Mivne Real Estate (K.D.) Ltd.

Investor Presentation • Mar 22, 2022

Capital Market Presentation 2021

Mivne

One company – many advantages

Large amount of land in planning stages in all segments throughout the

• Spread of properties from Dan to Eilat
• A broad variety of properties for all purposes logistics, industry, offices, commercial and rental apartments
• Potential increase in rental fees
• Average property capitalization rate of 7.05%.
• Hundreds of thousands of meters for planning and development in coming years.
• country.
• Significant green energy activity on Company properties
• Residential development in high demand area
• Significant financial fortitude
• Significant free cash flow allowing the continued initiation of debt redemption and dividend distribution.

• Organic increase in value and free cash flow, independent of purchases

• Continued increase in equity

• Continued presentation of growth in free cash flow (FFO)
• Continued presentation of growth in NOI
• Decrease in operating costs
• Continued drop in effective interest rate
• Significantly increasing the lineup of new Company properties, mainly in high demand areas.
• Development and marketing of 1,800 housing units in high-demand areas

General

• Investment property
• Residential
• Solar energy
• Development and renewal
• Financial data as of December 31 2021
• Disclaimer

General

Data as of December 31 2021

5billion NIS Net financial debt

1.2 billion NIS Balance of cash and frameworks as of this date.

460 million NIS FFO from cash-generating properties 1-12/2021 Expected FFO for 2022 470-500 million NIS

39 million NIS Gross profits from the sale of apartments 1-12/2021.

3.5 billion NIS Value of unpledged assets

100%Public holdings (after neutralizing Darban's share)

Equity attributed to shareholders

The Company is traded on leading

indices, including: The Tel Aviv 35 Index The Tel-Aviv Real Estate Index

Company rating of AA by S&P Short-term debt rating of A-1

41.9%

Ratio of debt to CAP

741Thousands of square meters Potential future development

10.9 Billion NIS Value of investment property

93% Occupancy rate in Israel

has been constantly increasing in recent years (increasing by 2.4% in 2021)

2,749 tenants in Israel

723 million NIS Value of investment property under development

545 cash-generating properties from Metula to Eilat

1.6 million m² Cash-generating properties in Israel

Data as of December 31 2021

1,800 Housing Units

In advanced stages of construction and planning in leading demand areas, plus hundreds of units in advanced planning stages.

293 Solar Energy Systems

For which agreements have been signed for installation on the rooftops of Company buildings. 93 systems installed. Expected yearly revenues from all systems of some 33 million NIS.

691 million NIS NOI in the 1-12/2021 period, of which 615 are in Israel and 76 abroad.

Dividends for 2021 profits 230 million NIS

apartments were delivered from January 2021 to the publication of the report.

Data as of December 31 2021

Dividends to the sum of 75 million NIS were declared in Q1/2022. The company also announced a dividend policy for 2022 in the amount of 240 million NIS, but no more than 50% of the company's annual FFO

Mivne Group 2021 Capital Market 9

⁴⁵ Development of FFO from Cash-Generating Properties

In Millions of NIS | In Spite of the Covid-19 Crisis

Investment Property

Mivne Group 2021 Capital Market 11

TOTAL 10 billion NIS

(1,607,000 m²)

0.2 billion NIS Value (10,000 m²) of Cash-Generating Properties in Israel

Mix of Properties and Customers

122

2021 Summary

Our Customers Include

Mivne Group 2021 Capital Market 14

Logistics and Industry

TOTAL 1,006,000 m²

SOUTHERN REGION

1,006 Thousand m² For the rental of logistical centers, industry and storage

3.9

Billion NIS

Value as of December 31 2021

93.8% Occupancy rate as of December 31 2021 3.3% increase from December 31 2020

Million NIS NOI 1-12/2021

14 Million NIS increase in NOI SP 1-12/2021

The Company is advancing the development and construction of new and innovative logistical centers

Logistics and Industry

• 42% of the Company's rental revenues
  -

1,658 customers

• Distribution throughout the country
• Potential compatibility of storage and industrial spaces to a broad variety of tenants with areas of 100-20,000 m²
• High yield rate creating the opportunity of future capital gains as well as improved NOI.
• The Company's focus on improving and upgrading properties in recent years allows it to continue to increase occupancy rates and an ongoing increase in profits
• Tenants holding properties for extended periods of time

Logistics and Industry

Mivne Group 2021 Capital Market 17

Offices

NORTHERN REGION 28% 104,000 m²

TOTAL 372,000 m²

3.7 Billion NIS Value as of December 31 2021

90.8% Occupancy Rate as of December 31 2021

The Company rents offices to telecommunications companies, the Israeli Government, some of the world's most advanced high-tech companies and a broad variety of additional tenants.

389,000 m² For renting office buildings, 67% of which are located in highdemand areas in central Israel.

36% of the Company's rental revenues, 469 customers

• Broad geographic distribution, with most of the properties in high-demand areas (Gush Dan and central Israel)
• The most material tenant's share of total rental revenues does not exceed 5%
• High-quality buildings, Class A alongside Class B buildings rented to varied customers
• Long-term contracts for government housing with a total rental area of 62,000 m²
• Long-tern contracts with highquality customers in the fields of pharmaceuticals, communications and defense industries.

NOI from Shopping Compounds (In Millions of NIS)

19

129 million NIS NOI

Shopping Compounds 2.2

Billion NIS Value as of December 31 2021

92.9%

Occupancy Rate as of December 31 2021

7 Million NIS increase in NOI SP 1-12/2021

Most of the Group's shopping compounds are open and neighborhood shopping centers providing a convenient and comprehensive shopping experience with easily available parking and a broad variety of shops. Most of the compounds are anchored by supermarkets and/or drugstores and some of them are integrated into office complexes

202,000 m² Of commercial rental space in Israel, in 14 shopping compounds, spread from north to south

revenues, 500 customers

• 14 shopping compounds, of which: 10 open shopping compounds throughout the country, one closed compound in Nof Hagalil and 3 employment-supporting shopping compounds
• Average rent per m² not creating a burden for tenants
• Low management cost as a result of self-management
• Material anchors in long-term contracts: 60% of total revenues and 50% of total rented space are from customers in the fields of food, pharmaceuticals, electronics shops, stocks and DIY.

Shopping Compounds

Rental Housing

Town	Usage	Number of Units	Area (m2)	Book Value/ Sum Paid (Millions of NIS)	Balance Payable (Millions of NIS)	NOI/ Expected NOI (Thousands of NIS)	Expected Yield	881
Jerusalem	Rent controlled housing	317	12,353	116	-	7.2	Cash generating	761
Kiryat Ono	Student Dorms	113	3,334	57	-	3.1	Cash generating	+120
Kiryat Ono	Residential	30	2,690	50	3	1.8	Q1/2022
Ben Shemen	Residential	80	8,913	26	105	4.2	Q3/2024
Hadera	Residential	50	4,507	14	58	1.7	Q4/2024	CURRENT VALUE ESTIMATED PLUS BALANCE MARKET VALUE
Ramat Hasharon	Residential	50	6,044	24	120	5.5	Q3/2023	PAYABLE AS OF DECEMBER 31 2021 The estimated market value as of December 31 2021 was calculated on
Ramat Chen	Residential	80	7,177	13	174	5.3	Q4/2026	the basis of the sales data of similar apartments in identical areas.
Total		720	45,018	301	461	28.8

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

* Data in millions of NIS

676

Housing Units Under Construction

159 housing units were delivered over the course of 2021 to the report's publication date

39

million NIS Gross Profits from the Sale of Apartments 1-12/2021

1,800 housing units In advanced stages of planning and construction in leading high-demand areas

Over the past few years the Company has acted to plan added housing units on its land and planned mixed usage projects This trend has been creating a material advantage for the Company Data as of in the current period

December 31 2021

Residential – Housing Units as of December 31 2021

Project/Location	Planned Housing Units	Status	Cost in Company's Books	Company's share	Development profit no yet recognized
Hahaskala Blvd. – Tel Aviv	360	Underway. 79 housing units so far	361	75%	295
Marom Hasharon, apartment buildings	213	Underway. 10 housing units sold so far	60	90%	94
Mivne Tower – Herzliya Pituach	103	Underway. Marketing not yet begun	111	100%	Planned zoned for rental housing
Aminadav Stage B – Tel Aviv	410	The Company is working to submit a Town Plan path under the authority of the local committee	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	Town Plan in effect. In planning stages.	233	33%	Pre-estimate
Total	1,800		920

Mivne Group 2021 Capital Market 27

Residential – Housing Units as of December 31 2021 21

Hahaskala Blvd., Tel Aviv

2 residential towers (the Company's Share)
Total planned housing units (the Company's Share – 75%)	360
Total accumulated cost in the books (millions of NIS )	362
Total expected cost for completion of construction	335
Expected gross profits (millions of NIS )	295
Expected surpluses	992
Expected construction completion date	Q3/2025
Status	Paneling and excavation works begun 79 housing units have been sold.

Marom Hasharon

Residential, buildings, planned (The Company's Share – 90%) 213 60 ) 175
Total planned housing units
Total accumulated cost in the books (millions of NIS
Total expected cost for completion of construction
Expected gross profits (in millions of NIS )	94
Expected surpluses	329
Expected construction completion date	2024
Status	Underway, 10 housing units sold so far

Residential – Breakdown of Sales

Development

	1-12/2021	1-12/2020
Number of housing units sold	158	41
Receipts from the sale of apartments (before VAT )	399	111
Gross profits recognized in the statements from the sale of apartments	39	41

Mivne Group 2021 Capital Market 32

Over the course of 2020-2021 the Company increased its investment in the field of solar energy, filing requests to arrange 277 solar energy systems on the rooftops of buildings in its possession. To date, a plan has been arranged to install 266 systems, of which 77 systems have been activated. The Company has 16 solar energy systems installed on buildings in its possession in activity in this area in light of the Company's Solar extensive rooftop areas.

2011-2012. These systems generate 4.5 million NIS per year for the Company. The total expected yearly revenues for at the conclusion of the process of installing all of the systems is estimated at 33 million NIS (the Company's share being 26 million NIS). The Company has a significant advantage in

Energy Systems – General

Revenues and Output from Regulated Solar Energy Systems

Expected yearly revenues from all solar energy systems after commercial operation: 33 million NIS (The Company's share – 26 million NIS)

Expected output by solar energy systems after commercial operation: MW 43

Over the course of the year the Company signed an agreement to build solar energy storage facilities in its properties, in partnership with Israeli energy company Nofar Energy, with a total output of 400 MWH. The Company shall own 75% of the rights to the partnership

Development

Construction of mixed use buildings centers

Construction of modern and attractive logistical

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

181-197

Millions of NIS expected increase in NOI over the next five years as a result of initiation, not including projects

construction of which has not yet begun.

Mivne Group 2021 Capital Market 36

Projects Under Development

Industry and Employment

Project name	Location	Usage	Built-Up Area (In m2)	Estimated Completion Date	Estimated Cost Balance (in Millions of NIS)	Expected NOI Range (in Millions of NIS)
Hahaskala Blvd.	Tel Aviv	Offices and commercial	68,300	Q3/2025	586	101-109
"Mivne" Compound	Holon	Offices	14,800	Q2/2022	7	8-10
Sarona	Kfar Saba	Offices	26,000	2024	148	22-24
Life Sciences Park*	Haifa	Offices	14,000	Q2/2024	140	12
Kiryat Hamishpat	Kiryat Gat	Offices	5,000	Q4/2022	9	3
"Mivne"	Herzliya Pituach	Offices	24,300	Q3/2024	222	27-30
Ha'elef Compound*	Rishon Lezion	Rental housing and student dormitories	17,000	Starting Q2/2022 Finished 2026	Pre-estimate	-
Hasivim Neveh Oz	Petach Tikva	Offices	13,000	Pre-estimate	105	-
Hameitav	Tel Aviv	Employment and commercial	125,000	Pre-estimate	Pre-estimate	-
Life Sciences Park*	Haifa	Offices	14,000	Pre-estimate	Pre-estimate	-
Crytek 2	Yokneam	Offices	25,000	Pre-estimate	Pre-estimate	-
Beersheba	Beersheba	Hotels	7,000	Start 2022, completion 2025	Pre-estimate	-
Akerstein Towers**	Herzliya	Offices	50,000	Pre-estimate	Pre-estimate	-
Office tower	Giv'at Shaul	Offices	34,750	Pre-estimate	Pre-estimate	-

* The Company's Share – 50%

** The Company's share – 53%

Offices and Employment – Hahaskala Blvd., Tel Aviv

Offices and supporting commercial

(Company's share 100%)

65,000
3,300
367
586
101-109
Q3/2025
Not taken
End of paneling, excavation and base works. Lower structure works begun

Projects Under Development

Offices and Employment – Sharona, Kfar Saba

Offices (Company's share 100%)
Total additional office space (in m2) (*)	26,000
Total accumulated cost in the books (millions of NIS )	93
Total expected cost for completion of construction (millions of NIS )	148
Expected NOI (Millions of NIS )	Some 23
Expected construction completion date	2024
Status	Underway

Located in Kfar Saba Intersection, on Route 531.

(*) The Company is acting to add 4 stories with an area of 6,000 m²

Projects Under Development

Projects Under Development

Offices and Employment – Mivne Tower, Herzliya

Offices and supporting commercial

(Company's share 100%)

Total office space (in m2)	22,000
ercial space (in m2) Total comm	2,300
Total accumulated cost in the books (millions of NIS , including residential section)	111
Total expected cost for completion* of construction (millions of NIS , including residential section)	222
Expected NOI (Millions of NIS )	27-30
Expected construction completion date	Q3/2024
Status	Undergoing paneling and excavation works.

Located in Herzliya Pituach

* Not including betterment surcharges

Aminadav (Stage B), Tel Aviv

Located in Tel Aviv at the corner of Yigal Alon and Aminadav

* Not including betterment surcharges

Offices and supporting commercial (Company's share 100%)

(Com pany's share 100%)
Total planned housing units	410
Total office space (in m2)	122,000
ercial space (in m2) Total comm	3,000
Total book value (millions of NIS *)	435
Total additional expected cost (millions of MIS)	1,400

Projects Under Development

On January 30 2022 the Company purchased 24 cash-generating properties throughout the country with various zoning, primarily offices and commercial, from Bank Mizrahi-Union. These properties included the Union Bank management building on Achuzat Bayit Street in Tel Aviv, an office building on Lincoln Street in Tel Aviv, the main Tel Aviv branch of Union Bank on Echad Ha'am Street in Tel Aviv and a

LOCATION
ACHUZAT BAYIT
ECHAD HA'AM
LINCOLN 15
CENTER
NORTH
SOUTH
TOTAL

number of properties in the Stock Exchange compound in Tel Aviv.

The total proceeds for the transaction amounted to 532 million NIS.

The appropriate yearly rental fees for the properties purchased amount to 26 million NIS and the total area of the properties amounts to 25,000 m².

Location	No. of Properties	2
Achuzat Bayit	1	8,365
Echad Ha'am	1	2,861
Lincoln 15	1	2,200
Center	12	5,793
North	6	3,801
South	3	1,783
Total	24	24,803

Mizrahi-Union Transaction

The Company intends to act and to improve the portfolio of properties purchased as follows:

-

1. Rental of some of the Bank Mizrahi branches, for which the rental periods may be shortened, to tenants primarily from the commercial field, while improving real rental fees.

2. Promotion of betterment plans on primary properties.

Achuzat Bayit – the Company intends to act to increase construction rights and change the zoning in accordance with Tel Aviv 5000 and plans existing in the area. The Company is acting to initiate a Town Plan for increasing construction rights to 20,000 m², some of which will be zoned residential and some zoned employment and commercial. The Company has begun working to push the plan forward Concurrently, the Company is acting to increase the rental fees in the interim period, until the Town Plan is approved.

Union Bank branch on Echad Ha'am Street –the Company intends to act to significantly increase revenues from the property while changing the uses carried out in it for commercial purposes.

Mizrahi-Union Transaction

15 Lincoln Street, Tel Aviv –the Company intends to implement a joint plan along with owners of nearby buildings and the City of Tel Aviv, to advance a significant town plan to add construction rights for

Mizrahi-Union Transaction

Financial data as of December 31 2021

Expected Debenture Principal Redemptions Rate

In Millions of NIS

43

Guaranteed by lien Not guaranteed by lien

Mivne Group 2021 Capital Market 48

46

Equity Attributed to Shareholders

In Millions of NIS

European

Public Real

Estate Association

EPRA NRV

EPRA NRV	8,873,762	7,890,084
Plus tax reserve for real estate revaluation	1,971,000	1,816,719
Equity attributable to shareholders	6,901,762	6,073,365
In Thousands of NIS	decem ber 31 2021	Decem ber 31 2020

Recovery value of Company assets (net) in the long-term assuming continued activity and failure to realize assets

Data from the Balance Sheet In Millions of NIS

	decem ber 31 2021	Decem ber 31 2020
Cash and cash equivalents	923	432
Cash-generating investm ent property and property under developm ent	12,028	11.161
Investm ents in associates	367	294
Financial liabilities, including debentures	6,108	5,408
Deferred taxes, net	1,459	1,268
Total equity attributed to shareholders	6,902	6,073

Primary Data from Statement of Operations

	1-12.2021	1-12.2020
Rental and m anag em ent fee incom e	899	880
Total revenues	1,100	1,049
Gross revenues	730	712
Revaluation of investm ent property and real estate under developm ent	756	299
Operating profit	1,460	963
Financing expenses, net	(293)	(198)
Net profit	955	577

1-12.2021

In Millions of NIS

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 may not serve as basis for making investment decisions, recommendations or opinions and does not replace the investor's judgement and appropriate advice.

That stated in this presentation in all matters connected to the analysis of Company activity is a summary only, and in order 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 MAGDA 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 study 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. We emphasize that as of the publication of this presentation, there is still a degree of uncertainty in the general environment in which the Company is active due to the Covid-19 pandemic, the scope and impact of which cannot be estimated reliably, and Company management is closely tracking future developments. The Company's guidelines and estimates included in this presentation including in connection 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, expected profits and expected surpluses), forecast regarding output and expected yield from solar energy systems, 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, based 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.