Alony Hetz

Investor Presentation • Nov 21, 2024

2024 of Quarter Third

.document Hebrew original the of translation unofficial an constitutes document This for prepared was translation This .version binding the is version Hebrew The .only purposes convenience

Hetz Alony Presentation the to Notes General

is and ,")Company the (".Ltd Investments and Properties Hetz Alony by prepared was presentation This• Company the of securities sell or purchase to offer an constitute not does It .investors for solely intended information The .information provide to solely intended is and ,noted as ,bids receive to invitation an or and opinion or recommendation ,decision investment an reaching for basis a constitute not does presented

and Company the of operations the of analysis an to relates that all in ,presentation the of contents The• activities s'Company the of picture complete a obtain to order in and ,summary a merely is ,investees its ,prospectus shelf s'Company the review should one ,contends Company the which with risks the and public the ("system MAGNA the through reported are that reports quarterly and periodic ,immediate its differently edited and presented are that information and data includes presentation The .")information the in included data the from calculated be could that such or reports said the in included data the than .information public the for substitute a not is herein presented information The .reports s'Company

- .judgment s'investor the for substitute a not is

- .("information looking-forward ("prepared was

is and certain not is materialization whose ,events future to related data ,estimates ,assessments ,Forecasts• trends of development ,forecasts macroeconomic ,investees its and Company the of control the under not electricity in changes ,occupancies and prices rental in changes ,markets energy and estate real the in calculation the ,forecasts FFO and NOI of calculations ,forecasts revenue ,produced quantity the and prices and initiation the 2024, for forecast dividends ,basis stabilized a on rates yield and NOI projected of ,costs construction ,timetables expected (field energy the in projects including ,projects of construction based is information such and ,)1968 (Law Securities the of A32 Section in defined as ,information lookingforward are ,)revenues future and grids electricity the to plants of connection expected to related data past on based ,faith good in conducted was which ,Company the of assessment subjective the on solely related data and facts on based ,Company the by aggregated how-know professional the and experience macroeconomic and facts on and ,investees its and Company the of businesses the of state current the to presentation this when Company the to known as all ,sources other from Company the by gathered data

by ,alia inter ,impacted be will information looking-forward the of materialization-non or materialization The• the in developments by and ,investees its and Company the of operations the characterize that factors risk the ,therefore and ,)particular in Israel in and general in globally (environment geopolitical and economic

CARR,

Hetz Alony Strategy Business

sectors two on Focus properties producing-Income•

development the in engaged are companies Group The by determined scopes the with accordance in projects of .companies group the of directors of boards the

responsibility the of awareness an with operates Group The of areas the on activities its of consequences and for and responsibility social ,protection environmental .governance corporate

,constant generate companies Group The .flows cash term-long and stable

a maintaining - policy management financial Conservative unutilized maintaining ,sources credit diverse ,durations termlong with liabilities financial ,assets unpledged of level high .ratios leverage efficient and facilities credit

future and) gross (billion 1 NIS for consideration in warrants option and shares ordinary of Issuance• option and shares ,these Of .million 338 NIS totaling ,warrants option the all of exercise assuming ,consideration Company the in rights voting and capital share of 10.23% constituting ,Frankel Aaron .Mr to allotted were warrants .(basis diluted-fully a on 11.26%(

in rate leverage and debt reduce to is million 456 NIS which of (million 649 NIS totaling investees in Investment• .( III Fund Brockton and Everlast Brockton

2ToHa the of part top the in sqm thousand 60 lease will whereby agreement rental binding of Signing• 2027. of quarter first the in commencing lease year10- a for ,building

was rent s'tenant the which in with House Waterside the in process Review Rent the of Completion•

2024 of Beginning from Events Key Report of Date Publication Until Hetz Alony

annually with 2029, May in commencing period year16- a for ,building Center Midtown the in) sqm thousand

largest the of one to building Center Midtown the in feet square thousand 120 for lease term-long a of Signing• s'world the of one with space similar a of lease for negotiation advanced in and ,States United the in firms law

-

• 1. July from commencing 16%, by increased
• 32) feet square thousand 342 rent to with agreement rental binding new a of Signing• .agreement lease original the to according rents increasing
• .firms law leading
• .GW1.5 least at of capacity with US the in projects future' Energix to relating partner tax a of investment
• .MWp200 of capacity total with ,US ,Pennsylvania in projects two of purchase the of Closing•
• ,operation commercial in Poland in farms wind two for agreement financing term-long a into Entering• .zloty million 825 down drawn has Energix which of ,zloty million 830 to up totaling

and certificates green ,electricity of sale the for with agreement cooperation strategic a signed Energix•

.million \$530US totaling backlog projects for partner tax a by investment and agreement financing a of Closing•

research and Offices ,London in laboratories Oxford and Cambridge

,retail ,Offices parks industrial logistics and

% 85.0 51.1% 55.0% 47.7%

in included :TASE Index -35TA

energy Renewable properties producing-Income

Boston in Offices control joint 50%( (Properties Oxford with

,Washington in Offices Austin and Boston (JPM with control joint 50%(

presentation this of date publication of as Structure Holdings Hetz Alony

Poland / USA / Israel

in included :TASE Index -35TA

50.2%

generating Electricity use that systems energy renewable sources

million 209 NIS of equivalents cash and cash Excludes(*)

of as Composition Portfolio Investment (*) Value Economic 2024 September

Portfolio Investment Hetz Alony

7

in Portfolio Investment in Changes (Millions NIS (2024 of Quarter Third

in Change funds capital other and

(*) Value Book 2024 September of as Composition Portfolio Investment

30.09.2024 1.1.2024 Dividends received Investees results of Effect Investments rate exchange fluctuations 266 )15( ⁴⁷⁶ 10,655 )446( )210( 10,584 374 Brockton 84 III Fund 18

information looking-forward is This(**) (presentation the on comments general see (

,presentation this of date publication the Until received were million 449 NIS of dividends

Equity Hetz Alony

NAV Adjusted .vs statements financial on based) NAV (Value Assets Net of Measurement Hetz Alony

taxes deferred Ignores (***) cash deducting after debt Gross (**) 2024 17, November is) rates exchange and prices market stock including (NAV adjusted of calculation for update of Date(*)

NIS( millions (	Data from financial statements of as September 2024	Investment from beginning of October 2024 until presentation s' publication date	Equity issued in October 2024	Adjustment to stock market value of as date of update , including exchange rate adjustments	Adjusted data of as date of update (*)	Measurement basis
	4,597	-	-	121	4,718	Stock market price
	1,123	-	-	2,466	3,589	Stock market price
	3,035	74	-	(128)	2,981	Equity ( (IFRS
	1,380	-	-	11	1,391	Equity ( (IFRS
	257	99	-	3	359	Equity ( (IFRS
Other investments mainly( in Brockton (Funds	263	-	-	(27)	236	Equity ( (IFRS
GAV	10,655	173	-	2,466	13,274
Net financial debt (**)	) 5,773 (	(173)	685	50	) 5,211 (	Equity ( (IFRS
NAV (***)	4,882	-	685	2,496	8,063
NAV per share NIS in (***)	25.3				37.5
Leverage	53.9%				39.3%

"3Aa "rated are bonds s'Company The "ilAA "and Midroog by outlook negative .alot'Ma by outlook negative

with compliance in is Company The the of covenants financial the all .facilities credit and bonds

facilities credit has Company The ,million 550 NIS of amount the in the of as unutilized are which .date publication s'presentation

debt financial s'Company the of All currency from liabilities for except( .bonds traded in are) hedges

properties s'Company the of None .pledged are

Leverage and Debt Financial of Structure (expanded solo Company(

Hetz Alony

(9 Slide see (NAV adjusted to According) IFRS (Value Book

2029 and thereafter presentation of date Publication of As* (*)(millions NIS (dates maturity Debt 10 506 506 506 895 3,348 2028 2027 2026 2025

(%) net ,Leverage

(millions NIS (FFO Hetz Alony

to according FFO s'Amot in share s'Company approach s'management

FFO s'Carr in share s'Company

to according FFO s'Energix in share s'Company approach s'management

expenses interest Real

FFO s'Everlast Brockton in share s'Company

expenses administrative and General (income fee management of net(

taxes Current

FFO s'Boston AH in share s'Company

approach s'management to according FFO Total

Securities to according FFO approach s'Authority

s'Authority Securities the to according FFO to Adjustments the of credit on differences linkage of Expenses :approach differences rate exchange and investees its and Company

Year 2023	1-Q 3Q 2023	1-Q 3Q 2024
430	325	315
184	142	136
121	97	84
58	43	43
40	30	24
( )206	)149(	)170(
)6(	)8(	)8(
)21(	)16(	)14(
600	464	-12% 410
)178(	)175(	)68(
422	289	+18% 342

Hetz Alony

(11 Slide see (approach s'Authority Securities to according FFO Regarding(*)

• (*) approach s'Management to according share per FFO share per dividend Ordinary
• FFO from Ratio Payout Dividend Regular share per dividend Special
• share per 0.18 NIS of dividend a whereby 2024, for policy dividend a declared Company The on comments general see (information looking-forward is This .quarter every paid be will (presentation the

2024 30, September of as Data Key AMOT

margin flow cash in Change) millions NIS (Value Estate Real Investment

rate debt average Weighted rate cap average Weighted

20,331

Data Financial Additional AMOT

(millions NIS (NOI

(millions NIS (FFO (approach s'Management(

([0.01 NIS [Agorot (share per flows Cash

(presentation the to comments general see (information looking-forward is This(*)

according share per FFO

FFO from Ratio Payout Dividend Regular

share per 0.27 NIS of payments quarterly four in paid be to ,share per 1.08 NIS of dividend a distribute shall AMOT whereby 2024, for policy dividend a declared AMOT

approach s'Management to according 2024 for share per FFO Forecasted

Completion 2024

Offices) Shufersal (in'Modi) owned 50% (2ToHa (owned 75%(

Braq Bnei in Site" Lechi" (owned 50%(

Shemesh Beit in Center Logistics (owned 60%(

ayin'Ha Rosh Park Afek (owned 50%(

Jerusalem in Complex K (owned 50%(

201 totaling projects 6 has AMOT ground above of meters square thousand construction total a with ,construction .billion 3.4 NIS of budget

these complete to investment remaining The forecasted with ,billion 1.8 NIS is projects full assuming ,million 270-295 NIS of NOI 8.4%. of return of rate Forecasted .occupancy

of value book the 2024, September of As .billion 1.9 NIS are projects the

(*) (share s'AMOT (Pipeline Projects Development

AMOT

(presentation the to comments general see (information looking-forward is This(*)

following NOI in increase Expected development under projects of occupancy million 280 NIS

(presentation the to comments general see (information looking-forward is This(*)

purchased were rights 2021 August In for Municipality Aviv-Tel the from as well as project the of construction 2108. in ending period a for rights lease

Estimated construction completion date

GLA

equal in owned is project The .Yam Gav and AMOT by shares

Ownership

Forecasted NOI

Total construction costs 3.3 billion NIS

of sqm K45 Excludes parking underground

(work TI includes(

marketing for

(*)(project of 100% to relating Data( 2 ToHa - AMOT

thousand 156 sqm

the to according ,occupancy full with area the for prices rent current million 320 NIS

with agreement rental of Signing thousand 60 of rental for Google space the before stage the at (sqm period year10- a for) subdivided is in 2027, of start the at commencing fees rental annual for consideration .million 115 NIS of

	Existing GLA	126 thousand .sqf
	Future GLA	464 thousand .sqf
	Construction (*) budget includes land and financing	Cost invested £132 M · Balance not yet invested £600 M -630 M
	Forecasted Stabilized (*) NOI	£50-55 M
	Construction (*) period	2025-2029
	Equity required construction to injected during 2025-2026	for be £75 M
(*) is This	-forward looking information	see ( general comments the to presentation (

Building Dovetail The

House Telephone

House Waterside

(presentation the to comments general see (information looking-forward is This(*)

Total

Area Land

GLA 662 thousand .sqf

based GLA Future plans zoning on (*) advanced being 1.7 Million .sqf

124

thousand

.sqm

Cambridge in Properties Producing-Income in Investments on Information Additional

EVERLAST BROCKTON

km 2

EVERLAST BROCKTON

(*) Oxford in Properties in Investments on Information Additional

park business The and space office includes 44 on situated mall strip a square 44,000 (dunams .(meters

significant has site The in ,potential upgrade plan zoning a event the for approved be will modern a of construction while ,park science considerable adding .rights building

information looking-forward is This(*) (presentation the to comments general see (

Data Key CARR

2024 30, September of as Structure Sheet Balance

27

(presentation the on comments general see (information looking-forward is This(*)

(presentation the on comments general see (information looking-forward is This(*)

CARR of Activity Rental CARR

has CARR 2024, 30, September of As and M\$149 of facilities credit unutilized 2.6 is debt its of duration average the .years

rate cap average Weighted09.2024 12.2023 12.2022 12.2021 5.3% 2.6% 3.8% 3.5% 3.9% 6.0% 7.2% 2.7% 3.7% rate debt Weighted 7.5%

Debt Financial and Flows Cash CARR

and) gross (debt financial s'Carr of Composition (*)(billions \$ (assets pledged

portfolio office producingincome of margins flow cash in Changes

Project name	3033 Wilson	425 Montgomery
GLA	251 thousand .sqf	215 thousand .sqf
Location	Arlington	Alexandria
No of . apartments	312	237
Expected construction start	2026 September	2025 January
Expected construction completion	2028 February	2026 October
Total construction budget	268	million USD
Total forecasted NOI	20	million USD
Forecasted Leverage rate	50%
Additional info	CARR plans to partner	with investors for these projects

to working is CARR ,prospects growth future and conditions market ,success project' ELM 'the Following• in projects two initiating is company The .sector building rental residential the in business its expand .area metropolitan Washington the within ,Virginia Northern

(presentation the on comments general see (information looking-forward constitutes slide this on data All(*)

ownership 100% to relating 2024 30, September of end the of as data Key with Partnership Business BOSTON AH

Equity	\$149 M
Income 2 producing properties	696 thousand .sqf
Value of income - producing properties	\$357 M
Occupancy rate	87%
WAULT	4.2 years
Net financial debt	\$208 M	Average duration of 3.3 years Weighted interest rate 5.4% :
NOI 1-Q 3Q 2024	\$21 M	Forecast for 2024 :(*) M\$28

(presentation the on comments general see (information looking-forward is This(*)

with Partnership Business BOSTON AH

with Partnership Business BOSTON AH

phase completion In

(presentation the on comments general see (information looking-forward is This*

costs of balance( (M\$35 - rental to allocated

M\$15

M\$150

Value

M\$160 Construction the for taken

financing

project

178 Planned

BOSTON AH Avenue ATLANTIC 745

(*)(project of 100% to relating Data(

Life to building office the of Conversion labs research Science

GLA

thousand .sqf

6.4% :Intrest are Oxford and company The with discussions in currently a regarding bank lending the loan the of extension possible beyond deadline repayment 2025 July

Intergrated Vertically

commercial to development Combines ,project the of life the throughout operation experts financial and engineering leading by .capabilities proven with

company Global

Poland ,US the in focused operations Global each in teams dedicated with ,Israel and .operation of area

partnerships Strategic

and companies leading s'world the With entities financial

growth Accelerated

the in revenues in 23% of CAGR years 5 last

(presentation the to comments general see (information looking-forward is This(*)