Mivne Real Estate (K.D.) Ltd.

Investor Presentation • Jul 3, 2024

Capital Market Presentation March 31 2024

1

About

One of Israel's leading real estate companies, operating in the development, acquisition, construction and management of properties for office, industrial, logistics, commercial and residential rental/sales uses.

Residential units in planning and construction stages

About

	2.2 Billion NIS	8.1 Billion NIS
	Cash and credit facilities	Equity attributed to shareholders
	8.4 Billion NIS	7.16 %
	Value of unpledged assets	Weighted Cap Rate for income producing properties in Israel
	45.9%	AA and Aa2
Debt to CAP ratio (net)		Company rating by Maalot S&P and by Midroog Moody's,
Data as of March 31 2024		respectively

Income producing properties in Israel

As of March 31, 2024

Including associated companies (expanded consolidated)

NOI and NOI SP in Israel

(In Millions of NIS) Including solar energy and associated companies (expanded consolidated)

Analysis of NOI and NOI SP growth

	NOI in Israel	NOI SP in Israel
1-3/2023	189	189
Increase in CPI	7	7
Purchased assets	2	-
Evictions*	(10)	(10)
New rentals, increase in rents in leases' renewals and management costs reduction, net	8	8
1-3/2024	196	194
Associated companies NOI	6	6
1-3/2024 - Including associated companies	202	200

* Mainly stems from the Ahuzat Bayit complex in Tel Aviv

FFO from income producing properties

(In Millions of NIS)

Quarterly FFO

Attributed to income producing properties in accordance with management's approach, regarding the FFO according to the Israel Securities Authority directive see Slide 11 in this presentation.

Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024

FFO in accordance with Israel Securities Authority directives and Management's approach (In Millions of NIS)

	1-3/2024	1-3/2023
FFO according to Israel Securities Authority directives	126	100
Added – expense of CPI linkage differences on the debt principal and exchange rate differences	23	45
Real FFO according to management's approach	149	145
FFO attributed to income producing properties	155	150

* Attributed to income producing properties in accordance with management's approach, regarding the FFO according to the Israel Securities Authority directive see Slide 11 in this presentation.

2024 Forcast (In Millions of NIS)

	1-3/2024 Actual	2024 Forecast	2023 Actual
NOI*	210	825-850	825
FFO attributed to 155 income producing properties**		610-630	603

* Not including revenues from associated companies

** Attributed to income producing properties in accordance with management's approach, regarding the FFO according to the Israel Securities Authority directive see Slide 11 in this presentation.

Projects under development and planning

Projects under development and planning

Mivne Kiryat Gat

Projects Under Development

Project Name	Location	Use	GLA (in m²) Company's Share	Estimated Completion Date	Project's Book Value as of 31.3.24 (Millions of NIS)	Estimated Remaining construction cost (Millions of NIS)	Expected NOI Range (Millions of NIS)
Hasolelim	Tel Aviv	Offices, commercial	68,300	Q1/2026	961	351	109-117
Mivne Kfar Saba	Kfar Saba	Offices	26,000	Q1/2025	248	12	19-22
Science and High-Tech Park Phase B*	Haifa	Offices	14,000	Q2/2025	97	60	12
Kiryat Hamishpat	Kiryat Gat	Offices	5,000	Q3/2023	41	1	3
Mivne Herzliya	Herzliya Pituach	Offices, residential and commercial	24,300 103 resi units	Q1/2027	153	131 197	27-30 8-9
NTR	Sderot	Commercial	3,300	2024	26	3	2
Total *The Company's share 50%			140,900		1,526	755	180-195

16

"Hasolelim" Project, Tel Aviv

Land area: 16.5 dunams

Offices and retail GLA 68,300 m²:

Residential: 360 units (Company's share 270 units)

Total estimated cost of offices and retail: 1,312 Million NIS

Expected NOI

109-117 million NIS The company's expected development profit from residential, not yet recognized - 328 million NIS

Herzliya project

Land area: 4 dunams

Offices and retail GLA: 24,300 m²

Residential: 103 units

Total estimated cost: 481 million NIS Expected NOI 27-30 million NIS (office) 8-9 million NIS (residential)

Kfar Saba project

Land area: 12 dunams

Offices and retail GLA: 26,000 m²

Total estimated cost: 260 million NIS Expected NOI 19-22 million NIS

"Science and High-Tech Park" project, Phase B, Haifa

Land area:	Offices and retail
31	GLA:
dunams	14,000 m²*

Total estimated cost : 157 million NIS* Expected NOI 12 million NIS*

*Company's share of the project – 50%

Main projects under planning

Focused development plan to unlock the hiddden potential in the Company's assets and lands, allowing significant organic growth.

Project Name	Location	Use	GLA (In m²) Company's Share	Project Book Value as of 31.12.23 (Millions of NIS)	Planning Status
Mivne Towers Yigal Alon, Tel Aviv (Hameitav)	Tel Aviv	Offices, retail, residential	125,000 400 resi units	715	Plan approved for validation
Hasivim, Neveh Oz	Petach Tikva	Offices	13,000	23	Town construction plan approved.
Science and High-Tech Park Phase C*	Haifa	Offices	14,000	14	Preliminary planning
Kirytek 2	Yokneam	Offices	25,000	5	Advancing with permit approval
Akershtein Towers Phase B**	Herzliya	Offices, residential	46,000 150 resi units	14	In hearings before Regional Committee, in planning stages for Town Plan.
Giv'at Sha'ul	Jerusalem	Offices	34,750	47	Permit in preparation for completion.
Ha'elef Complex*	Rishon Lezion	Rental housing and student dormitories	17,000	80	Preparation of detailed plan forsubmitting a request for a building permit.
Or Yehuda*	Or Yehuda	Offices, retail	15,500	31	Advancing with permit approval
Yad Hanna*	Yad Hanna	Industrial and logistics	47,000	145	Working on permit

*The Company's Share – 50% **The Company's share – 53%

Main projects under planning (continued)

Focused development plan to unlock the hiddden potential in the Company's assets and lands, allowing significant organic growth.

Project Name	Location	Use	GLA (in m²) Company's Share	Project Book Value as of 31.12.23 (Millions of NIS)	Plannig Status
Kanfei Nesharim*	Jerusalem	Offices	15,000	8	Conditional permit issued.
Opar	Ofakim	Retail	8,000	28	Building permit request filed, first permit received
Gannei Tal**	Gannei Tal	Industrial	28,000	31	In reservation with ILA
Serafon*	Rehovot	Offices, retail, industrial and residential	40,000 210 housing units	35	Planning for permit
Shemi Bar	Eilat	Offices, industrial, retail and residential	23,000 220 resi units	66	In Town Construction Plan approval stages.
Commercial compound	Eilat	Offices, industrial, retail and residential	21,500 152 resi units	68	In Town Construction Plan approval stages.
DLR Mivne *	Petach Tikva	Data center	18MW on some 10,000 m²	-	In permit stages
Kiryat Shechakim ***	Herzliya	Offices	200,000	-	-
Mivne Hedera	Hadera	Offices, industrial, retail and residential	14,418	32	In permit stages

* The Company's Share – 50%, **The Company's Share – 51 ***The Company's share – 25%

22

Mivne Towers Yigal Alon Project, Tel Aviv (Hameitav)

Land area: 13 dunams

Offices and retail GLA: 125,000 m²

Residential: 400 units

Status Plan approved for validation

Expected NOI growth

Projects under development, photovoltaic-systems and assets not yet activated

Rental residential (In Millions of NIS)

Merom Hasharon

* Not including housing units the Company intends to rent in the Solelim Project, Herzliya, and

25 | Capital Market Presentation March 31 2024

*The Company's share 50%

Residential development

2,289 676

Units under construction

Total units in construction and planning stages

Project/Location	Planned Units	Status	Company's Share	Projected development profits not yet recognized (in millions of NIS)
Hasolelim, Tel Aviv	360	Underway, 84 housing units sold so far	75%	312
Marom Hasharon	213	Underway, 45 housing units sold so far	90%	106
Mivne Tower Herzliya	103	Paneling and foundation works completed.	100%	In planning, zoned for rental housing
Mivne Towers Yigal Alon, Tel Aviv	400	Plan approved for validation	100%	Pre-estimate
Hadera	138	In Town Construction Plan approval stages.	50%	Pre-estimate
Or Akiva	56	In Town Construction Plan approval stages.	100%	Pre-estimate
Ramleh	57	In Town Construction Plan approval stages.	100%	Pre-estimate
Akershtein Phase B, Herzliya	150	A Town Construction Plan was submitted under the authority of the regional committee	53%	Pre-estimate
Sdeh Dov, Tel Aviv	230	Valid town plan, in planning stages	33%	Pre-estimate
Eilat, Shmei Bar	220	In Town Construction Plan approval stages.	100%	Pre-estimate
Eilat	152	In Town Construction Plan approval stages.	100%	Pre-estimate
Rehovot – Serafon	210	Planning for permit	50%	Pre-estimate
Total	2,289

Data Centers Activity

In 2022, the Company and Digital Realty (NYSE: DLR) established a partnership in equal shares by the name of "Digital Mivne JV"

The partnership will express the advantages of Digital Reality, as the largest global provider of data centers, cloud services, sharing solutions and connectivity solutions and of Mivne as a leading real estate company with one of the largest banks of properties and land in Israel.

The Partnership is developing its first data center in Petach Tikva, 18 MW in size. The first stage of the project (10 MW) is in advance planning and permit receipt stages. Expected start of works Q3/2024 and expected project completion in H2/2026.

Photovoltaic-systems

Within the framework of its activity in the field of solar energy, the Company filed requests to arrange 301 solar energy systems on it's owned buildings roofs. To date, ainstallation plan of 374 systems has been approved, of which 354 systems have been activated.

The total expected yearly revenues upon completing installation of all the systems is estimated at 49 million NIS (the Company's share being 42 million NIS). The Company has a significant advantage in activity in this area in light of the extensive rooftop areas in its possession.

	Amount	Size (KW)	Expected Annual Revenue (Thousands of NIS)
Existing installations	253	36,989	29,980
Purchase of Systems*	101	5,025	14,627
Installations with quota	20	2,502	1,677
Installations in approval proceeding	27	4,033	2,855
Total	401	48,549	48,526

* In March 2024 the Company signed a transaction to purchase 101 photovoltaic facilities with a total output of 5 MW, installed on the rooftops of Company properties. The Company intends to upgrade the existing systems, adding additional systems so that the total output is expected to increase to about 10 MW.

29 | Capital Market Presentation March 31 2024

Investment Properties Abroad

Country	Number of Properties	Uses	GLA in m²	Occupancy rate	Fair value (thousands of NIS)	NOI from income producing properties 1-3.2024 (Thousands of NIS)
Income producing properties
Switzerland	2	Offices, retail and logistics	56,220	93.3%	417,954	7,135
Ukraine	1	Offices and shopping center	45,100	79.6%	198,627	4,809*
North America	4	Offices and shopping centers	77,522	65.2%	186,509	1,166
France	5	Offices and industrial	119,447	98.5%	30,096	352
Total income producing properties	12		298,289	86.7%	833,186	13,462
Land
France	1	Industrial	144,838	0%	25,588	0

* This data reflects partial rental receipts in light of the military and geopolitical events occurring in the region.

31 | Capital Market Presentation March 31 2024

Financial data as of March 31 2023

Issue and redemption of debentures during 1-3/2024

In January 2024 the Company issued 571,916 thousands NIS NV debentures (Series 25) by way of a series expansion in return for a total of 525 million NIS, and with effective implied annual interest of 3.06%. In addition, the Company issued 125,355 thousands NIS NV debentures (Series 20) by way of a series expansion in return for a total of 143 million NIS. The effective annual implied interest rate in the offering is 2.66%.

(In Millions of NIS) Main P&L Results

	1-3.2024	1-3.2023
Rental and management fee income	261	258
Total revenues	308	301
Gross profit	225	220
Revaluation of investment property and real estate under development	22	94
Operating profit	220	292
Financing expenses, net	(70)	(87)
Net income	115	172

Main balance sheet data

(In Millions of NIS)

	31.3.2024	31.3.2023
Cash and cash equivalents	1,488	439
Investment property, under development and advance payments	15,319	14,993
Investments in associated companies	538	533
Financial liabilities, including debentures	8,483	6,982
Deferred taxes	1,832	1,821
Total Equity Attributable to Company Shareholders	8,152	8,115

	31.3.2024	31.12.23
Equity attributable to company shareholders	8,095	8,054
Plus deferred taxes for land	2,349	2,337
EPRA NAV	10,444	10,391
Number of shares (thousands of shares)	755,388	755,388
EPRA NAV per share (in NIS)	13.8 13.8

Expected principal redemptions

(In Millions of NIS)

Average Company's debt interest rate in Israel and the margin versus the average weighted Cap Rate deriving from income producing properties

Dividend Distributions

(In Millions of NIS)

38 | Capital Market Presentation March 31 2024

	2024	2023	2022	2021
Dividends approved or paid to the Company shareholders	65	287	255	205

The company has a dividend distribution policy for 2024 according to which it intends to distribute annually up to 50% of the company's annual FFO, considering that the ratio of net financial debt to the desired CAP in the company should not exceed 50%.

The company's board of directors has approved an outline for carrying out a self-purchase of the company's shares in the amount of up to 180 million NIS in two stages. In the first stage 90 million NIS, so that the balance of the purchase amount, to the extent that it is left, will be distributed as a dividend for the last quarter of the year 2024 depending on a specific decision of the board of directors of the company. The second stage of the outline, amounting to an additional NIS 90 million, is subject to the approval of the company's board of directors.

Summary

Geographic and Segment

• 1.64 million m² of income producing leasable area in Israel.
• 574 properties in Israel spread out across the country.
• Over 3,000 tenants with relatively low average rent.
• Varied activity and business diversification in all areas of income producing and residential real estate.
• Stable and growing NOI and FFO

39 | Capital Market Presentation March 31 2024

• Equity of 8.1 billion NIS.
• Low leverage with a net debt to CAP ratio of 45.9%
• High financial flexibility balances of cash and cash equivalents of 2.2 billion NIS.
• Unpledged assets worth 8.4 billion NIS.
• Regular dividend distribution policy.

Diversification Financial Strength Growth and Betterment Potential

• 6 projects under development and under construction of total 141,000 m².
• 18 projects in planning of total 697,000 m²
• Land reserves and unused rights of 769,000 m².
• Additional growth engines: data centers, solar.

DISCLAIMER

This presentation was prepared by Mivne Real Estate (K.D.) Ltd. and does not constitute a proposal to buy or sell Company securities or a proposal to receive such offers and is intended to provide concise information only. The information presented does not serve as basis for making investment decisions, recommendations or opinions and does not replace the investor's judgement and appropriate advice. The contents of this presentation in all matters connected to the analysis of Company activity is a summary only; to receive a full picture of the Company's activity and of the risk factors the Company is dealing with, the Company's shelf prospectus, and its immediate, periodic and quarterly reports, must be studied using the MAGNA distribution site ("Company Reports"). This presentation also includes data and information presented and edited in a manner different than the data included in the Company's reports or such that can be calculated from the data included in the Company's reports. The information presented in this presentation does not replace a review of the Company's reports.

The presentation features forecasts, assessments, estimates and data referring to future events the realization of which is not certain and not under the Company's control. The Company's guidelines and estimates included in this presentation, including in connection with a forecast regarding operational and financial data including short-term and longer-term FFO and NOI forecasts as development and construction of projects (expected timetables, receipt of regulatory approvals, construction costs, development profits, future revenues) and a forecast regarding revenues expected from solar energy systems and assets that have not yet been activated. All of these constitute forward-looking information as defined in Section 32a of the Securities Law, 1968 and this information is based solely on the Company's subjective estimates made in good faith, based on past experience and professional knowledge accumulated by the Company, on the basis of facts and data pertaining to the current situation of the Company's business and that of its investees as well as on macroeconomic facts and data collected by the Company from other sources, all as known by the Company upon the preparation of this paper. These estimates may not be realized, in whole or in part, or be realized in a manner materially different than projected, among other things, depending on the realization of risk factors characterizing the Company's activity as well as developments in the economic and geopolitical environment (in the world in general and in Israel in particular). Therefore, the results of the Company's activity may be materially different from the general expectations in this presentation.

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