Keystone Infra Ltd.

Investor Presentation • Oct 6, 2024

Keystone Infra Ltd

H1 2024 Investor Presentation September 2024

Legal Disclaimer

This presentation is an English translation of the Hebrew version of Keystone Infra Ltd. presentation for the second quarter of 2024, that was published on August 28 (the "Hebrew Version"). The Hebrew version is the binding version and the only version having legal effect. The English translation has been created for the purpose of convenience only and has no binding force. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

This presentation and the information contained herein do not constitute investment advice, a recommendation, an opinion, an offer, or an invitation to invest or purchase securities of Keystone Infra Ltd. ("the Company"). It is not intended to be a "public offer" or "public sale" of any kind. Additionally, this presentation should not be considered a substitute for investment advice or investment marketing that takes into account the unique data and needs of any individual or investor, nor does it replace the judgment of a potential investor.

The presentation was prepared to provide general information, and the information contained herein is presented for convenience and in a summary form only. The presentation is not exhaustive and does not purport to cover all data concerning the Company* and its activities or all the information that may be relevant for making any decision regarding investment in the Company's securities. To obtain a full picture of the Company's activities, including the risks involved, one must review the Company's prospectus, its periodic reports, and its regular disclosures to the Israel Securities Authority and the Tel Aviv Stock Exchange, including but not limited to, the Company's annual report for 2023, its second-quarter report for 2024, and the immediate reports published by the Company, all prior to making any decision regarding investment in the Company's securities. It should be noted that past performance is not necessarily indicative of future results. Furthermore, this presentation includes information based, among other things, on the Company's plans, objectives, estimates, and forecasts, which should be treated with caution. The information presented in the presentation is based on information included by the Company in its prospectus, annual report for 2023, second-quarter report for 2024, and its immediate and periodic reports. However, additional data that is non-material, including data presented differently in characterization, editing, or segmentation relative to the data published to the public, may be included in the presentation. It should be noted that some of the data in this presentation is unaudited or reviewed.

For the avoidance of doubt, it is clarified that the Company does not undertake to update or amend this presentation or to update or amend the data, forecasts, or estimates included herein. This presentation, including the information contained in slides 3, 5-8, 13, 19, and 30, among others, contains forward-looking information as defined in the Securities Law, 1968 ("Securities Law"). Such information includes, among other things, forecasts, objectives, estimates, and various projections, including information presented through illustrations, graphs, or tables relating to future events or matters, the realization of which is uncertain and not within the control of the Company. Such information is based on the Company's subjective assessment or on public data that the Company has not independently verified and therefore is not responsible for their accuracy. Additionally, some of the information is based on economic models or valuations prepared by external consultants or internal models prepared by the Company and/or its portfolio companies, which include, among other things, assumptions regarding expected electricity rates, changes in the Consumer Price Index, exchange rates (USD/EUR), interest rates, gas prices, the volume of public transportation traffic, success in tenders, market shares, efficiency plans, and business development, debt refinancing, and distribution, among others. The realization or non-realization of the forward-looking information mentioned above will be influenced, among other things, by factors that cannot be assessed in advance and are not within the Company's control, and therefore there is no certainty that they will materialize, and they may materialize differently, even significantly, from how they are presented in this presentation. Additionally, the Company's intentions regarding dividend distributions are based on facts and data known to the Company as of this date and on the Company's current expectations and assessments regarding future developments in the Company's investments and activities. The realization of the Company's assessments is not certain as they are subject to external influences that cannot be assessed in advance, including a case where any of the Company's investments lose value significantly, thereby reducing the distributable profits, or where the Company's investments yield cash flows significantly lower than the Company's estimates, among others.

Given the current uncertainty regarding the development of the war, its scope, duration, and impacts, the Company's management cannot assess the future impact of the war on the Company's operational results, financial condition, cash flows, and financial stability, or on the entities it holds.

Additionally, the presentation may include data and assessments based on external sources that were not independently verified by the Company, and therefore the Company is not responsible for their accuracy, even if it believes them to be reasonable.

* Wherever the company is mentioned, the reference is to the company and its subsidiaries, as the case may be.

Managing a Portfolio of High-Demand Infrastructure Assets

Strong, Diversified, and Predictable Cash Inflows

Approx. NIS 3billion Cash-Generating Assets with growth potential

Approx. 8% Attractive LTM Cash Yield¹ from high-quality infrastructure assets

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Approx. NIS 260million Entrepreneurs' Investment ensuring professional management with "skin in the game"

Approx.7.9% Expected Dividend Yield³ quarterly distributions; included in Tel-div index

Approx. 25% LTV: Balanced Leverage A rated company, A+ bond rating

1. Forward-looking information; see slide 2 and footnote (1) on slide 7 below. Cash inflows - Income from dividends, interest, loan repayments, and other income.

2. See footnote (1) on slide 8 below. This figure includes forward-looking information; see slide 2 above.

1. Based on financial statements as of June 30, 2024. 2. Estimated real estate value attributed to Egged, calculated in relation to its total asset valuation.

Value-Focused Investment Strategy¹

Excess Returns Relative to the Risk Level, With Rapid Payback From Cash-Generating Assets

Cash Distributions Fair Value Acquisition Cost

1. All figures presented are estimates rounded up or down. This slide contains forward-looking information. See Slide 2 for details.

2. The weighted return is based on the total investment cost. For more details, see footnote (1) on Slide 7.

3. The ROI for Egged is not shown, as cash flow distributions of approximately NIS 18 million only began in Q2 2024.

Diversified Portfolio: Key to Financial Resilience

2x Expanded Cash inflows sources from 3 to 6

4x Fourfold Cash inflows growth 2021-2024E Cash inflows Development 56 198 253 222 2021 2022 2023 2024E VID Drive Group Ramat Hovav IPM Hagit Egged Egged: 1 st Cash Distribution Q2 2024 Breakdown of H1 2024 Cash inflows

(in NIS millions) (in NIS millions) 1. Cash inflows includes distributions from income-generating assets over the past 12 months, based on the company's financial reports.

1. Cash inflows projections for 2024 are based on actual distributions to date and anticipated further distributions. For more details, see Slide 2 and footnote (1) on Slide 7

Approx.8% LTM Cash Yield¹ Approx. NIS 222^M 2024 Projected Cash inflows² Egged Dimona

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Predictable Cash Inflows

Approx.90% of assets provide significant and predictable cash inflows

Drive Highway 6

Over NIS 250 ^M

Projected Average Annual Cash inflows from Income-Generating Assets (2025-2032)

Projected Annual Cash inflows from Income-Generating Assets (in NIS millions)

1. The forecast presented in this graph regarding the company's expected cash flow ("the forecast") constitutes forward-looking information as defined in the Securities Law. See Slide 2 for further details. The forecast is based on assumptions, estimates, and evaluations by the company, derived from external valuations of the portfolio assets received by the company, or from economic models prepared by external advisors or internal models developed by the company and/or the portfolio companies. Some of the expected cash flows from certain investments may be retained for funding growth and business development. Additionally, the timing of cash flow distributions from portfolio companies may vary. Moreover, distributions from portfolio companies are subject to the distribution criteria and board decisions of each company. It should be noted that the forecast does not account for any additional investments that the company may need to make. As such, the company cannot guarantee or assure that the expected cash flow from its investments will materialize as described in the forecast, and therefore, the forecast does not constitute a commitment or representation by the company.

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1. In 2029, the ongoing debt service for the acquiring partnership in the Egged transaction will conclude; it is assumed that the remaining balloon loan will be refinanced in 2030.

Combined Value:

Consistent Growth in Equity and Dividends

32% CAGR (Dec 2021 - June 2024)

Dividends Growth (2022-2024)

(in NIS Millions)

January 2024: adopted a quarterly dividend policy based on equity and was added to Tel-Div Index

1

1. Dividend distribution for 2024 was calculated based on distributions made in 2024: in January (NIS 15 million, approx. 9.9 agorot per share), in April (approx. NIS 18.5 million, approx. 9.9 agorot per share), and in July (approx. NIS 20.5 million, approx. 10.9 agorot per share). A projected distribution for October 2024 was calculated according to the company's intention to distribute approximately 1% of its equity. The calculation is based on the equity as of June 30, 2024. This information includes forward-looking statements; see Slide 2 for more details.

2. 1. Pre-tax weighted return on equity for the last 12 months: calculated as pre-tax profit divided by weighted equity (equity net of deferred taxes, weighted over the period based on the financial report).
3. 1. Dividend Yield calculation is based on data from footnote 1 and relative to the stock price as of July 31, 2024. This information includes forward-looking statements; see Slide 2 for more details.
4. 1. Cumulative dividend is the sum of actual dividend distributions in 2022, 2023, and 2024 (including the July 2024 distribution).

Approx.16% LTM Return on Equity (Pre-Tax)²

Approx.7.9% 2024 Expected Dividend Yield³

Approx. NIS 139^M Distributes Cumulative Dividends⁴

Meticulious Financial Management

Optimizing Capital Structure to Ensure Sustainable Value Creation

NIS 2 B Company Equity

NIS 690 M Series A bonds with a weighted fixed interest rate of approx. 1.15%, index-linked, with 4.1 yrs. duration

NIS 187 M in commercial papers¹

Capital/Debt Structure

1. Per year, renewed annually, up to a total period of 5 years from the issuance date. 2. Includes approx. NIS 187 million from an unused credit facility.

Approx. NIS 315^M Cash Surplus²

Approx. NIS 724^M Net Financial Debt

Sunflower Poland

A/A+ Company Rating / Bond Rating

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Key Financial Results

H1 2024

Income Statement Highlights (in NIS thousands)	H1 2024	H1 2023
Cash inflows1	147,486	175,670
Changes in Fair Value	(98,998)	126,299
Total Revenues	48,488	301,969
Operating Expenses2	(24,640)	(18,455)
Operating Profit	23,848	283,514
Financing Expenses, Net	(24,047)	(32,862)
Profit (Loss) Before Tax	(199)	250,652
Deferred Taxes	11,957	(46,691)
Net Profit	11,758	203,961
EPS (NIS)	0.1	1.3
3 NAV per share Before Tax (NIS)	11.8	11.6

Balance Sheet Highlights (in NIS millions)	30.6.24	30.6.23
Investment Value	2,932	2,707
Equity	2,027	1,648
Net Financial Debt	724	921

1. Income from dividends, interest, loan repayments, and other income.

2. Data includes management fees, expenses for share-based payments, transaction costs, and other operating expenses.

3. Equity net of deferred taxes divided by the number of shares. The NAV per share after tax as of June 30, 2024, and June 30, 2023, stands at approximately NIS 10.8.

Reaffirming 2024 expected Cash inflows at nis 222 million

Diversified investment portfolio ensures sustained stability

even amid the maintenance event and the rise in the discount rate at IPM

27% decrease in finance costs

compared to H1 2023, primarily due to lower interest expenses resulting from reduced debt levels

Transportation & EVs

Egged I Eranovum I Drive Group

Drive The Carmel Tunnels

Egged Israel's Leading Diversified Transportation Company

5 Synergetic and Growing Business Segments

59% Public transportation in Israel

Egged standalone (solo) and Derech Egged (Jerusalem Envelope)

22% Egged Properties¹ Real Estate Portfolio

11% Public transportation in Europe 5% EBS Netherlands, 6% MOBILIS Poland

7% Egged Travel & Tour in Israel

1% Additional Activities 51% stake in TEVEL, Red Line light rail operator

1. The real estate includes the value of the properties used for Egged's operations (which has been deducted from Egged's standalone value for presentation purposes above).

2. The valuation was included in the company's financial statements as of June 30, 2024.

3. Includes seller loans.

Valuation Summary²

(in NIS millions)	30.6.2024
Egged Operating Assets Value	7,648
Total Real Estate Value	1,179
Operating Real Estate Value1	(356)
Net Financial Debt	)2,110(
Net Employee Liabilities	)1,073(
Total Egged Value	5,288
Keystone-Egged partnership's 60% share in Egged	3,173
Financial Instruments Value	)68(
Net Loans3	(1,544)
Other Adjustments	67
Partnership Value	1,628
Keystone's Share (81.08%)	1,320
Distributions since the Acquisition	624
Discount Rates	WACC
Egged Standalone	9%-10.75%
Other Activities	6.75%-14.25%

Keystone-Egged Partnership

NIS 624^M Egged's total distributions to shareholders

The partnership's NIS 375M share was primarily used for debt repayment and reducing the put option exercise price

NIS 1.2^B Partnership's Net Bank Debt 30.6.2024

NIS 22^M was first distributed to partners in Q2 2024 Keystone's share approx. NIS 18M

Keystone-Egged partnership structure post-option exercise1,2

NIS 850^M Estimated Consideration upon Option Exercise⁴

NIS 450^M Credit facility from banks for financing the option exercise

• 1. The data is rounded and includes forward-looking information; see Slide 2 above.
• 1. In accordance with the terms of the acquisition agreement, the selling shareholders in the Egged transaction have the right to issue a notice for exercising the Put option on the remaining shares they hold in Egged until August 3, 2025, with the exercise date set for February 2026.
• 1. While the Egged Partnership intends to complete the purchase of all shares subject to current exercise notices, there is no certainty as of today regarding the completion of the transaction
• 1. The consideration is subject to adjustments for indexation, interest additions, dividend distributions, and indemnity claims, as per the terms of the acquisition agreement.

From a Cooperative to a Leading, Profitable, and Growing Company

H1 2024 Revenue Breakdown

H1 2024 EBITDA¹ Breakdown

Approx.11% Revenue CAGR³ 2020-2024E

Approx.17% EBITDA CAGR³ 2020-2024E

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Egged Coastal Highway

1. EBITDA refers to operating profit excluding depreciation and amortization.

2. Derch Egged is a fully owned subsidiary (indirectly) operating the Jerusalem Envelope cluster.

3. Based on the revenue and EBITDA forecast for 2024. This data includes forward-looking information; see Slide 2 above for more details.

Public Transportation in Israel

Egged Standalone (solo) by the Numbers

28% Market Share Twice the size of the second-largest

Approx. 3,000 Buses Including ~430 electric buses

Approx. 200 Million Kilometers

Annual licensing, excluding Derech Egged

Approx. 7,000Employees Including ~5,100 drivers

25 Service Centers

Nationwide coverage

28 Clusters Bus service lines

Financial Results (NIS millions)

Derech Egged

Jerusalem Envelope

15 Million Kilometers Annual licensing for 10 years from April 2024

Approx.90 Buses in Stage A Generating NIS 23 M revenue in Q2 2024

Approx.120 Buses in Stage B Expected to operate in Q1 2025²

1. EBITDA - Operating profit excluding depreciation and amortization. 2. This data includes forward-looking information; see Slide 2 above.

305Buses operated under 6 clusters G R O W T H E N G IN E S

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EBITDA³ (NIS millions)

H1 2023 H1 2024

22

Expanding into New Markets and Sectors

Egged Europe:

Exploring entry into additional European countries and the light rail sector

and Zloty each year. 2. Approximately 10% of the public transportation market in Poland is privatized.

1. EBITDA - Operating profit excluding depreciation and amortization.

Egged Travel & Tour

The largest transport company in Israel with 280 buses

Revenue Breakdown

Egged Transportation Educational Tourism & Conferences

H1 2023 H1 2024

G R O W T H E N G IN E S Implementing a business plan to drive efficiency initiatives, optimize subcontractor utilization, and expand into additional sectors within the country

1. EBITDA - Operating profit excluding depreciation and amortization.

Additional Activities:

Light Rail in the Tel Aviv Metropolitan Area

Tevel, an Egged Subsidiary (51%), Operates the Red Line of the Light Rail Since August 2023

10-year contract and extension option

NIS 67^M H1 2024 Revenue

NIS (2)^M H1 2024 EBITDA¹ 90 Carriages; 45 trains in total

34

70KM Total track length

Stations, including 10 underground

100,000 Daily passengers

Highway 5 Fast Lanes

(Egged in partnership) Passed the PQ stage for planning, construction, and operation of the fast lane network on Highway 5

Egged Mass Transit: Future Tenders

Additional lines in the light rail system

Tel Aviv and Jerusalem Metro

1. Data is presented in terms of 100%. EBITDA - Operating profit excluding depreciation and amortization

Real Estate - Egged

Significant potential for value appreciation

1. According to external appraisal; see details in the appendix.

Egged Haifa 19

North 30% of value Haifa and the Krayot Nof Galil

Jerusalem 35% of value Jerusalem Beit Shemesh Mishmar David

Central 27% of value Holon Ashdod Lod

South 8% of value Be'er Sheva Dimona Kiryat Gat Arad

Eranovum¹

Strategic Deployment of Charging Points in Key Locations Across Europe to Create a Competitive Advantage Keystone holdings: 49%

700 Active charging points

2,400 Charging points under agreements signed in Spain and Belgium

G R O W T H

1,300 Charging points under construction

2,200 Additional charging points to be placed in France upon winning a significant tender

Valuation Summary: 30.6.24	In millions of Euros	In millions of NIS
Company value:	126	507
Keystone share (49%)2	62	250
Discount rates (WACC)	17.50%

20 Four Seasons Hotel Madrid

Expanding operations

in high EV penetration regions, with a focus on revenue growth

1. The data is rounded and accurate as of June 30, 2024. This slide includes forward-looking information; see slide 2. 2. Includes a minor shareholder loan; the official Euro exchange rate on June 30, 2024, was approximately 4.0202.

Drive Group

Operation of Highways and Toll Roads, including Highway 6 and the Carmel Tunnels Keystone Holdings: 21.3%

Increase in profitability despite a decline in revenue due to a shift in the revenue mix

1. Data is presented in terms of 100%.EBITDA - Operating profit excluding depreciation and amortization.

Extension of the operation & maintenance period for Highway 6 with the concessionaire, following the decision to pave a fourth lane and extend the concession agreement

Participation in tenders for providing operational, maintenance, and patrol mobility services

Innovative transportation solutions and development of electromechanical capabilities (acquisition of A.A.K.I and Barak 555)

Energy and Renewables

IPM, Hagit, and Ramat Hovav Power Plants | Sunflower

Sunflower Poland

IPM Power Plant

Keystone Holdings: 34.3%¹

450 MW in combined cycle

85% of capacity License for electricity generation and sales to IEC for 20 years

15% of capacity Bilateral sales to private customers²

2022 Obtained a license to supply electricity without production means

The decline in revenue and EBITDA is primarily due to a scheduled major maintenance period. The maintenance lasted longer than expected⁴

1. Keystone's holdings, both direct and indirect, for details see slide 29 below. Data is presented in terms of 100%.

2. The plant's generation license allows for an increase in the bilateral sales component at the expense of the availability component, under certain conditions as outlined in the generation license.

3. EBITDA - Operating profit excluding depreciation and amortization.

4. Major maintenance began on February 15, 2024, and ended on May 5, 2024, approximately 37 days later than the original plan.

Keystone Valuation Components (in millions of NIS)
Triple-M (approx. 40%)	334
Loan value to G.P. Global and A.Y.H. Paris	52
Market value of G.P. Global (approx. 10.6%)	35
Total:	421
Discount rate for the power plant (Re)	10.20%
IPM Be'er Tuvia	23

Ramat Hovav Power Plant

Keystone Holdings: 16%¹

1,195 MW of generation capacity Operates under the SMP regulation

Improvement in results mainly due to enhanced operational regime

Dividends and loan repayments of approximately 45 million NIS during the year (company's share)

1. Keystone's holdings in the power plants are indirect.

2. Data is presented in terms of 100%.EBITDA - Operating profit excluding depreciation and amortization.

Hagit Power Plant

Keystone Holdings: 16%¹

660 MW of generation capacity Operates under the SMP regulation

Improvement in results mainly due to enhanced operational regime

Dividends and loan repayments of approximately 54 million NIS during the year (company's share)

Sunflower - Renewables

A publicly traded company operating in the renewable energy sector in Poland, Israel, and the U.S.

H1 2023 H1 2024

Keystone Holdings: 51.81%

U.S.

604 MW / 1.3 GWh pipeline of solar PV projects combined with storage and standalone storage in early development stages

The decrease in revenue is due to lower income in Israel following the sale of solar facilities

The increase in EBITDA is primarily due to a rise in gross profit in Poland as a result of the removal of the cap on electricity prices

25

H1 2023 H1 2024

Water and Communications

Water desalination (VID) | Cinturion

VID Ashkelon

VID

Water desalination in Ashkelon

Keystone Holdings: 50%

120 million cubic meters of water production capacity per year, sold to the state since 2005

2027Concession ends, with an option for the State to extend in 4.5-month increments at an agreed price

EBITDA¹ (NIS millions)

Dividends and loan repayments of approximately 13 million NIS during the year (company's share)

Cinturion

Communications

Keystone Holdings: 30%

A 20,000 km optical fiber venture connecting India to Europe via the Middle East, offering an alternative to the congested existing network. Designed to link data centers of major telecom and cloud companies.

1. Data is presented in terms of 100% based on management reports. EBITDA - Operating profit excluding depreciation and amortization. In the first half 27 of 2023, the EBITDA includes a proportional share of a settlement agreement signed with the state, which applies only to the first half

Comprehensive Value Creation Strategy

Operational efficiency improvements

Striking the Optimal Balance Between Growth, Stability, and Shareholder Returns

Identifying growth opportunities

Maximizing Cash Flow	Unlocking Value	Shareholder Rewards	Optimal Debt Management
Active asset management	Strategic partnerships	Quarterly dividend policy	Continuous optimization of debt structure
Developing growth engines	Asset realization at the optimal time	Inclusion in the Tel-Div Index	Maintaining financial flexibility

IPM Power Plant

Ownership Structure and Valuation1

Keystone Ownership (%)
Indirect Ownership in the Plant	~34%
In Triple-M, directly and indirectly owns the land for the power plant and about 30 adjacent acres	~40%
In G.P. Global, a public company	~10%
Fair Value (in Millions ILS)
Power Plant (100%)	829
Discount Rate for the Power Plant (Re)	10.20%
Land (100%)	271
Triple-M (100%) Landowner	874
Market Value of G.P. Global (100%)	328

Value Components for Keystone (in Millions ILS)

Total	421
Market Value of G.P. Global (~10.6%)	35
Value of Loan to G.P. Global and A.Y.H. Paris	52
Triple-M (~40%)	334

Real Estate - Egged

10 Assets Comprising Approximately 90% of the Portfolio Value¹

Property Name2	Land Area (Dunam)	Built Area (Sqm)	Current Use	Approved Zoning	Building Rights (Sqm)	Value Egged's Share (NIS Million)	Basis for Appraisal	Potential For Development & Enhancement6	% of Total Value
Kiryat Haim North Logistics Service Center	43.9	13,910	Operational parking lot and garage. Northern control center.	Industrial and manufacturing	92,167	179	Comparison approach	Full or partial utilization of industrial/storage areas based on economic feasibility	14.90%
Carmel Coast Central Station	47.3	9,611	Central station, offices, parking lot, garage.	Commercial, office, and transportation uses	163,0005	168	Combined comparison and income capitalization approach	Promotion of a zoning plan for mixed-use: residential, commercial, tourism, employment, and transportation	14.00%
Atarot	36.6	8,418	Bus parking lot rented to external operators, egged garage, solar panels.	Industrial	82,000	147	Comparison approach	In licensing – industrial and logistics project (techno park)	12.20%
Ashdod Ad Halom	20.4	1,494	Egged operational parking lot, garage, and land leased to clients	Industrial, transportation hub, and warehousing	32,000	142.7	Comparison approach	Advancing a new zoning plan to increase rights for mixed-use: residential, commercial, and employment	11.90%
Jerusalem HaMelamed – Givat Shaul	12.5	-	Vacant land	Office and industrial	62,925	122.6	Comparison approach	Advancing new mixed-use zoning: residential, commercial, employment	10.20%
Holon Komemiyut	44.9	2,704	Bus parking lot. Operational and garage.	Residential zone C, commercial and office4	Anchored in a regulated plan for consolidation and division	96.9	Income capitalization approach	Implementation of master plan H/500, subject to a consolidation and division plan	8.10%
Ahisamakh3 Industrial Zone	20	4,094	Egged operational parking lot, garage, and land leased to clients	Specialized industrial zone and vehicle service centers	22,700	89	Comparison approach	Regularization of Egged's lot under the ramle-gezer modi'in (RAGAM) plan and advancing planning for the realization of approved rights	7.40%
Jerusalem, Har HaMenuchot Givat Shaul / Har Nof2	16.8	4,696	Bus parking lot Operational and garage.	Industrial	37,700	65.5	Residual value approach combined with the comparison approach	Evaluating implementation alternatives. An approved zoning plan is in place	5.40%
Be'er Sheva Emek Sara Industrial Zone	20	2,745	Bus parking lot Operational and garage	Industrial and manufacturing	20,000	36	Combined comparison and income capitalization approach	Operational asset under review for development potential	3.00%
Mishmar David2	14.1	2,231	Light industry	Services and clean industry	16,920	35.6	Comparison approach	In licensing stages and permit application for a clean industry and services project, with legal settlement ongoing with the partner	3.00%
Total:	276.5	49,903			529,419	1,082.2			90%

1. According to an external appraisal conducted as of June 30, 2024, a summary of the appraisal data is attached to Egged's valuation, which was included in the company's financial reports as of June 30, 2024.

2. Egged holds 100% of the assets listed in the table, except for 50% in Givat Shaul/Har Nof and 74% in Mishmar David.

3. Land expropriations by the Israel Land Authority (ILA) are expected in the complex. After expropriations, the area is estimated to be approximately 20 dunams.

4. It has not yet been clarified which property rights holders will benefit from this zoning change.

5. According to a specific plan, the initial planning has not yet gone through all planning and approval processes.

6. This slide includes forward-looking information; see slide 2 above."