Elron Ventures : Financial Statements as of December 31, 2022

Elron Ventures Ltd.

(formerly Elron Electronic

Industries Ltd.)

English Translation of the Periodic

Report for 2022

1

Elron Ventures Ltd.

Table of Contents:

Part I - Description of Corporation's Business

Part II - Board of Directors Report on Corporation's State of Affairs

Part III - Financial Statements

Part IV - Additional Details on the Corporation and the Corporate Governance Questionnaire

Part V - Report on the Effectiveness of the Internal Control over Financial Reporting and Disclosure

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Elron Ventures Ltd.

(formerly Elron Electronic

Industries Ltd.)

Periodic Report for 2022

Part I

English Translation of Description of Corporation's

Business

1

Part I - Description of Corporation's Business - Table of

Contents

1.	Introduction	4
Chapter I: Overview of Elron's Operations
2.	Description of Elron's Operations and Description of the	8
	Evolution of Its Business
3.	Field of Activity	27
4.	Investments in Elron's Capital and Transactions in Its	27
	Shares
5.	Dividend Distributions	28
6.	Financial Information on Elron's Field of Activity	29
7.	General Landscape and Impact of External Factors on	29
	Elron's Operations
8.	Critical Success Factors in the Field of Activity	35
9.	Main Entry Barriers in the Field of Activity	37
10. Competition Structure in the Field of Activity	38
11. Research and Development	39
12. A Medical Device - The Process from Idea to	39
	Commercialization
13. Intangible Assets	40
14. Human Capital	42
15. Investments	43
16. Financing	43
17. Taxation	44
18. Restrictions and Regulation on Elron's Operations	45
19. Material Agreements and Collaboration Agreements	50
20. Business Objectives and Strategy	57
21. Discussion of Risk Factors	59
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Chapter II: Description of Group Companies
22. Introduction	80
23. RDC	80
24. CartiHeal	81
25. The Group Companies	92

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