Azrieli Group

Attached is an informative presentation of the Company (in the English language) in the Data Centers operating segment, which will be presented as part of a conference for analysts expected to take place on 14 February 2024 (the "Presentation").

The Presentation does not constitute an offer to invest in or purchase securities of Azrieli Group Ltd. (the "Company") and in particular does not constitute a "Public Offering", as this term is defined in the Securities Law, 5728-1968 (the "Law"). The information included in the Presentation is a summary only, does not exhaust all of the information about the Company and its business (and in the Data Centers in particular), does not include all of the information that may be relevant for adopting any resolution regarding investment in the Company's securities, and is not a substitute for inspection of the Company's reports. It should be taken into account that past data in respect of Data Centers in general, and of the Company's operations in this segment in particular, does not necessarily indicate future performance. Some of the images shown in the Presentation are simulations and some of them may include design and/or other changes, and should not be relied upon.

The Presentation may include information that is presented in a manner that is different than the manner in which it was presented in the Company's reports, such that the Presentation may include information and data presented in a manner and/or form of processing and/or editing and/or segmentation different than the presentation in the Company's reports. Part of the information and data contained in the Presentation is based on information as it is known to the Company as of the date of preparation of the Presentation, including data released by entities external to the Company, the content of which has not been independently checked by the Company. The Company is not obligated to update or change the information and data included in the Presentation so as to reflect events and/or circumstances that will occur after the date of release thereof.

The information included on pages 6, 11, 15, 21, 22, 31, 33, 39, 49, 56, 64, and 65 of the file, regarding the company potential ownership in GM and GM's percentage of the company's portfolio, future scope of activities, future costs, GM revenues, future energy production in Norway and future growth of GM , is considered forward-looking information, as this term is defined in the Law, based on current forecasts, estimates and assessments of the Company's management as of the date of preparation of the Presentation, which is based, inter alia, on the Company's experience in its Data Centers operations, and on external data and research in this segment. Although the Company believes that the above forecasts, estimates and assessments are reasonable, they are inherently uncertain. The materialization or non-materialization of the forward-looking information will be affected, inter alia, by risk factors characteristic of the Company's activity in Data Centers, detailed in Section 30.5 of Chapter A of the Company's 2022 periodic report, as released on 22 March 2023 (Ref. no: 2023-01-029847), the provisions in which are incorporated herein by reference, and also by other factors that cannot be estimated in advance and which are beyond the Company's control.

Internet Data Usage

Estimated amount of data created on the world wide web in one minute

83BN

IoT connections in 2024 generating 73 zettabytes of data

230BN App downloads in 2021

Azrieli Group's Data Centers Development Landmark

⁴ 4 (1) On 4 October 2023, the Company reported on the closing of a transaction to sell its holdings in Compass. For details, see the Board of Directors Report for 30 September 2023, Section 1.2.3.8 (2)"Gross" means prior to tax and transaction expenses

Azrieli Group Data Center Conference

Breakdown Of Properties

On a consolidated basis, as of 30 September 2019 and 2023. For details regarding the Company's structure, see Section 1.2.1 of Chapter A of 31 Dec 2022 Financial Statements.. ⁵

Potential Ownership Roadmap – Green Mountain

Partner/s Azrieli Group ownership

The assumptions taken and the examples presented in this slide are based on assessments by the Company as of the date of this presentation only, although the Company believes these forecasts, assessments and assumptions are reasonable, they are naturally uncertain and present a scenario only as an example

THANK YOU

Azrieli Group Data Center Conference

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Breakdown of Properties, Gross Value, NIS in Millions(1)

(1) On a consolidated basis, as of 30 September 2023. For details regarding the Company's structure, see Section 1.2.1 of Chapter A of the Financial Statements. (2) The figures presented are for Green Mountain only. (3)On 4 October 2023, the Company reported on the closing of a transaction to sell its holdings in Compass. For details, see Section 1.2.3.8 of the board of directors' report.

Data Revolution

Global Data Consumption is Expected to Continue its Upward Trend

Global data consumption forecast (in ZB*) Global data consumption is increasing

Satya Nadella, Microsoft's Chairman and CEO

Cloud Services and the Required Infrastructure have Experienced Rapid Acceleration

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Increasing Demand for AI Data Centers is Evident Across the Value Chain

Software is eating the world, but AI is going to

Data Center revenue reached a record \$14.51 billion, driving

Nvidia stock performance Market Cap** \$4.6 \$701 T \$ 1.73 Today** +15,000% \$59 2010 2020

* Revenue streams included: Gaming, Professional Visualization, Automotive, OEM and Other ** Market Cap 7.2.2024

Jensen Huang,

Nvidia CEO

AI is the Next Big Thing – and Coming Fast

Key themes to watch

AI is at a clear inflection point
AI is a productivity enhancer for all companies
Exponentially in the space
AI is being democratized, and OpenAI is leading the charge

Source: Citi estimates, Grand View Research, GSMA, OECD, and PwC *Impact on global economy (GDP)

Impact on global economy (GDP) by 2030

IBM Server Room

…the iPhone in your pocket has more than 1,500,000 times the processing power ofthe computer that landed man on the moon…

The Main Building Blocks of a Data Center

What is a Data Center

Data Hall Data Hall MMR (Meet Me Room) Fibers 1 Fibers 2 Power 1 Power 2 Fence Building UPS Cooling units, pumps, control panels Chillers Cooling units, pumps, control panels Chillers Electrical Room Batteries Generators

Redundancy 2. Landlord vs Customer responsibilities

Data Center Unique Properties

Key Commercial Terms

Base rental rate based on power units - price per kW (per month)

The customer pays for its entire electricity usage

Landlord Opex:

Security
Engineering
Maintenance

Data Center Classifications

On Premise vs. Cloud Based

Data shows that a growing percentage of servers end up in outsourced infrastructure environments. The implication is clear: a growing footprint of IT infrastructure is being housed and managed by infrastructure service providers. The rise of public cloud and the ongoing growth in outsourced infrastructure services speaks clearly to this trend.

The Data Center Market is Anticipated to Support This Growth

Total Infrastructure Global Forecast (\$bn)

Source: Structure Research

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Data Centers Entering Market – Key Parameters

Potential for Significant Market Growth

High Yields

AG Strategic Perspective - Markets with Stronger Yields & High Growth

2018-2019 upon market exploration
	Established Top-Tier	Emerging Top-Tier	Future Emerging Top-Tier
Markets	Top-Tier NAM NAM Europe (FLAP)	Restof Europe Australia Nordics Singapore Japan	South Africa India South America Nigeria Kenya
Stabilized Yield on CapEx	6% – 6% – 10% 10%	8% – 15%	12.5% – 20%+
Growth	250MW+ Bookings / Year (~10 – 12.5% CAGR)	150MW+ Bookings / Year (10 – 17.5% CAGR)	50MW+ Bookings / Year (20 – 50%+ CAGR)

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Agreement to Sell the Holdings in Compass(1)

Gross consideration(2)

\$ 865M

NIS 3.2 bn

Total investment

\$ 369M

NIS 1.28 bn

40% approx.

Duration: 2.6 years

(1) On 4 October 2023, the Company reported on the closing of a transaction to sell its holdings in Compass. For details, see the Board of Directors Report for 30 September 2023, Section 1.2.3.8. (2)"Gross" means prior to tax and transaction expenses. (3) "Net" means after tax and transaction expenses (incl. hedging expenses) and after capital funds realization.

AG Strategic Perspective - Markets with Stronger Yields & High Growth

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European Data Center Landscape

Maturing European market with room left for substantial growth in the near future.

Significant Demand (MW) - FLAP-D & Non FLAP-D* Markets

Supply Utilized

Source: CBRE

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* The markets included: FLAPD - Frankfurt, London, Amsterdam, Paris and Dublin, Norway, Madrid, Milan, Warsaw, Zurich, Sweden, Denmark

800

720

The Nordics are Attractive for Data Centers due to Ample Available Electricity

A major barrier in the primary European markets is the power shortage

The market faces obstacles in development due to a spike in electricity prices and a shortage of available power

Securing power from the grid operator is almost impossible for the next few years

A key electricity substation in the submarket will not be upgraded for years, causing a challenge in securing power Amsterdam

Paris

Developing data centers in North Paris is very difficult due to a lack of suitable land and available power

Dublin

Regulatory challenges limit the ability to request power from the grid operator

* Primary markets are Germany, Netherlands, Ireland and France Source: Eurostat; For consumption of 500-2000 MWh yearly * Source: Our world in data; Green energy includes both renewable and nuclear energy

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Improving Fiber Connectivity and Reasonable Latency Makes the Nordics a Potential for a European DC Hub

Submarine cables and optical fibers infrastructure enables connectivity to major European markets and intercontinental links to North America

Relatively low latency

to Northen Europe allows the Nordics to host European workloads

The submarine cable infrastructure expanded significantly in the last five years, with cables to locations such as the UK and US, and planned cables to Northern Europe, Canada, and Japan

The Nordic Region Holds Enormous Potential for Additional Growth

Source: CBRE research; FLAP-D includes Frankfurt, London, Amsterdam, Paris and Dublin, Secondary market category includes Berlin, Madrid, Milan, Munich, Warsaw, Vienna and Zurich

Data Center Pricing Trends

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Source: EY-Parthenon Data Center Demand Model, EY-Parthenon Market Interviews, EY-Parthenon Macroeconomic Update, IMF, JLL, CBRE, NADC, Dec 2022

(1) Main European markets: Frankfurt, London, Paris, Madrid, Milan, Warsaw, Luxembourg, Norway, Sweden, Denmark

Nordic Market Dynamics - Decentralization of Hyperscalers' Footprint

The Nordics attract Hyperscalers due to their low-cost position, abundance of renewable energy, and relatively stable power costs compared to other European markets.

Green Mountain is Perfectly Positioned to Seize this Growth Opportunity

Experienced Leadership

Specialized in leading large-scale Nordic projects, with integrated sales and execution teams

Management team with deep knowledge and extensive industry experience demonstrating solid track record

Great Product

Proven operational excellence in Tier-3 standards and cutting-edge energy efficiency facilities

Time to market of 6-18 months to operations PUE of 1.08-1.2 across all DC 100% renewable energy and heat reuse

Stable customer base with variety of Hyperscalers and multinational enterprises, ensuring long-term stability

Excellent Relationships ~85% international customers (by MW) Various industry: Cloud providers, Automotive, Banking and Financial services etc.

Green Mountain Capacity

147.9

⁶ ¹⁰ 16 ²³ 25.4 27.2 Green Mountain Contracted MW, 2017-2023 Acquired by AG Q3-21

2017 2018 2019 2020 2021 2022 2023

Azrieli group Data Center conference |

Global Data Center Operations - Green Mountain

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Significant development since Green Mountain acquisition (Q3-2021)

	Acquisition–July 2021	September 2023	Change
Active countries	1	3	X3
No. of Sites	3	6	X2
Contracted MW	24	148	X6
Contracted NOI (NIS in million)	84	502	X6

Contracted MW & NOI - Green Mountain Q3-2023

NOI (NIS in

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(1) All figures are according to contracts signed by the date of release of the periodic report of 30 September 2023. The NOI presented includes additional revenues from the sale of electricity in the annual financial sum of \$5-6 million. (2) BBNB – Booked But Not Billed – Signed contracts that are yet to generate income (payable). (3) Investment of CAPEX per MW is \$8.5-9 million. As of 30 September 2023, the amount to be invested is \$597 million

Generic 30MW Deal (1/3)

Key Commercial Terms

30 MW
15-year lease
Starting rent \$100 per kW per month
2% annual price escalator

Development and Operating Parameters

\$8.5-\$10 million estimated Capex (cost) per MW
Operating expenses 18%-25%
Cap Rate 6%-7%

Financing

Construction loan 70% LTC
Investment loan 60% LTV (not fully utilized)
5.5%-6.5% interest rate

Generic 30MW Deal (2/3)

Key Commercial Terms

30 MW
15-year lease
Starting rent \$100 per kW per month
2% annual price escalator

Development and Operating Parameters

\$8.5-\$10 million estimated Capex (cost) per MW
Operating expenses 18%-25%
Cap Rate 6%-7%

Financing

Construction loan 70% LTC
Investment loan 60% LTV (not fully utilized)
5.5%-6.5% interest rate

Financials (USD)

Capacity	30 MW
Capex per MW	\$8.8M
Total Capex / investment	\$264M
Equity (30%)	\$79.2M
Loan (70%)	\$184.8M

Average Annual NOI	\$32.4M
Cap rate	6. 5%
Total Assests	\$498M
Net debt-to-net BS	37%
Net debt-to-FFO	8.5

(1)The assumptions taken and the examples presented in this slide are based on assessments by the Company as of the date of this presentation only, based on, among other things, the Company's experience in its DC business, information provided by external consultants in this field and publicly-available market information.

(2)Although the Company believes these forecasts, assessments and assumptions are reasonable, they are naturally uncertain and present a scenario only as an example.

Generic 10-30-100MW Deals (3/3)

Key Commercial Terms

30 MW
15-year lease
Starting rent \$100 per kW per month
2% annual price escalator

Development and Operating Parameters

\$8.5-\$10 million estimated Capex (cost) per MW
Operating expenses 18%-25%
Cap Rate 6%-7%

Financing

Construction loan 70% LTC
Investment loan 60% LTV (not fully utilized)
5.5%-6.5% interest rate

(1)The assumptions taken and the examples presented in this slide are based on assessments by the Company as of the date of this presentation only, based on, among other things, the Company's experience in its DC business, information provided by external consultants in this field and publicly-available market information.

(2)Although the Company believes these forecasts, assessments and assumptions are reasonable, they are naturally uncertain and present a scenario only as an example.

Financials (USD)

Capacity	10MW	30MW	100MW
Average Annual NOI	\$10.4M	\$32.4M	\$113.4M
Average Annual FFO	\$6.8M	\$21.8M	\$79.2M

Net debt-to-net BS	39%	37%	34%
Net debt-to-FFO	9.3	8.5	7.5

YoC	11.5%	12.3%	13.3%
Multiple on Invested Capital	3.6	4.0	4.5
IRR	21.0%	22.9%	25.7%

Growth Engine / Strategic Analysis

Breakdown of Properties, Gross Value, NIS in Millions(1)

Azrieli Data Center Day

14.02.2024

Green Mountain

Financially secure
World-Class Efficiency
100% renewable energy
Superb client satisfaction
Operational Excellence with 100% uptime
Lowest cost of power in Europe
Uptime Tier III, ISO9001, 14001, 27001, ISAE 3000 Type II & PCI-DSS
People and value focused with great employee satisfaction

Category Green Mountain delivers Sustainability on all key drivers

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Norway is the clear leader in ESG compliance

Norway is ranked the world's most sustainable country in terms of environmental, (1) social and governance compliance

Source: Altman Solon Research & Analysis. Notes: (1): RobecoSAM ranking 2020.

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Lowest cost of green and renewable power

Almost all of Norway's power is derived from the cheapest source of power, hydro. Combined with low energy taxes and levies, this drives the lowest cost of power in Europe.

The content of this presentation is confidential and intended for the recipient only. It is strictly forbidden to share any part of this presentation with any third party without the written consent of the author Source: IEA, Statista, Gasprices.com, Altman Solon Research & Analysis, IRENA, NVE Norway. Notes: (1) Consumers with power consumption of 500-2,000 MWh; (2) Excludes VAT and other recoverable taxes and levies; (3) Including tax relief for data centres Enhance ability to increase food production

Dry firewood by use of

Landbased fishfarms

a resource at the center of industry Applying for BREEAM development, local value creation certification of buildings. and significant benefits

Heated swimming pools

District heating

Full circular approach opportunities

our fans A sustainable approach to building new sites with focus on:

Energy efficiency and certified renewable power.
Using the large amounts of waste heat data centers generate in a symbiosis between different industries, where they use each other's residual waste.
Aim is to reduce and eventually eliminate the total CO2-emissions to the benefit of the businesses, society,

Low European Latency

Close to all major European markets
Ability to meet 54 % of all European businesses in under 20 ms round trip
Can support >90 % of all typical client workloads in Europe

Workload	Latency Requirement	Fit
High Performance Computing	2sec +
Content Delivery Network	2sec +
CCTV + Analysis	~1-2sec
IoT Data Aggregation	~100-1000ms
Imaging (e.g. Healthcare)	2sec +
Backup and recovery	2sec +
Cloud based application use	~20-50ms
Cloud Gaming	~1-10ms
Financial Trading Tools	<1ms