Mivne Real Estate (K.D.) Ltd.

Investor Presentation • May 29, 2022

Capital Market Presentation

March 31 2012-2

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

The Company has a dividend distribution policy for 2022 totaling 240 million NIS but not exceeding 50% of the Company's total yearly FFO, reflecting a yearly dividend yield of 3%.

93.7% 1

Occupancy in Israel

Number of incomeproducing properties

582

1.9 million NIS

Income-producing properties

12 billion NIS

Value of investment property

2,815 \

Tenants in Israel

1,790

Housing units in advanced construction and planning stages

thousends m2 Land reserves and

741

unused rights

778 million NIS

Value of investment property under development

Data as of March 31 2022

Our Customers Include

MIVNE

Income-producing properties in Israel as of March 31 2022

Including data of included companies (expanded consolidated)

Financial highlights – FFO from income-producing properties (in millions of NIS)

MIVNE

NOI in Israel (in Millions of NIS)

NOI Same Property

Over the course of the quarter, same property NOI in Israel amounted to 159 million NIS compared to 145 million NIS over the course of the same quarter last year. The increase in the period largely derives from the increase in rental fees in contract renewals, improved occupancy rates and increase in CPL

Over the course of the quarter, NOI in Israel amounted to 165 million NIS

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

Location	Usage	Built-Up Area (In m²)	Estimated Completion Date	Estimated Cost Balance (in Millions of NIS)	Expected NOI Range (in Millions of NIS)
Tel Aviv	Offices and commercial	68,300	Q3/2025	566	109-117
Holon	Offices	14,800	Q3/2022	ব	8-10
Kfar Saba	Offices	26,000	2024	127	22-24
Haifa	Offices	14,000	Q2/2024	139	12
Kiryat Gat	Offices	5,000	Q4/2022	ব	3
Herzliya Pituach	Offices	24,300	Q3/2024	218	27-30
Rishon Lezion	Rental housing and student dormitories	17,000	Start Q2/2022, completion 2026	Pre-estimate
Petach Tikva	Offices	13,000	Pre-estimate	Pre-estimate
Tel Aviv	Employment and commercial	125,000	Pre-estimate	Pre-estimate
Haifa	Offices	14,000	Pre-estimate	Pre-estimate
Yokneam	Offices	25,000	Pre-estimate	Pre-estimate
Beersheba	Hotels	7,000	Start 2022, completion 2025	Pre-estimate
Herzliya	Offices	50,000	Pre-estimate	Pre-estimate
Giv'at Sha'ul	Offices	34,750	Pre-estimate	Pre-estimate
Be'er Tuvia	Logistics	15.000	Pre-estimate	Pre-estimate

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

Construction of mixed-use buildings

Construction of innovative and attractive logistical centers

Future betterment potential: "From inventory to incomeproducing" - utilization of construction rights on existing land and construction of additional income-producing properties. The Company owns a significant "bank" of land and construction rights

Rental housing

Current value plus Estimated market balance payable value as of March 31 2022

* The estimated market value as of March 31 2022 was calculated on the basis of sales data for similar apartments in identical areas.

MIVNE

Town	Usage	Number of Units	Area (m²)	Book Value/Sum Paid (Millions of માટ)	Balance Payable (Millions of માટ)	NOI/Expecte d Nol (Millions of NIS)	Expected Yield
Jerusalem	Housing Collection	317	12,353	116		7.2	Income- producing
Kiryat Ono	Student Dorms	113	3,334	57		3.1	Income- producing
Kiryat Ono	Residential	30	2,690	રેડી		1.8	Income- producing
Ben Shemen	Residential	80	8,913	26	107	4.2	Q3/2024
Hadera	Residential	50	4,507	14	59	1.7	Q4/2024
Ramat HaSharon	Residential	50	6,044	24	122	5.5	Q3/2023
Ramat Chen	Residential	80	7,177	38	152	5.3	Q4/2026
Total		720	45,018	328	440)	23.8

* Not including housing units the Company intends to rent in the HaHaskala Blvd. Project, Herzliya, and Merom Hasharon

Solar energy

Over the course of 2020-2021 the Company increased its investment in the field of solar energy, filing requests to set up 277 solar energy systems on the rooftops of buildings in its possession. To date, a plan has been arranged to install 261 systems, of which 89 systems have been activated.

The Company has 16 solar energy systems installed on buildings in its possession in 2011-2012. These systems generate 4.5 million NIS per year for the Company.

The total expected yearly revenues upon completing installation of all the systems is estimated at 34 million NIS (the Company's share being 26 million NIS).

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

	Number of	Size (KW)	Expected Yearly Revenue (Thousands of NIS)
Existing installations	105	14,839	13,356
Increasing the size of existing installations		4,383	2,674
Installations with quota*	172	22,778	16,134
Installations in approval proceedings	16	2,091	1,600
Total	293	44,091	33,764**

* Of which 66 facilities are connected and awaiting final approval by the Electric Company ** The Company's share of revenues is expected to amount to a total of 26 million NIS.

Residential real estate development

Project/Location	Planned Housing Units	Status	Cost in Company's Books	Company's share	Projected development profits
HaHaskala Blvd. - Tel Aviv	360	Underway, 79 housing units sold so far	364	75%	295
Marom Hasharon, apartment buildings	213	Underway, 14 housing units sold so far	76	90%	94
Mivne Tower - Herzliya Pituach	103	Underway, marketing not yet begun	117	100%	In planning, zoned for rental housing
Aminadav Stage B - Tel Aviv	400	Town construction plan approved for deposit	139	100%	Pre-estimate
Or Akiva and Hadera	334	In Town Construction Plan approval stages.	9	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	234	33%	Pre-estimate
Total	1,790		939

1,790

housing units in advanced construction and planning stages

676

housing units under construction

Investment property abroad

Country	Number of Properties	Above-Ground Area in m²	Occupancy rate	Fair Value (in Thousands of NIS)	NOI from income- generating properties 1-3.2022 (Thousands of nis)
Income-producing properties
Switzerland	2	56,650	93.9%	365,584	5,950
Ukraine	1	44,705	100%	231,848	4,850
North America	4	77,544	68.5%	217,624	1,263
France	5	119,447	98.5%	17,732	1,163
Total income-generating properties	12	298,346	90.0%	832,788	13,226
Land
Abroad	1			22,780
Total	13	298,346	90.0%	855,568	13,226

a market of the production of

Financial data as of March 31 2022

Mivne Group | Capital Market Presentation 2022

100 - 100 - 17 - 17 - 17 - - 17 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

15

Financial fortitude

MIVNE

Expected Principal Redemptions Rate (in Millions of NIS)

Financial fortitude

Cost of Debt - Average Israeli Debt Interest

Balance Sheet Data (In Millions of NIS) =

	31.3.2022	31.12.2021
Cash and cash equivalents	1,076	923
Income-producing investment property and property under development	12,840	12,028
Investments in associates	374	367
Financial liabilities, including debentures	6,892	6.108
Deferred taxes, net	1,478	1,459
Total equity attributed to shareholders 6,919		6,902

MIVNE

	1-3.2022	1-3.2021
Rental and management fee income	232	216
Total revenues	235	269
Gross profit	178	181
Revaluation of investment property and real estate under development*	28	72
Operating profit	183	224
Financing expenses, net	(97)	(41)
Net profit	66	151

* Including amortizations to the sum of 45 million NIS for the property in Ukraine and 36 million NIS for betterment tax payment in purchase transactions

Disclaimer

This presentation was prepared by Mirie Real Estate (K.D.) Ltd. and does not constitute a proposal to receive such offers and is intended to provide conty. 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 maters of Company activity is a summary only to receive a full picure of the Company's activity and of the risk factors the Company's shelf prospetus, and its immediate, periodic and quartery reports, must be studied using the ("Sompany Reports") This presentation also includes data and information presented and edited in a mamer different than the Company's reports or such that can be calculated from the data included in the Company's reports. The information presentation does not replace review of the Company's reports.

The presentation forecasts, assessments, esimates and data referring to future events the realization of which is not on the Company's control. The Company's guided in this presentation including in connection with changes in rental process and ocupation rates, a forecast regarding operational data including short-term and longer-term FFO and NOI forecasts as development and construction of projects (expected interest of regulatory approvals, construction costs, future revenues and forecast regarding revenues expected from solar energy systems), al of these constitute in Section 32a of the Securities Law, 1968 and this information is based soler on the Company's subjective stimates made in good faith, based on professional knowledge accumulated by the Company, on the basis of facts and data periaining of the Company's business and that of its investes as well as on macroeconomic facts and data collected by the sources, all as known by the Company upon the preparation of this paper. These estimates may not be realized, in whole or in parter materially different than projected, among other things, based on the realization of risk lactors characterizing the Company's activity as well as developments in the world in general and in Israel in particular). Therefore, the Company's activity different from the general expectations in this presentation.

Thank you

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