Israel Canada (T.R) Ltd.

Investor Presentation • Oct 15, 2024

Capital Market | June 2024

1

Forward-looking information

It should be emphasized that the data provided for the projects detailed in this presentation (slides 3-4, 6, 8- 15, 17-18, 20-22, 24-28, 33, 35, 37-51, 56) 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, expected 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 concentration of 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 partners in the said projects and the business plans of the companies holding the aforementioned projects, including the realization of the group's inventory at the prices predicted by it. These parameters depend to a great extent on external factors, such as the receipt of the permits required for the execution of the projects, including the change of zoning for the Company's lands (both actually receiving them and actually receiving them at the time predicted by the Company and its project partners), the Company's compliance with the requirements of the various authorities and the granting of the relevant permits by them; in the cooperation between the partners, in the decisions that will be made by them during the construction of the projects and in the provision of the required equity capital from them (including from the Company) according to the agreements signed; in the partners' compliance with the terms of the financing agreements signed in connection with the relevant projects (including the provision of equity capital) and in avoiding the grounds for immediate repayment stipulated therein; entering into financing agreements for projects whose implementation has not yet begun; in contracting with a contractor and other suppliers to carry out the projects whose execution has not yet begun and at the costs predicted for this by the Company, which are based on the current market conditions; in the regulation that may apply to the organizers of purchase groups and/or change and/or the tightening of the regulation in the various areas of the Company's activity; in the actual construction and financing costs at the time of their formation (which may change compared to the costs predicted by the Company, including a substantial change), in maintaining the levels of sales prices that currently prevail in the real estate market (which may experience a change, including a substantial change, among other things in light of changes in the economic environment in which the Company operates, including the Iron Swords War and, inter alia, in light of frequent changes in the taxation regulation), as well as in the decisions of the authorities in connection with the approval of land zoning plans; in entering into lease agreements with third parties in the Company's profitable projects and in maintaining the current price level - and there is no certainty that this will be the case in practice. These factors may significantly alter the Company's assessments outlined above. In addition, receipts from management fees in each of the New Ramat Hasharon and Pi Glilot projects are subject to approval in accordance with sharing agreements and their receipt in accordance with the milestones, as well as receipt of the purchase proceeds of the purchasers, deposited in trust accounts, in connection with each of the New Ramat Hasharon and Pi Glilot projects. In the Company's estimation, as of this date, the main factorsthat may cause the forward-looking information to not materialize isthat there will be no change of zoning 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 as failure 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 Iron Sword 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's forecasts. Thus, there is no certainty that the above information will materialize and it may even be significantly different from the above. It should be noted that slides 4, 8, 11, 13, 14 include 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's forecasts regarding the macro factors and in relation to the rest of the data stated therein.

Legal Clarification

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 is intended 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 2023 (published on March 26, 2024) 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.

The expected surplus balance at the end of the project, from the main projects in Israel, is estimated at about NIS 6 billion (see tables later in the presentation on pp. 45-51, 37-39)

The estimated unrecognized gross profit is estimated at approximately NIS 7 billion (see tables later in the presentation on pp. 45-51, 37-39)

The equity including minority rights as of March 31, 2024 is about NIS 3 billion, and about NIS 2.2 billion excluding minority rights

Projected NOI (the Company's share) after the completion of the construction of the income-generating gassets is expected to reach approximately NIS 443 million (see tables later in the presentation on pages 40-44)

Israel Canada is a wellestablished, dynamic, and groundbreaking company in the field of real estate. The Company's stock is included in the Tel Aviv 125 Index

CEO of the Company - Barak Rosen Chairman of the Board - Asaf Touchmair

Sales and Transactions as of the Beginning of January 2024

(*) Including VAT and including subscription agreements (**) Including taking on debt

Total of approx. NIS 1.9 billion

January 2024 - May 2024

Scope of office and land sales

NIS 161 million

January 2024 - May 2024

Scope of apartment sales

Approx. NIS 1,380 million*

April 2024

Investment by Clal Insurance (about 24.5%) in the Vertical City project, Ramat Gan **

Approx. NIS 323 million

Areas of activity

* The protected housing is not a reportable sector according to the accounting rules 5

Actual performance of excavation and tunneling work. Marketing began, 199 apartments sold*

An excavation and disposal permit was obtained.

Marketing began, about

21,000 sq.m of offices were sold

An excavation and disposal permit was obtained.

Marketing has started, 193 apartments sold*

The project is under construction:

Skeleton works are underway. Expected completion and receipt of certificate of occupancy ("Form 4") - 2025

Stage A - finishing works of the skeleton and infrastructure finishing works are in progress. Expected completion and receipt of certificate of occupancy ("Form 4") - 2024 Stage B - Finishing works and skeleton works are in progress. Expected completion and receipt of certificate of occupancy ("Form 4") - 2025

The project is under construction: In the finishing works and development stage. Expected completion and receipt of certificate of occupancy ("Form 4") - Q2 2024

Construction and development of projects in Israel

7

The "Shaarei Tzedek" complex in Jerusalem, with an area of approximately 17 dunams, intended for the establishment of a mixed-use residential, commercial, employment and hotel project with a scope of approximately 170,000 sq.m, which includes:

Two 40-story towers with a total area of approximately 41,000 sq.m for marketing, commercial space, offices and hotels with a total gross area of approximately 75,000 sq.m in two 40-story towers, a building for preservation designated as a hotel with a gross area of approx. 5,250 sq.m and about 12,000 sq.m of public buildings.

A project that includes approximately 892 apartments, including 200 apartments for longterm rental, while utilizing the full areas for construction under the city building plan.

Status

Actual performance of excavation and tunneling work.

The project is expected to receive a certificate of occupancy (Form 4) in 2029.

Marketing

As of May 31, 2024, 199 apartments* were sold, for total consideration of approx. NIS 741 million including VAT.

Winning price

Approx. NIS 538 million

Company share

73%

illustration only

Imaging for

8

Bank Leumi Complex Herzl -Yehuda Halevy Street, Tel Aviv

Project details

A plot of land with an area of 1 ,600 sq .m, on which there used to be a Bank Leumi building at the corner of Yehuda Halevy and Herzl Streets, Tel Aviv .

Status

City building plan for the construction of a 40 story tower with a total area of approx . 38 ,000 sq . m : 102 apartments with an area of approx . 11 ,000 sq .m, office and commercial areas with an area of approx . 25 ,000 sq .m, public structures with an area of 2 ,370 sq . m .

Demolition of a building was completed in order to prepare for execution .

Purchase cost (100%)

Originally - winning tender in June 2017

Approx. NIS 277 million

Transaction in December 2020 according to the value of Approx. NIS 440 million

Company share 81 %

Construction and development of projects in Israel

Project details

Land including seven lots in the Beit Hanehaara complex in Hod Hasharon, with a total area of approx. 38.7 dunams. The land is located in the Kfar Hadar neighborhood in the western part of Hod Hasharon, in the complex known as Beit Hanehaara.

Status

The land is subject to a city building plan allowing the construction of 534 apartments. The Company is working to increase the density and add approx. 66 additional apartments.

Price of the land Approx. NIS 664 million

Company share

50%

illustration only

Imaging for

Construction and development of projects in Israel

Rainbow, Tel Aviv (Sde Dov)

Project details

According to City Master Plan/3001, a plot with an area of approx. 8.6 dunam, designated for the construction of 480 residential units and commercial spaces.

Status

Existing construction rights in the property are for the construction of 480 apartments, in an area of approximately 60,000 sq.m and approximately 2,000 sq.m of commercial space. A prestigious project is planned on the land, which will include a 39-story tower, alongside 6 buildings of textured construction, commercial areas, green areas, swimming pools and areas for the residents' well-being.

On March 21, 2024, an excavation and foundation permit was received and the Company began performing the works.

Marketing

As of May 31, 2024, 193 apartments* were sold, for total consideration of approx. NIS 1,628 million including VAT.

Price of the land

Approx. NIS 1.3 billion

Company share

100%

illustration only

11

156-160 Herzl Complex Tel Aviv

Project details

In September 2021, the Company together with partners won the tender by Discount Bank and Realty Fund for the purchase of land at 156-160 Herzl Street in Tel Aviv, with an area of approximately 12.4 dunams.

Status

The Company and its planning consultants are working with the Tel Aviv Municipality to strengthen the rights to residence, employment and commerce in the complex.

Price of the land

Approx. NIS 685 million

illustration only

Imaging for

Company share

38%

Yossi Avrahami and Almogim are among the partners

4-6 Dubnov Complex Tel Aviv

Project details

In May 2024, the Company won a tender by the Israel Lands Authority for the purchase of land on 4-6 Dubnov Street in Tel Aviv, with an area of approximately 2.4 dunams intended for the construction of a tower of up to 45 floors including 170 units, 17,500 sq.m of commercial and employment space (gross surface area) and approx. 1,500 sq.m (net) of public spaces.

Status

The Company began detailed planning of the project.

Price of the land

Approx. NIS 437 million

Company share

80%

Gross profit (100%) expected from the project

Approx. NIS 300 million

Tel Aviv

Project details

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

Status

The Company is preparing to start marketing the apartments in the complex in Q3 of 2024.

The Company and the partner are moving forward the issuance of a building permit.

Price of the land

Approx. NIS 90 million

Company share

50%

The Company is in the advanced stages of finishing a residential project that will include 69 apartments and about 260 sq.m of commercial space. The completion of construction and delivery of apartments is expected to occur in the second quarter of 2024.

Marketing

As of May 31, 2024, 63 apartments* were sold (about 91%), for total consideration of approx. NIS 317 million including VAT.

Price of the land

Approx. NIS 77 million

Income-generating real estate

Da Vinci Tel Aviv

Midtown Tel Aviv Tel Aviv

Midtown Jerusalem Jerusalem

Herzl Yehuda Halevy Tel Aviv

illustration only

VERTICAL CITY

Ramat Gan

MICROSOFT Herzliya Pituach

VERTICAL CITY

Project details

The "Stock Exchange Triangle" complex in Ramat Gan, the land with an area of approximately 9 ,600 sq . m for the establishment of a project that will include offices, commercial, apartments for long -term rental and student dormitories .

Status

Existing zoning : commercial and residential with a mix of uses as follows : residential approx . 35 ,000 sq .m, student dormitories of approx . 11 ,000 sq . m . Employment and commercial : approx . 120 ,000 sq . m . Public institutions - approx . 10 ,000 sq . m . The plan for the complex includes construction of a mixed -use tower that will include 400 residential apartments for long -term rental in an apartment -for -rent model, as well as 350 student dormitories, public areas and commercial areas, and employment and commercial towers above an 8 -story structural building . The Municipality of Ramat Gan is furthering a city building plan to increase the building rights to approx . 350 ,000 sq . m based on the "Stock Exchange Triangle" outline plan that has been approved to come into effect .

Income -generating assets 17

Marketing

As of May 22 , 2024 , about 21 ,000 sq . m of offices were sold, for about NIS 691 million including VAT .

Price of the land

Approx. NIS 936 million

A transaction in April 2024 with Clal Insurance based on a land value of approximately NIS 1.3 billion

Company share

55.9 % Clal 24.5 % BSR 19.6 %

illustration only

Imaging for

Income-generating assets

Project details

Office and commercial space of approx. 44,000 sq.m. Lease agreement with Microsoft for 21 years (including a 6-year option). In July 2020 the property was occupied by Microsoft.

Projected NOI (100%) assuming full occupancy

Approx. NIS 64 million

Company share

Main additional partners: Tidhar, Acro, and Allied.

24%

Project details (100%)

Company's share of the project

81%

Income-generating assets

Annual income based on signed contracts (including offices owned by the Company)

Approx. NIS 40 million

per year

BePharm Zappa Club Moses chain

Performance Rock climbing wall

Arcaffe

Aroma Yullia Maison Kayser

Residential: two 42-story towers, 412 apartments. Offices: 9-story building, about 31,800 sq.m.

The Company owns about 6,500 sq.m of offices*, 600 sq.m of commercial space, and a public parking lot, which is intended to be used as an income-generating asset.

Status

The project has been completed and occupied

Projected NOI assuming full occupancy (Company share)

Approx. NIS 14 million

2-4 Dov Friedman Street, Ramat Gan

Project details

Land with an area of approx. 2,056 sq.m, which is partially subject to a city building plan allowing the construction of an office tower with an area of approx. 27,000 sq.m.

Status

In May 2024, the Ramat Gan Local Committee approved the deposit of a city building plan for the construction of a 60-floor tower with a scope of rights of approx. 95,000 sq.m in a mix of employment/commercial/residential uses.

Project company's share of the rights is about 85%.

Company share

50%

Real Estate in Israel

Lapid Compound Eilat Street, Tel Aviv

Project details

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

Status

In April 2021, the Tel Aviv Local Committee recommended to the District Committee to deposit a plan that includes 123,000 sq.m.

The Company's share of the above rights is about 33,000 sq.m divided into 55% residential and 45% hotels (about 18,000 sq.m for residential and about 15,000 sq.m for hotels).

Purchase cost

Approx. NIS 212 million

Project company's share of the expected rights

Approx. 33 thousand sq.m

Company share

60%

Gross profit expected from the project (100%)

Approx. NIS 920 million

Land with an area of about 54 dunams, located in the northern industrial area of Netanya . The land has buildings with a total area of about 21 ,426 sq . m that are rented for about NIS 5 million per year .

Status

The Company prepared plan documents under the authority of a local committee for a mixed -use project with a construction scope of approx . 200 ,000 sq . m in accordance with the planning alternative preferred by the municipality . In the future, the Company intends to promote a city building plan under the authority of a district committee for the addition of construction rights to the extent of approx . 150 ,000 sq . m .

Marketing

As of May 22 , 2024 , approx . 19 . 9 dunams* were sold (about 37 %), for total consideration of approx . NIS 137 million (excl . VAT) .

Price of the land Approx. NIS 134 million

Project company ' s share of the expected rights Approx. 33 thousand sq.m

Company share

60 %

The partners share is 40 % (invested equity of about 75 % )

Gross profit (100 % ) expected from the project*

Approx. NIS 215 million

(Gross profit recognized approx . NIS 50 million)

Land with an area of approximately 62 dunams, known as the Elko complex and located in the eastern part of Ramat Hasharon. Purchasedin March 2015.

Status

The Company is working to change the zoning of the land for residences, offices and commercial use with the district committee.

On February 29, 2024, the Company received the protocol of the District Committee according to which the plan was approved. The plan includes 600 apartments (of which 120 are apartments for elase) and approx. 150,000 sq.m of employment and commercial space.

Marketing

As of May 22, 2024, 587 residential units** and approx. 50,000 sq.m of office space were sold.

Price of the land

Approx. NIS 169 million

Company share

81%

Partners' share is 19%

Gross profit (100%) recognized from the project* Approx. NIS 260 million

*As of March 31, 2024 **Rights in the land reflecting a right to a residential unit, subject to approval of a city building plan and the provisions of a cooperation agreement signed with the purchasers.

The Company owns land with an area of approximately 34 dunams and shares in the Pi Glilot company, which in turn reflect an area of an additional approx . 17 dunams . In March 2020 , the voluntary liquidation procedure of Pi Glilot was completed, in which the land it owns was distributed to its shareholders . Recently, it was reported that the plan prepared by the National Outline Plan Committee was approved for deposit . The land held by the Company is included in the scope of the program (with the exception of about 6 dunams which are not included) . According to the publications, the program includes approximately 18 ,500 residential units (including units at a reduced price, units for protected housing, and rental units) as well as approximately 1 . 1 million meters for employment, public areas, park space, and other areas . After the approval of the plan, including the allocation tables that will be prepared thereunder, the building permits can be moved forward, in accordance with the conditions set forth in the plan .

Marketing

As of May 22 , 2024 , 23 . 6 dunams * were sold, for total consideration of approx . NIS 218 million (excl . VAT) .

Purchase cost - land Approx. NIS 133 million

Purchase cost - Pi Glilot shares

Approx. NIS 53 million

Company share

64 % The partners share is 36 % (invested equity of about 55 %

)

Gross profit (100 % ) expected from the project*

Approx. NIS 201 million

(Gross profit recognized approx . NIS 72 million)

* As of March 31, 2024 .

Emek Bracha Tel Aviv

Project details

Purchase of approximately 80% of land with an area of approx. 2.1 dunams on Emek Bracha Street in Tel Aviv. Acquired in two transactions in June and September 2022.

Status

The land is subject to a city building plan in effect, 3401/A, which approves building rights in a scope of approx. 20,000 sq.m for residences and employment. The Company intends to submit an application for a significant increase in construction rights for residential/hotel and office uses.

Cost of land

Approx. NIS 134 million

	HOTELS
	Chairman of the Board of Directors Barak Rosen
Established in 2019	CEO Reuven Alex (former CEO of Fattal)	July 2022 Menora entering at a value of approx. NIS 82 million (after the money)
Approx. 1,618 Hotel rooms	EBITDA for 2023 approx. NIS 48 million	Projected EBITDA for 2024 approx. NIS 57 million

Lakehouse Sea of Galilee

The Hammam Eilat

PLAY Eilat

PLAY THEATROU Athens

Resort Nofey Gonen

Galei Kineret Tiberias

ENJOY The Dead Sea

Midtown PLAY Tel Aviv

PLAY Levontin

WEST Tel Aviv

Holiday Farm Vered Hagalil

PLAY PSYRI Athens

WES

PLAY Paros Greece

Shalom Hotel

Nofey Gonen

ICR Financial Data

4,968 In planning and signing resident

stages

8,154 In licensing/ advanced planning proceedings

2,218

In progress or marketing

Projects in various stages of advancement

H o t e l u n i ts

Approx.NIS 6.2 billion

Expected gross profit volume

Expected revenue volume

ICR Properties

Hagefen, Herzliya

273 apartments sold (99%)

Netanya , OCEAN PARK 2

60 apartments sold (100%)

Hamesila, Herzliya

24 apartments sold (89%)

Ramat Hasharon , Phase A North Park

Ramat Hasharon , Phase B North Park

77 apartments sold (19%)

Ramat Hasharon , Phase C North Park

Netanya ,OCEAN PARK 1

Jaffa, Jerusalem Blvd.

French Hill, Jerusalem 50-52 Herbert Samuel, Tel Aviv Hantaka, Jerusalem Herzl-Rothschild, Bat Yam Idmit, Givatayim

Imaging for illustration only

Imaging for illustration only

Imaging for illustration only

Imaging for illustration only

* Israel Canada holds 50% of ICR **The data presented is correct as of May 22, 2024, and includes signed contracts.

Marketing

333ד״חי 333ד״חי

apartments

apartments

Demolition and reconstruction** 333ד״חי 333ד״חי Hantaka Jerusalem Rothschild Bat Yam 425 apartments 560 apartments Brodetsky Tel Aviv Rabbi Akiva Herzliya 168 170 Netanya 86 Bar Kochba Street Herzliya 191 apartments 72 apartments Lod 310 apartments Harav Kokis Bat Yam 171 apartments Adamit Givatayim Katmonim Jerusalem 440 apartments 118 apartments Planning and Lands Herbert Samuel Tel Aviv Approx. 3,600 sq.m. Salame Rd Tel Aviv Not yet determined Hayarkon Tel Aviv 67 apartments French Hill Jerusalem 500 apartments Tel Hashomer Ramat Gan 58 apartments 333ד״חי North Park (Stage C) Ramat Hasharon 256 apartments Complex 12 Netanya 200 apartments

35

Summary of Data Estimate in Main Projects in Israel

Construction and development of projects in Israel (table 1)

	(3) Project name	Company share in the project	Status	Marketing scope As of March 31. 24	Marketing scope As of Publication of the latest financial report	Estimated date for cash withdrawal from the project(2)	Balance of inventory in books As of March 31, 24 in NIS thousands	Expected income balance (100%) As of March 31, 2024 in NIS thousands	Expected income balance (Company's share) As of March 31, 2024 in NIS thousands	Gross profit balance not yet recognized (4) (Company share) in NIS thousands	Expected gross profit rate	Balance of surplus expected at the completion of the project (14) (Company's share) NIS thousands
1	13 Ehad Ha'am Street,	95%	Under construction	87%	91%	By 2024	40,882	81,571	77,493	12,387	16%	33,890
2	Yehuda Halevi, Tel Aviv (7)	81%	City building plan in force	-	-	By 2029	432,712	1,932,644	1,565,442	529,137	34%	456,342
3	Midtown Jerusalem (8) (13)	73%	City building plan in force	22%	24%	By 2029	638,316	4,927,104	3,596,786	743,903	21%	572,806
4	Beit Haneaara Complex, Hod Hasharon (9)	50%	City building plan in force	-	-	Not yet determined	405,174	2,969,903	1,484,951	350,596	24%	269,959
5	Sde Dov, Tel Aviv (10)	100%	City building plan in force	33%	35%	By 2029	1,497,415	3,352,077	3,352,077	707,477	21%	920,267
6	Vertical City, Ramat Gan (12)	56%	City building plan in force	29%	29%	By 2030	334,275	2,093,224	1,170,112	290,125	25%	354,574
	Total						3,348,774	15,356,523	11,246,861	2,633,625		2,607,838

Purchase groups (Table 2)

1	Turquoise	100%	In planning	91%	91%	Not yet determined	16,583	29,380	29,380	12,797	44%	26,437
2	Blue Atlit	100%	In planning	100%	100%	80% by June 30, 2024, the balance according to milestones	-	12,800	12,800	6,200	N/A	12,800
	Total						16,583	42,180	42,180	18,997		39,237

Management fees (table 3)

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

Summary of Data Estimate in Main Projects in Israel

Investment in land (Table 4)

	Project name	Company share in the project	Status	Marketing scope ss of March 31, 2024	Marketing scope as of publication of the latest financial report	Estimated date for cash withdrawal from the project(2)	Balance of inventory in books as of March 31, 2024 in NIS thousands	Expected income balance (100%) as of March 31, 2024 in NIS thousands	Expected income balance (Company's share) as of March 31, 2024, in NIS thousands	Gross profit balance not yet recognized (2) (Company share) in NIS thousands	Expected gross profit rate	Balance of surplus expected at the completion of the project (4) (Company's share) in NIS thousands
1	Lapid complex, Tel Aviv (6)	60%	In planning	-	-	Not yet determined	178,669	2,454,255	1,227,128	552,054	45%	473,694
	Residential rights New Ramat Hasharon	81%	In planning/rezoning	98%	98%	Not yet determined
2	Office rights New Ramat Hasharon (5)	81%	In planning/rezoning	34%	34%	Not yet determined	5,076	558,857	452,674	448,562	100%	345,393
3	Tzamarot, Hod Hasharon Shvil Hatapuzim	80%	In planning/rezoning	95%	95%	On the plan approval date	3,749	37,702	30,162	26,413	88%	24,087
4	Hatzuk Hazfoni	100%	In planning	-	-	Not yet determined	60,230	156,500	156,500	96,194	61%	82,431
5	Glilot Complex and Uptown shares	64%	In planning	61%	61%	Not yet determined	62,111	226,154	144,738	82,627	57%	125,734
6	Hod Hasharon West	100%	In planning	88%	89%	Not yet determined	2,578	10,177	10,177	7,290	72%	8,501
7	SUNSET North Tel Aviv	100%	In planning	44%	44%	Not yet determined	72,971	126,480	126,480	45,829	36%	115,939
8	Israel Canada Business Village Netanya	60%	In planning	37%	37%	Not yet determined	54,592	256,275	153,765	99,373	65%	110,885
9	Beit Mars (11)(3) Tel Aviv	38%	In planning	-	-	Not yet determined	298,103	2,345,036	891,114	120,958	14%	155,339
	Total						738,079	6,171,436	3,192,738	1,479,300		1,442,003

Total tables 1-4		4,103,613	21,584,139	14,495,779	4,145,922	4,103,078

Summary of Data Estimate in Main Projects in Israel

Footnotes

• 1. Regarding ICR's main projects, see the following tables (starting from slide 49).
• 1. The date does not refer to the date of receiving the management fees included in the respective projects.
• 1. Beit Mars is a project presented in the Company's financial statements under the investment in affiliated companies section. In February 2024, following the completion of a deal to bring in a partner, the Company's share (indirectly) decreased to about 38%.
• 1. Assuming full realization of the inventory at prices corresponding to actual sales. Insofar as there are no actual sales, the Company relies on market prices or subscriptions.
• 1. For details, see the Company's immediate report dated March 3, 2024, reference number 2024-01-018493 on the decision of the Tel Aviv District Planning and Construction Committee to approve the 'Elko Complex' plan in Ramat Hasharon for the construction of a project that includes approximately 600 apartments (including 120 apartments for rent) and approximately 150,000 sq.m for employment and commercial use.
• 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 approximately NIS 110 thousand per sq.m was taken, the interest rate was updated according to the prime interest rate known at the time of publication of the reports.
• 1. Yehuda Halevy, Leumi Building, Tel Aviv, the above table includes all the expected rights of the project. For the purpose of calculating the gross profit, residential sales prices were taken that are identical to the estimates in the periodic report for December 31, 2023, published on March 26, 2024. 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 for December 31, 2023, published on March 26, 2024. 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, office and commrcial space rights are presented in the investment real estate section of the Company's financial statements.
• 1. Beit Haneaarah, Hod Hasharon For the purpose of calculating the gross profit, a residential sales price of approximately 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. Sde Dov, 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 for December 31, 2023, published on March 26, 2024. It should be noted that the commercial rights are presented in the investment real estate section of the Company's financial statements.
• 1. Beit Mars, Tel Aviv The above table includes the expected rights in the project according to Urban Plan 5.
• 1. Vertical City, Ramat Gan Starting from the fourth quarter of 2023, the associated company presents 75,000 sq.m of offices in the inventory section.
• 1. The marketing scopes indicated above are for residential rights only.
• 1. After tax.

Properties that are actually rented and/or available for rent (Table 1)

				Company share (indirectly)	Description	Balance in books as of March 31, 2024 NIS thousands(3)		Expected NOI in	Expected NOI in		Debt for the asset (NIS thousands)
	(1) Project name	Location	Asset purchase date				Total office/commercial spaces to be constructed	an annual calculation (assuming full occupancy) (100%) in NIS thousands (4)	an annual calculation (assuming full occupancy) (the effective Company share) in NIS thousands	Debt balance as of March 31, (3) 2024	Annual interest rate on the debt	Final repayment date of the debt	LTV as of March 31, 2024	Occupancy rate / rate of property areas for which binding leases were signed as of March 31, 2024
1	Midtown Tel Aviv (commercial and parking) (5)	Tel Aviv	2011	81%	Commercial spaces in the Midtown project (established by the Company and partners)	494,823	Approx. 16,000 sq.m and parking including approx. 690 parking spaces	29,794	24,133	254,800	Index + 4.09%	March 16, 2025	53%	100%
2	Sea Tower (Microsoft)	Herzliya	2016	24.13%	An office and commercial structure in Herzliya Pituach that was constructed by the Company and partners, and is fully leased to Microsoft	304,994	Approx. 44,000 sq.m of office space, approx. 3,000 sq.m of commercial space and land with construction rights of approx. 7,000 sq.m for commercial and office space	65,114	15,712	206,446	Approx. 90% of the loan amount: index + 1.29% Approx. 10%: Bank of Israel interest + 1.75	September 10, 2035	68%	100%
3	Two office floors in the (11) Midtown project	Tel Aviv	2011	100%	Two office floors in a project established by the Company	84,700	Approx. 3,100 sq.m and 44 parking spaces	4,383	4,383	38,240	3.3% shekel	August 27, 2024	45%	100%
4	Beit Israel Canada (formerly: Beit America)	Tel Aviv	2019	36%	A 13-story building above the ground floor for offices and commercial space	221,323	7,800 offices and approx. 600 sq.m of commercial space	11,018	3,966	119,480	Prime + 1%- 1.5%	September 1, 2029	54%	98%
5	Office floor in the Elifelet Project	Tel Aviv	2010	100%	Office floor in a project established by the Company	28,520	1,675 square meters and 10 parking spaces	2,059	2,059	15,435	Index-linked + 2.55% - 0.94%	June 26, 2025	54%	100%

Properties that are actually rented and/or available for rent (Table 1) (cont.)

	(1) Project name				Description	Balance in books as of March 31, 2024 NIS thousands(3)	Total office/commercial spaces to be constructed	Expected NOI in	Expected NOI in	Debt for the asset (NIS thousands)
		Location	Asset purchase date	Company share (Indirectly)				an annual calculation (assuming full occupancy) (100%) in NIS thousands (4)	an annual calculation (assuming full occupancy) (the effective Company share) in NIS thousands	Debt balance as of March 31, (3) 2024	Annual interest rate on the debt	Final repayment date of the debt	LTV as of March 31, 2024	Occupancy rate / rate of property areas for which binding leases were signed as of March 31, 2024
6	Office floor in the Haholshim Project (12)	Herzliya	2010	100%	Office floor in a project established by the Company	25,200	1,440 sq.m and 28 parking spaces	1,530	1,530	9,172	Prime + 1.1%	December 29, 2035	36%	100%
7	LIVE TLV	Tel Aviv	2010	100%	Commercial spaces in a project established by the Company	3,189	125 sq.m. commercial	243	243	---	---	---	---	100%
8	Office, commercial, and parking spaces in the Da Vinci project (2)	Tel Aviv	2016	46%	A residential and commercial project established by the Company and partners by way of a purchase group	429,598	Approx. 9,000 sq.m of office space, approx. 1,200 sq.m commercial space, and approx. 270 parking spaces	31,000	14,260	283,607	Index-linked - 3.8% - 3.615%	August 6, 2035	66%	97%
9	Office spaces in the Da Vinci project (6)	Tel Aviv	Various dates	100%	A residential and commercial project established by the Company and partners by way of a purchase group	65,134	Approx. 2,100 sq.m	4,926	4,926	41,065	Index-linked - 4.72%	July 5, 2026	63%	76%
	Total					1,657,481		150,067	71,212	968,245

Properties under construction (Table 2)

											Expected NOI		Debt for the asset (NIS thousands)
	(1) Project name	Location	Asset purchase date	Company share (Indirectly)	Description	Balance in books as of March 31, 2024 NIS thousands(3)	Estimated costs to complete the project (100%) in NIS thousands	Total office/commercial spaces to be constructed	Estimated conclusion date of the constructi on	Expected NOI in an annual calculation (assuming full occupancy) (100%) in NIS thousands (4)	in an annual calculation (assuming full occupancy) (the effective Company share) in NIS thousands	Debt balance as of March 31, (3) 2024	Annual interest rate on the debt	Final repayment date of the debt	LTV as of March 31, 2024	Occupancy rate / rate of property areas for which binding leases were signed as of March 31, 2024
1	Midtown Jerusalem project (offices, apartments for rent, hotels and commerce)	Jerusale m	2020	73%	An integrated project for residences, offices, hotels, and commerce (residential rights are classified in the field of real estate development and land investment).	463,668	1,917,437	Approx. 58,000 sq.m of office, approx. 13,200 sq.m of residential for lease, approx. 6,000 sq.m of commercial, approx. 15,000 sq.m of hotel, and approx. 650 parking spaces	2029	141,877	103,570	297,310	Prime + +0.84%	October 30, 2024	64%	---
2	Employment spaces in the Canada City project (formerly Bank Leumi)	Tel Aviv	2018+ 2020	81%	Integrated residential, office, and commercial project	160,897	379,945	25,054 sq.m	2029	62,146	50,338	103,190	Prime + 1%	March 31, 2025	64%	---
3	Lot 4006	Herzliya	---	9.5%	Office and commercial project	30,938	161,471	Approx. 25,000 sq.m above ground office and commercial space	Third quarter 2025	Not yet determined	Not yet determined	12,026	Prime + 1.5%	October 30, 2026	39%	---
4	Lot 4001	Herzliya	---	10.9%	There is an approved plan for 26,000 sq.m above ground on the lot, of which 24,000 sq.m are for employment and 2,000 sq.m for commerce. Excavation and landfill works were completed on February 2, 2023. An underground permit was received and the works are being carried out accordingly.	32,331	---	---	---	Not yet determined	Not yet determined	---	---	---	---	---
	Total					687,834	2,458,853			204,023	153,908	412,526

Properties in the planning stages (Table 3)

	(1) Project name				Description	Balance in books as of March 31, 2024 NIS thousands(3)				Expected NOI	Expected NOI in an annual	Debt for the asset (NIS thousands)
		Location	Asset purchase date	Company share (Indirectly)			Estimated costs to complete the project (100%) in NIS thousands	Total office/comme rcial spaces to be constructed	Estimated conclusion date of the construction	in an annual calculation (assuming full occupancy) (100%) in NIS thousands (4)	calculation (assuming full occupancy) (the effective Company share) in NIS thousands	Debt balance as of (3) March 31, 2024	Annual interest rate on the debt	Final repayment date of the debt	LTV as of March 31, 2024	Occupancy rate / rate of property areas for which binding leases were signed as of March 31, 2024
1	Vertical City Project (Stock Exchange Triangle Complex)(2), (7) (10)	Ramat Gan	2021	74%	A project intended for the construction of employment, 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 employment and commerce	750,917	2,090,836	117,429	2030	206,923	153,123	450,518	Prime + 0.2%	November 15, 2024	60%	---
2	Beit Israel Canada (formerly: Beit Eurocom)	Ramat Gan	2018 - 2020	51.1%	Office and commercial tower construction project	388,897	854,925	63,000 sq.m office and 2,000 sq.m of commercial space	Not yet determined	097,105	704,53	121,553	Prime + 0.55%	November 30, 2024	31%	---
3	Sde Dov complex	Tel Aviv	2021	100%	A residential project that includes 2,000 sq.m of commercial space	42,063	13,356	Approx. 2,000 sq.m	2029	5,072	5,072	---	---	---	---	---
4	Office and commercial spaces in the Lemed Project (9)	Tel Aviv	December 2016	90%	6-story office and commercial building	905,18	039,45	3,100	Not yet determined	996,6	296,6	---	---	---	---	---
	Total table 3					1,200,782	3,004,156			324,088	218,195	572,071

Total tables 1-3	3,546,097	5,463,009			678,178	443,315	1,952,842
------------------	-----------	-----------	--	--	---------	---------	-----------	--	--	--	--

Footnote

• 1. The table does not include the Company's share in land in Kadima Zoran, with a value of approx. NIS 19,400 and land in Herzliya valued at NIS 100,219 thousand appearing in the section of investment real estate.
• 1. In the financial report, the projects are included in the investment in affiliated companies section.
• 1. In the affiliated entity, the fair value shown in the table below is the fair value as shown in the affiliated entity's financial statements.
• 1. The NOI is calculated without maintenance costs.
• 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 in accordance with the rights that were known before the approval of the local committee for the deposit of the city building plan received in May 2024.
• 1. The area in the table does not include the residential rights. The residential areas are listed in slides 37-39.
• 1. On December 19, 2021, the district committee approved the City Building Plan TA/MK/4802 promoted by the Company (hereinafter: the "Plan") which authorizes the construction of a 6-staory office and commercial building (including the ground floor) in a project with a total gross area of approx. 8,675 sq.m (surface 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 (22%), the associated 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 as investment real estate.
• 1. In October 2023, a subsidiary purchased 65 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 transaction is expected to be completed in August 2024.

Projects under construction/marketing (Table 1) (2) (3)

	Project name	ICR share in the project	Status	Marketing scope as of March 31, 2024	Marketing scope as of publication of the latest financial report	Estimated date for cash withdrawal from the project	Balance of inventory in books As of March 31, 2024 (ICR Share) in NIS thousands	Remaining expected balance as of March 31, 2024 in NIS thousands	Total expected profit balance not yet recognized in NIS thousands	Expected gross profit rate	Expected surplus balance (3) upon completion of the project after tax in NIS thousands
1	Yam, Bat Yam	100%	Under construction	97%	97%	2025	49,101	113,733	22,493	21%	29,361
2	Jerusalem Blvd. Jaffa	100%	Under construction	100%	100%	2025	24,536	89,365	11,644	13%	23,891
3	Hagefen, Bar Kochba (6) (12) Herzliya (Stage A)	100%	Under construction	100%	100%	2024	429	58,939	12,945	26%	114,101
4	Hagefen, Bar Kochba (6) (12) Herzliya (Stage B)	100%	Under construction	96%	97%	2025	26,717	126,609	54,685	41%	94,060
5	1 Ocean Park, Netanya	100%	Under construction	100%	100%	2025	4,723	35,913	6,655	17%	48,943
6	2 Ocean Park, Netanya	100%	Under construction	97%	100%	2025	24,816	97,905	26,479	27%	42,447
7	Hamesila, Herzliya	100%	Under construction	89%	89%	2025	20,435	88,161	18,575	20%	37,813
8	(11) Histadrut, Givatayim	100%	In Marketing	63%	65%	2028	34,860	995,595	294,704	30%	166,765
9	North Park, Neve Gan Ramat Hasharon (Stage A) (7) (8) (11) (13)	57.8%	Under construction	69%	70%	2027	747,793	1,408,432	227,982	16%	305,289
10	North Park, Neve Gan Ramat Hasharon (Stage B) (9)(11)	50%	In Marketing	16%	19%	2028	540,904	991,403	184,421	19%	115,750
							1,474,314	4,006,055	860,583		978,420

* Israel Canada holds 50% of ICR

Summary of Data Estimate in Main ICR Projects

Land reserves (Table 2)

				Project construction rights						Balance of surplus
	Project name	ICR Share in the project	Current planning status	Requested planning status	Estimated date for cash withdrawal from the project	Book value as of March 31, 2024 100% in NIS thousands	Expected income balance (100%) as of March 31, 2024 in NIS thousands	Gross profit balance not yet recognized 100% in NIS thousands	Gross profit rate	expected at the completion of the (3),(2) project after tax in NIS thousands
1	Herbert Samuel, Tel Aviv	33%	Approx. 3,600 sq.m	Approx. 12,000 sq.m for residential, commercial and hotels	Not yet determined	77,807	Not yet determined	Not yet determined	Not yet determined	Not yet determined
2	(5) Tel Hashomer, Ramat Gan	100%	58 apartments	-	Not yet determined	2,013	109,148	27,273	25%	19,829
3	French Hill, Jerusalem	100%	172 apartments	500 apartments (of which 80 are for long-term rent) and 5,000 sq.m of employment and commercial space	Not yet determined	157,055	1,334,467	286,516	21%	187,838
4	Salame Blvd., Tel Aviv	50%	35 apartments and approx. 500 sq.m. commercial and employment	47 apartments and approx. 500 sq.m. commercial and employment	Not yet determined	27,857	91,216	24,206	27%	26,701
5	Complex 12, Netanya (combination deal)	100%	Approx. 200 residential units and public spaces	-	Not yet determined	5	325,112	54,522	17%	33,561
6	North Park, Neve Gan Ramat Hasharon (Stage C) (10)	100%	256 apartments and 820 sq.m. commercial	-	Not yet determined	652,923	1,241,621	312,274	25%	313,315
7	Ha'ari, Netanya (combination deal)	100%	Agricultural land	255 residential units and approx. 575 sq.m of commercial and employment space	Not yet determined	-	412,906	65,652	16%	39,823
	Total					917,660	3,514,470	770,443		621,067

Summary of Data Estimate in Main ICR Projects

Urban renewal over 67% signatures (Table 3)

			Project Description		Primary dependencies to start the project					Balance of surplus expected at the
	Project name	Apartments in the projects	Apartments for marketing	sq.m commercial for marketing		Rate of tenants who agreed and signed	Planning status	Expected revenue (ICR share) in NIS thousands	Expected gross profit of apartments in inventory (Part 2) (ICR) in NIS thousands	completion of the project (Company's share) after tax in thousands of (Part 3) (ICR) in NIS thousands
1	Idmit, Givatayim	118	76	-		100%	A decision was made on the excavation and disposal permit, the full permit is awaiting discussion.	319,470	70,497	50,906
2	Gapunov Complex, Ashdod	756	588	5,000	100% agreement from the tenants,	82%	The plan documents are in the stages of coordination with the municipality and the district committee in advance of their resubmission for threshold conditions in the district.	1,285,352	212,138	130,579
3	Hantaka, Kiryat Yuval, Jerusalem	425	287	1,073	approval of new city building plan and construction permit	100%	An excavation and disposal permit for the project was obtained. A committee decision was made for a full permit with conditions.	955,869	258,497	183,239
4	Rothschild, Bat Yam (**)	560	397	1,650		96%	The plan was reviewed for deposit by the local committee. Working to complete the conditions.	699,677	129,312	95,784
5	Hatzofim Compound, Lod	310	262	1,339		90%	A design booklet was submitted for consideration by the local committee.	500,035	98,621	65,188
6	Dizengoff Hameyasdim, Netanya	191	129	165		93%	An information file has been obtained. ICR is working to submit the construction permits	386,498	68,629	44,487
7	Katamonim, Jerusalem.	440	295	800		95%	Detailed planning began and a request was submitted for an information file for the purpose of submitting permits.	999,732	295,418	206,475

* Israel Canada holds 50% of ICR. ** ICR's share in the project - 50%.

Urban renewal over 67% signatures (Table 3)

			Project Description		Primary dependencies to start the project					Balance of surplus expected at the completion
	Project name	Apartments in the projects	Apartments for marketing	sq.m commercial for marketing		Rate of tenants who agreed and signed	Planning status	Expected revenue (ICR share) in NIS thousands	Expected gross profit of apartments in inventory (Part 2) (ICR) in NIS thousands	of the project (Company's share) after tax in thousands of (Part 3) (ICR) in NIS thousands
8	86 Bar-Kochva Street, Herzliya	72	48	125		73%	The plan was approved and deposited	170,759	35,014	22,418
9	33-30 Brodetsky Street, Tel Aviv	168	70	-		88%	A construction permit application has been filed.	396,752	77,471	53,131
10	Rabbi Akiva, Herzliya	170	114	-		70%	The objection period is over. Awaiting discussion of objections.	338,581	67,128	43,334
11	Kukis, Bat Yam	171	114	2,348		95%	A local committee's recommendation was received on the conditions for depositing the plan	382,741	72,524	46,467
12	Katznelson, Yehud (including commercial)	894	622	450		85%	The plan is fulfilling conditions for deposit	1,541,327	240,919	146,860
13	Salomon, Netanya (including commercial)	325	213	367	100% agreement from the tenants, approval	87%	Editing plan documents for submission.	580,526	92,364	56,957
14	Abba Hillel Rashi, Ramat Gan (including commercial)	200	128	-	of new city building plan and construction permit	73%	The district committee decided to approve the plan.	413,444	72,812	46,856
15	Somken, Tel Aviv	454	292	400		72%	The Company is working to formulate design alternatives and present them to the Municipality's planning team.	764,623	139,036	87,443
16	Pininat Ayalon, Tel Aviv	120	68	17,000		70%	Pre-ruling of local committee	798,533	198,780	132,869
17	Frug, Ramat Gan.	345	207	-
						74%	Editing plan documents for submission.	679,551	137,801	89,516
18	Meonot Sarah, Herzliya	645	401	1,026		72%	51 city building plan documents were submitted to the Herzliya Local Committee for examining threshold conditions in preparation for a deposit hearing.	1,291,650	222,097	137,581
19	Hara-Negba, Ramat Gan (including commercial)	258	159	200		78%	Pre-ruling of local committee	485,537	83,675	51,863
	Total	6,622	4,470	31,943				12,990,657	2,572,733	1,691,953

* Israel Canada holds 50% of ICR.

Urban renewal under 67% signatures (Table 4)

	Project name		Project Description		Primary dependencies to start the project	Rate of tenants who agreed and signed	Planning status	Expected revenue (ICR share) in NIS thousands	Expected gross profit of apartments in inventory (Part 2) (ICR)	Balance of surplus expected at the completion of the project after tax in NIS
		Apartments in the projects	Apartments for marketing	Sq.m commercial for marketing					in NIS thousands	thousands
1	Havered A, Or Yehuda	312	224	-		66%	A shadow plan was submitted for all the complexes for a comprehensive review by the municipality.	556,419	99,159	61,976
2	Havered B, Or Yehuda	312	224	-		43%	A shadow plan was submitted for all the complexes for a comprehensive review by the municipality.	556,419	99,159	61,976
3	Enzo Sereni, Givatayim (**)	736	424	12,137		11%	A detailed city building plan has been approved	887,279	157,073	98,014
4	Rasko, Holon	371	215	220	100% agreement from the tenants, approval of new city building plan and construction permit	56%	Pre-ruling with the local committee regarding the city building plan	591,572	93,823	56,869
5	Haifa Struma (Phase A)	776	572	620		65%	The District Committee decided to deposit the plan under conditions.	1,192,735	154,741	89,021
6	Haifa Struma (Phase B)	959	766	1,640		54%	The District Committee decided to deposit the plan under conditions.	1,532,539	285,923	180,665
7	Haifa Struma (Phase C)	672	512	1,040		63%	The District Committee decided to deposit the plan under conditions.	1,039,882	147,543	86,448

* Israel Canada holds 50% of ICR. ** ICR's share in the project - 50%.

Summary of Data Estimate in Main ICR Projects

Urban renewal under 67% signatures (Table 4)

	Project name		Project Description		Primary dependencies to start the project	Rate of tenants who agreed and signed	Planning status	Expected revenue (ICR share) in NIS thousands	Expected gross profit of apartments in inventory (Part 2) (ICR)	Balance of surplus expected at the completion of the project after tax in NIS thousands
		Apartments in the projects	Apartments for marketing	sq.m commercial for marketing					in NIS thousands
8	Pinkas, Tel Aviv	60	33	-		38%	Early planning to initiate a permit application.	157,316	28,776	18,099
9	De Haas, Tel Aviv	29	19	-	100% agreement	61%	Pre-planning for the permit.	116,504	29,161	19,510
10	Hagana Road, Tel Aviv	346	218	500	from the tenants, approval of new city building plan	66%	Pre-ruling from local committee.	642,863	121,655	77,120
11	Pirchei Aviv, Tel Aviv	215	129	36	and construction permit	28%	ICR intends to promote a detailed plan for the project in coordination with the Tel Aviv Municipality.	478,678	80,553	49,622
12	Hagibor Ha'almoni, Tel Aviv	180	100	383		23%	ICR intends to promote a detailed plan for the project in coordination with the Tel Aviv Municipality.	344,700	57,594	35,412
	Total	4,968	3,436	16.576				8,096,906	1,355,160	834,732

* Israel Canada holds 50% of ICR.

Summary of Data Estimate in Main ICR Projects

Footnote

• 1. ICR is held by the Company at a rate of 50% indirectly, and appears in the financial statements under investment in associates.
• 1. The gross profit does not include the advertising and marketing costs of the project.
• 1. The project surplus balance represents the equity invested and the expected profit before tax, net of amounts released and drawn from the financing account.
• 1. 33-37 Hayarkon in Tel Aviv is a project presented in ICR's financial statements under the investment in affiliated companies section. 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 (AR Rem Projects Ltd. which owns about 42.5% of ICR shares (indirectly)). The total consideration in the transaction is approx. NIS 55 million (of which approx. NIS 25 million is the return on shareholder loans provided by ICR to Hayarkon). The sale will take place in three stages. Below are the main elements of the sale agreement: in the first stage - sale of 48% of ICR's holdings in Hayarkon in consideration for an amount of NIS 26.4 million, of which approx. NIS 12 million is repayment of a shareholder loan provided by ICR to Hayarkon. On the signing date of the agreement, an amount of NIS 1 million plus VAT was received; the balance was paid within 30 days from the signing date of the sale agreement. In the second stage - ICR was given an option to require the partner to purchase 50% of ICR's holdings in Hayarkon (constitutes 25% of the shares in the ICR Hayarkon) in exchange for a total of NIS 27.5 million, of which approx. NIS 12.5 million is a repayment of shareholder loans given by ICR to Hayarkon. The option is exercisable as of July 15, 2024, for 30 days. The payment for the option will be made no later than 14 days from the delivery date of the exercise notice. A condition precedent to the transaction is approval from the financing bank of the Hayarkon project for the transfer of the shares and the release of ICR from all its obligations and guarantees in connection with Hayarkon.
• 1. Combination transaction, while ICR's share is 57%.
• 1. The data does not include commercial spaces shown according to the Stage A fair value in a total amount of approx. NIS 23.5 million, Stage B the amount of approx. NIS 15 million as of March 31, 2024.
• 1. ICR's share in the Park North Stage A project in the three lots of 378 apartments is 50% and the additional lot of 170 apartments is 75%.
• 1. The data does not include commercial spaces shown according to fair value in a total amount of approx. NIS 22.7 million, as of March 31, 2024 (ICR's share). For the purpose of calculating the profit, the estimate is a selling price of NIS 50-55 thousand per sq.m, including VAT for residences.
• 1. The data does not include commercial spaces shown according to fair value in a total amount of approx. NIS 7 million, as of March 31, 2024 (ICR's share). For the purpose of calculating the profit, the estimate is a selling price of NIS 50-55 thousand per sq.m, including VAT for residences. ICR's share in the project is 50%.
• 10.The data does not include commercial spaces shown according to fair value in a total amount of approx. NIS 25 million, as of March 31, 2024. For the purpose of calculating the profit, the estimate is a selling price of NIS 50-55 thousand per sq.m, including VAT for residences.
• 11.In Lot 27, where 132 units out of 170 units were sold, the sales contracts are conditional upon the completion of conditional 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 months from the date of signing the sales agreement.
• 12.It should be noted that ICR's surpluses in the Hagafen project, Bar Kochba, Phase A and Phase B are liened to an institutional body for the benefit of a loan received, whose balance as of March 31, 2024 is NIS 190 million.
• 13.It should be noted that ICR's surplus in the Park North Phase I project is liened to an institutional body for the benefit of a loan received, whose balance as of March 31, 2024, is NIS 112 million.

Consolidated Balance Sheet (NIS thousands)

Assets

Current assets	March 31, 2024	Dec. 31, 2023
Cash and cash equivalents	127,383	200,389
Financial assets at fair value through profit and loss	102,659	94,889
Real estate inventory	686,768	682,030
Inventory of buildings under planning and construction	1,951,186	1,930,406
Current other assets	227,165	202,537
	3,095,161	3,110,251
Non-current assets	March 31, 2024	Dec. 31, 2023
Investments and loans in investee companies	1,176,845	1,132,153
Real estate for investment	2,598,974	2,580,068
Long-term real estate inventory	754,451	745,280
Other non-current assets	1,002,778	1,013,707
	5,533,048	5,471,208
Total assets	8,628,209	8,581,459

Capital liability

Current liabilities	March 31, 2024	Dec. 31, 2023
Short term credit from bank corporations and current maturities of long-term loans	3,231,262	2,830,418
Current maturities of bonds	88,337	88,262
Loans from others	2,409	2,841
Other current liabilities	214,689	163,667
	3,536,697	3,085,188

Long-term liabilities	March 31, 2024	Dec. 31, 2023
Loans from others	26,131	26,934
Loans from bank corporations	718,345	1,119,006
Bonds	788,418	787,948
Other long-term liabilities	504,154	506,625
	2,037,048	2,440,513

Equity	2,227,246	2,229,150
Minority rights	827,218	826,608
Total equity	3,054,464	3,055,758
Total liabilities and equity	8,628,209	8,581,459

Consolidated Profit and Loss (in NIS thousands)

Profit and loss

	For the three months ending March 31, 2024	For the three months ending March 31, 2023	For year ending on December 31, 2023
Total revenue	139,419	142,892	634,463
Operating profit	11,921	6,250	143,314
Net financing income (expenses)	(6,921)	(178,461)	(201,935)
Profit (loss) after financing	5,000	(172,211)	(58,621)
Company 's share of profits of investee companies	35,537	704	34,848
Profit (loss) before income tax	40,537	(171,507)	(23,773)
Net profit (loss)	40,230	(147,970)	(26,193)

Main financial ratios as of March 31, 2024

57%

Net financial debt to CAP ratio 35.4%

Equity ratio (including minority rights) to total consolidated balance sheet

25.8%

Equity ratio (excluding minority rights) to total consolidated balance sheet

Development and Reinforcement of the Equity

Capital attributed to owners of the parent company in NIS millions Capital attributed to non-controlling rights in NIS millions

Diffusion of risk by diversifying the fields of activity (development, urban renewal, income-generating, purchasing groups, hotels)

A business model that allows low equity capital investment, and its extraction in early stages with high profitability

Most of the Company's land and assets are in strategic locations in the Greater Tel Aviv area
High marketing and improvement capabilities, with significant added value
A high volume of cash flow receivable in the coming years

A large customer pool and strong business partners

Increase in the amount of equity capital in recent years

As of the presentation date, the Company and its subsidiaries are involved in the execution and active planning of over 17,000 apartments (including apartments that are subject to changes in city building plans and signatures of the owners of the apartments in evacuation and reconstruction projects)*

The Company has operating income from management fees and marketing commissions in addition to the development profit and revenues from income-generating properties