Azrieli Group — Capital/Financing Update 2026

Feb 26, 2026

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Azrieli Group Ltd. ("the Company")

February 26, 2026

To, To,

The Tel Aviv Stock Exchange Ltd. The Israel Securities Authority

Via the MAGNA system Via the MAGNA system

Dear Sir/Madam,

Subject: Signing of a Mandate Letter and a Non-Binding Term Sheet for Receiving Financing for a Data Center Project in Norway

Further to the Company's immediate report dated December 30, 2025 ("the Previous Report") regarding the establishment of a dedicated campus to be built in Norway as part of an agreement for providing 80MW data center services to a customer (as defined in the Previous Report) ("the Project"), and regarding the existence of negotiations with financing entities in connection with the Project's financing, the Company is pleased to update that on February 25, 2026, GMG signed a mandate letter with a foreign banking corporation ("the Bank"), for its appointment as debt advisor, mandated lead arranger, underwriter and bookrunner, in connection with the formation of a syndication for financing the Project ("the Mandate Letter"). 1 2 3

Attached to the Mandate Letter is a non-binding term sheet (Term Sheet) for the provision of such financing to the service provider in the Project in a total amount of up to 1,000 million Euros, including up to 925 million Euros as a senior loan (Non-recourse) and up to 75 million Euros as a Revolving Credit Facility ("the Financing Amount" and "the Term Sheet", as applicable). 4

The Term Sheet includes customary arrangements for such transactions, including a mechanism for determining interest based on the Euribor interest plus a margin; general criteria for determining the final financing amount; principles regarding loan repayment mechanisms; collateral and guarantees; financial covenants; distribution restrictions on the borrower; restrictions on a change of control of the Company in the borrower; conditions precedent for the provision of the Financing Amount (or any part thereof), as well as a dedicated mechanism regulating potential events related to the agreement with the customer in the Project. Additionally, within the Mandate Letter, a limited exclusivity period was set for the Bank's appointment as aforementioned.

The Company will provide an update regarding the details of the final financing agreement, if signed, as required by law.

It is clarified that the Term Sheet is non-binding, and that the entry into a binding financing agreement is subject, among other things, to the continued management and completion of the negotiations between the parties, agreement on the final terms of the engagement (commercial and legal), signing of detailed and binding financing documents, performance of customary due diligence, and receipt of the approvals required for entering into a binding agreement (including approval from the relevant corporate bodies of the Company). Therefore, there is no certainty that a binding financing agreement will be signed, if at all, and it is clarified that the terms of the binding agreement, if signed, may differ (including materially) from the principles set forth in the Term Sheet. Furthermore, it is clarified that the Mandate Letter and the Term Sheet do not constitute a commitment to provide financing.

Sincerely,

Azrieli Group Ltd.

Signed by: Adv. Nirit Zeevi, EVP, General Counsel and Company Secretary

See the Company's immediate report published on December 30, 2025 (Reference No.: 2025-01-104795), the content of which is included in this report by way of reference. 1

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This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer. .

• Green Mountain Global Limited, a wholly-owned foreign holding company of the Company, which centralizes the Company's holdings in the Data Centers field ("GMG"). 2
• Debt Advisor, Mandated Lead Arranger, Underwriter and Bookrunner (respectively). 3
• A wholly-owned company of GMG. 4

2/26/2026 | 7:23:28 AM