Israel Canada (T.R) Ltd.

Investor Presentation • Apr 29, 2025

It should be emphasized that the data provided for the projects detailed in this presentation (slides 3-7, 10-23, 25, 27-32, 35-36, 41-55) including the Company's estimates in relation to the expected revenue figures, unrecognized gross profit, expected management fees, proceeds from sales, marketing commissions, project simulations and estimated start and end dates of the projects, estimate of construction costs, expected rents, expected loan balance, representative FFO, projected cash withdrawal dates, as well as all the assumptions included in this presentation in connection with the Company's intention regarding the relevant projects, including the assumptions contained in the slides which include the consolidated data in relation to a certain sector, are forward-looking information, as defined in the Securities Law, 5728-1968, the realization of which is not certain and is not under the control of the Company and/or corporations under its control only, and is based, inter alia, on the experience of the Company and its partnersin the said projects and the business plans of the companies holding the aforementioned projects, including the realization of the Group'sinventory at the prices predicted by it.

These parameterslargely depend on external factors,such as obtaining the necessary permitsfor carrying out the projects, including zoning changesfor the Company'slands(both obtaining them and obtaining them within the timeline projected by the Company and its project partners), meeting the requirements of various authorities and the issuance of relevant permits by them; cooperation among the partners, decisions made by them during the project establishment phase, and the provision of the required equity by them (including by the Company) according to the agreements signed; the partners' compliance with the terms of the financing agreements signed in connection with the relevant projects (including the provision of equity) and the non-occurrence of the events of default set forth therein; entering into financing agreements for projects whose execution has not yet commenced; entering into agreements with contractors and other suppliers for the execution of projects whose execution has not yet commenced, and at the costs projected by the Company based on current market conditions; regulation that may apply to organizers of purchasing groups and/or changes and/or tightening of regulation in the various fields of the Company's operations; the actual construction and financing costs at the time they arise (which may differ from the costs projected by the Company, including material changes); maintaining the current sales price levels prevailing in the real estate market (which may change, including materially, inter alia due to developments in the economic environment in which the Company operates, including the Swords of Iron War, and due to frequent changes in tax regulation); and the decisions of the authorities regarding the approval of land zoning plans; entering into lease agreements with third parties in the Company's income-generating real estate and maintaining the current price levels as of this date – and there is no certainty that this will indeed be the case in practice. These factors may significantly alter the Company's assessments outlined above.

In the Company's estimation, as of this date, the main factors that may cause the forward-looking information to not materialize is that there will be no zoning changes in the Company's lands in accordance with the intentions of the Company and its partners; the construction of the projects will not be possible or will be delayed for various reasons such asfailure to meet the requirements of the authorities for obtaining the permits and/or failure to obtain appropriate permits for the projects or obtaining them at a later date than that predicted by the Company; failure of the partners to comply with the financing agreements signed in connection with the relevant projects (including equity raising) or occurrence of any of the defaults set forth therein that will lead, if at all, to a request for immediate repayment of loans; failure of the Company to engage in financing agreements in the relevant projects; the contractor or other suppliers involved in the projects encountering economic difficulties; one of the investors and/or partners of the Company in the relevant projects encountering economic difficulties that prevent them from continuing to finance their share in the projects; deviation from the expected project scope which may result from increases in construction costs, taxes and/or levies imposed on land acquisition and development, and similar; adverse economic environment including consequences of the Swords of Iron War, which will adversely affect the price environment in which the Company operates thereby leading to a reduction in the anticipated sales volume by the Company as well as a reduction in the gross profit as stated by the Company above, failure to engage in lease agreements in relevant projects and/or a decrease in office and/or commercial rental rates which may affect the Company'sforecasts. Thus, there is no certainty that the above information will materialize, and it may even be significantly differentfrom the above.

Itshould be noted thatslide 36 includes new information published by the Company in this presentation for the first time.

It should be emphasized that the information mentioned in the presentation below may not materialize, in whole or in part, or materialize in a materially different way than that predicted by the Company, both in relation to the Company'sforecasts regarding the macro factors and in relation to the rest of the data stated therein.

The purpose of this presentation is to present Israel Canada (T.R.) Ltd. (hereinafter: the "Company"), its activities, and financial results. It does not constitute an offer to purchase or sell the Company's securities or an invitation to receive such offers and isintended for the provision of information only.

The information presented in the presentation is for purposes of convenience only and does not constitute a basis for making investment decisions, does not replace the collection and analysis of independent information, does not constitute a recommendation or opinion, and does not constitute a substitute for the independent judgment of each investor. This presentation and the information contained therein are not intended to replace the need to review the reports published by the Company to the public, including the Company's periodic report for 2024 (published on March 25, 2025) and the Company's quarterly reports.

In any case of a conflict or inconsistency between the information presented in this presentation in a concise and general manner and detailed information that appears in the Company's periodic reports and/or interim reports, the provisions of the aforesaid reports will prevail.

Legal Clarification

Forward-looking Information

AA

BETTER & DIFFERENT

Chairman of the Board Asaf Touchmair

CEO of the Company

Barak Rosen The equity including non-controlling interest as of September 30, 2024 is approx. NIS 3.3 billion*

The estimated unrecognized gross profit is approx. NIS 8 billion (refer to tables on pp. 49-54, 41-43 of this presentation)

The expected surplus balance at the end of the project, from the main projects in Israel, is estimated at approx. NIS 6 billion (refer to tables on pp. 49- 54, 41-43 of this presentation)

The Company is valued at approx. NIS 4 billion. The Company's stock is included in the TA 125 Index

Approx. 20 years of activity in the real estate sector

As of the presentation date, the Company and its subsidiaries are involved in the execution and active planning of over 19,000

apartments

(including apartments that are subject to changes in city building plans and signatures of the owners of the apartments in demolition and reconstruction projects)**

The projected NOI (Company's share) after completion of the construction of the incomegenerating properties is expected to reach approx. NIS 450 million (refer to tables on pp. 44–48 of this presentation).

iIA - Rating Positive outlook, Maalot

T H E G R O U P

Construction and Development of Projects

Land and Improvement

ICR Residential and Urban Renewal

Hotels

Vertical City

Income-generating Properties

March 24

Obtained an excavation and backfilling permit and began construction work on the Rainbow Project, Sde Dov

The Local Committee recommended depositing the terms of a rights empowerment plan for the Cities Junction Tower Project, Ramat Gan

July 24

The Local Committee recommended a conditional deposit of a rights empowerment plan for the Vertical City Project, Ramat Gan

February 24

Received the District Committee's minutes on approving a plan for the Four&Five Project, Ramat Hasharon

Planning and Marketing

Progress of Projects from Start of 2024

January 25 Obtaied a building permit for the Bavli Project

February 25 Obtained a full building permit for the residential towers in the Midtown Jerusalem Project

SHE

Looking ahead...

A Look at 2025 - Major Expected Events

Obtaining a full permit for the Rainbow Project, Sde Dov

Beginning main contractor work on the Rainbow Project

Beginning marketing for the SHE and Beit Hanaara Projects

7 |

Midtown Jerusalem

Assets

44%

Development and construction projects

Total assets on the balance sheet are approx. NIS 11 billion

Israel-Canada's Environment, Social and Corporate Governance Activities

Housing units in planning, construction and marketing**

NIS billion expected revenue balance (Company 's share)

Approx. 26

billion NIS expected surplus balance upon completion of projects after tax (Company 's share)

5

billion NIS unrecognized gross profit balance (Company's share)

Approx. 6

OUR PROJECTS

Construction and development of projects in Israel*

Ahad Ha'am Bavli 4-6 Dubnov 156-160 Herzl

Midtown Jerusalem

Jerusalem

Rainbow Beit Hanaara SHE Sde Dov Hod Hasharon

Herzl, corner of Yehuda Halevi, Tel Aviv

Tel Aviv Tel Aviv Tel Aviv Tel Aviv

Vertical City Tel Aviv

Projects Construction and Development of Projects in Israel

Lot 306

Sde Dov

13 |

According to City Master Plan/3001 , a lot with an area of approx . 8 . 6 dunam, designated for the construction of 480 residential units and approx . 1 ,600 sq . m of commercial spaces .

Project deails

As of December 31 , 2024 , 220 apartments were sold, for total consideration of approx . NIS 1 ,917 million* .

Marketing

Company 's share 100 %	Price of the land 1.3 NIS Approx. billions
Expected revenue (100% expected)	Unrecognized gross profit (Company 's share)
3.3 NIS Approx. billions	770 NIS Approx. millions

The construction of a prestigious project on the land has begun, which will include a 39 story tower, alongside 6 buildings of textured construction, commercial areas, green areas, swimming pools and recreation areas . In March 2024 , an excavation and foundation permit was issued and the Company began executing the work . A full construction permit application was filed . In October 2024 , a project financing agreement was signed .

Status

Co n s t r u c t i o n a n d de v e l o pme nt o f p r o j e c t s i n I s r a e l

Project details*

14 |

Lot 306 Sde Dov Complex

The purchase of the lot significantly expands the "Rainbow Resort " , amplifies the entire project, creates planning, execution, and operational synergy between the lots, and completes the project - making it a bustling multi -use urban block, while maintaining maximum control of the entire complex . The project is in the stages of planning and design plan preparation . Poject architect - Moshe Zur .

18,150	Square	4.5	dunam
Offfice space	meter	Land area
2,500	Square	5,400	Square
Commercial space	meter	Logistic space	meter

Rationale and acquisition strategy

Co n s t r u c t i o n a n d d e v e l o p me n t o f p r o j e c t s i n I s r a e l

The "Shaarei Tzedek " complex in Jerusalem, spanning approx . 17 dunams, is designated for the development of a mixed -use project comprising approx . 895 residential units across four towers, including approx . 200 long -term rental units in two 40 -story residential towers . The project will also include commercial, office, and hotel spaces with a total gross area of approx . 75 ,000 sq . m, as well as approx . 12 ,000 sq . m of public buildings, utilizing the full building rights under the zoning plan .

Project details

Excavation and shoring work is in the final stages . In February 2025 , a full building permit was issued for the residential towers . An agreement was signed with Tidhar as the execution contractor .

Status

As of December 31 , 2024 , 214 apartments were sold for a total consideration of approx . NIS 868 million* and 3 ,171 sq . m of office space for approx . NIS 91 million* .

Marketing

15 |

Company 's share

73 % Approx. 760 NIS millions

Expected revenue (100% expected)

Approx. 5.4 NIS billions

Co n s t r u c t i o n a n d d e v e l o p me n t o f pr o j e c t s i n I s r a e l

Image for illustrative purposes only

Unrecognized gross profit (Company 's share)

A 40-story tower with a total area of approx. 38,000 sq. m, including: 102 apartments covering approx. 10,000 sq. m, office and commercial spaces covering approx. 25,000 sq. m, and public buildings covering approx. 3,000 sq. m (in accordance with the existing zoning plan)

Project details

16 |

A permit for excavation and shoring was issued, and on March 20, 2025, an agreement was signed with an excavation and shoring contractor. The full permit is expected to be issued during 2025.

Status

Purchase cost (100%)

Winning the tender from June 2017 at a value of

Transaction in December 2020 according to the value of

NIS millions

	Company's share
81%

Co n s t r u c t i o n a n d d e v e l o p me n t o f p r o j e c t s i n I s r a e l

Expected revenue (100% expected)

Approx. 600 NIS millions profit (Company's share)

Unrecognized ross

17 |

In May 2024, the Company won an Israel Land Authority (ILA) tender for the purchase of land located at 4–6 Dubnov Street in Tel Aviv, with a total area of approx. 2.4 dunams. The land is designated for the construction of a tower of up to 45 stories, comprising 133 residential units**, approx. 17,500 sq. m of commercial and office space (gross aboveground) and approx. 1,500 sq. m (net) of public spaces. In August 2024, the Company and its partner completed the acquisition of the rights.

Project details

The Company began detailed planning of the project and is advancing the design plan of the complex.

Status

4-6 Dubnov Complex, Tel Aviv

Company's share 80%	Purchase price 443 NIS Approx. millions
Expected revenue	Unreocgized gross profit
(100% expected)	(Company's share)
1.7	495
NIS	Approx.
Approx.	NIS
billions	millions

Co ns t r uc t i o n a nd d e v e l o p me n t o f p r o j e c t s i n I s r a e l

Image for illustrative purposes only

In February 2021 , the Company, together with BSR, entered into an agreement to purchase 100 % of the shares of Urban Bavli Tel Aviv, which owns approx . 83 % of the urban renewal project in the Bavli neighborhood of Tel Aviv, for the construction of 299 apartments in nine 9 -story residential buildings, including aboveground construction areas of approx . 37 ,200 sq . m and approx . 14 ,500 sq . m underground construction areas . The share of Israel Canada and BSR in apartments for marketing is approx . 134 apartments .

Project details

18 |

On January 6 , 2025 , a building permit was issued and an agreement was signed with a contractor to execute the project .

Status

Expected revenue (100% expected)

Approx. 805 NIS

millions

Company 's share

50

As of December 31 , 2024 , 4 apartments were sold, for total consideration of approx . NIS 21 million* .

Marketing

% Approx. 170 NIS millions Unrecognized gross profit (Company 's share)

Co ns t r uc t i o n a nd d e v e l o p me n t o f p r o j e c t s i n I s r a e l

Image for illustrative purposes only

19 |

Land including seven lots in the Beit Hanaara Complex in Hod Hasharon, with a total area of approx . 39 dunam . The land is located in the Kfar Hadar neighborhood in the western part of Hod Hasharon, in the complex known as Beit Hanaara .

Project details

The land has a zoning plan that allows for the construction of 530 apartments . At the District Committee meeting in June 2024 , it was decided to approve an increase in the density to add 130 additional units, without increasing the area .

Expected revenue (100% expected) 2.9 NIS Approx. billions	Price of the land 664 NIS Approx. millions
Company 's share 50 %	Unredognized gross profit (Company 's share) 430 NIS Approx. millions

Status

Co n s t r u c t i o n a n d d e v e l o p me n t o f pr o j e c t s i n I s r a e l

Co ns t r uc t i o n a nd d e v e l o p me n t o f p r o j e c t s i n I s r a e l

The Company, together with Check Point, submitted a bid in a tender for the purchase of capitalized leasehold rights in the land known as the Israel Electric Corporation ' s Technical Center, located on Kremenetski Street in Tel Aviv, with an area of approx . 13 . 5 dunams . The land plot allows for the construction of 302 residential units, approx . 2 ,000 sq . m of commercial space to be attached to the residential buildings, as well as approx . 60 ,000 sq . m of office space, including commercial areas on the ground floor . Pursuant to the agreements between the Company and Check Point, the residential rights will be owned by the Company, while the office rights will be owned by Check Point .

Project details

The Company has begun detailed planning of the project.*

Status

Image for illustrative purposes only

Kremenetski Tel Aviv

thousand sq.m of residential, commercial, office space

million NIS expected NOI in an annual calculation, assuming full occupancy (100%)

million NIS expected NOI in an annual calculation, assuming full occupancy (Company 's share)

Average occupancy rates in properties available for rent

Approx. 540

Income -generating Real Estate

OUR PROJECTS

21 |

Vertical

Image for illustrative purposes only

parking spaces

Projects Income-generating Real Estate

Microsoft Vertical City Da Vinci Ramat Gan Herzliya Ramat Gan

SHE Midtown Midtown Tel Aviv

Beit Israel Canada

Image for illustrative purposes only

Tel Aviv

Lot 306 Sde Dov Tel Aviv Jerusalem

23 |

The "Stock Exchange Triangle " complex in Ramat Gan spans approx . 11 dunams and is designated for the development of a project comprising office, residential, and commercial towers . It includes : 400 high -density residential units for long -term rental, 350 student dormitory units, public buildings and institutions, and low -rise construction for office and commercial use .

Project details

NOI (100%) Price of the land Approx. 207 NIS millions

Company

's share Marketing

An existing zoning plan allows for 176 ,000 sq . m of construction, of which 75 ,000 sq . m are designated for sale . On December 1 , 2024 , an excavation and shoring permit was received . The Local Committee recommended producing a plan to increase the building rights in the project to approx . 350 ,000 sq . m (floor area ratio (FAR) of 30 ) . During February 2025 , an agreement was signed with an excavation and shoring contractor .

Status

Approx. 936 NIS millions

55.9 %

Clal 24.5%, BSR 19.6 %

Income generating Real Estate

As of December 31 , 2024 , approx . 25 thousand sq . m of office space was sold for approx . NIS 796 million* .

Project details

81%

Company's share

Occupancy rate in commercial space

Income generating Real Esate

OUR LANDS

Real Estate in Israel

billion NIS revenue balance (100% expected)

billion NIS Unregocnized gsross profit balance (Company 's share)

Approx. 1.7

billion NIS expected surplus balance upon completion of projects after tax (Company 's share)

Approx. 1.5

Projects

Real Estate in Israel

Lapid Tel Aviv

Northern Quarter Herzliya

Vally Netanya

Four&Five Ramat Hasharon

Uptown Pi Glilot

Shvil Hatapuzim Hod Hasharon

Hod Hasharon West Hod Hasharon

27 |

The Company owns land with an area of 7 ,557 sq . m in the Lapid Complex on Eilat Street in Tel Aviv .

Project details

In April 2021 , the Tel Aviv Local Committee recommended to the District Committee the deposit of a plan that includes 123 ,000 sq . m . The Project Company ' s share in the above rights amounts to approx . 33 ,000 sq . m, divided into 55 % residential and 45 % hotels (approx . 18 ,000 sq . m for residential and approx . 15 ,000 sq . m for hotels) .

Status

Lapid Complex, Eilat Street, Tel Aviv

Real Estate in Israel

Image for illustrative purposes only

Land with an area of approx . 62 dunams, known as the Elco Complex and located in the eastern part of Ramat Hasharon, was purchased in March 2015 .

Project details

The Company worked with the District Committee to change the zoning of the land to residential, office and commercial use .

On February 29 , 2024 , the District Committee decided to approve the plan . The plan includes 600 apartments (of which 120 are apartments for rent ) and approx . 150 ,000 sq . m of office and commercial space . The Ramat Hasharon Municipality filed an appeal and a hearing on the matter was held in July 2024 . The Company is awaiting a decision on the appeal .

Price of the land 169 NIS Approx. millions	Marketing As of December 31 , 2024 , 584 residential units and approx 56 ,000 sq, m of office space* were sold
Total unrecognized gross profit (Company 's share) 425 NIS Approx. million	Company 's share 81 % Partners' share is 19 %

Status

Real Estate in Israel

29 |

Purchase of land with an area of approx . 25 dunams in Plot 18 , Block 6663 , in Herzliya .

Project details

The land is zoned for agricultural use within the scope of the 3006 National Development Plan . In January 2025 , the Company began marketing the land .

Status

Approx. 146 NIS million Cost of land

Real Estate Herzliya in Israel

Northern Quarter

Image for illustrative purposes only

Projects ICR

Eve Neve Gan, Ramat Hasharon

Jasmin Ocean Park Idmit, Givatayim Amnon Lipkin Shahak, Netanya

Sokolov, Bat Yam Histadrut, Givatayim Hamesila, Herzliya Hantaka, Jerusalem

Serenity Tel Hashomer, Ramat Gan

Hagefen North Park Bar-Kochva Street, Herzliya Neve Gan, Ramat Hasharon

I C R N U M B E R S

In planning and signing resident stages

In advanced licensing/ planning processes

Approx. 2,900 Approx. 9,900 Approx. 2,700

I C R Properties

OUR HOTELS Hotels

Hotels

West Play Levontin

Galei Kinneret Tiberias

Isla Brown CORINTHIA

Lakhouse Tiberias Tel Aviv Tel Aviv

Brown Beach

Evia Island

HOTELS

OUR DATA

Consolidated Data

37 |

Midtown Tel Aviv

Consolidated Balance Sheet

Assets (in NIS thousands)

		December 31, 2024	December 31, 2023
	Cash and cash equivalents	410,276	200,389
	Cash and deposits used in financing accounts	566,068	-
Current	Financial assets at fair value through profit and loss	129,481	94,889
assets	Real estate inventory	320,758	(*)312,472
	Inventory of buildings under planning and construction	2,625,023	(*)2,299,964
	Current other assets	240,405	202,537
		4,292,011	3,110,251
	Investments and loans in investee companies	1,305,859	1,132,153
Non-current	Real estate for investment	2,893,000	2,580,068
assets	Long-term real estate inventory	1,145,810	745,280
	Other non-current assets	1,319,620	1,013,707
		6,664,289	5,471,208
Total assets		10,956,300	8,581,459

Consolidated Balance Sheet

Liabilities and Equity (NIS thousands)

		December 31, 2024	December 31, 2023
	Short term credit from bank corporations and current maturities of long-term loans	2,866,946	2,830,418
	Current maturities of bonds	269,101	88,262
Current liabilities	Advances for the sale of real estate inventory and building inventory under planning and construction	421,240	41,480
	Loans from others	2,502	2,841
	Other current liabilities	242,524	122,187
		3,802,313	3,085,188
	Loans from others	10,175	26,934
	Loans from bank corporations	2,001,362	1,119,006
Long-term liabilities	Bonds	1,055,667	787,948
	Other long-term liabilities	624,395	506,625
		3,691,599	2,440,513
Equity		2,485,995	2,229,150
Non-controlling interest		976,393	826,608
Total equity		3,462,388	3,055,758
Total liabilities and equity		10,956,300	8,581,459

Consolidated Profit and Loss

In NIS thousands

Net financial debt to CAP ratio

Ratio between the equity (including noncontrolling interest) and consolidated balance sheet

Ratio between the equity (excluding noncontrolling interest) and total consolidated balance sheet

Call of Cattle of Cattle of Cattle.
(

Main financial ratios as of December 31, 2024

	For year ended on December 31, 2024	For year ended on December 31, 2023	For year ended on December 31, 2022
Total revenue	774,236	710,754	1,920,617
Operating profit	260,252	178,162	778,426
Net financing income (expenses)	(42,255)	(201,935)	(357,440)
Profit (loss) after financing	217,997	(23,773)	420,986
Net profit (loss)	231,678	(26,193)	349,672

Consolidated Estimate of Data for Main Projects in Israel

	(3) Project name	Company's share in the project	Status	Marketing scope as of December 31, 2024	Marketing scope as of publication of the latest financial statements	Estimated date for cash withdrawal from the project	Balance of inventory in books as of December 31, 2024 in NIS thousands	Expected income balance (100%) as of December 31, 2024 in NIS thousands	Expected income balance (Company's share) as of December 31, 2024 in NIS thousands	Unrecognized gross profit balance (1) (Company's share) (2) in NIS thousands	Expected gross profit rate	Balance of surplus expected at the completion of the project after tax (Company's share) in NIS thousands
1	13 Ahad Ha'am Street,	95%	Under construction	91%	93%	By 2025	23,900	42,373	40,254	16,354	41%	36,585
2	SHE, Tel Aviv (6)	81%	City Building Plan in force	-	1%	By 2030	446,363	2,052,168	1,662,256	600,855	36%	428,989
3	Midtown Jerusalem(7)	73%	City Building Plan in force	31%	31%	By 2030	715,881	5,443,464	3,973,729	761,094	19%	527,912
4	Beit Hanaara Complex, Hod Hasharon (8)	50%	City Building Plan in force	-	-	TBD	424,746	2,944,734	1,472,367	430,276	29%	234,042
5	Rainbow, Tel Aviv (9)	100%	City Building Plan in force	46%	47%	By 2030	1,559,287	3,321,874	3,321,874	767,186	23%	941,193
6	Vertical City, Ramat Gan (11) (3)	56%	City Building Plan in force	33%	33%	By 2031	364,431	2,093,224	1,170,112	325,628	28%	363,733
7	Dubnov, Tel Aviv (12)	80%	City Building Plan in force	-	-	TBD	378,333	1,693,304	1,354,643	495,403	37%	342,086
8	Lev Bavli, Tel Aviv	50%	City Building Plan in force	3%	3%	By 2030	73,279	805,069	402,534	87,146	22%	59,171
				Total			3,986,220	18,396,210	13,397,769	3,483,942		2,933,711

1	Turquoise (15)	100%	In planning	91%	91%	TBD	16,583	21,060	21,060	4,477	21%	20,079
	Total					16,583	21,060	21,060	4,477		20,079

1	Blue Beach Herzliya	0%	In planning	100%	100%	On the plan approval date	177	14,000	14,000	14,000	100%	10,812
				Total		177	14,000	14,000	14,000		10,812

Construction and Development of Projects in Israel (Table 1)

Purchase Groups (Table 2)

Management Fees (Table 3)

42 |

Consolidated Estimate of Data for Main Projects in Israel

	(3) Project name	Company's share in the project	Status	Marketing scope as of December 31, 2024	Marketing scope as of publication of the latest financial statements	Estimated date for cash withdrawal from the project(2)	Balance of inventory in books as of December 31, 2024 in NIS thousands	Expected income balance (100%) as of December 31, 2024 in NIS thousands	Expected income balance (Company's share) as of December 31, 2024 in NIS thousands	Unrecognized gross profit balance (Company's (1) (2) share) in NIS thousands	Expected gross profit rate	Balance of surplus expected at the completion of the project after tax (Company's share) in NIS thousands
1	Lapid Complex, Tel Aviv (5)	60%	In planning	-	-	TBD	183,690	2,509,832	1,505,899 665,666		44%	438,439
	Residential rights New Ramat Hasharon	81%	In planning/rezoning	98%	98%	TBD			423,584
2	Office rights New Ramat Hasharon (5)	81%	In planning/rezoning	34%	36%	TBD	6,480	522,944		423,584	100%	322,118
3	Tzamarot, Hod Hasharon Shvil Hatapuzim (15)	80%	In planning/rezoning	96%	96%	On the plan approval date	3,642	14,091	11,273		68%	9,518
4	Hatzuk Hazfoni (15)	100%	In planning	-	-	TBD	63,509	140,800	140,800	80,494	57%	122,610
5	Glilot Complex and Uptown shares	64%	In planning	61%	61%	TBD	56,236	242,924	155,471	99,235 64%		133,005
6	Hod Hasharon West	100%	In planning	92%	93%	TBD	2,128	8,352	8,352	6,117	73%	6,964
7	Sunset North Tel Aviv (15)	100%	In planning	44%	44%	TBD	72,971	118,800	118,800	45,828	39%	109,415
8	Israel Canada Business Village Netanya	60%	In planning	37%	37%	TBD	54,925	256,275	153,765	98,840	64%	131,385
9	Beit Mars, Tel Aviv (3) (10)	TBD 38% - - In planning			309,974	2,310,453	877,972	239,173	27%	204,137
			Total				753,555	6,124,471	3,395,916	1,666,568		1,477,591
			Total tables 1-4			4,756,535	24,555,741	16,828,745	5,168,987		4,442,193

Investment in Land (Table 4)

Consolidated Estimate of Data for Main Projects in Israel Footnotes

• 1. Assuming full realization of the inventory at prices corresponding to actual sales. Insofar asthere are no actual sales, the Company relies on market prices orsubscriptions.
• 1. Gross profit is calculated in accordance with generally accepted accounting principles and includes financing expenses until a building permit isreceived, but does not include marketing and advertising expenses.
• 1. Beit Mars and Vertical City are projects presented in the Company's Financial Statements under the Investment in Affiliated Companies section.
• 1. Ramat Hasharon: For details refer to Section 6.3.3.2 of Chapter A of the Corporation's Business Discription Report published on March 25, 2025.
• 1. Lapid, Tel Aviv: The above table includes all the expected rights of the project. For the purpose of calculating the gross profit, a residential sales price of approx. NIS 115 thousand per sq.m was used. The interest rate was updated according to the prime interest rate known at the time of publication of the reports.
• 1. Yehuda Halevy, SHE Project, Leumi Building, Tel Aviv: The above table includes all the expected rights of the project. For the purpose of calculating the gross profit, the sales prices are identical to the estimates detailed in the periodic report dated December 31, 2024, published on March 25, 2025. The interest rate was updated according to the prime interest rate known at the time of publication of the reports. It should be noted that the office and trading rights are presented in the Investment Real Estate section of the Company's Financial Statements.
• 1. Midtown Jerusalem: The above table includes all the expected rights of the project. The sales prices of the residential rights are based on the actual sales prices. The remaining prices of the other rights are identical to the estimates in the periodic report dated December 31, 2024, published on March 25, 2025. The interest rate was updated according to the prime interest rate known at the time of publication of the reports. It should be noted that the residential rental space rights, and some of the office and commrcial space rights are presented in the Investment Real Estate section of the Company's Financial Statements.
• 1. Beit Hanaara, Hod Hasharon: For the purpose of calculating the gross profit, a residential sales price of approx. NIS 42 thousand per sq.m was used. The interest rate was updated according to the prime interest rate known at the time of publication of the reports.
• 1. Rainbow, Tel Aviv: The above table includes all the expected rights of the project. For the purpose of calculating the gross profit, sales prices were used that are identical to the estimates in the periodic report dated December 31, 2024, published on March 25, 2025.
• 1. Beit Mars, Tel Aviv: The above table includes the expected rights in the project according to FAR 5. The plan is under the authority of the Local Committee.
• 1. Vertical City, Ramat Gan: The data in the table above includes rights to 75,000 sq.m of office space that the Project Company decided to sell as offices.
• 1. Dubnov, Tel Aviv: The table above includes the projected data of the project. The transaction was completed at the end of August 2024. For the purpose of calculating the gross profit, a residential sales price of NIS 90,000 per sq. m was used. Itshould be noted that the office and commercial space rights are presented under the Company's Investment Property section.
• 1. Regarding ICR's main projects, refer to the following tables.
• 1. The table does not include the land in the Northern Quarter Herzliya, Kremenetski Tel Aviv, and Emek Bracha Tel Aviv.
• 1. The data presented does not include the expected future management fees for the projects.

Consolidated Real Estate for Investment

	(1) Project name			Company's share (indirectly)	Description	Balance in books as of December 31, 2024 in NIS thousands(3)	Total office/commercial spaces to be constructed	Expected NOI in an annual calculation (assuming full occupancy) (100%) in NIS thousands (4)	Expected NOI in		Debt for the asset (NIS thousands)			Occupancy rate / rate of property areas for which binding leases were signed as of December 31, 2024
		Location	Asset purchase date						an annual calculation (assuming full occupancy) (the effective Company's share) in NIS thousands	Debt balance as of December 31, (3) 2024	Annual interest rate on the debt	Final repayment date of the debt	LTV as of December 31, 2024
1	Midtown Tel Aviv (commercial and parking) (5) (11)	Tel Aviv	2011	81%	Commercial spaces in the Midtown project (built by the Company and partners)	509,641	Approx. 16,000 sq.m and parking including approx. 702 parking spaces	30,566	24,759	344,561	Approx. 73% of the loan amount: Index + 4.09% Approx. 27% of the loan amount: Index + 3.8%	March 14, 2030	68%	100%
2	Sea Tower (Microsoft)	Herzliya	2016	24.13%	An office and commercial structure in Herzliya Pituach that was built by the Company and partners, and is fully leased to Microsoft	1,300,290	Approx. 44,000 sq.m office space, approx. 3,000 sq.m commercial space and land with construction rights of approx. 7,000 sq.m for commercial and office space	65,923	15,954	826,613	Approx. 90% of the loan amount: Index + 1.29% Approx. 10%: Bank of Israel interest + 1.75	September 10, 2035	64%	100%
3	Two office floors in the Midtown Project of Tel Aviv	Tel Aviv	2011	100%	Two office floors in a project built by the Company	83,600	Approx. 3,100 sq.m and 44 parking spaces	4,171	4,171	37,605	3.3% shekel	March 26, 2026	45%	100%
4	Beit Israel Canada (formerly: Beit America) (2)	Tel Aviv	2019	36%	A 13-story building above the ground floor for offices and commercial space	221,552	7,800 offices and approx. 600 sq.m commercial space	10,972	3,950	112,267	Prime + 1%- 1.5%	September 1, 2029	51%	96%
5	Office floor in the Elifelet Project	Tel Aviv	2010	100%	Office floor in a project built by the Company	28,550	1,675 sq. m and 10 parking spaces	1,942	1,942	15,373	Index-linked + 2.55% - 0.94%	June 26, 2025	54%	100%

Properties Actually Rented and/or Available for Rent (Table 1)

Consolidated Real Estate for Investment

		Location		Company's share (indirectly)	Description	Balance in books as of December 31, 2024 in NIS thousands(3)	Total office/commercial spaces to be constructed	Expected NOI in an annual calculation (assuming full occupancy) (100%) in NIS thousands (4)	Expected NOI in an annual calculation (assuming full occupancy) (the effective Company's share) in NIS thousands		Debt for the asset (NIS thousands)			Occupancy rate
	(1) Project name		Asset purchase date							Debt balance as of December (3) 31, 2024	Annual interest rate on the debt	Final repayment date of the debt	LTV as of December 31, 2024	/ rate of property areas for which binding leases were signed as of December 31, 2024
6	Office floors in the Haholshim Project (12)	Herzliya	Various dates	59%	Office floor in a project built by the Company	85,327	4,950 sq.m and approx. 89 parking spaces	5,408	3,198	50,570	Approx. 65% of the loan amount: Prime + 1.1%, Approx. 35% of the loan amount: Index-linked 3.6%	Approx. 65% of the loan amount: December 29, 2035, approx. 35% of the loan amount: July 15, 2026	59%	100%
7	LIVE TLV	Tel Aviv	2010	100%	Commercial spaces in a project built by the Company	3,189	125 sq.m. commercial space	240	240	---	---	---	---	100%
8	Office, commercial, and parking spaces in the Da Vinci Project (2)	Tel Aviv	2016	50%	A residential and commercial project built by the Company and partners by way of a purchase group	448,646	Approx. 9,000 sq.m office space, approx. 1,200 sq.m commercial space, and approx. 270 parking spaces	32,903	16,452	283,533	Index linked+3.73%	August 6, 2027	63%	100%
9	Office space in the Da Vinci Project (6)	Tel Aviv	Various dates	100%	A residential and commercial project built by the Company and partners by way of a purchase group	75,170	Approx. 2,340 sq.m	5,526	5,526	41,072	Index-linked - 4.22%	July 5, 2026	55%	69%
10	Ahad Ha'am Street, Tel Aviv Commercial Space		2015	95%	A residential and commercial project built by the Company	9,523	277 sq.m. commercial space	810	770	---	---	---	---	80%
	Total					2,765,488		158,461	76,962	1,711,594

Properties Actually Rented and/or Available for Rent (Table 1) (cont.)

46 |

Consolidated Real Estate for Investment

Properties Under Construction (Table 2)

					Description	Balance in books as of December 31, 2024 in NIS thousands(3)	Estimated costs to complete the project (100%) in NIS thousands		Estimated conclusion date of the construction	Expected NOI in an annual calculation (assuming full occupancy) (100%) in NIS thousands (4)	Expected NOI in an annual calculation (assuming full occupancy) (the effective Company's share) in NIS thousands	Debt for the asset (NIS thousands)				Occupancy rate /
	(1) Project name	Location	Asset purchase date	Company's share (indirectly)				Total office/commercial spaces to be constructed				Debt balance as of December 31, (3) 2024	Annual interest rate on the debt	Final repayment date of the debt	LTV as of December 31, 2024	rate of property areas for which binding leases were signed as of December 31, 2024
1	Midtown Jerusalem Project (offices, apartments for rent, hotels and commercial)	Jerusalem	2020	73%	An integrated project for residences, offices, hotels and commercial (excluding the residential rights and approx. 44,600 sq.m office space classified in the Inventory section in the Company's Financial Statements)	370,828	1,082,256	Approx. 21,000 sq.m office space, approx. 13,743 sq.m residential for rent, approx. 4,525 sq.m commercial, approx. 10,810 sq.m hotels and building for preservation of approx. 4,425 sq.m	2030	97,605	71,252	210,667	Prime + +0.84%	March 30, 2025	57%	---
2	Office space in the SHE Project	Tel Aviv	2018+ 2020	81%	Integrated residential, office, and commercial project	160,610	526,964	25,054 sq.m	2030	62,146	50,338	101,476	Prime + 1%	March 31, 2025	63%	---
3	Lot 4006	Herzliya	---	17.7%	Office and commercial project	328,240	115,000	Approx. 23,000 sq.m above ground office and commercial space	Fourth quarter 2025	TBD	TBD	105,850	Prime + 1.25%	October 30, 2026	32%	---
4	Lot 4001	Herzliya	---	17%	There is an approved plan for 26,000 sq.m above ground on the lot, of which 24,000 sq.m are for office space and 2,000 sq.m for commercial space	242,460	---	---	---	TBD	TBD	---	---	---	---	---
	Total					1,102,138	1,724,220			159,751	121,590	417,993

Consolidated Real Estate for Investment

Properties in the Planning Stages (Table 3)

				Company's share (indirectly)	Description	Balance in books as of December 31, 2024 in NIS thousands(3)	Estimated costs to complete the project (100%) in NIS thousands	Total office/commercial spaces to be constructed		Expected NOI in an annual calculation (assuming full occupancy) (100%) in NIS thousands (4)	Expected NOI in an annual		Debt for the asset (NIS thousands)		LTV as of December 31, 2024
	(1) Project name	Location	Asset purchase date						Estimated conclusion date of the construction		calculation (assuming full occupancy) (the effective Company's share) in NIS thousands	Debt balance as of December (3) 31, 2024	Annual interest rate on the debt	Final repayment date of the debt		Occupancy rate / rate of property areas for which binding leases were signed as of December 31, 2024
1	Vertical City Project (2) (7) (10)	Ramat Gan	2021	55.9%	A project intended for the construction of office, residential and commercial towers that includes: 400 apartments for saturated construction for long-term rental purposes, 350 units for student dormitories, public buildings and institutions, and structural construction for office and commercial space	1,018,198	2,051,851	117,429 sq.m	2031	206,923	115,670	482,480	Prime + 0.4%	November 15, 2025	47%	---
2	Beit Israel Canada (formerly: Beit Eurocom) (13)	Ramat Gan	2018 - 2020	43.4%	Office and commercial tower construction project	200,900	1,131,050	Approx. 70,000 sq.m office, hotel and commercial spaces	TBD	105,097	45,649	57,307	Prime + 0.55%	January 30, 2025	29%	---
3	Dubnov	Tel Aviv	2024	80%	Project intended for the construction of office, residential and commercial towers	111,541	233,020	17,500 sq.m commercial and office spaces	TBD	36,348	29,078	83,536	Prime + 0.15%	August 21, 2027	75%	---
4	Lot 306, Sde Dov Complex	Tel Aviv	2024	100%	Project intended for the construction of commercial, logistics, and office space	128,885	349,454	18,150 sq.m office space, 5,400 sq.m logistics space and 2,500 sq.m commercial space	TBD	49,116	49,116	95,114	Prime + 0.3%	October 25, 2026	74%	---
5	Rainbow, Sde Dov Complex	Tel Aviv	2021	100%	A residential project that includes 1,610 sq.m commercial space	43,150	13,749	1,610 sq.m	2030	4,830	4,830	---	---	---	---	---
6	Office and commercial spaces in the Lemed Project (9)	Tel Aviv	Decemb er 2016	90%	6-story office and commercial building	19,000	039,45	3,100 sq.m	TBD	6,022	5,420	---	---	---	---	---
	Total Table 3					1,521,674	3,824,163			408,336	249,763	718,437

Total Tables 1-3 5,389,300 5,548,383 726,548 448,315 2,848,024
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Consolidated Real Estate for Investment Footnotes

• 1. The table does not include the Company's share of land in Kadima Zoran, Emek Bracha and Kfar Shmaryahu (assisted living).
• 1. The projects are included in the Investment in Affiliated Companies section of the Financial Statements.
• 1. The data is 100% inclusive of data from affiliated companies.
• 1. The NOI is calculated assuming full occupancy.
• 1. The table does not include hotel spaces that are leased to a subsidiary and are included in the Fixed Assets section of the Company's Financial Statements.
• 1. The Company (through a wholly owned and controlled subsidiary) purchased office space from third parties at various times.
• 1. The data is presented according to the rights that were known prior to the approval of the Local Committee for the deposit of the City Building Plan, which was received in July 2024, according to FAR 18.
• 1. In mixed-use projects, the areas in the tables do not include residential rights areas.
• 1. On December 19, 2021, the District Committee approved the City Building Plan TA/MK/4802 promoted by the Company which authorizes the construction of a 6-story office and commercial building (including the ground floor) in a project with a total gross area of approx. 8,675 sq. m (aboveground and underground). The Company's share of the total rights is approx. 4,970 sq.m.
• 1. In light of signing the sales contracts in significant scopes and rates (33%), the affiliated company decided that construction rights for offices in a scope of approx. 75,000 sq.m from all of the investment real estate in the project will be reclassified as of October 2023, as long-term real estate inventory in lieu of investment real estate as presented from the purchase date of the land. The data on the table below relates only to the rights classified asinvestment real estate.
• 1. In October 2023, a subsidiary purchased 75 parking spaces (including multipliers) in the project. At this stage, the additional parking spaces have not yet been rented and therefore are not included in the NOI calculation.
• 1. In January 2024, the Company signed an agreement to purchase half an additional office floor in the project under an existing lease agreement. The deal was completed in August 2024.
• 1. The value shown is net of the residential component.

Projects Under Construction/in Marketing (Table 1) (5) (6)

	Project name	ICR's share in the project	Status	Marketing scope as of December 31, 2024	Marketing scope as of publication of the latest financial statements	Estimated date for cash withdrawal from the project	Balance of inventory in books as of December 31, 2024, (ICR's share) in NIS thousands	Remaining expected balance as of December 31, 2024 in NIS thousands	Total expected unrecognized profit balance in NIS thousands	Expected gross profit rate	Expected surplus balance upon project completion after tax in NIS thousands
1	Yam, Bat Yam (7), (8)	100%	In occupancy stages	98%	98%	2025	24,351	38,833	5,496	14%	12,292
2	Jerusalem Blvd. Yafo	100%	In progress	100%	100%	2025	-	20,792	2,606	13%	16,821
3	Hagefen, Bar Kochba Herzliya (Stage A)	100%	In occupancy stages	100%	100%	2025	-	25,500	7,207	28%	36,752
4	Hagefen, Bar Kochba Herzliya (Stage B)	100%	In progress	98%	98%	2025	1,884	52,884	22,665	43%	67,286
5	Ocean Park 1, Netanya	100%	In occupancy stages	100%	100%	2025	-	8,723	2,755	32%	11,540
6	Ocean Park 2, Netanya	100%	In progress	100%	100%	2025	6,625	35,795	10,249	29%	44,297
7	Hamesila, Herzliya	100%	In progress	89%	89%	2025	10,922	51,392	9,842	19%	16,012
8	Histadrut, Givatayim	100%	In progress	68%	69%	2029	63,855	1,009,162	317,078	31%	207,358
9	Tel Hashomer, Ramat Gan	100%	In marketing as of Q1 - 2025	-	-	2029	2,666	124,153	18,750	15%	11,533
10	Idmit, Givatayim	100%	In marketing as of Q1 - 2025	-	-	2029	14,307	356,221	73,296	21%	50,685
11	Hantaka, Jerusalem	100%	In Marketing	%28	33%	2029	67,560	943,615	278,077	29%	214,218
12	North Park, Neve Gan Stage A - Residential, Lots 28-30 (9) (10)	50%	In progress	70%	71%	2028	708,020	1,315,885	219,129		296,476
13	North Park, Neve Gan Stage A - Residential, Lot 27	75%	(except Lot 29)							17%
14	North Park, Neve Gan Stage B (11)(12)	50%	In progress	30%	32%	2028	587,985	1,011,644	146,289	14%	195,898
							1,488,175	4,994,599	1,113,439		1,181,168

Consolidated Estimate of Data for Main Projects - I C R Land Reserves (Table 2)

		ICR's Share		Project construction rights	Estimated date for cash	Book value as of December 31,	Expected income balance (100%)	Total expected unrecognized profit		Balance of surplus expected at the
	Project name	in the project	Current planning status	Requested planning status	withdrawal from the project	2024, ICR's share in NIS thousands	as of December 31, 2024, ICR's share in NIS thousands	balance, ICR's share in NIS thousands	Gross profit rate	completion of the project, after tax in NIS thousands
1	Herbert Samuel, Tel Aviv	33%	Approx. 3,600 sq. m residential and commercial	Approx. 12,000 sq. m residential, commercial and hotels	TBD	81,900	TBD	TBD	TBD	TBD
2	Complex 12, Netanya (13)	100%	Approx. 200 residential units and public spaces	Approx. 200 residential units and public spaces	TBD	96	339,426	62,167	18%	32,263
3	Ha'ari, Netanya (14)	100%		255 residential units and approx. 575 sq. m commercial and office space	TBD	-	412,906	76,488	19%	35,412
4	North Park, Neve Gan Ramat Hasharon (Stage C) (15)	100%		256 apartments and 943 sq. m. commercial space	TBD	682,110	1,282,136	205,837	16%	311,141
				Total		764,106	2,034,468	344,492		378,816

Urban Renewal - Over 67% Signatures (Table 3)

			Project Description		Primary	Rate of		Expected revenue	Expected gross profit of apartments in	Balance of surplus expected at the
	Project name	Apartments in the projects	Apartments for marketing	sq.m commercial for marketing	dependencies to start the project	tenants who agreed and signed	Planning status	(ICR's share) in NIS thousands	inventory (ICR's share) in NIS thousands	completion of the project after tax (ICR's share) in NIS thousands
1	Hatzofim Complex, Lod	310	262	1,450		92%	City Building Plan was approved. The design plan was discussed by the Local Committee and approved. Applications have been submitted for excavation and shoring permits, as well as a full construction permit for half of the complex.	573,652	109,582	60,581
2	Dizengoff Hameyasdim, Netanya	191	129	528			93%	City Building Plan was approved. An information file has been obtained. ICR has applied for an excavation and shoring permit.	424,645	78,926	43,666
3	Gapnov Complex, Ashdod	756	588	4,306		85%	The Local Committee signed the plan documents and they were submitted to the District Committee.	1,370,979	225,909	110,353
4	Rothschild, Bat Yam (**)	560	395	1,650	100% agreement from the	tenants, and														98%	The Local Committee decided to approve the zoning plan for replotting and redistribution of the complex (a plan under local authority jurisdiction). At present, the design plan for the complex is being promoted. A discussion of the design plans is expected to take place in the coming months.	741,390	154,096	99,346
5	Katamonim, Jerusalem.	440	295	800															99%	An excavation and shoring permit was approved by the Local Committee in January 2025. The planning team is working on fulfilling the conditions for obtaining the permit. At the same time, an amended City Building Plan for additional floors and additional residential units (474 instead of 440) without additional rights was approved for submission to the Local Committee and will be submitted for public objections in the near future.	1,096,220	278,067	170,829
6	86 Bar-Kochva Street, Herzliya	74	50	175	approval of new City Building Plan	73%	The City Building Plan is under the authority of the Local Committee which is entrusted with its deposit. The planning team is currently working on completing the conditions for submitting the plan.	170,759	39,282	22,734
7	33-30 Brodetsky Street, Tel Aviv	166	70	-		96%	In October 2023, the design plan was approved. ICR submitted an application for building permits, which was approved by the committee and is now awaiting design review.	413,770	89,538	56,240
8	Gordon, Herzliya	170	114	-		79%	The plan under the authority of the Local Committee was deposited on April 21, 2023 and approved for validity. ICR is currently working on a design and planning plan for a building permit.	349,542	68,996	37,671
9	Kukis, Bat Yam	171	114	2,348		98%	The plan met the threshold conditions in the District Committee, awaiting the plan's inclusion for discussion and submission.	410,880	81,223	44,509
10	Katznelson, Yehud	923	651	450					86%	The City Building Plan was approved and the planning process has commenced for the approval of the complex plan. At the same time, a request was submitted to receive an information file.	1,669,596	250,137	117,023
11	Abba Hillel Rashi, Ramat Gan	200	128	370		88%	The City Building Plan was approved and the planning process has commenced for the approval of the complex design plan. Within this framework, a full planning team has been appointed, and meetings are being held with the Ramat Gan Municipality to coordinate documents.	454,653	82,807	45,212

Urban Renewal - Over 67% Signatures (Table 3) (cont.)

	Project name	Project Description			Primary dependencies to start the project	Rate of tenants who agreed and signed	Planning status	Expected revenue (ICR's share) in NIS thousands	Expected gross profit of apartments in inventory (ICR's share) in NIS thousands	Balance of surplus expected at the completion of the project after tax (ICR's share) in NIS thousands
		Apartments in the projects	Apartments for marketing	sq.m commercial for marketing		88%	The City Building Plan, under the authority of the Netanya Local Committee, is in the process of preparing the plan documents for submission.	675,240	105,514	50,447
12	Salomon, Netanya	317	213	367
13	Somken, Tel Aviv	454	292	400	73% 77% 73% 100% agreement from the tenants,			ICR prepared city building documents and they were submitted to the District Planning Bureau for a threshold condition review, which is currently underway.	850,928	165,220	88,540
14	Frug, Ramat Gan.	385	237	-						The plan is under the authority of the Local Committee. A pre-ruling is taking place with the Local and District Committees in preparation for selecting a preferred planning alternative.	782,020	134,937
15	Pininat Ayalon, Tel Aviv	137	68	44,410			ICR submitted zoning plan documents to the District Committee for the purpose of advancing the planning of the site. In coordination with the Tel Aviv Municipality, the submitted plan was continued and ICR is now working with the planning teams of the Tel Aviv Municipality and the Local Committee on a resubmission to the District Committee.	798,533	217,560	133,776
16	Meonot Sarah, Herzliya	(645)	401	1,078	and approval of new City Building Plan	71%	At the request of the municipality of Herzliya, ICR is correcting the plan documents for the purpose of meeting threshold conditions and holding a discussion in the Local Committee	1,337,632	251,289	132,089
17	Hara-Negba, Ramat Gan	258	159	191		74%	The plan is under the authority of a Local Committee. A pre-ruling is taking place with the Local and District Committees in preparation for selecting a preferred planning alternative.	519,237	78,820	36,171
18	Haifa Struma (Stage A)	826	622	500		78%	The plan is currently under the authority of the District Committee, and	1,420,854	246,160	125,429
19	Haifa Struma (Stage B)	867	674	1,303		72%	the Company is working to complete the conditions in coordination with	1,485,793	257,932	129,421
20	Haifa Struma (Stage C)	715	555	1,400		69%	the Urban Renewal Authority, for the purpose of submission.	1,236,860	207,257	101,753
21	Hahagana Road, Tel Aviv	346	218	500		69%	The plan is in the pre-ruling stage, and will likely be promoted under the authority of a District Committee. Discussions are underway with the local authority on the matter.	642,863	137,936	77,120
22	Havered A, Or Yehuda	350	262	-		69%	The shadow plan was discussed by the Local Committee and it was decided to approve it. The Rose Complex plan was discussed by the Local Committee and it was decided to remand it for further discussion after a number of additions. Following the additional discussion, the plan will be submitted for threshold conditions at the District Committee.	730,831	146,931	79,749
	Total	9,261	6,497	62,226				18,156,877	3,408,119	1,831,164

Urban Renewal - Under 67% Signatures (Table 4)

			Project Description
Project name		Apartments in the project	Apartments for marketing	Sq.m. commercial for marketing	Primary dependencies to start the project	% Signatures	Planning status	Expected revenue, ICR's share in NIS thousands	Expected gross profit, ICR's share in NIS thousands	Expected surplus balance after tax upon completion of the project in NIS thousands
1	Havered B, Or Yehuda	350	262	0		50%	The shadow plan was discussed by the Local Committee and it was decided to approve it. The Rose Complex plan was discussed by the Local Committee and it was decided to remand it for further discussion after a number of additions. Following the additional discussion, the plan will be submitted for threshold conditions at the District Committee.	732,044	144,366	77,628
2	Enzo Sereni, Givatayim (including commercial)	736	424	12137	100% agreement of the tenants and approval of a new City Building Plan	11%	A detailed City Building Plan has been approved in the district. ICR intends to promote a consolidation and division plan in the Local Committee.	928,029	187,356	101,892
3	Rabbi Akiva Rasko, Holon (including commercial)	492	309	330		62%	The plan, under the authority of the Local Committee, was discussed for submission to the Local Committee and it was decided to approve the submission with conditions. The planning team is currently working on updating the documents accordingly, in preparation for the actual submission of the plan.	938,412	171,688	88,784
4	Tel Aviv, De Haas	29	19	288		61%	The plan is submitted within the framework of National Master Plan 38/2 in Tel Aviv, District 4. ICR is advancing the plans for a building permit.	116,504	31,896	19,510
5	Pinkas, Tel Aviv	61	33	--		46%	Upon signing the required majority, the Company intends to submit building permits according to the Tel Aviv neighborhood plan. Early planning to initiate a permit application.	155,983	30,787	16,562
6	Har Zion/Ha'amal, Tel Aviv	140	60	8658		29%	ICR intends to promote a detailed plan for the project in coordination with the Tel Aviv Municipality.	360,821	65,204	33,488
7	Pirchei Aviv, Tel Aviv	215	129	36		38%	ICR intends to promote a detailed plan for the project in coordination with the Tel Aviv Municipality.	478,678	92,980	49,622
8	Hagibor Ha'almoni, Tel Aviv	180	100	383		50%	The plan is in the pre-ruling stage, and discussions are taking place with the local authority regarding the planning and policy in the area.	344,700	66,555	35,412
9	Sheshet Hayamim, Netanya	301	207	550		0%	ICR intends to promote a detailed plan for the project in coordination with the Netanya Municipality.	599,699	103,291	51,583
10	Mishmar Hayarden, Givatayim	290	178	--		38%	ICR began working to prepare a master plan under the authority of the District Committee. At this point, a pre-ruling vis-a-vis the Local Committee began.	688,940	132,293	70,192
	Total	2,794	1,721	22,382				5,343,810	1,026,416	544,673

• 1. ICR is held by the Company at a rate of 42.5% indirectly, and appearsin the Investment in Affiliated Companiessection of the Financial Statements.
• 1. On February 25, 2024, ICR entered into an agreement to sell its holdings(50%) in ICR Rem Hayarkon Ltd. (hereinafter: "Hayarkon Company") to a partner in ICR Hayarkon, which is also a related party to ICR. The total consideration in the transaction is approx. NIS 55 million. For additional details, refer to Note 24 of the annual Financial Statements of Israel CanadaRam Projects Ltd., as of December 31, 2024.
• 1. On November 25, 2024, ICR entered into an agreement with a third party unrelated to the company and/or its controlling shareholders to sell its full rights in the land called "French Hill Jerusalem," in exchange for a sum of NIS 300 million plus VAT as applicable. For complete terms of the agreement and additional details, refer to Note 24B of the Financial Statements of Israel Canada Ram Projects Ltd., as of December 31, 2024.
• 1. On February 10, 2025, an agreement was signed between ICR and the co-owner of the property and a third party for the sale of the property known as "Derech Salameh," for a total consideration of NIS 67.5 million plus VAT. For the completion of all the agreement's conditions and further details, refer to Note 25(A) of the annual Financial Statements of Israel CanadaRam Projects Ltd., as of December 31, 2024.
• 1. Gross profit is calculated in accordance with generally accepted accounting principles and includesfinancing expenses until a building permit isreceived, excluding marketing and advertising expenses and deducting a significant financing component.
• 1. The projectsurplus balance representsthe equity invested and the expected profit before tax, net of amountsreleased and drawn from the financing account.
• 1. Itshould be noted that ICR'ssurplusesin the Hagafen project, Bar Kochba, Stage A and Stage B are liened to an institutional body for the benefit of a loan received, whose balance as of December 31, 2024 is NIS 80 million.
• 1. Hagefen Project, Stage A and B: The data does not include commercial spacesshown according to the Stage A fair value in a total amount of approx. NIS 27 million, Stage B the amount of approx. NIS 17 million as of December 31, 2024.
• 1. North Park Stage A: ICR's share in the project is 50% in the three lots (28–30), which include 378 apartments, and 75% in the additional lot 27, which includes 170 apartments. For the purpose of calculating the profit, the estimate is based on a sales price of approx. NIS 58,000 persq. m including VAT. The data does not include commercial areas, which are presented at fair value in the amount of approx. NIS 26 million as of December 31, 2024 (ICR'sshare). Lot 29 has not yet received a building permit.
• 1. Itshould be noted that ICR'ssurplusin the North Park Stage A Project isliened to an institutional body for the benefit of a loan received, whose balance as of December 31, 2024, is NIS 140 million.
• 1. North Park Stage B: ICR's share in the project is 50% in the four lots (23-26), which include 401 apartments. For the purpose of calculating the profit, the estimate is based on a sales price of approx. NIS 56,000 per sq. m including VAT. The data does not include commercial areas, which are presented at fair value in the amount of approx. NIS 7 million as of December 31, 2024 (ICR'sshare).
• 1. In the North Park Stage B Project, the sales contracts are conditional upon the completion of suspending conditions, which include, among other things, obtaining a building permit. The sales contracts can be canceled if the conditions are not fulfilled in the period between 12 and 24 monthsfrom the date ofsigning the sales agreement.
• 1. Complex 12 Project, Netanya: Combination transaction, while ICR'sshare is approx. 55%.
• 1. Ha'ari Project, Netanya: Combination transaction, while ICR'sshare is approx. 60%.
• 1. North Park Stage C: ICR'sshare in the project is 100% in the three lots(18-20), which include 256 apartments, is 100%. For the purpose of calculating the profit, the estimate is based on a sales price of approx. NIS 58,000 persq. m including VAT. The data does not include commercial areas, which are presented at fair value in the amount of approx. NIS 25 million as of December 31, 2024 (ICR'sshare).

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