Mivne Real Estate (K.D.) Ltd.

Investor Presentation • May 5, 2024

Capital Market Presentation December 31 2023

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.

construction stages

About

2.4 Billion NIS	8.1 Billion NIS
Cash and credit facilities	Equity attributed to shareholders
8.0 Billion NIS	7.14 %
Value of unpledged assets	Weighted Cap Rate for income producing properties in Israel
45.7%	AA and Aa2
Debt to CAP ratio (net)	Company rating by Maalot S&P and by Midroog Moody's,
Data as of December 31 2023	respectively

Income producing properties in Israel

As of December 31, 2023

Including associated companies (expanded consolidated)

NOI and NOI SP in Israel

(In Millions of NIS) Including solar energy

Analysis of NOI and NOI SP growth

	NOI in Israel	NOI SP in Israel
1-12/2022	709	684
Increase in CPI	37	36
Impact of war	(4)	(4)
New rentals, increase in rents in leases' renewals and management costs reduction, net	21	29
1-12/2023	763	745

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.

Q4/2021 Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023 Q2/2023 Q3/2023 Q4/2023

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

	1-12/2023	1-12/2022
FFO according to Israel Securities Authority directives	404	292
Added – expense of CPI linkage differences on the debt principal and exchange rate differences	179	239
Real FFO according to management's approach	583	531
FFO attributed to income producing properties	603	544

(In NIS) FFO* per share

* 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.

Actual Results in 2023

(In Millions of NIS)

	2024 Forecast	2023 Actual	2023 Forecast	2022 Actual
NOI	825-850	825	810-820	760
attributed to FFO income producing properties*	610-630	603	590-600	544

* 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

Projects Under Development

Project Name	Location	Use	GLA (in m²) Company's Share	Estimated Completion Date	Project's Book Value as of 31.12.23 (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	891	421	109-117
Mivne Kfar Saba	Kfar Saba	Offices	26,000	Q2/2024	237	24	19-22
Science and High-Tech Park Phase B*	Haifa	Offices	14,000	Q2/2025	86	71	12
Kiryat Hamishpat	Kiryat Gat	Offices	5,000	Q3/2023	39	1	3
Mivne Herzliya	Herzliya Pituach	Offices, residential and commercial	24,300 103 resi units	Q1/2027	139	205 137	27-30 8-9
NTR	Sderot	Commercial	3,300	2024	22	3	2
Total *The Company's share 50%			140,900		1,414	862	180-195

"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: 261 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%

20 | Capital Market Presentation December 31 2023

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 Plan approved for validation
Mivne Towers Yigal Alon, Tel Aviv (Hameitav)	Tel Aviv	Offices, retail, residential	125,000 400 resi units	714
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	Preparation of detailed plan 78 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	30	In reservation with ILA
Serafon*	Rehovot	Offices, retail, industrial and residential	40,000 210 housing units	36	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	-	-

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

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, solar projects and assets not yet activated

| Capital Market Presentation December 31 2023

Rental residential (In Millions of NIS)

Total		720	47,065	359	459	29.6
Ramat Chen	Residential	80	7,206	37	160	5.3	Q1/2027
Hadera	Residential	50	5,168	14	62	1.7	Q3/2025
Ben Shemen	Residential	80	8,913	26	113	4.2	Q3/2024
Ramat Hasharon	Residential	50	6,041	39	124	5.5	Q3/2024
Kiryat Ono	Residential	30	2,745	68	-	2	Operating
Kiryat Ono	Student dorms	113	3,334	59	-	2.9	Operating

Merom Hasharon

25 | Capital Market Presentation December 31 2023

*The Company's share 50%

Residential development

2,411 676

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%	350
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	260	In Town Construction Plan approval stages.	100%	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	2,411

Data Centers Activity

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

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 Q2/2024 and expected project completion in H2/2026.

Solar energy

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 375 systems has been approved, of which 351 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	250	36,493	29,047
Purchase of Systems*	101	5,025	14,627
Increasing the size of existing installations		- 176	121
Installations with quota	24	2,915	1,943
Installations in approval process	27	4,033	2,855
Total	402	48,642	48,593

* In February 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.

Investment Properties Abroad

Country	Number of Properties	Uses	GLA in m²	Occupancy rate		Fair value (thousands of NIS)	from income NOI producing properties 1-12.2023 (Thousands of NIS)
Income producing properties
Switzerland	2	Offices, retail and logistics		56,220	93.3%	443,121	28,148
Ukraine	1	Offices and shopping center		44,672	78.7%	195,423	16,908*
North America	4	Offices and shopping centers		77,522	68.5%	186,892	8,243
France	5	Offices and industrial		119,447	98.5%	44,363	9,081**
Total income producing properties	12		297,861		86.7%	869,799	62,380
Land
France	1	Industrial	144,838		0%	25,796	0

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

** Including a one-time payment of 3 million NIS.

Issue and redemption of debentures during 1-12/2023

In February 2023 the Company issued 1,163,191,000 NIS NV debentures (Series 25) by way of a series expansion in return for a total of 1,035 million NIS, and with effective implied annual interest of 2.77%.

In February 2023 the Company executed, at its initiative, an full early redemption of debentures (Series 18) to the sum of 572 million NIS NV and at a total sum of 642 million NIS for principal and interest as well as full early redemption of debentures (Series 15) to the sum of 7.5 million NIS NV and at a total sum of 7.7 million NIS for principal and interest. Within the framework of this early redemption, collaterals of about 1.3 billion NIS were released from the Company's assets.

In June 2023 the Company issued 875,747,000 NIS NV debentures (Series 25) by way of a series expansion in return for a total of 778 million NIS and the effective annual implied interest was 3.2%. In addition, the Company issued 385,556,000 NIS NV debentures (Series 20) by way of a series expansion in return for a total of 434 million NIS. The effective annual implied interest rate in the offering is 2.83%.

	10-12.2023	10-12.2022	1-12.2023	1-12.2022
Rental and management fee income	263	252	1,049	969
Total revenues	296	277	1,194	1,034
Gross profit	212	208	874	777
Revaluation of investment property and real estate under development	(218)	319	(62)	1,347
Operating profit (loss)	(24)	508	735	2,047
Financing expenses, net	50	57	316	402
Net profit (loss)	(78)	307	337	1,285

Main balance sheet data

(In Millions of NIS)

	31.12.2023	31.12.2022
Cash and cash equivalents	923	179
Investment property, under development and advance payments	15,202	14,725
Investments in associated companies	533	501
Financial liabilities, including debentures	7,831	6,602
Deferred taxes	1,839	1,791
Total Equity Attributable to Company Shareholders	8,054	7,985

	31.12.23	31.12.2022
Equity attributable to company shareholders	8,054	7,985
Plus deferred taxes for land	2,337	2,316
EPRA NAV	10,391	10,301
Number of shares (thousands of shares)	755,388	754,870
EPRA NAV per share (in NIS)	13.8	13.6

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 December 31 2023

	2023	2022	2021	2020
Dividends paid to the Company shareholders	287	255	205	90

The Company has a dividend distribution policy for 2023 totaling 260 million NIS but not exceeding 50% of the Company's total annual FFO.

Summary

Geographic and Segment

• 1.65 million m² of income producing leasable area in Israel.
• 575 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

• Equity of 8.1 billion NIS.

• Low leverage with a net debt to CAP ratio of 45.7%
• High financial flexibility balances of cash and cash equivalents of 2.4 billion NIS.
• Unpledged assets worth 8.0 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.
• 17 projects in planning of total 685,000 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.

Thank You

Mivne Real Estate (K.D.) Ltd. 7 Totzert Ha'aretz, Tel Aviv

*9212 / 03-9070188 www.mivnegroup.co.il