such as hacking or acts of terrorism or
war, or human error. In addition, the loss of some or all of certain key personnel could require Eventer to expend additional resources
to continue to maintain its software and systems and could subject it to systems interruptions. The infrastructure required to operate
Eventer's platform requires an ongoing investment of time, money, and effort to maintain or refresh hardware and software and ensure
it remains at a level capable of servicing the demand and volume of business it receives. Failure to do so may result in system instability,
degradation in performance, or unfixable security vulnerabilities that could adversely impact both the business and the consumers utilizing
Eventer's services.
While Eventer has backup
systems for certain aspects of its operations, disaster recovery planning by its nature cannot be sufficient for all eventualities. In
addition, Eventer may not have adequate insurance coverage to compensate for losses from a major interruption. If any of these adverse
events were to occur, it could adversely affect Eventer's business, financial condition, and operations results.
Eventer's success depends, in significant
part, on entertainment and leisure events and economic and other factors adversely affecting such events could have a material adverse
effect on its business, financial condition and results of operations.
A decline in attendance at
or reduction in the number of entertainment and leisure events may have an adverse effect on Eventer's revenue and operating income.
In addition, during periods of economic slowdown and recession, many consumers have historically reduced their discretionary spending
and advertisers have reduced their advertising expenditures. The impact of economic slowdowns on Eventer's business is difficult
to predict, but they may result in reductions in ticket sales and the ability to generate revenue. The risks associated with Eventer's
businesses may become more acute in periods of a slowing economy or recession, which may be accompanied by a decrease in attendance at
entertainment and leisure events. Many of the factors affecting the number and availability of entertainment and leisure events are beyond
Eventer's control. For example, COVID-19 has led to lockdowns and governmental restrictions on live entertainment and leisure events
as well as restrictions regarding the attendance of such events. Although Eventer's platform supports the management and ticketing
of online events, there is no assurance that online events will generate demand on par with live events, which could adversely affect
Eventer's operations results.
Eventer's business
depends on discretionary consumer and enterprise spending. Many factors related to corporate spending and discretionary consumer spending,
including economic conditions affecting disposable consumer income such as unemployment levels, fuel prices, interest rates, changes
in tax rates and tax laws that impact companies or individuals, and inflation can significantly impact Eventer's operating results.
Business conditions, as well as various industry conditions, including corporate marketing and promotional spending and interest levels,
can also significantly impact Eventer's operating results. These factors can affect attendance at online and offline events, advertising,
and spending, as well as the financial results of venues, events, and the industry. Negative factors such as challenging economic conditions
and public concerns over terrorism and security incidents, particularly when combined, can impact corporate and consumer spending and
one negative factor can result in more than another. There can be no assurance that consumer and corporate spending will not be adversely
impacted by current economic conditions or by any future deterioration in economic conditions, thereby possibly impacting Eventer's
operating results and growth.
9
Errors, defects, or disruptions in Eventer's
platform could diminish its brand, subject it to liability, and materially and adversely affect its business, prospects, financial condition,
and operations results.
Any errors, defects, or disruptions
in Eventer's platform or other performance problems with its platform could harm its brand and may damage the businesses of artists
and clients that manage events on its platform. Eventer's online systems, including its website and mobile apps, could contain
undetected errors, or "bugs," that could adversely affect their performance. Additionally, Eventer regularly updates and
enhances its website, platform, and other online systems and introduces new versions of its software products and apps. These updates
may contain undetected errors when first introduced or released, which may cause disruptions in its services and may, as a result, cause
Eventer to lose market share, and its brand, business, prospects, financial condition and results of operations could be materially and
adversely affected.
Eventer is subject to escrow, payment services,
and money transmitter regulations that may materially and adversely affect its business.
Eventer relies on third-party
to collect funds from ticket purchasers, remit payments to clients that manage events on its platform, and hold funds in connection with
ticket purchases. Although Eventer believes that by working with third parties, its operations comply with existing applicable laws and
regulatory requirements related to escrow, money transmission, handling or moving of money, existing laws or regulations may change,
and interpretations of existing laws regulations may also change.
As a result, Eventer could
be required to be licensed as an escrow agent or a money transmitter (or other similar licensees) in jurisdictions in which it is active
or may choose to obtain such a license even if not required. As a result, Eventer may be required to register as a money services business
under applicable laws and regulations. It is also possible that Eventer could become subject to regulatory enforcement or other proceedings
in those jurisdictions with escrow, money transmission, or other similar statutes or regulatory requirements related to the handling
or moving of money, which could, in turn, have a significant impact on its business, even if we were to ultimately prevail in such proceedings.
Any developments in the laws or regulations related to escrow, money transmission, or the handling or moving of money or increased scrutiny
of its business may lead to additional compliance costs and administrative overhead.
Eventer faces payment and fraud risks that
could materially and adversely affect its business.
Requirements applicable to
Eventer's platform relating to user authentication and fraud detection are complex. If Eventer's security measures do not
succeed, Eventer's business may be adversely affected. In addition, bad actors worldwide use increasingly sophisticated methods
to engage in illegal activities involving personal data, such as unauthorized use of another's identity or payment information,
unauthorized acquisition or use of credit or debit card details, and other fraudulent use of another's identity or information.
This could result in any of the following, each of which could adversely affect Eventer's business:
●
Eventer may be held liable for
    the unauthorized use of a credit card or bank account number by ticket purchasers and be required by card issuers or banks to pay
    a chargeback or return fee, and if chargeback or return rate becomes excessive, credit card networks may also require Eventer to
    pay fines or other fees;
●
Eventer may be subject to additional
    risk and liability exposure, including negligence, fraud or other claims, if employees or third-party service providers misappropriate
    user information for their own gain or facilitate the fraudulent use of such information; and
●
Eventer may suffer reputational
    damage as a result of the occurrence of any of the above.
10
Despite measures taken by
Eventer to detect and reduce the risk of this kind of conduct, it cannot ensure that any of its measures will stop illegal or improper
uses of its platform. Eventer may receive complaints from users and other third parties concerning misuse of its platform in the future.
Even if these claims do not result in litigation or are resolved in Eventer's favor, these claims, and the time and resources necessary
to resolve them, could divert the resources of Eventer's management and materially and adversely affect its business, prospects,
financial condition and results of operations.
Eventer uses open source software, which
could negatively affect its ability to offer its platform and subject it to litigation or other actions.
Eventer uses substantial
amounts of open source software in its platform and may use more open source software in the future. From time to time, there have been
claims challenging both the ownership of open source software against companies that incorporate open source software into their products
and whether such incorporation is permissible under various open source licenses. U.S. and Israeli courts have not interpreted the terms
of many open source licenses, and there is a risk that these licenses could be construed in a way that could impose unanticipated conditions
or restrictions on its ability to commercialize its platform. As a result, Eventer could be subject to lawsuits by parties claiming ownership
of what we believe to be open source software, or breach of open source licenses. Litigation could be costly for Eventer to defend, have
a negative effect on its results of operations and financial condition, or require it to devote additional research and development resources
to change its platform. In addition, if Eventer were to combine its proprietary source code or software with open source software in
a certain manner, it could, under certain of the open source licenses, be required to release the source code of its proprietary software
to the public. This would allow its competitors to create similar products with less development effort and time. If Eventer inappropriately
uses open source software or the license terms for open source software that its uses change, Eventer may be required to re-engineer
its platform, or certain aspects of it, incur additional costs, discontinue the availability of certain features, or take other remedial
actions.
In addition to risks related
to license requirements, open source software usage can lead to greater risks than use of third-party commercial software, as open source
licensors generally do not provide warranties or assurance of title or controls on origin of the software. In addition, many of the risks
associated with usage of open source software, such as the lack of warranties or assurances of title, cannot be eliminated and could,
if not properly addressed, negatively affect Eventer's business. Eventer has established processes to help alleviate these risks,
but it cannot be sure that all of its use of open source software is in a manner that is consistent with its current policies and procedures
or will not subject Eventer to liability.
To the extent Eventer's security
measures are compromised, its platform may be perceived as not being secure. This may result in customers curtailing or ceasing their
use of Eventer's platform, its reputation being harmed, Eventer incurring significant liabilities, and adverse effects on its results
of operations and growth prospects.
Eventer's operations
involve the storage and transmission of artist and ticket purchaser data or information. Cyberattacks and other malicious internet-based
activity continue to increase, and cloud-based platform providers of services are expected to continue to be targeted. Threats include
traditional computer "hackers," malicious code (such as viruses and worms), employee theft or misuse and denial-of-service
attacks. Sophisticated nation-states and nation-state supported actors now engage in such attacks, including advanced persistent threat
intrusions. The ticket sales solution included in Eventer's platform stores credit card data and other customer personal information.
Hackers and malicious actors may target Eventer in order to obtain credit card information. Despite significant efforts to create security
barriers to such threats, it is virtually impossible for Eventer to entirely mitigate these risks. If Eventer's security measures
are compromised as a result of third-party action, employee or customer error, malfeasance, stolen or fraudulently obtained log-in credentials,
or otherwise, Eventer's reputation could be damaged, its business may be harmed, and it could incur significant liability. Eventer
may be unable to anticipate or prevent techniques used to obtain unauthorized access or to compromise its systems because they change
frequently and are generally not detected until after an incident has occurred. As Eventer relies on third-party and public-cloud infrastructure,
it will depend in part on third-party security measures to protect against unauthorized access, cyberattacks, and the mishandling of
customer data. A cybersecurity event could have significant costs, including regulatory enforcement actions, litigation, litigation indemnity
obligations, remediation costs, network downtime, increases in insurance premiums, and reputational damage. Many companies that provide
cloud-based services have reported a significant increase in cyberattack activity since the beginning of the COVID-19 pandemic.
11
Risks Related to Jeffs' Brands Business
Jeffs' Brands have a short operating
history in an evolving industry and, as a result, Jeffs' Brands past results may not be indicative of future operating performance.
Jeffs' Brands has a
short operating history in a rapidly evolving industry that may not develop in a manner favorable to our business. Jeffs' Brands
relatively short operating history makes it difficult to assess future performance.
Jeffs' Brands future
success depends in large part upon the ability to, among other things:
●
manage inventory effectively;
●
successfully develop, retain and
    expand our consumer product offerings and geographic reach;
●
compete effectively;
●
anticipate and respond to macroeconomic
    changes;
●
effectively manage growth;
●
hire, integrate and retain talented
    people at all levels of organization;
●
avoid interruptions in Jeffs'
    Brands business from information technology downtime, cybersecurity breaches or labor stoppages;
●
maintain the quality of technology
    infrastructure; and
●
develop new features to enhance
    functionality.
Jeffs' Brands may not be able to
manage growth effectively, and such rapid growth may adversely affect Jeffs' Brands corporate culture.
Jeffs' Brands expect
to rapidly and significantly expand their operations and anticipate expanding further as Jeffs' Brands pursue growth strategies.
Such expansion increases the complexity of Jeffs' Brands business and places a significant strain on Jeffs' Brands management,
operations, technical systems, financial resources and internal control over financial reporting functions. Jeffs' Brands current
and planned personnel, systems, procedures and controls may not be adequate to support and effectively manage Jeffs' Brands future
operations, especially as Jeffs' Brands employ personnel in several geographic locations.
Jeffs' Brands is currently
in the process of transitioning certain of Jeffs' Brands business and financial systems to systems on a scale reflecting the increased
size, scope and complexity of their operations, and the process of migrating the legacy systems could disrupt our ability to timely and
accurately process information, which could adversely affect results of operations and cause harm to Jeffs' Brands reputation.
As a result, Jeffs' Brands may not be able to manage Jeffs' Brands expansion effectively.
We believe that Jeffs'
Brands entrepreneurial and collaborative culture has been a major contributor to its success. Jeffs' Brands may have difficulties
maintaining such culture or adapting it sufficiently to meet the needs of Jeffs' Brands future and evolving operations as it's
continue to grow, in particular as Jeffs' Brands grows internationally.
In addition, Jeffs'
Brands expect to experience some challenges in developing and maintaining Jeffs' Brands culture as a public company, with the attendant
changes in policies, practices, and corporate governance and management requirements. Failure to successfully develop or maintain such
a culture could have a material adverse effect on Jeffs' Brands business, results of operations, financial condition and prospects.
12
Jeffs' Brands e-commerce operations
are reliant on the Amazon marketplace and fulfillment by Amazon and changes to the marketplace, Amazon services and their terms of use
may harm Jeffs' Brands business.
Jeffs' Brands products
are sold predominantly on the Amazon marketplace and orders are fulfilled entirely by Amazon utilizing the fulfilled by Amazon, or FBA,
model. In order to continue to utilize the Amazon marketplace and FBA, Jeffs' Brands must comply with the applicable policies and
terms of use relating to these services. Such policies and terms of use may be altered or amended at Amazon's sole discretion,
including changes regarding the cost of securing these services, and changes that increase the burden of compliance with its requirements,
may cause Jeffs Brands to significantly alter Jeffs' Brands business model or incur additional costs in order to comply, which
could negatively impact Jeffs' Brands results of operations. Non-compliance with applicable terms of use and policies can
result in the removal of one or more products from the marketplace and suspension of fulfillment services either of which could have
a material adverse effect on Jeffs' Brands business and results of Jeffs' Brands operations. Although Jeffs' Brands
exert efforts in order to ensure ongoing compliance and no notices of non-compliance have been received to date, we cannot assure
you that events of this kind will not occur in the future.
Jeffs' Brands relies on data provided
by third parties, the loss of which could limit the functionality of its platforms, cause it to invest in the wrong product or disrupt
its business.
Jeffs' Brands uses third
party software to determine market trends and what markets to enter into. Its ability to successfully use this software depends on its
ability to analyze and utilize data, including search engine results, provided by unaffiliated third parties, primarily, Google and Amazon.
Some of this data is provided to it pursuant to third-party data sharing policies and terms of use, under data sharing agreements by third-party
providers or by customer consent. The majority of this data is sourced for free or for de minimis amounts. These sources of data allow
Jeffs' Brands, along with AI tools, to determine trends, performance and consumer sentiment on products and searches within e-commerce
platforms. This functionality allows it to help determine which products to market, in some cases manufacture through contract manufacturers,
import and sell on e-commerce marketplaces. The connection to multiple e-commerce platforms through application programming interfaces,
or APIs, allows Jeffs' Brands to develop the automation of the purchase of marketing and automate the change of pricing of product
listings on those e-commerce platforms.
In the future, any of these
third parties could change its data sharing policies, including making them more restrictive, charging fees or altering its algorithms
that determine the placement, display and accessibility of search results and social media updates, any of which could result in the
loss of, or significant impairment to, Jeffs' Brands ability to collect useful data. These third parties could also interpret its,
or its service providers', data collection policies or practices as being inconsistent with their policies, which could result
in the loss of its ability to collect this data. Privacy concerns may cause end users to resist providing the personal data necessary
to allow Jeffs' Brands to determine market trends as well as our ability to effectively retain existing customers. Privacy advocacy
groups and the technology and other industries are considering various new, additional or different self-regulatory standards that may
place additional burdens on Jeffs' Brands. Any such changes could impair its ability to use data and could adversely impact select
functionality of our proprietary software, impairing our ability to use this data to anticipate customer demand and market trends, as
well as adversely affecting Jeffs' Brands business and its ability to generate revenue.
Jeffs' Brands business depends on
its ability to build and maintain strong product listings on e-commerce platforms. It may not be able to maintain and enhance its product
listings if it receives a substantial number of customer complaints, negative publicity or otherwise fails to live up to customers'
expectations, any of which could materially adversely affect its business, results of operations and growth prospects.
Maintaining and enhancing
Jeffs' Brands product listings is critical in expanding and growing its business. However, a significant portion of its perceived
performance to the customer depends on third parties outside of its control, including suppliers and logistics providers such as FedEx,
UPS, postal services and other third-party delivery agents and online retailers, mainly Amazon. Because Jeffs' Brands agreements
with its online retail partners are generally terminable at will, it may be unable to maintain these relationships, and its results of
operations could fluctuate significantly from period to period. Because it relies on third party logistics companies, like FedEx, to
deliver its products, it is subject to shipping delays or disruptions caused by inclement weather, natural disasters, labor activism,
health epidemics or bioterrorism. In addition, because Jeffs' Brands relies on national, regional and local transportation companies
for the delivery of some of its other products, it is also subject to risks of breakage or other damage during delivery by any of these
third parties. If these third parties do not meet its or its customers' expectations, its brands may suffer irreparable damage.
In addition, maintaining and enhancing Jeffs' Brands current and future brands may require it to make substantial investments,
and these investments may not be yield sufficient returns. If it fails to promote and maintain its brands, or if it incurs excessive
expenses in this effort, its business, operating results and financial condition may be materially adversely affected. We anticipate
that, as its market becomes increasingly competitive, maintaining and enhancing its brands may become increasingly difficult and expensive.
Maintaining and enhancing its brands will depend largely on its ability to anticipate market trends and customer demand and to provide
high quality products to its customers and a reliable, trustworthy and profitable sales channel to its suppliers, which it may not be
able to do successfully.
A substantial number of customer
complaints or negative publicity about Jeffs' Brands sites, products, delivery times, customer data handling and security practices
or customer support, especially on blogs, social media websites or its sites, could rapidly and severely diminish consumer views of its
products and result in harm to its brands. Customers may also make safety-related claims regarding products sold through its online retail
partners, such as Amazon, which may result in an online retail partner removing the product from its marketplace. Such removal may materially
impact its financial results depending on the product that is removed and length of time that it is removed. Jeffs' Brands also
uses and relies on other services from third parties, such as its telecommunications services, and those services may be subject to outages
and interruptions that are not within its control.
13
Risks related to our MUSE
™
Technology
Business
We are currently proposing our MUSE
™
system
business for sale or grant of license. If we are unable to sell or license our MUSE
™
business or unable
to sell or license it in terms acceptable to us, we will have to write off our investment in the MUSE
™
system,
which will adversely affect our business.
We are currently proposing
our MUSE
™
system business for sale or license. If we are unable to sell or license our MUSE™ business or
unable to sell or license it in terms acceptable to us, we could not derive any value from the sale and will lose significant cash flow,
which, in turn, will adversely affect our financial results.
Several factors may delay
or prevent us from selling or granting license to our MUSE
™
system business:
●
potential purchasers' or
    licensee perception on the cost, safety, efficacy, and convenience of the MUSE
™
system in relation to
    alternative treatments and products;
●
publicity concerning our products,
    including MUSE
™
, or competing products and treatments;
●
patients suffering from adverse
    events while using the MUSE
™
system; and
●
competition from the pharmaceutical
    sector, which could harm the ability to market and commercialize the MUSE
™
system and, as a result, impact
    the attractiveness of the MUSE
™
system in the eyes of potential purchasers.
Further, we have only limited
clinical data to support the value of the MUSE
™
system, which may make patients, physicians and hospitals reluctant
to accept or purchase our products, and as such a potential purchaser may be reluctant to purchase our MUSE
™
business
or such lack of data will be reflected in the purchase price.
Moreover, various modifications
to our MUSE
™
system regulator-cleared products may require new regulatory clearances or approvals or require a
recall or cease marketing of the MUSE
™
system until clearances or approvals are obtained. Clearances and approvals
by the applicable regulator are subject to continual review, and the later discovery of previously unknown problems can result in product
labeling restrictions or withdrawal of the product from the market. The potential loss of previously received approvals or clearances,
or the failure to comply with existing or future regulatory requirements could reduce the potential sales, profitability and future growth
prospects of the MUSE
™
.
We have entered into a Licensing and Sale
Agreement with Shanghai Golden Grand-Medical Instruments Ltd. ("Golden Grand") for the know-how licensing and sale of goods
relating to the Medigus Ultrasonic Surgical Endostapler (MUSE
™
) system in China with a substantial amount
of the consideration subject to milestone achievements.
We entered into a Licensing
and Sale Agreement with Shanghai Golden Grand, or Golden Grand Agreement, for the know-how licensing and sale of goods relating to the
Medigus Ultrasonic Surgical Endostapler (MUSE
™
) system in China, Hong Kong, Taiwan and Macao. The payment of a substantial
amount of the consideration is contingent on achievement of certain milestones such as establishing a MUSE
™
assembly
line in China. In the event that we are not able to meet such milestones, due to various factors including natural disasters, public
health crises, political crises and trade wars which are not under our control, our entitlement to the aggregate consideration under
the agreement may be impaired. Until December 31, 2022, we recognized revenues of $2.4 million due to completion of 80% of the milestones.
14
Risks Related to Our Intellectual Property
If we are unable to secure and maintain
patent or other intellectual property protection for the intellectual property used in our products, our ability to compete will be harmed.
Our commercial success depends,
in part, on obtaining and maintaining patent and other intellectual property protection for the technologies used in our products. If
we, or the other parties from whom we may license intellectual property, fail to obtain and maintain adequate patent or other intellectual
property protection for intellectual property used in our products, or if any protection is reduced or eliminated, others could use the
intellectual property used in our products, resulting in harm to our competitive business position. In addition, patent and other intellectual
property protection may not provide us with a competitive advantage against competitors that devise ways of making competitive products
without infringing any patents that we own or have rights to.
U.S. patents and patent applications
may be subject to interference proceedings, and U.S. patents may be subject to re-examination proceedings in the U.S. Patent and Trademark
Office. Foreign patents may be subject to opposition or comparable proceedings in the corresponding foreign patent offices. Any of these
proceedings could result in loss of the patent or denial of the patent application, or loss or reduction in the scope of one or more
of the claims of the patent or patent application. Changes in either patent laws or in interpretations of patent laws may also diminish
the value of our intellectual property or narrow the scope of our protection. Interference, re-examination and opposition proceedings
may be costly and time consuming, and we, or the other parties from whom we might potentially license intellectual property, may be unsuccessful
in defending against such proceedings. Thus, any patents that we own or might license may provide limited or no protection against competitors.
In addition, our pending patent applications and those we may file in the future may have claims narrowed during prosecution or may not
result in patents being issued. Even if any of our pending or future applications are issued, they may not provide us with adequate protection
or any competitive advantages. Our ability to develop additional patentable technology is also uncertain.
Non-payment or delay in payment
of patent fees or annuities, whether intentional or unintentional, may also result in the loss of patents or patent rights important
to our business. Many countries, including certain countries in Europe, have compulsory licensing laws under which a patent owner may
be compelled to grant licenses to other parties. In addition, many countries limit the enforceability of patents against other parties,
including government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could
materially diminish the value of the patent. In addition, the laws of some foreign countries do not protect intellectual property rights
to the same extent as do the laws of the United States, particularly in the field of medical products and procedures.
If we are unable to prevent unauthorized
use or disclosure of our proprietary trade secrets and unpatented know-how, our ability to compete will be harmed.
Proprietary trade secrets,
copyrights, trademarks and unpatented know-how are also very important to our business. We rely on a combination of trade secrets, copyrights,
trademarks, confidentiality agreements and other contractual provisions and technical security measures to protect certain aspects of
our technology, especially where we do not believe that patent protection is appropriate or obtainable. We require our office holders,
employees, consultants and distributors of our products and most third parties (such as contractors or clinical collaborators) to
execute confidentiality agreements in connection with their relationships with us. However, these measures may not be adequate to safeguard
our proprietary intellectual property and conflicts may, nonetheless, arise regarding ownership of inventions. Such conflicts may lead
to the loss or impairment of our intellectual property or to expensive litigation to defend our rights against competitors who may
be better funded and have superior resources. Our office holders, employees, consultants and other advisors may unintentionally or willfully
disclose our confidential information to competitors. In addition, confidentiality agreements may be unenforceable or may not provide
an adequate remedy in the event of unauthorized disclosure. Enforcing a claim that a third party illegally obtained and is using our
trade secrets is expensive and time consuming, and the outcome is unpredictable. Moreover, our competitors may independently develop
equivalent knowledge, methods and know-how. Unauthorized parties may also attempt to copy or reverse engineer certain aspects of our
products that we consider proprietary. As a result, other parties may be able to use our proprietary technology or information, and our
ability to compete in the market would be harmed.
15
We could become subject to patent and other
intellectual property litigation that could be costly, result in the diversion of management's attention, require us to pay damages
and force us to discontinue selling our products.
Our industry is characterized
by competing intellectual property and a substantial amount of litigation over patent and other intellectual property rights. Determining
whether a product infringes a patent involves complex legal and factual issues, and the outcome of a patent litigation action is often
uncertain. No assurance can be given that patents containing claims covering our products, parts of our products, technology or methods
do not exist, have not been filed or could not be filed or issued. Furthermore, our competitors or other parties may assert that our
products and the methods we employ in the use of our products are covered by U.S. or foreign patents held by them. In addition, because
patent applications can take many years to issue and because publication schedules for pending applications vary by jurisdiction, there
may be applications now pending of which we are unaware and which may result in issued patents which our current or future products infringe.
Also, because the claims of published patent applications can change between publication and patent grant, there may be published patent
applications with claims that we infringe. There could also be existing patents that one or more of our products or parts may infringe
and of which we are unaware. As the number of competitors in the endoscopic procedure market grows, and as the number of patents issued
in this area grows, the possibility of patent infringement claims against us increases.
Infringement actions and
other intellectual property claims and proceedings brought against or by us, whether with or without merit, may cause us to incur substantial
costs and could place a significant strain on our financial resources, divert the attention of management from our business and harm
our reputation. Some of our competitors may be able to sustain the costs of complex patent or intellectual property litigation more effectively
than we can because they have substantially greater resources
.
We cannot be certain that
we will successfully defend against allegations of infringement of patents and intellectual property rights of others. In the event that
we become subject to a patent infringement or other intellectual property lawsuit and if the other party's patents or other intellectual
property were upheld as valid and enforceable and we were found to infringe the other party's patents or violate the terms of a
license to which we are a party, we could be required to pay damages. We could also be prevented from selling our products unless we
could obtain a license to use technology or processes covered by such patents or will be able to redesign the product to avoid infringement.
A license may not be available at all or on commercially reasonable terms or we may not be able to redesign our products to avoid infringement.
Modification of our products or development of new products could require us to conduct clinical trials and to revise our filings with
the applicable regulatory bodies, which would be time consuming and expensive. In these circumstances, we may be unable to sell our products
at competitive prices or at all, our business and operating results could be harmed.
We may be subject to claims that our employees,
consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties or, that our employees
have wrongfully used or disclosed alleged trade secrets of their former employers.
Certain of our employees
and personnel were previously employed at universities, medical institutions, or other biotechnology or pharmaceutical companies. Although
we try to ensure that our employees, consultants, and independent contractors do not use the proprietary information or know-how of others
in their work for us, we may be subject to claims that we or our employees, consultants, or independent contractors have inadvertently
or otherwise used or disclosed intellectual property, including trade secrets or other proprietary information, of any of our employee's
former employer or other third parties. Litigation may be necessary to defend against these claims. If we fail in defending any such
claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful
in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees.
Furthermore, universities or medical institutions who employ some of our key employees and personnel in parallel to their engagement
by us may claim that intellectual property developed by such person is owned by the respective academic or medical institution under
the respective institution intellectual property policy or applicable law.
16
We may be subject to claims challenging the
inventorship or ownership of our patents and other intellectual property.
We may be subject to claims
that former employees, collaborators, or other third parties have an ownership interest in our patents or other intellectual property.
Ownership disputes may arise in the future, for example, from conflicting obligations of consultants or others who are involved in developing
our product candidates. Litigation may be necessary to defend against these and other claims challenging inventorship or ownership. If
we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such
as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse effect on our
business. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction
to management and other employees.
Disruptions to the Group's information
technology systems due to cyber-attacks or the Group's failure to upgrade and adjust our information technology systems, may materially
impair the Group's operations, hinder our growth and materially and adversely affect our business and results of operations.
We believe that an appropriate
information technology, or IT, infrastructure is important in order to support the Group's daily operations and the growth of our
business. If we experience difficulties in implementing new or upgraded information systems or experience significant system failures,
or if we are unable to successfully modify the Group's management information systems or respond to changes in our business needs,
we may not be able to effectively manage the Group's business, and we may fail to meet our reporting obligations. Additionally,
if our current back-up storage arrangements and our disaster recovery plan are not operated as planned, we may not be able to effectively
recover our information system in the event of a crisis, which may materially and adversely affect our business and results of operations.
In the current environment,
there are numerous and evolving risks to cybersecurity and privacy, including criminal hackers, hacktivists, state-sponsored intrusions,
industrial espionage, employee malfeasance and human or technological error. High-profile security breaches at other companies and in
government agencies have increased in recent years, and security industry experts and government officials have warned about the risks
of hackers and cyber-attacks targeting businesses such as ours. Computer hackers and others routinely attempt to breach the security
of technology products, services and systems, and to fraudulently induce employees, customers, or others to disclose information or unwittingly
provide access to systems or data. We can provide no assurance that the Group's current IT system or any updates or upgrades
thereto and the current or future IT systems of our distributors use or may use in the future, are fully protected against third-party
intrusions, viruses, hacker attacks, information or data theft or other similar threats. Legislative or regulatory action in these areas
is also evolving, and we may be unable to adapt the Group's IT systems or to manage the IT systems of third parties to accommodate
these changes. We have experienced and expect to continue to experience actual or attempted cyber-attacks of our IT networks. Although
none of these actual or attempted cyber-attacks has had a material adverse impact on our operations or financial condition,
we cannot guarantee that any such incidents will not have such an impact in the future.
Risks Related to Regulatory Compliance
If we or our contractors or service providers
fail to comply with regulatory laws and regulations, we or they could be subject to regulatory actions, which could affect our ability
to develop, market and sell our products in the medical field and any other or future products that we may develop and may harm our reputation
in the medical field.
If we or our manufacturers
or other third-party contractors fail to comply with applicable federal, state or foreign laws or regulations, including with respect
to healthcare and data privacy, we could be subject to regulatory actions, which could affect our ability to develop, market and sell
our current products or any future products which we may develop in the future and could harm our reputation and lead to reduced demand
for or non-acceptance of our proposed products by the market.
Regulatory reforms may adversely affect
our ability to sell our products profitably.
From time to time, legislation
is drafted and introduced in the United States, European Union or other countries in which we operate, that could significantly change
the statutory provisions governing the clearance or approval, manufacture and marketing of our products, including in the medical devices
industry. In addition, regulations and guidance may often be revised or reinterpreted by the regulatory authorities in ways that may
significantly affect our business and our products. It is impossible to predict whether legislative changes will be enacted, or interpretations
changed, and what the impact of such changes, if any, may be.
17
If we fail to comply with the extensive
government regulations relating to our business, we may be subject to fines, injunctions and other penalties that could harm our business.
The application of our MUSE
™
system
as a medical device is subject to extensive regulation by the FDA, pursuant to the Federal Food, Drug, and Cosmetic Act, or FDCA, and
various other federal, state and foreign governmental authorities. Government regulations and requirements specific to medical devices
are wide ranging and govern, among other things:
●
design,
    development and manufacturing;
●
testing,
    labeling and storage;
●
clinical
    trials;
●
product
    safety;
●
marketing,
    sales and distribution;
●
premarket
    clearance or approval;
●
record keeping
    procedures;
●
advertising
    and promotions; and
●
product
    recalls and field corrective actions.
We are subject to annual
regulatory audits in order to maintain our quality system certifications, CE mark permissions, FDA Clearance and Canadian medical device
license. We do not know whether we will be able to continue to affix the CE mark for new or modified products or that we will continue
to meet the quality and safety standards required to maintain the permissions and license we have already received. If we are unable
to maintain our quality system certifications and permission to affix the CE mark to our products, we will no longer be able to sell
our products in member countries of the European Union or other areas of the world that require CE's or FDA's approval of
medical devices. If we are unable to maintain our quality system certifications and Canadian medical device license, we will not be able
to sell our products in Canada.
Our medical device products
and operations are also subject to regulation by the Medical Devices and Accessories Division in the Israeli Ministry of Health, or AMAR,
which is responsible for the registration of medical devices in Israel, issuance of import licenses and monitoring marketing of medical
equipment. We have received an AMAR approval in Israel. If we fail to comply with the extensive government regulations relating
to our business, we may be subject to fines, injunctions and other penalties that could harm our business.
Risks Related to Our Operations in Israel
Our headquarters and administrative offices
are located in Israel and, therefore, our results may be adversely affected by political, economic and military instability in Israel.
Our employees, including
management members operate from our offices that are located in Israel. In addition, a number of our officers and directors are residents
of Israel. Accordingly, political, economic, and military conditions in Israel and the surrounding region may directly affect our business
and operations. In recent years, Israel has been engaged in sporadic armed conflicts with Hamas, an Islamist terrorist group that controls
the Gaza Strip, with Hezbollah, an Islamist terrorist group that controls large portions of southern Lebanon, and with Iranian-backed
military forces in Syria. In addition, Iran has threatened to attack Israel and may be developing nuclear weapons. Some of these hostilities
were accompanied by missiles being fired from the Gaza Strip against civilian targets in various parts of Israel, including areas in
which our employees and some of our consultants are located, and negatively affected business conditions in Israel. Any hostilities involving
Israel or the interruption or curtailment of trade between Israel and its trading partners could adversely affect our operations and
results of operations.
Our commercial insurance
does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli government currently
covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, we cannot assure you that this
government coverage will be maintained or that it will sufficiently cover our potential damages. Any losses or damage incurred by us
could have a material adverse effect on our business. Any armed conflicts or political instability in the region would likely negatively
affect business conditions and could harm our results of operations. Further, in the past, the State of Israel and Israeli companies
have been subjected to economic boycotts. Several countries still restrict business with the State of Israel and with Israeli companies.
These restrictive laws and policies may have an adverse impact on our operating results, financial condition or the expansion of our
business. A campaign of boycotts, divestment and sanctions has been undertaken against Israel, which could also adversely impact our
business.
18
In addition, many Israeli
citizens are obligated to perform several days, and in some cases more, of annual military reserve duty each year until they reach the
age of 40 (or older, for reservists who are military officers or who have certain occupations) and, in the event of a military conflict,
may be called to active duty. In response to increases in terrorist activity, there have been periods of significant call-ups of military
reservists. It is possible that there will be military reserve duty call-ups in the future. Our operations could be disrupted by such
call-ups, which may include the call-up of members of our management. Such disruption could materially adversely affect our business,
prospects, financial condition and results of operations.
The Israeli government is
currently pursuing extensive changes to Israel's judicial system. In response to the foregoing developments, many individuals,
organizations and institutions, both within and outside of Israel, have voiced concerns that the proposed changes may negatively impact
the business environment in Israel due to the reluctance of foreign investors to invest or transact business in Israel, increased currency
fluctuations, downgrades in credit rating, increased interest rates, increased volatility in security markets, and other changes in macroeconomic
conditions. We cannot be certain whether the planned judicial overhaul will occur or in what form. To the extent that any of the negative
developments stated above do occur, we cannot be certain on how investors will assess these matters and whether their assessment will
adversely impact the perception of our business and our share price, or how these developments impact our business operations in Israel.
Exchange rate fluctuations between foreign
currencies and the U.S. Dollar may negatively affect our earnings.
Our reporting and functional
currency is the U.S. dollar. Our, ScoutCam and Jeffs' Brands revenues are currently primarily payable in U.S. dollars, and we expect
our future revenues to be denominated primarily in U.S. dollars. However, Eventer's and Gix's revenues and certain amount
of our expenses and investments are in NIS and as a result, we are exposed to the currency fluctuation risks relating to the recording
of our expenses and Eventer's revenues in U.S. dollars. We may, in the future, decide to enter into currency hedging transactions.
These measures, however, may not adequately protect us from material adverse effects.
The government tax benefits that we currently
are entitled to receive require us to meet several conditions and may be terminated or reduced in the future.
Some of our operations in
Israel may entitle us to certain tax benefits under the Law for the Encouragement of Capital Investments, 5719-1959, or the Investments
Law once we begin to produce taxable income. From time to time, the government of Israel has considered reducing or eliminating the tax
benefits available to Benefitted Enterprise programs such as ours. If we do not meet the requirements for maintaining these benefits,
they may be reduced or cancelled and the relevant operations would be subject to Israeli corporate tax at the standard rate, which was
set at 23% in 2018 and thereafter. In addition to being subject to the standard corporate tax rate, we could be required to refund any
tax benefits that we have already received, plus interest and penalties thereon. Even if we continue to meet the relevant requirements,
the tax benefits that our current "Benefitted Enterprise" is entitled to may not be continued in the future at their current
levels, or at all. If these tax benefits were reduced or eliminated, the amount of taxes that we will have to pay if we produce revenues
would likely increase, as all of our operations would consequently be subject to corporate tax at the standard rate, which could adversely
affect our results of operations. Additionally, if we increase our activities outside of Israel, for example, by way of acquisitions,
our increased activities may not be eligible for inclusion in Israeli tax benefits programs. See Item 10. "Additional Information
— E. Taxation."
19
Provisions of Israeli law and our amended
and restated articles of association may delay, prevent or otherwise impede a merger with, or an acquisition of, our Company, which could
prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders.
Provisions of Israeli law
and our amended and restated articles of association could have the effect of delaying or preventing a change in control and may make
it more difficult for a third party to acquire us or our shareholders to elect different individuals to our board of directors, even
if doing so would be considered to be beneficial by some of our shareholders, and may limit the price that investors may be willing to
pay in the future for our Ordinary Shares. Among other things:
●
Israeli corporate law regulates mergers,
    requires tender offers for acquisitions of shares above specified thresholds, requires special approvals for transactions involving
    directors, officers or significant shareholders and regulates other matters that may be relevant to such types of transactions. For
    example, a merger may not be consummated unless at least 50 days have passed from the date on which a merger proposal is filed
    by each merging company with the Israel Registrar of Companies and at least 30 days have passed from the date on which the shareholders
    of both merging companies have approved the merger. In addition, a majority of each class of securities of the target company must
    approve a merger. Moreover, a tender offer for all of a company's issued and outstanding shares can only be completed if the
    acquirer receives positive responses from the holders of at least 95% of the issued share capital. Completion of the tender offer
    also requires approval of a majority of the offerees that do not have a personal interest in the tender offer, unless, following
    consummation of the tender offer, the acquirer would hold at least 98% of the Company's outstanding shares. Furthermore, the
    shareholders, including those who indicated their acceptance of the tender offer, may, at any time within six months following the
    completion of the tender offer, claim that the consideration for the acquisition of the shares does not reflect their fair market
    value, and petition an Israeli court to alter the consideration for the acquisition accordingly, unless the acquirer stipulated in
    its tender offer that a shareholder that accepts the offer may not seek such appraisal rights, and the acquirer or the company published
    all required information with respect to the tender offer prior to the tender offer's response date;
●
our amended and restated articles
    of association divide our directors into three classes, each of which is elected once every three years;
●
our amended and restated articles
    of association require a vote of the holders of a majority of our outstanding Ordinary Shares entitled to vote present and voting
    on the matter at a general meeting of shareholders (referred to as simple majority). The affirmative vote of at least three-quarters
    (3/4) of the directors, in addition to the approval of our shareholders, is required in order to amend our amended and restated articles
    of association;
●
our amended and restated articles
    of association provide that director vacancies may be filled by our board of directors;
●
subject to certain exceptions,
    our amended and restated articles of association restrict us from engaging in certain business combination transactions with any
    shareholder and/or its affiliates and/or investors for a period of three years following (i) any shareholder who holds 15% or more
    of our voting power, and (ii) with respect to all shareholders of the Company, each time as such shareholder and/or any of its affiliates
    and/or investors become(s) (other than due to a buyback, redemption or cancellation of shares by the Company) the holder(s) (beneficially
    or of record) of fifteen percent (15%) or more of the issued and outstanding voting power of our Ordinary Shares. The transactions
    subject to such restrictions include mergers, consolidations and dispositions of our assets with an aggregate market value of 10%
    or more of our assets or outstanding shares; and
●
our amended and restated articles
    of association require an affirmative vote of at least three-quarters (3/4) of the then serving directors, to approve certain transactions
    which may have a significant effect on the Company's structure, assets or business, including mergers acquisitions, consolidations
    and issuance of equity securities or debt securities convertible into equity in each case that would reasonably be expected to result
    in change of beneficial ownership of above than fifteen percent (15%) in the Company, material changes to the principal business
    of the Company and any resolution to transfer the headquarters of the Company outside of Israel.
Furthermore, Israeli tax
considerations may make potential transactions unappealing to us or to our shareholders whose country of residence does not have a tax
treaty with Israel exempting such shareholders from Israeli tax.
These and other similar provisions
could delay, prevent or impede an acquisition of us or our merger with another company, even if such an acquisition or merger would be
beneficial to us or to our shareholders
.
20
It may be difficult to enforce a judgment
of a U.S. court against us and our officers and directors and the Israeli experts named in this annual report on Form 20-F in Israel
or the United States, to assert United States securities laws claims in Israel or to serve process on our officers and directors and
these experts.
We are incorporated in Israel.
Certain of our executive officers and directors reside in Israel and most of our assets and most of the assets of these persons are located
outside of the United States. Therefore, a judgment obtained against us, or any of these persons in the United States, including one
based on the civil liability provisions of the U.S. federal securities laws, may not be collectible in the United States and may not
necessarily be enforced by an Israeli court. It may also be difficult to affect service of process on these persons in the United States
or to assert United States securities law claims in original actions instituted in Israel.
Even if an Israeli court
agrees to hear such claim, it may determine that Israeli law, and not U.S. law is applicable to the claim. Under Israeli law, if U.S.
law is found to be applicable to such claim, the content of applicable U.S. law must be proven as a fact by expert witnesses, which can
be a time consuming and costly process, and certain matters of procedure would also be governed by Israeli law. There is little binding
case law in Israel that addresses the matters.
Our amended and restated articles of association
provide that unless the Company consents otherwise, the competent courts of Tel Aviv, Israel shall be the sole and exclusive forum for
substantially all disputes between the Company and its shareholders under the Companies Law and the Israeli Securities Law, which could
limit its shareholders ability to brings claims and proceedings against, as well as obtain favorable judicial forum for disputes with
the Company, its directors, officers and other employees.
The competent courts of Tel Aviv, Israel shall
be the exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim
of breach of fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company's shareholders,
or (iii) any action asserting a claim arising pursuant to any provision of the Companies Law or the Israeli Securities Law. This exclusive
forum provisions is intended to apply to claims arising under Israeli Law and would not apply to claims brought pursuant to the Securities
Act or the Exchange Act or any other claim for which federal courts would have exclusive jurisdiction. Such exclusive forum provision
in our amended and restated articles of association will not relieve the Company of its duties to comply with federal securities laws
and the rules and regulations thereunder, and shareholders of the Company will not be deemed to have waived the Company's compliance
with these laws, rules and regulations. This exclusive forum provision may limit a shareholders ability to bring a claim in a judicial
forum of its choosing for disputes with the Company or its directors or other employees which may discourage lawsuits against the Company,
its directors, officers and employees.
The rights and responsibilities of a shareholder
will be governed by Israeli law which differs in some material respects from the rights and responsibilities of shareholders of U.S.
companies.
The rights and responsibilities
of the holders of our Ordinary Shares are governed by our amended and restated articles of association and by Israeli law. These rights
and responsibilities differ in some material respects from the rights and responsibilities of shareholders in typical U.S.-registered
corporations. In particular, a shareholder of an Israeli company has certain duties to act in good faith and fairness towards the company
and other shareholders, and to refrain from abusing its power in the company. There is limited case law available to assist us in understanding
the nature of this duty or the implications of these provisions. These provisions may be interpreted to impose additional obligations
and liabilities on holders of our Ordinary Shares that are not typically imposed on shareholders of U.S. corporations.
The ability of any Israeli company to pay
dividends is subject to Israeli law and the amount of cash dividends payable may be subject to devaluation in the Israeli currency.
We paid cash dividends in
an amount of $1.6 million on December 28, 2022. We do not anticipate that we will pay any cash dividends on our securities in the foreseeable
future. The ability of an Israeli company to pay dividends is governed by Israeli law, which provides that cash dividends may be paid
only out of retained earnings or earnings derived over the two most recent fiscal years, whichever is higher, as determined for statutory
purposes in Israeli currency, provided that there is no reasonable concern that payment of a dividend will prevent a company from satisfying
its existing and foreseeable obligations as they become due. In the event of a devaluation of the Israeli currency against the U.S. dollar,
the amount in U.S. dollars available for payment of cash dividends out of prior years' earnings will decrease.
21
The termination or reduction of tax and
other incentives that the Israeli Government provides to domestic companies may increase the costs involved in operating a company in
Israel.
The Israeli government currently
provides major tax and capital investment incentives to domestic companies, as well as grant and loan programs relating to research and
development and marketing and export activities. In recent years, the Israeli Government has reduced the benefits available under these
programs and the Israeli Governmental authorities have indicated that the government may in the future further reduce or eliminate the
benefits of those programs. We currently take advantage of these programs. There is no assurance that such benefits and programs would
continue to be available in the future to us. If such benefits and programs were terminated or further reduced, it could have an adverse
effect on our business, operating results and financial condition.
We may become subject to claims for remuneration
or royalties for assigned service invention rights by our employees, which could result in litigation and adversely affect our business.
A significant portion of
our intellectual property has been developed by our employees in the course of their employment for us. Under the Israeli Patent Law,
5727-1967, or the Patent Law, inventions conceived by an employee in the course and as a result of or arising from his or her employment
with a company are regarded as "service inventions," which belong to the employer, absent a specific agreement between the
employee and employer giving the employee service invention rights. The Patent Law also provides that if there is no such agreement between
an employer and an employee, the Israeli Compensation and Royalties Committee, or the Committee, a body constituted under the Patent
Law, will determine whether the employee is entitled to remuneration for his inventions. Recent case law clarifies that the right to
receive consideration for "service inventions" can be waived by the employee and that in certain circumstances, such waiver
does not necessarily have to be explicit. The Committee will examine, on a case-by-case basis, the general contractual framework between
the parties, using interpretation rules of the general Israeli contract laws. Further, the Committee has not yet determined one specific
formula for calculating this remuneration (but rather uses the criteria specified in the Patent Law). Although we generally enter into
assignment-of-invention agreements with our employees pursuant to which such individuals assign to us all rights to any inventions created
in the scope of their employment or engagement with us, we may face claims demanding remuneration in consideration for assigned inventions.
As a consequence of such claims, we could be required to pay additional remuneration or royalties to our current and/or former employees,
or be forced to litigate such claims, which could negatively affect our business.
Risks Related to an Investment Our Securities
We may have been a passive foreign investment
company, or PFIC, for U.S. federal income tax purposes in 2022 and may be a PFIC in any subsequent year. This may result in adverse U.S.
federal income tax consequences for U.S. taxpayers that are holders of our securities.
We will be treated as a PFIC
for U.S. federal income tax purposes in any taxable year in which either (1) at least 75% of our gross income is "passive income"
or (2) on average at least 50% of our assets by value (generally determined on the basis of a quarterly average) produce passive
income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain
dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property
that gives rise to passive income. Passive income also includes amounts derived by reason of the temporary investment of funds, including
those raised in a public offering. In determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets
of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account. There can be no
assurance that we were not a PFIC in 2022 and will not be a PFIC in subsequent years, as our operating results for any such years may
cause us to be a PFIC. If we were a PFIC in 2022, or are a PFIC in any subsequent year, and a U.S. shareholder does not make an election
to treat us as a "qualified electing fund," or QEF, or make a "mark-to-market" election, then "excess distributions"
to a U.S. shareholder, and any gain realized on the sale or other disposition of our securities will be subject to special rules. Under
these rules: (1) the excess distribution or gain would be allocated ratably over the U.S. shareholder's holding period for the securities;
(2) the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which we were
a PFIC would be taxed as ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the
highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit
would be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, if the U.S. Internal Revenue
Service, or the IRS, determines that we are a PFIC for a year with respect to which we have determined that we were not a PFIC, it may
be too late for a U.S. shareholder to make a timely QEF or mark-to-market election. You may make a QEF election with respect to your ordinary
shares or ADSs only if we furnish you annually with certain tax information, and we currently do not intend to prepare or provide such
information. U.S. shareholders who hold or have held our securities during a period when we were or are a PFIC will generally be subject
to the foregoing rules unless we cease to be a PFIC and you make a "deemed sale" election with respect to our ordinary shares.
If we are a PFIC in any year, U.S. shareholders may be subject to additional IRS filing requirements, including the filing of IRS Form
8621, as a result of directly or indirectly owning stock of a PFIC. U.S. shareholders are urged to consult their own tax advisors regarding
the application of the PFIC rules. For more information, see Item 10. "Additional Information — Taxation — Certain Material
U.S. Federal Income Tax Consequences."
22
If a United States person is treated as owning at least 10% of
our Ordinary Shares, such holder may be subject to adverse U.S. federal income tax consequences.
If a United States person
is treated as owning (directly, indirectly, or constructively) at least 10% of the value or voting power of our Ordinary Shares, such
person may be treated as a "United States shareholder" with respect to each controlled foreign corporation, or CFC, in our
group (if any). Because our group includes a U.S. subsidiary, certain of our non-U.S. subsidiaries will be treated as CFCs (regardless
of whether or not we are treated as a CFC). A United States shareholder of a CFC may be required to report annually and include in its
U.S. taxable income its pro rata share of "Subpart F income," "global intangible low-taxed income," and investments
in U.S. property by CFCs, regardless of whether we make any distributions. An individual that is a United States shareholder with respect
to a CFC generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder
that is a U.S. corporation. Failure to comply with these reporting obligations may subject a United States shareholder to significant
monetary penalties and may prevent the statute of limitations with respect to such shareholder's U.S. federal income tax return
for the year for which reporting was due from starting. We cannot provide any assurances that we will assist investors in determining
whether we are or any of our non-U.S. subsidiaries is treated as CFC or whether any investor is treated as a United States shareholder
with respect to any such CFC or furnish to any United States shareholders information that may be necessary to comply with the aforementioned
reporting and tax paying obligations. The IRS has provided limited guidance on situations in which investors may rely on publicly available
information to comply with their reporting and tax paying obligations with respect to foreign-controlled CFCs. A United States investor
should consult its advisors regarding the potential application of these rules to an investment in our Ordinary Shares or ADSs.
Changes in U.S. and foreign tax laws could
have a material adverse effect on our business, cash flow, results of operations or financial conditions.
We are subject to taxation
in several countries, including the United States and Israel; changes in tax laws or challenges to our tax positions could adversely
affect our business, results of operations, and financial condition. As such, we are subject to tax laws, regulations, and policies of
the U.S. federal, state, and local governments and of comparable taxing authorities in foreign jurisdictions. Changes in tax laws, including
the U.S. federal tax legislation enacted in 2017, commonly referred to as the Tax Cuts and Jobs Act of 2017, as well as other factors,
could cause us to experience fluctuations in our tax obligations and effective tax rates in the future and otherwise adversely affect
our tax positions and/or our tax liabilities. There can be no assurance that our effective tax rates, tax payments, tax credits, or incentives
will not be adversely affected by changes in tax laws in various jurisdictions.
The market prices of our securities are subject to
fluctuation, which could result in substantial losses by our investors.
The stock market in general
and the market prices of our ADSs on Nasdaq, in particular, are or will be subject to fluctuation, and changes in these prices may be
unrelated to our operating performance. We anticipate that the market prices of our securities will continue to be subject
to wide fluctuations. The market price of our securities is, and will be, subject to a number of factors, including:
●
announcements of technological innovations or new products by us or others;
●
announcements by us of significant acquisitions, strategic partnerships, in-licensing, out-licensing, ventures or capital commitments;
●
expiration
                                            or terminations of licenses, research contracts or other collaboration agreements;
●
public
                                            concern as to the safety of the equipment we sell;
●
the
                                            volatility of market prices for shares of medical devices companies generally;
●
developments
                                            concerning intellectual property rights or regulatory approvals;
●
variations
                                            in our and our competitors' results of operations;
23
●
changes
                                            in revenues, gross profits and earnings announced by the Company;
●
changes
in estimates or recommendations by securities analysts, if our Ordinary Shares or the ADSs are covered by analysts;
●
fluctuations
                                            in the stock price of our publicly traded subsidiaries;
●
changes
                                            in government regulations or patent decisions; and
●
general
                                            market conditions and other factors, including factors unrelated to our operating performance.
These
factors may materially and
                                            adversely affect the market price of our securities s and result in substantial losses by
                                            our investors.
We do not know whether a market for the
ADSs will be sustained or what the trading price of the ADSs will be and as a result it may be difficult for you to sell your ADSs.
Although our ADSs trade on
Nasdaq, an active trading market for the ADSs may not be sustained. It may be difficult for you to sell your ADSs without depressing
the market price for the ADSs. As a result of these and other factors, you may not be able to sell your ADSs. Further, an inactive market
may also impair our ability to raise capital by selling ADSs and may impair our ability to enter into strategic partnerships or acquire
companies or products by using our ADSs as consideration.
We do not know whether a market for our
Series C Warrants will be sustained or what the trading price of the Series C Warrants will be and as a result it may be difficult for
you to sell your Series C Warrants.
Even though our Series C
Warrant are listed on Nasdaq, there is no assurance that a market will be sustained or maintain a high enough per warrant trading price
to maintain the national exchange listing requirements in the future. Without an active market, the liquidity of the Series C Warrants
will be limited.
Our Series C Warrants are speculative in
nature.
The Series C Warrants do
not confer any rights of ownership of Ordinary Shares or ADSs on their holders, such as voting rights with the exception of the right
to receive dividends, but only represent the right to acquire ADSs at a fixed price for a limited period of time. Holders of the Series
C Warrants may exercise their right to acquire ADSs and pay the exercise price per ADS of $52.50, subject to adjustment upon certain
events, prior to five years from the date of issuance, after which date any unexercised warrants will expire and have no further value.
Future sales of our securities could reduce
their market price.
Substantial sales of our
securities on Nasdaq, may cause the market price of our securities to decline. Sales by us or our security holders of substantial amounts
of our securities, or the perception that these sales may occur in the future, could cause a reduction in the market price of our securities.
The issuance of any additional
Ordinary Shares, ADSs, warrants or any securities that are exercisable for or convertible into our Ordinary Shares or ADSs, may have
an adverse effect on the market price of our securities and will have a dilutive effect on our existing shareholders and holders of ADSs.
24
Holders of ADSs may not receive the same distributions
or dividends as those we make to the holders of our Ordinary Shares, and, in some limited circumstances, you may not receive dividends
or other distributions on our Ordinary Shares and you may not receive any value for them, if it is illegal or impractical to make them
available to you.
The depositary for the ADSs
has agreed to pay to you the cash dividends or other distributions it or the custodian receives on Ordinary Shares or other deposited
securities underlying the ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number
of Ordinary Shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical to
make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if
it consists of securities that require registration under the Securities Act of 1933, as amended, or the Securities Act, but that are
not properly registered or distributed under an applicable exemption from registration. In addition, conversion into U.S. dollars from
foreign currency that was part of a dividend made in respect of deposited Ordinary Shares may require the approval or license of, or a
filing with, any government or agency thereof, which may be unobtainable. In these cases, the depositary may determine not to distribute
such property and hold it as "deposited securities" or may seek to affect a substitute dividend or distribution, including
net cash proceeds from the sale of the dividends that the depositary deems an equitable and practicable substitute. We have no obligation
to register under U.S. securities laws any ADSs, Ordinary Shares, rights or other securities received through such distributions. We also
have no obligation to take any other action to permit the distribution of ADSs, Ordinary Shares, rights or anything else to holders of
ADSs. In addition, the depositary may withhold from such dividends or distributions its fees and an amount on account of taxes or other
governmental charges to the extent the depositary believes it is required to make such withholding. This means that you may not receive
the same distributions or dividends as those we make to the holders of our Ordinary Shares, and, in some limited circumstances, you may
not receive any value for such distributions or dividends if it is illegal or impractical for us to make them available to you. These
restrictions may cause a material decline in the value of the ADSs.
Holders of ADSs must act through the depositary to
exercise their rights as shareholders of our Company.
Holders of our ADSs do not
have the same rights of our shareholders and may only exercise the voting rights with respect to the underlying Ordinary Shares in accordance
with the provisions of the Deposit Agreement. Under Israeli law and our amended and restated articles of association, the minimum notice
period required to convene a shareholders meeting is no less than 21 or 35 calendar days, depending on the proposals on the agenda for
the shareholders meeting. When a shareholder meeting is convened, holders of ADSs may not receive sufficient notice of a shareholders'
meeting to permit them to withdraw their Ordinary Shares to allow them to cast their vote with respect to any specific matter. In addition,
the Depositary and its agents may not be able to send voting instructions to holders of ADSs or carry out their voting instructions in
a timely manner. We will make all reasonable efforts to cause the Depositary to extend voting rights to holders of the ADSs in a timely
manner, but we cannot assure holders that they will receive the voting materials in time to ensure that they can instruct the Depositary
to vote their Ordinary Shares underlying the ADSs. Furthermore, the Depositary and its agents will not be responsible for any failure
to carry out any instructions to vote, for the manner in which any vote is cast or for the effect of any such vote. As a result, holders
of ADSs may not be able to exercise their right to vote and they may lack recourse if their Ordinary Shares underlying the ADSs are not
voted as they requested. In addition, in the capacity as a holder of ADSs, they will not be able to call a shareholders' meeting.
We incur additional increased costs as
a result of the listing of the ADSs for trading on Nasdaq, and our management is required to devote substantial time to new compliance
initiatives and reporting requirements.
As a public company in the
United States, we incur significant accounting, legal and other expenses as a result of the listing of the ADSs on Nasdaq. These
include costs associated with corporate governance requirements of the Securities Exchange Commission, or the SEC, and the Marketplace
Rules of the Nasdaq, as well as requirements under Section 404 and other provisions of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley
Act. These rules and regulations increase our legal and financial compliance costs, introduce costs such as investor relations, stock
exchange listing fees and shareholder reporting, and make some activities more time consuming and costly. Any future changes
in the laws and regulations affecting public companies in the United States and Israel, including Section 404 and other provisions of
the Sarbanes-Oxley Act, the rules and regulations adopted by the SEC and the rules of the Nasdaq Stock Market may result in increased
costs to us as we respond to such changes. These laws, rules and regulations could make it more difficult or more costly for us to obtain
certain types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits
and coverage or incur substantially higher costs to obtain the same or similar coverage. The impact of these requirements could also
make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as
executive officers.
25
As a foreign private issuer, we are permitted
to follow certain home country corporate governance practices instead of applicable SEC and Nasdaq requirements, which may
result in less protection than is accorded to investors under rules applicable to domestic issuers.
As a foreign private issuer,
we are permitted to follow certain home country corporate governance practices instead of those otherwise required under the rules of
the Nasdaq for domestic issuers. Following our home country governance practices as opposed to the requirements that would otherwise
apply to a U.S. company listed on the Nasdaq, may provide less protection than is accorded to investors under the rules of the Nasdaq
applicable to domestic issuers. For more information, see "Item 16G. Corporate Governance - Nasdaq Stock Market Listing Rules and
Home Country Practices."
In addition, as a foreign
private issuer, we are exempt from the rules and regulations under the Securities Exchange Act of 1934, as amended, or the Exchange Act,
related to the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt
from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required
under the Exchange Act to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly
as domestic companies whose securities are registered under the Exchange Act.
We may lose our foreign private issuer
status in the future, which could result in significant additional costs and expenses.
We are a foreign private
issuer, as such term is defined in Rule 405 under the Securities Act, and therefore, we are not required to comply with all the periodic
disclosure and current reporting requirements of the Exchange Act and related rules and regulations. Under Rule 405, the determination
of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal
quarter and, accordingly, the next determination will be made with respect to us on June 30, 2023.
In the future, we would lose
our foreign private issuer status if a majority of our shareholders, directors or management are U.S. citizens or residents, and we fail
to meet additional requirements necessary to avoid loss of foreign private issuer status. Although we have elected to comply with certain
U.S. regulatory provisions, our loss of foreign private issuer status would make such provisions mandatory. The regulatory and compliance
costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher. If we are not a foreign private issuer,
we will be required to file periodic reports and registration statements on U.S. domestic issuer forms with the U.S. Securities and Exchange
Commission, or the SEC, which are more detailed and extensive than the forms available to a foreign private issuer. For example, the
annual report on Form 10-K requires domestic issuers to disclose executive compensation information on an individual basis with specific
disclosure regarding the domestic compensation philosophy, objectives, annual total compensation (base salary, bonus, equity compensation)
and potential payments in connection with change in control, retirement, death or disability, while the SEC forms applicable to foreign
private issuers permit them to disclose compensation information on an aggregate basis if executive compensation disclosure on an individual
basis is not required or otherwise has not been provided in the issuer's home jurisdiction. We disclose individual compensation
information, but this disclosure is not as comprehensive as that required of U.S. domestic issuers since we are not required to disclose
more detailed information in Israel. We intend to continue this practice as long as it is permitted under the SEC's rules and Israel's
rules do not require more detailed disclosure. We will also have to mandatorily comply with U.S. federal proxy requirements, and our
officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section
16 of the Exchange Act. We may also be required to modify certain of our policies to comply with good governance practices associated
with U.S. domestic issuers. Such conversion and modifications will involve additional costs. In addition, we may lose our ability to
rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers.
We have concluded that our internal controls
over financial reporting are not effective. If we fail to develop and maintain proper and effective internal controls over financial reporting,
our ability to produce timely and accurate financial statements, comply with applicable laws and regulations, or access the capital markets
could be impaired.
As a public company, we are
actively evaluating our internal control over financial reporting in a manner that meets the standards of publicly traded companies required
by Section 404(a) of the Sarbanes-Oxley Act, or Section 404. As disclosed in Item 15, our management concluded that, as of December 31,
2022, the Company's internal controls over financial reporting are not effective since a significant subsidiary of the Company,
Gix Internet, whose financial statements were initially consolidated in March 2022, was excluded from management's evaluation of
the effectiveness of internal controls over financial reporting as of December 31, 2022 due to post acquisition exclusion made by Viewbix,
a subsidiary of Gix Internet in accordance with the SEC guidance during the fiscal year post acquisition.
The process of designing and
implementing effective internal control over financial reporting is a continuous effort. If our management cannot favorably assess the
effectiveness of our internal controls over financial reporting, or if our independent registered public accounting firm identifies material
weaknesses in our internal control, investor confidence in our financial results may weaken, and the market price of our securities may
suffer.
26
Our amended and restated articles of association
provide that unless we consent to an alternate forum, the federal district courts of the United States shall be the exclusive forum of
resolution of any claims arising under the Securities Act which may impose additional litigation costs on our shareholders.
Our amended and restated
articles of association provide that the federal district courts of the United States shall be the exclusive forum for the resolution
of any complaint asserting a cause or causes of action arising under the Securities Act, including all causes of action asserted against
any defendant to such complaint. Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over
all such Securities Act actions. Accordingly, both U.S. state and federal courts have jurisdiction to entertain such claims. This
choice of forum provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or our directors, officers or other employees and may increase the costs associated with such lawsuits, which may discourage
such lawsuits against us and our directors, officers and employees. Alternatively, if a court were to find these provisions of our amended
and restated articles of association inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or
proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect
our business and financial condition. Any person or entity purchasing or otherwise acquiring any interest in our share capital shall
be deemed to have notice of and to have consented to the choice of forum provisions of our amended and restated articles of association
described above. This provision would not apply to shall not apply to causes of action arising under the Exchange Act.
General Risk Factors
We do not intend to pay any cash dividends
on our Ordinary Shares in the foreseeable future and, therefore, any return on your investment in our securities must come from
increases in the value and trading price of our securities.
We paid cash dividends in
an amount of $1.6 million on December 28, 2022. We do not anticipate that we will pay any cash dividends on our securities in the foreseeable
future, therefore, any return on your investment in our securities must come from increases in the value and trading price of our securities.
We intend to retain our earnings
to finance the development and expenses of our business. Any future determination relating to our dividend policy will be at the discretion
of our board of directors and will depend on a number of factors, including future earnings, our financial condition, operating results,
contractual restrictions, capital requirements, business prospects, applicable Israeli law and other factors our board of directors may
deem relevant.
Raising additional capital by issuing securities
may cause dilution to existing shareholders.
We may seek additional capital
through a combination of private and public equity offerings, debt financings and collaborations and strategic and licensing arrangements.
To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest will
be diluted, and the terms of any such offerings may include liquidation or other preferences that may adversely affect the then existing
shareholders rights. Debt financing, if available, would result in increased fixed payment obligations and may involve agreements that
include covenants limiting or restricting our ability to take specific actions such as incurring debt or making capital expenditures.
If we raise additional funds through collaboration, strategic alliance or licensing arrangements with third parties, we may have to relinquish
valuable rights to our technologies, future revenue streams or product candidates, or grant licenses on terms that are not favorable
to us.
If securities or industry analysts do not publish research
or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.
The trading market for our
securities will depend on the research and reports that securities or industry analysts publish about us or our business. We do not have
any control over these analysts. There can be no assurance that analysts will cover us, or provide favorable coverage. If one or more
analysts downgrade our share or change their opinion of our securities, the price of our securities would likely decline. In addition,
if one or more analysts cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in the financial
markets, which could cause our share price or trading volume to decline.
27
Increased attention to, and evolving expectations
for, environmental, social, and governance (ESG) initiatives could adversely impact our business.
In June 2022, the SEC published
a proposed climate disclosure rule, subject to which we would be required to disclose certain climate-related information such as governance
of climate-related risks and relevant risk management processes that could affect us, a climate related financial statements matrix and
more. While the proposed rule has yet to be finalized and we cannot predict the ultimate scope and impact this will have on our business,
if finalized, it would likely result in additional legal, accounting and financial compliance and increased general and administrative
expenses. Moreover, this could result in increased management time and attention to ensure we are compliant with the regulations and
expectations.
ITEM 4. INFORMATION ON THE COMPANY
A. History and Development of the Company
We were incorporated in the
State of Israel on December 9, 1999, as a private company pursuant to the Israeli Companies Ordinance (New Version), 1983. In February
2006, we completed our initial public offering in Israel, and our Ordinary Shares traded on the TASE until January 25, 2021. In May 2015,
we listed the ADSs on Nasdaq and since August 2015 the ADSs have been traded on Nasdaq under the symbol "MDGS". Following
a 20:1 reverse share split of our ordinary shares effected on July 7, 2022, together with a 1:15 ratio change of the ADSs on November
14, 2022 (the "Ratio Change"), each ADS represents fifteen (15) Ordinary Shares. Our Series C Warrants have been trading on
Nasdaq under the symbol "MDGSW" since July 2018. Following the Ratio Change, the Series C Warrant were adjusted, such that
the exercise price was increased by a factor of fifteen (15), and the number of ADSs issuable under the warrants was decreased by a factor
of fifteen (15). Each Series C Warrant is exercisable into one/fifteen ADS at an exercise price of $52.50 and will expire in July 2023.
Principal Capital Expenditures
Our Group had capital expenditures of approximately $74,000, $139,000
and $324,000 in the years ended on December 31, 2022, 2021, and 2020, respectively. Our capital expenditures are primarily for network
infrastructure, computer hardware, purchase of machinery and software and leasehold improvements of our facilities. We have financed our
capital expenditures from our available cash. We expect to maintain our capital expenditures in 2023 with a consistent volume.
There are no significant
capital expenditures or divestitures currently in progress by the Company.
B. Business Overview
Overview
The activities carried out
by us and our subsidiaries are focused on internet and other online-related technologies, e-commerce, medical-related devices, products
and safety systems for drones and the electric vehicle (EV) sector.
Our internet-related activities
include ad-tech operations through our stake in Gix Internet in which we currently hold 42.25% of its outstanding share capital. Our internet
related activities also include our investment in Eventer, an online – event management and ticketing platform in which we currently
hold 46.21% of its outstanding share capital
Our e-commerce activity includes
the operations of Jeffs' Brands Ltd., a subsidiary in which we hold 34.87% of its outstanding share capital, and which operates
online stores for the sale of various consumer products on the Amazon online marketplace.
28
Our medical related activities
include; innovative surgical devices with direct visualization capabilities for the treatment of Gastroesophageal Reflux Disease using
Ultrasonic Surgical Endostapler, or MUSE and Polyrizon's development of biological gels designed to protect patients against biological
threats and reduce intrusion of allergens and viruses through the upper airways and eye cavities.
Our activity in the EV sector
includes our ownership of Charging Robotics Ltd. ("Charging Robotics") and its 19.99% subsidiary Revoltz, both develop three
modular EVs and wireless vehicle battery charging technology. On April 7, 2023, Charging Robotics consummated a share exchange transaction,
whereby it became a wholly owned subsidiary of Fuel Doctor. As a result, we now hold 67% of the outstanding share capital of Fuel Doctor,
with an option to increase our holdings to 71% of the outstanding share capital based on predetermined milestone.
Our activity in the products
and safety for drones through our stake in Parazero Technologies Ltd. ("Parazero") in which we hold 40.35% of its outstanding
share capital.
Internet and other online related Activity
Overview
Gix Internet
–
Ad-Tech and
Online Advertising
Gix Internet is the parent
of Viewbix which is the majority shareholder of Gix Media Ltd. following a corporate reorganization that consummated on September 19,
2022 ("Reorganization Transaction"). Gix Media Ltd., which is the majority holder of the Cortex Media Group Ltd., and of Viewbix,
a digital advertising platform that develops and markets a variety of technological platforms that automate, optimize and monetize digital
online campaigns
We have consolidated Gix Internet's
financial statement as of March 1, 2022.
We currently hold 42.25%
of Gix Internet's outstanding share capital. We have an option to increase our stakes in Gix Internet to 44.94% of its outstanding
share capital.
Eventer Technologies Ltd. – Online Event
Management
Eventer is a technology company
engaged in the development of unique tools for automatic creation, management, promotion, and billing of events and ticketing sales.
Eventer seeks to tap the growing demand for enterprise and private online communication. As such, Eventer's systems offer and enable
advanced, user-friendly solutions for online events such as online concerts, enterprise events and online conferences, in addition to
management and ticket sales for events carried out in offline venues. In addition, Eventer's platform provides individuals with
the ability to create and sell tickets to custom small-scale private or public events. Eventer's revenues are derived from commissions
from sales of tickets for online and offline events planned and managed through its platform.
We currently hold 46.21%
of Eventer's outstanding share capital.
E-commerce Activity Overview
Jeffs' Brands Ltd.
Jeffs' Brands (Nasdaq:
JFBR) is an e-commerce consumer products goods, or CPG, company, operating primarily on Amazon platform. Jeffs' Brands is the
owner of Smart Repair Pro, Inc., or Pro, Purex Corp., or Purex, and Top Rank Ltd. that operate online stores for the sale of various consumer
products on the Amazon online marketplace, utilizing the Fulfillment by Amazon, or FBA, model. In addition to executing the FBA business
model, Jeffs' Brands utilizes artificial intelligence, or A.I., and machine learning technologies to analyze sales data and patterns
on Amazon platform in order to identify existing stores, niches and products that have the potential for development and growth, and for
maximizing sales of existing proprietary products.
On August 30, 2022, we participated
in Jeffs' Brands initial public offering on Nasdaq.
We currently hold 34.87%
of Jeffs' Brands outstanding share capital. We have 240,385 warrants to purchase up to 240,385 ordinary shares with an exercise
price of $2.02 per ordinary share and additional 240,385 unlisted warrants to purchase up to 240,385 ordinary shares with an exercise
price of $2.02 per ordinary share.
29
Medical Activity Overview
Our MUSE‎™‎ System
We have been engaged in the
development, production and marketing of innovative surgical devices with direct visualization capabilities for the treatment of Gastroesophageal
Reflux Disease, a common ailment, which is predominantly treated by medical therapy (e.g. proton pump inhibitors) or in chronic cases,
conventional open or laparoscopic surgery. Our product, the MUSE™ system for transoral fundoplication is a single use innovative
device for the treatment of GERD disorder. The MUSE™ system is an endoscopic, incisionless solution that is used to perform a procedure
as an alternative to a surgical fundoplication.
On June 3, 2019, we entered into the Golden Grand Agreement for the
know-how licensing and sale of good relating to the MUSE™ system in China, Hong Kong, Taiwan and Macao. Four out of five predetermined
in the agreement milestones were completed during 2020 and 2021, and consequently 80% of the agreed payments were already transferred
to us. The final milestones will be completed, and the final installment will be paid upon completion of a MUSE™ assembly line in
China. Due to COVID-19, the implementation of certain actions required to be achieved under the milestones have been delayed and are expected
to be completed during 2023.
Polyrizon – Protective Biological Gels
Polyrizon is a clinical development
biotech company specializing in the development of innovative nasal gels to provide preventative treatment against a wide cross section
of viruses, as well as bacteria, allergens, and other toxins. Polyrizon's proprietary Capture and Contain hydrogel platform is delivered
in the form of nasal sprays, and forms a thin gel-based protective shield containment barrier in the nasal cavity.
We currently hold 37.03% of
Polyrizon's outstanding share capital. Additionally, we have invested $314,000 in multiple SAFEs.
ClearMind – Psychedelic Medicine
ClearMind Medicine, Inc. (Nasdaq:
CMND) ("ClearMind") is a psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived
therapeutics to solve widespread and underserved health problems, including mental health, alcohol use disorder, binge eating and depression. ClearMind's
patent portfolio consists of four utility patent families, which includes seven approved patents and 13 pending applications.
On February 8, 2022, we entered
into a share purchase agreement with ClearMind. On November 15, 2022, we participated in ClearMind's initial public offering on
Nasdaq.
We currently hold 5.77% of
ClearMind's outstanding share capital and 39,747 warrants to purchase an additional 39,747 shares.
Electric Vehicle Activity Overview
Charging
Robotics Ltd.
To date, we have invested
an aggregated amount of $1,286,000, in Charging Robotics, which was previously our wholly owned subsidiary. Charging Robotics is developing
an autonomous wireless charging system for electric vehicles. On March 28, 2023, the Company entered into a securities exchange agreement
(the "Exchange Agreement") with Fuel Doctor. Pursuant to the Exchange Agreement, at the closing, which occurred on April 7,
2023, Fuel Doctor acquired 100% of the issued and outstanding share capital of Charging Robotics, making Charging Robotics a wholly-owned
subsidiary of Fuel Doctor, in exchange for the issuance of shares of the Fuel Doctor's common stock. As a result, Charging Robotics
became a subsidiary of Fuel Doctor and we now hold 67% ofFuel Doctor's outstanding share capital, with an option to increase our
holdings to up to 71% of its outstanding share capital based on pre-set milestones.
Revoltz Ltd.
On February 19, 2021, we
entered into a joint venture agreement with Amir Zaid, Weijian Zhou and Charging Robotics, for the purpose of developing and commercializing
three modular electric vehicle (EV) micro mobility vehicles for urban individual use and "last mile" cargo delivery, through
a new subsidiary, Revoltz Ltd. ("Revoltz") Pursuant to the terms of such agreement, Charging Robotics was issued 19.99% of
the issued and outstanding share capital of the Revoltz.
30
Other Activities
ScoutCam
– Miniaturized Imaging Equipment
We currently hold 18.45%
of the outstanding share capital of ScoutCam, which is engaged in the development, production and marketing of innovative visual
solutions composed of imaging equipment, cloud and software-based image processing (artificial intelligence (AI), machine learning (ML),
and additional algorithm methodologies). Some of ScoutCam's products that utilize its micro ScoutCam™ technology are used
in medical procedures as well as various applications in other industries.
Automax Ltd.
We currently hold 6.46% of
the outstanding share capital of Automax Motors Ltd. (TASE: AMX), or Automax (formerly known as Matomy Media Group Ltd., following
several sales and purchases in the stock market during 2021). Automax is an indirect importer and distributor of vehicles in Israel.
Elbit Imaging Ltd.
During 2021 we completed a
number of transactions for the purchase of shares of Elbit Imaging Ltd. (TASE: EMITF), or Elbit Imaging, and currently hold 5.72 % of
its outstanding shares. Elbit Imaging is a holding company with interests in real estate, medical imaging, hotels, shopping malls and
retail.
Furthermore, during 2022 we
received cash dividends of $171,000.
Safee Cyber Technologies Ltd.
On October 13, 2021, we entered
into a share purchase agreement with Safee Cyber Technologies Ltd., or Safee, a blockchain company and we currently hold 2.35% of its
outstanding share capital. Safee's social network allows creators and collectors to easily create, own, engage, control and trade
digital goods. Safee's platform expands the reach of NFTs to mass market buyers, creators, digital artists, illustrators, photographers,
musicians, regular consumer digital content creators and more.
Parazero Ltd.
In 2022 we made multiple
investments in Parazero, a company specializing in drone safety systems, through various transactions. We currently hold 40.35% of Parazero's
outstanding share capital and we are entitled to increase our holdings in Parazero by a conversion of our SAFE agreements. Parazero develops
and provides drone safety solutions designed to protect people and payloads, providing a solution to reduce the risk of a drone's
malfunction in an urban environment.
Laminera Flow Optimization Ltd.
During 2021 and 2022 we
engaged Laminera Flow Optimization Ltd., or Laminera, in a number of share purchase transactions and a bridge loan agreement, in which
we currently hold 19.7% of the outstanding share capital. Laminera develops solutions to improve and optimize global water, oil, and
gas pipeline infrastructure by reducing energy and maintenance costs while enhancing capacity, all without having to replace existing
infrastructure.
Our Strategy
Our primary goal is to generate
revenues through the activities of our consolidated subsidiaries, each in their respective market and field. In addition, we seek to
generate revenues by pursuing potential opportunities to sell our MUSE
™
technology, or alternatively grant a license
or licenses for the use of the MUSE
™
technology. Our strategy includes the following key elements:
31
Commercialization of the
products and services provided by our consolidated subsidiaries as well as achieving organic growth and profitability.
Our board
of directors has determined that we support the growth, development and expansion of our consolidated subsidiaries businesses.
Sell or License MUSE‎
™
technology
.
Our board of directors has determined to examine potential opportunities to sell our MUSE
™
technology, or alternatively
grant a license or licenses for the use of the MUSE
™
technology.
General Pursuit of Opportunities
.
Our board of directors and management are constantly seeking and pursuing opportunities through which to leverage our assets and capabilities.
A substantial material portion
of our revenues in 2022 derived from Gix Internet, Jeffs' Brands and Eventer. In 2021 and 2020 revenues derived from Jeffs'
Brands, Eventer and from the e licensing and sale agreement The following data reflects our total revenue arising from the following services:
Revenues
Year Ended December 31,
2022
2021
2020
(Thousands of U.S. dollars)
Sales of Miniature Cameras and related equipment
-
24
491
Sales of Products on the Amazon online marketplace
5,859
6,509
-
Online advertising
83,534
-
-
Revenues from commissions
2,465
1,185
40
Sales of the MUSE‎
™
System
-
2,400
-
Total
91,858
10,118
531
The following data reflects
our total revenue broken down by geographic region:
Revenues
Year Ended December 31,
2022
2021
2020
(Thousands of U.S. dollars)
United States
52,129
6,307
418
Europe
21,897
127
41
Asia
2,108
2,400
-
Israel
15,266
1,183
45
Other
459
101
27
Total
91,858
10,118
531
Seasonality of Business
During the last few years
we have not seen any seasonality in our sales. However, our subsidiaries experience certain effects of seasonality in their operations.
In connection with our subsidiary,
Eventer, there is an increase in events scheduled during the holiday season in Israel, which typically occurs in September and October,
and which corresponds to an increase in ticket sales.
In connection with our subsidiary,
Jeffs' Brands, the fourth quarter of each fiscal year typically yields significant activity due to the holiday season. As a result,
revenue generally declines and loss from operations generally increases in the first quarter sequentially from the fourth quarter of
the previous year.
32
In connection with our subsidiary,
Gix Internet, the digital advertising industry is not affected by much seasonality. However, there is a seasonality trend such that the
fourth quarter is characterized by higher activity compared to average, while the first quarter is characterized in lower activity than
average. This seasonality results from, among other things, changes in large advertising budgets, usually towards the end of each quarter
and effective towards the end of each year. In addition, the last quarter of the year includes many leading events and an increase in
advertising budgets and the volume of traffic on the network.
Marketing and Distribution
Sale or License of MUSE
™
System
As part of our board of directors
decision to examine potential opportunities to sell our MUSE
™
technology, or alternatively grant a license or licenses
for the use of the MUSE
™
technology, our board of directors has reexamined the efforts and resources previously
invested by us in our MUSE
™
technology distribution agreements as well as the revenues obtained through such agreements
in order to assess their financial viability. As a result of this analysis, our board of directors resolved to terminate our distribution
agreements in order to redirect our resources to securing licensing agreements, which may in turn generate significant income in the
short term, reduce operating expenses and lower our Company's burn rate. On May 5, 2021, the Company engaged with a contractor
into service agreement, which the contractor seek, develop, evaluate, filter and recommend suitable business opportunities for the Company
in the fields of the Muse products and technology, and also Communicate and meet potential customers and introduce the Company and the
Company's products thereto, and, to the extent required by the Company from time to time, assistance and support with respect to
negotiations with potential customers.
Intellectual Property
Our commercial success depends,
in part, on obtaining and maintaining patent and other intellectual property protection, in the United States and internationally, for
the technologies used in our products. We cannot be sure that any of our patents will be commercially useful in protecting our technology.
Our commercial success also depends in part on our non-infringement of the patents or proprietary rights of third parties. The patent
positions of medical device companies, including ours, can be highly uncertain and involve complex and evolving legal and factual questions.
For additional information see "Item 3. Key information—D. Risk Factors—Risks Related to Our Intellectual Property."
We, Charging Robotics and
GERD IP (hereinafter in this paragraph: "We" or "Us") own 17 U.S. patents and have one additional pending
patent applications in the U.S. and one U.S. Provisional Patent Applications. In addition, We own 11 patents that were granted in other
countries, including 7 European patent assets, which are not valid on their own unless validated in specific European countries as indeed
were validated according to our list of chosen European countries and one allowed European Patent Office patent application and 8 pending
patent applications in such other countries. We also have two pending Paris Convention Treaty (PCT) patent applications. We also have
an exclusive license to three pending patent applications from an academic institute subject to terms agreed in such license agreement.
We cannot be sure that any
patents will be granted with respect to any the pending patent applications or with respect to any patent applications filed by us in
the future. There is also a significant risk that any issued patents will have substantially narrower claims than those that are currently
sought.
Competition
Competition with the MUSE‎
™
system
We have several competitors
in the medical device and pharmaceutical industries. Patients and physicians may opt for more established existing therapies to treat
GERD, including PPI pharmaceutical treatment or laparoscopic fundoplication surgery. PPIs are currently being offered by several large
pharmaceutical manufacturers, most of whom have significantly greater financial, clinical, manufacturing, marketing, distribution and
technical resources and experience than we have.
Over the last few years a
number of different medical devices and treatments have been introduced to address the "treatment gap" in GERD treatments
and therapies which is found between long-term pharmaceutical therapy on one hand and surgery on the other. These devices and treatments
seek to treat GERD less invasively than fundoplication and without the need for long-term use of drug therapy.
33
Competition related to our Subsidiary Jeffs'
Brands
The consumer goods and e-commerce
market is a highly competitive environment. Jeffs' competitive landscape consists of various types of companies such as traditional
and non-traditional consumer good companies, discount stores, traditional retailers, independent retail stores, the online platforms of
these traditional retail competitors and e-commerce companies. Such competitors include: Thrasio Holdings, Inc., Aterian, Inc. (Nasdaq:
ATER), Amazon.com, Helen of Troy Ltd., Newell Brands (Nasdaq: NWL), Frigidaire Appliance Company, and Trademark Global Inc.
The consumer goods and e-commerce
market is a highly competitive environment. Our competitive landscape consists of various types of companies such as: traditional and
non-traditional consumer good companies; discount stores; traditional retailers; independent retail stores; the online platforms of these
traditional retail competitors; and e-commerce companies.
Among CPG companies, our
competitors include: Thrasio Holdings, Inc.; Aterian, Inc. (Nasdaq: ATER); Amazon; Helen of Troy Ltd., Newell Brands (Nasdaq: NWL);
Frigidaire Appliance Company; and Trademark Global Inc. Despite the seemingly harsh competitive landscape, we believe that our technology
and experience enable us to successfully compete and achieve our financial goals.
Competition related to our Subsidiary Eventer
Eventer's competitors
are traditional ticketing offices and digital ticketing companies that operate online platforms similar to Eventer's platform and/or
offer ticket marketing and distribution services. There are many companies outside of Israel that offer event management services similar
to Eventer. Specifically in Israel, however, competitors that operate in the digital ticket sales platform space include Eventbuzz and
TickChak Ltd., and companies that market events include Kupat and Eventim. Likewise, there are three large companies in Israel engaged
in the field of marketing and distribution of events, including Leaan Tickets Ltd., CTS Eventim New Co (Eventim), and Kupot Tel-Aviv Tickets
and Shows Ltd. Eventer also enables the sale of tickets to various attractions and activities, such as skydiving, glamping and motorsport.
For these types of events and activities, Eventer competes with companies, including BUYME and Groupon, which sell vouchers to consumers
and businesses and generates revenue from such sales commissions.
Government Regulation
The healthcare industry,
and, therefore, our business, is subject to extensive federal, state, local and foreign regulation. Some of the pertinent laws have not
been definitively interpreted by the regulatory authorities or the courts, and their provisions are open to a variety of interpretations.
In addition, these laws and their interpretations are subject to change.
34
Both federal and state governmental
agencies continue to subject the healthcare industry to intense regulatory scrutiny, including heightened civil and criminal enforcement
efforts. As indicated by work plans and reports issued by these agencies, the federal government will continue to scrutinize, among other
things, the billing practices of healthcare providers and the marketing of healthcare products.
We believe that we have structured
our business operations and relationships with our customers to comply with all applicable legal requirements. However, it is possible
that governmental entities or other third parties could interpret these laws differently and assert otherwise. In addition, because there
is a risk that our products are used off label, we believe we are subject to increased risk of prosecution under these laws and by these
entities even if we believe we are acting appropriately. We discuss below the statutes and regulations that are most relevant to our
business and most frequently cited in enforcement actions.
C. Organizational Structure
As of December 31, 2022,
we have four significant subsidiaries, (i) Jeffs' Brands, a company incorporated under the laws of the State of Israel, in which
we hold 35.94% of its outstanding share capital, (ii) Eventer Technologies, a company incorporated under the laws of the State of Israel
in which we hold 46.21% of its outstanding share capital, (iii) our wholly owned subsidiary, Charging Robotics, a company incorporated
under the laws of the State of Israel and (iv) Gix Internet a company incorporated under the laws of the State of Israel in which we
hold 42.25% of its outstanding share capital.
In April 2023 our formerly
wholly owned subsidiary Charging Robotics consummated a share exchange transaction with Fuel Doctor and became its wholly owned subsidiary.
See also "Item 4.B. – Business Overview – Electric Vehicle Activity Overview."
D. Property, Plant and Equipment
Our offices and research
and development facility are located at 10 HaNechoshet Street, Tel Aviv, Israel, 6971072, where we occupy approximately 102 square meters.
We believe our facilities sufficiently meet our current needs.
35
ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 5. OPERATING AND FINANCIAL REVIEW
AND PROSPECTS
The following discussion
of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the
related notes to those statements included elsewhere in this annual report on Form 20-F. In addition to historical consolidated financial
information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions.
Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as
a result of many factors, including those discussed under "Item 3. Key Information—D. Risk Factors" and elsewhere in
this annual report.
Certain information called
for by this Item 5, including a discussion of the year ended December 31, 2021, compared to the year ended December 31, 2020,
has been reported previously in our annual report on April 29, 2022, under Item 5 "Operating and Financial Review and Prospects".
For the purpose of this
Item 5., references to "Medigus", the "Company", "us", "we" and "our" refer
to Medigus and its consolidated subsidiaries.
Overview
Our legal and commercial
name is Medigus Ltd. We were incorporated in the State of Israel on December 9, 1999, as a private company pursuant to the Israeli Companies
Ordinance (New Version), 1983. In February 2006, we completed our initial public offering in Israel, and until January 25, 2021, our
Ordinary Shares were traded on the TASE, under the symbol "MDGS". On January 25, 2021, we delisted our Ordinary Shares from
trading on TASE. In May 2015, we listed our ADSs on Nasdaq, and since August 2015 our ADSs have been traded on the Nasdaq under
the symbol "MDGS". Following a 1:15 ratio change of the ADSs on November 14, 2022 (the "Ratio Change"), each
ADS represents fifteen (15) Ordinary Shares. In July 2018, we listed our Series C Warrants on the Nasdaq, and since then our Series C
Warrants have been traded on Nasdaq under the symbol "MDGSW". Following the Ratio Change, the Series C Warrant were adjusted,
such that the exercise price was increased by a factor of fifteen (15), and the number of ADSs issuable under the warrants was decreased
by a factor of fifteen (15). Each Series C Warrant is exercisable into one/fifteen ADSs for an exercise price of $52.50, and will expire
five years from the date of issuance.
ScoutCam Ltd. was formed in Israel on January 3, 2019, as a wholly
owned subsidiary of Medigus, in order to distinguish ScoutCam's miniaturized imaging business, or the micro ScoutCam
™
portfolio,
from Medigus' other operations. In December 2019, Medigus and ScoutCam Ltd. consummated an Amended and Restated Asset Transfer Agreement,
effective March 1, 2019, which transferred and assigned certain assets and intellectual property rights to ScoutCam Inc., which became
the sole owner of ScoutCam Ltd.. ScoutCam Inc. consummated a private placement offering of USD 20 million in March 2021, in which we did
not participate, following that offering our holdings in ScoutCam Inc. were reduced to 28.06% of its outstanding share capital. Accordingly
ScoutCam was deconsolidated as of such date and is accounted for as an equity investment as of April 1, 2021. As of today, we hold
18.45% of ScoutCam's outstanding share capital.
36
On October 14, 2020, we signed a share purchase agreement and a revolving
loan agreement with Eventer. The Eventer transaction closed on October 26, 2020. Pursuant to the share purchase agreement, we invested
$750,000 and were issued 325,270 ordinary shares of Eventer, representing 58.7% of Eventer's then issued and outstanding share capital.
On April 8, 2021, Eventer consummated an additional share purchase agreement with certain investors in connection with the sale and issuance
its ordinary shares for an aggregate amount of $2.25 million (the "Purchase Agreement)." According to the Purchase Agreement,
if during the twelve months following the closing of the Purchase Agreement, or March 25, 2022, Eventer shall not consummate an IPO, then
the price per share shall be adjusted by issuance of additional shares. By March 25, 2022, Eventer had not consummated an IPO, therefore,
on May 25, 2022, Eventer issued additional shares to the Company and additional investors. As a result of such share issuance, our holding
in Eventer decreased to 46.21% of Eventer's outstanding share capital.
On October 8, 2020, we entered into a common stock purchase agreement
with Pro Inc., Purex, and their respective stockholders pursuant to which we acquired 50.01% of Pro's and 50.03% of Purex's
issued and outstanding share capital on a fully diluted basis through a combination of cash investments in the companies and acquisition
of additional shares from the then current shareholders of the two companies in consideration for our restricted ADSs and a cash component.
We agreed to; invest an aggregate amount of $1,250 thousand in Pro and Purex, pay $150 thousand in cash consideration to the current stockholders,
and issue up to $500 thousand worth of restricted ADSs to the current stockholders of such companies subject to EBITDA milestones. Following
the EBITDA results, the Company issued $71 thousand worth of restricted ADSs in June 20201. The transactions contemplated in the definitive
agreements closed on January 4, 2021.
On May 16, 2021, we entered
into a stock exchange and plan of restructuring agreement with Victor Hacmon, the other shareholder of Pro and Purex, and Jeffs'
Brands. Pursuant to which, among other things, we and Victor Hacmon transferred all our holdings in Pro and Purex to Jeffs' Brands,
in return for a consideration of Jeffs' Brands ordinary shares that were issued respectively. As a result, Pro and Purex became
wholly-owned subsidiaries of Jeffs' Brands. The share exchange transaction was accounted in a manner similar to Pooling-of-Interests
("As Pooling").
On August 30, 2022, we participated
in Jeffs' Brands initial public offering, and purchased 240,385 units comprised of 240,385 ordinary shares and warrants to purchase
up to 240,385 ordinary shares with an exercise price of $2.02 per ordinary share.
We currently hold 34.87%
of Jeffs' Brands outstanding share capital.
As of December 31, 2021, Medigus held 34.58% of Gix Internet's
outstanding share capital. On February 14, 2022, we purchased 500,000 additional shares, increasing our holdings to 35.78% of Gix Internet's
outstanding share capital.. On February 28, 2022, we purchased additional shares following which our holdings in Gix Internet increased
to 38.03% of its outstanding share capital. As a result of this increase, and the fulfillment of additional conditions we consolidated
Gix Internet's financial statements as of February 28, 2023. On June 19, 2022, we purchased an additional 3,171,160 shares of Gix
Internet, We currently hold 42.25% of Gix Internet's outstanding share capital.
37
A. Operating results
:
The following table sets
forth a summary of our operating results:
Year ended
December 31,
2022
2021
U.S. Dollars, in thousands,
except per share and
weighted average shares data
Revenues:
Products
5,861
8,933
Services
85,997
1,185
91,858
10,118
Cost of revenues:
Products
5,059
4,938
Services
72,347
379
77,406
5,317
Gross Profit
14,452
4,801
Research and development expenses
4,853
1,045
Sales and marketing expenses
4,006
1,988
General and administrative expenses
14,174
9,964
Net change in fair value of financial assets at fair value through profit or loss
2,544
(713
)
Share of net loss of associates accounted for using the equity method
2,659
2,149
Amortization of excess purchase price of associates
-
263
Operating loss
(13,784
)
(9,895
)
Changes in fair value of warrants issued to investors
(159
)
(484
)
Gain upon loss of control in a subsidiary
-
(11,465
)
Gain from initial recognition of assets and liabilities upon consolidation of Gix Internet
(2,300
)
-
Loss (gain) from sale of investments
127
(2,025
)
Changes in fair value of warrants issued to third party investors by a consolidated subsidiary
(3,619
)
75
Other expenses (income)
(45
)
(494
)
Financial (income) loss net
2,309
347
Profit (loss) before taxes on income
(10,097
)
4,151
Taxes expense
111
105
Net profit (loss) for the period
(10,208
)
4,046
Other comprehensive income for the period
460
162
Total comprehensive income (loss) for the period
(9,748
)
4,208
Net Profit (loss) for the period is attributable to:
Owners of Medigus
(9,815
)
6,794
Non-controlling interest
(393
)
(2,748
)
(10,208
)
4,046
Total comprehensive Profit (loss) for the period is attributable to:
Owners of Medigus
(9,503
)
6,881
Non-controlling interest
(245
)
(2,673
)
(9,748
)
4,208
Basic Earnings (loss) per ordinary share
(0.40
)
0.2
Diluted Earnings (loss) per ordinary share
(0.40
)
0.2
Weighted average number of Ordinary Shares outstanding used to compute (in thousands):
Basic income/loss per share
24,385
23,036
*
Diluted income/loss per share
24,385
23,036
*
*Restated
to
reflect the Reverse Split at a ratio of 20:1 effected on July 7, 2022.
38
Year ended December 31, 2022, compared to year
ended December 31, 2021
Revenues
Revenues for the year ended December 31, 2022, were $91,858,000 representing
an increase of $81,740,000 or 808%, compared to total revenues of $10,118,000 for the year ended December 31, 2021.
The increase in revenues was
primarily due to the consolidation initiation of Gix Internet financial statements and the increase in revenues related to Eventer.
The tables below set forth
our revenues, by region and by product for the periods presented:
U.S. dollars; in thousands
Year Ended December 31,
2022
2021
United States
52,129
57
%
6,306
62
%
Europe
21,897
24
%
128
1
%
Israel
15,266
16.5
%
1,183
12
%
Asia
2,108
2
%
2,400
24
%
Other
458
0.5
%
101
1
%
Total
91,858
100
%
10,118
100
%
U.S. dollars; in thousands
Year Ended December 31,
2022
2021
Products on the Amazon online marketplace
5,861
6
%
6,509
64
%
Products- others
-
-
2,400
24
%
Revenues from internet services
83,532
91
%
-
-
Revenues from commissions
2,465
3
%
1,185
12
%
Miniature camera and related equipment
-
-
24
0
%
Total
91,858
100
%
10,118
100
%
Our revenues in 2021 were
primarily derived from the sale of products on Amazon online marketplace and sales from commission.
The decrease in revenues from Products on the Amazon Online Marketplace
was primarily due to an increase in competition. The increase in revenues from commissions was primarily due to an increase in events
during 2022. The increase in revenues from internet services is due to the consolidation initiation of Gix Internet's financials
commencing February 28, 2022.
Cost of revenues
Cost of revenues for the
year ended December 31, 2022, were $77,406,000 representing an increase of $72,089,000, or 1,356%, compared to cost of revenues and of
$5,317,000 for the year ended December 31, 2021. The increase was primarily due to the increase in cost of revenues related to the consolidation
of Gix Internet commencing February 28, 2022.
Gross Profit
Gross profit for the year ended December 31, 2022, was $14,452,000,
representing an increase of $9,651,000 compared to gross loss of $4,801,000 for the year ended December 31, 2021. The gross profit increase
is a result mainly due to the consolidation of Gix Internet commencing February 28, 2022..
Research and Development Expenses
Research and development expenses for the year ended December 31, 2022,
were $4,853,000, representing an increase of $3,808,000, or 364%, compared to $1,045,000 for the year ended December 31, 2021. The increase
was primarily due to the consolidation of Gix Internet commencing February 28,2022. In addition to the increase in Charging Robotics Ltd.
research and development activities.
Sales and Marketing Expenses
Sales and marketing expenses for the year ended December 31, 2022,
were $4,006,000, representing an increase of $2,018,000, or 102%, compared to $1,988,000 for the year ended December 31, 2021. The increase
was primarily due to the consolidation of Gix Internet commencing February 28, 2022.
39
General and Administrative Expenses
General and Administrative
expenses for the year ended December 31, 2022, were $14,174,000, representing an increase of $4,210,000, or 42%, compared to $9,964,000,
for the year ended December 31, 2021. The increase was primarily due to:
a.
The consolidation
of Gix Internet commencing February 28, 2022.
b.
Increase in Jeffs' Brands general and administrative expenses - mainly due to professional services and consulting fees related to services provided in connection with Jeffs' IPO.
Net change in fair value of financial assets
at fair value through profit or loss
During 2022 we recognized a loss of $2,544,000 from net change in the
fair value of financial assets derived mainly due to expenses of USD 1,128 thousand from Clearmind Shares, expenses of USD 427 thousand
from Gix Internet Anti-dilution rights and USD 578 thousand from Automax shares..
Share of net loss of accounted for using
the equity method
The investment in Polyrizon, Revoltz, Laminera, Parazero, Fuel Doctor,
Elbit (until October 2022), Gix (up to February 28, 2022) and ScoutCam are accounted for using the equity method. The share net loss of
accounted for using the equity method for the year ended December 31, 2022, amounted to $2,659 thousand.
Operating loss
We incurred an operating loss of $13,784,000 for the year ended December
31, 2022, representing an increase of $3,889,000, or 39%, compared to operating loss of $9,895,000 for the year ended December 31, 2021.
The increase was primarily due to an increase of $3,257,000 in net change in fair value of financial assets at fair value through profit
or loss and an increase of the share of net loss of associates accounted for using the equity method of USD 510 thousand.
Change in Fair Value of Warrants Issued
to Investors
Profit from change in the
fair value of warrants issued to investors for the year ended December 31, 2022, was $159,000, representing a decrease of $325,000, compared
to profit of $484,000 for the year ended December 31, 2021.
Warrants issued to investors
are classified as either liabilities or as part of the shareholders' equity based on the accounting guidance established in connection
with the rights attached to the warrants. The warrants that were classified as liabilities due to a cashless exercise mechanism are subject
to adjustment to fair value each statement of financial position cut-off date. This adjustment is presented separately within the consolidated
statement of loss and other comprehensive loss.
Gain from initial recognition
of assets and liabilities upon control obtained in an associate
The Company recognized a gain of $2,300,000 from initial recognition
of assets and liabilities due to control obtained in Gix Internet commencing February 28, 2022.
Financial expenses net
Finance expenses, net for
the year ended December 31, 2022, was $2,309,000, representing an increase of $1,962,000, compared to finance expenses of $347,000 for
the year ended December 31, 2021, primarily due to interest accumulated on loans in Gix internet, Eventer and Jeffs' Brands and
due to exchange rate differences.
40
Profit (Loss) for the year
We incurred net loss of $10,208,000 for the year ended December 31,
2022, representing a decrease of $14,254,000, or 352%, compared to profit of $4,046,000 for the year ended December 31, 2021, which was
primarily due to one-time gain in 2021 upon loss of control of a subsidiary in the amount of $11,465,000. The decrease was further due
to an increase of $3,257,000 in net change in fair value of financial assets at fair value through profit or loss and an increase of the
share of net loss of associates accounted for using the equity method of $510,000.
Year ended December 31, 2021, compared to year
ended December 31, 2020
The discussion and analysis
regarding the results of operations from the fiscal years ended December 31, 2021, and December 31, 2020, is contained in our annual report
on Form 20-F, filed with the SEC, on April 29, 2022, and May 14, 2021.
Effective Corporate Tax Rate
Our  effective consolidated tax rate for the years ended December
31, 2022, and 2021 was almost zero percent (0%), primarily due to the fact that the Company did not record a tax asset, Gix Internet,
Jeffs' Brands and Eventer did not record a deferred tax asset in connection with the losses incurred in Israel, since it is not probable
that we will be able to utilize such losses in the foreseeable future against taxable income.
Impact of Inflation, Devaluation and Fluctuation
in Currencies on Results of Operations, Liabilities and Assets
We generate part of our revenues
in different currencies than our functional currency (U.S. dollars), such as NIS and Euro. As a result, some of our financial assets
are denominated in these currencies, and fluctuations in these currencies could adversely affect our financial results. A considerable
amount of our expenses are generated in U.S. dollars, but a significant portion of our expenses such as salaries are generated in other
currencies such as NIS. In addition to our operations in Israel, we are expanding our international operations
in the European
Union. Accordingly, we incur and expect to continue incurring additional expenses in non-U.S. dollar currencies, such as described above.
Due
to the mentioned, our results could be adversely affected as a result of a strengthening or weakening of the U.S. Dollar compared to
these other currencies.
The inflation in Israel during
the last several years was relatively immaterial and, therefore, had immaterial effect on our results of operations.
Effective January 1, 2016,
we changed our functional currency to the U.S. dollar from NIS. This change was based on management's assessment that the U.S.
dollar is the primary currency of the economic environment in which we operate. Accordingly, the functional and reporting currency of
our consolidated financial statements is the U.S. dollar.
41
B. Liquidity and Capital Resources
Liquidity
During the year ended December 31, 2022, we incurred a total comprehensive
loss of approximately $9.7 million and a negative cash flow used in operating activities of approximately $5.6 million. As of December
31, 2022, we incurred accumulated deficit of approximately $85.6 million.
We will need to seek additional
sources of funds, including selling additional equity, debt or other securities or entering into a credit facility, take costs reduction
steps or modify our current business plan to achieve profitability. If we raise additional funds through the issuance of debt securities,
these securities may have rights senior to those of our Ordinary Shares and could contain covenants that could restrict our operations
and ability to issue dividends. We may also require additional capital beyond our currently forecasted amounts. Any required additional
capital, whether forecasted or not, may not be available on reasonable terms, or at all. If we are unable to obtain additional financing,
we may be required to reduce the scope of, delay or eliminate some or all of our planned research, development and commercialization
activities, which could materially harm our business and results of operations.
Because of the numerous risks
and uncertainties associated with the development of our products and the current economic situation, we are unable to estimate the exact
amounts of capital outlays and operating expenditures necessary to complete the development of our products and successfully deliver
commercial products to the market. Our future capital requirements will depend on many factors, including but not limited to the following:
●
the revenue generated by sales
    of our current and future products;
●
the expenses we incur in selling
    and marketing our products and supporting our growth;
●
the costs and timing of regulatory
    clearance or approvals for new products or upgrades or changes to our products;
●
the expenses we incur in complying
    with domestic or foreign regulatory requirements imposed on medical device companies;
●
the rate of progress, cost and
    success or failure of on-going development activities;
●
the emergence of competing or
    complementary technological developments;
●
the costs of filing, prosecuting,
    defending and enforcing any patent or license claims and other intellectual property rights;
●
the terms and timing of any collaborative,
    licensing, or other arrangements that we may establish;
●
the future unknown impact of recently
    enacted healthcare legislation;
●
the acquisition of businesses,
    products and technologies; and
●
general economic conditions and
    interest rates.
Cash Flows
Net cash used in operating
activities for the year ended December 31, 2022, was $5,656,000, compared to $5,250,000 for the year ended December 31, 2021. For the
year ended December 31, 2022, the Company had net cash used in investing activities of $4,476,000 compared to net cash used in investing
activities of $12,446,000 for the year ended December 31, 2021. For the year ended December 31, 2022, the Company had net cash generated
from financing activities of $5,410,000 compared to $19,150,000 for the year ended December 31, 2021.
42
The change in our liquidity
for the year ended December 31, 2022, resulted from several factors, including but not limited to:
●
net cash used in operating activities consists primarily of
$2,300,000 gain from initial recognition of assets and liabilities upon consolidation of Gix Internet, Changes in fair value of warrants
issued to third party investors by a consolidated subsidiary of $3,619,000 , net loss from change in the fair value of financial assets
at fair value through profit or loss in the amount of $2,544,000, share of net loss of associates accounted for using the equity method
in an amount of  $2,659,000 and  stock-based compensation in connection with options granted to employees and service providers
of $787,000.
●
net cash used in investing activities consists mainly of $5,099,000 purchases of investments accounted as associates or measured through profit and loss, $1,018,000 loan to others, $660,000 loans to associate and $2,737,000 consolidation of subsidiaries upon gain of control.
●
net generated from financing activities consists mainly of
$12,567,000 proceeds from issuance of shares and warrants by subsidiaries, $1,752,000 receipt of loans offset by $2,520,000 repayment
of loans and $4,186,000 dividends.
C. Research and Development,
Patents and Licenses, etc.
Our research and development
efforts are focused on continuous improvement of our products. We conduct all of our research activities in Israel.
As of December 31, 2022, our research and development team consisted
of 16 employees and subcontractors for the development of our products in Gix, and Eventer as needed. We have assembled an experienced
team with recognized expertise in, software, control algorithms and systems integration.
The table below set forth
our research and development expenses for the periods presented:
Year Ended December 31,
2022
2021
(U.S. Dollars, in thousands)
Research and development expenses
$
4,853
$
1,045
From time to time, we file applications for patent registration in
certain countries, some in which we are active and some which we consider as potential markets in order to protect our developed intellectual
property.
D. Trend Information
Other than as described in Item 3.D. "Risk Factors", in
Item 5.A. "Operating Results", and in Item 5.B. "Liquidity and Capital Resources" of this Annual Report, we are
not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net
revenues, income from operations, profitability, liquidity or capital resources, or that would cause the disclosed financial information
to be not necessarily indicative of future operating results or financial condition.
43
E. Critical Accounting Estimates
Our significant accounting
policies and their effect on our financial condition and results of operations are more fully described in our audited consolidated financial
statements included elsewhere in this Annual Report. We have prepared our financial statements in conformity with International Financial
Reporting Standards or IFRS, which requires management to make estimates and assumptions that affect the amounts reported in our consolidated
financial statements and accompanying notes. These estimates are prepared using our best judgment, after considering past and current
events and various other assumptions. While management believes the factors evaluated provide a meaningful basis for establishing and
applying sound accounting policies, management cannot guarantee that the estimates will always be consistent with actual results. In
addition, certain information relied upon by us in preparing such estimates includes internally generated financial and operating information,
external market information, when available, and when necessary, information obtained from consultations with third parties. Actual results
may differ from these estimates. We believe that the accounting policies discussed below are critical to our financial results and to
the understanding of our past and future performance, as these policies relate to the more significant areas involving management's
estimates and assumptions. We consider an accounting estimate to be critical if: (1) it requires us to make assumptions because it included
matters that were highly uncertain at the time, we were making our estimate or the assumption is material due to the levels of subjectivity
and judgment involved, and (2) changes in the estimate could have a material impact on our financial condition or results of operations.
Warrants/options assets
Warrants/options assets, which
measured as fair value through profit and loss, are subsequently measured using the Black-Scholes option-pricing model as follow:
The Black-Scholes option-pricing
model requires us to make a number of assumptions, including the value of Ordinary Shares, expected volatility, expected term, risk-free
interest rate and expected dividends.
Expected volatility of private
company warrants was calculated based on the implied volatilities from market comparisons of certain publicly traded companies and other
factors. Expected volatility for traded company warrants was calculated based upon their share prices. Share price as of the cut-off date
for private company relies on the last finance round.
The risk-free interest rate
was based on the U.S. treasury bonds yield with an equivalent term or Israel treasury bonds yield. There are no foreseeable plans to pay
dividends. Future expense amounts for any period could be affected by changes in our assumptions and market conditions.
Stock-Based Compensation
We as well as our  subsidiaries
grant equity-based awards to certain employees, directors and other service providers. The expense is measured at the grant date fair
value of the award and recognized as compensation expense over the service period. The fair value of the awards is estimated on the grant
date using the Black Scholes option pricing model. The use of an option valuation model includes subjective assumptions, including the
expected stock price volatility and average life of each grant, as well probability of successful completion of the IPOs of our subsidiaries
that were in process at the date of grant or during subsequent periods to the extent the award terms included performance conditions.
Financial instruments at fair value through
profit and loss / Financial instruments at cost that are initially measured at fair value
In estimating the fair value of such assets or
a liabilities, the Group uses market-observable data. Where Level 1 or 2 inputs are not available, we determine the fair value of the
financial instrument using acceptable valuation techniques and, as applicable, engage with qualified third party valuation specialists
to perform the valuation.
We perform a purchase price allocation in regards
with our investments, as needed. Following the consolidation of Gix to our financial statements, we  performed a  purchase price
allocation to Goodwill and other intangible assets.
The fair value determination of acquired intangible
assets for [these purchases price allocations require us to make significant estimates. These estimates include, among others, forecasted
discounted cash flows which include, inter alia, significant assumptions for revenue growth rates and the selection of an appropriate
discount rate.
Business Combinations
The results of an acquired
business in a business combination are included in the Company's consolidated financial statements from the date of acquisition
according to IFRS 3R, "Business Combinations." The Company allocates the purchase price, which is the sum of the consideration
provided and may consist of cash, equity or a combination of the two, to the identifiable assets and liabilities of the acquired business
at their fair values as of the acquisition date. The excess of the purchase price over the amount allocated to the identifiable assets
and liabilities, if any, is recorded as goodwill. The non-controlling interest are measured upon the date of the business combination
in the amount of their share at the fair value of assets, liabilities and contingent liabilities of the acquired acquisition other than
their share in goodwill.
44
The estimated fair values
and useful lives of identifiable intangible assets are based on many factors, including estimates and assumptions of future operating
performance and cash flows of the acquired business, the nature of the business acquired and the specific characteristics of the identified
intangible assets. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could
change due to numerous factors, including market conditions, technological developments, economic conditions and competition.
Contingent consideration
incurred in a business combination is included as part of the acquisition price and recorded at a probability weighted assessment of
the fair value as of the acquisition date. The fair value of the contingent consideration is re-measured at each reporting period, with
any adjustments in fair value recognized in earnings under general and administrative expenses.
Acquisition related costs
incurred by the Company are not included as a component of consideration transferred but are accounted for as an expense in the period
in which the costs are incurred.
Share-Based Compensation
We account for share-based
compensation in accordance with IFRS 2, "Share-based Payment." Share based awards are mainly granted to employees, service
providers and members of our board of directors and measured at fair value at each grant date. We calculate the fair value of share-based
compensation options, on the date of grant using the Black-Scholes option-pricing model and the expense is recognized over the requisite
service period using the accelerated basis method.
We recognize forfeitures
as they occur.
The requisite service period
for share-based compensation options is generally 3 years and vesting equally on quarterly basis.
The Black-Scholes option-pricing
model requires us to make a number of assumptions, including the value of our Ordinary Shares, expected volatility, expected term, risk-free
interest rate and expected dividends.
We evaluate the assumptions
used to value share-based compensation options upon grant date.
Expected volatility for share-based
compensation options was calculated based upon the Company's share prices.
The risk-free interest rate
was based on the U.S. treasury bonds yield with an equivalent term. We have not paid dividends and have no foreseeable plans to pay dividends.
As it relates to the fair
value estimate of equity awards granted by our subsidiaries, the assumptions with respect to the underlying share price are primarily
based on recent financing rounds, and the assumptions with respect to volatility of the share price is based on comparable companies.
In cases equity awards granted by our subsidiaries have contractual terms that dependents on the successful completion of an IPO, our
fair value estimate with respect to these awards includes assumption with respect to the probability of occurrence of an IPO event.
Future expense amounts for
any particular period could be affected by changes in our assumptions or market conditions.
Recent Accounting Pronouncements
Please see Note 2 to our
audited consolidated financial statements included elsewhere in this Annual Report for information regarding recent accounting pronouncements.
45
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors and Senior Management
The following table lists the names and ages of
our directors and senior management as of March 1, 2023:
Name
Age
Position(s)
Liron Carmel
39
Chief Executive Officer
Eliyahu Yoresh
(1)(3)(4)
53
Chairman of the Board of Directors
Ronen Rosenbloom
(1)(2)(4)
51
Director
Eli Cohen
(1)(2)(3)(4)
54
Director
Kineret Tzedef
(2)(4)
43
Director
Tali Dinar
51
Chief Financial Officer
(1)
Member of the audit committee.
(2)
Member of the compensation committee.
(3)
Member of the investment committee.
(4)
Indicates independent director under
    Nasdaq Stock Market rules.
Liron Carmel
has
been serving as our Chief Executive Officer since April 2019. Mr. Carmel has vast experience in business and leadership across multiple
industries, including bio pharma, internet technology, oil & gas exploration & production, real estate and financial services.
In addition he serves as chairman of the Israel Tennis Table Association. Mr. Carmel also currently serves as a member of the board of
directors of several of our subsidiaries including Gix Internet (TASE: GIX), beginning April 2021, Polyrizon Ltd., beginning July 2020,
Jeffs' Brands Ltd. beginning September 2021, Viewbix Inc. (OTC:VBIX) beginning September 2022 and as the chairman of the board of
directors of Eventer Technologies Ltd. beginning October 2020.
Eliyahu Yoresh
has
been serving as a member of our Board since September 2018 and as our Chairman of the board since February 2020. Mr. Yoresh serves as
chief financial officer of Foresight Autonomous Holdings Ltd. (Nasdaq, TASE: FRSX). In addition, Mr. Yoresh serves as Chairman of
Gix (TASE: GIX) and serves as a director of Rail Vision (Nasdaq: RVSN), Jeff Brands (Nasdaq: JFBR), Viewbix Inc. (OTC:VBIX) and Elbit
Imaging (TASE: EMITF). Mr. Yoresh served as the chief executive officer of Tomcar Global Holdings Ltd., a global manufacturer of
off-road vehicles, from 2005 to 2008. Mr. Yoresh is an Israeli Certified Public Accountant. Yoresh acquired a B.A. in business administration
from the Business College, Israel and an M.A. in Law Study from Bar-Ilan University, Israel.
Ronen Rosenbloom
has
been serving as a member of our Board since September 2018. Mr. Rosenbloom is an independent lawyer working out of a self-owned
law firm specializing in white collar offences and AML. Mr. Rosenbloom serves as chairman of the Israeli Money Laundering Prohibition
committee and the Prohibition of Money Laundering Committee of the Tel Aviv District, both of the Israel Bar Association. Mr. Rosenbloom
previously served as a police prosecutor in the Tel Aviv District. Mr. Rosenbloom holds an LL.B. from the Ono Academic College, an Israeli
branch of University of Manchester.
46
Eli Cohen
has
been serving as a member of our Board since September 2018. Mr. Cohen
is an independent lawyer working out of a self-owned
firm. He serves as chairman of Univo Pharmaceuticals Ltd., as director of Europe Hagag Ltd., and has previously served as director of
Hagag Group Ltd., Multimatrixs Ltd., Matrat Mizug Ltd. and User Trend-M Ltd. Mr. Cohen also serves as a director of several private companies.
Mr. Cohen holds an economics degree, an LL.B. and an LL.M. in Commercial Law from Tel-Aviv University, as well as an MBA from the Northwestern
University and Tel-Aviv University joint program.
Kineret
Tzedef
has been serving as member of our Board since June 2019. Ms. Tzedef also serves as a director of sports division and
served in other positions at Hapoel Organization (Israeli Sport Federation) since 2007. Ms. Tzedef serves as an external director at
Upsellon Brands Holdings Ltd. (TASE: UPSL), and as an external director of Augwind Energy Tech Storage Ltd. (TASE: AUGN). Ms. Tzedef
is admitted to the Israel Bar Association since 2014. Ms. Tzedef acquired a LL.B from the Academic Center for Law and Science,
Israel and a B.Ed. in Law Study from the Academic College at Wingate, Israel.
Tali Dinar
has
been serving as our Chief Financial Officer since June 8, 2021 Mrs. Dinar served as Chief Financial Officer of Novomic Ltd., a private
company between January 2019 and January 2023. Mrs. Dinar also currently serves as a member of the board of directors of Jeffs'
Brands, beginning September 30, 2021, Parazero. beginning February 13, 2022, and Charging Robotics Ltd. since November 2021. She has also
served as a member of the board of directors of Micronet Ltd. (TASE: MCRNT) between July 2016 and February 2023. In addition, she has
also served as a director of Canzon Israel Ltd. (TASE: CNZN) since August 2020 until March 2022. Between 2019 and 2020, Mrs.
Dinar served as the Chief Financial Officer of TechCare Corp. (currently Citrine Global Corp.) (OTCQB: CTGL). Between 2009 and 2019, Mrs.
Dinar worked at the MICT group and served in various positions, including as Chief Financial Officer of MICT Inc. (Nasdaq: MICT) and as
Chief Financial Officer of MICT Telematics Ltd. From 2002 until 2006, Mrs. Dinar served as the chief controller of I.T.L. Optronics Ltd.
From 1997 until 2000, Mrs. Dinar worked in the audit department of Ernst & Young Global. Mrs. Dinar is a certified public accountant
in Israel and holds a B.A. degree in Accounting and Business Management from The College of Management, Israel.
Family Relationships
There are no family relationships
between any members of our executive management and our directors.
Arrangements for Election of Directions and Members
of Management
There are no arrangements
or understandings with major shareholders, customers, suppliers or others pursuant to which any of our executive management or our directors
were appointed.
B. Compensation
Compensation of Directors and Executive Officers
In accordance with the provisions
of the Companies Law, the compensation of our directors and officer holders must generally comply with the terms and conditions of our
compensation policy, as approved by our compensation committee, board of directors and general meetings of our shareholders, subject to
certain exceptions under the Companies Law.
47
The table below reflects
the compensation granted to our six most highly compensated directors and officers during or with respect to the year ended December
31, 2022.
Name and Position
Salary
Bonus
Equity-Based
    Compensation
(1)
Total
U.S. Dollars in thousands
Liron Carmel,
Chief Executive Officer
216
102
133
449
Eliyahu Yoresh,
Chairman of the Board of Directors
(2)
161
77
127
365
Tali Dinar
(3)
, Chief Financial Officer
151
21
50
221
Kineret Tzedef,
Director
39
-
48
87
Eli Cohen, Ronen Rosenbloom,
Directors
39
-
42
81
(1)
Represents the equity-based
    compensation expenses recorded in the Company's consolidated financial statements for the year ended December 31, 2022, based
    on the option's fair value, calculated in accordance with accounting guidance for equity-based compensation.
(2)
Mr. Yoresh has been
    serving as a member of our board of directors since September 2018 and as our Chairman of the board of directors since February 2020.
(3)
Salary includes gross
    salary plus payment of social benefits made by us on behalf of such office holder. Such benefits may include, to the extent applicable
    to the office holder, payments, contributions and/or allocations for
savings funds (such as managers' life insurance
    policy), education funds (referred to in Hebrew as "keren hishtalmut"), pension, severance, risk insurances (e.g., life,
    or work disability insurance), payments for social security and tax gross-up payments, vacation, medical insurance and benefits,
    convalescence or recreation pay and other benefits and perquisites consistent with our policies.
The aggregate compensation
paid by us to our office holders, as defined in the Companies Law, for the year ended December 31, 2022, was approximately $1.2 million,
which includes six persons. This amount includes, when applicable, set aside or accrued to provide pension, severance, retirement or similar
benefits or expenses, car expenses and value of the Ordinary Shares underlying the options representing accounting expenses, but does
not include business travel, relocation, professional and business association dues and expenses reimbursed to officers, and other benefits
commonly reimbursed or paid by companies in Israel.
Compensation of Director
s
Under the Companies Law and
the rules and regulations promulgated thereunder, our directors are entitled to fixed annual compensation, up to the limits set forth
in the compensation policy. We currently pay each of Mr. Ronen Rosenbloom, Ms. Kineret Tzedef and Mr. Eli Cohen an annual fee of NIS
132,000.
Each of our non-executive
directors were also granted options to purchase 100,000 Ordinary Shares under the Plan (as defined herein). Such options were granted
on June 29, 2021. The options vest over a period of three (3) years commencing on April 1, 2021, with 1/12 of such options vesting at
the end of each subsequent three-month period following the grant, (ii) the term of the options is of six (6) years from the grant date,
unless they have been exercised or cancelled in accordance with the terms of and conditions of the applicable incentive plan of the Company,
(iii) unless previously exercised or cancelled, the options may be exercised until 180 days from the termination of the tenure of a director,
(iv) the exercise price per share of the options is equal to the average share price of the 30 days prior to the date of grant, $1.783
(v) the options grant is in accordance and pursuant to Section 102 of the Income Tax Ordinance [New Version] ("Tax Ordinance"),
if applicable, and (vi) the options will be accelerated upon the closing of a material transaction, resulting in change of control of
the Company.
48
On
April 25, 2021, and on May 4, 2021, our compensation committee and board of directors approved new compensation terms for Mr. Eliyahu
Yoresh in connection with his services as an active chairman of the board of directors. For his services, Mr. Yoresh is entitled to receive
a monthly payment of NIS 45,000 plus VAT, which constitutes the sole and complete compensation. In addition, Mr. Yoresh is entitled to
an annual, target based bonus and an additional overachievement bonus of up to 6 monthly salaries, each. The weight afforded to each
target and overachievement component, is to be decided by our board of directors and compensation committee in accordance with the following
weights: (a) 35% Company performance measures of strategic goals and related objectives; (b) 25% Company performance measures of material
transaction or material profitability/revenues; (c) 20% Company performance measures of revenues and/or loss reduction; and (d) 20% Company
performance measures of achieving commercialization of Company's technology. The aforementioned compensation terms are consistent
with our current compensation policy.
Following the approval of
the annual general meeting of our shareholders held on August 30, 2021, Mr. Yoresh was granted with a one-time grant of options to
purchase 300,000 Ordinary Shares in accordance with the terms of the Plan. The options vest over a period of three (3) years commencing
on April 1,2021, with 1/12 of such options vesting at the end of each subsequent three-month period following the grant, (ii) the term
of the options is of six (6) years from the grant date, unless they have been exercised or cancelled in accordance with the terms of and
conditions of the applicable incentive plan of the Company, (iii) unless previously exercised or cancelled, the options may be exercised
until 180 days from the termination of Mr. Yoresh' tenure as a chairman, (iv) the exercise price per share of the options is equal
to the average share price of the 30 days prior to the date of grant, $1.783 (v) the options grant will be in accordance and pursuant
to Section 102 of the Tax Ordinance, if applicable, and (vi) the options will be accelerated upon the closing of a material transaction,
resulting in change of control of the Company.
Equity
Based Compensation of our Executive Officers and Directors
As of March 1, 2023, options
to purchase 1,212,500 of our Ordinary Shares were outstanding and held by current executive officers and directors (consisting of 6 persons)
with an average exercise price of NIS 6.78 per ordinary share, of which, options to purchase 867,708 of our Ordinary Shares are currently
exercisable or exercisable within 60 days as of March 1, 2023. See "Item 6. Directors, Senior Management and Employees—E.
Share Ownership" in this annual report on Form 20-F.
Agreements
with our Executive Officers
We
have entered into written agreements with each of our executive officers. All of these agreements contain customary provisions regarding
non-competition, confidentiality of information and assignment of inventions. However, the enforceability of the noncompetition provisions
may be limited under applicable law. In addition, we have entered into agreements with each executive officer and director pursuant to
which we have agreed to indemnify each of them to the fullest extent permitted by law to the extent that these liabilities are not covered
by directors and officers insurance.
Our
office holders are generally eligible for bonuses each year. The bonuses are established and granted in accordance with our compensation
policy and are generally payable upon meeting objectives and targets that are approved by our compensation committee and board of directors
(and if required by our shareholders).
Consulting
Agreement with Mr. Carmel
On July 25, 2019, our shareholders
approved that as of April 2, 2019, our Company would enter into a consulting agreement with Mr. Carmel, who serves as our Chief Executive
Officer. The term is for an indefinite period, however the agreement may be terminated by either party by giving 60 days advance notice,
or shorter periods in some cases, such as termination for "cause." During the notice period, Mr. Carmel will be entitled to
consulting fees only to the extent that he provides services to the Company during the notice period. The agreement also includes customary
covenants regarding confidentiality, IP assignment, non-competition and non-solicitation.
49
Mr.
Carmel's monthly consulting fee is NIS 60,000 plus VAT, effective as of May 2021, as approved by our shareholders at our annual
general meeting held on August 30, 2021. In addition, Mr. Carmel is entitled to an annual target based bonus and an additional overachievement
bonus of up to 6 monthly salaries each, subject to a performance matrix to be approved by the Company's compensation committee
and board of directors on an annual basis, while up to 30% of such annual bonus may be discretionary and not subject to measurable performance
indexes. The annual target bonus may be reduced by our board of directors according to our financial position and Mr. Carmel's
performance, and must be returned by Mr. Carmel if it is later shown to be granted in error which shall be restated in our financial
statements.
In addition, Mr. Carmel was granted with options to purchase up to
62,500 Ordinary Shares of the Company (the "Options"), in accordance with the following terms: (i) the Options vest over a
period of four (4) years commencing April 1, 2019, 25% of the Options vest on the first anniversary (i.e., April 1, 2020), and 75% of
the Options vest on a quarterly basis over a period of three (3) years thereafter; (ii) the term of the Options is of six (6) years from
the date of grant, unless they have been exercised or cancelled in accordance with the terms of and conditions of the applicable incentive
plan of the Company, (iii) unless previously exercised or cancelled, the Options may be exercised until 180 days from the date of termination
of the service, (iv) the exercise price per share of the Options shall be NIS 11.8, (v) the Options' grant shall be in accordance
and pursuant to Section 102 of the Income Tax Ordinance [New Version], and (vi) the Options shall be accelerated upon the closing of a
material transaction, resulting in change of control of the Company.
At the annual general meeting
of our shareholders held on August 30, 2021, Mr. Carmel was granted with additional grant of options to purchase 300,000 Ordinary Shares.
The options vest over a period of three (3) years commencing on April 1, 2021, with 1/12 of such options vesting at the end of each subsequent
three-month period following the grant, (ii) the term of the options is of six (6) years from the grant date, unless they have been exercised
or cancelled in accordance with the terms of and conditions of the applicable incentive plan of the Company, (iii) unless previously exercised
or cancelled, the options may be exercised until 180 days following the termination of the engagement, (iv) the exercise price per share
of the options is equal to the average share price of the 30 days prior to the date of grant, $1.783 (v) the options grant will be in
accordance and pursuant to Section 102 of the Tax Ordinance, if applicable, and (vi) the options will be accelerated upon the closing
of a material transaction, resulting in change of control of the Company.
C.
Board Practices
Introduction
Under
the Companies Law and our amended and restated articles of association, the management of our business is vested in our board of directors.
Our board of directors may exercise all powers and may take all actions that are not specifically granted to our shareholders or to management.
Our executive officers are responsible for our day-to-day management and have individual responsibilities established by our board of
directors.
Under
our amended and restated articles of association, our board of directors must consist of at least three and not more than six directors,
including two external directors appointed as required under the Companies Law. Our board of directors currently consists of four members,
none of which are external directors, including our chairman of the board of directors, which is also appointed by the general meeting
of our shareholders.
Our
directors are divided into three classes with staggered three-year terms. At each annual general meeting of our shareholders, the election
or re-election of directors following the expiration of the term of office of the directors of that class of directors is for a term
of office that expires on the third annual general meeting following such election or re-election, such that at each annual general meeting
the term of office only one class of directors will expire. Each director holds office until the annual general meeting of our shareholders
for the year in which his or her term expires and until his or her successor is duly appointed, unless the tenure of such director expires
earlier pursuant to the Companies Law upon the occurrence of certain events or unless removed from office by a vote of the holders of
at least 65% of the total voting power of our shareholders at a general meeting of our shareholders in accordance with our amended and
restated articles of association.
50
Our
directors are divided among the three classes as follows:
●
the
                                            Class I directors consist of Mr. Eli Cohen, and his terms will expire at our annual general
                                            meeting of shareholders to be held in 2023;
●
the
                                            Class II directors consist of Ms. Kineret Tzedef and her terms will expire at our annual
                                            general meeting of shareholders to be held in 2024; and
●
the
                                            Class III directors consist of Mr. Eliyahu Yoresh and Mr. Ronen Rosenbloom and their terms
                                            will expire at our annual general meeting of shareholders to be held in 2025.
In
addition, our amended and restated articles of association allow our Board of Directors to appoint directors to fill vacancies on our
Board of Directors or in addition to the acting directors (subject to the limitation on the number of directors and their qualifications),
until the next general meeting in which directors may be appointed or such appointment terminated.
The
board of directors (and, if so determined by the board of directors, the general meeting) may at any time and from time to time appoint
any person as a director to fill a vacancy (whether such vacancy is due to a director no longer serving or due to the number of directors
serving being less than the maximum number of six directors. In the event of one or more such vacancies in the board of directors, the
continuing directors may continue to act in every matter, provided, however, that if the number of directors serving is less than three,
than our board of directors may only act in an emergency or to fill the office of a director which has become vacant up to three directors,
or for the purpose of convening a general meeting of the Company's shareholders for the purpose of electing directors to fill any
or all vacancies. The office of a director that was appointed by the board of directors to fill any vacancy shall only be for the remaining
period of time during which the director whose service has ended was filled would have held office, or in case of a vacancy due to the
number of directors serving being less than six, the board of directors shall determine at the time of appointment the class to which
the additional director shall be assigned.
Pursuant
to the Companies Law and our amended and restated articles of association, a resolution proposed at any meeting of our board of directors
at which a quorum is present is adopted if approved by a vote of a majority of the directors present and eligible to vote. A quorum of
the board of directors requires at least a majority of the directors then in office who are lawfully entitled to participate in the meeting.
According
to the Companies Law, the board of directors of a public company must determine the minimum number of board members that should have
financial and accounting expertise while considering, among other, the nature of the company, its size, the scope and complexity
of its operations and the number of directors stated in the articles of association. Our board of directors resolved that the minimum
number of board members that need to have financial and accounting expertise is one, and that Mr. Eliyahu Yoresh has accounting and financial
expertise as required under the Companies Law.
External
Directors
Under
the Companies Law, companies incorporated under the laws of the State of Israel that are "public companies," including companies
with shares listed on the Nasdaq Capital Market, are required to appoint at least two external directors. External directors must meet
certain independence criteria to ensure that they are unaffiliated with the company and its controlling shareholder, as well certain
other criteria. External directors are elected for three-year terms in accordance with specific rules set forth in the Companies Law
and the regulations promulgated thereunder and may be removed from office only under limited circumstances. Under the Companies Law,
each committee of a company's board of directors that is authorized to exercise powers of the board of directors is required to
include at least one external director, and all external directors must be members of the company's audit committee and compensation
committee.
Pursuant
to regulations promulgated under the Companies Law, companies with shares traded on a U.S. stock exchange, including the Nasdaq Capital
Market, may, subject to certain conditions, "opt out" from the Companies Law requirements to appoint external directors and
related Companies Law rules concerning the composition of the audit committee and compensation committee of the board of directors. In
accordance with these regulations, effective as of June 28, 2017, we have "opted out" from the Companies Law requirements
to appoint external directors and related Companies Law rules concerning the composition of the audit committee and compensation committee
of the board of directors.
51
Under
these regulations, the exemptions from such Companies Law requirements will continue to be available to us so long as: (i) we do not
have a "controlling shareholder" (as such term is defined under the Companies Law), (ii) our shares are traded on a U.S.
stock exchange, including the Nasdaq Capital Market, and (iii) we comply with the director independence requirements, the audit committee
and the compensation committee composition requirements, under U.S. laws (including applicable Nasdaq Rules) applicable to U.S. domestic
issuers. We believe that Mr. Eli Cohen, Mr. Eliyahu Yoresh, Mr. Ronen Rosenbloom and Ms. Kineret Tzedef are "independent"
for purposes of the Nasdaq Stock Market rules.
Alternate
directors
Our
amended and restated articles of association provide, as allowed by the Companies Law, that any director may, by written notice to us,
appoint another person who is qualified to serve as a director to serve as an alternate director and to terminate such appointment. Under
the Companies Law, a person who is not qualified to be appointed as a director, a person who is already serving as a director or a person
who is already serving as an alternate director for another director, may not be appointed as an alternate director. Nevertheless, a
director who is already serving as a director may be appointed as an alternate director for a member of a committee of the board of directors
as long as he or she is not already serving as a member of such committee.
Board
committees
The
board of directors may, subject to the provisions of the Companies Law, delegate any or all of its powers to committees, each consisting
of one or more directors (except the audit and compensation committees, as described below), and it may, from time to time, revoke such
delegation or alter the composition of any such committees. Unless otherwise expressly provided by the board of directors, the committees
will not be empowered to further delegate such powers. The composition and duties of our audit committee and compensation committee are
described below.
Audit
committee
Our
audit committee is currently comprised of Mr. Eli Cohen, Mr. Eliyahu Yoresh, and Mr. Ronen Rosenbloom. Mr. Eli Cohen acts as the chairperson
of our audit committee.
Companies
Law Requirements
Under
the Companies Law, our board of directors is required to appoint an audit committee, which is responsible, among others, for:
(i)
determining
                                            whether there are deficiencies in the business management practices of our Company, including
                                            in consultation with our internal auditor or the independent auditor, and making recommendations
                                            to our board of directors to improve such practices;
(ii)
determining
                                            the approval process for transactions that are 'non-negligible' (i.e., transactions
                                            with a controlling shareholder that are classified by the audit committee as non-negligible,
                                            even though they are not deemed extraordinary transactions), as well as determining which
                                            types of transactions would require the approval of the audit committee, optionally based
                                            on criteria which may be determined annually in advance by the audit committee;
(iii)
determining
                                            whether to approve certain related party transactions (including transactions in which an
                                            office holder has a personal interest and whether such transaction is extraordinary or material
                                            under Companies Law. See "— Fiduciary duties and approval of specified related
                                            party transactions and compensation under Israeli law.";
(iv)
where
                                            the board of directors approves the working plan of the internal auditor, to examine such
                                            working plan before its submission to our board of directors and proposing amendments thereto;
(v)
examining
                                            our internal controls and internal auditor's performance, including whether the internal
                                            auditor has sufficient resources and tools to dispose of its responsibilities;
(vi)
examining
                                            the scope of our auditor's work and compensation and submitting a recommendation with
                                            respect thereto to our board of directors or shareholders, depending on which of them is
                                            considering the appointment of our auditor; and
(vii)
establishing
                                            procedures for the handling of employees' complaints as to the management of our business
                                            and the protection to be provided to such employees.
52
Nasdaq
requirements
Under
the Nasdaq corporate governance rules, we are required to maintain an audit committee consisting of at least three independent directors,
all of whom are financially literate and one of whom has accounting or related financial management expertise. All members of our audit
committee meet the requirements for financial literacy under the applicable rules and regulations of the SEC and the Nasdaq corporate
governance rules. Our board of directors has determined that Mr. Eliyahu Yoresh is an audit committee financial expert as defined by
the SEC rules and has the requisite financial experience as defined by the Nasdaq Marketplace Rules.
Each
of the members of the audit committee is required to be "independent" as such term is defined in Rule 10A-3(b)(1) under
the Exchange Act, which is different from the general test for independence of board and committee members. Our board of directors has
determined that each member of our audit committee is independent as such term is defined in Rule 10A-3(b)(1) of the Exchange Act.
Audit
committee role
Our
board of directors has adopted an audit committee charter setting forth the responsibilities of the audit committee consistent with the
rules of the SEC and the Nasdaq Rules, which include, among others:
●
retaining
                                            and terminating our independent auditors, subject to the ratification of the board of directors,
                                            and in the case of retention, to that of the shareholders;
●
pre-approving
                                            of audit and non-audit services and related fees and terms, to be provided by the independent
                                            auditors;
●
overseeing
                                            the accounting and financial reporting processes of our Company and audits of our financial
                                            statements, the effectiveness of our internal control over financial reporting and making
                                            such reports as may be required of an audit committee under the rules and regulations promulgated
                                            under the Exchange Act;
●
reviewing
                                            with management and our independent auditor our annual and quarterly financial statements
                                            prior to publication or filing (or submission, as the case may be) to the SEC;
●
recommending
                                            to the board of directors the retention and termination of the internal auditor, and the
                                            internal auditor's engagement fees and terms, in accordance with the Companies Law
                                            as well as approving the yearly or periodic work plan proposed by the internal auditor;
●
reviewing
                                            with our general counsel and/or external counsel, as deem necessary, legal and regulatory
                                            matters that could have a material impact on the financial statements;
●
identifying
                                            irregularities in our business administration, inter alia, by consulting with the internal
                                            auditor or with the independent auditor, and suggesting corrective measures to the board
                                            of directors; and
●
reviewing
                                            policies and procedures with respect to transactions (other than transactions related to
                                            the compensation or terms of services) between the Company and officers and directors, or
                                            affiliates of officers or directors, or transactions that are not in the ordinary course
                                            of the Company's business and deciding whether to approve such acts and transactions
                                            if so required under the Companies Law.
The
audit committee charter states that in fulfilling its obligations, the committee is entitled to demand from the Company any document,
file, report or any other information that is required for the fulfillment of its roles and duties and to interview any of our employees
or any employees of our subsidiaries in order to receive more details about his or her line of work or other issues that are connected
to the roles and duties of the audit committee.
53
Compensation
Committee
Our
compensation committee is currently comprised of Mr. Ronen Rosenbloom, Mr. Eli Cohen and Ms. Kineret Tzedef. Mr. Ronen Rosenbloom acts
as the chairperson of our compensation committee.
Companies
Law requirements
Under
the Companies Law, the board of directors of a public company must appoint a compensation committee which roles are, among others, as
follows:
●
to
                                            recommend to the board of directors the approval of compensation policy for directors and
                                            officers in accordance with the requirements of the Companies Law;
●
to
                                            oversee the development and implementation of such compensation policy and recommending to
                                            the board of directors regarding any amendments or modifications that the compensation committee
                                            deems appropriate;
●
to
                                            determine whether to approve transactions concerning the terms of engagement and employment
                                            of office holders that require approval of the compensation committee; and
●
to
                                            resolve whether to exempt a transaction with a candidate for chief executive officer from
                                            shareholder's approval.
Nasdaq
requirements
Our
board of directors has adopted a compensation committee charter setting forth the responsibilities of the committee consistent with the
Nasdaq Rules, which include among others:
●
recommending
    to our board of directors for its approval a compensation policy in accordance with the requirements of the Companies Law as well
    as other compensation policies, incentive-based compensation plans and equity-based compensation plans, and overseeing the development
    and implementation of such policies and recommending to our board of directors any amendments or modifications to the committee deems
    appropriate, including as required under the Companies Law;
●
reviewing
    and approving the granting of options and other incentive awards to our chief executive officer and other executive officers, including
    reviewing and approving corporate goals and objectives relevant to the compensation of our chief executive officer and other executive
    officers, including evaluating their performance in light of such goals and objectives;
●
approving
    and exempting certain transactions regarding office holders' compensation pursuant to the Companies Law; and
●
administer
    our equity-based compensation plans, including without limitation to approve the adoption of such plans, to amend and interpret such
    plans and the awards and agreements issued pursuant thereto, and to make awards to eligible persons under the plans and determine
    the terms of such awards.
The
compensation committee is also authorized to retain and terminate compensation consultants, legal counsel or other advisors to the committee
and to approve the engagement of any such consultant, counsel or advisor, to the extent it deems necessary or advisable.
Our
board of directors has determined that each member of our compensation committee is independent under the Nasdaq Rules, including the
additional independence requirements applicable to the members of a compensation committee.
Compensation
policy
Under
the Companies Law, companies incorporated under the laws of the State of Israel, whose shares are listed for trading on a stock exchange
or have been offered to the public in or outside of Israel, such as us, are required to adopt a policy governing the compensation of
"office holders" (as defined in the Companies Law). Following the recommendation of our compensation committee and approval
by our board of directors, our shareholders approved a new compensation policy for directors and officers on August 30, 2021. Our compensation
policy must be approved at least once every three years, first, by our board of directors, upon recommendation of our compensation committee,
and second, by a simple majority of the Ordinary Shares present, in person or by proxy, and voting at a shareholders meeting, provided
that either:
●
such
                                            majority includes at least a majority of the shares held by shareholders who are not controlling
                                            shareholders and shareholders who do not have a personal interest in such compensation policy;
                                            or
●
the
                                            total number of shares of non-controlling shareholders and shareholders who do not have a
                                            personal interest in the compensation policy and who vote against the policy, does not exceed
                                            2% of the company's aggregate voting rights.
54
Such
majority determined in accordance with the majority requirement described above is hereinafter referred to as the Compensation Special
Majority Requirement.
To
the extent a compensation policy is not approved by shareholders at a duly convened shareholders meeting or by the Compensation Special
Majority Requirement, the board of directors of a company may override the resolution of the shareholders following a re-discussion of
the matter by the board of directors and the compensation committee and for specified reasons, and after determining that despite the
rejection by the shareholders, the adoption of the compensation policy is in the best interest of the company. A compensation policy
that is for a period of more than three years must be approved in accordance with the above procedure once every three years.
The
compensation policy must serve as the basis for decisions concerning the financial terms of employment or engagement of office holders,
including exculpation, insurance, indemnification or any monetary payment or obligation of payment in respect of employment or engagement.
The compensation policy must relate to certain factors, including advancement of the company's objectives, the company's
business plan and its long-term strategy, and creation of appropriate incentives for office holders. It must also consider, among other
things, the company's risk management, size and the nature of its operations; and with respect to variable compensation, the contribution
of the office holder towards the achievement of the company's long-term goals and the maximization of its profits, all with a long-term
objective and according to the position of the office holder. The compensation policy must furthermore consider the following additional
factors:
●
the
                                            education, skills, experience, expertise and accomplishments of the relevant office holder;
●
the
                                            office holder's position and responsibilities;
●
prior
                                            compensation agreements with the office holder;
●
the
                                            ratio between the cost of the terms of employment of an office holder and the cost of the
                                            employment of other employees of the company, including employees employed through contractors
                                            who provide services to the company, in particular the ratio between such cost to the average
                                            and median salary of such employees of the company, as well as the impact of disparities
                                            between them on the work relationships in the company;
●
the
                                            terms of employment include variable components — the possibility of reducing variable
                                            components at the discretion of the board of directors and the possibility of setting a limit
                                            on the value of non-cash variable equity-based components; and
●
if
                                            the terms of employment include severance compensation — the term of employment or
                                            office of the office holder, the terms of the office holder's compensation during such
                                            period, the company's performance during such period, the office holder's individual
                                            contribution to the achievement of the company goals and the maximization of its profits
                                            and the circumstances under which he or she is leaving the company.
The
compensation policy must also include the following principles:
●
with
                                            regards to variable components;
55
●
with
                                            the exception of office holders who report to the chief executive officer, a means of determining
                                            the variable components on the basis of long-term performance and measurable criteria; provided
                                            that the company may determine that an immaterial part of the variable components of the
                                            compensation package of an office holder shall be awarded based on non-measurable criteria,
                                            or if such amount is not higher than three months' salary per annum, taking into account
                                            such office holder's contribution to the company;
●
the
                                            ratio between variable and fixed components, as well as the limit of the values of variable
                                            components at the time of their payment, or in the case of equity-based compensation, at
                                            the time of grant;
●
a
    condition under which the office holder will return to the company, according to conditions to be set forth in the compensation policy,
    any amounts paid as part of the office holder's terms of employment, if such amounts were paid based on information later to
    be discovered to be wrong, and such information was restated in the company's financial statements;
●
the
    minimum holding or vesting period of variable equity-based components to be set in the terms of office or employment, as applicable,
    while taking into consideration long-term incentives; and
●
a
    limit to retirement grants.
Our
compensation policy is designed to promote retention and motivation of directors and executive officers, incentivize superior individual
excellence, align the interests of our directors and executive officers with our long-term performance and provide a risk management
tool. To that end, a portion of our executive officer compensation package is targeted to reflect our short and long-term goals, as well
as the executive officer's individual performance. On the other hand, our compensation policy includes measures designed to reduce
the executive officer's incentives to take excessive risks that may harm us in the long-term, such as limits on the value of cash
bonuses and equity-based compensation, limitations on the ratio between the variable and the total compensation of an executive officer
and minimum vesting periods and performance based vesting for equity-based compensation.
Our
compensation policy also addresses our executive officers' individual characteristics (such as their respective position, education,
scope of responsibilities and contribution to the attainment of our goals) as the basis for compensation variation among our executive
officers and considers the internal ratios between compensation of our executive officers and directors and other employees. Pursuant
to our compensation policy, the compensation that may be granted to an executive officer may include: base salary, annual bonuses and
other cash bonuses (such as a signing bonus and special bonuses with respect to any special achievements, such as outstanding personal
achievement, outstanding personal effort or outstanding Company performance), equity-based compensation, benefits and retirement and
termination of service arrangements. All cash bonuses are limited to a maximum amount linked to the executive officer's base salary.
An
annual cash bonus may be awarded to executive officers upon the attainment of pre-set periodic objectives and individual targets.
The annual cash bonus that may be granted to our executive officers other than our Chief Executive Officer will be based on performance
objectives and a discretionary evaluation of the executive officer's overall performance by our Chief Executive Officer and subject
to minimum thresholds. The annual cash bonus that may be granted to executive officers other than our Chief Executive Officer may alternatively
be based entirely on a discretionary evaluation. Furthermore, our Chief Executive Officer will be entitled to approve performance objectives
for executive officers who report to him.
The
measurable performance objectives of our Chief Executive Officer will be determined annually by our compensation committee and board
of directors. A non-material portion of the Chief Executive Officer's annual cash bonus, as provided in our compensation
policy, may be based on a discretionary evaluation of the Chief Executive Officer's overall performance by the compensation committee
and the board of directors.
The
equity-based compensation under our compensation policy for our executive officers (including members of our board of directors) is designed
in a manner consistent with the underlying objectives in determining the base salary and the annual cash bonus, with its main objectives
being to enhance the alignment between the executive officers' interests with our long-term interests and those of our shareholders
and to strengthen the retention and the motivation of executive officers in the long term. Our compensation policy provides for executive
officer compensation in the form of share options or other equity-based awards, such as restricted shares and restricted share units,
in accordance with our equity incentive plan then in place. The equity-based compensation shall be granted from time to time and be individually
determined and awarded according to the performance, educational background, prior business experience, qualifications, role and the
personal responsibilities of the executive officer.
56
In
addition, our compensation policy contains compensation recovery provisions which allow us under certain conditions to recover bonuses
paid in excess, enable our Chief Executive Officer to approve an immaterial change in the terms of employment of an executive officer
who reports directly him (provided that the changes of the terms of employment are in accordance with our compensation policy) and allow
us to exculpate, indemnify and insure our executive officers and directors to the maximum extent permitted by Israeli law subject to
certain limitations set forth therein.
Our
compensation policy also provides for compensation to the members of our board of directors either (i) in accordance with the amounts
provided in the Companies Regulations (Rules Regarding the Compensation and Expenses of an External Director) of 2000, as amended by
the Companies Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel) of 2000, as such regulations may be
amended from time to time, or (ii) in accordance with the amounts determined in our compensation policy.
Investment
Committee
Our
investment committee is comprised of Mr. Eli Yoresh and Mr. Eli Cohen. The investment committee is authorized to approve certain investments
in accordance with the Company's investment policy approved by the board of directors. The investment committee monitors the management
of the portfolio for compliance with the investment policies and guidelines and considers the merits of time sensitive investments that
could be beneficial to the Company.
Internal
auditor
Under
the Companies Law, the board of directors of a public company must appoint an internal auditor based on the recommendation of the audit
committee. Under the Companies Law, each of the following may not be appointed as internal auditor:
●
a
                                            person (or a relative of a person) who holds more than 5% of the company's outstanding
                                            shares or voting rights;
●
a
                                            person (or a relative of a person) who has the power to appoint a director or the general
                                            manager of the company;
●
an
                                            office holder (including a director) of the company (or a relative thereof); or
●
a
                                            member of the company's independent accounting firm, or anyone on his or her behalf.
The
role of the internal auditor is, among other things, to examine whether a company's actions comply with applicable law and orderly
business procedure. The audit committee is required to oversee the activities and to assess the performance of the internal auditor
as well as to review the internal auditor's work plan. Our internal auditor is Daniel Spira, Certified Public Accountant (Isr.).
Fiduciary
duties and approval of specified related party transactions and compensation under Israeli law
Fiduciary
duties of office holders
The
Companies Law imposes fiduciary duties on all office holders of a company comprised of a duty of care and a duty of loyalty.
The
duty of care requires an office holder to act in the same degree of proficiency with which a reasonable office holder in the same position
would have acted under the same circumstances. The duty of care includes, among other things, a duty to use reasonable means, in light
of the circumstances, to obtain:
●
information
                                            on the business advisability of a given action brought for his or her approval or performed
                                            by virtue of his or her position; and
●
all
                                            other important information pertaining to such action.
57
The
duty of loyalty requires an office holder to act in good faith and for the benefit of the company, and includes, among other things,
the duty to:
●
refrain
                                            from any act involving a conflict of interest between the performance of his or her duties
                                            in the company and his or her other duties or personal affairs;
●
refrain
                                            from any activity that is competitive with the business of the company;
●
refrain
                                            from exploiting any business opportunity of the company for the purpose of gaining a personal
                                            advantage for himself or herself or others; and
●
disclose
                                            to the company any information or documents relating to the company's affairs which
                                            the office holder received as a result of his or her position as an office holder.
Under
the Companies Law, we may approve an act specified above, provided that the office holder acted in good faith, the act or its approval
does not harm the company's best interest, and the office holder discloses his or her personal interest a sufficient time before
the approval of such act, including any relevant document.
Disclosure
of personal interests of an office holder and approval of transactions
The
Companies Law requires that an office holder promptly disclose to the company any personal interest that he or she may have and all related
material information or documents relating to any existing or proposed transaction by the company. An interested office holder's
disclosure must be made promptly and, in any event, no later than the first meeting of the board of directors at which the transaction
is considered. Under the Companies Law, once an office holder complies with the above disclosure requirement, the board of directors
at which the transaction is considered. An office holder is not obliged to disclose such information if the personal interest of the
office holder derives solely from the personal interest of his or her relative in a transaction that is not considered an extraordinary
transaction.
Under
the Companies Law, a company may approve a transaction between the company and the office holder or a third party in which the office
holder has a personal interest only if the office holder has complied with the above disclosure requirement, provided, however, that
a company may not approve a transaction or action that is not to the company's benefit.
Under
the Companies Law, unless the articles of association of a company provide otherwise, a transaction with an office holder or with a third
party in which the office holder has a personal interest, which is not an extraordinary transaction, requires approval by the board of
directors. Our amended and restated articles of association do not state otherwise. If the transaction considered with an office holder
or third party in which the office holder has a personal interest is an extraordinary transaction, then the audit committee's approval
is required prior to approval by the board of directors. For the approval of compensation arrangements with directors and executive officers,
see "Item 6. Directors, Senior Management and Employees —C. Board Practices—Compensation of directors and executive
officers."
Any
person who has a personal interest in the approval of a transaction that is brought before a meeting of the board of directors or the
audit committee may not be present at the meeting or vote on the matter. However, if the chairperson of the board of directors or the
chairperson of the audit committee has determined that the presence of an office holder with a personal interest is required, such office
holder may be present at the meeting for the purpose of presenting the matter. Notwithstanding the foregoing, a director who has a personal
interest may be present at the meeting and vote on the matter if a majority of the directors or members of the audit committee have a
personal interest in the approval of such transaction' provided, however, that if a majority of the directors at a board of directors
meeting have a personal interest in the approval of the transaction, such transaction also requires the approval of the shareholders
of the company.
A
"personal interest" is defined under the Companies Law as the personal interest of a person in an action or in a transaction
of the company, including the personal interest of such person's relative or the interest of any other corporate body in which
such person and/or such person's relative is a director or general manager, a 5% shareholder or holds 5% or more of the voting
rights, or has the right to appoint at least one director or the general manager, but excluding a personal interest stemming solely from
the fact of holding shares in the company. A personal interest also includes (1) a personal interest of a person who votes according
to a proxy of another person, including in the event that the other person has no personal interest, and (2) a personal interest of a
person who gave a proxy to another person to vote on his or her behalf regardless of whether the discretion of how to vote lies with
the person voting or not.
58
An
"extraordinary transaction" is defined under the Companies Law as any of the following:
●
a
                                            transaction other than in the ordinary course of business;
●
a
                                            transaction that is not on market terms; or
●
a
                                            transaction that may have a material impact on the company's profitability, assets
                                            or liabilities.
An
extraordinary transaction in which an office holder has a personal interest requires approval of the company's audit committee
followed by the approval of the board of directors.
Disclosure
of personal interests of a controlling shareholder and approval of transactions
The
Companies Law also requires that a controlling shareholder promptly disclose to the company any personal interest that he or she may
have and all related material information or documents relating to any existing or proposed transaction by the company. A controlling
shareholder's disclosure must be made promptly and, in any event, no later than the first meeting of the board of directors at
which the transaction is considered. The following require the approval of each of (i) the audit committee (or the compensation committee
with respect to the terms of engagement of the controlling shareholder or relative thereof with the company related for the provision
of service, including among others as an office holder or employee of the company), (ii) the board of directors and (iii) the shareholders
(in that order): (a) extraordinary transactions with a controlling shareholder or in which a controlling shareholder has a personal interest
(including a private placement in which a controlling shareholder has a personal interest), (b) the engagement with a controlling shareholder
or his or her relative, directly or indirectly, for the provision of services to the company, (c) the terms of engagement and compensation
of a controlling shareholder or his or her relative as an office holder, and (d) the employment of a controlling shareholder or his or
her relative by the company, other than as an office holder (collectively referred as Transaction with a Controlling Shareholder). In
addition, the shareholder approval must fulfill one of the following requirements:
●
at
    least a majority of the shares held by shareholders who have no personal interest in the transaction and are voting at the meeting
    must be voted in favor of approving the transaction, excluding abstentions; or
●
the
    shares voted by shareholders who have no personal interest in the transaction who vote against the transaction represent no more
    than two percent (2%) of the voting rights in the company.
In
addition, any extraordinary transaction with a controlling shareholder or in which a controlling shareholder has a personal interest
with a term of more than three years requires the abovementioned approval every three years, however, unless, with respect to certain
transactions the audit committee determines that such longer term is reasonable under the circumstances.
Pursuant
to regulations promulgated under the Companies Law, certain transactions with a controlling shareholder, a relative thereof, or with
a director, that would otherwise require approval of a company's shareholders may be exempt from shareholder approval upon certain
determinations of the audit committee and board of directors.
The
Companies Law requires that every shareholder that participates, in person, by proxy or by voting instrument, in a vote regarding a transaction
with a controlling shareholder, must indicate in advance or in the ballot whether or not that shareholder has a personal interest in
the vote in question. Failure to so indicate will result in the invalidation of that shareholder's vote.
Approval
of the compensation of directors and executive officers
The
compensation of, or an undertaking to indemnify, insure or exculpate, an office holder who is not a director requires the approval of
the company's compensation committee, followed by the approval of the company's board of directors, and, if such compensation
arrangement or an undertaking to indemnify or insure is inconsistent with the company's stated compensation policy, or if the said
office holder is the chief executive officer of the company (apart from a number of specific exceptions), then such arrangement is subject
to the approval of our shareholders, subject to the Compensation Special Majority Requirement.
59
Directors
.
Under the Companies Law, the compensation of our directors requires the approval of our compensation committee, the subsequent approval
of the board of directors and, unless exempted under the regulations promulgated under the Companies Law, the approval of the general
meeting of our shareholders. If the compensation of our directors is inconsistent with our stated compensation policy, then, provided
that those provisions that must be included in the compensation policy according to the Companies Law have been considered by the compensation
committee and board of directors, shareholder approval will also be required to be approved by the Compensation Special Majority Requirement.
Executive
officers other than the chief executive officer.
The Companies Law requires the approval of the compensation of a public company's
executive officers (other than the chief executive officer) in the following order: (i) the compensation committee, (ii) the company's
board of directors, and (iii) if such compensation arrangement is inconsistent with the company's stated compensation policy, the
company's shareholders by the Compensation Special Majority Requirement. However, if the shareholders of the company do not approve
a compensation arrangement with an executive officer that is inconsistent with the company's stated compensation policy, the compensation
committee and board of directors may override the shareholders' decision if each of the compensation committee and the board of
directors provide detailed reasons for their decision.
Chief
executive officer.
Under the Companies Law, the compensation of a public company's chief executive officer is required
to be approved by: (i) the company's compensation committee; (ii) the company's board of directors, and (iii) the company's
shareholders by the Compensation Special Majority Requirement. However, if the shareholders of the company do not approve the compensation
arrangement with the chief executive officer, the compensation committee and board of directors may override the shareholders'
decision if each of the compensation committee and the board of directors provide a detailed reasoning for their decision. The approval
of each of the compensation committee and the board of directors must be in accordance with the company's stated compensation policy;
however, under special circumstances, the compensation committee and the board of directors may approve compensation terms of a chief
executive officer that are inconsistent with the company's compensation policy provided that they have considered those provisions
that must be included in the compensation policy according to the Companies Law and that shareholder approval was obtained by the Compensation
Special Majority Requirement. In addition, the compensation committee may resolve that the shareholder approval is not required for the
approval of the engagement terms of a candidate to serve as the chief executive officer, if the compensation committee determines that
the compensation arrangement is consistent with the company's stated compensation policy, that the chief executive officer did
not have a prior business relationship with the company or a controlling shareholder of the company, and that subjecting the approval
to a shareholder vote would impede the company's ability to attain the candidate to serve as the company's chief executive
officer.
Duties
of shareholders
Under
the Companies Law, a shareholder has a duty to refrain from abusing its power in the company and to act in good faith and in an acceptable
manner in exercising its rights and performing its obligations to the company and other shareholders, including, among other things,
when voting at meetings of shareholders on the following matters:
●
an
                                            amendment to the articles of association;
●
an
                                            increase in the company's authorized share capital;
●
a
                                            merger; and
●
the
                                            approval of related party transactions and acts of office holders that require shareholder
                                            approval.
A
shareholder also has a general duty to refrain from discriminating against other shareholders.
The
remedies generally available upon a breach of contract will also apply to a breach of the shareholder duties mentioned above, and in
the event of discrimination against other shareholders, additional remedies are available to the injured shareholder.
60
In
addition, any controlling shareholder, any shareholder that knows that its vote can determine the outcome of a shareholder vote and any
shareholder that, under a company's articles of association, has the power to appoint or prevent the appointment of an office holder,
or any other power with respect to a company, is under a duty to act with fairness towards the company. The Companies Law does not describe
the substance of this duty except to state that the remedies generally available upon a breach of contract will also apply in the event
of a breach of the duty to act with fairness, taking each shareholder's position in the company into account.
Approval
of private placements
Under
the Companies Law and the regulations promulgated thereunder, a private placement of securities does not require approval at a general
meeting of the shareholders of a company; provided however, that in special circumstances, such as a private placement completed in lieu
of a special tender offer or a private placement which qualifies as a related party transaction (See "Item 6. Directors, Senior
Management and Employees —C. Board Practices—Fiduciary duties and approval of specified related party transactions and compensation
under Israeli law"), for which approval at a general meeting of the shareholders of a company is required.
Exemption,
Insurance and Indemnification of Directors and Officers
Under
the Companies Law, a company may not exculpate an office holder from liability for a breach of a fiduciary duty. An Israeli company may
exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result
of a breach of duty of care but only if a provision authorizing such exculpation is included in its articles of association. Our amended
and restated articles of association include such a provision. The company may not exculpate in advance a director from liability arising
out of a prohibited dividend or distribution to shareholders.
Under
the Companies Law and the Securities Law, 5738-1968, or the Securities Law, a company may indemnify an office holder in respect of the
following liabilities, payments and expenses incurred for acts performed by him or her as an office holder, either in advance of an event
or following an event, provided its articles of association include a provision authorizing such indemnification:
●
a
                                            monetary liability incurred by or imposed on the office holder in favor of another person
                                            pursuant to a court judgment, including pursuant to a settlement confirmed as judgment or
                                            arbitrator's decision approved by a competent court. However, if an undertaking to
                                            indemnify an office holder with respect to such liability is provided in advance, then such
                                            an undertaking must be limited to events which, in the opinion of the board of directors,
                                            can be foreseen based on the company's activities when the undertaking to indemnify
                                            is given, and to an amount or according to criteria determined by the board of directors
                                            as reasonable under the circumstances, and such undertaking will detail the abovementioned
                                            foreseen events and amount or criteria;
●
reasonable
                                            litigation expenses, including reasonable attorneys' fees, which were incurred by the
                                            office holder as a result of an investigation or proceeding filed against the office holder
                                            by an authority authorized to conduct such investigation or proceeding, provided that such
                                            investigation or proceeding was either (i) concluded without the filing of an indictment
                                            against such office holder and without the imposition on him of any monetary obligation in
                                            lieu of a criminal proceeding; (ii) concluded without the filing of an indictment against
                                            the office holder but with the imposition of a monetary obligation on the office holder in
                                            lieu of criminal proceedings for an offense that does not require proof of criminal intent;
                                            or (iii) in connection with a monetary sanction;
●
reasonable
                                            litigation expenses, including attorneys' fees, incurred by the office holder or which
                                            were imposed on the office holder by a court (i) in a proceeding instituted against him or
                                            her by the company, on its behalf, or by a third party, (ii) in connection with criminal
                                            indictment of which the office holder was acquitted, or (iii) in a criminal indictment which
                                            the office holder was convicted of an offense that does not require proof of criminal intent;
●
a
                                            monetary liability imposed on the office holder in favor of a payment for a breach offended
                                            at an Administrative Procedure (as defined below) as set forth in Section 52(54)(a)(1)(a)
                                            to the Securities Law;
●
expenses
                                            incurred by an office holder or certain compensation payments made to an injured party that
                                            were instituted against an office holder in connection with an Administrative Procedure under
                                            the Securities Law, including reasonable litigation expenses and reasonable attorneys'
                                            fees; and
●
any
                                            other obligation or expense in respect of which it is permitted or will be permitted under
                                            applicable law to indemnify an office holder, including, without limitation, matters referenced
                                            in Section 56H(b)(1) of the Securities Law.
61
An
"Administrative Procedure" is defined as a procedure pursuant to chapters H3 (Monetary Sanction by the Israeli Securities
Authority), H4 (Administrative Enforcement Procedures of the Administrative Enforcement Committee) or I1 (Arrangement to prevent Procedures
or Interruption of procedures subject to conditions) to the Securities Law.
Under
the Companies Law and the Securities Law, a company may insure an office holder against the following liabilities incurred for acts performed
by him or her as an office holder if and to the extent provided in the company's articles of association:
●
a
                                            breach of a fiduciary duty to the company, provided that the office holder acted in good
                                            faith and had a reasonable basis to believe that the act would not harm the company;
●
a
                                            breach of duty of care to the company or to a third party, to the extent such a breach arises
                                            out of the negligent conduct of the office holder;
●
a
                                            monetary liability imposed on the office holder in favor of a third party;
●
a
                                            monetary liability imposed on the office holder in favor of an injured party at an Administrative
                                            Procedure pursuant to Section 52(54)(a)(1)(a) of the Securities Law; and
●
expenses
                                            incurred by an office holder in connection with an Administrative Procedure, including reasonable
                                            litigation expenses and reasonable attorneys' fees.
Under
the Companies Law, a company may not indemnify, exculpate or insure an office holder against any of the following:
●
a
                                            breach of fiduciary duty, except for indemnification and insurance for a breach of the fiduciary
                                            duty to the company to the extent that the office holder acted in good faith and had a reasonable
                                            basis to believe that the act would not prejudice the company;
●
a
                                            breach of duty of care committed intentionally or recklessly, excluding a breach arising
                                            out of the negligent conduct of the office holder;
●
an
                                            act or omission committed with intent to derive illegal personal benefit; or
●
a
                                            civil or administrative fine, monetary sanction or forfeit levied against the office holder.
Under
the Companies Law, exculpation, indemnification and insurance of office holders must be approved by the compensation committee and the
board of directors and, with respect to directors or controlling shareholders, their relatives and third parties in which such controlling
shareholders have a personal interest, also by the shareholders.
Our
amended and restated articles of association permit us to exculpate, indemnify and insure our office holders to the fullest extent permitted
or to be permitted by law. On February 18, 2021, our board of directors approved a new directors' and officers' liability
insurance policy, following the recent amended of our compensation policy approved by our shareholders on February 12, 2021.
Employment
and consulting agreements with executive officers
We
have entered into written employment or service agreements with each of our executive officers. See "Item 7. Major Shareholders
and Related Party Transactions — B. Related Party Transactions – Employment Agreements" for additional information.
Directors'
service contracts
There
are no arrangements or understandings between us, on the one hand, and any of our directors, on the other hand, providing for benefits
upon termination of their employment or service as directors of our Company.
62
D.
Employees
Number
of Employees
As
of December 31, 2022, the Group employed 77 employees, which include our chief executive officer that is engaged by the Company as a
consultant.
As
of December 31, 2021, we employed 26 employees, including those employed by our subsidiaries Jeffs' Brands, Charging Robotics and
Eventer, which include our chief executive officer that is engaged by the Company as a consultant.
As
of December 31, 2020, we employed 39 employees in Israel including those employed by our indirect subsidiaries ScoutCam Ltd. and Eventer.
Distribution
of Employees
The
breakdown of our employees, by areas of engagement and geographic location, as of the end of each of the past three fiscal years is as
follows:
As of December 31,
2022
2021
2020
Numbers of employees by category of activity
Management and administrative
32
20
21
Research and development
16
3
9
Sales and marketing
29
3
1
Production
-
-
8
Total workforce
77
26
39
Numbers of employees by geographic location
Israel
75
26
39
Europe
1
-
-
Other
1
-
-
Total workforce
77
26
39
Numbers of employees by employer
Medigus Ltd.
5
6
3
Eventer
16
15
9
Jeff Brands
4
4
Gix Internet
51
-
-
ScoutCam Ltd.
-
-
27
Charging Robotics
1
1
-
77
26
39
During
the years covered by the above table, we did not employ a significant number of temporary employees. We consider our relations with our
employees excellent and have never experienced a strike or work stoppage. None of our employees is represented by a labor union.
In
Israel we are subject to certain labor statutes and national labor court precedent rulings, as well as to certain provisions of the collective
bargaining agreements between the Histadrut (General Federation of Labor in Israel) and the Coordination Bureau of Economic Organizations
including the Industrialists' Associations. These provisions of collective bargaining agreements are applicable to our Israeli
employees by virtue of extension orders issued in accordance with relevant labor laws by the Israeli Ministry of Economy and Industry,
and which apply such agreement provisions to our employees even though they are not directly part of a union that has signed a collective
bargaining agreement. The laws and labor court rulings that apply to our employees principally concern the minimum wage laws, length
of the work day and workweek, overtime payment, procedures for dismissing employees, determination of severance pay, leaves of absence
(such as annual vacation or maternity leave), sick pay and other conditions for employment. The general extension orders which apply
to our employees principally concern mandatory contributions to a pension fund or managers' insurance, annual recreation allowance,
travel expenses payment and other conditions of employment. We generally provide our employees with benefits and working conditions beyond
the required minimums.
63
Israeli
law generally requires severance pay upon a dismissal of an employee by the employer without "cause" (as defined in the law),
which equal to the employee's latest monthly salary multiplied by the number of years of continuous employment with the same employer
or at the same employment facilities (the "Statutory Severance Pay"). The severance pay is usually funded by the employer
allocating monthly payments to employees' managers' insurance and/or pension fund described below, on account of the Statutory
Severance Pay. The monthly payments to the managers' insurance and/or pension fund in respect of severance pay usually amount to
8.33% or 6% of an employee's monthly wages. Upon an event that entitles an employee to severance pay, the employer will generally
release in favor of the employee the amounts accrued in the severance fund, as described above and will complete any shortfall amount
between the Statutory Severance Pay and the amounts accrued in the severance fund. An alternative, and commonly used, pension and severance
contribution scheme is known as the Section 14 Arrangement under the General Approval issued under the Severance Pay Law (the "Section
14 Arrangement"). Where the Section 14 Arrangement is properly applied, the amounts accrued in the severance fund are in lieu of
the Statutory Severance Pay and the employer's sole obligation with respect to severance pay would be to release the amounts accrued
in the severance and pension funds in any event of termination of employment (dismissal or resignation), without the need to complete
any amounts on account the Statutory Severance Pay. Furthermore, Israeli employees and employers are required to pay predetermined sums
to the National Insurance Institute, which is similar to the United States Social Security Administration. Such amounts also include
payments for national health insurance.
E.
Share Ownership
Share
ownership by Directors and Executive Officers
For
information regarding ownership of our Ordinary Shares by our directors and executive officers, see Item 7. "Major Shareholders
and Related Party Transactions — A. Major Shareholders."
2013
Share Option and Incentive Plan
In
August 2013, our board of directors approved and adopted our 2013 Share Option and Incentive Plan, or the Plan, which expires in August
2023. The Plan provides for the issuance of shares and the granting of options, restricted shares, restricted share units and other share-based
awards to employees, directors, officers, consultants, advisors, and our and Medigus U.S.'s service providers. The Plan provides
for awards to be issued at the determination of our board of directors in accordance with applicable law.
The
Plan provides for the grant to residents of Israel of options that qualify under the provisions of Section 102 Tax Ordinance, as well
as for the grant of options that do not qualify under such provisions. The 2013 Plan was submitted to the ITA, as required by applicable
law. The Plan also provides for the grant of options to U.S. resident employees that are "qualified", i.e., incentive stock
options, under the U.S. Internal Revenue Code of 1986, as amended, or the Code, and options that are not qualified. In addition to the
grant of awards under the relevant tax regimes of the United States and Israel, the Plan allows for the grant of awards to grantees in
other jurisdictions, with respect to which our board of directors is empowered to make the requisite adjustments in the plan.
Options
granted under the Plan which are currently outstanding generally may not expire later than six years from the date of grant, unless otherwise
specified. Unvested awards that are cancelled and/or forfeited go back into the plan.
F.
Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
Not
applicable.
64
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
The following table sets forth
information with respect to the beneficial ownership of our Ordinary Shares as of March 1, 2023 (unless otherwise noted below), the beneficial
ownership of our Ordinary Shares by:
●
each
    person, or group of affiliated persons, known to us to be the beneficial owner of more than 5% of our voting securities;
●
each
    of our directors and executive officers individually; and
●
all
    of our executive officers and directors as a group.
The beneficial ownership of
our Ordinary Shares is determined in accordance with the rules of the SEC. Under these rules, a person is deemed to be a beneficial owner
of a security if that person has or shares voting power, which includes the power to vote or to direct the voting of the security, or
investment power, which includes the power to dispose of or to direct the disposition of the security. For purposes of the table below,
we deem Ordinary Shares issuable pursuant to options that are currently exercisable or exercisable within 60 days as of March 1, 2023,
if any, to be outstanding and to be beneficially owned by the person holding the options or warrants for the purposes of computing the
percentage ownership of that person, but we do not treat them as outstanding for the purpose of computing the percentage ownership of
any other person. The percentage of Ordinary Shares beneficially owned is based on 24,661,470 Ordinary Shares outstanding as of March
1, 2023.
Except
where otherwise indicated, we believe, based on information furnished to us by such owners, that the beneficial owners of the Ordinary
Shares listed below have sole investment and voting power with respect to such shares. In addition, none of our shareholders will have
different voting rights from other shareholders. To the best of our knowledge, we are not owned or controlled, directly or indirectly,
by another corporation or by any foreign government. We are not aware of any arrangement that may, at a subsequent date, result in a
change of control of our Company.
As of March 1, 2023, there
was one shareholder of record of our Ordinary Shares. The number of record holders is not representative of the number of beneficial holders
of our Ordinary Shares, as the shares of all shareholders for a publicly traded company such as our Ordinary Shares underlying our ADSs
are recorded in the name of our transfer agent, Computershare Trust Company, N.A.
Unless otherwise noted below,
each beneficial owner's address is Medigus Ltd., 10 Hanechoshet Street, Tel Aviv, Israel, 6971072.
Our
principal shareholders do not have different or special voting rights.
Holders of more than 5% of our voting securities
Number of Shares
Beneficially Owned
(1)
Percentage
of Shares
Beneficially
Owned
(2)
Directors
    and executive officers
(12)
Kineret Tzedef
(3)
101,042
*
Liron Carmel
(4)
264,000
1.03
%
Ronen Rosenbloom
(5)
104,167
*
Eliyahu Yoresh
(6)
245,830
*
Eli Cohen
(7)
104,167
*
Tali Dinar
(8)
58,333
*
All
    directors and executive officers as a group (six persons)
(1)
877,539
3.44
%
*
less
    than 1%.
(1)
Beneficial
    ownership is determined in accordance with the rules of the SEC. Under these rules, a person is deemed to be a beneficial owner of
    a security if that person, even if not the record owner, has or shares the underlying benefits of ownership. These benefits include
    the power to direct the voting or the disposition of the securities or to receive the economic benefit of ownership of the securities.
    A person also is considered to be the "beneficial owner" of securities that the person has the right to acquire within
    60 days by option or other agreement. Beneficial owners include persons who hold their securities through one or more trustees, brokers,
    agents, legal representatives or other intermediaries, or through companies in which they have a "controlling interest,"
    which means the direct or indirect power to direct the management and policies of the entity.
65
(2)
The percentages shown are based on 24,661,470 Ordinary Shares issued and outstanding as of  March 1, 2023.
(3)
Includes options to purchase (i) 34,375 Ordinary Shares at an exercise price of NIS 8.96 per share, and (ii) 66,667 Ordinary Shares at an exercise price of NIS 5.81 per share that are exercisable within 60 days of March 1, 2023. In addition, Ms. Tzedef holds (i) options to purchase 3,125 Ordinary Shares that are not exercisable within 60 days of March 1, 2023, which have expiration date of July 8, 2026 and an exercise price of NIS 8.96, and (ii) options to purchase 33,333 Ordinary Shares that are not exercisable within 60 days of March 1, 2023, which have expiration date June 29, 2027 and an exercise price of NIS 5.81.
(4)
Includes 1,500 Ordinary Shares. In addition  options to purchase (i) 62,500 Ordinary Shares at an exercise price of NIS 11.8 per share that are exercisable within 60 days of March 1, 2023, and (ii) options to purchase 200,000 Ordinary Shares at an exercise price of NIS 5.81 per share that are exercisable within 60 days of March 1, 2023. In addition, Mr. Carmel holds options to purchase   100,000 Ordinary Shares that are not exercisable within 60 days of March 1, 2023, which have expiration date of June 29, 2027 and an exercise price of NIS 5.81.
(5)
Includes options to purchase (i) 37,500 Ordinary Shares at an exercise price of NIS 11.8 per share that are exercisable within 60 days of March 1, 2023, which have an expiration date of January 9, 2025 and (ii) 66,667 Ordinary Shares at an exercise price of NIS 5.81 per share that are exercisable within 60 days of March 1,  2023., In addition, Mr. Rosenbloom  holds options to purchase 33,333 Ordinary Shares that are not exercisable within 60 days of March 1, 2023, which have an expiration date of June 29, 2027 and an exercise price of NIS 5.81.
(6)
Includes 8,330 Ordinary Shares and options to purchase 37,500 Ordinary Shares at an exercise price of NIS 11.8 per share that are exercisable within 60 days of March 1, 2023, which have an expiration date of January 9, 2025, and (ii) 200,000 Ordinary Shares at an exercise price of NIS 5.81 per share that are exercisable within 60 days of March 1, 2023. In addition, Mr. Yoresh holds options to purchase 100,000 Ordinary Shares that are not exercisable within 60 days of March 1, 2023, which have an expiration date of June 29, 2027 and an exercise price of NIS 5.81.
(7)
Includes options to purchase 37,500 Ordinary Shares at an exercise price of NIS 11.8 per share that are exercisable within 60 days of March 1, 2023. which have an expiration date of January 9, 2025, and (ii) 66,667 Ordinary Shares at an exercise price of NIS 5.81 per share that are exercisable within 60 days of March 1, 2023, 2023., In addition, Mr. Cohen holds options to purchase 33,333 Ordinary Shares that are not exercisable within 60 days of March 1, 2023, which have an expiration date of June 29, 2027 and an exercise price of NIS 5.81.
(8)
Includes options to purchase 58,333 Ordinary Shares at an exercise price of NIS 5.81 per share that are exercisable within 60 days of March 1, 2023. In addition, Ms. Dinar holds options to purchase 41,667 Ordinary Shares that are not exercisable within 60 days of March 1, 2023, which have an expiration date of June 1, 2027, and an exercise price of NIS 5.81.
Significant Changes in Percentage Ownership by Major Shareholders
Over the course of 2022 and
as of March 1, 2023, there were no changes in the percentage ownership of our major shareholders.
Over the course of 2021, there
were no changes in the percentage ownership of our major shareholders.
66
Over
the course of 2020, there were no increases in the percentage ownership of our major shareholders. On the other hand, there were decreases
in the percentage ownership of our former significant shareholders: (i) L.I.A. Pure Capital Ltd., from 6.02% to 3.68%; (ii) Sabby Management,
LLC, from 6.78% to 0.34%; (iii) Hal Mintz, from 6.78% to 0.34%; (iv) Ryan M. Lane from 9.99% to 0.99%; and (v) Martin D. Hoe from 9.99%
to 0.99%.
Over
the course of 2020, there were decreases in the percentage of ownership held by Gix Internet Ltd. (formerly known as Algomizer Ltd.)
from more than 5% of its outstanding share capital to below 5% of its outstanding share capital.
B.
Related Party Transactions
Agreements
with our Executive Officers
We
have entered into written agreements with each of our executive officers. All of these agreements contain customary provisions regarding
non-competition, confidentiality of information and assignment of inventions. However, the enforceability of the non-competition provisions
may be limited under applicable law. In addition, we have entered into agreements with each executive officer and director pursuant to
which we have agreed to indemnify each of them to the fullest extent permitted by law to the extent that these liabilities are not covered
by directors and officers insurance.
Our
office holders are generally eligible for bonuses each year. The bonuses are established and granted in accordance with our compensation
policy and, are generally payable upon meeting objectives and targets that are approved by our compensation committee and board of directors
(and if required by our shareholders).
Directors
and Officers Insurance Policy and Indemnification Agreements
Our
amended and restated articles of association permit us to exculpate, indemnify and insure our directors and officeholders to the fullest
extent permitted by the Companies Law.
We
have entered into agreements with each of our current director and officers exculpating them from a breach of their duty of care to us
to the fullest extent permitted by law, subject to limited exceptions, and undertaking to indemnify them to the fullest extent permitted
by law, to the extent that these liabilities are not covered by insurance. This indemnification is limited, with respect to any monetary
liability imposed in favor of a third party, to events determined as foreseeable by the board of directors based on our activities. The
maximum aggregate amount of indemnification that we may pay to our directors and officers based on such indemnification agreement is
equal to 25% of our shareholders' equity pursuant to our latest audited or unaudited consolidated financial statements, as applicable,
as of the date of the indemnification payment. Such indemnification amounts are in addition to any insurance amounts. Each director or
officer who agrees to receive this letter of indemnification also gives his approval to the termination of all previous letters of indemnification
that we have provided to him or her in the past, if any.
Our
current compensation policy determines, among others, that we may provide our directors and officers, including those serving in any
of our subsidiaries from time or time and those who are controlling shareholders, with liability insurance policies provided that the
engagement is in the ordinary course of business, in market terms and is not expected to materially influence our profits, properties
and undertakings. The coverage limit is of up to the greater of $50 million or 50% of the Company's shareholders equity based on
the most recent financial statements of the Company at the time of approval of the insurance policy by our compensation committee.
On March 2, 2023, our compensation
committee approved a new directors' and officers' liability insurance policy. The new directors' and officers'
liability insurance policy provides total coverage of $4 million in the aggregate, for the benefit of all of our directors and officers,
in respect of which we are charged a twelve-month premium of $195,000, and which includes a deductible of $300,000 per claim, other than
securities related claims filed in the United States or Canada, for which the deductible will not exceed $1 million.
67
Agreements
with our Subsidiaries
On
October 14, 2020, we signed a share purchase agreement and a revolving loan agreement with Eventer (the "Revolving Loan Agreement").
As part of the share purchase agreement and the revolving loan agreement, we invested $750,000, and following the completion thereof
we held 58.7% of Eventer's issued and outstanding share capital.
On
April 8, 2021, Eventer consummated a share purchase agreement for an aggregate amount of $2.25 million out of which we invested $300,000.
We currently hold approximately 46.21% of Eventer's outstanding share capital.
In
November 2021 we agreed with Eventer that the repayment of the initial advance under the Revolving Loan Agreement will occur on the earlier
of (i) six months following the maturity date of the initial advance; or (ii) immediately following an initial public offering of Eventer.
On April 12, 2022, we amended
the Revolving Loan Agreement, such that the repayment of the initial advance will occur at the earlier of (i) twelve months following
the Maturity Date of the Initial Advance; or (ii) immediately following an initial public offering of Eventer.
On
April 19, 2020, we entered into an Asset Transfer Agreement, effective January 20, 2020, with our majority owned subsidiary GERD IP.
Pursuant to the Asset Transfer Agreement, we transferred certain of our patents in consideration for seven capital notes issued to us
by GERD IP, of $2,000,000 each.
On February 2, 2021, we entered
into two loans and pledges agreements with Jeffs' Brands and its other stockholder, to finance Smart Repair Pro's additional
purchases of three new brands on the Amazon online marketplace. Pursuant to the forgoing agreements, the Company extended USD 4 million
loans, with an annual interest of 4%, to be repaid on the fifth anniversary of the effective date. On August 30, 2022 all the loans were
converted into shares of Jeffs' Brands as part of Jeffs' Brands IPO, in which we invested an additional USD 1 million. As
a result, we currently hold approximately 34.87% of Jeffs' Brands outstanding share capital.
On May 20, 2021, we entered
into a sublease agreement with Jeffs' Brands pursuant to which we subleased office space of approximately 97 square meters to Jeffs'
Brands, which terminated on October 30, 2022.
On October 12, 2021, we entered into a loan agreement with Gix Internet
(the "Gix Loan Agreement"), pursuant to which we lent to Gix Internet NIS 4 million. On August 25, 2022, we entered into an
amendment to the Gix Loan Agreement, effective as of July 1, 2022 (the "Amendment to the Gix Loan Agreement), pursuant to which,
on November 2, 2022, the Company received a total of NIS 1 million as repayment of the original loan and the accrued interest thereon
up to such date. The Repayment of the balance of the loan fund, in the amount of NIS 3 million, was postponed until June 30, 2023. In
addition, the Company is entitled to convert all or part of the balance of the extended loan into shares of Gix Internet. The Gix Loan
Agreement and the Amendment to the Gix Loan Agreement are filed as Exhibit 4.5 and 4.6, respectively, to this annual report on Form 20-F,
and are incorporated herein by reference.
On April 7, 2023, our formerly
wholly owned subsidiary Charging Robotics consummated a share exchange transaction with Fuel Doctor and became its wholly owned subsidiary.
As a result of the transaction, we now hold 67% of Fuel Doctor's outstanding share capital, with options to acquire up to 71% of
its outstanding share capital based on predetermined milestones.
C.
Interests of Experts and Counsel
Not
applicable.
ITEM 8.
FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information.
See
"Item 18. Financial Statements."
Export
Sales
The
following table presents total export sales for each of the fiscal years indicated ($, in thousands):
For the year ended
December 31,
2022
2021
2020
Total export sales*
89,393
8,935
481
as a percentage of total revenues
97
%
85
%
82
%
*
Export
                                            sales, as presented, are defined as sales to customers located outside of Israel.
68
Legal
Proceedings
From
time to time we may assert or be subject to various asserted or unasserted legal proceedings and claims. Any such claims, regardless
of merit, could be time-consuming and expensive to defend and could divert management's attention and resources from our operations.
While the management believes that we have adequate insurance coverage and we accrue loss contingencies for all known matters that are
probable and can be reasonably estimated, we cannot assure that the outcome of all current or future litigation will not have a material
adverse effect on us and our results of operations.
Dividends
On
December 28, 2022, we paid cash dividends on our Ordinary Shares and our Series C Warrants. We do not anticipate that we will further
pay any cash dividends on our Ordinary Shares or ADSs in the foreseeable future.
We
intend to retain our earnings to finance the development and expenses of our business. Any future determination relating to our dividend
policy will be at the discretion of our board of directors and will depend on a number of factors, including future earnings, our financial
condition, operating results, contractual restrictions, capital requirements, business prospects, applicable Israeli law and other factors
our board of directors may deem relevant.
B.
Significant Changes
No
significant change, other than as otherwise described in this annual report, has occurred in our operations since the date of our consolidated
financial statements included in this annual report.
ITEM 9.
THE OFFER AND LISTING
A.
Offer and Listing Details
Our
Ordinary Shares were traded on the TASE under the symbol "MDGS" from February 2006 to January 25, 2021, when we delisted
our Ordinary Shares from TASE. In August 2015, our ADSs commenced trading on Nasdaq under the symbol "MDGS." Each ADS currently
represents 15 Ordinary Shares.
For
a description of the ADSs, see "Item 12. Description of Securities Other Than Equity Securities – D. American Depositary
Shares."
Our
Series C Warrants have been trading on Nasdaq under the symbol "MDGSW" since July 2018. Each Series C Warrant is exercisable
into one/fifteen ADSs for an exercise price of $52.50 and will expire in July 2023.
B.
Plan of Distribution
Not
Applicable.
C.
Markets
Our Ordinary Shares are no
longer listed on TASE. Our ADSs are traded on Nasdaq under the symbol "MDGS." Our Series C Warrants are traded on the Nasdaq
under the symbol "MDGSW."
D.
Selling Shareholders
Not
Applicable.
E.
Dilution
Not
Applicable.
F.
Expenses of the Issue
Not
Applicable.
69
ITEM 10.
ADDITIONAL INFORMATION
A.
Share Capital
Not
Applicable.
B.
Memorandum and Articles of Association
A
copy of our amended and restated articles of association is attached as Exhibit 1.1 to this annual report on Form 20-F. The information
called for by this Item is set forth in Exhibit 2.3 to this annual report on Form 20-F and is incorporated by reference into this annual
report on Form 20-F.
C.
Material Contracts
The
following is a summary of each material contract, other than material contracts entered into in the ordinary course of business, to which
we are or have been a party, for the two years immediately preceding the date of this annual report on Form 20-F:
●
Loan and Pledge Agreement by and among Medigus Ltd., Smart Repair Pro, Inc., and Julia Gerasimova, dated February 2, 2021, filed as Exhibit 4.19 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2021, and incorporated herein by reference.
●
Amendment No. 1 to Loan and Pledge Agreement by and between Medigus Ltd., Smart Repair Pro, Inc., and Julia Gerasimova, dated February 5, 2021, filed as Exhibit 4.20 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2021, and incorporated herein by reference.
●
Loan Agreement by and between the Company and Gix Internet dated October 12, 2021 (the "Loan Agreement"), filed as Exhibit 4.6 to this annual report on Form 20-F, and incorporated herein by reference.
●
Amendment to the Loan Agreement by and between the Company and Gix Internet dated August 25, 2022, and effective as of July 1, 2022, filed as Exhibit 4.7 to this annual report on Form 20-F, and incorporated herein by reference.
●
Share Purchase Agreement, by and among the Company, Parazero, Delta Drone International Ltd., L.I.A Pure Capital Ltd. and other entities listed therein, dated January 28, 2022, filed as Exhibit 4.8 to this annual report on Form 20-F, and incorporated herein by reference.
●
Securities Exchange Agreement by and between Medigus Ltd., the additional shareholders of Charging Robotics Ltd. and Fuel Doctor Holdings, Inc. dated March 28, 2023, filed as Exhibit 4.9 to this annual report on Form 20-F, and incorporated herein by reference.
D.
Exchange Controls
There
are currently no Israeli currency control restrictions on payments of dividends or other distributions with respect to our securities
or the proceeds from the sale of our securities, except or otherwise as set forth in this section and under "Item 10E. Additional
Information — Taxation." However, legislation remains in effect pursuant to which currency controls can be imposed
by administrative action at any time.
The
ownership or voting of our Ordinary Shares by non-residents of Israel, except with respect to citizens of countries that are in a state
of war with Israel, is not restricted in any way by our amended and restated articles or by the laws of the State of Israel.
E.
Taxation
The
following description is not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership
and disposition of our Ordinary Shares. You should consult your own tax advisor concerning the tax consequences of your particular situation,
as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.
Israeli
Tax Considerations and Government Programs
The
following is a summary of the material Israeli tax laws applicable to us, and some Israeli Government programs benefiting us. This section
also contains a discussion of some Israeli tax consequences to persons owning our Ordinary Shares. This summary does not discuss all
the aspects of Israeli tax law that may be relevant to a particular investor in light of his or her personal investment circumstances
or to some types of investors subject to special treatment under Israeli law. Examples of this kind of investor include traders in securities
or persons that own, directly or indirectly, 10% or more of our outstanding means of control, all of whom are subject to special tax
regimes not covered in this discussion. Some parts of this discussion are based on a new tax legislation which has not been subject to
judicial or administrative interpretation. The discussion should not be construed as legal or professional tax advice and does not cover
all possible tax considerations.
SHAREHOLDERS
ARE URGED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE ISRAELI OR OTHER TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF
OUR ORDINARY SHARES, INCLUDING, IN PARTICULAR, THE EFFECT OF ANY FOREIGN, STATE OR LOCAL TAXES.
70
General
Corporate Tax Structure in Israel
Israeli
resident companies are generally subject to corporate tax on their taxable income at the rate of 23% of a company's taxable income.
However, the effective tax rate payable by a company that derives income from a Benefited Enterprise, a Preferred Enterprise, a Special
Preferred Enterprise, a Preferred Technological Enterprise or a Special Preferred Technological Enterprise (as discussed below) may be
considerably less. Capital gains derived by an Israeli resident company are generally subject to tax at the prevailing corporate tax
rate.
Law
for the Encouragement of Industry (Taxes), 5729-1969
The
Law for the Encouragement of Industry (Taxes), 5729-1969, generally referred to as the Industry Encouragement Law, provides several tax
benefits for "Industrial Companies."
The
Industry Encouragement Law defines an "Industrial Company" as an Israeli resident company incorporated in Israel, of which
90% or more of its income in the tax year, other than income from certain government loans, derived from an "Industrial Enterprise"
owned by it and located in Israel or in the "Area", in accordance with the definition under section 3A of Tax Ordinance
(New Version) 1961 (the "Tax Ordinance"). An "Industrial Enterprise" is defined as an enterprise which is held
by an Industrial Company whose principal activity in any given tax year is industrial production.
The
following corporate tax benefits, among others, are available to Industrial Companies:
●
Amortization over an eight-year period commencing on the year in which such rights were first exercised, of the cost of purchased patents, rights to use a patent and know-how which are used for the development or advancement of the Industrial Enterprise;
●
Under limited conditions, an election to file consolidated tax returns with related Israeli Industrial Companies controlled by it; and
●
Under certain conditions, expenses related to a public offering are deductible in equal amounts over a three years period commencing on the year of the offering.
We
may qualify as an Industrial Company and may be eligible for the benefits described above.
Eligibility
for benefits under the Industry Encouragement Law is not contingent upon approval of any governmental authority.
Tax
Benefits and Grants for Research and Development
Israeli
tax law allows, under certain conditions, a tax deduction for research and development expenditures, including capital expenditures,
over three-years period. Expenditures are deemed related to scientific research and development projects, if:
●
The
    expenditures are approved by the relevant Israeli government ministry, determined by the field of research;
●
The
    research and development must be for the promotion of the company; and
●
The
    research and development is carried out by or on behalf of the company seeking such tax deduction.
The
amount of such deductible expenses is reduced by the sum of any funds received through government grants for the finance of such scientific
research and development projects. No deduction under these research and development deduction rules is allowed if such deduction is
related to an expense invested in an asset depreciable under the general depreciation rules of the Tax Ordinance. Expenditures not so
approved are deductible in equal amounts over a three-year period.
From
time to time, we may apply the Israel Innovation Authority (previously known as the Israeli Office of the Chief Scientist) (the "IIA")
for approval to allow a tax deduction for all research and development expenses during the year incurred. There can be no assurance that
such application will be accepted.
71
Law
for the Encouragement of Capital Investments, 5719-1959
The
Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the Investment Law, provides certain incentives
for capital investments in production facilities (or other eligible assets) by "Industrial Enterprises" (as defined under
the Investment Law).
The
Investment Law has been amended several times over the recent years, with the three most significant changes effective as of April 1,
2005 (referred to as the 2005 Amendment), as of January 1, 2011 (referred to as the 2011 Amendment) and as of January 1, 2017 (referred
to as the 2017 Amendment).
Tax
Benefits Subsequent to the 2005 Amendment
The
2005 Amendment applies to investment programs commencing after 2004, but does not apply to investment programs approved prior to April 1,
2005. The 2005 Amendment provides that terms and benefits included in any certificate of approval that was granted before the 2005 Amendment
became effective (April 1, 2005) will remain subject to the provisions of the Investment Law as in effect on the date of such approval.
Pursuant to the 2005 Amendment, the Israeli Authority for Investments and Development of the Israeli Ministry of Economy (referred to
as the Investment Center) will continue to grant Approved Enterprise status to qualifying investments. The 2005 Amendment, however, limits
the scope of enterprises that may be approved by the Investment Center by setting criteria for the approval of a facility as an Approved
Enterprise, such as provisions generally requiring that at least 25% of the Approved Enterprise's income be derived from exports.
An enterprise that qualifies under the new provisions is referred to as a "Benefited Enterprise", rather than "Approved
Enterprise". The 2005 Amendment provides that Approved Enterprise status will only be necessary for receiving cash grants. As a
result, it was no longer necessary for a company to obtain Approved Enterprise status in order to receive the tax benefits previously
available under the alternative benefits track. Rather, a company may claim the tax benefits offered by the Investment Law directly in
its tax returns, provided that its facilities meet the criteria for tax benefits set forth in the 2005 Amendment. Such a position may
be subject to a future tax audit. Companies are entitled to approach the Israeli Tax Authority for a pre-ruling regarding their eligibility
for benefits under the Investment Law, as amended.
Tax
benefits are available under the 2005 Amendment to production facilities (or other eligible facilities) which are generally required
to derive 25% or more of their business income from export to specific markets with a population of at least 14 million in 2012 (such
export criteria will further be increased in the future by 1.4% per annum). In order to receive the tax benefits, the 2005 Amendment
states that a company must make an investment which meets all of the conditions, including exceeding a minimum investment amount specified
in the Investment Law. Such investment allows a company to receive "Benefited Enterprise" status, and may be made over a
period of no more than three years that will end at the year in which the company requested to have the tax benefits apply to its Benefited
Enterprise. The benefits period under the Benefited Enterprise status is limited to 12 years from the year the company chose to have
its tax benefits apply. Where the company requests to apply the tax benefits to an expansion of existing facilities, only the expansion
will be considered to be a Benefited Enterprise and the company's effective tax rate will be the weighted average of the applicable
rates. In this case, the minimum investment required in order to qualify as a Benefited Enterprise is required to exceed a certain percentage
of the value of the company's production assets before the expansion.
The
extent of the tax benefits available under the 2005 Amendment to qualifying income of a Benefited Enterprise depend on, among other things,
the geographic location in Israel of the Benefited Enterprise. The location will also determine the period for which tax benefits are
available. Such tax benefits include an exemption from corporate tax on undistributed income for a period of between two to ten years,
depending on the geographic location of the Benefited Enterprise in Israel, and a reduced corporate tax rate of between 10% to 25% for
the remainder of the benefits period, depending on the level of foreign investment in the company in each year. The benefits period is
limited to 12 or 14 years from the year the company first chose to have the tax benefits apply, depending on the location of the
company within Israel.
A
company qualifying for tax benefits under the 2005 Amendment which pays a dividend out of income derived by its Benefited Enterprise
during the tax exemption period will be subject to corporate tax in respect of the gross amount of the dividend, or a lower rate in the
case of a qualified Foreign Investors' Company, to which we refer as a FIC, which is at least 49% owned by non-Israeli residents.
Dividends paid to Israeli shareholders out of income attributed to a Benefited Enterprise (or out of dividends received from a company
whose income is attributed to a Benefited Enterprise) are generally subject to withholding tax at source at the rate of 15% (in the case
of non-Israeli shareholders - subject to the receipt in advance of a valid certificate from the ITA allowing the reduced 15% tax rate,
or such lower rate as may be provided in an applicable tax treaty). The reduced rate of 15% is limited to dividends and distributions
out of income attributed to a Benefited Enterprise during the benefits period and actually paid at any time up to 12 years thereafter
except with respect to a FIC (as such term is defined in the Investment Law), in which case the 12-year limit does not apply.
72
The
benefits available to a Benefited Enterprise are subject to the fulfillment of conditions stipulated in the Investment Law and its regulations.
If a company does not meet these conditions, it may be required to refund the amount of tax benefits, as adjusted by the Israeli consumer
price index, and interest, or other monetary penalties.
Tax
Benefits under the 2011 Amendment
The
Investment Law was significantly amended as of January 1, 2011 (the "2011 Amendment"). The 2011 Amendment introduced
new benefits to replace those granted in accordance with the provisions of the Investment Law in effect prior to the 2011 Amendment.
The
2011 Amendment introduced new tax benefits for income generated by a "Preferred Company" through its "Preferred Enterprise"
in accordance with the definition of such term in the Investments Law. A "Preferred Company" is defined as either: (i) a
company incorporated in Israel which is not wholly owned by a governmental entity, or (ii) a limited partnership that: (a) was registered
under the Israeli Partnerships Ordinance and; (b) all of its limited partners are companies incorporated in Israel, but not all of them
are governmental entities; which has, among other things, Preferred Enterprise status and is controlled and managed from Israel.
A
Preferred Company is entitled to a reduced flat tax rate with respect to the income attributed to the Preferred Enterprise, at the following
rates:
Tax Year
Development Region "A"
Other Areas within Israel
2011 – 2012
10
%
15
%
2013
7
%
12.5
%
2014
9
%
16
%
2017 onwards
(1)
7.5
%
16
%
(1)
In
                                            December 2016, the Israeli Parliament (the Knesset) approved an amendment to the Investment
                                            Law pursuant to which the tax rate applicable to Preferred Enterprises in Development Region
                                            "A" would be reduced to 7.5% as of 2017.
73
In
addition, Income derived by a Preferred Company from a "Special Preferred Enterprise" (as such term is defined in the Investment
Law) would be entitled, during a benefits period of 10 years, to further reduced tax rates of 8%, or to 5% if the Special Preferred Enterprise
is located in a Development Region "A". Since January 1, 2017, the definition for "Special Preferred Enterprise"
includes less stringent conditions.
Dividends
distributed from income which is attributed to a "Preferred Enterprise" or to a "Special Preferred Enterprise"
will be subject to withholding tax at source at the following rates: (i) Israeli resident corporations — 0%, (ii) Israeli resident
individuals — 20%, and (iii) non-Israeli residents — 20% or a reduced tax rate under the provisions of an applicable double
tax treaty, subject to the receipt in advance of a valid certificate from the Israel Tax Authority ("ITA") allowing for a
reduced tax rate.
Under
the 2011 Amendment, a company located in Development Region "A" may be entitled to cash grants and the provision of loans
under certain conditions, if approved. The rates for grants and loans shall not be fixed, but up to 20% of the amount of the approved
investment (may be increased with additional 4%). In addition, a company owning a Preferred Enterprise under the Grant Track may be entitled
also to the tax benefits which are prescribed for a Preferred Company.
The 2011 Amendment also provided
transitional provisions to address companies already enjoying current benefits under the Investment Law. These transitional provisions
provide, among other things, that unless an irrevocable request is made to apply the provisions of the Investment Law as amended in 2011
with respect to income to be derived as of January 1, 2011: (i) the terms and benefits included in any certificate of approval that was
granted to an Approved Enterprise, which chose to receive grants, before the 2011 Amendment became effective, will remain subject to the
provisions of the Investment Law as in effect on the date of such approval, and subject to certain conditions; (ii) the terms and benefits
included in any certificate of approval that was granted to an Approved Enterprise, that had participated in an alternative benefits program,
before the 2011 Amendment became effective will remain subject to the provisions of the Investment Law as in effect on the date of such
approval, provided that certain conditions are met; and (iii) a Benefited Enterprise can elect to continue to benefit from the benefits
provided to it before the 2011 Amendment came into effect, provided that certain conditions are met.
The
tax benefits under the 2011 Amendment also include accelerated depreciation and amortization for tax purposes.
The
termination or substantial reduction of any of the benefits available under the Investment Law could materially increase our tax liabilities.
As
the Company does not have taxable income as of today, it does not use tax benefits under the said regime.
New
Tax benefits under the 2017 Amendment that became effective on January 1, 2017
The
2017 Amendment provides new tax benefits for two types of Technology Enterprises, as described below, and is in addition to the other
existing tax beneficial programs under the Investment Law.
The
2017 Amendment provides that a technology company satisfying certain conditions will qualify as a Preferred Technology Enterprise and
will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as Preferred Technology Income, as defined in the Investment
Law. The tax rate is further reduced to 7.5% for a Preferred Technology Enterprise located in development zone "A". In addition,
a Preferred Technology Company will enjoy a reduced corporate tax rate of 12% on capital gain derived from the sale of certain Benefited
Intangible Assets (as defined in the Investment Law) to a related foreign company if the Benefited Intangible Assets were acquired from
a foreign company after January 1, 2017, for at least NIS 200 million, and the sale receives prior approval from the IIA.
74
The
2017 Amendment further provides that a technology company satisfying certain conditions will qualify as a "Special Preferred Technology
Enterprise" (an enterprise for which, among others, total consolidated revenues of its parent company and all subsidiaries is at
least NIS 10 billion) and will thereby enjoy a reduced corporate tax rate of 6% on Preferred Technology Income regardless of the
company's geographic location within Israel. In addition, a Special Preferred Technology Enterprise will enjoy a reduced corporate
tax rate of 6% on capital gain derived from the sale of certain "Benefited Intangible Assets" to a related foreign company
if the Benefited Intangible Assets were either developed by the Special Preferred Technology Enterprise or acquired from a foreign company
after January 1, 2017, and the sale received prior approval from IIA. A Special Preferred Technology Enterprise that acquires Benefited
Intangible Assets from a foreign company for more than NIS 500 million will be eligible for these benefits for at least ten years, subject
to certain approvals as specified in the Investment Law.
Dividends
distributed to Israeli shareholders by a Preferred Technology Enterprise or a Special Preferred Technology Enterprise, paid out of Preferred
Technology Income, are generally subject to withholding tax at source at the rate of 20% (in the case of non-Israeli shareholders - subject
to the receipt in advance of a valid certificate from the ITA allowing the reduced 20% tax rate, or such lower rate as may be provided
in an applicable tax treaty). However, if such dividends are paid to an Israeli company, no tax is required to be withheld (although,
if such dividends are subsequently distributed to individuals or a non-Israeli company, the aforesaid will apply). If such dividends
are distributed to a foreign company that holds solely or together with other foreign companies 90% or more in the Israeli company and
other conditions are met, the withholding tax rate will be 4% or a lower rate under a tax treaty, if applicable subject to the receipt
in advance of a valid certificate from the ITA.
Taxation
of Our Shareholders
Capital
Gains
Capital
gain tax is imposed on the disposition of capital assets by an Israeli resident, and on the disposition of such assets by a non-Israeli
resident if those assets are either (i) located in Israel; (ii) are shares or a right to a share in an Israeli resident corporation,
or (iii) represent, directly or indirectly, rights to assets located in Israel, unless a tax treaty between Israel and the seller's
country of residence provides otherwise. The Tax Ordinance distinguishes between "Real Capital Gain" and the "Inflationary
Surplus". Real Capital Gain is the excess of the total capital gain over Inflationary Surplus computed generally on the basis of
the increase in the Israeli Consumer Price Index or, in certain circumstances, a foreign currency exchange rate between the date of purchase
and the date of disposition. Inflationary Surplus is not subject to tax in Israel if accrued after 1993.
Generally,
Real Capital Gain accrued by individuals on the sale of our Ordinary Shares will be taxed at the rate of 25%. However, if the individual
shareholder is a "Substantial Shareholder" (i.e., a person who holds, directly or indirectly, alone or together with such
person's relative or another person who collaborates with such person on a permanent basis, 10% or more of one of the Israeli resident
company's means of control (including, among other things, the right to receive profits of the company, voting rights, the right
to receive the company's liquidation proceeds, the right to appoint a director or an executive officer and order someone who holds
any of the aforesaid rights how to act, regardless of the source of such right) at the time of sale or at any time during the preceding
12 months period, such gain will be taxed at the rate of 30%.
Real
Capital Gain derived by corporations will be generally subject to a corporate tax rate of 23% (in 2022).
Individuals
and corporate shareholders dealing in securities in Israel are taxed at the tax rates applicable to business income — 23% for corporations
in 2022 and a marginal tax rate of up to 47% in 2022 for individuals (excluding excess tax as discussed below), unless the benefiting
provisions of an applicable treaty applies.
Notwithstanding
the foregoing, capital gains derived from the sale of our Ordinary Shares by a non-Israeli shareholder may be exempt under the Tax Ordinance
from Israeli taxation provided that the following cumulative conditions are met: (i) the shares were purchased upon or after the registration
of the securities on the stock exchange (ii) the seller does not have a permanent establishment in Israel to which the derived capital
gain is attributed, (iii) neither the shareholder nor the particular capital gain is otherwise subject to the Israeli Income Tax Law
(Inflationary Adjustments) 5745-1985), (iv) if the seller is a corporation, no more than 25% of its means of control are held, directly
and indirectly, by an Israeli resident shareholders, and there is no Israeli Resident that is entitled to 25% or more of the revenues
or profits of the corporation directly or indirectly. In addition, such an exemption would not be available to a person whose gains from
selling or otherwise disposing of the securities are deemed to be business income.
75
In
addition, the sale of shares may be exempt from Israeli capital gain tax under the provisions of an applicable tax treaty. For example,
the U.S.-Israel Double Tax Treaty exempts a U.S. resident from Israeli capital gain tax in connection with such sale, provided that (i)
the U.S. resident owned, directly or indirectly, less than 10% of an Israeli resident company's voting power at any time within
the 12 month period preceding such sale; (ii) the seller, being an individual, is present in Israel for a period or periods of less than
183 days in the aggregate at the taxable year; and (iii) the capital gain from the sale was not derived through a permanent establishment
of the U.S. resident in Israel; (iv) the capital gain arising from such sale, exchange or disposition is not attributed to real estate
located in Israel; (v) the capital gains arising from such sale, exchange or disposition is not attributed to royalties; and (vi) the
shareholder is a U.S. resident (for purposes of the U.S.-Israel Treaty) is holding the shares as a capital asset. Under the U.S.-Israel
Double Tax Treaty, a U.S. resident would be permitted to claim a credit for the Israeli tax against the U.S. federal income tax imposed
with respect to the sale, exchange or disposition, subject to the limitations in U.S. laws applicable to foreign tax credits. The U.S-Israel
Double Tax Treaty does not provide such credit against any U.S. state or local taxes.
Regardless
of whether our shareholders (including non-Israeli shareholders) may be liable for Israeli tax on the sale of their Ordinary Shares,
the payment of the consideration may be subject to the withholding of Israeli tax at source. Shareholders may be required to demonstrate
that they are exempt from tax on their capital gains in order to avoid withholding at source at the time of sale. Specifically, the ITA
may require shareholders who are not liable for Israeli tax to sign declarations in forms specified by this authority, provide documentation
(including, for example, a certificate of residency) or to obtain a specific exemption from the ITA to confirm their status as non-Israeli
resident, and, in the absence of such declarations or exemptions, may require the purchaser of the shares to withhold taxes at source.
At
the sale of securities traded on a stock exchange a detailed return, including a computation of the tax due, must be filed and an advanced
payment must be paid on January 31 and July 31 of every tax year in respect of sales of securities made within the previous
six months. However, if all tax due was withheld at source according to applicable provisions of the Tax Ordinance and regulations promulgated
thereunder the aforementioned return need not be filed and no advance payment must be paid provided that (i) such income was not
generated from business conducted in Israel by the taxpayer, (ii) the taxpayer has no other taxable sources of income in Israel
with respect to which a tax return is required to be filed and an advance payment does not need to be made, and (iii) the taxpayer
is not obligated to pay excess tax (as further explained below). Capital gain is also reportable on the annual income tax return.
Dividend
Income
Generally,
a distribution of a dividend to Israeli shareholders by our Company from income attributed to a Benefited Enterprise will be subject
to withholding tax in Israel at a rate of 15% (in the case of non-Israeli shareholders - subject to the receipt in advance of a valid
certificate from the ITA allowing the reduced 15% tax rate or such a reduced tax rate as may be provided under an applicable tax treaty).
A distribution of dividend by our Company from income attributed to a Preferred Enterprise or Preferred Technology Enterprise (if the
Company will be entitled to tax benefits of a Preferred Enterprise or Preferred Technology Enterprise) will generally be subject to withholding
tax in Israel at the following tax rates: Israeli resident individuals — 20%; Israeli resident companies — 0%; Non-Israeli
residents — 20% (subject to the receipt in advance of a valid certificate from the ITA allowing for a reduced tax rate,20% , or
such lower rate as may be provided in an applicable tax treaty),.
A
distribution of dividends from income, which is not attributed to a Preferred Enterprise or a Benefited Enterprise to an Israeli resident
individual, will generally be subject to withholding tax at a rate of 25%. However, a 30% tax rate will apply if the dividend recipient
is a "Substantial Shareholder" (as defined above) at the time of distribution or at any time during the preceding 12 months
period. If the recipient of the dividend is an Israeli resident corporation, such dividend will be exempt from withholding tax provided
the income from which such dividend is distributed was derived or accrued within Israel and was subject to tax in Israel. An average
rate will be set in case the dividend is distributed from mixed types of income (regular and preferred income).
The
Tax Ordinance provides that a non-Israeli resident (either individual or corporation) is generally subject to an Israeli income tax on
the receipt of dividends at the rate of 25% (30% if the dividends recipient is a "Substantial Shareholder" (as defined above),
at the time of distribution or at any time during the preceding 12 months period). Dividends paid on publicly traded shares, like our
Ordinary Shares, to non-Israeli residents, are generally subject to Israeli withholding tax at a rate of 25%, so long as the shares are
registered with a nominee company (whether or not the recipient is a substantial shareholder); those rates are subject to a reduced tax
rate under the provisions of an applicable double tax treaty (subject to the receipt in advance of a valid certificate from the ITA allowing
for a reduced tax rate). Thus, under the U.S.-Israel Double Tax Treaty the following rates will apply in respect of dividends not attributed
to a Benefited Enterprise or Preferred Enterprise distributed by an Israeli resident company to a U.S. resident: (i) if the U.S. resident
is a corporation which holds during that portion of the taxable year which precedes the date of payment of the dividend and during the
whole of its prior taxable year (if any), at least 10% of the outstanding shares of the voting share capital of the Israeli resident
paying corporation and not more than 25% of the gross income of the Israeli resident paying corporation for such prior taxable year (if
any) consists of certain type of interest or dividends — the tax rate is 12.5%. Notwithstanding the foregoing, dividends distributed
from income attributed to a Benefited Enterprise or Preferred Enterprise are not entitled to such reduction under such tax treaty but
are subject to withholding tax at the rate of 15% or 20% for such a United States corporate shareholder, provided that the conditions
related to the holding of 10% of our voting capital and to our gross income for the previous year (as set forth in the previous sentence)
are met. The aforementioned rates under the Israel U.S. Double Tax Treaty will not apply if the dividend income was derived through a
permanent establishment of the U.S. resident in Israel.
76
A
non-Israeli resident who receives dividends from which tax was withheld is generally exempt from the obligation to file tax returns in
Israel with respect to such income, provided that (i) such income was not generated from business conducted in Israel by the taxpayer,
(ii) the taxpayer has no other taxable sources of income in Israel with respect to which a tax return is required to be filed, and (iii)
the taxpayer is not obligated to pay excess tax (as further explained below).
Payers
of dividends on our Ordinary Shares, including the Israeli stockbroker effectuating the transaction, or the financial institution through
which the securities are held, are generally required, subject to any of the foregoing exemptions, reduced tax rates and the demonstration
of a shareholder regarding his, her or its foreign residency, to withhold tax upon the distribution of dividend at the rate of 25%, so
long as the shares are registered with a nominee company.
We
paid a dividend in December 2022 but do not expect to further pay any cash dividends in the near future. Following the receipt of a tax
ruling from the Israeli Tax Authorities, the payment was not subject to tax withholding in Israel and the Company will pay the cash capital
amount in full.
Excess
Tax
Subject
to the provisions of an applicable tax treaty, individuals who are subject to tax in Israel (whether any such individual is an Israeli
resident or non-Israeli resident) are also subject to an additional tax at a rate of 3% on annual income (including, but not limited
to, income derived from dividends, interest and capital gains) exceeding NIS 663,240 for 2022, which amount is linked to the annual change
in the CPI.
Foreign
Exchange Regulations
Non-residents
of Israel who hold our Ordinary Shares are able to receive any dividends, and any amounts payable upon the dissolution, liquidation and
winding up of our affairs, repayable in non-Israeli currency at the rate of exchange prevailing at the time of conversion. However, Israeli
income tax is generally required to have been paid or withheld on these amounts. In addition, the statutory framework for the potential
imposition of currency exchange control has not been eliminated and may be restored at any time by administrative action.
Estate
and Gift Tax
Israeli
law presently does not impose estate or gift taxes.
Certain
Material U.S. Federal Income Tax Consequences
The
following discussion describes certain material U.S. federal income tax consequences to U.S. Holders (as defined below) under present
law of an investment in our Ordinary Shares or ADSs. This discussion applies only to U.S. Holders that hold our Ordinary Shares or ADSs
as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the "Code"), that
have acquired their Ordinary Shares or ADSs and that have the U.S. dollar as their functional currency.
This
discussion is based on the tax laws of the United States, including the Code, as in effect on the date hereof and on U.S. Treasury regulations
as in effect or, in some cases, as proposed, on the date hereof, the United States-Israel Tax Treaty (the "Treaty"), as well
as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject
to change, which change could apply retroactively and could affect the tax consequences described below. We have not sought, and will
not seek, a ruling from the IRS or an opinion of counsel as to any U.S. federal income tax consequence described herein. There can be
no assurances that the IRS will not take a different position concerning the tax consequences of the acquisition, ownership and disposition
of our Ordinary Shares or ADSs or that such a position would not be sustained. This summary does not address any estate or gift tax consequences,
the alternative minimum tax, the Foreign Account Tax Compliance Act or any state, local, or non-U.S. tax consequences.
77
The
following discussion neither deals with the tax consequences to any particular investor nor describes all of the tax consequences applicable
to persons in special tax situations such as:
●
banks;
●
certain
                                            financial institutions;
●
insurance
                                            companies;
●
regulated
                                            investment companies;
●
real
                                            estate investment trusts;
●
broker-dealers;
●
traders
                                            that elect to mark to market;
●
certain
                                            former citizens or residents of the United States;
●
tax-exempt
                                            entities;
●
persons
                                            holding our Ordinary Shares or ADSs as part of a straddle, hedging, constructive sale, conversion
                                            or integrated transaction;
●
persons
                                            that actually (directly or indirectly) or constructively own 10% or more of our total voting
                                            power or value;
●
persons
                                            that are residents or ordinarily resident in or have a permanent establishment in a jurisdiction
                                            outside the United States;
●
persons
                                            who acquired our Ordinary Shares or ADSs pursuant to the exercise of any employee share option
                                            or otherwise as compensation;
●
S-corporation
                                            and partnerships, including entities classified as partnerships for U.S. federal income tax
                                            purposes;
●
governments
                                            or agencies or instrumentalities thereof;
●
grantor
                                            trusts;
●
passive
                                            foreign investment companies; or
●
controlled
                                            foreign corporations.
INVESTORS
ARE URGED TO CONSULT THEIR TAX ADVISORS ABOUT THE APPLICATION OF THE U.S. FEDERAL TAX RULES TO THEIR PARTICULAR CIRCUMSTANCES AS WELL
AS THE STATE, LOCAL, NON-U.S. AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES OR
ADSs.
The
discussion below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are the beneficial
owner of our Ordinary Shares or ADSs and you are, for U.S. federal income tax purposes,
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States
    or under the laws of the United States, any state thereof or the District of Columbia;
78
●
an
    estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
●
a
    trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons
    for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a
    U.S. person.
If
an entity or other arrangement treated as a partnership for U.S. federal income tax purposes holds our Ordinary Shares or ADSs, the tax
treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. A person that would
be a U.S. Holder if it held our Ordinary Shares or ADSs directly and that is a partner of a partnership holding our Ordinary Shares or
ADSs is urged to consult its own tax advisor.
Ownership
of ADSs
For
U.S. federal income tax purposes, a holder of ADSs generally will be treated as the owner of the Ordinary Shares represented by such
ADSs. Gain or loss will generally not be recognized on account of exchanges of Ordinary Shares for ADSs, or of ADSs for ordinary shares.
References to ordinary shares in the discussion below are deemed to include ADSs, unless context otherwise requires.
Passive
Foreign Investment Company
Based
on our anticipated income and the composition of our income and assets, there is a significant risk that we will be a passive foreign
investment company, or PFIC, for U.S. federal income tax purposes at least until we start generating a substantial amount of active revenue.
Because PFIC status is a factual determination based on actual results for the entire taxable year, there can be no assurance that we
were not a PFIC in 2022 and will not be a PFIC in subsequent years, as our operating results for any such years may cause us to be a
PFIC. A non-U.S. entity treated as a corporation for U.S. federal income tax purposes will generally be a PFIC for U.S. federal income
tax purposes for any taxable year after applying certain look-through rules with respect to the income and assets of subsidiaries if
either:
●
at
                                            least 75% of its gross income for such year is passive income (such as interest income);
                                            or
●
at
                                            least 50% of the value of its assets (based on an average of the quarterly values of the
                                            assets) during such year is attributable to assets that produce passive income or are held
                                            for the production of passive income.
Passive
income for this purpose generally includes dividends, interest, royalties, rents, gains from commodities and securities transactions,
the excess of gains over losses from the disposition of assets which produce passive income, and includes amounts derived by reason of
the temporary investment of funds raised in offerings of our shares.
For
this purpose, we will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of
any other entity treated as a corporation for U.S. federal income tax purposes in which we own, directly or indirectly, 25% or more (by
value) of the stock.
A
separate determination must be made after the close of each taxable year as to whether we were a PFIC for that year. Because the value
of our assets for purposes of the PFIC test will generally be determined by reference to the market price of our Ordinary Shares, our
PFIC status may depend in part on the market price of our Ordinary Shares, which may fluctuate significantly. In addition, there may
be certain ambiguities in applying the PFIC test to us. No rulings from the U.S. Internal Revenue Service, or IRS, however, have been
or will be sought with respect to our status as a PFIC. If we are a PFIC for any taxable year during which you hold our Ordinary Shares,
we generally will continue to be treated as a PFIC with respect to your investment in our Ordinary Shares for all succeeding years during
which you hold our Ordinary Shares, unless we cease to be a PFIC and you make a "deemed sale" election with respect to our
Ordinary Shares. If such election is made, you will be deemed to have sold our Ordinary Shares you hold at their fair market value on
the last day of the last taxable year in which we were a PFIC, and any gain from such deemed sale would be subject to taxation under
the excess distribution regime described below. After the deemed sale election, your Ordinary Shares with respect to which the deemed
sale election was made will not be treated as shares in a PFIC unless we subsequently become a PFIC.
79
For
each taxable year that we are treated as a PFIC with respect to you, you will be subject to special tax rules with respect to any "excess
distribution" (as defined below) you receive and any gain you realize from a sale or other disposition (including a pledge) of
our Ordinary Shares, unless you make a valid "mark-to-market" election as discussed below. Distributions you receive in a
taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable
years or your holding period for our Ordinary Shares will be treated as an excess distribution. Under these special tax rules:
●
the
                                            excess distribution or gain will be allocated ratably over your holding period for our Ordinary
                                            Shares;
●
the
                                            amount allocated to the current taxable year, and any taxable years in your holding period
                                            prior to the first taxable year in which we were a PFIC, will be treated as ordinary income;
                                            and
●
the
                                            amount allocated to each other taxable year will be subject to the highest tax rate in effect
                                            for individuals or corporations, as applicable, for each such year and the interest charge
                                            generally applicable to underpayments of tax will be imposed on the resulting tax attributable
                                            to each such year.
The
tax liability for amounts allocated to taxable years prior to the year of disposition or excess distribution cannot be offset by any
net operating losses, and gains (but not losses) realized on the sale of our Ordinary Shares cannot be treated as capital gains, even
if you hold our Ordinary Shares as capital assets.
If
we are treated as a PFIC with respect to you for any taxable year, to the extent any of our subsidiaries are also PFICs, you may be deemed
to own shares in such lower-tier PFICs that are directly or indirectly owned by us in that proportion which the value of our Ordinary
Shares you own bears to the value of all of our Ordinary Shares, and you may be subject to the adverse tax consequences described above
with respect to the shares of such lower-tier PFICs you would be deemed to own. As a result, you may incur liability for any excess distribution
described above if we receive a distribution from our lower-tier PFICs or if any shares in such lower-tier PFICs are disposed of (or
deemed disposed of). You should consult your tax advisor regarding the application of the PFIC rules to any of our subsidiaries.
A
U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock to elect
out of the tax treatment discussed above. If you make a valid mark-to-market election for our Ordinary Shares, you will include in income
for each year that we are treated as a PFIC with respect to you an amount equal to the excess, if any, of the fair market value of our
Ordinary Shares as of the close of your taxable year over your adjusted basis in such Ordinary Shares. You will be allowed a deduction
for the excess, if any, of the adjusted basis of our Ordinary Shares over their fair market value as of the close of the taxable year.
However, deductions will be allowable only to the extent of any net mark-to-market gains on our Ordinary Shares included in your income
for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other
disposition of our Ordinary Shares, will be treated as ordinary income. Ordinary loss treatment will also apply to the deductible portion
of any mark-to-market loss on our Ordinary Shares, as well as to any loss realized on the actual sale or disposition of our Ordinary
Shares, to the extent the amount of such loss does not exceed the net mark-to-market gains for such Ordinary Shares previously included
in income. Your basis in our Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a mark-to-market
election, any distributions we make would generally be subject to the rules discussed below under "— Taxation of dividends
and other distributions on our Ordinary Shares," except the lower rates applicable to qualified dividend income would not apply.
The
mark-to-market election is available only for "marketable stock," which is stock that is regularly traded on a qualified
exchange or other market, as defined in applicable U.S. Treasury regulations. We expect our Ordinary Shares will continue to be listed
on Nasdaq. Because a mark-to-market election cannot be made for equity interests in any lower-tier PFICs we own, you generally will continue
to be subject to the PFIC rules with respect to your indirect interest in any investments held by us that are treated as an equity interest
in a PFIC for U.S. federal income tax purposes. The Nasdaq is a qualified exchange, but there can be no assurance that the trading in
our Ordinary Shares will be sufficiently regular to qualify our Ordinary Shares as marketable stock. You should consult your tax advisor
as to the availability and desirability of a mark-to-market election, as well as the impact of such election on interests in any lower-tier
PFICs. Alternatively, if a non-U.S. entity treated as a corporation is a PFIC, a holder of shares in that entity may avoid taxation under
the PFIC rules described above regarding excess distributions and recognized gains by making a "qualified electing fund"
election to include in its income, on a current basis: (1) as ordinary income, its pro rata share of the "ordinary earnings"
of the qualified electing fund; and (2) as long-term capital gain, its pro rata share of the "net capital gain" of the qualified
electing fund. However, you may make a qualified electing fund election with respect to your Ordinary Shares only if we furnish you annually
with certain tax information, and we currently do not intend to prepare or provide such information.
80
A
U.S. Holder of a PFIC may be required to file an IRS Form 8621. The failure to file this form when required could result in substantial
penalties. If we are a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you. You are
urged to consult your tax advisor regarding the application of the PFIC rules to the acquisition, ownership and disposition of our Ordinary
Shares.
YOU
ARE STRONGLY URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE IMPACT OF OUR BEING A PFIC ON YOUR INVESTMENT IN OUR ORDINARY SHARES OR
ADSs AS WELL AS THE APPLICATION OF THE PFIC RULES AND THE POSSIBILITY OF MAKING A MARK-TO-MARKET ELECTION.
Taxation
of Dividends and Other Distributions on our Ordinary Shares
Subject
to the PFIC rules discussed above, the gross amount of any distributions we make to you (including the amount of any tax withheld) with
respect to our Ordinary Shares generally will be includible in your gross income as dividend income on the date of receipt by the holder,
but only to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal
income tax principles). The dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of
dividends received from other U.S. corporations. To the extent the amount of the distribution exceeds our current and accumulated earnings
and profits (as determined under U.S. federal income tax principles), such excess amount will be treated first as a tax-free return of
your tax basis in your Ordinary Shares, and then, to the extent such excess amount exceeds your tax basis in your Ordinary Shares, as
capital gain. We currently do not, and we do not intend to, calculate our earnings and profits under U.S. federal income tax principles.
Therefore, you should expect that a distribution will generally be reported as a dividend even if that distribution would otherwise be
treated as a non-taxable return of capital or as capital gain under the rules described above.
With
respect to certain non-corporate U.S. Holders, including individual U.S. Holders, dividends may be taxed at the lower capital gain rates
applicable to "qualified dividend income," provided (1) our Ordinary Shares are readily tradable on an established securities
market in the United States (such as Nasdaq), (2) we are neither a PFIC nor treated as such with respect to you (as discussed above)
for either the taxable year in which the dividend was paid or the preceding taxable year, (3) certain holding period requirements are
met and (4) you are not under an obligation to make related payments with respect to positions in substantially similar or related property.
As discussed above under "Passive Foreign Investment Company," there is a significant risk that we will be a PFIC for U.S.
federal income tax purposes, and, as a result, the qualified dividend rate may be unavailable with respect to dividends we pay.
The
amount of any distribution paid in a currency other than U.S. dollars will be equal to the U.S. dollar value of such currency on the
date such distribution is includible in your income, regardless of whether the payment is in fact converted into U.S. dollars at that
time. If the foreign currency is converted into U.S. dollars on the date of receipt, a U.S. Holder generally will not be required to
recognize foreign currency gain or loss in respect of the distribution. A U.S. Holder may have foreign currency gain or loss if the foreign
currency is converted into U.S. dollars after the date of receipt, depending on the exchange rate at the time of conversion. Any gains
or losses resulting from the conversion of foreign currency into U.S. dollars generally will be treated as ordinary income or loss, as
the case may be, and generally will be treated as U.S. source. In addition, proposed Treasury regulations (which taxpayers may rely upon
pending publication of final regulations) issued on December 18, 2017, provide that certain taxpayers may elect to 'mark to market'
gain or loss resulting from exchange rate fluctuations. The proposed regulations are complex, and you should consult your tax advisor
regarding the availability of the proposed regulations in your particular circumstances. The amount of any distribution of property other
than cash will be equal to the fair market value of such property on the date of distribution.
Subject
to certain significant conditions and limitations, including potential limitations under the Treaty, U.S. Holders may be entitled to
a credit against their U.S. federal income tax liability or a deduction against U.S. federal taxable income in an amount equal to the
non-refundable Israeli tax withheld on distributions on our Ordinary Shares. The election to deduct, rather than credit, foreign taxes,
is made on a year-by-year basis and applies to all foreign taxes paid by a U.S. Holder or withheld from a U.S. Holder that year. Distributions
paid on our Ordinary Shares will generally be treated as passive income that is foreign source for U.S. foreign tax credit purposes.
As a result of recent changes to the U.S. foreign tax credit rules, a withholding tax generally will need to satisfy certain additional
requirements in order to be considered a creditable tax for a U.S. Holder. We have not determined whether these requirements have been
met and, accordingly, no assurance can be given that any withholding tax on dividends paid by us will be creditable. U.S. Holders should
consult their own tax advisors to determine whether and to what extent they would be entitled to such credit.
81
Taxation
of Disposition of Ordinary Shares
Subject
to the PFIC rules discussed above, upon a sale or other disposition of Ordinary Shares, you will generally recognize capital gain or
loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized (including the amount of any
tax withheld) and your tax basis in such Ordinary Shares. If the consideration you receive for our Ordinary Shares is not paid in U.S.
dollars, the amount realized will be the U.S. dollar value of the payment received determined by reference to the spot rate of exchange
on the date of the sale or other disposition. However, if our Ordinary Shares are treated as traded on an "established securities
market" and you are either a cash basis taxpayer or an accrual basis taxpayer that has made a special election (which must be applied
consistently from year to year and cannot be changed without the consent of the IRS), you will determine the U.S. dollar value of the
amount realized in a non-U.S. dollar currency by translating the amount received at the spot rate of exchange on the settlement date
of the sale. If you are an accrual basis taxpayer that is not eligible to or does not elect to determine the amount realized using the
spot rate on the settlement date, you will recognize foreign currency gain or loss to the extent of any difference between the U.S. dollar
amount realized on the date of sale or disposition and the U.S. dollar value of the currency received at the spot rate on the settlement
date. In addition, proposed Treasury regulations (which taxpayers may rely upon pending publication of final regulations) issued on December
18, 2017, provide that certain taxpayers may elect to "mark to market" gain or loss resulting from exchange rate fluctuations.
The proposed regulations are complex, and you should consult your tax advisor regarding the availability of the proposed regulations
in your particular circumstances.
Your
tax basis in our Ordinary Shares generally will equal the cost of such Ordinary Shares. If you are a non-corporate U.S. Holder, capital
gain from the sale, exchange or other disposition of shares is generally eligible for a preferential rate of taxation applicable to capital
gains, if your holding period determined at the time of such sale, exchange or other disposition for such shares exceeds one year (i.e.,
such gain is long-term capital gain). The deductibility of capital losses is subject to significant limitations.
To
the extent that, the sale, exchange or disposition of our Ordinary Shares would be subject to Israeli tax, a U.S. Holder generally will
not be entitled to claim a foreign tax credit for such tax unless the U.S. Holder is eligible for benefits under the Treaty, is considered
a resident of the United States for purposes of the Treaty, and
otherwise meets the requirements for claiming benefits
under the Treaty. In lieu of claiming a credit, a U.S. Holder may be able to elect to deduct the Israeli taxes in computing taxable income,
subject to applicable limitations. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign
taxes paid or accrued in the relevant taxable year. U.S. Holders should consult their own tax advisors regarding the  deduction
or credit for any such Israeli tax and their eligibility for the benefits of the Treaty.
Information
with respect to Net Investment Income Tax
Certain
U.S. Holders who are individuals, estates or trusts may be required to pay an additional 3.8% Net Investment Income Tax, or NIIT, on,
among other things, dividends and capital gains from the sale or other disposition of our shares. For individuals, the additional NIIT
tax applies to the lesser of (i) "net investment income" or (ii) the excess of "modified adjusted gross income"
over $200,000 ($250,000 if married and filing jointly or $125,000 if married and filing separately). "Net investment income"
generally equals the taxpayer's gross investment income reduced by the deductions that are allocable to such income. U.S. Holders
will likely not be able to credit foreign taxes against the 3.8% NIIT.
Information
with respect to Reporting Requirements
Certain
U.S. Holders may be required to file IRS Form 926, Return by U.S. Transferor of Property to a Foreign Corporation and IRS Form 5471,
Information Return of U.S. Persons With Respect to Certain Foreign Corporations, reporting transfers of cash or other property to us
and information relating to the U.S. Holder and us. Substantial penalties may be imposed upon a U.S. Holder that fails to comply.
82
Certain
U.S. Holders owning "specified foreign financial assets" may be required to file IRS Form 8938, or Statement of Specified
Foreign Financial Assets, with respect to such assets with their tax returns. "Specified foreign financial assets" generally
include any financial accounts maintained by foreign financial institutions, as well as any of the following, but only if they are not
held in accounts maintained by financial institutions: (i) stocks and securities issued by non-U.S. persons (ii) financial instruments
and contracts held for investment that have non-U.S. issuers or counterparties and (iii) interests in foreign entities. The IRS has issued
guidance exempting "specified foreign financial assets" held in a financial account from reporting under this provision (although
the financial account itself, if maintained by a foreign financial institution, may remain subject to this reporting requirement). The
failure to file this form when required could result in substantial penalties. You are urged to consult your tax advisors regarding the
application of these requirements to your ownership of our shares.
In
addition, certain U.S. Holders may be required to report additional information relating to an interest in our Ordinary Shares, subject
to certain exceptions. You are urged to consult your tax advisors regarding your information reporting obligations, if any, with respect
to your ownership and disposition of our Ordinary Shares.
Backup
Withholding Tax
Generally,
information reporting requirements will apply to distributions on our Ordinary Shares or proceeds on the disposition of our Ordinary
Shares paid within the United States (and, in certain cases, outside the United States) to U.S. Holders other than certain exempt recipients,
such as corporations. Furthermore, backup withholding may apply to such amounts if the U.S. Holder fails to (i) provide a correct taxpayer
identification number, (ii) report interest and dividends required to be shown on its U.S. federal income tax return, or (iii) make other
appropriate certifications in the required manner. U.S. Holders who are required to establish their exempt status generally must provide
such certification on IRS Form W-9.
Backup
withholding is not an additional tax. Amounts withheld as backup withholding from a payment may be credited against a U.S. Holder's
U.S. federal income tax liability and such U.S. Holder may obtain a refund of any excess amounts withheld by timely filing the appropriate
claim for refund with the IRS and furnishing any required information in a timely manner.
THE
SUMMARY OF CERTAIN MATERIALU.S. FEDERAL INCOME TAX CONSEQUENCES SET OUT ABOVE IS FOR GENERAL INFORMATIONAL PURPOSES ONLY. INVESTORS ARE
URGED TO CONSULT THEIR TAX ADVISORS ABOUT THE APPLICATION OF THE U.S. FEDERAL TAX RULES TO THEIR PARTICULAR CIRCUMSTANCES AS WELL AS
THE STATE, LOCAL, NON-U.S. AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES OR ADSs.
F.
Dividends and Paying Agents
Not
applicable.
G.
Statements by Experts
Not
applicable.
H.
Documents on Display
You
may read and copy this annual report on Form 20-F, including the related exhibits and schedules, and any document we file with the SEC
through the SEC's website at www.sec.gov.
As
a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section 16 of the Exchange Act. Furthermore, as a foreign private issuer, we are also not subject to the requirements of Regulation
FD (Fair Disclosure) promulgated under the Exchange Act. In addition, we are not be required under the Exchange Act to file annual or
other reports and consolidated financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are
registered under the Exchange Act. Instead, we must file with the SEC, within 120 days after the end of each fiscal year, or such other
applicable time as required by the SEC, an annual report on Form 20-F containing consolidated financial statements audited by an independent
registered public accounting firm. We also intend to furnish certain other material information to the SEC under cover of Form 6-K.
83
We
maintain a corporate website at www.medigus.com
.
Information contained on, or that can be accessed through, our website
does not constitute a part of this Annual Report on Form 20-F. We have included our website address in this annual report on Form 20-F
solely as an inactive textual reference.
I.
Subsidiary Information
Not
applicable.
J.
Annual Report to Security Holders
Not
Applicable.
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market
risk is the risk of loss related to changes in market prices, including interest rates and foreign exchange rates, of financial instruments
that may adversely impact our consolidated financial position, results of operations or cash flows.
Risk of Interest Rate Fluctuation
Currently, our investments consist primarily of
cash and cash equivalents and short-term bank deposits. We follow an investment policy that was set by our board of directors, pursuant
to which we currently invest in tradable short term Israeli government loans or bank deposits. Our investments are exposed to market risk
due to fluctuation in interest rates, which may affect our interest income and the fair market value of our investments. Our interest
income is not material and a changes in interest rates would not have a significant impact on us. We manage this exposure by performing
ongoing evaluations of our investments. Due to the short-term maturities of our investments to date, their carrying value has always approximated
their fair value. It is our current policy to hold investments to maturity in order to limit our exposure to interest rate fluctuations.
Foreign
Currency Exchange Risk
Our
reporting and functional currency is the U.S. dollar. Our revenues are currently primarily payable in the U.S. dollars and Euros, and
we expect our future revenues to be denominated primarily in U.S. dollars and Euros. However, certain amount of our expenses are in NIS
and as a result, we are exposed to the currency fluctuation risks relating to the recording of our expenses in the U.S. dollars. We may,
in the future, decide to enter into currency hedging transactions. These measures, however, may not adequately protect us from material
adverse effects.
To
date, we have not engaged in hedging transactions, however we hold our investments in both NIS and US dollars. In the future, we may
enter into currency hedging transactions to decrease the risk of financial exposure from fluctuations in the exchange rates of our principal
operating currencies. These measures, however, may not adequately protect us from the material adverse effects of such fluctuations.
Our
interest rate risk exposure is in respect to bank deposits, which expose us to risk due to change in fair value interest rates. As of
December 31, 2022, these deposits carried relatively low interest rates and under these low interest rates, reasonable changes in interest
rates are expected have negligible impact on the fair value of these assets.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities.
Not
applicable.
B.
Warrants and rights.
Not
applicable.
C.
Other Securities.
Not
applicable.
D.
American Depositary Shares.
General
The
following is a summary description of the ADSs and does not purport to be complete. Each ADS represents 15 Ordinary Shares (or a right
to receive 15 Ordinary Shares) deposited with The Bank of New York Mellon, located in Manchester, as custodian for the Bank of New York
Mellon as the Depositary. Each ADS also represents any other securities, cash or other property which may be held by the Depositary.
The Depositary's office at which the ADSs will be administered is located at 240 Greenwich Street, New York, New York 10286.
84
The
form of the deposit agreement for the ADSs and the form of American Depositary Receipt (ADR) that represents an ADS as filed as exhibits
to the Company's registration statement on Form F-6 with the SEC on May 7, 2015, as amended on October 26, 2020. Copies of the
deposit agreement are available for inspection at the principal office of the Bank of New York Mellon, located at 240 Greenwich Street,
New York, New York 10286.
Fees
and Expenses
Persons
    depositing or withdrawing shares or ADS
holders must pay
:
For
:
$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs)
●
Issuance
    of ADSs, including issuances resulting from a distribution of shares or rights or other property
●
Cancellation
    of ADSs for the purpose of withdrawal, including if the deposit agreement terminates
$0.05
    (or less) per ADS
●
Any
    cash distribution to ADS holders
A
    fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited
    for issuance of ADSs
●
Distribution
    of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS holders
$0.05
    (or less) per ADS per calendar year
●
Depositary
    services
Registration
    or transfer fees
●
Transfer
    and registration of shares on our share register to or from the name of the Depositary or its agent when you deposit or withdraw
    shares
Expenses
    of the Depositary
●
Cable,
    telex and facsimile transmissions (when expressly provided in the deposit agreement)
●
converting
    foreign currency to U.S. dollars
Taxes
    and other governmental charges the Depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
    taxes, stamp duty or withholding taxes
●
As
    necessary
Any
    charges incurred by the depositary or its agents for servicing the deposited securities
●
As
    necessary
The
Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The Depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The Depositary may collect any of its fees by deduction from any cash distribution payable
to ADS holders that are obligated to pay those fees. The Depositary may generally refuse to provide fee-attracting services until its
fees for those services are paid.
From
time to time, the Depositary may make payments to us to reimburse and/or share revenue from the fees collected from ADS holders, or waive
fees and expenses for services provided, generally relating to costs and expenses arising out of establishment and maintenance of the
ADS program. In performing its duties under the deposit agreement, the Depositary may use brokers, dealers or other service providers
that are affiliates of the Depositary and that may earn or share fees or commissions.
Payment
of Taxes
You
will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any
of your ADSs. The Depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented
by your ADSs until such taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by
your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the Depositary sells deposited securities, it will,
if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property,
remaining after it has paid the taxes.
85
PART II
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
There
are no defaults, dividend arrangements or delinquencies that are required to be disclosed.
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not
applicable.
ITEM 15.
CONTROLS AND PROCEDURES
(a)
Disclosure controls and procedures
Our
management, including our chief executive officer and chief financial officer, has evaluated the effectiveness of our disclosure controls
and procedures as of December 31, 2022. The term "disclosure controls and procedures", as defined in Rules 13a-15(e) and
15d-15(e) under the Exchange Act, means controls and other procedures that are designed to ensure that information required to be disclosed
by us in the reports that we file or submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitation, controls and procedures
designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated
and communicated to the our management, including our chief executive officer and chief financial officer, or persons performing similar
functions, as appropriate to allow timely decisions regarding required disclosure. Based on the foregoing, our chief executive officer
and chief financial officer have concluded that, as of December 31, 2022, our disclosure controls and procedures were effective.
(b)
Management report on internal control over financial reporting
Our
management, under the supervision of our chief executive officer and chief financial officer, is responsible for establishing and maintaining
adequate internal control over our financial reporting. The Company's internal control over financial reporting, as defined in
Rules 13a-15(f) and 15d-15(f) of the Exchange Act, means a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. Internal control over financial reporting includes policies and procedures that:
●
pertain
                                            to the maintenance of records that in reasonable detail accurately and fairly reflect our
                                            transactions and asset dispositions.
●
provide
                                            reasonable assurance that transactions are recorded as necessary to permit the preparation
                                            of our financial statements in accordance with generally accepted accounting principles,
                                            and that our receipts and expenditures are being made only in accordance with authorizations
                                            of our management and directors; and
●
provide
                                            reasonable assurance regarding the prevention or timely detection of unauthorized acquisition,
                                            use or disposition of assets that could have a material effect on our financial statements.
Due
to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Our
management evaluated the effectiveness of our internal control over financial reporting as of December 31, 2022, based on the criteria
established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Based on this evaluation, our management concluded that, as of December 31, 2022, the Company's internal control
over financial reporting was not effective since a significant subsidiary of the Company, Gix Internet, whose financial statements were
initially consolidated in March 2022, was excluded from management's evaluation of the effectiveness of internal control over financial
reporting as of December 31, 2022 due to post acquisition exclusion made by Viewbix, a subsidiary of Gix Internet in accordance with
the SEC guidance during the fiscal year post acqusition. Gix Internet's assets constitute 52% of the Company's assets as
of December 31, 2022.
(c)
Attestation Report of the Registered Public Accounting Firm
Not
applicable.
(d)
Changes in internal control over financial reporting
Other
than the changes to our internal control over financial reporting resulting from the consolidation of the financial statements of Gix
Internet in March 2022, there were no changes in internal control over financial reporting during the year ended December 31, 2022, that
have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.
86
ITEM 16.
RESERVED
ITEM 16A.
AUDIT COMMITTEE FINANCIAL EXPERT
Our
board of directors has determined that Mr. Eliyahu Yoresh is an audit committee financial expert as defined under the rules under the
Exchange Act, and is independent in accordance with applicable Exchange Act rules and Nasdaq Stock Market rules.
ITEM 16B.
CODE OF ETHICS
In
March 2016, we adopted a written code of ethics and business conduct, which applies to all our directors, officers and employees, including
without limitation our, Chief Executive Officer, Chief Financial Officer, and controller, or persons performing similar functions. This
code of ethics is posted on our website, www.medigus.com.
ITEM 16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
Fees
and services
Brightman
Almagor Zohar and Co., Certified Public Accountant (Isr.), a firm in the Deloitte Global Network, has served as our principal independent
registered public accounting firm for the years ended December 31, 2022, and 2021.
The
following table provides information regarding consolidated fees related to Brightman Almagor Zohar and Co., for all services, including
audit services, for the year ended December 31, 2022, and for the year ended December 31, 2021:
Year
    Ended
December 31,
2022
Year
    Ended
December 31,
2021
(USD
    in thousands)
Audit fees
(1)
575
721
Audit-Related Fees
(2)
100
369
Tax fees
(3)
96
33
Total
771
1,123
(1)
Includes
    professional services rendered in connection with the audit of our annual financial statements and the review of our interim financial
    statements. This category also includes services that generally the independent accountant provides, such as consents and assistance
    with and review of documents filed with the SEC.
For
    the year ended December 31, 2022, audit fee included are for Medigus, Eventer, Gix Internet and Jeffs' Brands.
For
    the year ended December 31, 2021, audit fee included are for Medigus, ScoutCam, Eventer, Gix Internet and Jeffs' Brands.
(2)
Includes
    mainly offering costs and related services by the principal accountant that are reasonably related to the performance of the audit
    or review of the registrant's financial statements.
For
    the year ended December 31, 2022, audit related fee included Medigus, Eventer, Gix Internet and Jeffs' Brands.
For
    the year ended December 31, 2021, audit related fee included for Medigus, Scoutcam, Jeffs' Brands, and Eventer.
(3)
Represents
    fees for professional services rendered by our independent registered public accounting firm for tax compliance and tax advice on
    actual or contemplated transactions.
Audit
committee's pre-approval policies and procedures
Our
audit committee's specific responsibilities in carrying out its oversight of the quality and integrity of the accounting, auditing
and reporting practices of our Company include the approval of audit and non-audit services to be provided by the external auditor. The
audit committee approves in advance the particular services or categories of services to be provided to us during the following yearly
period and also sets forth a specific budget for such audit and non-audit services. Additional non-audit services may be pre-approved
by the audit committee
87
ITEM 16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
None.
ITEM 16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
ITEM 16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
applicable.
ITEM 16G.
CORPORATE GOVERNANCE
Nasdaq
Stock Market Listing Rules and Home Country Practices
As
a foreign private issuer, we are permitted to follow Israeli corporate governance practices instead of Nasdaq Marketplace rules, provided
that we disclose which requirements we are not following and the equivalent Israeli requirement. We rely on this "foreign private
issuer exemption" with respect to the following items:
●
Quorum
.
                                            While the Marketplace Rules of the Nasdaq Stock Market require that the quorum for purposes
                                            of any meeting of the holders of a listed company's common voting stock, as specified
                                            in the company's bylaws, be no less than 33 1/3% of the company's outstanding
                                            common voting stock, under Israeli law, a company is entitled to determine in its articles
                                            of association the number of shareholders and percentage of holdings required for a quorum
                                            at a shareholders meeting. Our amended and restated articles of association provide that
                                            a quorum of two or more shareholders holding at least 10% of the voting rights in person
                                            or by proxy is required for commencement of business at a general meeting so long as (i)
                                            such general meeting was initiated by and convened pursuant to a resolution adopted by the
                                            Board of Directors and (ii) at the time of such general meeting the Company is qualified
                                            to use the forms of a "foreign private issuer" under US securities laws. However,
                                            the quorum set forth in our amended and restated articles of association with respect to
                                            an adjourned meeting consists of any number of shareholders present in person or by proxy.
●
Approval
                                            of Related Party Transactions
. All related party transactions are approved in accordance
                                            with the requirements and procedures for approval of interested party acts and transactions,
                                            set forth in sections 268 to 275 of the Companies Law, and the regulations promulgated thereunder,
                                            which require the approval of the audit committee, the compensation committee, the board
                                            of directors and shareholders, as may be applicable, for specified transactions, rather than
                                            approval by the audit committee or other independent body of our board of directors as required
                                            under the Listing Rules of the Nasdaq Stock Market.
●
Equity
                                            Compensation Plans
. We do not necessarily seek shareholder approval for the establishment
                                            of, and amendments to, stock option or equity compensation plans (as set forth in Nasdaq
                                            Listing Rule 5635(c)), as such matters are not subject to shareholder approval under Israeli
                                            law. We will attempt to seek shareholder approval for our stock option or equity compensation
                                            plans (and the relevant annexes thereto) to the extent required in order to ensure they are
                                            tax qualified for our employees in the United States. However, even if such approval is not
                                            received, then the stock option or equity compensation plans will continue to be in effect,
                                            but we will not be able to grant options to our U.S. employees that qualify as Incentive
                                            Stock Options for U.S. federal tax purpose. Our stock option or other equity compensation
                                            plans are also available to our non-U.S. employees, and provide features necessary to comply
                                            with applicable non-U.S. tax laws.
●
Shareholder
                                            approval.
Rather than follow the Nasdaq rules requiring shareholder approval for
                                            the issuance of securities in certain circumstances, we follow Israeli law, under which a
                                            private placement of securities requires approval by our board of directors and shareholders
                                            if it will cause a person to become a controlling shareholder (generally presumed at 25%
                                            ownership) or if: (a) the securities issued amount to 20% or more of our outstanding voting
                                            rights before the issuance; (b) some or all of the consideration is other than cash or listed
                                            securities or the transaction is not on market terms; and (c) transaction will increase the
                                            relative holdings of a shareholder that holds 5% or more of our outstanding share capital
                                            or voting rights or will cause any person to become, as a result of the issuance, a holder
                                            of more than 5% of our outstanding share capital or voting rights.
Otherwise,
we comply with the rules generally applicable to U.S. domestic companies listed on the Nasdaq Stock Market. We may in the future decide
to use the foreign private issuer exemption with respect to some or all of the other Nasdaq Marketplace Rules related to corporate governance.
We also comply with Israeli corporate governance requirements under the Israeli Companies Law applicable to public companies.
ITEM 16H.
MINE SAFETY DISCLOSURE
Not
applicable.
ITEM 16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
Applicable.
88
PART III
ITEM 17.
FINANCIAL STATEMENTS
Not
applicable.
ITEM 18.
FINANCIAL STATEMENTS
The
consolidated financial statements and the related notes required by this Item are included in this annual report on Form 20-F beginning
on page F-1.
ITEM 19.
EXHIBITS
Incorporation by Reference
Exhibit No.
Description
Form
File
    No.
Exhibit No.
Filing
    Date
Filed
    / Furnished
1.1
Articles
    of Association of Medigus Ltd., as amended
*
2.1
Form
    of Deposit Agreement between Medigus Ltd., The Bank of New York Mellon as Depositary, and owners and holders from time to time of
    ADSs issued thereunder, including the Form of American Depositary Shares
20-F
001-37381
2.1
May
    7, 2015
2.2
Form
    of Series C Warrant Agent Agreement between the Registrant and Computershare Inc., as warrant agent, including Form of Series C Warrant
F-1
333-2225610
4.1
July
    18, 2018
2.3
Description
    of Securities
*
4.1†
2013
    Share Option and Incentive Plan
20-F
001-37381
4.6
May
    7, 2015
4.2†
Compensation
    Policy of Medigus Ltd., as adopted on August 30, 2021
20-F
001-37381
4.2
April
    29, 2022
4.3†
Form
    of Indemnification and Exculpation Undertaking
20-F
001-37381
4.15
May
    7, 2015
4.4
Loan
    and Pledge Agreement by and between the Registrant, Smart Repair Pro, Inc., and its stockholder, dated February 2, 2021***
20-F
001-37381
4.19
May 14, 2021
4.5
First
    Amendment to Loan and Pledge Agreement by and between the Registrant, Smart Repair Pro, Inc., and its stockholder, dated February
    5, 2021***
20-F
001-37381
4.20
May 14, 2021
4.6
Loan
    Agreement by and between the Company and Gix Internet Ltd. dated October 12, 2021
*
4.7
Amendment
    to the Loan Agreement by and between the Company and Gix Internet Ltd. dated August 25, 2022, and effective as of July 1, 2022.
*
4.8
Share
    Purchase Agreement, by and among the Company, Parazero, Delta Drone International Ltd., L.I.A Pure Capital Ltd. and other entities
    listed therein., dated January 28, 2022.
*
4.9
Securities
                           Exchange Agreement by and between Medigus Ltd., the additional shareholders of Charging Robotics Ltd. and
                           Fuel Doctor Holdings, Inc dated March 28, 2023.
*
89
8.1
List
    of Subsidiaries
*
12.1
Certification
    of Chief Executive Officer as required by rule 13a-14(a)(1)
**
12.2
Certification
    of Chief Financial Officer as required by rule 13a-14(a)
**
13.1
Certification
    of Chief Executive Officer as required by rule 13a-14(a) and Section 1350 of Chapter 63 of Title 18 of the United States Code
**
13.2
Certification
    of Chief Financial Officer as required by rule 13a-14(a) and Section 1350 of Chapter 63 of Title 18 of the United States Code
**
15.1
Consent
    of Brightman Almagor Zohar & Co., Certified Public Accountant (Isr.), a firm in the Deloitte Global Network, independent registered
    public accounting firm for Medigus
Ltd.
*
101.INS
Inline
    XBRL Instance Document
101.SCH
Inline
    XBRL Taxonomy Extension Schema Document.
101.CAL
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline
    XBRL Taxonomy Definition Linkbase Document.
101.LAB
Inline
    XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104**
Inline
    XBRL for the cover page of this Annual Report on Form 20-F(embedded within the Inline XBRL document)
*
Filed
                                            herewith.
**
Furnished
                                            herewith.
***
Certain
                                            confidential information contained in this exhibit, marked by brackets, was omitted because
                                            it is both (i) not material and (ii) would likely cause competitive harm to the Company if
                                            publicly disclosed. "[***]" indicates where the information has been omitted
                                            from this exhibit.
†
Indicates
                                            management contract or compensatory plan or arrangement.
Certain
agreements filed as exhibits to this Annual Report contain representations and warranties that the parties thereto made to each other.
These representations and warranties have been made solely for the benefit of the other parties to such agreements and may have been
qualified by certain information that has been disclosed to the other parties to such agreements and that may not be reflected in such
agreements. In addition, these representations and warranties may be intended as a way of allocating risks among parties if the statements
contained therein prove to be incorrect, rather than as actual statements of fact. Accordingly, there can be no reliance on any such
representations and warranties as characterizations of the actual state of facts. Moreover, information concerning the subject matter
of any such representations and warranties may have changed since the date of such agreements.
90
SIGNATURE
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this registration statement on its behalf.
Medigus
    Ltd.
Date:
    May 3, 2023
By:
/s/
    Liron Carmel
Liron
    Carmel
Chief
    Executive Officer
By:
/s/
    Tali Dinar
Tali
    Dinar
Chief
    Financial Officer
91
MEDIGUS
LTD.
Index
to Consolidated Financial Statements
Reports of Independent Registered Public Accounting Firm
(Firm Name: Brightman Almagor Zohar & Co / PCAOB ID No.
1197
)
F-2 to F-3
Consolidated Statements of Financial Position
F-4 to F-5
Consolidated Statements of Income/Loss and Other Comprehensive Income/Loss
F-6
Consolidated Statements of Changes in Equity
F-7 to F-9
Consolidated Statements of Cash Flows
F-10 to F-13
Notes to Consolidated Financial Statements
F-14 to F-107
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Shareholders and the Board of Directors of Medigus Ltd.
Opinion on the Financial Statements
We have audited the accompanying consolidated
statements of financial position of Medigus Ltd. and its subsidiaries (the "Company") as of December 31, 2022, and 2021, and
the related consolidated statements of income (loss) and other comprehensive income (loss), changes in equity and cash flows for each
of the three years in the period ended December 31, 2022, and the related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December
31, 2022, and 2021, and the results of its operations and its cash flows for the each of the three years in the period ended December
31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is
a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the
audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially
challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion
on the critical audit matter or on the accounts or disclosures to which it relates.
F-
2
Business Combination - Initial Consolidation
of Gix Internet Ltd. – Refer to Note 2C and 4F to the Consolidated Financial Statements
Critical Audit Matter Description
On March 1, 2022, the Company acquired a controlling interest in Gix
Internet Ltd., an equity investee of the Company prior to the acquisition. The acquisition purchase price was approximately USD 7.7 million.
The Company allocated the purchase price between tangible and intangible assets acquired and liabilities assumed based on estimated fair
values, with the residual of the purchase price recorded as goodwill. The intangible assets identified in the acquisition were technology
and customer relations.
Management estimated the fair value of these intangible
assets using the income approach, which is based on the present value of the future cash flows attributable to each identifiable intangible
asset. The income approach to valuation required management to make significant estimates and assumptions related to future cash flows
and discount rates.
We identified the fair value of the intangible
assets acquired as a critical audit matter because of the significant judgments, estimates and assumptions made by management to estimate
their fair value. This required a high degree of auditor judgment and an increased extent of effort, in relation to our audit as whole,
including the need to involve our fair value specialists when performing audit procedures to evaluate the reasonableness of future cash
flows and discount rates.
How the Critical Audit Matter Was Addressed
in the Audit
Our audit procedures related to the purchase price
allocation included the following, among others:
●
We
evaluated the reasonableness of management's assumptions and forecasts of future cash flows by comparing these forecasts to historical
results, as well as by testing the other underlying source information for accuracy and completeness.
●
With
the assistance of our fair value specialists, we evaluated the valuation methodologies and the reasonableness of the discount rates and
royalty rates, including testing the mathematical accuracy of the calculations, and developing a range of independent estimates and comparing
those to the discount and royalty rates selected by management.
/s/
Brightman Almagor Zohar & Co
.
Certified Public Accountants
A Firm in the Deloitte Global Network
Tel Aviv, Israel
May 3, 2023
We have served as the Company's auditor since 2020.
F-
3
(Concluded) - 1
MEDIGUS LTD.
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
December 31,
Note
2022
2021
USD in thousands
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
6
20,065
24,025
Short term deposit
6
859
-
Restricted cash
6
185
-
Trade accounts receivable
21,449
408
Other receivables and prepaid expenses
7a
1,928
415
Inventory
8
1,791
1,227
Loans to associates
17b2
546
1,265
Loans to others
7b
1,011
-
Related party prepaid expenses
17b1
-
999
Related parties
17b1
298
-
Financial assets at fair value through profit or loss
5
4,126
3,315
52,258
31,654
NON-CURRENT ASSETS:
Property and equipment, net
9
408
77
Right-of-use assets, net
11
591
-
Investments accounted for using the equity method
4B1
11,892
17,240
Intangible assets, net
10
30,862
8,321
Deferred offering costs
4D, 4E
-
836
Deferred tax asset
12
397
-
Financial assets at fair value through profit or loss
5
1,243
1,602
45,393
28,076
TOTAL ASSETS
97,651
59,730
The accompanying notes
are an integral part of these consolidated financial statements.
F-
4
(Concluded) – 2
MEDIGUS LTD.
CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION
December 31,
Note
2022
2021
USD in thousands
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Trade accounts payable
13a
20,421
702
Short term loans
4E, 4F
5,111
816
Short term related party loan
17b4
-
111
Current portion of long-term loans
4F
1,500
-
Current portion of long-term related party payable
17b4, 4D
-
506
Lease liabilities
11
131
-
Warrants at fair value
5, 14
396
692
Contract liability
18c
49
108
Liability to event producers
4D
1,654
1,556
Derivative liabilities
4E
4,159
-
Related parties
17b3
1,055
616
Accrued expenses and other current liabilities
13b
3,151
1,532
37,627
6,639
NON-CURRENT LIABILITIES:
Lease liabilities
11
512
-
Long-term loans
4F
2,881
-
Loans from related parties
17b4
-
689
Long-term related party payable
17b4, 4D
-
711
Deferred tax liability
12
1,817
236
Accrued severance pay, net
125
22
5,335
1,658
TOTAL LIABILITIES
42,962
8,297
EQUITY:
14
Share capital – ordinary shares with
no
par value:  authorized – December 31,2022 –
200,000,000
and December 31, 2021 –
50,000,000
shares; issued and outstanding – December 31, 2022 –
24,661,470
shares December 31, 2021 –
23,850,128
shares (*)
-
-
Share premium
111,322
110,562
Other capital reserves
13,208
12,619
Warrants
197
197
Accumulated deficit
(
85,586
)
(
74,188
)
Equity attributable to owners of Medigus Ltd.
39,141
49,190
Non-controlling interests
4A3
15,548
2,243
54,689
51,433
TOTAL LIABILITIES AND EQUITY
97,651
59,730
(*)
Share
and per share data in these financial statements have been retrospectively adjusted, for all periods presented, to reflect a number of
shares that is equivalent to the number of shares of the Company post the Reverse Split (see note 14a(7)).
The accompanying notes
are an integral part of these consolidated financial statements.
F-
5
MEDIGUS LTD.
CONSOLIDATED
STATEMENTS OF INCOME/LOSS AND OTHER COMPREHENSIVE INCOME/LOSS
Year Ended December 31
Note
2022
2021
2020
USD in thousands
Revenue
18
Products
5,861
8,933
491
Services
85,997
1,185
40
91,858
10,118
531
Cost of revenues:
15
Products
5,059
4,938
988
Services
72,347
379
46
77,406
5,317
1,034
Gross profit (loss)
14,452
4,801
(
503
)
Research and development expenses
15
4,853
1,045
997
Sales and marketing expenses
15
4,006
1,988
471
General and administrative expenses
15
14,174
9,964
5,494
Net change in fair value of financial assets at fair value through profit or loss
5
2,544
(
713
)
(
797
)
Share of net loss of associates accounted for using the equity method
4B2
2,659
2,149
170
Amortization of excess purchase price of associates
-
263
546
Operating loss
(
13,784
)
(
9,895
)
(
7,384
)
Gain upon loss of control in a subsidiary
4C
-
(
11,465
)
-
Gain from initial recognition of assets and liabilities upon consolidation of Gix Internet
4F
(
2,300
)
-
-
Loss (gain) from sale of investments
4G
127
(
2,025
)
-
Other income
(
45
)
(
494
)
-
Changes in fair value of warrants issued to investors
5
(
159
)
(
484
)
(
338
)
Changes in fair value of warrants issued to third party investors by a consolidated subsidiary
4E
(
3,619
)
75
-
Financial (income) loss, net
2,309
347
(
205
)
Profit (loss) before taxes on income
(
10,097
)
4,151
(
6,841
)
Tax expense
12
(
111
)
(
105
)
(
9
)
Net profit (loss) for the year
(
10,208
)
4,046
(
6,850
)
Other comprehensive income
Items that may be reclassified to profit or loss
Share of other comprehensive income of consolidated subsidiaries and associates accounted for using the equity method
460
191
8
Items that will not be reclassified to profit or loss
Share of other comprehensive income (loss) of consolidated subsidiaries and associates accounted for using the equity method
-
(
29
)
27
Other comprehensive income for the year
460
162
35
Total comprehensive income (loss) for the year
(
9,748
)
4,208
(
6,815
)
Net profit (loss) for the year is attributable to:
Owners of Medigus
(
9,815
)
6,794
(
4,325
)
Non-controlling interests
(
393
)
(
2,748
)
(
2,525
)
(
10,208
)
4,046
(
6,850
)
Total comprehensive income (loss) for the year is attributable to:
Owners of Medigus
(
9,503
)
6,881
(
4,278
)
Non-controlling interests
(
245
)
(
2,673
)
(
2,537
)
(
9,748
)
4,208
(
6,815
)
Earnings (Loss) per ordinary share attributed to Medigus ltd
Basic
16
(
0.4
)
0.2
(
0.6
)
Diluted
16
(
0.4
)
0.2
(
0.6
)
Weighted average ordinary shares outstanding (in thousands)
Basic
24,385
(*)
23,036
(*)
6,672
Diluted
24,385
(*)
23,036
(*)
6,672
(*)
Share
and per share data in these financial statements have been retrospectively adjusted, for all periods presented, to reflect a number of
shares that is equivalent to the number of shares of the Company post the Reverse Split (see note 14a(7)).
The accompanying notes
are an integral part of these interim condensed consolidated financial statements.
F-
6
MEDIGUS LTD.
CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY
Equity attributable to owners of Medigus Ltd.
Note
Ordinary
shares (*)
Share
premium
Capital
reserves
from
options granted
Other
reserves
Capital
reserves
from
transactions
with
non-
controlling
interests
Currency
translation
differences
Warrants
Accumulated
deficit
Total
Non-
controlling
interests
Total
equity
USD in thousands
BALANCE AS OF JANUARY 1, 2022
-
110,562
2,579
634
10,408
(
1,002
)
197
(
74,188
)
49,190
2,243
51,433
Loss for the year
-
-
-
-
-
-
-
(
9,815
)
(
9,815
)
(
393
)
(
10,208
)
Other comprehensive income (loss)
-
-
-
-
-
312
-
-
312
148
460
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
-
-
-
-
-
312
-
(
9,815
)
(
9,503
)
(
245
)
(
9,748
)
TRANSACTIONS WITH SHAREHOLDERS:
Issuance of warrants and shares by Gix Internet
4F
-
-
-
-
(
567
)
-
-
-
(
567
)
682
115
Deemed contributions to Jeffs' Brands
4E
-
-
-
148
(
598
)
-
-
-
(
450
)
743
293
Issuance of shares in consideration for investments
4N, 4O
-
900
-
-
-
-
-
-
900
-
900
Issuance of shares by Eventer
4D
-
-
-
-
(
12
)
-
-
-
(
12
)
11
(
1
)
Consolidation of Gix Internet
4F
-
(
144
)
-
-
-
-
-
-
(
144
)
7,849
7,705
Subsidiaries' share-based compensation to employees and service providers
4D
-
-
-
-
-
-
-
-
-
102
102
Share based compensation to employees and service providers
14
-
-
685
-
-
-
-
-
685
-
685
Amendment of long-term related party payable by Eventer
-
-
-
167
-
-
-
-
167
253
420
Issuance of shares and warrants by Jeffs' Brands upon completion of IPO
4E
-
-
-
-
504
-
-
-
504
5,885
6,389
Dividend
14(d)
-
-
-
-
-
-
-
(
1,583
)
(
1,583
)
-
(
1,583
)
Dividends declared by subsidiaries
4F
-
-
-
-
-
-
-
-
-
(
2,021
)
(
2,021
)
Reorganization transaction by Gix Internet
4F
-
-
-
-
(
46
)
-
-
-
(
46
)
46
-
Expiration of options
-
4
(
4
)
-
-
-
-
-
-
-
-
TOTAL TRANSACTIONS WITH SHAREHOLDERS
-
760
681
315
(
719
)
-
-
(
1,583
)
(
546
)
13,550
13,004
BALANCE AS OF DECEMBER 31, 2022
-
111,322
3,260
949
9,689
(
690
)
197
(
85,586
)
39,141
15,548
54,689
(*)
Share
and per share data in these financial statements have been retrospectively adjusted, for all periods presented, to reflect a number of
shares that is equivalent to the number of shares of the Company post the Reverse Split (see note 14a(7)).
The accompanying notes are an integral part
of these consolidated financial statements.
F-
7
MEDIGUS LTD.
CONSOLIDATED STATEMENTS
OF CHANGES IN EQUITY
Equity attributable to owners of
    Medigus Ltd.
Note
Ordinary
shares
Share
premium
Capital
reserves
from
options granted
Other
reserves
Capital
reserves
from
transactions
with
non-
controlling
interests
Currency
translation
differences
Warrants
Accumulated
deficit
Total
Non-
controlling
interests
Total
equity
USD in thousands
BALANCE AS OF JANUARY 1, 2021
93,021
-
1,450
545
9,848
(
1,118
)
197
(
80,982
)
22,961
3,233
26,194
Income (Loss) for the year
-
-
-
-
-
-
-
6,794
6,794
(
2,748
)
4,046
Other comprehensive income
-
-
-
(
29
)
-
116
-
-
87
75
162
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
-
-
-
(
29
)
-
116
-
6,794
6,818
(
2,673
)
4,208
TRANSACTIONS WITH SHAREHOLDERS:
Issuance of shares and warrants
14
49,398
(
32,062
)
-
-
-
-
-
-
17,336
-
17,336
Cancellation of par value
14
(
142,419
)
142,419
Consolidation of Jeffs' Brands
4E
-
71
-
-
-
-
71
1,156
1,227
Exercise of warrants issued by ScoutCam
4C
-
-
-
-
264
-
-
-
264
518
782
Issuance of shares by Eventer
4D
-
-
-
-
717
-
-
-
717
1,138
1,855
Loss of control in ScoutCam
4C
-
-
-
-
-
-
-
-
-
(
2,760
)
(
2,760
)
Deemed contributions to Jeffs' Brands
4E
-
-
-
108
(
421
)
-
-
-
(
313
)
529
216
Deemed contribution to an affiliate
4F
-
-
-
10
-
-
-
-
10
-
10
Expiration of options
-
74
(
74
)
-
-
-
-
-
-
-
-
Subsidiaries' share-based compensation to employees
    and service providers
4C, 4I, 4E, 4D
-
-
-
-
-
-
-
-
-
1,102
1,102
Share based compensation to employees and service providers
14
-
60
1,203
-
-
-
-
-
1,263
-
1,263
TOTAL TRANSACTIONS
    WITH SHAREHOLDERS
(
93,021
)
110,562
1,129
118
560
-
-
-
19,348
1,683
21,031
BALANCE AS OF DECEMBER 31, 2021
-
110,562
2,579
634
10,408
(
1,002
)
197
(
74,188
)
49,190
2,243
51,433
The accompanying notes
are an integral part of these consolidated financial statements.
F-
8
MEDIGUS LTD.
CONSOLIDATED STATEMENTS
OF CHANGES IN EQUITY
Equity attributable to owners of
    Medigus Ltd.
Note
Ordinary
shares
Share
premium
Capital
reserves
from
options granted
Other
reserves
Capital
reserves
from
transactions
with
non-
controlling
interests
Currency
translation
differences
Warrants
Accumulated
deficit
Total
Non-
controlling
interests
Total
equity
USD in thousands
BALANCE AS OF JANUARY 1, 2020
22,802
47,873
1,351
525
11,761
(
1,145
)
197
(
76,657
)
6,707
1,424
8,131
Loss for the year
-
-
-
-
-
-
-
(
4,325
)
(
4,325
)
(
2,525
)
(
6,850
)
Other comprehensive income
-
-
-
20
-
27
-
-
47
(
12
)
35
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
-
-
-
20
-
27
-
(
4,325
)
(
4,278
)
(
2,537
)
(
6,815
)
TRANSACTIONS WITH SHAREHOLDERS:
Purchase of a subsidiary
381
381
Issuance of shares and warrants
14
53,278
(
35,369
)
-
-
(
3,766
)
-
3,632
-
17,775
-
17,775
Exercise of warrants
16,941
(
12,596
)
-
-
-
-
(
3,632
)
-
713
-
713
Issuance of shares and warrants by the Subsidiary
-
-
-
-
1,956
-
-
-
1,956
2,632
4,588
Conversion into shares and warrants of loan granted to
    the Subsidiary
-
-
-
-
(
136
)
-
-
-
(
136
)
136
-
Share in capital reserve of an associate
-
-
-
-
33
-
-
-
33
-
33
Stock-based compensation in connection with options granted
    to employees and service providers
14
-
-
191
-
-
-
-
-
191
1,197
1,388
Expiration of options
-
92
(
92
)
-
-
-
-
-
-
-
-
TOTAL TRANSACTIONS
    WITH SHAREHOLDERS
70,219
(
47,873
)
99
-
(
1,913
)
-
-
-
20,532
4,346
24,878
BALANCE AS OF DECEMBER 31, 2020
93,021
-
1,450
545
9,848
(
1,118
)
197
(
80,982
)
22,961
3,233
26,194
The accompanying notes are an integral part
of these consolidated financial statements.
F-
9
(Continued) – 1
MEDIGUS LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For the year ended December 31,
2022
2021
2020
USD in thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash flows used in operations (see Appendix A)
(
4,428
)
(
5,067
)
(
6,263
)
Interest received
-
7
17
Dividend received
171
-
120
Interest paid
(
1,019
)
(
53
)
(
8
)
Income tax paid
(
380
)
(
137
)
(
9
)
Net cash flow used in operating activities
(
5,656
)
(
5,250
)
(
6,143
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(
74
)
(
141
)
(
324
)
Payments for acquisitions of associates and financial assets at fair value through profit or loss (note 4 and note 5)
(
5,099
)
(
4,703
)
(
1,818
)
Deconsolidation of ScoutCam upon loss of control (Appendix C and note 4C)
-
(
3,252
)
-
Consolidation of subsidiaries upon gain of control (Appendix E and note 4F, Appendix D and note 4E, Appendix B and note 4D)
2,737
240
541
Purchase of intangible assets (note 10 and supplemental disclosure of cash flow information)
-
(
5,003
)
-
Exercise of warrants issued by an associate (note 4C)
-
(
234
)
-
Loans to associates (note 4F, note 4I, note 4M, note 4N)
(
660
)
(
1,236
)
-
Loans to others (note 7b)
(
1,018
)
-
-
Proceeds from sale of financial assets at fair value through profit of loss and securities of an associate (note 5, note 4G)
453
1,883
-
Changes in short term deposits
(
815
)
-
-
Net cash flow used in investing activities
(
4,476
)
(
12,446
)
(
1,601
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares and warrants by subsidiaries, net of issuance costs (note 4E, note 4F)
12,567
1,388
4,587
Receipt of short-term loans (note 4E, note 4F)
1,752
981
-
Repayment of short-term loans (note 4E, note 4F)
(
2,520
)
(
1,336
)
-
Receipt of long-term loans (note 4E)
-
940
-
Repayment of long-term loans (note 4F)
(
1,974
)
-
-
Repayment of related party debt (note 4D)
(
163
)
(
159
)
-
Dividend (note 4F, note 14(d))
(
4,186
)
-
-
Principal elements of lease liability
(
66
)
-
(
46
)
Proceeds from issuance of shares and warrants and from exercise of warrants, net of issuances costs (note 14)
-
17,336
18,405
Net cash flow generated from financing activities
5,410
19,150
22,946
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(
4,722
)
1,454
15,202
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
24,025
22,363
7,036
GAINS FROM EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS
762
208
125
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF YEAR
20,065
24,025
22,363
The accompanying notes
are an integral part of these consolidated financial statements.
F-
10
(Continued) – 2
MEDIGUS LTD.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
APPENDIX A TO THE CONSOLIDATED
STATEMENTS OF CASH FLOWS:
For the year ended December 31,
2022
2021
2020
USD in thousands
NET CASH USED IN OPERATIONS:
Income (Loss) for the year before taxes on income
(
10,097
)
4,151
(
6,841
)
Adjustment in respect of:
Depreciation and amortization
3,237
320
167
Net loss (income) from change in the fair value of financial assets at fair value through profit or loss
2,544
(
714
)
(
797
)
Changes in fair value of warrants
(
159
)
(
484
)
(
338
)
Changes in fair value of warrants issued to third party investors by a consolidated subsidiary
(
3,619
)
75
-
Share of net loss of associates accounted for using the equity method
2,659
2,149
170
Finance expenses (income)
2,254
102
(
117
)
Amortization of excess purchase price of associates
-
263
546
Dividend received
(
171
)
-
(
120
)
Interest received
-
(
7
)
(
17
)
Interest paid
1,019
53
8
Income tax paid
380
137
9
Share based compensation to employees and service providers
787
2,362
1,388
Gain from initial recognition of assets and liabilities upon consolidation of Gix Internet (note 4F)
(
2,300
)
-
-
Gain arising from deconsolidation of a subsidiary upon loss of control (note 4C)
-
(
11,465
)
-
Loss (Gain) from sales of securities of an investment (note 5)
155
(
2,026
)
-
Impairment of intangible asset
-
89
-
CHANGES IN OPERATING ASSET AND LIABILITY ITEMS:
Increase in trade accounts receivable
(
7,838
)
(
239
)
(
74
)
Decrease (increase) in other current assets
(
122
)
231
(
440
)
Increase in trade accounts payable
5,837
1,033
602
Increase (decrease) in accrued compensation expenses
(
22
)
18
(
28
)
Increase (decrease) in accrued expenses and other current liabilities
(
171
)
272
92
Decrease (increase) in deferred offering costs
1,763
(
836
)
-
Increase in inventory
(
564
)
(
551
)
(
473
)
CASH FLOWS USED IN OPERATIONS
(
4,428
)
(
5,067
)
(
6,263
)
The accompanying notes
are an integral part of these consolidated financial statements.
F-
11
MEDIGUS LTD.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
For the year ended December 31,
2022
2021
2020
USD in thousands
Right of use assets obtained in exchange for lease liabilities
152
-
-
Non-cash investment in Gix Internet and Gix Media (note 4F)
-
4,417
-
Issuance of shares in exchange for media and advertising services rights (note 4E)
-
1,250
-
Purchase of a software license on credit (note 4D)
35
1,346
-
Increase in Screenz payable balance due to modification into a debt (note 4D)
-
115
-
Deferred offering costs included in other current liabilities
-
423
-
Dividend included in other payables
580
-
-
Decrease in long-term related party payable in exchange for advertising services (note 4D)
656
-
-
Substantial modification of shareholders loans recorded in equity (note 4E)
222
-
-
Issuance of ordinary shares upon conversion of shareholders loans (note 4E)
587
-
-
Non-cash investment in Laminera (note 4N)
400
-
-
Non-cash investment in ClearMind (note 4O)
500
-
-
APPENDIX B TO THE CONSOLIDATED
STATEMENTS OF CASH FLOWS:
As
                                            of
October 15,
2020
USD
in thousands
Consolidation of Eventer upon gain of control:
Other receivables
35
Property and equipment
1
Goodwill
296
Technology – net
199
Trade payable
(
2
)
Liability to event producers
(
689
)
Non-controlling interest
(
381
)
Net cash acquired
(
541
)
APPENDIX C TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS:
As of
March 31,
2021
USD
in thousands
Deconsolidation of ScoutCam upon loss of control:
Net working capital other than cash
340
Property and equipment, net
(
370
)
Lease liability- long term
144
ScoutCam investment at fair value
11,843
ScoutCam warrants
97
Derecognition of non-controlling interests
2,760
Gain arising from deconsolidation upon loss of control
(
11,562
)
Net cash deconsolidated upon loss of control
3,252
F-
12
MEDIGUS LTD.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
APPENDIX D TO THE CONSOLIDATED
STATEMENTS OF CASH FLOWS:
As of
January 04,
2021
USD in
thousands
Consolidation of Jeffs' Brands upon gain of control:
Net working capital other than cash and inventory
(
1,576
)
Intangible assets
1,312
Related party loans fair value adjustment
98
Inventory
778
Deferred tax liability
(
188
)
Non-controlling interests
(
1,156
)
Non-cash consideration
(
71
)
Goodwill
563
Net cash acquired
(
240
)
APPENDIX E TO THE CONSOLIDATED STATEMENTS
OF CASH FLOWS:
February 28,
2022
Consolidation of Gix Internet upon gain of control:
Net working capital other than cash
646
Intangible assets
17,705
Accrued severance pay, net
(
125
)
Derecognition of investments accounted for using the equity method
(
4,606
)
Deferred taxes
(
1,999
)
Rights of use assets, property and equipment, net
888
Lease liabilities
(
570
)
Non-controlling interests
(
7,849
)
Short- term borrowings
(
6,296
)
Long- term borrowings
(
6,394
)
Goodwill
8,164
Gain arising from consolidation upon gain of control
(
2,300
)
Net cash acquired
(
2,736
)
F-
13
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 1 – GENERAL
A.
Medigus Ltd. (the "Company" or "Medigus")
                                        was incorporated in Israel on December 9, 1999. The Company's registered office and principal
                                        place of business are located in Israel. The address of its registered office is Hanehoshet 10,
                                        4th Floor, Tel-Aviv POB 6971072, Israel.
The Company, together with its subsidiaries and associates, operates
in the technology sector, focusing on medical-related devices and products (through its associate Polyrizon), on visualization and AI
based solutions (through its associate ScoutCam), on internet related activities (through its subsidiaries Eventer and Gix Internet),
on e-commerce (through its subsidiary Jeffs' Brands), on safety systems for commercial drones (through its associate Parazero),
on energy efficiency technology (through its associate Laminera) and on the electric vehicle sector (through its subsidiary Charging Robotics).
Additionally, through its corporate,
the Company is engaged in the licensing of intellectual property relating to its legacy product, the Medigus Ultrasonic Surgical Endostapler
("MUSE"), to Golden Grand Medical Instruments Ltd., a China based medical services provider, and in the investment of its
excess cash resources, primarily in equity securities.
"Group" – the Company together with, Jeffs'
Brands Ltd., Charging Robotics Ltd., GERD IP, Inc., Eventer Technologies Ltd. and Gix Internet Ltd.
"Subsidiaries" –
entities under the control of the Company.
ScoutCam Inc.
ScoutCam Inc ("ScoutCam")
has executed a number of capital raising transactions during 2021 and 2023, of which the last was a private placement that occurred on
March 21, 2023 (see note 21(4)). The private placement during 2021 diluted the Company's holdings in ScoutCam and lead to a deconsolidation
of ScoutCam and the remaining holdings were accounted for under the equity method. The private placement during 2023 diluted the Company's
holdings in ScoutCam and the remaining holdings were accounted for as investment at fair value through profit or loss (FVTPL). For additional
information, see note 4C.
GERD IP Inc.
On January 13, 2020, together with
the Company's advisor Mr. Kfir Zilberman, the Company formed a subsidiary in Delaware, of which the Company holds
90
% of the stock
capital, under the name GERD IP Inc. ("GERD IP"). The Company transferred certain of its patents in consideration for seven
capital notes issued to the Company by GERD IP in the amount of USD
2,000
thousand each. For additional information, see note 4Q.
Eventer Technologies Ltd.
As of December 31, 2022, the Company
holds approximately
46.21
% of the issued and outstanding share capital of Eventer Technologies Ltd. ("Eventer"). Eventer
is a technology company engaged in the development of tools for automatic creation, management, promotion, and billing of events and
ticketing sales. For additional information, see note 4D.
F-
14
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – GENERAL:
(continued)
A.
(continued)
Gix Internet Ltd.
On February 28, 2022, the Company purchased
additional shares of Gix Internet Ltd. ("Gix Internet") and the Company holdings interests in Gix Internet increased to
38.03
%
and as of this date the Company started to consolidate Gix Internet.
As of December 31, 2022, the Company holds
42.25
% of the issued and
outstanding share capital of Gix Internet. For additional information, see note 4F.
Charging Robotics Ltd.
On January 7, 2021, the Company entered
into an agreement to purchase a provisional patent filed with the United States Patent and Trademark Office and know-how relating to
wireless vehicle battery charging technology. Furthermore, the Company entered into a collaboration agreement with the seller, whereby
the Company committed to invest in a newly incorporated wholly owned subsidiary of the Company, Charging Robotics Ltd. ("Charging
Robotics"), incorporated on February 1, 2021, which will focus on the Company's new electric vehicle and wireless charging
activities. On February 19, 2021, the Company entered into a venture agreement with Amir Zaid, Weijian Zhou and Charging Robotics, under
which the Company formed a venture, under the name Revoltz Ltd., or Revoltz, to develop and commercialize three modular electric vehicle
(EV) micro mobility vehicles for urban individual use and "last mile" cargo delivery. For additional information, see note
4I.
Jeffs' Brands Ltd.
On October 8, 2020, the Company entered
into a common stock purchase agreement with Smart Repair Pro, Inc. ("Pro"), Purex, Corp. ("Purex"), and their
respective stockholders (the "Pro and Purex SPA"). Pro and Purex both are in the e-Commerce field and operate online stores
for the sale of various consumer products on the Amazon online marketplace. The transactions contemplated in the Pro and Purex SPA closed
on January 4, 2021.
On May 16, 2021, the
Company entered into a stock exchange and plan
of restructuring agreement with Victor Hakmon, the other shareholder of Pro and Purex, and Jeffs' Brands Ltd. ("Jeffs'
Brands"), a newly incorporated entity, pursuant to which, among other things, the Company and Victor Hakmon transferred all their
holdings in Pro and Purex to Jeffs' Brands, in return for a consideration of Jeffs' Brands ordinary shares that were issued
respectively.
As a result, Pro and Purex became wholly owned subsidiaries of Jeffs' Brands.
On August 30, 2022, as a result of
an initial public offering of Jeffs' Brands ("IPO"), and the closing of a portion of the underwriter's over-allotment
option, Jeffs' Brands received aggregate gross proceeds of approximately USD
15.5
million before deducting underwriting discounts
and other estimated offering expenses.
As of December 31, 2022, the Company
holds
35.94
% of the issued and outstanding share capital of Jeffs' Brands. For additional information, see note 4E.
F-
15
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – GENERAL:
(continued)
A.
(continued)
Interests in other entities
As of December 31, 2022, the Company
also holds
40.35
% in Parazero Technologies Ltd. ("Parazero") (see note 4M),
37.03
% in Polyrizon Ltd. ("Polyrizon")
(see note 4H),
35.06
% in Fuel Doctor Holding Inc. ("Fuel Doctor") (see note 4L),
19.7
% in Laminera Flow Optimization Ltd.
("Laminera") (formerly known as ABI Energy Ltd.) (see note 4N),
5.72
% in Elbit Imaging Ltd. ("Elbit Imaging")
(see note 4J),
6.46
% in Automax Ltd. ("Automax") (formerly known as Matomy Ltd.) (see note 4G),
5.77
% in ClearMind Medicine,
Inc. ("ClearMind") (see note 4O),
1.6
% in SciSparc Ltd. ("SciSparc") (see note 4K),
2.35
% in Safee Cyber Technologies
Ltd. ("Safee") (see note 4P),
1.28
% in Maris-Tech Ltd. ("Maris"),
0.97
% in Colugo Systems Ltd. ("Colugo"),
0.47
% in Safe Foods, Inc. ( "SAFO") and
0.67
% in Tondo Smart Ltd. ("Tondo") and
1.49
% in Bubbles Intergroup Ltd.
("Bubbles").
The Company's ordinary shares
were listed on the Tel Aviv Stock Exchange Ltd. ("TASE") from February 2006 until January 25, 2021, when the Company voluntarily
delisted its shares from trading on the TASE. As of May 20, 2015, the Company's American Depository Shares ("ADSs")
evidenced by American Depositary Receipts ("ADRs") are listed on the Nasdaq Capital Market. The Company's depositary
agent for the ADR program is the Bank of New York Mellon. The Company's Series C Warrants have been traded on Nasdaq Capital Market
since July 2018.
B.
As of the approval date of these financial statements, the Company
has cash and cash equivalents in the amount of USD
4.9
million. The Company anticipates
such cash and cash equivalents will provide sufficient liquidity for more than a twelve-month period from the date of these financial
statements.
However, since inception, the Company's activities have been
funded mainly by its shareholders. Furthermore, in the recent years the Company has suffered recurring losses from operations, negative
cash flows from operating activities, and has an accumulated deficit as of December 31, 2022. As such, the Company's ability to
continue operating may be dependent on several factors, amongst which is its ability to raise sufficient additional funding, which funding
may not necessarily be available to the Company, obtained on terms favorable to the Company, or provide the Company with sufficient funds
to meet its objectives.
C.
Russia-Ukraine
                                            War
In late February 2022, Russia invaded
Ukraine. As military activity proceeds and sanctions, export controls and other measures are imposed against Russia, Belarus and specific
areas of Ukraine, the war is increasingly affecting the global economy and financial markets, as well as exacerbating ongoing economic
challenges, including rising inflation and global supply-chain disruption. Although the group do not have direct suppliers based in Russia
or Ukraine, additional supply delays and possible shortages of critical components may arise as the conflict progresses and if certain
suppliers' operations and/or subcomponent supply from affected countries are disrupted further.
F-
16
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
A.
Basis of accounting
The financial statements of the Group
have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International
Accounting Standards Board ("IASB").
The financial statements have been
prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at revalued amounts
or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based
on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair
value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would
take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or
disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions
that are within the scope of IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities
to fair value but are not fair value, such as net realizable value in IAS 2
Inventories
or value in use in IAS 36
Impairment
of Assets
.
The consolidated financial statements were authorized for issuance
by the Board of Directors on May 3, 2023.
The significant accounting policies
set out below have been consistently applied to in the preparation of these consolidated financial statements for all years presented,
unless otherwise stated.
B.
Basis of consolidation
The consolidated financial statements
incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December
each year. Control is achieved when the Company:
●
Has the power
                                            over the investee.
●
Is exposed, or
                                            has rights, to variable returns from its involvement with the investee.
●
Has the ability
                                            to use its power to affect its returns.
The Company reassesses whether or
not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control
listed above.
When the Company has less than a majority
of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it
the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances
in assessing whether or not the Company's voting rights in an investee are sufficient to give it power, including:
●
The size of the
                                            Company's holding of voting rights relative to the size and dispersion of holdings
                                            of the other vote holders.
●
Potential voting
                                            rights held by the Company, other vote holders or other parties.
●
Rights arising
                                            from other contractual arrangements.
●
Any additional
                                            facts and circumstances that indicate that the Company has, or does not have, the current
                                            ability to direct the relevant activities at the time that decisions need to be made, including
                                            voting patterns at previous shareholders' meetings.
F-
17
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
B.
Basis of consolidation
(continued)
Consolidation of a subsidiary begins
when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results
of subsidiaries acquired or disposed of during the year are included in the consolidated statements of income/loss and other comprehensive
income/loss from the date the Company gains control until the date when the Company ceases to control the subsidiary.
Where necessary, adjustments are made
to the financial statements of subsidiaries to bring the accounting policies used into line with the Group's accounting policies.
All intragroup assets and liabilities,
equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.
Non-controlling interests in subsidiaries
are identified separately from the Group's equity therein. Those interests of non-controlling shareholders that are present ownership
interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or
at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice
of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value.
Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus
the non-controlling interests' share of subsequent changes in equity.
Profit or loss and each component
of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income
of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling
interests having a deficit balance.
Changes in the Group's interests
in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group's
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any
difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration paid or received
is recognized directly in equity and attributed to the owners of the Company.
When the Group loses control of a
subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between (i) the aggregate of the
fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets
(including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other
comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or
liabilities of the subsidiary (i.e., reclassified to profit or loss or transferred to another category of equity as required/permitted
by applicable IFRS Accounting Standards). The fair value of any investment retained in the former subsidiary at the date when control
is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9
Financial Instruments
when
applicable, or the cost on initial recognition of an investment in an associate.
C.
Business combinations
Acquisitions of businesses are accounted
for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated
as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners
of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognized
in profit or loss as incurred.
At the acquisition date, the identifiable
assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date, except that:
●
Deferred
                                            tax assets or liabilities and assets or liabilities related to employee benefit arrangements
                                            are recognized and measured in accordance with IAS 12
Income Taxes
and IAS 19
Employee
                                            Benefits
respectively
●
Liabilities
                                            or equity instruments related to share-based payment arrangements of the acquiree or share-based
                                            payment arrangements of the Group entered into to replace share-based payment arrangements
                                            of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see below)
●
Assets
                                            (or disposal groups) that are classified as held for sale in accordance with IFRS 5
Non-current
                                            Assets Held for Sale and Discontinued Operations
are measured in accordance with that
                                            Standard.
F-
18
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
C.
Business combinations
(continued)
Goodwill is measured as the excess
of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired
and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and
liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and
the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit
or loss as a bargain purchase gain.
A contingent consideration incurred
in a business combination is included as part of the acquisition price and recorded at a probability weighted assessment of the fair
value as of the acquisition date. The fair value of the contingent consideration is re-measured at each reporting period, with any adjustments
in fair value recognized in earnings under general and administrative expenses.
When the consideration transferred
by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its
acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of
the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments
against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the 'measurement
period' (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition
date.
The subsequent accounting for changes
in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent
consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and
its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting
dates with changes in fair value recognized in profit or loss.
D.
Goodwill
Goodwill is initially recognized and
measured as set out above.
Goodwill is not amortized but is reviewed
for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating
units (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which
goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated
first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis
of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.
On disposal of a cash-generating unit, the attributable
amount of goodwill is included in the determination of the profit or loss on disposal.
The Group's policy for goodwill
arising on the acquisition of an associate is described below.
F-
19
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
E.
Investments in associates
An associate is an entity over which
the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions
of the investee. The Group is presumed to have significant influence when it holds
20
percent or more of the voting rights of an investee,
unless it can be clearly demonstrated that this is not the case. The Group does not control its associates.
The results and assets and liabilities
of associates are incorporated in these financial statements using the equity method of accounting, except when the investment is classified
as held for sale, in which case it is accounted for in accordance with IFRS 5.
Under the equity method, an investment
in an associate is recognized initially in the consolidated statements of financial position at cost and adjusted thereafter to recognize
the Group's share of the profit or loss and other comprehensive income of the associate. Dividends received or receivable from
associates are recognized as a reduction in the carrying amount of the investment. When the Group's share of losses of an associate
or exceeds the Group's interest in that associate (which includes any long-term interests that, in substance, form part of the
Group's net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are
recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
An investment in an associate is accounted
for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate,
any excess of the cost of the investment over the Group's share of the net fair value of the identifiable assets and liabilities
of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group's
share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized
immediately in profit or loss in the period in which the investment is acquired.
If there is objective evidence that
the Group's net investment in an associate is impaired, the requirements of IAS 36 are applied to determine whether it is necessary
to recognize any impairment loss with respect to the Group's investment. When necessary, the entire carrying amount of the investment
(including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher
of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognized is not allocated to any
asset, including goodwill that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized
in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.
The Group discontinues the use of
the equity method from the date when the investment ceases to be an associate. When the Group retains an interest in the former associate
and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value
is regarded as its fair value on initial recognition in accordance with IFRS 9. The difference between the carrying amount of the associate
at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part
interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Group accounts
for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required
if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other
comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets or liabilities,
the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the associate is disposed
of.
When the Group reduces its ownership
interest in an associate but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of
the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if
that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.
When a Group entity transacts with
an associate of the Group, profits and losses resulting from the transactions with the associate are recognized in the Group's
consolidated financial statements only to the extent of interests in the associate that are not related to the Group.
F-
20
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
F.
Foreign currencies
The functional currency and the
presentation currency
The reporting and functional currency
of the Company and each of its subsidiaries, GERD IP, Charging Robotics and Jeffs' Brands is USD while Eventer and Gix Internet
is NIS.
The consolidated financial statements
are presented in USD and rounded to the nearest thousand.
The consolidation of Gix Internet's
and Eventer's financial statements is accounted for as a foreign operation using IAS 21, the Effects of Changes in Foreign Exchange
Rates.
Transactions and balances
In preparing the financial statements
of the Group entities, transactions in currencies other than the entity's functional currency ("Foreign Currencies")
are recognized at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities
that are denominated in Foreign Currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair
value that are denominated in Foreign Currencies are translated at the rates prevailing at the date when the fair value was determined.
Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences are recognized
in profit or loss in the period in which they arise.
Foreign Operations
For the purpose of presenting consolidated
financial statements, the assets and liabilities of the Group's foreign operations are translated at exchange rates prevailing
on the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate
significantly during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising,
if any, are recognized in other comprehensive income and accumulated in a foreign exchange translation reserve (attributed to non-controlling
interests as appropriate).
On the disposal of a foreign operation
(i.e. a disposal of the Group's entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary
that includes a foreign operation or a partial disposal of an interest in an associate that includes a foreign operation of which the
retained interest becomes a financial asset), all of the exchange differences accumulated in a foreign exchange translation reserve in
respect of that operation attributable to the owners of the Company are reclassified to profit or loss.
In addition, in relation to a partial
disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the
proportionate share of accumulated exchange differences is re-attributed to non-controlling interests and are not recognized in profit
or loss. For all other partial disposals (i.e., partial disposals of associates that do not result in the Group losing significant influence),
the proportionate share of the accumulated exchange differences is reclassified to profit or loss.
Goodwill and fair value adjustments
arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing
rate. Exchange differences arising are recognized in other comprehensive income.
F-
21
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
G.
Property and equipment
Property and equipment are initially
recognized at purchased cost. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the
item can be measured reliably. The carrying amount of replaced items is derecognized. All other repairs and maintenance are charged to
profit or loss during the financial period in which they are incurred.
Property and equipment are measured
at cost less accumulated depreciation and accumulated impairment loss.
Depreciation is calculated using the
straight-line method over the estimated useful life of the asset as follows:
Machinery and equipment
6 – 10 years (primarily 10)
Leasehold improvements and furniture
7
–
14
years
Computers and programs
3
years
Leasehold improvements are depreciated
using the straight-line method over the shorter of the term of the lease or the estimated useful lives of the assets.
The estimated useful lives, residual
values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted
for on a prospective basis.
An item of property and equipment
is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain
or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying
amount of the asset and is recognized in profit or loss.
H.
Financial instruments
Financial assets and financial liabilities
are recognized in the Group's consolidated statements of financial position when the Group becomes a party to the contractual provisions
of the instrument.
Financial assets and financial liabilities
are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured
at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial
liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from
the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable
to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit
or loss.
Financial assets
Classification
The Group classifies its financial
assets in the following measurement categories:
●
those
                                            to be measured subsequently at fair value through profit or loss, and
●
those
                                            to be measured at amortized cost.
The classification depends on the
entity's business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value,
gains and losses will be recorded in profit or loss.
F-
22
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES:
(continued)
H.
Financial instruments
(continued)
Recognition
Regular way purchases and sales of
financial assets are recognized on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets
are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group
has transferred substantially all the risks and rewards of ownership.
Measurement
At initial recognition, the Group
measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss ("FVTPL"),
transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried
at FVTPL are expensed in profit or loss.
Financial assets with embedded derivatives
are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of investments
in debt instruments depends on the Group's business model for managing the asset and the cash flow characteristics of the asset.
There are two measurement categories into which the Group classifies its investments in debt instruments:
●
Amortized
                                            cost: Financial assets are measured at amortized cost if both of the following conditions
                                            are met:
-
the financial asset is held within a business model whose objective
    is to hold financial assets in order to collect contractual cash flows; and
-
the contractual terms of the financial asset give rise on specified
    dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Interest income from these financial
assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized
directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses.
●
Fair
                                            value through profit or loss: A gain or loss on a debt investment that is subsequently measured
                                            at FVTPL is recognized in profit or loss and presented net within other gains/(losses) in
                                            the period in which it arises.
Equity instruments
The Group subsequently measures investments
in equity instruments at fair value through profit or loss except when the Group has control or significant influence. Dividends from
such investments continue to be recognized in profit or loss as other income when the Group's right to receive payments is established.
Changes in the fair value of financial
assets at FVTPL are recognized in "net change in fair value of financial assets at fair value through profit or loss" in the
Consolidated statements of loss and other comprehensive loss, as applicable.
F-
23
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
H.
Financial instruments
(continued)
Impairment of financial assets
The Group recognizes a loss allowance
for expected credit losses on financial assets at amortized cost.
At each reporting date, the Group
assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. If the financial instrument
is determined to have a low credit risk at the reporting date, the Company assumes that the credit risk on a financial instrument has
not increased significantly since initial recognition.
The Group measures the loss allowance for expected credit losses on
trade receivables and on financial instruments for which the credit risk has increased significantly since initial recognition based on
lifetime expected credit losses based on information available on their credit condition, current aging, historical experience, future
economic and market conditions. The Group has determined that the estimates of current and expected credit losses are immaterial.
Derecognition of financial assets
The Group derecognizes a financial
asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially
all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the
risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset
and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership
of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing
for the proceeds received.
On derecognition of a financial asset
measured at amortized cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable
is recognized in profit or loss.
Financial liabilities and equity
Classification as debt or equity
Debt and equity instruments are classified
as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of
a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract
that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the
Group are recognized at the proceeds received, net of direct issue costs.
Repurchase of the Company's
own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase,
sale, issue or cancellation of the Company's own equity instruments.
Compound instruments
The component parts of convertible
loan notes issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the
contractual arrangements and the definitions of a financial liability and an equity instrument. A conversion option that will be settled
by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company's own equity instruments
is an equity instrument.
At the date of issue, the fair value
of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount
is recorded as a liability on an amortized cost basis using the effective interest method until extinguished upon conversion or at the
instrument's maturity date.
The conversion option classified as
equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This
is recognized and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option
classified as equity will remain in equity until the conversion option is exercised, in which case the balance recognized in equity will
be transferred to share premium. Where the conversion option remains unexercised at the maturity date of the convertible loan note, the
balance recognized in equity will be transferred to retained earnings. No gain or loss is recognized in profit or loss upon conversion
or expiration of the conversion option.
F-
24
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
H.
Financial instruments
(continued)
Compound instruments
(continued)
Transaction costs that relate to the
issue of the convertible loan notes are allocated to the liability and equity components in proportion to the allocation of the gross
proceeds. Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability
component are included in the carrying amount of the liability component and are amortized over the lives of the convertible loan notes
using the effective interest method.
Financial liabilities
Financial liabilities are initially
recognized at their fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs
that are directly attributable to the issue of the financial liability.
Financial liabilities are subsequently
measured at amortized cost using the effective interest method, except for derivative financial instruments, which are subsequently measured
at fair value through profit or loss (FVTPL).
The Group has early adopted the narrow-scope
amendment to IAS 1. Accordingly, financial liabilities are classified as non-current if the Group has a substantive
right to defer settlement for at least 12 months at the end of the reporting period, otherwise, they are classified as current liabilities.
The Group's financial liabilities
at amortized cost are included in accounts payable, accrued expenses, other current liabilities, payable in respect of the intangible
asset and lease liabilities.
The derivative financial instruments
represent warrants that confer the right to net share settlement.
The Group derecognizes a financial
liability (or a part of a financial liability) when, and only when, it is extinguished (when the obligation specified in the contract
is discharged, cancelled or expired).
Derecognition of financial liabilities
The Group derecognizes financial liabilities
when, and only when, the Group's obligations are discharged, cancelled or have expired. The difference between the carrying amount
of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
When the Group exchanges with the
existing lender one debt instrument into another one with substantially different terms, such exchange is accounted for as an extinguishment
of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification
of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new
liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms,
including any fees paid net of any fees received and discounted using the original effective interest rate is at least
10
per cent different
from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial,
the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows
after modification is recognized in profit or loss as the modification gain or loss within other gains and losses.
I.
Inventory
Inventories are stated at the lower
of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labor costs and those overheads that
have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average
cost method. Net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred
in marketing, selling and distribution.
The Group periodically evaluates the
condition and age of inventories and makes provisions for slow moving inventories accordingly.
F-
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MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
J.
Cash and cash equivalents
In the statement of financial position,
cash and bank balances comprise cash (i.e., cash on hand and demand deposits) and cash equivalents. Cash equivalents are short-term (generally
with original maturity of three months or less), highly liquid investments that are readily convertible to a known amount of cash and
which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash
commitments rather for investment or other purposes.
For the purposes of the statement
of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts which
are repayable on demand and form an integral part of the Group's cash management. Such overdrafts are presented as short-term borrowings
in the statement of financial position.
K.
Taxation
The income tax expense represents
the sum of the tax currently payable and deferred tax.
Current Tax
The tax currently payable is based
on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income
or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
A provision is recognized for those
matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a
tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on
the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases
based on specialist independent tax advice.
Deferred Tax
Deferred tax is the tax expected to
be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding
tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally
recognized for all taxable temporary differences and are recognized to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference
arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognized if the temporary difference
arises from the initial recognition of goodwill.
Deferred tax liabilities are recognized
for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred
tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is
probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are
expected to reverse in the foreseeable future.
No deferred tax assets have been recorded
in the Group's books and records with respect to accumulated losses since it is not probable that the Group will be able to utilize
such losses in the foreseeable future against taxable income.
The carrying amount of deferred tax
assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will
be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the
tax rates that are expected to apply in the period when the liability is settled, or the asset is realized based on tax laws and rates
that have been enacted or substantively enacted at the reporting date.
The measurement of deferred tax liabilities
and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
F-
26
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
K.
Taxation
(continued)
Deferred Tax
(continued)
Deferred tax assets and liabilities
are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate
to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net
basis.
Current tax and deferred tax for
the year
Current and deferred tax are recognized
in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which
case the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current
tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the
business combination.
L.
Short-term and other long-term employee benefits
Pension and severance pay obligations
Israeli labor law generally requires
payment of severance pay upon dismissal of an employee or upon termination of employment in certain other circumstances. Pursuant to
Section 14 of the Severance Compensation Act, 1963 ("Section 14"), all of the Company's employees in Israel are entitled
a monthly contribution, at a rate of
8.33
% of their monthly salary, made in their name with insurance companies. Contributions under
Section 14 relieve the Company from any future severance payment obligation with respect to those employees. The aforementioned contributions
are not recorded as an asset on the Company's consolidated statements of financial position, and there is no liability recorded
as the Company does not have a future obligation to make any additional payments.
The asset and the liability for severance
pay presented in the consolidated statements of financial position reflects employees that began employment prior to automatic application
of Section 14.
The severance pay liability of the
Company to its employees that began employment prior to automatic application of Section 14 based upon the number of years of service
and the latest monthly salary and is partly covered by regular deposits with recognized pension funds and deposits with severance pay
funds. Under labor laws, these deposits are in the employees' names and, subject to certain limitations, are the property of the
employees. The Company records the obligation as if it were payable at each statement of financial position date on an undiscounted basis.
Vacation and recreation pay
Under the Israeli law, each employee
is legally entitled to vacation and recreation benefits. The entitlement is based on term of employment. The Group records such obligations
as incurred.
Bonus plans
The Group record bonus obligation
when a contractual or constructive obligation exists. Such bonus obligation is record in the amount expected to be paid, to the extent
that the Group can reliably estimate the amount expected to be paid.
M.
Provisions
Provisions are recognized when the
Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to
settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision
is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks
and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation,
its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
F-
27
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 –
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
N.
Share-based payments
Equity-settled share-based payments
to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair
value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled
share-based transactions are set out in note 14.
The fair value determined at the grant
date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's
estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the
number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision
of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with
a corresponding adjustment to reserves.
Equity-settled share-based payment
transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair
value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at
the date the entity obtains the goods or the counterparty renders the service.
O.
Revenue recognition
The Group recognizes revenue from
the following major sources:
●
Product revenue
●
Service revenue
Revenue is measured based on the consideration
to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The
Group recognizes revenue when it transfers control of a product or service to a customer.
Product Revenue
Revenues from product sales of Jeffs'
Brands, conducted directly to customers through Jeffs' Brands own online Amazon stores.
For sales of goods to retail customers,
revenue is recognized when control of the goods has transferred to the customer, being at the point the goods are delivered to the customer.
Payment of the transaction price is due immediately at the point the customer purchases the goods.
Under Jeffs' Brands standard
contract terms, customers have a right of return within 30 until 90 days. Jeffs' Brands uses its accumulated historical experience
to estimate the number of returns on a portfolio level using the expected value method. It is considered highly probable that a significant
reversal in the cumulative revenue recognized will not occur given the consistent level of returns over previous years.
Service Revenue through Gix Internet
Gix Internet generates revenues from
obtaining internet user traffic and routing such traffic to its customers. Gix Internet is entitled to receive consideration for its service
upon each individual internet user traffic routed to and monetized by its customers.
Gix Internet's revenues are measured
and recognized according to the fair value of the consideration expected to be received in accordance with the terms of the contract,
less the amounts collected for the benefit of third parties (such as taxes).
Revenues from the search sector and
the digital content sector in which Gix Internet operates as the main supplier are presented on a gross basis.
Revenues from the search sector and the digital content
sector are recognized immediately upon the provision of the service.
Service Revenues through Eventer
The Group provides through the subsidiary
Eventer services for using the event production platform in exchange for a commission from the sale of tickets for events. These services
constitute a performance obligation that is fulfilled at one point in time and therefore the Group recognizes revenues at the time of
the event.
The essence of the Group's promise
to the customer is to arrange for the consideration for the tickets to be provided by another party, therefore the Group's revenues
from these transactions are presented on a net basis.
F-
28
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES:
(continued)
P.
Leases
The Group assesses whether a contract
is or contains a lease, at inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with
respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12
months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones).
For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease
unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured
at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease.
If this rate cannot be readily determined, the Group uses its incremental borrowing rate.
The incremental borrowing rate depends
on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on
government bond rates; a country-specific risk adjustment; a credit risk adjustment based on bond yields; and an entity-specific adjustment
when the risk profile of the entity that enters into the lease is different to that of the Group and the lease does not benefit from
a guarantee from the Group.
Lease payments included in the measurement
of the lease liability comprise:
●
Fixed lease
                                            payments (including in-substance fixed payments), less any lease incentives receivable
●
Variable
                                            lease payments that depend on an index or rate, initially measured using the index or rate
                                            at the commencement date
●
The amount
                                            expected to be payable by the lessee under residual value guarantees
●
The exercise
                                            price of purchase options, if the lessee is reasonably certain to exercise the options
●
Payments
                                            of penalties for terminating the lease, if the lease term reflects the exercise of an option
                                            to terminate the lease
The lease liability is presented as
a separate line in the consolidated statement of financial position.
The lease liability is subsequently
measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing
the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability
(and makes a corresponding adjustment to the related right-of-use asset) whenever:
●
The lease
                                            term has changed or there is a significant event or change in circumstances resulting in
                                            a change in the assessment of exercise of a purchase option, in which case the lease liability
                                            is remeasured by discounting the revised lease payments using a revised discount rate
●
The lease
                                            payments change due to changes in an index or rate or a change in expected payment under
                                            a guaranteed residual value, in which cases the lease liability is remeasured by discounting
                                            the revised lease payments using an unchanged discount rate (unless the lease payments change
                                            is due to a change in a floating interest rate, in which case a revised discount rate is
                                            used)
●
A lease
                                            contract is modified, and the lease modification is not accounted for as a separate lease,
                                            in which case the lease liability is remeasured based on the lease term of the modified lease
                                            by discounting the revised lease payments using a revised discount rate at the effective
                                            date of the modification
F-
29
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES:
(continued)
P.
Leases
(continued)
The Group did not make any such adjustments
during the periods presented.
The right-of-use assets comprise the
initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives
received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated
over the shorter period of lease term and useful life of the right-of-use asset. The depreciation starts at the commencement date of
the lease.
The right-of-use assets are presented
as a separate line in the consolidated statement of financial position.
The Group applies IAS 36 to determine
whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the 'Property and Equipment'
policy.
As a practical expedient, IFRS 16
permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single
arrangement. The Group has not used this practical expedient. For contracts that contain a lease component and one or more additional
lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative
stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.
Q.
Loss (Earning) per share
Loss (Earning) per share is based
on the loss (earning) that is attributed to the shareholders holding ordinary shares, divided by the weighted average number of ordinary
shares in issue during the period.
For purposes of the calculation of
the diluted loss (earning) per share, the Company adjusts the loss (earning) that is attributed to the holders of the Company's
ordinary shares, and the weighted average number of ordinary shares in issue, to assume conversion of all of the dilutive potential shares.
The potential shares are taken into
account only if their effect is dilutive (increases loss/ decrease earning per share).
F-
30
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES:
(continued)
R.
Intangible assets
Intangible assets acquired separately
Intangible assets with finite useful
lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization
is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed
at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible
assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
Internally generated intangible
assets - research and development expenditure
Expenditure on research activities
is recognized as an expense in the period in which it is incurred.
An internally generated intangible
asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following
conditions have been demonstrated:
●
The technical
                                            feasibility of completing the intangible asset so that it will be available for use or sale
●
The intention
                                            to complete the intangible asset and use or sell it
●
The ability
                                            to use or sell the intangible asset
●
How the
                                            intangible asset will generate probable future economic benefits
●
The availability
                                            of adequate technical, financial and other resources to complete the development and to use
                                            or sell the intangible asset
●
The ability
                                            to measure reliably the expenditure attributable to the intangible asset during its development
The amount initially recognized for
internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the
recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized
in profit or loss in the period in which it is incurred.
F-
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MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2
–
SIGNIFICANT ACCOUNTING POLICIES:
(continued)
R.
Intangible assets
(continued)
Internally generated intangible
assets - research and development expenditure
(continued)
Subsequent to initial recognition,
internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same
basis as intangible assets that are acquired separately.
Intangible assets acquired in a
business combination
Intangible assets acquired in a business
combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded
as their cost).
Subsequent to initial recognition,
intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses,
on the same basis as intangible assets that are acquired separately.
Derecognition of intangible assets
An intangible asset is derecognized
on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an
intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized
in the consolidated statements of income/loss and other comprehensive income/loss as profit/loss when the asset is derecognized.
At each reporting date, the Company
reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment
loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable
amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating
units for which a reasonable and consistent allocation basis can be identified. Intangible assets with an indefinite useful life are
tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired.
Recoverable amount is the higher of
fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognized immediately in the consolidated statements of income/loss and other comprehensive
income/loss as profit/loss.
F-
32
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES:
(continued)
S.
Impairment of property and equipment and intangible assets excluding goodwill
At each reporting date, the Group
reviews the carrying amounts of its property and equipment and intangible assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine
the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the
Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis
of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated
to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Intangible assets with an indefinite
useful life are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the
asset may be impaired.
Recoverable amount is the higher of
fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset
(or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit)
is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried
at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss
is greater than the related revaluation surplus, the excess impairment loss is recognized in profit or loss.
Where an impairment loss subsequently
reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount,
but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss
been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in
profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years. Any increase
in excess of this amount is treated as a revaluation increase.
T.
Segments
The Group reports financial and descriptive
information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet
specified criteria as defined in IFRS 8, Operating Segments.
Operating segments are distinguishable
components of an entity for each of which a separate financial information is available and is reported in a manner consistent with the
internal reporting provided to the entity's Chief Operating Decision Maker ("CODM") in making decisions about how to
allocate resources and in assessing performance.
When the Group is committed to a sale
plan involving disposal of an investment in an associate or, a portion of an investment in an associate, the investment, or the portion
of the investment in the associate that will be disposed of is classified as held for sale when the criteria described above are met.
The Group then ceases to apply the
equity method in relation to the portion that is classified a held for sale. Any retained portion of an investment in an associate that
has not been classified as held for sale continues to be accounted for using the equity method.
F-
33
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES:
(continued)
U.
Deferred offering costs
The Group capitalizes certain legal
and other third-party fees that are directly related to the Group's in-process equity financing until such financing is consummated.
After the consummation of such equity financing, these costs are recorded as a reduction of the respective gross proceeds. Should a planned
equity financing be abandoned, terminated, or significantly delayed, the deferred offering costs are written off to operating expenses.
V.
New and revised IFRS Accounting Standards in issue but not yet effective
Amendments to IFRS 10 Consolidated
Financial Statements and IAS 28 Investments in Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and
its Associate or Joint Venture
The amendments to IFRS 10 and IAS
28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically,
the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction
with an associate or a joint venture that is accounted for using the equity method, are recognized in the parent's profit or loss
only to the extent of the unrelated investors' interests in that associate or joint venture. Similarly, gains and losses resulting
from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted
for using the equity method) to fair value are recognized in the former parent's profit or loss only to the extent of the unrelated
investors' interests in the new associate or joint venture.
The effective date of the amendments
has yet to be set by the IASB; however, earlier application of the amendments is permitted. The directors of the Company anticipate that
the application of these amendments may have an impact on the Group's consolidated financial statements in future periods should
such transactions arise.
Amendments to IAS 1 Presentation
of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements - Disclosure of Accounting Policies
The amendments change the requirements
in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term 'significant accounting
policies' with 'material accounting policy information'. Accounting policy information is material if, when considered
together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions
that the primary users of general-purpose financial statements make on the basis of those financial statements.
The supporting paragraphs in IAS 1
are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is
immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions,
other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions,
other events or conditions is itself material.
The IASB has also developed guidance
and examples to explain and demonstrate the application of the 'four-step materiality process' described in IFRS Practice
Statement 2.
The amendments to IAS 1 are effective
for annual periods beginning on or after 1 January 2023, with earlier application permitted and are applied prospectively. The amendments
to IFRS Practice Statement 2 do not contain an effective date or transition requirements.
F-
34
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES:
(continued)
V.
New and revised IFRS Accounting Standards in issue but not
                                        yet effective
(continued)
Amendments to IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates
The amendments replace the definition
of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are "monetary
amounts in financial statements that are subject to measurement uncertainty".
The definition of a change in accounting
estimates was deleted. However, the IASB retained the concept of changes in accounting estimates in the Standard with the following clarifications:
●
A change in accounting
                                            estimate that results from new information or new developments is not the correction of an
                                            error
●
The effects of
                                            a change in an input or a measurement technique used to develop an accounting estimate are
                                            changes in accounting estimates if they do not result from the correction of prior period
                                            errors
The amendments are effective for annual
periods beginning on or after 1 January 2023 to changes in accounting policies and changes in accounting estimates that occur on or after
the beginning of that period, with earlier application permitted.
Amendments to IAS 12 Income
Taxes - Deferred Tax related to Assets and Liabilities arising from a Single Transaction
The amendments introduce a further
exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for
transactions that give rise to equal taxable and deductible temporary differences.
Depending on the applicable tax law,
equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is
not a business combination and affects neither accounting nor taxable profit.
Following the amendments to IAS
12, an entity is required to recognize the related deferred tax asset and liability, with the recognition of any deferred tax asset being
subject to the recoverability criteria in IAS 12.
The amendments apply to transactions
that occur on or after the beginning of the earliest comparative period presented.
The amendments are effective for annual
reporting periods beginning on or after 1 January 2023, with earlier application permitted.
The management of the Company anticipate
that the application of these amendments may have an impact on the Group's consolidated financial statements in future periods
should such transactions arise.
F-
35
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 – CRITICAL ACCOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION UNCERTAINTY:
In applying the Group's accounting
policies, which are described in note 2, the management is required to make judgements (other than those involving estimations) that
have a significant impact on the amounts recognize and to make estimates and assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimate are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future
periods.
F-
36
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 – CRITICAL ACCOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION UNCERTAINTY:
(continued)
Key sources of estimation uncertainty
The key assumptions concerning the
future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
Fair value measurements and valuation
process
Some of the Group's assets and
liabilities are measured at fair value for financial reporting purposes.
In estimating the fair value of an
asset or a liability, the Group uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the
Group engages third party qualified valuers to perform the valuation. The Company works closely with the qualified external valuers to
establish the appropriate valuation techniques and inputs to the model.
The valuations of private equity investments as well as goodwill and
other intangible assets of certain of the Company's subsidiaries are sensitive to changes in one or more unobservable inputs which
are considered reasonably possible within the next financial year. Further information on the carrying amounts of these assets and the
relevant unobservable inputs are provided in note 4.
F-
37
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
A.
Investments in subsidiaries:
1.
Additional information about subsidiaries held by the Company:
General information
Ownership rights
held by non-
controlling
Main place of
the business
interest
%
December 31, 2022
Jeffs' Brands Ltd.
Israel
64.06
%
Eventer Technologies Ltd.
Israel
53.79
%
Charging Robotics Ltd.
Israel
-
GERD IP Inc.
USA
10
%
Gix Internet Ltd.
Israel
57.75
%
December 31, 2021
Jeffs' Brands Ltd.
Israel
49.97
%
Eventer Technologies Ltd.
Israel
52.31
%
Charging Robotics Ltd.
Israel
-
GERD IP Inc.
USA
10
%
2.
Summarized financial information of subsidiaries
:
Eventer Technologies Ltd.
Summarized statement of financial position:
December 31,
2022
December 31,
2021
USD in thousands (*)
Current assets
1,829
3,469
Non-current assets
1,379
1,521
Current liabilities
2,766
3,571
Non-current liabilities
476
711
Equity (Deficit)
(
34
)
708
(*)
Translated
according to the exchange rate at the date of each statement of financial position.
F-
38
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
2.
Summarized financial information of subsidiaries
: (continued)
Eventer Technologies Ltd.
(continued)
Summarized statement of comprehensive income:
Year ended
December 31,
2022
Year ended
December 31,
2021
October 15, 2020 –
December 31,
2020
USD in thousands (**)
Revenue
2,465
1,185
40
Net loss
(
1,316
)
(
2,612
)
(
490
)
Summarized statement of cash flows:
Year ended
December 31,
2022
Year ended
December 31,
2021
October 15, 2020 –
December 31,
2020
USD in thousands (**)
Cash flow from (used in) operating activities
(
16
)
407
(
347
)
Cash flow from (used in) investing activities
(
34
)
(
370
)
52
Cash flow from (used in) financing activities
(
163
)
703
1032
Gain (losses) from exchange differences on cash and cash equivalents
(
215
)
-
-
Net increase (decrease) in cash and cash equivalents
(
428
)
740
737
(**)
Translated according to the average exchange rates for
each period.
Jeffs' Brands Ltd.
Summarized statement of financial position:
December 31,
2022
December 31,
2021
USD in thousands
Current assets
11,033
2,022
Non-current assets
4,743
5,390
Current liabilities
5,133
2,211
Non-current liabilities
98
3,948
Equity
10,545
1,253
Summarized statement of comprehensive income:
Year ended
December 31,
2022
Year ended
December 31,
2021
USD in thousands
Revenue
5,859
6,509
Net loss
(
1,134
)
(
1,540
)
F-
39
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
2.
Summarized financial information of subsidiaries
: (continued)
Jeffs'
Brands Ltd.
(continued)
Summarized statement of cash flows:
Year
                                            ended
December 31,
2022
Year
                                            ended
December 31,
2021
USD in thousands
Cash flow used in operating activities
(
4,823
)
(
863
)
Cash flow used in investing activities
(
41
)
(
4,730
)
Cash flow from financing activities
12,611
5,695
Net increase in cash and cash equivalents
7,747
102
Gix Internet Ltd.
Summarized statement of financial position:
December 31,
2022
December 31,
2021
USD in thousands (*)
Current assets
26,481
23,145
Non-current assets
16,549
19,191
Current liabilities
29,529
26,832
Non-current liabilities
4,127
6,543
Equity
9,374
8,960
Equity attributable to Gix Internet shareholders
4,804
4,130
Non-controlling interests
4,570
4,830
(*)
Translated
according to the exchange rate at the date of each statement of financial position.
Summarized statement of comprehensive income:
March 1,
2022 –
December 31,
2022
January 01,
2022 –
February 28,
2022
Year ended
December 31,
2021
USD in thousands (**)
Revenue
83,532
12,193
44,827
Net profit (loss)
414
(
438
)
(
1,510
)
Other comprehensive income (loss)
499
(
295
)
(
396
)
Total comprehensive income (loss)
913
(
733
)
(
1,905
)
Summarized statement of cash flows:
February 28, 2022 – December
    31, 2022
USD in thousands (**)
Cash flow from operating activities
4,232
Cash flow from investing activities
13
Cash flow used in financing activities
(
3,309
)
Loss from exchange differences on cash and cash equivalents
(
127
)
Net increase in cash and cash equivalents
809
(**)
Translated
according to the average exchange rates for the period from February 28, 2022 until December 31, 2022.
F-
40
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
3.
Information related to non-controlling interests:
Balance of non-controlling interests:
December 31,
2022
December 31,
2021
USD in thousands
Eventer
721
1,136
Jeffs' Brands
7,199
965
Charging Robotics
91
91
Gix Internet
7,480
-
GERD IP
57
51
15,548
2,243
Profit (Loss) attributed to non-controlling
interests:
Year ended
December 31,
2022
Year ended
December 31,
2021
USD in thousands
ScoutCam
-
(
892
)
Eventer
(
691
)
(
1,112
)
Jeffs' Brands
(
396
)
(
795
)
GERD IP
7
51
Gix Internet
687
-
(
393
)
(
2,748
)
4.
Information
                                            related to loss of control in subsidiary:
On March 22, 2021, the Company's holdings
in ScoutCam were diluted, therefore it was deconsolidated. For additional information see note 4C.
5.
Additional
                                            information:
The Company consolidated Eventer as of October 15, 2020, because the
Company has exclusive rights regarding determination of a business plan and budget, appointing or dismissing the CEO, determining his
compensation package and on declaration or payment of any dividend or distribution of cash, securities and other assets. Additionally,
the Company has the power to appoint or remove half of the members of the board. All of the above indicates the Company's control
of Eventer.
The Company consolidated Gix
Internet as of February 28, 2022, as the Company increased its holdings interests to
38.03
% on February 28, 2022, making the Company
the largest shareholder in Gix Internet, on a fully diluted basis. Additionally, the Company has appointed 3 out of 5 of the members
of the Board of Directors of Gix Internet. These reasons indicate the Company's control of Gix Internet.
On August 30, 2022, Jeffs' Brands completed an initial public
offering ("IPO"), therefore the Company's holdings in Jeffs' Brands were diluted to below
50
% of the voting rights.
However, the Company continues to consolidate Jeffs' Brands for the following reasons: the Company is the largest shareholder in
Jeffs' Brands and holds as of the date of the completion of the IPO
35.27
% of the voting rights. The composition of the Board of
Directors will remain the same until the next annual meeting, which will be scheduled during 2023. These reasons indicate the Company's
continued control of Jeffs' Brands.
F-
41
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
B.
Investments
                                            according to the equity method:
1.
This
                                            table summarizes the total investments according to the equity method:
December 31,
2022
December 31,
2021
USD in thousands
ScoutCam (note 4C)
9,375
10,735
Gix Internet (note 4F)
-
4,867
Parazero (note 4M)
976
-
Laminera (note 4N)
1,176
-
Polyrizon (note 4H)
214
447
Elbit Imaging (note 4J)
-
975
Revoltz (note 4I)
151
216
11,892
17,240
2.
This table summarizes the total share of loss (profit) of investments according to the equity method:
For the
year ended
December 31,
2022
For the
year ended
December 31,
2021
USD in thousands
ScoutCam (note 4C)
1,360
1,401
Automax (note 4G)
-
(
275
)
Gix Internet (note 4F)
215
822
Parazero (note 4M)
615
-
Laminera (note 4N)
157
-
Polyrizon (note 4H)
234
74
Elbit Imaging (note 4J)
36
83
Revoltz (note 4I)
42
44
2,659
2,149
3.
This
table summarize the Company's rights in share capital and voting rights:
Main place of
Company rights in share
capital
    and voting rights
the business
%
December 31, 2022
Parazero
Israel
40.35
%
Laminera
Israel
19.70
%
Polyrizon
Israel
37.03
%
ScoutCam
Israel
27.02
%
Fuel Doctor
Israel
28.63
%
Revoltz
Israel
19.9
%
December 31, 2021
Gix Internet
Israel
34.58
%
Polyrizon
Israel
36.81
%
ScoutCam
Israel
27.02
%
Elbit Imaging
Israel
5.72
%
Fuel Doctor
Israel
35.06
%
Revoltz
Israel
19.9
%
F-
42
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
B.
Investment
                                            according to the equity method:
(continued)
4.
Summarized
                                            financial information of material investments:
ScoutCam
Summarized statements of financial position:
December 31,
2022
December 31,
2021
USD in thousands
Current assets
14,117
20,212
Non-current assets
2,778
3,334
Current liabilities
4,187
1,309
Non-current liabilities
2,550
2,621
Equity
10,158
19,616
Summarized statement of comprehensive income:
Year
ended
December 31,
2022
Nine months
ended
December 31,
2021 (*)
Three months ended
March 31,
2021 (*)
Year
ended
December 31,
2020
USD in thousands
Revenue
665
363
24
491
Net loss
(
6,575
)
(
7,381
)
(
1,606
)
(
4,667
)
(*)
ScoutCam was deconsolidated on March 31, 2021, and the investment was
accounted for as an equity method investment from April 1, 2021 (refer to note 4C).
Summarized statement of cash flows:
Three months ended
March 31,
2021
USD
in thousands
Cash flow used in operating activities
(
774
)
Cash flow used in investing activities
(
117
)
Cash flow from financing activities
10,281
Net increase in cash and cash equivalents
9,378
Parazero
Summarized statements of financial position:
December 31,
2022
Current assets
1,438
Non-current assets
98
Current liabilities
2,422
Non-current liabilities
772
Equity
(
1,658
)
F-
43
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
B.
Investment
                                            according to the equity method:
(continued)
4.
Summarized
                                            financial information of material investments:
(continued)
Parazero
(continued)
Summarized statement of comprehensive income:
Period February 2 -
December 31,
2022
Revenue
514
Net loss
(
1,205
)
Laminera
Summarized statements of financial position:
December 31,
2022
USD in thousands
Current assets
193
Non-current assets
748
Current liabilities
420
Non-current liabilities
40
Equity
481
Summarized statement of comprehensive income:
Period
March 31-
December 31,
2022
Revenue
-
Net loss
(
689
)
5.
Fair
                                            value of investments in material affiliated companies for which there is a market price on
                                            the stock exchange:
December 31,
2022
December 31,
2021
Carrying amount
Quoted fair value
Carrying amount
Quoted fair value
USD in thousands
ScoutCam
9,375
9,623
10,735
15,397
Gix Internet (*)
-
-
4,867
5,854
Elbit Imaging (**)
-
-
723
974
(*)
Gix Internet was consolidated as of February 28, 2022 (note 4F).
(**)
Elbit Imaging investment was accounted for as assets at fair value
through profit or loss as of October 18, 2022 (note 4J).
F-
44
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
C.
ScoutCam
On December 30, 2019, the Company and
ScoutCam Inc. ("ScoutCam") consummated a securities exchange agreement (the "Exchange Agreement"), pursuant to
which the Company delivered
100
% of its holdings in ScoutCam Ltd. to ScoutCam in exchange for shares of ScoutCam's common stock
representing
60
% of the issued and outstanding share capital of ScoutCam immediately upon the consummation of the Exchange Agreement.
On March 22, 2021, ScoutCam
issued to investors (the "Investors")
2,469,156
units (the "Units") in exchange for an aggregate purchase
price of USD
20
million. As the Company did not participate in the March 2021 funding, its interest in ScoutCam reduced to
28.06
%,
which resulted in loss of control in ScoutCam as of April 2021. Accordingly, ScoutCam was deconsolidated as of such date and
accounted for using the equity method, with the purchase price being the fair value of ScoutCam's shares held by ScoutCam as
of such date. As a result of deconsolidation of ScoutCam and initial recognition of the investment in shares of ScoutCam at fair
value, the Company recorded a gain of USD
11,465
in the consolidated statement of income/loss and other comprehensive income/loss.
Additionally, the Company recognized its holdings in ScoutCam's warrants as financial asset through profit or loss and
recorded an additional gain of USD
97
thousand. As of December 31, 2021, part of the warrants was exercised and the rest
expired.
On August 9, 2021, ScoutCam amended
its Articles of Incorporation to affect a 9 to 1 reverse stock split of ScoutCam's outstanding Common Stock.
As of December 31, 2022, the Company
owns approximately
27.02
% of the outstanding common stock of ScoutCam.
On March 21, 2023, ScoutCam executed a capital raising transaction
which diluted the Company's holdings in ScoutCam to
18.45
% and the remaining holding was accounted for as an investment at fair
value through profit or loss (FVTPL) (see note 21(4)).
F-
45
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
C.
ScoutCam
(continued)
Purchase
price allocation upon deconsolidation and initial measurement under the equity method:
March 31,
2021
USD
in thousands
Fair value of investment
11,843
Total consideration
11,843
ScoutCam's Equity as of March 31, 2021
22,338
Adjustments to Equity
(
5,445
)
Equity ss adjusted
16,893
Groups share in %
28.06
%
4,740
Excess cost to allocate:
7,103
Technology
1,672
Deferred tax liability
(
385
)
Total intangible assets identified
1,287
Excess purchase price to allocate to goodwill
5,816
Activity
in investment account:
January
                                            1,
2022
                                            -
December 31,
2022
USD
in thousands
Investment as of January 1, 2022
10,735
Group share in losses
(
1,776
)
Excess cost Amortization-technology
(
124
)
Share based compensation
442
Group share in forfeited options
98
Investment as of December 31, 2022
9,375
April
                                            1,
2021
                                            -
December 31,
2021
USD
in thousands
Investment as of April 1, 2021
11,843
Group share in losses
(
2,044
)
Excess cost Amortization-technology
(
96
)
Share based compensation
540
Exercise of warrants by the Group
234
Group share in exercise warrants by others
218
Group share in forfeited options
32
Additional investment allocated to goodwill
8
Investment as of December 31, 2021
10,735
F-
46
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
C.
ScoutCam
(continued)
Reconciliation to carrying amounts:
December 31,
2022
USD
in thousands
Equity attributable to
ScoutCam
shareholders' as of December 31, 2022
11,785
Adjustments to Equity
(
1,628
)
Equity As adjusted as of December 31, 2022
10,157
Groups share in %
27.02
%
Group share
2,744
Balance of excess cost:
Technology, net of deferred tax
1,023
Goodwill
5,608
Balance as of December 31, 2022
9,375
December 31,
2021
USD
in thousands
Equity attributable to
ScoutCam
shareholders' as of December 31,
    2021
19,615
Adjustments to Equity
(
4,883
)
Equity As adjusted as of December 31, 2021
14,732
Groups share in %
27.02
%
Group share
3,981
Balance of excess cost:
Technology, net of deferred tax
1,146
Goodwill
5,608
Balance as of December 31, 2021
10,735
F-
47
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
D.
Eventer
General
On October 14, 2020, the Company signed
a share purchase agreement and a revolving loan agreement with Eventer, a technology company engaged in the development of unique tools
for automatic creation, management, promotion, and billing of events and ticketing sales.
Pursuant to the share purchase agreement, the
Company invested USD 750 thousand and was issued an aggregate of 325,270 ordinary shares of Eventer, representing 58.7% of the issued
and outstanding share capital (50.01% of Eventer's issued and outstanding share capital on a fully diluted basis). The share purchase
agreement provides that the Company will invest an additional USD 250 thousand in a second tranche, subject to Eventer achieving certain
post-closing EBITDA based milestones during the fiscal years 2021 through 2023, or the "Milestones". The Milestones will be
examined in each of the years 2021 through 2023. The fair value of the earn-out was calculated by using a Monte Carlo Simulation. According
to this model, the fair value of the earn-out was NIS 233 thousand (USD 69 thousand) as of October 14, 2020. As of December 31, 2022,
the Milestones have not been achieved and the fair value of the earn-out was determined to be immaterial.
In addition, the Company granted a
loan to Eventer in the amount of USD 250 thousand ("Initial Advance"), and the loan was valued at USD 204 thousand. According
to the loan agreement, the Company committed to lend up to USD 1,250 thousand to Eventer through advances of funds upon Eventer's
request and subject to the Company's approval. Advances extended under the Loan Agreement may be repaid and borrowed, in part or
in full, from time to time. The Initial Advance should be repaid in twenty-four equals monthly instalments, commencing on the first anniversary
of the Loan Agreement. Other advances extended under the Loan Agreement will be repaid immediately following, and in no event later than
thirty days following the completion of the project or purpose for which they were made. Outstanding principal balances on the advances
will bear interest at a rate equal to the higher of (i) 4% per year, or (ii) the interest rate determined by the Israeli Income Tax Ordinance
[New Version] 5721-1961 and the rules and regulation promulgated thereunder. Interest payments will be made on a monthly basis.
Additionally, on October 14, 2020,
the Company entered the Exchange Agreement with Eventer's shareholders, pursuant to which, during the period commencing on the second
anniversary of the Exchange Agreement and ending fifty-four (54) months following the date of the Exchange Agreement, Eventer's
shareholders may elect to exchange all of their Eventer shares for ordinary shares of the Company. The number of ordinary shares of the
Company to which Eventer's shareholders would be entitled pursuant to an exchange will be calculated by dividing the fair market
value of each of Eventer's ordinary share, as mutually determined by the Company and the shareholders, by the average closing price
of an ordinary share of the Company on the principal market on which its ordinary shares or ADSs are traded during the sixty days prior
to the exchange date, rounded down to the nearest whole number. The Company board of directors may defer the exchange's implementation
in the event it determines in good faith that doing so would be materially detrimental to the Company and its shareholders. In addition,
the exchange may not be affected for so long as USD
600
thousand or more remains outstanding under the Loan Agreement, or if
an event of default under the Loan Agreement has occurred. The Company treated the Exchange Agreement at the date of the business
combination from accounting perspective as recognition of non-controlling interests, in addition to the recognition of a liability in
respect of a derivative (exchange options) which will be measured at fair value at each cut-off date and will be revalued. The changes
in the fair value at each cut-off date will be recorded as a financial income/expense. The Company concluded that the fair value of this
derivative is immaterial, as this is an exchange of Eventer shares held by the other party, a fixed number in consideration for a variable
number of the Company's shares whose total value is equal to the value of the Eventer shares exchanged.
On March 25, 2021,
Eventer completed
a finance round of approximately USD 2,250 thousand (approximately NIS 7,300 thousand) from a group of 7 investors, in exchange for 146,637
shares, representing 20% of Eventer's outstanding shares after consummation of the investment. As part of the investment agreement,
Keshet Holdings LP ("Keshet"), one of the 7 investors, committed to provide Eventer with advertising services for USD 1,250
thousand (approximately NIS 4,000 thousand), over a period of 1 year, until June 30, 2022. The agreement further provided that the investment
proceeds to be paid by Keshet are to be netted by the USD 1,250 thousand to be paid as consideration of the above-mentioned advertising
services. Accordingly, the net amount Eventer raised in the finance round amounted to USD 1,000 thousand, with advertising services recorded
as prepaid expense in the amount of USD 1,250 thousand. Eventer is not entitled to a refund in the event these advertising services are
unutilized through the entire period until June 30, 2022. Following lack of usage of advertising services by Eventer till 30 June 2022
Eventer and Keshet agreed to extend the entitlement period till December 31, 2023, such that the original volume would be utilized. As
the extension in time period does not entitle Eventer to additional advertisement services, the Company concluded that the fair value
of the additional benefit represented by the extension is immaterial. Following the finance round, the Company's holding in Eventer
decreased to 47.69% of Eventer's issued and outstanding share capital.
Additionally, the investment agreement
further provided that if in the following twelve months of the closing, Eventer shall not consummate an IPO, then the price per share
("PPS") shall be adjusted downward to reflect
50
% of the PPS at the time of the closing Date (the "Adjusted PPS"),
and the Investors shall be issued with additional Ordinary Shares of Eventer, at no additional consideration. Eventer did not consummate
an IPO, therefore on May 25, 2022, Eventer issued to the investors
65,310
shares from which the Company received
19,518
shares.
The Company's holding in Eventer decreased to
46.21
% from that date.
During November 2021, the Company and
Eventer agreed that the Initial Advance will be repaid the earlier of (i) six months following the Maturity Date of the Initial Advance;
or (ii) immediately following an initial public offering of Eventer. The Company concluded the change in terms does not constitute a material
modification of the loan. Accordingly, the loan's carrying value was retained and no profit or loss outcome was recorded as a result
of the change in terms.
F-
48
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
D.
Eventer
(continued)
General
(continued)
In November 2021, the Company loaned
an amount of USD
250
thousand to Eventer which is to be repaid 6 months after the loan was received. The loan bears
4
% interest per year.
On October 30, 2022, the Company and
Eventer signed an amendment according to which the maturity date of the Initial Advance and the loan will be May 30, 2024. In an event
Eventer will issue securities in consideration of at least USD
2
million or in the event of an IPO or right offering (the" Investment"),
then the outstanding Initial Advance and the loan will automatically be converted into shares. The number of shares will be calculated
by dividing the outstanding balance loan as of the closing date of the Investment by a price per share which shall reflect a
20
% discount
off the lowest price per share paid in the Investment.
The Company concluded the fair value
of the benefit represented by the change in terms is immaterial.
Loan agreement with Safee Cyber
Technologies Inc.
On August 1, 2022,
the Company and
Eventer signed a loan agreement with Safee Cyber Technologies Inc. ("Safee"). For more details about the Company's investment
in Safee, see note 4P.
According to the loan agreement, the
Company loaned Safee an amount of NIS 250 thousand (USD 74 thousand) and Eventer loaned Safee an amount of NIS 300 thousand (USD 89 thousand)
consisting of NIS 100 thousand (USD 30 thousand) in cash and by assigning to Screenz NIS 200 thousand (USD 59 thousand) of the unutilized
advertising rights Eventer had purchased from Keshet in March 2021 as mentioned above.
Additionally, for the purpose of loan
repayment, Eventer's loan will be considered as NIS 200 thousand (USD 59 thousand) in total.
As a result, Eventer recorded an expense
of NIS
100
thousand (USD
29
thousand).
Safee shall repay the loans and the
interest out of the proceeds that it will receive, directly and/or indirectly, from the sale of NFT, in a way that the company and Eventer
will be entitled to receive the relative part of the loans (excluding
10
% of such proceeds). Safee shall not use the NFT proceeds for
any other purpose and shall not grant any rights to any third party in the proceeds, until the full repayment of the loans and the interest.
Following the full repayment of the
loans and the interest, Safee will be entitled to receive
43.3
% of the NFT proceeds and each the Company and Eventer will be entitled
to receive
28.35
% of the NFT proceeds.
In the event that the net proceeds
shall not be sufficient to repay the loans within the period of
2
years or in case the Cooperation Agreement shall be terminated prior
to the full payment of the loans, the Company and Eventer shall waive all unpaid amounts of the loans.
The loans bear a fixed annual interest
at the minimal rate required according to the applicable tax law, starting from the date the loan was provided and until its full repayment.
As of December 31, 2022, the fair value
of the loan is USD
104
thousand.
Contingent liabilities
On September 19, 2022, a lawsuit was
filed against Eventer and others in the amount of NIS
280
thousand (USD
80
thousand), alleging a violation of the Prohibition of Discrimination
in Products, Services, and Entry into Places of Entertainment and Public Places Law. According to the opinion of Eventer's legal
counsel, the chances of the lawsuit to be rejected are more likely than not.
On December 14, 2022, a request for
a class action was filed against Eventer and its two directors, alleging the violation of the provisions of the Prohibition of Discrimination
in Products, Services, and Entry into Places of Entertainment and Public Places Law. The plaintiff claims that Eventer allows the allocation
of different kinds of tickets to different groups (such as women, children etc.), thereby allowing structured discrimination.
According to the opinion of Eventer's
legal counsel, the chances of the class action to be rejected are more likely than not both against the Eventer and its directors. Eventer
must submit its response to the class action request by May 14, 2023.
F-
49
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
D.
Eventer
(continued)
Agreement with Screenz Cross
Media Ltd.
On February 4, 2021, Eventer signed
an addendum to the agreement with Screenz Cross Media Ltd. (a company indirectly controlled and managed by Eli Uzan who serves as Eventer's
Director) (hereafter "Screenz"). The agreement was signed during November 2020 for the purpose of collaborating in the field
of virtual conferences. According to the provisions of the addendum to the agreement, Eventer will receive an exclusive license for using
the broadcasting system of Screenz with respect to the field of virtual conferences and development services, and in exchange will pay
Screenz an amount of USD
1,500
thousand (approximately NIS
4,280
thousand) over a period of eight months, as well as
8
% from the revenues
earned from using the broadcasting system in the field of virtual conferences.
On December 30, 2021,
the Board of
Directors approved an amendment to the agreement between Eventer and Screenz effective September 30, 2021 (the "Effective Date").
As per the amendment, instead of USD 1,500, Eventer will pay in exchange for the license an aggregate amount of USD 1,800 thousand, and
the repayment term is to be extended to a period of three years, in monthly instalments of approximately USD 50 thousand each. Eventer
evaluated the change in the terms of the commitment in accordance with IFRS 9 and concluded that the change does constitute a material
modification of the loan. As of September 30, 2021, the loan's book value was USD 1,300 thousands and the fair value of the debt
was valued at USD 1,415 thousand. The difference of USD 115 thousand was recorded as finance expenses.
As of December 31, 2021, the balance
of Eventer's debt to Screenz for the license was a total of USD
1,217
thousand. For additional information see note 17b4.
On March 20, 2022, Eventer and Screenz
agreed to reduce the monthly payments for the license from
50
thousand dollars to
25
thousand dollars for a period of 5 months. The modified
loan terms did not represent a substantial modification in accordance with IFRS 9.
The aforementioned payments ceased
in August 2022 and in December 2022 an amendment was signed pursuant to which Eventer repaid its debt to Screenz by assigning to Screenz
the remaining unutilized advertising rights Eventer had purchased from Keshet in March 2021 as mentioned above. The prepaid expense balance
in respect of these advertising rights in the books of Eventer as of the repayment date, which approximates the advertising rights'
fair value, was USD
660
thousand. The debt balance as of the date of the amendment was USD
1,062
thousand (NIS
3,862
thousand). The difference
between the debt balance and the advertising rights of USD
402
thousand was recorded as a capital contribution from Screenz to Eventer.
It was also determined that Screenz will have the first right to receive any money received from Eventer and resulting from a digital
ticketing platform for interactive virtual events up to a total amount of USD
480
thousand. The Company concluded the fair value of this
commitment is immaterial given the uncertainty of revenues to be generated by Eventer from interactive virtual events.
Deferred offering costs
During 2021, Eventer recorded USD
470
thousand as deferred offering costs in relation to a planned initial public offering ("IPO"). During 2022, Eventer recorded
these deferred offering costs as an expense due to the fact that the offering did not occur.
Share based compensation grants
On March 30, 2021, Eventer's
Board of Directors approved a contractual agreement with Eventer's CEO. The date of the commencement of the agreement is January
1, 2021. The CEO will be entitled to a salary of NIS
33
thousand (USD
10
thousand). In addition, Eventer granted the CEO 29,944 options
to purchase one share at an exercise price of
0.001
NIS per share. The options shall vest over a period of three years commencing from
the engagement date with 1/12 of such options vesting at the end of each subsequent three-month period following the grant. The fair value
of the option granted is estimated on the grant date, using the Black-Scholes Model using the following inputs: (a) risk-free interest
rate–
0.15
%; (b) expected dividend –
0
%; (c) expected volatility –
47.02
%; (d) forecasted life –
10
years.
The value of this grant was estimated
at approximately NIS
1,668
thousand (USD
473
thousand). For the years ended December 31, 2022, and 2021, approximately NIS
418
thousand
(USD
124
thousand) and NIS
1,123
thousand (USD
347
thousand), respectively, were recognized and recorded as expenses.
On March 30, 2021, Eventer's
Board of Directors approved a contractual agreement with Round Robin Ltd. Which is one of the founding partners of Eventer. The date of
the commencement of the agreement is January 1, 2021. Under the agreement, Round Robin Ltd. will provide Eventer with 12 monthly hours
of technological consulting, and in exchange, Eventer will grant Round Robin Ltd.
29,944
options to purchase one share at exercise price
of
0.001
NIS per share. The options shall vest over a period of three years commencing the engagement date with 1/12 of such options vesting
at the end of each subsequent three-month period following the grant. The fair value of the option granted is estimated on the grant date,
using the Black-Scholes Model, according to the following parameters: (a) risk-free interest rate –
0.15
%; (b) expected dividend
–
0
%; (c) expected volatility –
47.02
%; (d) forecasted life –
10
years.
F-
50
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
D.
Eventer
(continued)
Share based compensation grants
(continued)
The value of this grant was estimated
at approximately NIS
1,668
thousand (USD
473
thousand). For the years ended December 31, 2022, and 2021, approximately NIS 418 thousand
(USD
124
thousand) and NIS
1,123
thousand (USD
347
thousand), respectively, were recognized and recorded as expenses.
On February 4, 2021, Eventer's
Board of Directors approved a contractual agreement with Mr. Roee Grinblat as Eventer's Chief Business Manager. According to the
agreement, the engagement between Eventer and Mr. Greenblatt commenced on January 1, 2021. The monthly professional fee will be approximately
NIS
20
thousand (USD
6
thousand). In addition to the professional fee, Eventer will grant a quantity of shares, that will constitute approximately
2
% of Eventer's issued and outstanding capital immediately after the public offering is completed, as options grant. The options
shall vest over a period of three years commencing on engagement date with 1/12 of such options vesting at the end of each subsequent
three-month period following the grant. The exercise price of
50
% of the options will be equal to the public offering and
50
% will equal
the share price of the capital raising round that preceded the public offering price. The fair value of the options as at the grant date
was estimated on the grant date, using the Black-Scholes Model, according to the following parameters: (a) risk-free interest rate–
0.49
%; (b) expected dividend –
0
%; (c) expected volatility –
47.02
%; (d) forecasted life –
5
years.
The value of this grant was estimated at approximately NIS 277 thousand
(USD 83 thousand). For the year ended December 31, 2021, approximately NIS 186 thousand (USD 58 thousand) were recognized and recorded
as expense. During 2022 Eventer reversed the expense due to the fact that the offering did not occur.
On February 4, 2021, Eventer's
Board of Directors approved a contractual agreement with Mr. Liron Carmel as the Chairman of the Board of Directors of Eventer. According
to the agreement, the engagement between Eventer and Mr. Carmel commenced on January 1, 2021. The monthly professional fee will be approximately
NIS 20 thousand (USD 6 thousand). In addition to the professional fee, Eventer granted options to purchase a quantity of ordinary shares,
that will constitute approximately 2% of the Eventer's issued and outstanding ordinary shares immediately after the public offering
is completed, as options grant. The options shall vest over a period of three years, commencing on engagement date. The exercise price
of 50% of the options granted will be equal to the public offering price, and 50% will equal to the share price of the capital raising
round that preceded the public offering price. The fair value of the options granted is estimated on the grant date, using the Black-Scholes
Model, according to the following parameters: (a) risk-free interest rate – 0.49%; (b) expected dividend – 0%; (c) expected
volatility – 47.02%; (d) forecasted life – 5 years.
The value of this grant was estimated at approximately NIS 277 thousand
(USD 86 thousand). For the year ended December 31, 2021, approximately NIS 186 thousand (USD 58 thousand) were recognized and recorded
as expense. During 2022 Eventer reversed the expense due to the fact that the offering did not occur.
On February 4, 2021, Eventer's
Board of Directors approved a contractual agreement with Mr. Eli Uzan as Eventer's President and Director. According to the agreement,
the engagement between Eventer and Mr. Uzan commenced on January 1, 2021. The monthly professional fee will be approximately NIS 20 thousand
(USD 6 thousand). In addition to the professional fee, Eventer granted options to purchase a quantity of ordinary shares, that will constitute
approximately 2% of Eventer issued and outstanding ordinary shares immediately after the public offering is completed, as options grant.
The options shall vest over a period of three years commencing on engagement date with 1/12 of such options vesting at the end of each
subsequent three-month period following the grant. The exercise price of 50% of the options granted will be equal to the public offering
price, and 50% will equal the share price of the capital raising round that preceded the public offering. The fair value of the option
granted is estimated on the grant date, using the Black-Scholes Model, according to the following parameters: (a) risk-free interest
rate – 0.49%; (b) expected dividend – 0%; (c) expected volatility – 47.02%; (d) forecasted life –
5 years.
The fair value of this grant was estimated at approximately NIS 219
thousand (USD 68 thousand). For the year ended December 31, 2021, approximately NIS 147 thousand (USD 46 thousand) were recognized and
recorded as expenses. During 2022 Eventer reversed the expense due to the fact that the offering did not occur.
F-
51
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
D.
Eventer
(continued)
Share based compensation grants
(continued)
On December 30, 2021, Eventer's
board of directors approved a grant of NIS 8 thousand (USD 2 thousand) to Eventer's chief executive officer as a bonus for the results
and achievements of Eventer for the year 2021. Additionally, Eventer's board of directors approved a bonus of USD 90 thousand to
the chief executive officer which shall be paid in 9 equal instalments per month commencing January 2022.
During April 2022, Eventer's
board of directors approved a salary increase to Eventer's chief executive officer to NIS 50 thousand (USD 15 thousand) per month,
effective as of January 1, 2022.
E.
Jeffs'
                                            Brands Ltd.:
General
On October 8, 2020,
the Company entered
into the Pro and Purex SPA. Pro and Purex (as defined in note 1) both are in the e-Commerce field and operate online stores for the sale
of various consumer products on the Amazon Online Marketplace. Pursuant to the Pro and Purex SPA, the Company acquired 50.01% of Pro's
and 50.03% of Purex' issued and outstanding share capital on a fully diluted basis through a combination of cash investments in
the companies and acquisition of additional shares from the current shareholders of the two companies in consideration for the Company's
ADSs and a cash component. The Company agreed to invest an aggregate amount of USD 1,250 thousand in Pro and Purex, pay USD 150 thousand
in cash consideration to the former stockholders, and issue up to USD 500 thousand worth of ADSs to the former stockholders of such companies
subject to EBITDA milestones. On July 2021, and following EBITDA results the Company issued USD 71 thousand worth of ADSs.
In addition, the companies' former
shareholders are entitled to additional milestone issuances of up to an aggregate USD 750 thousand in ADSs subject to the achievement
by Pro and Purex of certain milestones throughout 2021. The transactions closed on January 4, 2021. Also, the Company agreed to financing
arrangements including (i) providing financing by way of a stockholder loan of a principal amount equal to USD 250 thousand which may
be extended up to an aggregate cap of USD 1 million of which the Company will finance 60% with the remaining 40% to be financed by the
other Pro's and Purex' stockholders; and (ii) additional financing of up to a principal amount of USD 1 million, to finance
the acquisition of additional online Amazon stores provided that such acquisition financing will constitute 80% of the applicable acquisition
cost, with the remaining 20% to be financed by the other Pro's and Purex' stockholders. Subsequently, according to the terms
of the Pro and Purex SPA, the Company entered into a loan and pledge agreement, effective January 5, 2021, with its majority owned subsidiaries
Pro and Purex.
Pursuant to this loan and pledge agreement,
the Company extended a USD
250
thousand loan, with an annual interest of
4
%, to be repaid on the second anniversary of the effective
date.
The table set forth below summarizes the estimates of the fair value
of assets acquired and liabilities assumed and the allocation of the purchase price as of the acquisition date:
January 4,
2021
USD
in thousands
Cash consideration invested in Jeffs' Brands
1,650
Non- cash consideration invested in Jeffs' Brands
71
Total consideration
1,721
Less:
Fair value of net assets acquired
2,314
Non-controlling interest
(
1,156
)
Total acquired
1,158
Goodwill
563
F-
52
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
E.
Jeffs'
                                            Brands Ltd.:
(continued)
General
(continued)
On May 10, 2021, the Company entered into a stock exchange and plan
of restructuring agreement with Victor Hakmon, the other shareholder of Pro and Purex, and Jeffs' Brands, a newly incorporated entity,
Pursuant to which, among other things, the Company and Victor Hakmon transferred all holdings in Pro and Purex to Jeffs' Brands,
in return for a consideration of Jeffs' Brands ordinary shares issued respectively. As a result, Pro and Purex became wholly owned
subsidiaries of Jeffs' Brands. The share exchange transaction was accounted for as a common control transaction, such that the carrying
values of the assets and liabilities of Pro and Purex were retained through the transaction. To date, the Company invested approximately
USD
6.5
million in Jeffs' Brands and holds
35.94
% of its shares.
In April 2021, Top Rank Ltd., an Israeli
company, was established as a wholly owned subsidiary of Jeffs' Brands.
On July 23, 2021, the Company granted
Mr. Victor Hakmon, the CEO of Jeffs' Brands,
32,202
ADSs at fair value of USD
60
thousand as a special bonus for his achievements
in the six months period ended June 30, 2021. The grant was recorded as an expense in the consolidated statements of income/loss and other
comprehensive income/loss.
On August 3, 2022, Jeffs' Brands Board of Directors approved
to increase Mr. Hakmon's monthly salary to NIS
55
thousand (USD
23
thousand) plus applicable value added taxes ("VAT"),
retroactively from February 1, 2022, until the closing of the IPO. Effective on September 1, 2022, Jeffs Brands Board of Directors approved
an increase to Mr. Hakmon's monthly salary to NIS
80
thousand (USD
24
thousand) plus VAT and a one-time bonus of NIS
480
thousand
(USD
140
thousand).
In February 2023, Jeffs' Brands
Holding Inc., was established as a wholly owned subsidiary of Jeffs' Brands.
On March 9, 2023, Jeffs' Brands purchased all
of the issued and outstanding share capital of Fort, a company incorporated under the laws of England and Wales. For additional information
see note 21(6).
Initial Public Offering
On August 30, 2022, Jeffs' Brands completed its initial public
offering ("IPO"). In connection with the IPO, Jeffs' Brands sold
3,717,473
units at a public offering price of USD
4.16
per unit, with each unit consisting of one ordinary share, no par value per share ("Ordinary Share"), and one warrant ("IPO
Warrant"), to purchase one Ordinary Share, at an exercise price of USD
4.04
per Ordinary Share. Additionally, Jeffs' Brands
issued warrants to the underwriter to purchase up to
185,873
ordinary shares at an exercise price of USD
5.20
per Ordinary Share ("Underwriter's
Warrants"). The underwriter partially exercised its right to purchase an additional
425,912
warrants for total consideration of
USD
4
thousand. Jeffs' Brands received total net proceeds of USD
13.4
million after deducting issuance costs of USD
2.1
million.
Following the IPO completion, the Company's holdings in Jeffs' Brands decreased to
35.94
% of the issued and outstanding share
capital of Jeffs' Brands.
On September 7, 2022, Jeffs'
Brands' volume weighted average stock price was less than the exercise floor of USD
4.04
for the IPO Warrants. Accordingly, and
based on the contractual terms of the IPO Warrants, effective after the closing of trading on November 28, 2022 (the 90
th
calendar
day immediately following the issuance date of the IPO Warrants), the IPO Warrants were adjusted ("As-Adjusted IPO Warrants")
pursuant to their terms, including, but not limited to, the reduction of the exercise price of the IPO Warrants to USD
2.02
.
Additionally, Additional Warrants
were issued to each qualified buyer who continued to hold at least
120,192
IPO Warrants as of November 28, 2022. Accordingly, Jeffs'
Brands issued Additional Warrants to purchase
2,824,525
Ordinary Shares. Each Additional Warrant has substantially the same terms as
the As-Adjusted IPO Warrant; provided, however, that the term of each Additional Warrant will be
five
(5)
years
from the issuance date
and such Additional Warrant will not be listed on any securities exchange. In addition, as long as the Additional Warrants are outstanding,
each holder of at least
120,192
IPO Warrants will receive semi-annual payments based on the Jeffs' Brands consolidated revenues,
dependent on the amount of the Additional Warrants outstanding. As of December 31, 2022, the payment will be equal to approximately
2.3
%
of Jeffs' Brands consolidated revenues for the period ended December 31,2022.
The IPO Warrants and the Additional Warrants were accounted for derivative
liabilities measured at fair value through profit or loss (see note 5).
The Ordinary Shares and IPO Warrants
trade on the Nasdaq under the symbol "JFBR" and "JFBRW", respectively.
F-
53
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
E.
Jeffs'
                                            Brands Ltd.:
(continued)
Related parties' loans
On February 2, 2021, the Company entered
into a loan and pledge agreement (the "Pro Loan and Pledge Agreement") with Pro and Pro's other shareholder, to finance
Pro's additional purchases of three new brands on the Amazon Online Marketplace. Pursuant to the Pro Loan and Pledge Agreement,
the Company and Pro's other shareholder extended a USD
3.76
million and a USD
940
thousand loans, respectively, with an annual
compound interest of
4
%, to be repaid on February 2, 2026.
The Company concluded the stated interest
is materially lower than its market price. Accordingly, the difference between the fair value and face value of the loan attributable
to the Company was recorded as a deemed contribution by the Company to Jeffs' Brands. Similarly, the difference between the fair
value and face value of the loan attributable to the non-controlling interest was recorded as a deemed contribution by the non-controlling
interest to Jeffs' Brands.
Until May 3, 2022, the loans were
measured at amortized cost.
As of May 3, 2022, Pro had outstanding
loans to the Company, Mr. Hakmon and L.I.A. Pure Capital Ltd. of USD
4.1
million, USD
940
thousand, and USD
109
thousand, respectively.
On May 3, 2022, Jeffs' Brands entered into Assignments to Loan Agreements with the Company, Pro, Mr. Hakmon and L.I.A. Pure Capital
Ltd., pursuant to which Jeffs' Brands assumed Pro's obligations under the outstanding loans and agreed that unless previously
repaid, pursuant to the terms of the respective loan agreements with such parties, effective immediately upon the consummation of IPO,
all outstanding principal due to each such party shall be automatically converted into a number of Jeffs' Brands ordinary shares
equal to the quotient obtained by dividing the outstanding principal amount due to such party, by the per ordinary share price obtained
by dividing USD
10
million by the fully diluted issued and outstanding ordinary shares as of immediately prior to the closing of the IPO.
Any accrued and unpaid interest due to such party as of such date will be paid in cash.
The Company concluded the modified
loan terms ("Modified Loan") including an equity conversion feature upon IPO, represent a substantial modification in accordance
with IFRS 9 and is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability.
Accordingly, the difference between the fair value and face value of the loan attributable to the Company was recorded as a deemed contribution
by the Company to Jeffs' Brands. Similarly, the difference between the fair value and face value of the loan attributable to the
non-controlling interest was recorded as a deemed contribution by the non-controlling interest to Jeffs' Brands.
In connection with the IPO that was
consummated on August 30, 2022, the loans between the Company, Jeffs' Brands, Mr. Hakmon and L.I.A. Pure Capital Ltd. were converted
into
1,463,619
ordinary shares.
Short term loans
December 31,
2022
December 31,
2021
USD in thousands
Amazon loans
86
101
Related party loan
-
111
Third parties' loans
-
715
86
927
F-
54
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
E.
Jeffs'
                                            Brands Ltd.:
(continued)
Amazon Loans
On April 8, 2021, Pro entered into
a loan agreement with Amazon.com. Pursuant to which, Pro received from Amazon.com an aggregated amount of USD 78 thousand. The loan matures
within 12 months and bears an annual interest at a rate of
10.99
% per year. In order to secure the loan, Pro pledged its financial balances
on its Amazon account on Amazon.com and its inventories held in Amazon's warehouses, in favor of Amazon.com. In September 2021,
the loan was fully repaid.
On September 22, 2021, Pro entered
into a loan agreement with Amazon.com. Pursuant to the loan agreement, Pro received from Amazon.com an aggregated amount of USD
153
thousand,
of which USD
14
thousand of such amount offset from the received amount on the account of repayment of previous Amazon loan balance. The
loan matures within 9 months and bears an annual interest at a rate of
9.99
% per year. In order to secure the loan, Pro pledged its financial
balances on its Amazon account on Amazon.com and its inventories held in Amazon's warehouses, in favor of Amazon. On May 9, 2022,
the loan was fully repaid.
On May 09, 2022, Pro entered into a
loan agreement with Amazon.com. Pursuant to the loan agreement, Pro received from Amazon.com an aggregate amount of USD
153
thousand.
The loan matures within 12 months and bears an annual interest at a rate of
9.99
% per year. In order to secure the loan, Pro pledged
its financial balances on its Amazon account on Amazon.com and its inventories held in Amazon's warehouses, in favor of Amazon.
Third parties'
loans
July 1, 2021, loan:
On July 1, 2021, Pro entered into a
loan agreement with a third party. The loan bore annual interest rate of
10
% and was payable on January 1, 2022. Pro was entitled to extend
the loan by an additional sixty days, with additional interest of
1
% per month. In addition, pursuant to the loan agreement, in the event
of an IPO of Jeffs' Brands, the lender will be entitled to Ordinary Shares of the Company at an aggregate value of USD
125
thousand
with a conversion price at the IPO price. On July 6, 2021,
the loan principal of USD 375 thousand was received.
The proceeds from the
lender were first allocated to the liability to issue a variable number of shares based on its fair value at the date of issuance in an
amount of USD
31
, with a corresponding discount recorded on the third-party loan. The derivate liability is revalued at each period-end
and amounted to USD
69
as of December 31, 2021 (see note 5).
On November 23, 2021, the loan agreement
was amended to extend the maturity date of the loan to the earlier of (i) March 31, 2023, or (ii) the closing of an IPO of the Company.
Based on Jeffs' Brands management's assessment, the amendment resulted in a significant modification to the loan in accordance
with IFRS 9. As a result of the debt extinguishment, Jeffs' Brands recorded a financial gain in the amount of USD 7 thousand.
Following the IPO, Jeffs' Brands repaid the third-party loan
and issued the third-party
30,048
warrants.
July 5, 2021, loan:
On July 5, 2021, Pro entered into a
loan agreement with a third party. The loan bore annual interest rate of
10
% and was payable on January 5, 2022. Pro had the right to
extend the loan period by an additional sixty days, with additional interest of
1
% per month. In addition, pursuant to the loan agreement,
in the event of an IPO of Jeffs' Brands, the lender would be entitled to Ordinary Shares of Jeffs' Brands at an aggregate
value of USD 125 thousand, with a conversion price based on the IPO price per share, exercisable for a three-year period beginning on
the closing date of the IPO.
On July 9, 2021, the loan principal of USD 375 thousand was received.
The proceeds from the lender were first
allocated to the liability to issue a variable number of shares based on its fair value at the date of issuance in an amount of USD
31
,
with a corresponding discount recorded on the third-party loan. The derivate liability is revalued at each period-end and amounted to
USD
69
as of December 31, 2021 (see note 5).
F-
55
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
E.
Jeffs'
                                            Brands Ltd.:
(continued)
Third parties'
loans
(continued)
July 5, 2021, loan:
(continued)
On November 23, 2021,
the loan agreement
was amended to extend the maturity date of the loan to the earlier of (i) March 31, 2023, or (ii) the closing of an IPO of the Company.
Based on Jeffs' Brands management's assessment, the amendment resulted in a significant modification to the loan in accordance
with IFRS 9. As a result of the debt extinguishment, Jeffs' Brands recorded a financial gain in the amount of USD 7 thousand.
Following the IPO, Jeffs' Brands repaid the third-party loan
and issued the third-party
30,048
warrants.
Bank Leumi
Loan
On February 22, 2022, Jeffs'
Brands entered into a loan agreement with Bank Leumi Le-Israel ("Bank Leumi") to provide a line of credit in an aggregate
amount of up to USD
1
million, which Jeffs' Brands may draw in two tranches at its request, but in no event after July 21, 2022.
Pursuant to the loan agreement, amounts drawn bear interest at a rate of Secured Overnight Financing Rate ("SOFR") plus
3.25
%
annually. Unless otherwise provided with respect to a particular draw, any unpaid principal together with accrued and unpaid interest
under the line of credit is required to be repaid no later than August 21, 2022. In order to induce Bank Leumi to provide the loan, Jeffs'
Brands and the Company entered into a controlling shareholders' comfort letter, subordination agreements and a negative pledge.
On March 3, 2022, Jeffs' Brands drew USD
400
thousand under the line of credit. On June 2, 2022, Jeffs' Brands drew additional
USD
200
thousand under the line of credit. Following the IPO, Jeffs' Brands repaid the bank loan.
Related parties' loans
For more information on related parties'
transactions see note 17b4.
Deferred offering costs
Jeffs' Brands capitalized certain
legal and other third-party fees that were directly related to the Jeffs' Brands IPO. As of December 31, 2021, there were USD
366
thousand of deferred offering costs included in other non-current assets on the balance sheet.
The total gross consideration from
the IPO was initially allocated to the derivative warrant liability based on its fair value and the remaining amount was allocated to
the Ordinary Shares issued and recognized as a component of equity. Issuance costs were allocated between the warrant liability and Ordinary
Shares based on their relative fair values.
Ordinary shares and incentive
plan
As of December 31, 2021, Jeffs'
Brands issued and outstanding ordinary shares are comprised of
10
thousand shares.
On January 19, 2022, Jeffs' Brands board of directors approved
Jeffs' Brands 2022 Incentive Option Plan (the "Plan"). A total of
1,765
ordinary shares were reserved and subject to
the Plan. The Plan was amended on February 17, 2022, and the number of options increased to
3,000,000
ordinary shares (the total number
of ordinary shares reserved for the exercise of options granted under the Plan is
1,307,027
following the effectiveness of the two reverse
share splits). The Plan is intended as an incentive to retain directors, officers, employees, consultants and advisers of Jeffs'
Brands.
On February 17, 2022, Jeffs' Brands board of directors approved the issuance of bonus shares
(equivalent to a stock dividend) on a basis of 664 (prior to adjustments for subsequent reverse share split) Ordinary Shares for each
Ordinary Share issued and outstanding as of the close of business on February 17, 2022 (provided that any fractional shares be rounded
down to the nearest whole number), pursuant to which holders of Jeffs' Brands ordinary shares received 664 (prior to adjustments
for subsequent reverse share split) ordinary shares for every one ordinary share held as of such date, resulting in an aggregate issuance
by Jeffs' Brands of 6,630,547 (prior to adjustments for subsequent reverse share split) Ordinary Shares on such date.
Additionally, Jeffs' Brands'
board of directors approved an increase of the authorized share capital of Jeffs' Brands to
100
million (
43,567,567
after giving
effect to the two reverse share splits) ordinary shares subject to Jeffs' Brands' shareholder approval and effective upon
the effective date of the registration statement.
F-
56
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
E.
Jeffs'
                                            Brands Ltd.:
(continued)
Ordinary shares and incentive
plan
(continued)
On May 3, 2022, Jeffs' Brands'
board of directors approved a 0.806-for-1 reverse split of the Jeffs' Brands issued and outstanding ordinary shares, effective as
of May 3, 2022, pursuant to which, holders of the Jeffs' Brands ordinary shares received 0.806 of ordinary shares for one ordinary
share held as of immediately prior to such date. The reverse stock split proportionally reduced the number of authorized share capital
to
5,352,281
shares.
On June 16, 2022, Jeffs' Brands'
board of directors approved a 1-for-1.85 reverse split of Jeffs' Brands issued and outstanding ordinary shares, effective as of
June 16, 2022, pursuant to which, holders of Jeffs' Brands ordinary shares received one ordinary share for every 1.85 ordinary shares
held as of such date. The reverse stock split proportionally reduced the number of authorized share capital to
2,893,125
shares.
All share and stock option information related to Jeffs' Brands,
have been adjusted to reflect the bonus share issuance and the reverse share splits.
Consultant agreement with Pure
Capital
On October 26, 2022, Jeffs' Brands
and Pure Capital entered into a consulting agreement, pursuant to which Pure Capital will provide consulting services to Jeffs'
Brands for a monthly fee of NIS
57.5
thousand (approximately USD
16.5
thousand). Jeffs' Brands paid Pure Capital a one-time signing
bonus in the amount of NIS
425
thousand (approximately USD
121
thousand) for their services to Jeffs' Brands from the day of Jeffs'
Brands inception until the closing of the IPO. As part of the consulting agreement, Pure Capital is also entitled to the following payment:
(i) an amount equal to
7
% of the gross proceeds paid to Jeffs' Brands in connection with any exercise of warrants, whether or not
currently outstanding; and (ii)
8
% of the total consideration paid in connection with any purchase of a new brand, businesses, or similar
events initiated or assisted by Pure Capital and approved by the Chief Executive Officer and Chairman of the Board based on agreement
with Pure Capital. The consulting agreement is for an undefined period of time and may be terminated after
3
years from October 26, 2022,
by either party upon 30 days advance notice.
Additionally, on October 26, 2022,
Jeffs' Brands and Pure NJ Logistics LLC, owned by Pure Capital and a director of Jeffs' Brands, entered into a warehouse lease
agreement for a warehouse located in the USA. As of December 31, 2022, the advances to suppliers comprised of USD
228
thousand that were
paid to Pure NJ Logistics LLC.
Short-term lease agreement with
the Company
On May 21, 2022, Jeffs' Brands entered into a short-term lease
agreement for its offices from the Company and participated in
50
% of the related lease and maintenance expenses. Jeffs' Brands
paid USD
86
thousand plus VAT on December 30, 2022. The outstanding payable to the Company as of December 31, 2022, was USD
32
thousand
plus VAT.
Leases
Jeffs' Brands leases office space
since October 1, 2022, for a period of
3
years.
As of December 31, 2022, Jeffs' Brands' right of use asset
and lease liabilities totaled USD
138
thousand and USD
141
thousand, respectively.
Jeffs' Brands uses its incremental
borrowing rate as the discount rate for its leases, as the implicit rate in the lease is not readily determinable. As of December 31,
2022, Jeffs' Brands' leases had a weighted average remaining lease term of
3
years and a weighted average borrowing rate of
10
%.
F-
57
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
F.
Gix Internet Ltd:
General
On June 19, 2019,
the Company signed an agreement with Gix Internet
and its then wholly owned subsidiary Gix Media, for an investment of approximately USD 5 million (the "Investment Agreement").
The investment was subject to certain pre-conditions, which were met on September 3, 2019. As part of the investment, the Company received
729,508 ordinary shares of Gix Media, 2,168,675 ordinary shares of Gix Internet and 2,898,183 warrants to purchase 2,898,183 Gix Internet's
shares.
Medigus was also entitled, for a period
of three years following the closing of the investment, to convert any and all of its Gix Media's shares into Gix Internet shares
with a
20
% discount over the average share price of Gix Internet on TASE within the 60 trading days preceding the conversion ("Conversion
Right").
As part of the investment agreement,
an anti-dilution mechanism was included that would occur under a certain event set in the agreement in the three-year period since September
3, 2019. Until September 3, 2022, such event had not occurred. On September 3, 2022, the Anti-dilution has expired.
The Company also held
2,898,183
warrants
to purchase
2,898,183
Gix Internet shares at an exercise price of NIS
5.25
per share ("Gix Warrants"), with the expected term
of
3
years following the closing. The warrants were measured at fair value through profit or loss using Black-Scholes model. The warrants
expired on September 3, 2022.
In March and June 2021, the Company
exercised its rights to convert Gix Media's shares to Gix Internet shares such that after those conversions the Company owned
33.17
%
of Gix Internet.
These increases were accounted for
as additional purchases, using the "step by step" method, with the purchase price being the fair value of Gix Media shares
and the fair value to the conversion option as of the conversion option exercise date.
On October 14, 2021, Gix Media completed
the acquisition of
70
% of the outstanding and issued shares of Cortex Media Group Ltd. ("Cortex"), a media-tech company that
has developed expertise in turning original content into a profit center through user traffic acquisition.
During February 2022, the Company purchased
1,318,426
shares of Gix Internet for a total consideration of USD
731
thousand (NIS
2.4
million) ("Cash Consideration").
Through the period from February 14,
2022, up to February 28, 2022, following several purchases of Gix Internet's shares, the Company's interest in Gix increased
to
38.03
%, which resulted in gain of control in Gix Internet. Accordingly, Gix Internet was consolidated as of March 1, 2022. The acquisition
purchase price of approximately USD
7.7
million. As a result, the Company recorded a gain of USD
2.3
million in the consolidated statement
of income/loss and other comprehensive income/loss.
The Company allocated the purchase
price between tangible and intangible assets acquired and liabilities assumed based on estimated fair values, with the residual of the
purchase price recorded as goodwill. The intangible assets identified in the acquisition were technology and customer relations.
The table set forth below summarizes the allocation
of the purchase price between tangible and intangible assets acquired and liabilities assumed as of the acquisition date:
February 28,
2022
USD
in thousands
Cash consideration
731
Fair value of pre-acquisition interests
6,939
Total consideration
7,669
Less:
Fair value of tangible assets and liabilities acquired
(
8,282
)
Fair value of technology acquired, net of deferred taxes
10,150
Fair value of customer relations acquired, net of deferred taxes
5,486
Non-controlling interests
(
7,849
)
Total acquired
(
495
)
Goodwill
8,164
F-
58
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
F.
Gix Internet Ltd:
(continued)
General
(continued)
As of February 28, 2022, Gix
Internet held
78
% and
58
% of the outstanding and issued shares of Gix Media and ViewBix Inc. respectively. Gix Media held
70
% of the
outstanding and issued shares of Cortex.
On June 21, 2022, Gix Internet issued
3,450,800
rights to units for a total consideration of NIS
5.7
million. Each unit comprised of shares and tradable warrants The Company
purchased 3,171,160 units in consideration for USD 1.5 million (NIS 5.2 million). The transaction was accounted for in the Group's
consolidated financial statements as a transaction with non-controlling interest.
As a result of the rights
offering the Company's interest in Gix Internet increased to
42.69
%.
On August 28, 2022, the General Meeting
of Gix Internet shareholders approved the issuance of
155,427
shares (an expenses of USD
66
thousand) and
260,492
shares (an expenses
of USD
110
thousand) to Gix Internet CEO and former chairman of the board of directors, respectively, as a special bonus. Additionally,
the General Meeting of Gix Internet shareholders approved the issuance of 400,000 options to four of Gix Internet directors (an expense
of USD
24
thousand). The shares and the warrants were issued on September 18, 2022. Following the issuance of shares the Company holdings
in Gix Internet was
42.25
%.
On September 19, 2022, Gix Internet
completed a reverse triangle merger ("merger") between Gix Internet, Gix Media and ViewBix Inc. After the merger, Gix Media
became a wholly owned subsidiary of ViewBix Inc.
For the year ended December 31, 2022,
Cortex distributed dividends in the amount of USD
1,698
thousand.
On December 25, 2022, Cortex declared
a dividend in the total amount of USD
445
thousand which was partially distributed in February 2023.
On September 14, 2022, Gix Media declared
a dividend in the amount of USD
1,000
thousand. The amount, net of tax, was distributed partially as of December 31, 2022. The remaining
amount was distributed by Gix Media in January 2023
Loans
Short term loans:
December 31,
2022
USD
in thousands
Short term bank loans
5,025
Current maturities of long-term loans
1,500
Total consideration
6,525
Long term loans:
December 31,
2022
USD in thousands
Long term bank loans
2,881
F-
59
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
F.
Gix
                                            Internet Ltd:
(continued)
Loans
(continued)
On December 18,
2020
, ViewBix Inc.
entered into an agreement with certain investors ("Investors") in connection with the sale and issuance of shares of common
stock. In addition, and on the same date, ViewBix Inc. entered into a loan agreement with the Investors, pursuant to which the Investors
loaned an aggregated amount of USD
69
thousand (the "Principal Amount"). In accordance with the terms of the loan agreement,
ViewBix Inc. repaid the interest on the Principal Amount (
8
% compounded annually) to the Investors in the form of an issuance of shares
of common stock. During 2023 ViewBix repaid the loan to investors in 3 equal payments.
On October 13, 2021, Gix Media entered
into a loan agreement with Bank Leumi Le-Israel ("Bank Leumi") to provide for a line of credit in an aggregate amount of up
to USD
3.5
million and a long-term loan in an aggregate amount of up to USD
6
million. Additionally, Gix Internet also signed on a loan
agreement with Bank Leumi in an aggregate amount of up to NIS 3 million. The main points of the agreement with Bank Leumi include:
●
NIS
3
million loan to Gix Internet for
48
months period. The loan shall
bear interest at rate of prime plus
2.92
% annually. The loan was classified as long-term loan.
●
USD
6
million loan to Gix Media for
48
months period. The loan shall bear interest at rate of LIBOR plus
4.12
% annually. The loan was classified as long-term loan.
●
Credit line to Gix Media in an aggregate amount of up to USD
3.5
million to be utilized for a period of up to
48
months. The amounts that will be drawn from the credit line will bear interest of LIBOR plus
3.2
% annually. The credit line was classified as short-term loan.
On April 7 ,2022 Cortex, a subsidiary
of Gix Media, entered into an amendment to the loan agreement dated August 15, 2021, with Bank Leumi Le-Israel ("Bank Leumi")
to provide for additional credit line in an aggregate amount of up to USD
1
million, such that the total allocated credit line sum up
to USD
2.5
million to be utilized till September 24 ,2022. The initial credit line shall bear an interest rate of LIBOR plus
3.45
% annually
while the additional credit shall bear an interest rate of SOFR plus
3.52
% annually. The credit line was classified as short-term loan.
As of December 31, 2022, the additional credit line was not renewed.
Loan agreement between the
Company and Gix Internet
On October 13, 2021, the Company entered
into a loan agreement with Gix Internet. Pursuant to the loan agreement, Gix Internet received an aggregate amount of USD
1,240
thousand
(NIS
4,000
thousand) from the Company. The loan bears interest at a rate equivalent to the minimal interest rate recognized and attributed
by the Israel Tax Authority (
3.23
% in 2022).
The loan will be repaid in full, together with the accrued interest, in one (1) instalment
upon the earliest of: (i) the closing of a rights offering by Gix Internet for an aggregate amount of at least NIS 12,000 thousand (approximately
USD 3,858 thousand); or (ii) June 30, 2022.
Upon consolidation of Gix Internet as of February 28, 2022, as further described above, the
loan is eliminated in consolidation.
The Company concluded the stated interest
is materially lower than its market price. The loan was initially measured at fair value in accordance with IFRS 9, Financial Instruments.
Accordingly, the difference between the fair value and face value of the loan attributable to the Company was recorded as a capital reserve.
The difference between the fair value and face value of the loan attributable to Gix Internet was recorded as deemed contribution by the
Company to Gix Internet.
On August 25, 2022, the Company and
Gix Internet signed an addendum to the Loan Agreement, effective as of July 1, 2022. Pursuant to the addendum, on November 2, 2022, the
company received a total of NIS 1 million as repayment of the loan and the accrued interest up to that date. Repayment of the balance
of the loan fund, in the amount of NIS 3 million, will be postponed until June 30, 2023.
In addition, the Company will be entitled to
request the conversion of all or part of the balance of the extended loan in exchange for Gix Internet's shares.
Based on the Company's management
assessment, the modified loan terms ("Modified Loan") including an equity conversion feature, represent a substantial modification
in accordance with IFRS 9 and is accounted for as an extinguishment of the original financial liability and the recognition of a new financial
liability.
F-
60
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
F.
Gix
                                            Internet Ltd:
(continued)
Investment accounted for using
the equity method
The tables set forth below summarizes
the activity in the investment account and the reconciliation to carrying amounts:
Activity in investment account:
Two months
ended
February 28,
2022
USD
in thousands
Balance as of January 01, 2022
4,867
Group share in losses
(
100
)
Group share in other comprehensive loss
(
45
)
Excess cost amortization
(
116
)
Balance as of February 28, 2022
4,606
Year ended
December 31,
2021
USD
in thousands
Balance as of January 01, 2021
1,013
Group share in losses
(
298
)
Group share in other comprehensive loss
(
227
)
Excess cost amortization
(
525
)
Exercise of the Conversion Right on March 31, 2021
2,586
Exercise of the Conversion Right on June 30, 2021
1,831
Additional purchase on October 1, 2021
222
USD/NIS translation adjustments
265
Balance as of December 31, 2021
4,867
F-
61
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
F.
Gix Internet Ltd:
(continued)
Investment accounted for using the equity method
(continued)
Reconciliation to carrying amounts:
February 28,
2022
USD
in thousands
Equity attributable to Gix Internet shareholders' as of February 28, 2022
4,098
Adjustments to Equity
(
543
)
Equity As adjusted as of December 31, 2021
3,555
34.58
%
Group share
1,229
Balance of excess cost:
Technology and customers relationship, net of deferred tax
2,336
Goodwill
1,041
Balance as of February 28, 2022
4,606
December 31,
2021
USD
in thousands
Equity attributable to Gix Internet shareholders' as of December 31, 2021
4,129
Adjustments to Equity
(
566
)
Equity As adjusted as of December 31, 2021
3,563
Groups share in %
34.58
%
Group share
1,232
Balance of excess cost:
Technology and customers relationship, net of deferred tax
2,551
Goodwill
1,084
Balance as of December 31, 2021
4,867
F-
62
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
G.
Automax:
On January 19, 2021, and March 9, 2021,
the Company sold
2,300,000
and
11,000,000
shares of Matomy, respectively. Subsequently, following such sales and the merger of Matomy
with Automax, which is now traded on TASE (AMX.TA), the Company's aggregate holdings in Automax decreased to
4.73
% of its issued
and outstanding share capital. Therefore, the investment since March 9, 2021, was treated as fair value through profit or loss, (see also
note 5). The total gain recognized through profit or loss related to these sales sums up to USD
2,025
thousand in the consolidated statements
of income/loss and other comprehensive income / loss for the year ended December 31, 2021.
During August and October 2021, the
Company purchased additional shares in the amount of USD
280
thousand, which increased the Company's interest in Automax to
5.63
%.
On March 6, 2022, the Company purchased
220
thousand tradeable Automax bonds at a price of NIS
1
thousand per bond at a total amount of USD
70
thousand (NIS 220 thousand). During
April and May 2022, the company sold
190
thousand tradeable Automax bonds. The Automax bonds were accounted for as assets through profit
or loss measured at fair value.
During July 2022, the Company purchased
2,000,000
additional shares of Automax in the amount of USD
213
thousand.
As of December 31, 2022, the Company
owned
6.46
% of Automax.
For additional information see note
5.
The activity in the investment account
of Automax for the period ended on March 9 ,2021 was as follows:
March 9,
2021
USD
in thousands
Investment as of January 1, 2021 Equity method
546
Held for sale asset
547
Total as of January 1, 2021
1,093
Sale of held for sale asset
(
102
)
Share of net profit of associate accounted for using the equity method
275
Total amount as of March 9, 2021
1,266
Eliminate investment held for sale and equity as a result of transition to fair value
(
1,266
)
Fair value of the investment at the day of the transition
1,553
H.
Polyrizon
Polyrizon Ltd. ("Polyrizon")
is a private company engaged in developing biological gels designed to protect patients against biological threats and reduce the intrusion
of allergens and viruses through the upper airways and eye cavities.
As of December 31, 2022, the
Company holds
37.03
% of Polyrizon shares and the investment is accounted for using the equity method.
On January 27, 2022, Polyrizon entered
into a Simple Agreement for Future Equity ("SAFE") with several investors for aggregated proceeds of USD
250
thousand. The
Company invested USD
110
thousand.
On May 8, 2022, Polyrizon entered into an additional SAFE with several
investors for aggregated proceeds of USD
550
thousand. The Company invested USD
203
thousand.
F-
63
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
H.
Polyrizon
(continued)
Upon completion of IPO, the SAFE will
be automatically converted into a number of Ordinary Shares equal to the purchase amount divided by the per unit price in this offering
discounted by
20
%. If an IPO will not occur by July 31, 2023, the SAFE will be automatically converted into such number of the most senior
class of Equity Shares of Polyrizon then outstanding, equal to, the purchase amount, divided by the lowest price per share actually paid
to Polyrizon for such most senior class of Equity Shares of the Company then outstanding, discounted by
20
%.
The SAFE investments were accounted for as assets through profit or
loss measured at fair value. The main assumptions used in estimating the fair value were: risk-free interest rate as of December 31, 2022,
4.76
%, probabilities of five difference scenarios (equity financing, liquidity event, IPO, drop date and failure).
As of December 31, 2022, the fair value
of the SAFE is USD
302
thousand. See note 5.
On May 30, 2022, Polyrizon entered into
a collaboration agreement with SciSparc. As part of the collaboration, Polyrizon will work with SciSparc to develop a unique technology
for the treatment of pain, based on SciSparc's SCI-160 platform and Polyrizon's T&T platform technology.
Under the collaboration agreement, SciSparc
will pay development fees to Polyrizon of up to USD
2.5
million upon the completion of certain milestones, as well as royalties upon sales
of products. Until December 31, 2022, no funds have been transferred between the companies and the terms of the agreement have not been
fulfilled.
The activity in the investment account of Polyrizon during the
years ended December 31, 2022, and 2021, was as follows:
For the
year ended
December 31,
2022
USD in
thousands
Balance as of January 01, 2022
447
Group share in losses
(
233
)
Balance as of December 31, 2022
214
For the
year ended
December 31,
2021
USD in
thousands
Balance as of January 01, 2021
103
Group share in losses
(
50
)
Excess cost amortization
(
24
)
Additional purchase on March 9, 2021
297
Additional purchase on August 25, 2021
121
Balance as of December 31, 2021
447
F-
64
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
I.
Charging
                                            Robotics Ltd:
On January 7, 2021, the Company entered
an agreement to purchase a provisional patent filed with the United States Patent and Trademark Office and know-how relating to wireless
vehicle battery charging technology in consideration for USD
75
thousand. Furthermore, the Company entered a collaboration agreement with
the seller, whereby the Company committed to invest USD
150
thousand in a newly incorporated wholly owned subsidiary of the Company, Charging
Robotics Ltd. (hereinafter – "Charging Robotics"), incorporated on February 1, 2021, which will focus on the Company's
new electric vehicle and wireless charging activities. Pursuant to the collaboration agreement, the seller is entitled to a monthly consultant
fee as well as options to purchase
15
shares, which represents
15
% of Charging Robotics' fully diluted share capital as of its incorporation
date, at an exercise price of USD
150
thousand. The option was fully vested on July 30, 2021. The fair value of the options granted was
estimated on the grant date, using the Black-Scholes Model, according to the following parameters: (a) risk-free interest rate –
0.85
%; (b) expected dividend –
0
%; (c) expected volatility –
85
%; (d) forecasted life –
4.44
years. For the year ended
December 31, 2022, and 2021 approximately USD
0
thousand and USD
91
thousand were recognized and recorded as expenses.
During 2021 the Company invested in Charging Robotics an additional
amount of USD
741
thousand.
On February 19, 2021, the Company
entered into the Venture Agreement, with Mr. Amir Zaid and Mr. Weijian Zhou (the founders of Emuze Ltd., a privately held company that
designs and develops electric mobility micro vehicles), and Charging Robotics (the "Venture Agreement"), under which the
Company formed a venture, under the name Revoltz, to develop and commercialize three modular electric vehicle ("EV") micro
mobility vehicles for urban individual use and "last mile" cargo delivery.
Under the terms of the Venture Agreement,
the Company invested an initial amount of USD
250
thousand in consideration of
19,990
ordinary shares of Revoltz Ltd. ("Revoltz"),
representing
19.99
% of Revoltz's issued and outstanding share capital on a fully diluted basis. The Venture Agreement requires the
Company to invest an additional USD
400
thousand in a second tranche, subject to Revoltz achieving certain post-closing milestones, for
37.5
% of Revoltz's issued and outstanding share capital. As of December 31, 2022, the milestones were not achieved, therefore no
additional investments occurred. The investment in Revoltz was accounted for using the equity method. The additional investment requirement
was accounted for as a derivative liability measured at fair value through profit or loss. As of December 31, 2022, the fair value of
the derivative liability was concluded to be immaterial.
On March 11, 2022, the Company and
Charging Robotics signed a non-binding letter of intent for a planned securities exchange agreement with Fuel Doctor (see note 4L). The
securities exchange agreement, if signed, will be subject to customary closing conditions. The transaction will result in Charging Robotics
becoming a wholly owned subsidiary of Fuel Doctor, and in exchange, the Company will receive
80
% of the issued and outstanding share capital
of Fuel Doctor. Upon closing, the Company will appoint nominees as officers and directors of Fuel Doctor. As of the closing, Fuel Doctor
shall have net cash in an amount of no less than USD
1
million, excluding Fuel Doctor's expenses in connection with the contemplated
transaction. On March 28, 2023, a security exchange agreement between the company and Fuel Doctor Holdings Inc. was signed.
On July 28, 2022, Charging Robotics entered into a convertible loan
agreement with Revoltz pursuant to which Charging Robotics was required to invest an amount of USD
60
thousand in Revoltz (the "Loan
Principal Amount"). In addition, Charging Robotics provided Revoltz an additional loan of up to USD
340
thousand (the "Additional
Amount", and together with the Loan Principal, the "Total Loan Amount"). The Total Loan Amount shall carry interest
at the minimum rate prescribed by Israeli law.
The Total Loan Amount shall be converted
into shares of Revoltz, upon the occurrence of any of the following events (each a "Trigger Event"):
a. The consummation of funding by Revoltz
of an aggregate amount of USD
1
million at a pre-money Revoltz valuation of at least USD
7
million (in the form of SAFE, equity or otherwise).
b. Revoltz has generated an aggregate
of USD
1
million or more revenues.
In the event that a Trigger Event shall
not have occurred on or prior to the 24-month anniversary of the date on which the Loan Principal Amount was extended to Revoltz, the
Loan shall be due and repayable by Revoltz to Charging Robotics.
F-
65
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
J.
Elbit
                                            Imaging Ltd.:
Elbit Imaging Ltd. operates in the following
principal fields of business: (i) medical industries through indirect holdings in Insightec Ltd. and Gamida Cell Ltd.; and (ii) land plots
in India which are designated for sale (and which were initially designated for residential projects).
During June 2021 the Company purchased
5.12
% of the outstanding shares of Elbit Imaging Ltd in total amount of USD
1.06
million.
On June 30, 2021, the Company submitted
a request to convene a special meeting to replace some of the directors in Elbit Imaging Ltd. The meeting took place on August 4, 2021,
and the Company appointed 3 directors out of the 8 directors in Elbit Imaging Ltd. Therefore, since that date, the Company concluded to
have a significant influence in Elbit Imaging Ltd. and the investment was accounted for as an equity investment.
During July 2021, the Company invested
additional amount of USD
134
thousand and the holdings increased to
5.72
%.
In April and June 2022, Elbit Imaging paid dividends to shareholders.
The Company received a total amount of USD
172
thousand.
In the general shareholders meeting
held on October 18, 2022, two of the directors who were previously appointed by the Company ceased their roles as directors of Elbit Imaging
Ltd. As a result, and as of that date, the Company's investment was treated as an investment at fair value through profit or loss.
See also note 5.
The activity in the investment account
of Elbit Imaging Ltd. for the period ended October 18, 2022, was as follows:
Period ended
October 18,
2022
USD
in thousands
Balance as of January 01, 2022
975
Dividend
(
171
)
Group share in losses
(
36
)
USD/NIS translation adjustments
(
108
)
Balance as of October 18, 2022
660
Gain as a result of transition to fair value
170
Fair value of the investment at the day of the transition
830
The activity in the investment account
of Elbit Imaging Ltd. during the year ended December 31, 2021, was as follows:
Year ended
December 31,
2021
USD
in thousands
Purchase of shares during June and July 2021
1,200
Revaluation – profit and loss till August 4, 2021
(
72
)
Reclassification to equity investment
1,128
Group share in losses
(
83
)
Impairment
(
104
)
USD/NIS translation adjustments
34
Balance as of December 31, 2021
975
F-
66
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 – INTEREST IN OTHER ENTITIES:
(continued)
K.
SciSparc
                                            Ltd.
SciSparc Ltd. ("SciSparc")
is an Israeli company. SciSparc listed its American Depository Shares on the OTCQB until December 7, 2021, after which SciSparc uplisted
to Nasdaq.
Buffalo Investments Ltd. ("Buffalo"),
an Israeli private company, owned
150,000
options to purchase
150,000
shares of SciSparc at an exercise price of USD
5.02
per share. On
December 7, 2021, the Company entered into an option purchase agreement with Buffalo (the "Buffalo Agreement") for the purchase
of the
150,000
options in consideration for USD
0.72
per option. The Company paid USD
72
thousand in this transaction. Additionally, the
Company was obligated to immediately exercise all such options into shares and the Company paid to SciSparc an additional USD
753
thousand
in this transaction. According to the Buffalo Agreement, Buffalo undertook to purchase
85
% of the shares back from the Company within
3 months following the Buffalo Agreement (the "Purchase Period") in consideration for USD
6.05
per share. On April 27, 2022,
the Buffalo Agreement was amended such that the Company extended the Purchase Period until June 7, 2021. On June 30, 2022, the Buffalo
Agreement was amended such that the Company extended the Purchase Period until December 31, 2022, and Buffalo undertook to purchase
90
%
of the shares back from the Company.
On December 26, 2021, the Company's
Board of Directors approved to sell all the interests in SciSparc Ltd. in the next twelve months. The investment is SciSparc was therefore
classified as a short-term investment as of December 31, 2021. See also note 5.
During March 2022 the company purchased
additional
7,971
shares of Scisparc and during December 2022, the company sold
49,157
shares of Scisparc. As of December 31, 2022, the
Company holds
108,814
shares of SciSparc which represents
1.6
% of SciSparc's issued and outstanding share capital.
As of December 31, 2022, the Company
treated the investment as a short-term forward contract such that the difference between the quoted price and the sale price will be recognized
as a provision and the difference between the total cost paid by the Company (USD
5.5
per share) and the price in the forward transaction
(USD
6.05
per share) will be recognized as financing income. See note 5.
On January 25, 2023, the Company sold
all its holdings in SciSparc.
On March 16, 2023, the Company and Buffalo
signed an amendment to the Buffalo Agreement. See note 21(7).
The following table provides the
activity in the investment of SciSparc during the year ended December 31, 2022:
Year
                                            ended
December 31,
2022
USD in
thousands
Investment as of December 31, 2021
911
Additional purchases
33
Sales
(
46
)
Revenues – Capital losses
(
224
)
Revaluation – Capital loss
(
614
)
Revaluation – Finance income
599
Revaluation – Forward contract
576
Provision- Forward contract
(
576
)
Investment as of December 31, 2022
659
The following table provides the activity in the investment
of SciSparc Ltd during the year ended December 31, 2021:
December
                                            7,
2021 –
December 31,
2021
USD in thousands
Cash investment
825
Revaluation – capital gain
16
Revaluation – Finance income
70
Revaluation – Forward contract
23
Provision- Forward contract
(
23
)
Investment as of December 31, 2021
911
F-
67
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
L.
Fuel
                                            Doctor Holdings Inc.
On December 21, 2021, the Company
purchased
90,000,000
shares of Fuel Doctor Holdings Inc. ("Fuel Doctor"), which represent
35.06
% of the issued and outstanding
shares of Fuel Doctor for a total consideration of USD
262.5
thousand (the "Fuel Doctor Investment"). The Company gained
a significant influence over Fuel Doctor and aforementioned investment was accounted for using the equity method.
As of the purchase date Fuel Doctor had total liabilities of USD
5
thousand and had no assets and a negative equity. According to IFRS-3R, the investment was not considered a business acquisition and the
transaction was recognized during 2021 as an expense in the consolidated statements of income/loss and other comprehensive income/loss
under the item of amortization of the excess cost of an associate.
M.
Parazero
Technologies Ltd.
Parazero was incorporated in Israel
on June 30, 2013. Parazero specializes in the design, development, manufacturing, distribution, and sales of safety systems for commercial
drones. Parazero's technology enables real-time identification of critical failures of drones, and upon detection of an emergency,
a parachute is autonomously deployed in fractions of a second, thus ensuring safe landings at all times. Parazero sells its products internationally
with a focus on the U.S. market.
On January 28, 2022, the Company and
additional investors (the "Acquirers"), entered into a share purchase agreement with Delta drone International Ltd. ("Delta"),
an Australian corporation (the "Seller") to purchase
100
% of Parazero's share capital for a total consideration of AUD
6
million (USD
4,335
million) in cash (the "Consideration Amount").
The Company purchased
674,362
of Parazero
shares as part of this agreement for total consideration of AUD
2,235
thousand (USD
1,613
thousand), which represent
40.35
% holdings of
the issued and outstanding shares of Parazero. The investment was accounted for as an equity investment. During April 2022, the Consideration
Amount was adjusted. As a result of this adjustment, the company received USD
18
thousand. The Company invested the USD
18
thousand as
additional SAFE investments.
On January 28, 2022, prior to the closing
of the acquisition, all outstanding liabilities between Parazero and Delta were converted into equity.
On February 2, 2022 (the "Issue Date"), Parazero issued
to Delta a warrant to purchase shares. The exercise price of such warrant is (A) if a Trigger Event (defined below) occurs, the price
per share in the IPO, or, (B) if a Trigger Event has not occurred, USD
5.9834
per each share, reflecting a pre-money valuation of USD
10,000,000
on a fully diluted as-converted basis as of the Issue Date. Further, (A) if an initial public offering of Parazero occurs before
the fifth anniversary of the Issue Date, then the warrant shall expire after the lapse of 90 days from the earlier of ("Trigger
Event"): (i) the fifth anniversary of the Issue Date; or (ii) the price per each share has increased by at least
50
% compared to
the listing price per share as part of the IPO (to be determined based upon one-calendar-month Volume Weighted Average Price. (B) if an
initial public offering of the Company occurs before the lapse of the fifth anniversary of the Issue Date, then the warrant shall expire
after the lapse of 12 months from the fifth anniversary of the Issue Date. This Warrant shall be exercisable for
51,689
Shares of Parazero,
in the event of a Trigger Event, or for
50,139
Shares of Parazero in the event there is no Trigger Event. The fair value of the warrants
as of February 2, 2022, was estimated at USD
25
thousand. The fair value was calculated using the Black & Scholes option price model.
This amount was deducted from the equity as of February 2 ,2022.
The closing date of the transaction occurred on February 2, 2022.
F-
68
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
M.
Parazero
                                            Technologies Ltd.
(continued)
As of December 31, 2022, the Company
holds
40.35
% of the issued and outstanding shares of Parazero.
In February, March and May 2022, Parazero
entered into a Simple Agreements for Future Equity, or SAFE. Parazero had received USD
1.5
thousand under the SAFE. The Company invested
USD
521
thousand through this SAFE.
Parazero is in process of Initial Public
Offering ("IPO"). Upon completion of IPO, the SAFE will be automatically converted into a number of Ordinary Shares equal
to the purchase amount divided by the per unit price in this offering discounted by
25
%. The right to receive shares upon conversion of
the SAFE shall also include the right to receive warrants similar to those granted to the investors in the IPO. However, warrants issued
upon the conversion of the SAFE will not be tradable warrants nor carry any registration rights.
The SAFE investments were accounted
for as assets through profit or loss measured at fair value.
As of December 31, 2022, there were
no material differences between the cost and the fair value of the SAFE.
On October 30, 2022, the Company
signed a credit facility agreement with Parazero with an aggregate amount of up to USD
625
thousand. The credit facility shall not
bear interest and shall be repaid on the earlier of: (i) first anniversary date (ii) the closing of an IPO (iii) default event. As
of December 31, 2022, Parazero withdrew USD
500
thousand.
The loan was accounted for as an asset
through profit or loss measured at fair value. As of December 31, 2022, the fair value of the loan is USD
391
thousand.
Purchase price allocation summary
following a purchase of shares on February 2, 2022:
February 2,
2022
USD
in thousands
Purchase price
1,595
Adjusted equity
(
252
)
Excess to allocate
1,847
Excess purchase price to allocate to technology
745
Goodwill
1,102
Total
1,847
The activity in the investment
account:
February 2,
2022-
December
    31,
2022
USD
in thousands
Balance as of February 02, 2022
1,595
Group share in losses
(
553
)
Excess cost amortization
(
66
)
Balance as of December 31, 2022
976
F-
69
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
M.
Parazero
                                            Technologies Ltd.
(continued)
Reconciliation to carrying
amounts:
December 31,
2022
USD
in thousands
Equity attributable to shareholders' as of December 31, 2022
(
1,657
)
Adjustments to equity
(
333
)
Equity as adjusted as of December 31, 2022
(
1,990
)
Groups share in %
40.35
Group share
(
803
)
Balance of excess cost:
Technology
677
Goodwill
1,102
Balance as of December 31, 2022
976
N.
Laminera
                                            Flow Optimization Ltd.
Laminera (formerly "ABI Energy
Ltd."), an Israeli company, is a development stage company that aims to disrupt fluid transportation. Laminera is exploring ways
to improve and optimize the global infrastructure of water, oil and gas pipeline transportation by reducing energy costs, maintenance
costs, and enhancing capacity without having to replace infrastructure. Laminera was incorporated on June 27, 2017, and started its operation
on January 1, 2018. On November 1, 2018, Laminera entered into an agreement with Mekorot Water Company Ltd. ("Mekorot"), the
national water company of Israel, to conduct a beta testing and to evaluate Laminera's beta product to examine the qualification,
performance, and other features of the beta product for commercial production. In conjunction with the Mekorot agreement, the Company
granted Mekorot warrants to purchase
3,401
Ordinary Shares of Laminera, all of which are fully vested upon grant.
On December 22, 2021, the Company purchased
6,355
shares of Laminera, which represent
11.18
% of the issued and outstanding shares, for consideration of USD
126
thousand. The investment
was treated in the Company's consolidated financial statements at fair value through profit or loss.
On March 31, 2022, the Company and a group of investors (each an "Investor")
entered into share purchase agreement with Laminera ("Laminera Agreement"). Laminera raised in a private placement USD
1,105
thousand in cash and USD
400
thousand in share consideration. The Company participated in this finance round and invested USD
300
thousand
in cash and issued
324,675
shares of the Company, which fair value at the time of the closing was USD
400
thousand. The closing occurred
on March 31, 2022 ("Closing").
According to the Laminera Agreement,
the Company purchased
7,028
shares of Laminera's ordinary shares. Following the purchase, the Company's share in Laminera
increased to
19.7
% of Laminera's issued and outstanding shares. As of the closing, the Company's holdings were accounted in
the Company's consolidated financial statements under the equity method. The Company recorded a gain of USD
507
thousand in the
consolidated statement of income / loss and other comprehensive income / loss as a result of the revaluation of the investment in Laminera
from its initial purchase date through the date of transition to equity method.
In addition, pursuant to the terms
of the Laminera Agreement, in the event that Laminera issues new securities on one or more occasions, during the period of 24 months from
the closing, without consideration or for a consideration per share of less than the price per share in this agreement (subject to any
share split, combination or similar changes), or the "Reduced price per share", then on each such issuance of new securities
Laminera shall issue to each Investor additional ordinary shares, at no cost to the Investor, in such number equal to the difference between
(i) the number of Investor shares which would be held by the Investor if it had made the investment under the Reduced price per share;
and (ii) the number of Investor's shares issued to such Investor for its investment under this Agreement (based on the price per
share in this Laminera Agreement), or the March 2022 Anti-Dilution Protection. The March 2022 Anti-Dilution Protection expires immediately
prior to the earlier of (a) the closing of an initial public offering, and (b) the lapse of 24 months following the date of the Closing.
The March 2022 Anti-Dilution Protection is measured at fair value through profit or loss using the Black-Scholes model. As of December
31, 2022, the fair value of the Anti-Dilution Protection was estimated to be inconsequential.
On August 10, 2022, the Company signed a bridge loan agreement with
Laminera in the amount of USD 100 thousand. The loan will bear annual interest of
8
% and will be repaid up to September 1, 2024. The loan
repayment will be accelerated earlier in the event of closing an equity financing round or right offering, an IPO or a default event as
described in the bridge loan agreement. As of December 31, 2022, there were no material differences between the cost and the fair value
of the bridge loan.
F-
70
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
N.
Laminera Flow Optimization Ltd.
(continued)
Purchase price allocation summary
following a purchase of shares on March 31, 2022:
March 31,
2022
USD
in thousands
Cash consideration
300
Share consideration
400
Fair value of former holdings
633
Total purchase price
1,333
Adjusted Company's equity
(
164
)
Excess to allocate
1,169
Excess purchase price to allocate to IPR&D
273
Goodwill
896
Total
1,169
The activity in the investment account:
March 31, 2022-
December 31,
2022
USD
in thousands
Balance as of March 31, 2022
1,333
Group share in losses
(
136
)
Excess cost amortization
(
21
)
Balance as of December 31, 2022
1,176
Reconciliation to carrying amounts:
December 31,
2022
USD
in thousands
Equity attributable to shareholders' as of December 31, 2022
481
Adjustments to equity
(
339
)
Equity as adjusted as of December 31,2022
142
Groups share in %
19.70
%
Group share
28
Balance of excess cost:
IPR&D
252
Goodwill
896
Balance as of December 31, 2022
1,176
F-
71
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
O.
ClearMind
                                            Medicine Inc.
ClearMind Medicine Inc. ("ClearMind")
was incorporated in the province of British Columbia on July 18, 2017. ClearMind 's previous business was carrying out mining exploration
operations and was involved in the exploration of the Lorn mineral property located in the Clinton and Lillooet Mining Divisions of British
Columbia. As of May, 2021, ClearMind is in the business of researching and developing and marketing of proprietary formulations of psychedelic
designer therapeutics with an initial focus of developing products.
On February 3, 2022,
the Company entered into a subscription agreement
with ClearMind, for a private placement in which ClearMind raised approximately CAD 1.6 million (USD 1.25 million) ("Subscription
Agreement"). Pursuant to the Subscription Agreement ClearMind issued to the Company 1,987,344 units, at a subscription price of
CAD 0.80 (USD 0.63) per unit. Each unit is comprised of one Common Share and one warrant to purchase one Common Share of ClearMind. Each
warrant will be exercisable for a period of 18 months into one additional Common Share at an exercise price of CAD 2.00 per share. CAD
960 thousand (USD 750 thousand) of the investment amount was paid by the Company in cash and CAD 640 thousand (USD 500 thousand) of the
investment amount was paid through the issuance of the Company's ordinary shares, at a price per share of USD 1.20. The Company
issued to ClearMind 416,666 shares. The Company's holdings in ClearMind's issued and outstanding shares were 5.02%.
The transaction closed on April 25, 2022, ("Closing").
In addition, and pursuant to the Subscription
Agreement, if at any time after the Closing, but prior to the earlier of: 18 months after the Closing; and The first business day following
the closing of initial public offering on a recognized exchange in the USA, except OTC quotation in the USA; ClearMind shall issue or
propose to issue any additional shares, warrants, options to the Company, excluding any of the following:
(a)Option granted to employees of ClearMind
; (b) Common shares upon conversion or exercise of any convertible instruments issued and outstanding, prior to the Closing or other rights
or instruments of any kind convertible into or exercisable or exchangeable for common shares (the "Additional Securities"),
The Company shall receive for no consideration the Additional Securities necessary to maintain a fully diluted ownership percentage in
ClearMind only in respect of the units acquired by way of the Cash Investment. Provided however that in the case of unexercised warrants
the purchaser shall receive the Additional Securities in the form of warrants.
On November 14, 2022, ClearMind completed
an underwritten public offering of
1,153,847
shares at a price to the public of USD
6.50
per share, for aggregated gross
proceeds of USD
7.5
million, prior to deducting underwriting discounts and offering expenses.
In connection with the offering, ClearMind's
common shares were approved for listing on the Nasdaq and began trading on the Nasdaq under the symbol "CMND" on November
15, 2022. Following the public offering, and as agreed on the Subscription Agreement, the Company is entitled to receive
44,829
shares
and
2,241
warrants. As of the date of this report, the shares and warrants have not yet been issued.
As of December 31, 2022, the Company
holds
5.77
% of the issued and outstanding shares of ClearMind. The investment was treated at fair value through profit or loss (see note
5).
P.
Safee Cyber Technologies Ltd.
On October 13, 2021, the Company entered
into a share purchase agreement with Safee Cyber Technologies Ltd., or Safee, a technology company focused on non-fungible tokens (NFTs),
pursuant to which the Company invested USD
400
thousand in exchange to approximately
2.35
% of Safee's shares capital on a fully
diluted basis. The investment was treated at fair value through profit or loss. See also note 5.
For additional information about the loan agreement between the Company
and Safee, see note 4D above.
F-
72
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 –
INTEREST IN OTHER ENTITIES:
(continued)
Q.
GERD IP Inc.
GERD IP Inc. ("GERD IP")
was incorporated under the laws of the State of Delaware on January 13, 2020. GERD IP is in the business of holding and licensing patents
that serves as the foundation of a device used to perform a minimally invasive, trans-oral fundoplication surgical procedure for the treatment
of patients suffering from gastroesophageal reflux disease.
O
n
May 11, 2021, GERD IP signed a Confidential Settlement Agreement to resolve a lawsuit, concerning alleged infringement of its intellectual
property, filed by GERD IP in July 2020 with the United States District Court for the District of Delaware against a US medical device
company.
The claim for alleged intellectual property
infringement referred to two patents issued by the United States Patent and Trademark Office, owned by GERD IP.
During 2021 GERD IP received USD
1
million
compensation related to this settlement agreement, and after reduction of legal cost the net amount received summed up to USD
494
thousand.
During 2022 GERD IP received USD
300
thousand compensation related to this settlement agreement, and after reduction of legal cost the net amount received summed up to USD
137
thousand.
NOTE 5
– FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
Financial risk management
:
1)
Financial risk factors
The Group is exposed to a variety of financial
risks such as: market risks, credit risks and liquidity risks. The Group's overall risk management plan focuses on the unpredictability
of financial markets and seeks to minimize the potential adverse effects on the Group's financial performance.
Risk management is performed by the finance
department according to the policy authorized by the board of directors.
a)
Market risk - Currency risk
Currency risk is the risk that the
value of financial instruments will fluctuate due to changes in foreign exchange rates.
The Group operates internationally
and is exposed to foreign exchange risks due to exposure to Foreign Currencies, primarily the NIS. Foreign exchange risk arises from
future commercial transactions, assets or liabilities denominated in foreign currency.
The Group's policy to reduce
the exposure to changes in exchange rates is based on maintaining, where possible, the balances of current monetary assets, according
to the currency of the current liabilities.
As of December 31, 2022, and 2021,
if the Group's functional (USD) had weakened/strengthened by
10
% against the NIS, with all other variables held constant, the loss
for the year would decrease/increase by USD
600
thousand and USD
379
thousand, accordingly.
b)
Credit risk
Credit risk arises when a failure
by counterparties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the
end of the reporting year.
F-
73
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 –
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
(continued)
Financial risk management:
(continued)
1)
Financial risk factors
(continued)
b)
Credit risk
(continued)
Credit risks are treated at the Group
level. Credit risks arise typically from cash and cash equivalents, bank deposits and from credit exposures in connection with outstanding
receivables and committed transactions.
No credit limits were exceeded during
the reported periods and Group's management does not expect any losses from non-performance of these parties.
c)
Liquidity risk
Liquidity risk exists where the Group
might encounter difficulties in meeting its financial obligations as they become due. The Group monitors its liquidity in order
to ensure that sufficient liquid resources are available to allow it to meet its obligations.
Cash flow forecasting is performed
by the Group's finance department of each of the companies in the Group. The finance department monitors rolling forecasts of the
Group's liquidity requirements to ensure that it has sufficient cash to meet operational needs, while maintaining sufficient headroom
on its undrawn committed borrowing facilities, so that the Group does not breach any of its credit facilities.
Liquidity risk arises from financial
liabilities due to payable balances as of December 31, 2022, and 2021 sum up to USD
35,904
thousand and USD
7,238
thousand, accordingly.
2)
Estimates of fair value
Below is an analysis of the financial
instruments carried at fair value, by valuation method. The different levels have been defined as follows:
●
Quoted prices (unadjusted) in active markets for identical assets or
    liabilities (level 1).
●
Inputs other than quoted prices included within level 1 that are observable
    for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 3).
Financial assets
The Company has several financial assets
measured at fair value through profit or loss, which meet the level 1 and level 3 criteria as of December 31, 2022, and 2021 as follow:
During 2021 the Company sold shares of
Automax and since March 2021 the investment is measured at fair value through profit or loss and meets level 1 criteria.
During 2022 the Company invested another
amount of USD
213
thousand in Automax to purchase
2,000,000
shares and, following these purchases, holds
15,446,111
shares and holds
6.46
%
of Automax's issued and outstanding share capital (see note 4G).
During 2021 the Company invested in Safee
and holds
2.35
% of Safee's issued and outstanding share capital. The investment meets level 3 criteria.
During 2021 the Company invested in Tondo
and holds
0.67
% of Tondo's issued and outstanding share capital. The investment meets level 1 criteria.
During 2020 The Company invested in Safo
an amount of USD
100
thousand in respect of
91,743
warrants and shares (represent holding of
0.47
% Safo's issued and outstanding
share capital). The investment in share meets level 1 criteria. The investment in warrants meets level 3 criteria.
During 2021 the Company invested in SciSparc
and holds
3.09
% of SciSparc's issued and outstanding share capital. The investment meets level 1 criteria (see note 4K).
During 2021 the Company invested in Maris-Tech an amount of USD
240
thousand to purchase
78,370
shares and warrants and held
2.09
% of Maris-Tech's issued and outstanding share capital as of December
31, 2021. The investment and warrants were measured according to fair value through profit or loss and meet level 3 criteria. On February
2, 2022, Maris completed an IPO. The Company participated in this IPO and invested an additional amount of USD
100
thousand in Maris-Tech
to purchase additional
23,810
shares and warrants. Following this IPO and as of December 31, 2022, the Company holds
1.28
% of Maris's
issued and outstanding share capital and the investment was transferred from level 3 criteria to level 1 criteria.
F-
74
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 –
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
(continued)
Financial risk management:
(continued)
2)
Estimates of fair value
(continued)
Financial assets
(continued)
During 2022 the Company invested in Bubbles
an amount of USD
306
thousand to purchase
1,236,000
shares and holds
1.49
% of Bubbles' issued and outstanding share capital as of
December 31, 2022. The investment was measured according to fair value through profit or loss and meets level 1 criteria.
In April 2022 the Company invested in
ClearMind an amount of USD
1,250
thousand to purchase
66,245
shares and warrants. In November 2022, the Company invested an additional
amount of USD
500
thousand to purchase additional
76,800
shares and holds
5.77
% of ClearMind's issued and outstanding share capital
as of December 31, 2022. The investment was measured according to fair value through profit or loss and meets level 1 criteria.
During 2022 the Company invested in Colugo
an amount of USD
400
thousand to purchase
24,920
shares and holds
0.97
% of Colugo's issued and outstanding share capital as of December
31, 2022. The investment was measured according to fair value through profit or loss and meets level 3 criteria.
During 2022 the Company invested in Automax
bonds an amount of USD
68
thousand to purchase
220,000
bonds. During April and May 2022, the Company sold
190,000
bonds. The Automax bonds
were accounted for as asset through profit or loss measured at fair value and meets level 1 criteria.
Polyrizon Options- the Original Option
(as defined in note 4H) was measured at fair value through profit or loss and was calculated using the Black & Scholes option pricing
model. The Original Option and the Alternative Option (as defined in note 4H) was calculated based on management's expectations
for the IPO scenario.
IPO scenario: share price: USD 1 of expected
IPO share price, expected volatility of
81.99
%, risk-free interest of
4.22
%, expected term of
3.55
years following the grant date.
The following table presents
the level 1 and level 3 fair value financial assets as of December 31, 2022, and 2021
December 31,
2022
December 31,
2021
Level 1
Level 3
Total
Level 1
Level 3
Total
USD in thousands
Gix Internet anti-dilution protection (note 4F)
-
-
-
-
469
469
Laminera shares (note 4N)
-
-
-
-
126
126
Safo shares
10
-
10
53
-
53
Safo warrants
-
-
-
-
34
34
Maris shares
84
-
84
-
246
246
Maris warrants
-
13
13
-
57
57
Tondo shares
97
-
97
429
-
429
Safee shares (note 4P)
-
400
400
-
400
400
SciSparc shares (note 4K)
659
-
659
911
-
911
Polyrizon warrants (note 4H)
-
399
399
-
516
516
Polyrizon - SAFE (note 4H)
-
302
302
-
-
-
Elbit Imaging shares (note 4J)
613
-
613
-
-
-
ClearMind warrants (note 4O)
-
4
4
-
-
-
ClearMind shares (note 4O)
594
-
594
-
-
-
ClearMind
    anti-dilution protection (note 4O)
-
-
-
-
-
-
Colugo shares
-
400
400
-
-
-
Parazero - SAFE (note 4M)
-
520
520
-
-
-
Bubbles shares
151
-
151
-
-
-
Automax bonds (note 4G)
9
-
9
-
-
-
Automax shares (note 4G)
1,114
-
1,114
1,676
-
1,676
Total
3,331
2,038
5,369
3,069
1,848
4,917
F-
75
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 – FINANCIAL INSTRUMENTS AND FINANCIAL
RISK MANAGEMENT:
(continued)
Financial risk management:
(continued)
2)
Estimates of fair value
(continued)
Financial assets
(continued)
The following table presents the Level
1 financial assets roll-forward during 2022:
ClearMind
Safo
A.I Systems
Tondo
Bubbles
SciSparc
Maris
Automax bonds
Investment
Elbit
Automax shares
Total
USD in thousands
Balance as of January 1, 2022
53
-
429
-
911
-
-
-
1,676
3,069
Purchase of securities
-
75
-
306
32
75
69
1,512
-
214
2,283
Net changes at fair value recognized through profit or loss
(
43
)
-
(
26
)
(
148
)
(
15
)
(
238
)
-
(
1,207
)
(
217
)
(
578
)
(
2,472
)
Sale of securities
-
(
103
)
(
344
)
(
46
)
-
(
60
)
-
-
-
(
553
)
Realized gain (loss)
-
28
67
-
(
223
)
-
1
-
-
-
(
127
)
Exchange differences
-
-
(
29
)
(
7
)
-
-
(
1
)
(
2
)
-
(
198
)
(
237
)
transfer from level 3 to level 1
-
-
-
-
-
247
-
291
-
-
538
Transfer from equity method to level 1
-
-
-
-
-
-
-
-
830
-
830
Balance as of December 31, 2022
10
-
97
151
659
84
9
594
613
1,114
3,331
F-
76
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5
– FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
(continued)
Financial risk management:
(continued)
2)
Estimates of fair value
(continued)
Financial assets
(continued)
The following table presents the Level
3 financial assets roll-forward during 2022:
Maris
Polyrizon warrants
Laminera
Gix Internet
Anti-dilution
SAFO Warrants
ClearMind warrants
ClearMind anti-dilution
Safee
Parazero -SAFE
Polyrizon -SAFE
Colugo
Total
USD in thousands
Balance as of January 1, 2022
303
516
126
469
34
-
-
400
-
-
-
1,848
Initial recognition of financial asset
25
-
-
-
-
197
40
-
520
314
400
1,496
Exchange differences
-
-
(
42
)
-
(
1
)
(
20
)
-
-
-
-
(
63
)
Net change at fair value recognized through profit or
    loss
(
68
)
(
117
)
507
(
427
)
(
34
)
(
200
)
279
-
-
(
12
)
(
72
)
transfer to equity investment treatment
-
-
(
633
)
-
-
-
-
-
-
-
(
633
)
transfer from level 3 to level 1
(
247
)
-
-
-
-
8
(
299
)
-
-
-
(
538
)
Balance as of December 31, 2022
13
399
-
-
-
4
-
400
520
302
400
2,038
The following table presents the Level 1 financial assets roll-forward
during 2021:
Investment
in SAFO
Tondo
SciSparc
ltd
Automax
Total
USD in thousands
Balance as of January 1, 2021
113
-
-
-
113
Initial recognition at fair value upon dilution of equity investment
-
-
-
1,553
1,553
Purchase of securities
-
472
825
279
1,576
Sale of securities
-
(
42
)
-
(
42
)
Net change in fair value of financial assets
    at fair value recognized through profit or loss
(
60
)
(
1
)
86
(
156
)
(
131
)
Balance as of December 31, 2021
53
429
911
1,676
3,069
F-
77
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5
– FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
(continued)
Financial risk management:
(continued)
2)
Estimates of fair value
(continued)
Financial assets
(continued)
The following table presents the Level 3 financial assets
roll-forward during 2021:
Gix Media's shares
Gix Warrants
ScoutCam warrants
Maris investment and warrants
Conversion Right
Polyrizon warrants
Laminera
Gix Internet
Anti-dilution
SAFO Warrants
Safee
Total
USD in thousands
Balance as of January 1, 2021
2,438
14
-
-
1,393
-
-
473
98
-
4,416
Initial recognition at fair value of ScoutCam warrants
    upon deconsolidation (note 4C)
-
-
97
-
-
-
-
-
-
-
97
Exercise of warrants
(note 4C)
-
-
(
51
)
-
-
-
-
-
-
-
(
51
)
Purchase of securities
-
-
-
-
-
-
-
-
-
400
400
Initial recognition of financial asset
-
-
-
240
-
-
126
-
-
-
366
Net changes at fair value recognized through profit or
    loss
373
(
14
)
(
46
)
63
213
516
-
(
4
)
(
64
)
-
1,037
Exercise of Conversion Right (note 4F)
(
2,811
)
-
-
-
(
1,606
)
-
-
-
-
-
(
4,417
)
Balance as of December 31, 2021
-
-
-
303
-
516
126
469
34
400
1,848
Financial liabilities
Level 1 financial instruments:
As of December 31, 2022, and 2021, the
Group has a financial liability measured at level 1 – Warrants C (see note 14b).
The fair value of financial instruments
traded in active markets is based on quoted market prices at the statement of financial position date. A market is regarded as active
if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory
agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis.
Level 3 financial instruments:
As of December 31, 2022, and 2021,
the Group has financial liabilities measured at level 3 – commitment to issue warrants to lenders of Jeffs' Brands upon IPO
and derivative liabilities of Jeffs' Brands (see note 4E).
F-
78
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 –
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
(continued)
Financial risk management:
(continued)
2)
Estimates of fair value
(continued)
Financial liabilities
(continued)
The following table presents the financial
liabilities that were measured at fair value through profit or loss:
December 31,
December 31,
2022
2021
Level 1
Level 3
Total
Level 1
Level 3
Total
USD in thousands
USD in thousands
Fair value of warrants
396
4,159
4,555
555
137
692
The following table presents the Level 3 financial liabilities
roll-forward during 2022:
Warrants
USD in thousands
Opening balance as of January 1, 2022
137
Issuance of warrants in connection with the IPO of Jeffs'
    Brands (note 4E)
7,640
Changes in fair value of warrants in connection with the IPO
    of Jeffs; Brands
(
3,490
)
Changes in fair value of warrants issued
    to lenders of Jeffs' Brands upon IPO
(
128
)
Closing balance as of December 31, 2022
4,159
The following table presents the Level 3 financial liabilities
roll-forward during 2021:
Warrants
USD in thousands
Opening balance as of January 1, 2021
36
Changes in fair value of warrants issued to investors
(
36
)
Fair value of warrants to be issued to lenders of Jeffs'
    Brands upon IPO
62
Changes in fair value of warrants to
    be issued to lenders of Jeffs' Brands upon IPO
75
Closing balance as of December 31, 2021
137
The following table presents the Level 1 financial liabilities
roll-forward during 2022:
Warrants
USD in thousands
Opening balance as of January 1, 2022
555
Changes in fair value of warrants
(
159
)
Closing balance as of December 31, 2022
396
The following table presents the Level 1 financial liabilities
roll-forward during 2021:
Warrants
USD in thousands
Opening balance as of January 1, 2021
1,039
Changes in fair value of warrants
(
484
)
Closing balance as of December 31, 2021
555
F-
79
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 –
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
(continued)
Financial risk management:
(continued)
Valuation processes of the Group:
Set forth below are details regarding the valuation
processes of the Group as of December 31,2022:
1)
Warrants issued on November 1, 2017: as part of
a public offering - the Company used the Black-Scholes model, using the following principal assumptions: expected volatility of
67.06
%,
risk-free interest of
4.76
%, expected term of
5.5
years following the grant date. The liability amount is adjusted at each statement of
financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration. For details, see note 14b.
Warrants issued on July 18, 2018: as part of a
direct offering - the Company used the Black-Scholes model, using the following principal assumptions: expected volatility of
67.06
%,
risk-free interest of
4.76
%, expected term of
5
years following the grant date. The liability amount is adjusted at each statement of
financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration. For details, see note 14b.
Series C warrants - financial instruments measured
at fair value through profit or loss. For details, see note 14b.
2)
Jeffs' Brands warrants - On August 30, 2022, Jeffs' Brands
completed its initial public offering ("IPO"), In connection with the IPO, Jeffs' Brands sold
3,717,473
units at a public
offering price of USD
4.16
per unit, with each unit consisting of one ordinary share, no par value per share ("Ordinary Share"),
and one warrant ("IPO Warrant"), to purchase one Ordinary Share, at an exercise price of USD
4.04
per Ordinary Share. Additionally,
Jeffs' Brands issued warrants to the underwriter to purchase up to
185,873
ordinary shares at an exercise price of USD
5.20
per
Ordinary Share ("Underwriter's Warrants"). The underwriter partially exercised its right to purchase an additional
425,912
warrants for total consideration of USD
4
thousand. Jeffs' Brands received total net proceeds of USD
13.4
million after deducting
issuance costs of USD
2.1
million.
On September 7, 2022, Jeffs' Brands' volume weighted average stock price was less than the exercise floor of USD 4.04 for the IPO Warrants. Accordingly, and based on the contractual terms of the IPO Warrants, effective after the closing of trading on November 28, 2022 (the 90th calendar day immediately following the issuance date of the IPO Warrants), the IPO Warrants were adjusted ("As-Adjusted IPO Warrants") pursuant to their terms, including, but not limited to, the reduction of the exercise price of the IPO Warrants to USD
2.02
.
Additionally, Additional Warrants were issued to each qualified buyer who continued to hold at least
120,192
IPO Warrants as of November 28, 2022. Accordingly, Jeffs' Brands issued Additional Warrants to purchase
2,824,525
Ordinary Shares. Each Additional Warrant has substantially the same terms as the As-Adjusted IPO Warrant; provided, however, that the term of each Additional Warrant will be
five
(5)
years
from the issuance date and such Additional Warrant will not be listed on any securities exchange. In addition, as long as the Additional Warrants are outstanding, each holder of at least
120,192
IPO Warrants will receive semi-annual payments based on the Jeffs' Brands consolidated revenues, dependent on the amount of the Additional Warrants outstanding. As of December 31, 2022, the payment will be equal to approximately
2.3
% of Jeffs' Brands consolidated revenues for the period ended December 31,2022.
The following table lists the significant unobservable
inputs used for calculation of fair value of the IPO Warrants and Additional Warrants during the year:
Expected volatility
77.57
% -
78.89
%
Exercise price (in USD)
2.02
-
4.04
Share price (in USD)
1.53
-
1.865
Risk-free interest rate
3.27
% -
4.04
%
Dividend yield
-
Expected life
3
-
4.74
WACC
21.5
% -
23.3
%
3)
Investments in SAFO, Tondo, SciSparc, Maris, Automax shares and
bonds, ClearMind, Elbit and Bubbles - financial instruments measured at fair value through profit or loss. and meet level 1 criteria.
4)
Safee shares - on October 12, 2021, the Company invested in Safee.
Since Safee is a small private company, which does not raise funds on a regular basis and does not have significant activity that indicates
a change in fair value, the Company assumes that there is no reason to believe that there is a material change in value and that the investment
value adequately represents the fair value at the reporting date. This assumption is reviewed at each cut-off date.
5)
Maris warrants - the Company used the Black-Scholes model, using the following principal assumptions: share price: USD
0.83
, expected volatility of
83.57
%, risk-free interest of
4.22
%, expected term of
3
years following the grant date. The asset amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.
F-
80
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
(continued)
Financial risk management:
(continued)
Valuation
processes of the Group:
(continued)
6)
Colugo shares - the Company assumes that there is no reason to believe
that there is a material change in value and that the investment value adequately represents the fair value at the reporting date. This
assumption is reviewed at each cut-off date.
7)
SAFO warrants - the Company used the Black-Scholes model, using the following principal assumptions: share price: USD
0.75
, expected volatility of
78.86
%, risk-free interest of
4.73
%, expected term of
3
years following the grant date. The asset amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.
8)
Polyrizon Options - the Original Option (as defined in note 4H) was
measured at fair value through profit or loss and was calculated using the Black-Scholes option price model. The Original Option (as defined
in note 3H) was calculated based on management's expectations for the IPO scenario.
Non-IPO scenario: share price: USD
0.0544
, expected volatility of
78.19
%, risk-free interest of
4.69
%, expected term of
2.77
years following the grant date.
IPO scenario: share price:
125
% of expected IPO share price, expected volatility of
81.99
%, risk-free interest of
4.2
%, expected term of 3years following the grant date.
9)
Polyrizon SAFE - on January 27, 2022, the Company
invested USD
111
thousand and on May 8, 2022, the Company invested USD
204
thousand. The Company used the binomial pricing model, using
the following principal assumptions:
Risk-free interest of
4.76
%, expected term of
0.58
years as of December 31, 2022.
The asset amount is adjusted at each statement of financial position
date based on the then relevant assumptions, until the earlier of full exercise or expiration.
10)
Options
to employees and advisors. For details, see note 14c.
Set forth below are details regarding the valuation
processes of the Group as of December 31,2021:
1)
Warrants issued on December 6, 2016: as part of a registered direct offering - the Company used the Black-Scholes model, using the following principal assumptions: expected volatility of
63.32
%, risk-free interest of
0.19
%, expected term of
5.5
years following the grant date. The liability amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration. see note 14b.
Warrants issued on March 29, 2017: as part of a public offering - the Company used the Black-Scholes model, using the following principal assumptions: expected volatility of
63.2
%, risk-free interest of
0.19
%, expected term of
5
years following the grant date. The liability amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration. For details, see note 14b.
Warrants issued on November 28, 2017: as part of a direct offering - the Company used the Black-Scholes model, using the following principal assumptions: expected volatility of
63.2
%, risk-free interest of
0.19
%, expected term of
5.5
years following the grant date. The liability amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration. For details, see note 14b.
Series C warrants - financial instruments measured at fair value through profit or loss. For details, see note 14b.
2)
Gix
Internet Anti-dilution feature - the Company used the Black-Scholes model, using the following principal assumptions: share price: NIS
1.45
,
25
% probability for the occurrence of an anti-dilution event, expected volatility of
46.85
%, risk-free interest of
0.67
%, expected
term of
3
years following the issuance date.
F-
81
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT:
(continued)
Financial risk management:
(continued)
Valuation
processes of the Group:
(continued)
3)
ScoutCam
warrants - the Company used the Black-Scholes model, using the following principal assumptions: share price of USD
6.3
, expected volatility
of
49.5
%, risk-free interest of
0.65
%, expected term of
3
years following the grant date. The asset amount is adjusted at each statement
of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.
4)
Gix
Warrants - the Company used the Black-Scholes model, using the following principal assumptions: share price of NIS
1.45
, expected volatility
of
46.85
%, risk-free interest of
0.67
%, expected term of
3
years following the grant date. The asset amount is adjusted at each statement
of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.
5)
Investments
in SAFO, Tondo, SciSparc and Automax - financial instruments measured at fair value through profit or loss and meet level 1 criteria.
6)
Safee shares - on October 12, 2021, the Company invested in Safee.
Since Safee is a small private company, which does not raise funds on a regular basis and does not have significant activity that indicates
a change in fair value, the Company assumes that there is no reason to believe that there is a material change in value and that the investment
value adequately represents the fair value at the reporting date. This assumption is reviewed at each cut-off date.
7)
Maris investment - on March 24, 2021 the Company invested in Maris.
On February 01, 2022, Maris completed initial public offering of units consisting of warrants and shares for USD
4.2
per unit and started
to trade on Nasdaq at USD
3.15
per share. The Company assumed the share price as of the first trading date of Maris shares represents
the fair value of Maris shares as of December 31, 2021. The fair value of the warrants was calculated using the Black & Scholes option
price model, based on the following assumptions:
Non-IPO scenario: share price: USD
3.15
, expected volatility of
63.2
%, risk-free interest of
0.24
%, expected term of
2.5
years following the grant date.
IPO scenario: share price: USD
3.15
, expected volatility of
55.81
%, risk-free interest of
0.81
%, expected term of
5
years following the grant date.
8)
SAFO warrants - the Company used the Black-Scholes model, using the following principal assumptions: share price: USD
7.56
, expected volatility of
78.86
%, risk-free interest of
0.97
%, expected term of
3
years following the grant date. The asset amount is adjusted at each statement of financial position date based on the then relevant assumptions, until the earlier of full exercise or expiration.
9)
Polyrizon Options - the Original Option (as defined in note 4H) was measured at fair value through profit or loss and was calculated using the Black & Scholes option price model. The Original Option and the Alternative Option (as defined in note 4H) was calculated based on management's expectations for the IPO scenario.
Non-IPO scenario: share price: USD
0.0544
, expected volatility of
87.86
%, risk-free interest of
0.85
%, expected term of
2.77
years following the grant date.
IPO scenario: share price:
120
% of expected IPO share price, expected volatility of
93.76
%, risk-free interest of
0.97
%, expected term of
3.55
years following the grant date.
10)
Options to employees and
    advisors. For details, see note 14c.
F-
82
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 –
CASH AND CASH EQUIVALENTS, SHORT TERM DEPOSIT AND RESTRICTED CASH:
December 31
2022
2021
USD in thousands
Cash and cash equivalents – held in bank accounts
20,065
24,025
Short term deposits – held in bank accounts
859
-
Restricted cash – held in bank accounts (*)
185
-
21,109
24,025
(*)
Gix Media has pledged deposits in an aggregated amount of approximately
NIS
523
thousand (USD
149
thousand) as guarantees for credit cards, banks and for the owner of the rented property. Cortex has a pledged
deposit in the amount of NIS
107
thousand (USD
36
thousand) as a guarantee for the leased offices.
The currencies in which the cash and cash equivalents, short term deposit
and restricted cash are denominated or to which they are linked are as follows:
December 31
2022
2021
USD in thousands
USD
14,680
22,151
NIS
6,428
1,874
Other currencies
1
-
21,109
24,025
The carrying amount of cash and cash
equivalents, short term deposit and pledged deposit approximates their fair value.
NOTE 7 –
OTHER RECEIVABLES, PREPAID EXPENSES AND LOANS TO OTHERS:
a.
Other receivables and prepaid expenses
December 31
2022
2021
USD in thousands
Government institutions
924
79
Prepaid expenses
469
126
Advances to suppliers
417
18
Other
118
192
1,928
415
F-
83
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7 – OTHER RECEIVABLES, PREPAID EXPENSES AND LOANS TO
OTHERS:
(continued)
b.
Loans to others
December 31
2022
2021
USD in thousands
Loan to Safee (see note 4D)
71
-
Loan to A.I Systems Ltd. *
940
-
1,011
-
*
On August 23, 2022, the Company signed a convertible loan agreement with A.I Artificial Intelligence Research and Development Ltd. (A.I R&D Ltd.) for the assignment of a loan it has given to A.I Systems Ltd, a public company traded in Tel Aviv. The original loan amount was NIS 6,000 thousand. According to the agreement, the Company purchased from A.I R&D Ltd.,
50
% from the original loan in exchange for USD
914
thousand (NIS 3,000 thousand) in the same terms of the original loan given to A.I Systems Ltd.
According
to the agreement, the loan will bear an interest of
1
% per month. Additionally, A.I Systems Ltd. has the right to choose to repay the
loan and interest in cash or to convert it into shares of A.I Systems Ltd. on March 13, 2023. The number of shares will be equal to the
amount of the loan (NIS 3,000 thousand) plus NIS 1,750 thousand divided by the average quoted price per share of A.I System Ltd. during
a period of 30 trading days preceding the conversion date.
The loan was accounted for as financial assets measured at fair value
through profit or loss. As of December 31, 2022, the fair value of the loan was USD
940
thousand (NIS 3,307 thousand). On March 12, 2023,
the Company entered into an amendment to the conversion loan agreement. According to the amendment, the repayment will be postponed by
3 months, to June 13, 2023.
NOTE 8 –
INVENTORY:
Composed as follows:
December 31
2022
2021
USD in thousands
Goods in transit
8
161
Finished goods
1,783
1,066
1,791
1,227
As of December 31, 2022 and 2021, the inventory is derived from Jeffs'
Brands.
F-
84
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9 -
PROPERTY AND EQUIPMENT:
a.
Composition of property and
equipment and accumulated depreciation thereon, grouped by major classifications and changes therein, and their movements during 2022:
Machinery
and
equipment
Leasehold
improvements
and furniture
Computer
programs
Total
USD in thousands
Cost:
Balance as of January 01, 2022
735
135
537
1,407
Additions
-
42
32
74
Consolidation of Gix Internet (note 4F)
-
425
542
967
Currency translation
-
(
10
)
(
15
)
(
25
)
Balance as of December 31, 2022
735
592
1,096
2,423
Accumulated Depreciation:
Balance as of January 01, 2022
692
126
512
1,330
Consolidation of Gix Internet (note 4F)
-
205
401
606
Additions
10
48
41
99
Currency translation
(
13
)
(
7
)
-
(
20
)
Balance as of December 31, 2022
689
372
954
2,015
Property and Equipment, net, as of December 31, 2022
46
220
142
408
b.
Composition of property and equipment and accumulated depreciation
thereon, grouped by major classifications and changes therein, and their movements during 2021:
Machinery
and
equipment
Leasehold
improvements
and
    furniture
Computer
programs
Total
USD in thousands
Cost:
Balance as of January 01, 2021
947
172
605
1,724
Additions
99
1
39
139
Removal upon deconsolidation
(
311
)
(
38
)
(
107
)
(
456
)
Balance as of December 31, 2021
735
135
537
1,407
Accumulated Depreciation:
Balance as of January 01, 2021
703
149
527
1,379
Additions
19
3
16
38
Removal upon deconsolidation
(
30
)
(
26
)
(
31
)
(
87
)
Balance as of December 31, 2021
692
126
512
1,330
Property and Equipment, net, as of December 31, 2021
43
9
25
77
F-
85
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10 – GOODWILL AND INATANGIBLE ASSETS:
A.
Composition
                                            and movements:
Technology
Software license
Patent
Brand name
Customer relationship
Goodwill
Total
USD
    in thousands
Cost:
Balance as of January 01, 2022
478
1,506
75
6,039
-
926
9,024
Additions
-
35
-
-
-
-
35
Currency translation
(
42
)
(
175
)
-
-
-
(
23
)
(
240
)
Consolidation of Gix Internet (note 4F)
12,485
-
-
-
6,234
8,164
26,883
Balance as of December 31, 2022
12,921
1,366
75
6,039
6,234
9,068
35,703
Accumulated Amortization:
Balance as of January 01, 2022
(
69
)
-
-
(
634
)
-
-
(
703
)
Additions
(
1,712
)
-
-
(
596
)
(
742
)
-
(
3,050
)
Currency translation
(
74
)
-
-
-
-
-
(
74
)
Consolidation of Gix Internet (note 4F)
(
1,014
)
-
-
-
-
-
(
1,014
)
Balance as of December 31, 2022
(
2,869
)
-
-
(
1,230
)
(
742
)
-
(
4,841
)
Intangible assets, net, as of December 31, 2022
10,052
1,366
75
4,809
5,492
9,068
30,862
Technology
Software
license
Patent
Brand
name
Goodwill
Total
USD in thousands
Cost:
Balance as of January 01, 2021
199
-
-
-
296
495
Additions
279
1,460
75
4,728
55
6,597
Currency translation
-
46
-
-
11
57
Acquisition of subsidiary
-
-
-
1,311
564
1,875
Balance as of December 31, 2021
478
1,506
75
6,039
926
9,024
Accumulated Amortization:
Balance as of January 01, 2021
-
-
-
-
-
-
Additions
(
69
)
-
-
-
-
(
69
)
Impairment
-
-
-
(
89
)
-
(
89
)
Acquisition of subsidiary
-
-
-
(
545
)
-
(
545
)
Balance as of December 31, 2021
(
69
)
-
-
(
634
)
-
(
703
)
Intangible assets, net, as of December 31, 2021
409
1,506
75
5,405
926
8,321
B.
Additions during the year:
Through the period from February 14, 2022, up
to February 28, 2022, the Company's interest in Gix Internet increased to
38.03
%, which resulted in gain of control in Gix Internet.
Accordingly, Gix Internet was consolidated as of such date and the investment. As of the consolidation date the Company recorded intangible
assets in the amount of USD
17,705
thousand and goodwill in the amount of USD
6,602
thousand. For additional information see note 4F.
On January 4, 2021, the Company closed a common stock purchase agreement
with Pro, Purex and their respective stockholders (the "Pro and Purex SPA"). As of the acquisition date the Company recorded
intangible assets in the amount of USD
1,311
thousand and goodwill in the amount of USD
688
thousand. For additional information about
the stock exchange with Jeffs' Brands, see note 4E.
F-
86
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10 – GOODWILL AND INATANGIBLE ASSETS:
(continued)
B.
Additions during the year:
(continued)
On January 7, 2021, Charging Robotics purchased
a provisional patent filed with the United States Patent and Trademark Office and know-how relating to wireless vehicle battery charging
technology in consideration for USD
75
thousand. For additional information see note 4I.
On February 2, 2021, Pro entered into purchase
agreement of a virtual store "Whoobli" from a third party (hereafter - the "Whoobli Seller"). As part of the agreement,
Pro purchased a seller account which operates on the Amazon.com website under the name "Whoobli", which markets a private
label of basketball shooting baskets, children's punching bags and decoration for children's birthday parties, including the
intellectual property attributed to it and including trademarks attributed to products sold on the account's sales page, for a total
of USD
4,000
thousand. In addition, in accordance with the agreement, Pro purchased from Whoobli seller the remaining inventory for a
total amount of approximately USD
350
thousand, which is the cost of the inventory purchased by Whoobli seller. On the date of the acquisition,
Pro fully recognized all the amount of the acquisition as an intangible asset, and in the Company's management opinion, the useful
life of the intangible asset recognized is
10
years.
On February 2, 2021, Pro entered into a purchase
agreement of a virtual store "Wellted" from a third party (hereafter - the "Wellted Seller"). As part of the agreement,
Pro purchased a seller account which operates on the Amazon.com website under the name "Wellted", which markets a private
label of brushes used for removing and cleaning animal body hair from fabrics, including the intellectual property attributed to it and
including trademarks attributed to products sold on the account's sales page, for a total amount of USD
250
thousand. In addition,
in accordance with the agreement, Pro purchased from Wellted seller the inventory that remained in his possession for a total of approximately
USD
55
thousand, which is the cost of the inventory purchased by Wellted seller. On the date of the acquisition, Pro fully recognized
all the amount of the acquisition as an intangible asset, and in the Company's management opinion, the useful life of the intangible
asset recognized is
10
years.
On February 3, 2021, Pro entered into purchase
agreement of a virtual store "Pet-evo" from a third party (hereafter - the "Pet-evo Seller"). As part of the agreement,
Pro purchased a seller account which operates on the Amazon.com website under the name "Pet-evo", which markets a private
label of used car door protectors from damage caused by animals, including the intellectual property attributed to it and including trademarks
attributed to products sold on the account's sales page, for a total of USD
450
thousand. In addition, in accordance with the agreement,
Pro purchased from Pet-evo seller the inventory that remained in his possession for a total of approximately USD
35
thousand, which is
the cost of the inventory purchased by Pet-evo seller. On the date of the acquisition, Pro fully recognized all the amount of the acquisition
as an intangible asset, and in the Company's management opinion, the useful life of the intangible asset recognized is
10
years.
On February 4, 2021, Eventer signed
an addendum
to the agreement with Screenz Cross Media Ltd. (a company owned and managed by Eli Uzan who serves as the Company's President).
The agreement was signed during November 2020 for the purpose of collaborating in the field of virtual conferences. According to the provisions
of the addendum to the agreement, Eventer will receive an exclusive license for using the broadcasting system of Screenz with respect
to the field of virtual conferences and development services, and in exchange will pay Screenz an amount of USD
1,500
thousand (approximately
NIS
4,280
thousand) over a period of 8 months, as well as
8
% from the revenues earned from using the broadcasting system in the field
of virtual conferences.
In March 2021, Purex received an update from Amazon.com
(Hereafter – "Amazon") regarding a new Environmental Protection Agency (EPA) regulation. Following the new EPA regulation,
Amazon categorized the Purex' product as a pesticide product. Amazon requires that pesticide products be filed with evidence of
an EPA registration number and/or EPA Establishment number or certification that the product is exempt from EPA regulation, otherwise
the existing listing (of the product) may be subject to removal. Purex examined the related costs following that requirement to comply
with such regulations and decided to write off the intangible asset balance. Therefore, the Group eliminated the intangible asset related
sum to the amount of USD
87
thousand.
F-
87
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 11 – LEASES:
On May 21, 2022, the Company has entered into a short-term lease agreement
for its offices. According to the agreement, the Company will pay NIS 17 thousand plus VAT per month. On December 30, 2022, the Company
terminated the agreement and paid the lessor a one-time compensation of NIS
11
thousand.
Jeffs' Brands leases office space with a
remaining useful life of less than 3 years and uses its incremental borrowing rate as the discount rate for its leases, as the implicit
rate in the lease is not readily determinable. As of December 31, 2022, Jeffs' leases had a weighted average remaining lease term
of
3
years and a weighted average borrowing rate of
10
%.
On February 25, 2021, Gix Media entered into a
lease agreement for a new corporate office of
479
square meters in Ramat Gan, Israel, at a monthly rent fee of USD
10
thousand. The lease
period is for
36
months (the "initial lease period") with an option by the Gix Media to extend the lease period for two additional
terms of 24 months each. In accordance with the lease agreement, Gix Media made leasehold improvements in exchange for a rent fee discount
of USD
67
thousand which will be spread over the initial lease period.
The Company includes renewal options that it
is reasonably certain to exercise in the measurement of the lease liability.
Right-of-use assets
Buildings
USD in
thousands
Cost:
At December 31, 2021
-
Acquisition of subsidiary
619
Additions
152
At December 31, 2022
771
Accumulated Depreciation:
At December 31, 2021
-
Acquisition of subsidiary
(
92
)
Charge for the year
(
88
)
At December 31, 2022
(
180
)
Carrying amount
At 31 December 2022
591
December 31
2022
USD in thousands
Amounts recognized in profit and loss
Depreciation expense on right-of-use assets
88
Interest expense on lease liabilities
82
Expense relating to short-term leases
71
F-
88
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 11 – LEASES:
(continued)
Lease liabilities
Maturities of lease liabilities as of December 31, 2022,
are as follows:
2022
USD in thousands
Year 1
148
Year 2
148
Year 3
133
Year 4
114
Year 5
118
Onwards
19
Less: unearned interest
(
37
)
643
Analyzed as:
Non-current
512
Current
131
643
NOTE 12 - TAXES ON INCOME:
a.
Tax rates applicable to the Company and subsidiaries:
For the Company and all subsidiaries
based in Israel, Eventer, Jeffs' Brands and its subsidiary Top Rank and Viewbix Ltd. are taxed according to Israeli tax law, where
the corporate tax rate is
23
% for the years 2022, 2021 and 2020.
Gix Internet and its subsidiaries Gix
Media and Cortex Media Group are recognized as a "Preferred-Technology Enterprise" in accordance with Section 51 of the Encouragement
of Capital Investments Law, 1959 and are taxed at a reduced corporate tax rate of
12
%.
For all subsidiaries of the Company
based in the US, Viewbix Inc. and Jeffs' Brands subsidiaries – Smart Pro and Purex are taxed according to US tax rates, which
is
21
%.
b.
Final tax assessments:
As of December 31, 2022, the Company has a final tax assessment for
all tax year up to the year ended December 31, 2017.
As of December
31, 2022, Gix Media has a final tax assessment for all tax year up to the year ended December 31, 2020. Cortex has a final tax assessment
for all tax year up to the year ended December 31, 2018.Viewbix Israel has a final tax assessment for all tax year up to the year ended
December 31, 2018.
As of December
31, 2022, Eventer has a final tax assessment for all tax year up to the year ended December 31, 2018.
F-
89
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 12 – TAXES ON INCOME:
(continued)
c.
Deferred taxes are comprised of the following components:
Deferred income
taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes.
Deferred
taxes are comprised of the following components:
As of
December 31
As of
December 31
2022
2021
USD in thousands
Deferred tax assets
Deferred research and development expenses
261
-
Intangible assets
110
55
Employee compensation and benefits
13
-
Other
-
40
Accrued severance pay
13
-
Total deferred tax assets
397
95
Deferred tax liabilities:
Differences between tax basis and carrying values of loans
-
111
Intangible assets associated with business combinations
1,817
220
Total deferred tax liabilities
1,817
331
Net deferred tax liabilities
1,420
236
Income
tax expenses are comprised as follows:
Year ended December 31,
2022
2021
2020
USD in thousands
Current tax expenses
813
94
9
Tax benefit in respect of prior years
(
82
)
-
-
Deferred tax expenses (income)
(
620
)
11
-
Taxes on expenses
111
105
9
d.
Carry
                                            forward tax losses
December 31,
2022
December 31,
2021
USD in thousands
Medigus*
60,000
62,000
Eventer*
3,300
2,700
Charging Robotics*
574
360
GERD IP*
786
857
Jeffs' Brands*
1,217
747
Jeffs' Brands subsidiaries
-
49
Gix Internet
18,471
-
*
There is no record deferred taxes asset in respect of these
losses, as the utilization thereof is not expected to occur in the foreseeable future.
F-
90
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 12 – TAXES ON INCOME:
(continued)
f.
Taxes
                                            on income included in the Statements of Loss and Other Comprehensive Loss for the periods
                                            presented:
The following is reconciliation between the "theoretical"
tax, which would apply to the Group if all of its income were taxed at the regular rate applicable to the Company in Israel and the amount
of tax reflected in the consolidated statements of loss and other comprehensive loss for the reported year:
2022
2021
2020
USD in thousands
Income (Loss) before taxes on income
(
10,097
)
4,151
(
6,841
)
Theoretical tax rate
23
%
23
%
23
%
Theoretical tax expense (benefit)
(
2,322
)
955
(
1,575
)
Disallowed deductions (tax exempt income):
Change in fair value of assets and liabilities measured at fair value
through profit or loss
(
38
)
(
275
)
86
Share-based compensation
183
539
298
Amortization of excess purchase price of an associate
-
60
126
Profit recognized upon deconsolidation
-
(
2,678
)
-
Profit recognized upon first time consolidation
(
529
)
-
-
Non-deductible expenses
723
-
-
Different tax rates applicable to subsidiaries
(
360
)
(
85
)
-
Tax benefits in respect of prior years
(
84
)
-
-
Other
17
-
2
Tax losses and timing differences incurred in the reporting year for which deferred taxes were not created
2,521
1,589
1,072
Taxes on income
111
105
9
NOTE 13 – ACCOUNTS PAYABLES, ACCRUED EXPENSES AND OTHER CURRENT
LIABILITIES
a.
Accounts
                                            payables are denominated in the following currencies:
December 31,
2022
2021
USD in thousands
NIS unlinked
2,713
461
USD
17,708
241
20,421
702
b.
Accrued
                                            expenses and other current liabilities:
December 31,
2022
2021
USD in thousands
Employees and related institutions
949
185
Government authorities
798
128
Accrued expenses
961
1,080
Other
443
139
3,151
1,532
F-
91
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 14 – EQUITY:
a.
Share capital:
1)
Composed as follows:
Number
    of shares
Amount
Authorized
Issued and
    paid
Authorized
Issued and
    paid
December
    31,
December
    31,
December
    31,
December
    31,
2022
2021
2022
2021
2022
2021
2022
2021
In
    thousands
NIS
    in thousands
USD
    in thousands
Ordinary shares of NIS
1.00
par value as of December 31, 2021, and no-par value as of December 31, 2022
200,000
50,000
24,661
23,850
-
-
-
-
2)
The ordinary shares confer upon their holders voting rights and the
    right to participate in shareholders' meetings, the right to receive dividends and the right to participate in surplus assets
    in the event of liquidation of the Company.
3)
On February 12, 2021, following the approval of an extraordinary general meeting of the Company shareholders held on February 12, 2021, the Company amended its articles of association to eliminate the par value of its ordinary shares, such that the authorized share capital of the Company following the amendment consists of
1,000,000,000
ordinary shares of no-par value.
4)
On January 11, 2021, the Company entered into an underwriting agreement with Aegis Capital Corp. ("Aegis"), pursuant to which the Company agreed to sell to Aegis, in a firm commitment public offering
3,659,735
ADSs, representing a total of
73,194,700
ordinary shares of no-par value for a public offering price of USD
2.30
per ADS. In addition, the Underwriter was granted an option to purchase additional
15
percent of the ADSs sold in the Offering solely to cover over-allotments, exercisable until the earlier of 30-days or the last day of trading of the Company's ordinary shares on the Tel-Aviv Stock Exchange. Aegis exercised its over-allotment option in full to purchase an additional
548,960
ADSs, the closing of which occurred on January 19, 2021. The total gross proceeds of the offering to approximately USD
9.68
million.
5)
On February 25, 2021, the Company entered into an underwriting agreement with Aegis pursuant to which the Company agreed to sell to Aegis, in a firm commitment public offering
3,258,438
ADSs for a public offering price of USD
2.60
per ADS. In addition, Aegis was granted an option to purchase additional
15
percent of the ADSs sold in the offering solely to cover over-allotments. Aegis exercised its over-allotment option in full to purchase an additional
488,765
thousand ADSs. The total gross proceeds of the offering to approximately USD
9.7
million.
6)
On June 17, 2022, the Company's shareholders approved to increase the authorized number of shares from
50
million to
200
million.
7)
On July 7, 2022, the Company effected a reverse split of the Company's
authorized and outstanding ordinary shares at a ratio of 20:1 (the "Reverse Split") and increased the authorized number of
shares. Those changes were approved by the Company's shareholders on June 17, 2022. On July 8, 2022, following the Reverse
Split,
the Company effected a change in the American Depositary Share ("ADS") ratios for its American Depositary Receipt program
such that each ADS represents one ordinary share of no-par value of the Company (the "Ordinary Share"), instead of twenty
(20) pre-Reverse Split Ordinary Shares.
The change in the ADS ratio is a technical change made in order to align the ratio so that one
ADS equals to one Ordinary Share.
8)
On November 14, 2022, the Company effected a change in the ratio of ordinary shares to each of the Company's American Depositary Shares ("ADSs"), such that after the Reverse Split is implemented each ADS will represent
15
post-Split Ordinary Shares. The effect of such consolidation was applied retrospectively for all the number of shares, warrants, related par value and others presented in this note and elsewhere in the consolidated financial statements.
F-
92
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 14 – EQUITY:
(continued)
b.
Share
                                            offering to the public and existing shareholders:
The following table summarizes warrants outstanding as
of December 31,
2022
Series
Date of grant
Number of
warrants
conversion
to equivalent
ADSs(***)
exercise
price per
warrant
    in
USD(***)
Expiration
date
Series L(*)
November 2017
6,750
135
May 27, 2023
Warrants C(*)
July 2018
176,045
52.5
July 18, 2023
Warrants C(**)
July 2018
28,377
52.5
July 18, 2023
HCW warrants(*)
July 2018
13,242
65.63
July 18, 2023
Total
224,414
2021
Series
Date of grant
Number of
warrants
conversion
to equivalent
ADSs (***)
exercise
price per
warrant
    in
USD (***)
Expiration
date
Series I(*)
December 2016
665
540
June 06, 2022
Series J(**)
December 2016
33
540
June 06, 2022
Warrants A(*)
March 2017
35,715
210
March 29, 2022
Placement 03/2017(**)
March 2017
2,500
262.5
March 29, 2022
Series L(*)
November 2017
6,750
135
May 27, 2023
Series M(**)
November 2017
945
150
November 24, 2022
Warrants C(*)
July 2018
176,045
52.5
July 18, 2023
Warrants C(**)
July 2018
28,377
52.5
July 18, 2023
HCW warrants(*)
July 2018
13,242
65.63
July 18, 2023
Algomizer (Note 3)(**)
September 2019
22,222
60
September 3, 2022
Total
286,494
*
These
warrants, under certain circumstances, can be exercised via cashless exercise mechanism as defined in the warrant agreement. Therefore,
the warrants were classified as financial liabilities measured at fair value through profit or loss at each reporting period (see note
5).
**
Recorded
                                            in equity.
***
Adjusted to reflect the 1:15 ratio change of the Company's American Depositary Receipt, or ADR, program. As a result, the number of ordinary shares of the Company represented by each American Depositary Share, or ADS, will be changed from one (
1
) ordinary share to fifteen (
15
) ordinary shares. The effective date for the ratio change was November 14, 2022
F-
93
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 14 – EQUITY:
(continued)
c.
Share
                                            based payments
:
1)
In August 2013, the Company board of directors approved and adopted
    the Company 2013 Share Option and Incentive Plan, or the 2013 Plan, which expires in August 2023. The 2013 Plan provides for the
    issuance of shares and the granting of options, restricted shares, restricted share units and other share-based awards to employees,
    directors, officers, consultants, advisors, and service providers of us and the Company U.S. Subsidiary. The Plan provides for awards
    to be issued at the determination of The Company board of directors in accordance with applicable law.
2)
The following are the grants of options to employees and other service
    providers:
Date of grant
Number of options granted (**)
exercise
price per
option
    to ordinary shares (**)
Currency
exercise
Fair value
on grant date
in
    thousands
Number of
options outstanding-
December 31,
2022
Number of
options
exercisable at
31, December
2022
Expiration
date
October 2017
38,150
32.4
NIS
942
NIS
13,850
13,850
October 17, 2023
January 2019(*)
150,000
11.8
NIS
947
NIS
112,500
112,500
January 9, 2025
July 2019(*)
62,500
11.8
NIS
325
NIS
62,500
54,688
July 25, 2025
June 2020
62,500
11.8
NIS
283
NIS
62,500
52,083
May 31, 2026
July 2020(*)
37,500
8.96
NIS
123
NIS
37,500
28,125
July 8, 2026
October 2020
15,000
11.8
NIS
70
NIS
15,000
10,000
October 21, 2026
June 2021(*)
900,000
1.783
USD
1,221
USD
900,000
525,000
June 29, 2027
June 2021
280,000
1.783
USD
380
USD
280,000
163,333
June 29, 2027
June 2021
100,000
1.783
USD
136
USD
100,000
50,000
June 1, 2027
October 2021
90,000
1.783
USD
91
USD
90,000
30,000
October 12, 2027
Total
1,735,650
1,673,850
1,039,579
(*)
Granted to related parties.
(**)
Adjusted to reflect the Reverse Split of the Company's authorized and outstanding ordinary shares at a ratio of 20:1 effected on July 7, 2022.
F-
94
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 14 – EQUITY:
(continued)
c.
Share
                                            based payments
: (continued)
The fair value of all of the options
was calculated using the Black and Scholes options pricing model, and based on the following assumptions:
Date of grant
Fair
value on
grant date-
in thousands
Share price on date of grant (*)
Expected dividend
Expected volatility
Risk free interest
Vesting conditions
Expected
term
October 2017
1,109
NIS
32.4
NIS
None
64
%
1.16
%
four equal batches, following one, two, three and four years from their grant date
6
years
January 2019
947
NIS
10.12
NIS
None
74
%
1.45
%
will vest in 12 equals quarterly instalments over a three-year period commencing October 1, 2018
6
years
July 2019
325
NIS
8.72
NIS
None
75
%
1.12
%
25% will vest on the first anniversary of the grant date and 75% will vest on a quarterly basis over a period of three years thereafter
6
years
June 2020
282
NIS
7.94
NIS
None
74
%
0.53
%
will vest in 12 equals quarterly instalments over a three-year period commencing June 1, 2020
6
years
July 2020
124
NIS
5.8
NIS
None
74
%
0.37
%
will vest in 12 equals quarterly instalments over a three-year period commencing July 9, 2020
6
years
October 2020
70
NIS
8
NIS
None
76
%
0.42
%
will vest in 12 equals quarterly instalments over a three-year period commencing October 22, 2020
6
years
June 2021
1,737
USD
1.8
USD
None
87
%
0.69
%
Will vest over a period of 3 years commencing on April 1, 2021(except for 2,000,000 options commencing on June 1, 2021), with 1/12 of such options vesting at the end of each subsequent three-month period following the grant
6
years
October 2021
91
USD
1.4
USD
None
85
%
0.47
%
Will vest over a period of 3 years commencing on October 12, 2021, with 1/12 of such options vesting at the end of each subsequent three-month period following the grant
6
years
(*)
Adjusted
to reflect the Reverse Split of the Company's authorized and outstanding ordinary shares at a ratio of 20:1 effected on July 7,
2022.
F-
95
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 14 – EQUITY:
(continued)
c.
Share
                                            based payments
: (continued)
3)
The changes in the number of share options and the weighted averages
    of their exercise prices are as follows:
For the year ended December 31,
2022
2021
2020
Number of options
Weighted average of exercise price
    per
1 ordinary share-(NIS)
Number of options
Weighted average of exercise price
    per
1 ordinary
share-(NIS)
Number of options
Weighted average of exercise price
    per
1 ordinary
share-(NIS)
Outstanding at the beginning of year
1,674,950
7.02
348,182
13.6
213,820
17.6
Granted
-
-
1,370,000
5.81
152,500
11.1
Forfeited
(
1,100
)
32.4
(
42,778
)
17.23
(
17,723
)
17.25
Expired
-
-
(
454
)
410
(
415
)
1074
Outstanding at year end
1,673,850
7.00
1,674,950
7.02
348,182
13.6
Exercisable at year end
1,039,579
7.57
530,054
8.78
143,311
16.05
4)
The amounts of expenses that were recorded for options to employees and other service providers are USD
624
thousand, USD
1,049
thousand and USD
191
thousand for the years ended December 31, 2022, 2021 and 2020, respectively (these amounts do not include expenses of USD
79
and USD
1,107
thousand recorded in ScoutCam in Q1 2021 and 2020, respectively. The expenses recorded in Eventer in the consolidate period of 2020 are immaterial).
5)
The plans are intended to be governed by the terms stipulated by Section
    102 to the Israeli Income Tax Ordinance (except for the options to controlling shareholders and directors).
In accordance with these general rules
and the track chosen by the Company pursuant to the terms thereof, in respect of options granted to employees under the option allotment
plan, the Company is not allowed to claim as an expense for tax purposes the amounts credited to employees as a benefit, including amounts
recorded as salary benefits in the Company's books, with the exception of the salary-benefit component, if exists, determined on
the grant date.
d.
Dividends
:
In December 2022, the Company distributed
dividends in an aggregated amount of USD
1,582
thousand.
NOTE 15 –
EXPENSES BY NATURE
Year ended
December 31,
2022
2021
2020
USD in thousands
Payroll and related expenses
7,647
2,656
2,420
Professional fees
7,421
5,990
2,963
Traffic-acquisition, materials used and subcontracted work
75,455
3,248
1,128
Preparation of patents
153
471
289
Rent and office maintenance
139
158
215
Depreciation and amortization
3,188
342
116
Advertising and participation in exhibitions
1,616
1,712
133
Other
2,262
1,312
732
Amazon Fees
2,558
2,426
-
Amortization of excess purchase price of
    an associate
-
263
546
TOTAL COST OF REVENUES,
    INVENTORY IMPAIRMENT, RESEARCH AND DEVELOPMENT, SELLING AND MARKETING AND GENERAL AND ADMINISTRATIVE EXPENSES
100,439
18,578
8,542
F-
96
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 16 –
EARNING (LOSS) PER SHARE:
Basic net earnings (loss) per share
is computed by dividing net earnings (loss) attributable to ordinary shareholders of Medigus Ltd. by the weighted average number of ordinary
shares outstanding for the reporting periods.
Diluted net earnings (loss) per share
is computed by dividing the basic net loss per share including adjustment of the dilutive effect of the Company's revaluation of
warrants, by the weighted-average number of ordinary shares and the potential dilutive ordinary shares outstanding during the period.
Diluted shares outstanding include the dilutive effect of in-the-money options using the treasury stock method. For the year ended December
31, 2022, and December 31, 2020, the Company reported a net loss, therefore does not have dilutive securities. For the year ended on December
31, 2021, the Company reported net earnings. Nevertheless, all the warrants and options that might be exercised by others into Medigus
shares are out of the money, therefore did not have a dilutive effect.
The following table presents the numerator
and denominator of the basic and diluted net loss per share computations:
Year ended
December 31,
2022
2021
2020
Numerator (USD in thousands):
Net earnings (loss) attributable to Medigus Ltd.
(
9,815
)
6,794
(
4,325
)
Denominator (in thousands):
Weighted average number of ordinary shares used for basic and diluted earnings (loss) per share calculation*
24,385
23,036
6,672
Net earnings (loss) per share attributable to Medigus Ltd. (USD): *
Basic
(
0.40
)
0.2
(
0.6
)
Diluted
(
0.40
)
0.2
(
0.6
)
*
Adjusted to reflect the Reverse Split at ratio of 20:1 occurred effected on July 7, 2022 – see also note 14
F-
97
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 17 – TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
"Related Parties" –
As defined in IAS 24 – 'Related Party Disclosures" (hereinafter- "IAS 24")
Key management personnel of the Company
- included together with other entities, in the said definition of "Related Parties" mentioned in IAS 24.
a.
Transactions with related parties:
1):
Year ended on
December 31,
2022
2021
2020
USD in thousands
Benefits to related parties:
Payroll and related expenses to related parties employed by the Company*
1,784
1,241
629
Compensation to directors **
837
733
1,115
Directors' and Officers' insurance
846
788
405
Consultant services ***
218
-
208
Interest and discount amortizations of loans from Jeffs' Brands related parties ****
42
172
-
Finance expense on Screenz payable balance (see note 4D)
212
169
-
Compensation to member of senior management of Gix Internet *****
34
-
-
Eventer sales and marketing expenses to Keshet (see note 4D)
165
279
-
Eventer revenues from related parties
-
23
-
Eventer general and administrative expenses to Screenz
41
13
-
*
Includes granted options benefit in the aggregated amount of
USD
263
thousand, USD
583
thousand and USD
189
thousand for the years ended December 31, 2022, 2021 and 2020, respectively. As for the
method used to determine the said value and the assumptions used in calculation thereof, see note 14c.
**
Includes granted options benefit in the aggregated amount of
USD
81
thousand, USD
195
thousand and USD
734
thousand for the years ended December 31, 2022, 2021 and 2020, respectively and provision
and payments of bonus of approximately USD
77
thousand and USD
86
thousand, for each of the years ended December 31, 2022, and 2021,
respectively. As for the method used to determine the said value and the assumptions used in calculation thereof, see note 14c.
***
Kfir Zilbrman is a related party of Jeff Brands .
****
Julia Gerasimova, and Victor Hakmon are related parties of Jeffs'
Brands, see note 4E.
*****
Cortex CTO is a related party of Gix Internet.
2)
a.
                                            Compensation to key management personnel
The compensation to key management
personnel for employment services they provide to the Company is as follows:
Year ended on
December 31,
2022
2021
2020
USD in thousands
For employment services:
Payroll and other short-term benefits
1,521
(*)
657
(**)
440
(***)
Share based payments
263
584
189
1,784
1,241
629
*
Including provision for bonus of approximately USD
349
thousand.
**
Including provision for bonus of approximately USD
118
thousand.
***
Including provision for bonus of approximately USD
53
thousand.
F-
98
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 17 – TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
(continued)
a.
Transactions with related parties:
(continued)
3)
Indemnification,
                                            exemption and insurance for directors and officers of the Company
a.
The
                                            Company provides its directors and officers with an obligation for indemnification and exemption.
b.
The Company has a liability for insurance of directors and officers' covering all of the Company's directors and officers.
The Company currently has directors' and officers' liability insurance providing total coverage of USD 4 million for the benefit of all of the Company directors and officers, in respect of which the Company are charged a twelve-month premium of USD 195, and which includes a deductible of up to USD 1 million per claim, other than securities related claims filed in the United States or Canada, for which the deductible will not exceed USD 2.5 million and USD 5 million in respect of claim with respect to Mergers and Acquisitions.
4)
Transactions
a.
On
                                            May 30, 2019, the Company entered into an intercompany services agreement, or the Intercompany
                                            Agreement, with ScoutCam, for provision of services by the Company to ScoutCam. On April
                                            19, 2020, the Intercompany Agreement was amended such that ScoutCam shall provide the Company
                                            with services to the Company, including usage of ScoutCam offic space in consideration for
                                            a fee determined based on the actual usage by the Company. During 2021 no services have been
                                            provided under the Intercompany Agreement. On March 22, 2022, the Company received from ScoutCam
                                            Ltd. a prior written notice of termination of the Intercompany Agreement effective May 21,
                                            2022.
b.
On February 12, 2020, ScoutCam's Inc. Board of Directors authorized the grant of options to purchase 2,235,691 shares of Common Stock to Professor Benad Goldwasser, ScoutCam's Inc. Chairman of the Board, and options to purchase 1,865,346 shares of Common Stock to certain officers of ScoutCam Inc. Each option is convertible into one share of common stock of ScoutCam Inc. of USD 0.001 par value at an exercise price of USD 0.29.
c.
On May 1, 2019, the Company entered into a consulting agreement, or
the Consulting Agreement, with L.I.A Pure Capital Ltd. or Pure Capital, a company owned by Kfir Zilberman for the provision of business
development and strategic consulting services, including ongoing consulting to the Company, its management and its chief executive officer
in the fields of M&A and investment activities.
In consideration for its services, Pure Capital is entitled to a monthly fee of NIS
40 thousand (approximately USD 11 thousand), a finder's fee of 5% of any investment of equity or debt introduced by him to the
Company and reimbursement of expenses of up to USD 1 thousand per month.
As part of Gix Internet investment, Pure Capital received a
finder fee in the amount of USD
125
thousand. On January 10, 2021, the Company and Pure Capital entered into amendment no. 2 of the Consulting
Agreement. Under amendment no. 2, Pure Capital shall be entitled to a special bonus upon consummation of an offering of the Company's
securities. The special bonus will depend on the gross proceeds of such an offering. The transaction also includes granted options benefit
aggregated to USD
189
thousand in 2020.
d.
On October 15, 2020, the Company signed a share purchase agreement and a revolving loan agreement with Eventer. As part of the share purchase agreement and the revolving loan agreement, the Company invested USD
750
thousand. For additional information see note 3D.   On April 8, 2021, Eventer consummated a share purchase agreement for an aggregate amount of USD
2.25
million out of which the Company invested USD
300
thousand. As a result, the Company currently holds approximately
47.69
% of Eventer's share capital.   During November 2021, the Company and Eventer agreed that the Initial Advance loan will be repaid the earlier of (i) six months following the Maturity Date of the Initial Advance; or (ii) immediately following an initial public offering of Eventer.   On November 11, 2021, the Company loaned additional amount of USD
250
thousand to Eventer be repaid 6 months starting the loan received by eventer. The loan will bear
4
% interest per year.
F-
99
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 17 – TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
(continued)
a.
Transactions with related parties:
(continued)
4)
Transactions
                                            (continued)
e.
On April 19, 2020, the Company entered into an Asset Transfer Agreement, effective January 20, 2020, with our majority owned subsidiary GERD IP. Pursuant to the Asset Transfer Agreement, the Company transferred certain of our patents in consideration for seven capital notes issued to us by GERD IP, of USD
2
million each.
f.
In February 2021, the Company entered into two loans and pledges agreements
with Jeffs' Brands and its other stockholder, to finance Smart Repair Pro's additional purchases of three new brands on the
Amazon online marketplace. Pursuant to the agreements, the Company extended a USD
4
million loans, with an annual interest of
4
%, to
be repaid on the fifth anniversary of the effective date. Following the closing of an IPO of Jeffs' Brands, the loans were converted
to shares.
g.
On October 26, 2022, Jeffs' Brands
and Pure Capital entered into a consulting agreement, pursuant to which Pure Capital will provide consulting services to Jeffs'
Brands for a monthly fee of NIS
57.5
thousand (approximately USD
16.5
thousand). Jeffs' Brands paid Pure Capital a one-time signing
bonus in the amount of NIS
425
thousand (approximately USD
121
thousand) for their services to Jeffs' Brands from the day of Jeffs'
Brands inception until the closing of the IPO. As part of the consulting agreement, Pure Capital is also entitled to the following payment:
(i) an amount equal to
7
% of the gross proceeds paid to Jeffs' Brands in connection with any exercise of warrants, whether or not
currently outstanding; and (ii)
8
% of the total consideration paid in connection with any purchase of a new brand, businesses, or similar
events initiated or assisted by Pure Capital and approved by the Chief Executive Officer and Chairman of the Board based on agreement
with Pure Capital. The consulting agreement is for an undefined period of time and may be terminated after 3 years from October 26, 2022,
by either party upon 30 days advance notice.
Additionally, on October 26, 2022, Jeffs'
Brands and Pure NJ Logistics LLC, owned by Pure Capital and a director of Jeffs' Brands, entered into a warehouse lease agreement
for a warehouse located in the USA. As of December 31, 2022, the advances to suppliers comprised of USD
228
thousand that were paid to
Pure NJ Logistics LLC.
h.
On October 30, 2022, the Company signed an amendment to the revolving
loan with Eventer. According to the amendment, the maturity date of the loan will be May 30, 2024. In addition, in certain event of securities
issuance by Eventer (in an amount of at least USD
2
million), prior the maturity date, the loan will be automatically converted into Eventer's
shares with
20
% discount. The loan will bear interest of
6
% annually.
b.
Balances with related parties:
(1)
Current assets under related parties section:
December 31,
December 31,
2022
2021
USD in thousands
Related party prepaid expense (a related party of Eventer) (note 4D)
-
981
Advances to Pure Logistics (related party of Jeffs' Brands) (note 4E)
228
-
Other receivables (a related party of Gix Internet) (note 4F)
60
-
Other receivables (a related party of Eventer) (note 4D)
10
18
298
999
(2)
Current assets under loans to others section:
December 31,
December 31,
2022
2021
USD in thousands
Short term loan to a related party (loan from Medigus to Gix Internet) (note 4F) *
-
1,265
Short term loan to a related party (loan from Medigus to Laminera) (note 4N)
93
-
Short term loan to a related party (loan from Charging Robotics to Revoltz) (note 4I)
62
-
Credit line to Parazero (note 4M)
391
-
546
1,265
*
Gix Internet is consolidated commencing February 28, 2022.
F-
100
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 17 – TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
(continued)
b.
Balances with
                                            related parties:
(continued)
(3)
Current Liabilities:
December 31,
December 31,
2022
2021
USD in thousands
Compensation to key management personnel(*)
649
270
Other payable dividend to related parties of Gix Internet
284
-
Current liabilities of Jeffs' Brands to related parties
-
177
Other accrued expenses to related parties of Eventer
122
169
1,055
616
*
Compensation to key management:
December 31,
2022
2021
USD in thousands
Directors' fee
496
183
Payroll, provision for bonus and for termination of employment
153
87
649
270
(4)
Loans:
December 31,
December 31,
2022
2021
USD in thousands
Current portion of long-term payable - Screenz cross media Ltd (a related
party of Eventer) (see note 4D)
-
506
Long-term payable - Screenz cross media Ltd (a related party of Eventer)
(see note 4D)
-
711
Short term loans of Jeffs' Brands from related parties (*)
-
111
Long term loans of Jeffs' Brands from related parties (**)
-
689
*
Kfir Zilberman is a related party of Jeffs' Brands.
**
Julia Gerasimova, Kfir Zilberman and Victor Hakmon are related parties of Jeffs' Brands.
c.
As to options granted to related parties, see note 14c.
F-
101
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 18 – REVENUES:
a.
Disaggregation of Revenues:
The following table present the Group's
revenues disaggregated by revenue type:
Year ended on
December 31,
2022
2021
2020
USD in thousands
Miniature camera and related equipment (from ScoutCam)
-
24
491
Revenues from commissions (from Eventer)
2,465
1,185
40
Products (from Jeffs' Brands)
5,861
6,509
-
Revenues from internet services (from Gix Internet) *
83,532
-
-
MUSE and related equipment (from Medigus).
-
2,400
-
91,858
10,118
531
*
The revenues from Gix Internet are presented for the period from March 01 ,2022 to December 31, 2022.
b.
Contract fulfilment assets:
The Company's contract fulfilment
assets:
December 31,
2021
USD
in thousands
Balance at beginning of year
1,130
Increase in the period relating to ScoutCam
240
Derecognition upon deconsolidation of ScoutCam (note 4C)
(
1,370
)
Balance at end of year
-
c.
Contract liabilities:
The changes in the Company's
contract liabilities were as follows:
December 31,
2022
December 31,
2021
USD in thousands
Balance at beginning of year
108
2,649
Deferred revenue relating to new sales
49
1,370
De recognition upon deconsolidation of ScoutCam (note 4C)
-
(
1,511
)
Revenue recognition during the period
(
108
)
(
2,400
)
Balance at end of year
49
108
F-
102
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 19 – SEGMENTS:
The Group identified nine operating segments as follows: medical, e-commerce,
online advertising and internet traffic routing, online event management, safety systems for commercial drones, visualization and AI based
solutions, energy efficiency technology, electric vehicles and corporate (see note 1a). The Company concluded that the medical, electric
vehicles, safety systems for commercial drones, visualization and AI based solutions and energy efficiency technology segments are not
"reportable segments" as defined in
IFRS 8, Operating Segments
. As such, these segments were combined and disclosed
under "Others".
The CODM measures and evaluates the operating
performance of the Group's segments based on operating loss (income), assets and liabilities.
The table set forth other information of the Group:
December 31, 2022
Corporate
E-commerce
Online
Advertising & Internet Traffic Routing
Online
Event
Management
Others
Adjustments and eliminations
Total
USD in thousands
Total segments' assets
19,478
15,667
50,999
3,208
*
11,368
(
3,069
)
97,651
Total segments' liabilities
(
1,198
)
(
5,025
)
(
33,203
)
(
3,244
)
(
952
)
660
(
42,962
)
*
Includes an investment accounted for using the equity method of USD
9,375
thousand in relation to ScoutCam and an investment accounted for using the equity method of USD
976
thousand in relation to Paraziro.
For additional information in relation to assets and liabilities of ScoutCam and Paraziro refer to note 4C and 4M.
The table set forth the operating
results of the Group:
Year ended December 31, 2022
Corporate
E-commerce
Online
Advertising & Internet Traffic Routing
Online
Event
Management
Others
Adjustments
and
eliminations
Total
USD in thousands
External revenue
-
5,859
83,534
2,465
-
-
91,858
Segment results – operating income (loss)
(
7,301
)
(
4,510
)
2,341
*
(
748
)
(
2,829
)**
(
736
)
(
13,783
)
Non-operating income (loss)
(
167
)
3,619
(
731
)
(
30
)
137
3,166
5,994
Finance income (loss)
(
224
)
(
520
)
(
1,100
)
(
539
)
(
8
)
82
(
2,309
)
Profit (Loss) before taxes on income
(
7,692
)
(
1,410
)
510
(
1,317
)
(
2,700
)
2,512
(
10,097
)
Tax benefit (expense) on income
(
5
)
5
(
310
)
-
10
189
(
111
)
Segment results – profit (loss)
(
7,697
)
(
1,405
)
200
(
1,317
)
(
2,690
)
2,701
(
10,208
)
*
Includes equity loss of USD 215 thousand in relation to Gix Internet
for the two months period until February 28, 2022. For the operating results of Gix Internet, refer to note 4F.
**
Includes equity loss of USD
1,360
thousand in relation to ScoutCam
and equity loss of USD
615
thousand in relation to Paraziro. For the operating results of Scoutcam and Paraziro, refer to note 4C and
4M.
F-
103
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 19 – SEGMENTS:
(continued)
The table set forth other information of the Group:
(continued)
December 31, 2021
Corporate
E-commerce
Online Event Management
Others
Adjustments and eliminations
Total
USD in thousands
Total segments' assets
33,695
7,412
9,357
*
11,692
**
(
2,926
)
59,730
Total segments' liabilities
(
1,571
)
(
6,159
)
(
4,282
)
(
399
)
4,114
(
8,297
)
*
Includes an investment accounted for using the equity method of USD
4,867
thousand in relation to Gix Internet. For additional information in relation to assets and liabilities of Gix Internet refer to note 4F.
**
Includes an investment accounted for using the equity method of USD
10,735
thousand in relation to ScoutCam. For additional information in relation to assets and liabilities of ScoutCam refer to note 4C.
The table set forth the operating results of the Group:
Year ended December 31, 2021
Corporate
E-commerce
Online Event Management
Others
Adjustments and eliminations
Total
USD in thousands
External revenue
2,400
6,509
1,185
24
-
10,118
Segment results – operating income (loss)
(
2,271
)
(
932
)
(
3,229
)*
(
3,531
)**
68
(
9,895
)
Non-operating income
2,509
-
-
494
11,390
***
14,393
Finance income (loss)
555
(
629
)
(
206
)
(
15
)
(
52
)
(
347
)
Profit (Loss) before taxes on income
793
(
1,561
)
(
3,435
)
(
3,052
)
11,406
4,151
Tax benefit (expense) on income
-
21
-
-
(
126
)
(
105
)
Segment results – profit (loss)
793
(
1,540
)
(
3,435
)
(
3,052
)
11,280
4,046
*
Includes equity loss of USD
823
thousand in relation to Gix Internet. For the operating results of Gix Internet, refer to note 4F.
**
Includes equity loss of USD
1,402
thousand in relation to ScoutCam. For the operating results of Scoutcam, refer to note 4C.
***
Includes
gain of USD
11,465
thousand upon loss of control in ScoutCam
,
refer
to note 4C.
F-
104
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 20 –
ENTITY LEVEL DISCLOSURES:
a.
Revenues by geographical area (based on the location of customers):
Year ended on
December 31,
2022
2021
2020
USD in thousands
USA
52,129
6,307
418
Europe
21,897
127
41
Israel
15,266
1,183
45
Asia
2,108
2,400
24
Other
458
101
3
91,858
10,118
531
b.
All of the Group's long-lived assets are located in Israel.
c.
Major customers
Set forth below is a breakdown of
Company's revenue by major customers (major customer –revenues from these customers constitute at least
10
% of total revenues
in a certain year):
Year ended on
December 31,
2022
2021
2020
USD in thousands
Customer A
-
-
383
Customer B
-
2,400
24
Customer C
16,919
-
-
Customer D
16,468
-
-
F-
105
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 21 – EVENT SUBSEQUENT TO DECEMBER 31, 2022:
1.
In February 2023
the Company and other lenders, signed a convertible loan agreement with Polyrizon Ltd.in the amount of USD 180 thousand, of which the company loan amounted to USD 80 thousand.
The loan bears
4
% annual interest rate. The loan will be automatically converted to shares in a case of issuance securities of a financing round of at least USD
500
thousand, in a discount of
20
%.
2.
On February 16, 2023, the Company made an investment in A.I Technologies of USD
81
thousand and holds
4.99
% as of the filing date of these financial statements.
3.
On January 26, 2023, Gix Internet acquired an additional
10
% of Cortex, increasing its holdings to
80
% of the share capital of Cortex on a fully diluted. The subsequent purchase was completed at a valuation of Cortex of approximately USD
27
million in exchange for consideration consisting of USD
2.6
million in cash. The subsequent purchase was financed by Gix Media's existing cash balances and by a long-term bank loan received on January 17, 2023, in the amount of USD
1,500
thousand which will be repaid in 42 monthly payments at an annual interest rate of SOFR +
5.37
%.
4.
On
March 21, 2023, ScoutCam Inc. completed a private placement to existing stockholders, of 3,294,117 units, at a purchase price of USD 4.25 per unit, with each unit consisting of one share of Scoutcam's common stock and one three-year warrant to purchase one share of Scoutcam's common stock at an exercise price of USD
5.50
per share. The private placement was led by existing investors Mori Arkin, the Phoenix Insurance Company Ltd and Shotfut Menayot Israel – Phoenix Amitim. Following the private placement, the company held
18.45
% in ScoutCam.
5.
On February 23, 2023, Jeffs' Brands Ltd. and Jeffs' Brands Holdings Inc., entered into a stock purchase agreement (the "Wellution Agreement"), with SciSparc Ltd. ("SciSparc"), pursuant which, on March 22, 2022, Jeffs' Brands Holdings acquired from SciSparc 57 shares of common stock of SciSparc Nutraceuticals Inc. ("SciSparc Nutraceuticals"), a wholly-owned subsidiary of SciSparc that owns and operates Wellution , a top-selling Amazon food supplements and cosmetics brand, representing approximately 49% of the issued and outstanding common stock of SciSparc Nutraceuticals, for approximately USD 2.5 million in cash (the "Wellution Transaction").
On March 22, 2023, Jeffs' Brands Ltd., Jeffs' Brands Holdings and SciSparc entered into Addendum No. 1 to the Wellution Agreement, or the Addendum, to provide for an additional amount of USD
489
thousand, representing adjustments related to inventory and working capital, to be paid to SciSparc in five equal installments of USD
98
thousand on the tenth day of each consecutive calendar month, beginning in May 2023. Also pursuant to the SciSparc SPA, in connection with the closing of the SciSparc Nutraceuticals Joint Venture, on March 22, 2023, Jeffs' Brands entered into a consulting agreement with SciSparc Nutraceuticals (the "SciSparc Consulting Agreement"), pursuant to which Jeffs' Brands will provide management services to SciSparc Nutraceuticals for the WellutionTM brand for a monthly fee of USD
20
thousand and Jeffs; Brands received a one-time signing bonus in the amount of USD
51
thousand. The SciSparc Consulting Agreement is for an undefined period of time and may be terminated by either party with 30 days advance notice.
Also pursuant to the Wellution Agreement,
in connection with the closing of the Wellution Transaction, on March 22, 2023, Jeffs' Brands issued
247,415
of its Ordinary Shares
to SciSparc and SciSparc issued
360,297
of its Ordinary Shares to Jeffs' Brands in a share exchange (collectively, the "Exchange
Shares"), representing
2.97
% and
4.99
%, respectively, of Jeffs' Brands' and SciSparc's issued and outstanding
ordinary shares. The number of Exchange Shares acquired by each company was calculated by dividing USD
288,238
by the average closing
price of the relevant company's shares on the Nasdaq Capital Market for the 30 consecutive trading days ending on the third trading
day immediately prior to the closing.
F-
106
MEDIGUS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 21 – EVENT SUBSEQUENT TO DECEMBER 31, 2022:
(continued)
6.
On March 2, 2023, Jeffs' Brands entered into a share purchase agreement (the "Fort SPA"), with the holders (the "Sellers"), of all of the issued and outstanding share capital of Fort, a company incorporated under the laws of England and Wales and engaged in the sale of pest control products primarily through Amazon.uk, pursuant to which on March 9, 2023, Jeffs' Brands acquired all of the issued and outstanding share capital of Fort, for approximately £
2,000
thousand (approximately USD
2,400
thousand) in cash (the "Fort Acquisition"). The Fort SPA provides that for a period of three years from closing, the Sellers will not compete with Fort's business.
Also, in connection with the Fort Acquisition,
on March 9th, 2023, Jeffs' Brands and Fort entered into settlement agreements with all of Fort's employees, including the
Sellers, by which such employees' employment with Fort will terminate three months following March 9, 2023 and certain other customary
conditions. During this three-month period, Jeffs' Brands intends to carry out operational changes in Fort's business that
will allow Fort to wind down the activities conducted in its leased warehouse and to move all such operations to warehouses operated
by Amazon. In connection with the closing of the acquisition, on March 9th, 2023, Jeffs' Brands and the Sellers entered into a
consulting agreement, pursuant to which the Sellers will provide Jeffs' Brands with consultancy services for a period of three
months, in consideration for a monthly fee of £
2,500
(approximately USD
3
thousand).
7.
On March 16, 2023, the Company signed an amendment to the option sale agreement by and between the Company and Buffalo Investment Ltd. ("Buffalo") dated as of December 7, 2021 (the "Amendment" and the "Buffalo Agreement"), according to which Buffalo and Pure Capital Ltd. shall transfer to the Company shares of Hydreight Technologies Inc., Viewbix Inc., SciSparc Ltd. ("SciSparc"), ClearMind Medicine Inc. and Colugo Systems Ltd., instead of a transfer of 135,000 shares of SciSparc worth USD 817 thousand which was originally agreed under the Buffalo Agreement. The aggregated value of the shares transferred under the Amendment is USD 937 thousand reflecting USD 817 thousand plus compensation worth of  USD 130 thousand.
8.
On March 28, 2023, the company signed a security exchange agreement with Fuel Doctor to sell all its shares in its wholly owned subsidiary, Charging Robotics to Fuel Doctor. As part of the exchange agreement, Fuel Doctor will acquire all of the issued and outstanding shares of Charging Robotics, on a fully diluted basis and as a result Charging Robotics will become a wholly owned subsidiary of Fuel Doctor. In exchange for all of its shares in Charging Robotics, the company received such number of newly issues shares of Fuel Doctor's common stock equal to
60
% of the total number of shares of Fuel Doctor's common stock issued and outstanding as of the closing on a fully diluted basis. Subject to several pre-determined milestones, the company might increase its holding in Fuel Doctor up to
71
%.
9
On April 13, 2022, the Company acquired
19.9
% of Metagramm Software
Ltd. ("Metagramm"), an innovative AI, machine learning (ML) communication and grammar assistant software. In return, The
Company paid Metagramm USD
250
thousand in Company's common shares. In addition, the Company will extend Metagramm a loan in the
amount of USD
250
thousand in three instalments, the first instalment of which will be granted at closing. The loan will be repaid from
Metagramm's existing and future profits and is secured by the shares of all other current Metagramm shareholders.
10
During February and March 2023, Cortex distributed dividends in an aggregated amount of approximately USD
1,039
thousand (approximately NIS
3.03
million) to non-controlling interest. In addition, Gix Media distributed a dividend in an aggregated amount of approximately USD
130
thousand (approximately NIS
432
thousand).
F-107