Mivne Real Estate (K.D.) Ltd.

Investor Presentation • Jun 5, 2023

Capital Market Presentation

March 31 121743

Material Events

In March 2023 Mr. Dudu Zvida concluded his service as Company CEO. In May 2023 the Company Board of Directors approved the appointment of Mr. Uzi Levi as the Company's new CEO, starting July 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 grossed-up yearly interest of 2.77%.

In February 2023 the Company performed, 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.

In May 2023 early redemption was perfumed of the balance of a loan to the sum of \$26.7 million MIS) provided by a partnership fully owned by the Company to the buyer who purchased its holdings in a property in Florida.

About Mivne

Israel's leading real estate company in the development, purchasing, construction and management of structures intended for offices, industry, logistics, commerce, and residential purposes, for rent or sale.

About Mivne

Number of cashgenerating properties in Israel

563

Occupancy in Israel

Land reserves and unused rights

Housing units in advanced construction and planning stages

1,790

2.971

Tenants in Israel

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

FFO from Cash-Generating Properties (in Millions of NIS)

FFO by quarterly cross-section

In the matter of FFO according to the Securities Authority's approach, see Slide 8 in this presentation below

The Company's FFO forecast for 2023 is 560-580 million NIS

Mivne

FFO per Share (In NIS)

In the matter of FFO according to the Securities Authority's approach, see Slide 8 in this presentation below

FFO in accordance with Securities Authority directives and Management's approach

	1-3/2023	1-3/2022
FFO according to Securities Authority directives	100	61
Added – expense of linkage differences on the debt principal and exchange rate differences	45	55
Real FFO according to Management's approach	145	116
FFO attributed to cash-generating property	150	121

NOI in Israel (in Millions of NIS)

Including data of associates (expanded consolidated)

Quarterly NOI in Israel

Over the course of the period (1-3/2023) the NOI in Israel amounted to 195 million NIS

Same Property NOI in Israel (in Millions of NIS)

Including data of associates (expanded consolidated)

Same Property NOI

Same Property NOI

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NOI and NOI SP in Israel (in Millions of NIS)

Including data of associates (expanded consolidated)

Analysis of growth in the period in NOI and in SP NOI in Israel

	NOI in Israel	NOI SP in Israel
1-3/2022	169	164
Increase in CPI	17	16
Assets purchased and sold, net	イ
New rentals, increase in rental fees in contract renewals and decrease management costs, net	6	6
1-3/2023	195	186

EPRA NAV (In Millions of NIS)

	31/3/2023 --------------------------------------------------------------------------------------------------------------------------------------------------------------------	31/12/2022
Attributed equity	8,073	7,985
Plus tax reserve for land	2,339	2,316
EPRA NAV	10,412	10,301
Number of shares (thousands of shares)	754,870	754,870
PRA NAV per share (NIS)	13.8	13.6

The expected growth in NOI from projects under development, solar projects and assets not yet activated (in millions of NIS)

Industrial, logistics and employment development

Construction of mixed-use buildings

Construction of innovative logistical centers

Future betterment potential: "from inventory to cashgenerating" The Company owns a significant "bank" of undeveloped land and construction rights

Project Name	Location	Usage	Built-Up Area (In m²)	Estimated Completion Date	Project's Value in the Company's Books (in Millions of NIS)	Estimated Cost Balance (in Millions of NIS)	Expected NOI Range (in Millions of NIS)
Hasolelim	Tel Aviv	Offices and commercial	68,300	01/2026	727	545	109-117
Sharona	Kfar Saba	Offices	26,000	2024	213	43	22-24
Life Sciences Park*	Haifa	Offices	14,000	02/2024	52	102	12
Kiryat Hamishpat	Kiryat Gat	Offices	5.000	02/2023	43		3
"Mivne" Tower	Herzliya Pituach	Offices	24,300	01/2026	158	190	27-30
Beer Sheva	Beer Sheva	Hotels	16. /00	Finished 2026	13	168	16
N.T.R	Sderot	Commercial	3,300	Finished 2025	15	13	വ
Hameitav Stage B	Tel Aviv	Employment and commercial	125.000	Pre-estimate	690	Pre-estimate
Hasivim. Neveh Oz	Petach Tikva	Offices	13,000	Pre-estimate	24	Pre-estimate
Life Sciences Park*	Haifa	( Iffices	14.000	Pre-estimate	13	Pre-estimate
Crytek 2	Yokneam	Offices	25,000	Pre-estimate	5	Pre-estimate
Akerstein Towers**	Herzliya	Offices	50.000	Pre-estimate	35	Pre-estimate
Giv'at Sha'ul	Giv'at Sha'ul	Offices	34,750	Pre-estimate	47	Pre-estimate
Ha'elef Compound*	Rishon Lezion	Rental housing and student dormitories	17,000	Pre-estimate	77	Pre-estimate
Hadera	Hadera	Uttices	1.250	Pre-estimate	30	Pre-estimate
Be'er Tuvia*	Be'er Tuvia	Logistics	15.600	Pre-estimate	59	Pre-estimate
Kanfei Nesharim	. lerusalem	( Iffices	15.000	Pre-estimate	רע	Pre-estimate
DLR Mivne *	Petach Tikva	Data center	22MW on some 15.000 m2	Pre-estimate		Pre-estimate
Kiryat Shechakim ***	Herzliya	Offices	200,000	Pre-estimate		Pre-estimate

* The Company's Share – 50%, **The Company's Share – 53 ***The Company's share – 25%

Mivne

Betterment at its best Hameitav Project - Stage B

Plan data:

• 1. Area of land: 1.3 hectares
• 1. Residential construction rights: some 41,600 m² (constituting some 400 housing units)
• 1. Construction rights for commerce and employment: 125,000 m².
• 1. Status: awaiting minutes of local committee approval

Rental Housing (in Millions of NIS)

Town	Usage	Number of Units	Area (m²)	Book Value/Sum Paid (Millions of NIS)	Balance Payable (Millions of nis)	NOI/Expected NOI (Millions of NIS)	Expected Yield
Jerusalem	Housing Collection	317	12,353	128		8	Cash- generating
Kiryat Ono	Student Dorms	113	3,334	ട്		2.9	Cash- generating
Kiryat Ono	Residential	30	2,690	ଚିଚ		2	Cash- generating
Ramat HaSharon	Residential	50	6,044	24	123	5.5	Q2/2024
Ben Shemen	Residential	80	8,913	26	112	4.2	Q2/2025
Hadera	Residential	50	4,507	14	62	1.7	Q2/2025
Ramat Chen	Residential	80	7,177	37	160	5.3	Q4/2026
Total		720	45,018	354	457	29.6

Value in Company books as of value as of March 31 December 31 2023 2023 plus balance payable

* The estimated market value as of March 31 2023 was calculated on the basis of sales data for similar apartments in identical areas.

Residential real estate development

1,790

housing units in advanced construction and planning stages

676

housing units under construction

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Project/Location	Planned Housing Units	Status	Cost in Company's Books	Company's Share	Projected Development Profits (in Millions of NIS)
Hasolelim Tel Aviv	360	Underway, 84 housing units sold so far	416	75%	361
Marom Hasharon, Residential Buildings	213	Underway, 43 housing units sold so far	144	90%	113
Mivne Tower Herzliya Pituach	103	Underway, marketing not yet begun	158	100%	In planning, zoned for rental housing
Hameitav Stage B Tel Aviv	400	In Town Construction Plan approval stages.		100%	Pre-estimate
Or Akiva and Hadera	334	In Town Construction Plan approval stages.	39	100%	Pre-estimate
Akerstein Stage B	150	A Town Construction Plan was submitted under the authority of the regional committee		53%	Pre-estimate
Sdeh Dov	230	Valid town plan, in planning stages	223	33%	Pre-estimate
Total	1,790		980

Establishment of partnership "Digital Realty Mivne"

• In 2022, Digital Reality (NYSE: DLR) and Mivne Real Estate (K.D) Ltd. (Mivne) (TLV: MVNE), declared that they were establishing the Digital Reality Mivne partnership, intended to develop and operate the largest joint data campus in Israel.
• Digital Reality, as the largest supplier in the world of data centers, cloud services, sharing solutions and connectivity solutions in conjunction with Mine's large and strategic land bank and its widespread geographic distribution throughout Israel, will allow the partnership to designated data centers in leading strategic Israeli locations.
• The partnership is in stages of designing a large data center on the Company's property in Petach Tikva with a size of 22 MW.

• ••• ••••
  -

  - •••

Solar energy

Within the framework of its activity in the field of solar energy, the Company filed requests to arrange 297 solar energy systems on the rooftops of buildings in its possession. To date, a plan has been arranged to install 282 systems, of which 195 systems have been activated.

The total expected yearly revenues upon completing installation of all the systems is estimated at 34 million NIS (the Company's share being 27 million NIS).

The Company has a significant advantage in activity in this area in light of the Company's extensive rooftop areas.

	Amount	Size (KW)	Expected Yearly Revenue (Thousands of NIS)
Existing installations	195	26,417	22,725
Increasing the size of existing installations	8	2,820	2,083
Installations with quota	79	11,135	7,599
Installations in approval proceedings	15	2,316	1,739
Total	2.7	42,688	34.146

Properties in development

Mivne

Investment Property Abroad

Country	Number of Properties	Above-Ground Area in m²	Occupancy rate	Fair value (thousands of NIS)	NOI from Cash- Generating Properties 1-3.2023 (Thousands of NIS)
Cash-generating properties
Switzerland	2	56,099	93.4%	409,033	6,552
Ukraine	1	44,672	79.8%	249,941	3,179
North America	4	77,536	73.2%	223,005	1,528
France	5	119,447	98.4%	15,380	4,481
Total cash-generating properties	12	297,754	88.1%	897,359	15,740
Land
France	1			25,284
Total	13	297,754	88.1%	922,643	15,740

Financial data

P THE SEE SEE SE FOR SEE S

as of March 31 2023

1000 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 -

Financial fortitude

Expected Principal Redemptions Rate (in Millions of NIS)

Financial fortitude

Balance Sheet Data (In Millions of NIS)

	31.3.2028	31.12.2022
Cash and cash equivalents	439	179
Cash-generating investment property and property under development	14,849	14,582
Investments in associates	504	501
Financial liabilities, including debentures	7,028	6,602
Deferred taxes, net	1,821	1,791
Total equity attributed to shareholders	8,073	7,985

Primary Data from Statement of Operations (in Millions of NIS)

	1-3-2023	1-3.2022
Rental and management fee income	257	232
Total revenues	301	235
Gross profit	220	178
Revaluation of investment property and real estate under development	94	28
Operating profit	292	183
Financing expenses, net	(87)	(97)
Net profit	172	66

Disclaimer

This presentation was prepared by Mirine Real Estate (K.D) Ltd. and does not on sell Company securities or a proposal to receive such offers and is intended on provide contr. The information presented may not serve as a basis for making investment decisions, recommendations or opinions and does not replace the investor's judgment and appropriate advice.

The contents of this presentation in all matters connectivity is a summary only; to receive a full picture of the Company's activity and of the risk factors the Company's shelf prospectus, and its immediate, periodic and quartery reports, most de studied using the MANA distribution site ("Company Reports"). This presentation also including presented and edited in a manner different than the cata included in the Company's reports or success in the cata 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 the realization of which is not certain and not under the Company's control. The Company's guided in this presentation, including in connection with a forecast regarding operational and financial data including short-term FD and NOI forecasts as development and construction of projects (expected timetables, recept of regulatory approvals, construction costs, development profits, future revenues expected from solar energy systems and assets that have not yet been activated, all of these constitute in Section 22 of the Securities Law, 1968, and this information is based soley on the Company's sumates made in good faith, based on past experience and professional knowledge accumulated by the Company, on the basis of facts and data perfaining to the Company's business and that of its investees as well as on macroeconomic facts and data collected by the sources, all as known by the Company as of the time this presentation was prepared.These estimates may not be realized in a manner materially different than projected, anong other things, depending on the realization of risk factors characterizing the Company's activity as well as developments in the enviroment (in the world in general and in Israel in particular). The company's activity may be materially different from the general expectations in this presentation.

Mivne

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