Reit 1 Ltd.

Investor Presentation • Apr 2, 2024

PRESENTATION COMPANY 31.12.2023

ISRAEL IN TRUST INVESTMENT ESTATE REAL LEADING AND FIRST THE – 1 REIT

ISRAEL IN TRUST INVESTMENT ESTATE REAL FIRST THE

DISCLAIMER

possible the regarding assessments its including ,outcomes financial forecasted its of assessments s'Company The the on ,factors other among ,rest and ,")Law Securities ("1968 Law Securities the in defined as information lookingforward constitute ,outcomes future and activity s'Company the on war the and environment business the of impact the outside factors concerning ,report this preparing of time the at made as estimates and assessments s'Company .control s'Company

factors to due ,form different substantially a in materialize or materialize not may estimates and assessments Such ,intensity its ,fronts other to expansion its ,war the of continuance the including ,control s'Company the outside on limitations of application the and ,recruitment duty-reserve of extent the ,government Israeli the of provisions .Israel in recession financial the of duration and severity resulting the as well as ,public in movement and business

purchase to public the to invitation an or public the to offer an ,as construed be not shall and ,constitute not does presentation This this of content The .purposes informative for intended solely is and ,offers such receive to invitation an or securities Company all cover to purport it does nor ,discretion investor for substitute a or opinion an or recommendation a constitute not does presentation information The .securities s'Company the regarding decision investment of kind any making for relevant be may that information the its in provided as Company the about information complete the substitute to serve not does and summary a is presentation this in .reports immediate and quarterly ,periodic

the in than differently represented is that or to additional is that Company the about data and information include may presentation The than detail of level different a or/and segmentation different has or/and differently edited is or/and far thus reports public s'Company .reports s'Company the in far thus represented that

.Hebrew in one the is version binding The

EXCHANGE STOCK

OVERVIEW

,CRE Israeli TA ,Estate Real TA 125, TA in Included 40 Bond Tel and Div Tel

RATING

P&S Maalot Negative/ilAA :Rating Issuer P&S Maalot AA :Rating Issue

DIVIDENDS

15 past the for dividend quarterly Growing years consecutive million 163 ILS 2024: for dividend Minimum (2023 in 0.82 ILS .vs* share per 0.84 ILS( **5.6% yield Dividend - inception since distributed Dividends billion 1.4 ILS .approx

YIELD FFO ADJUSTED

***APPROACH MANAGEMENT **10.5% - 2024 for Projected

ESTABLISHMENT

Real first s'Israel as 2006 in Established (REIT (Trust Investment Estate

PRODUCING INCOME PROPERTIES

billion 8.2 ILS value total ,properties 57 (properties new excluding 97.7% (occupancy 95.5% at ,sqm 658,000 renters 950

RATE CAP

6.37% - rate cap average Weighted revenue 4Q neutralizing when 6.56%( (war the to due decrease

EQUITY

4.0 ILS equity total ,resilient Financially (share per 20.5 ILS (billion

• the on shares of number the to According of Board to subject and ,date resolution .distribution each to prior approval' Directors *
• share the to relative are yields FFO and Dividend 12.3.2024. for price **
• see directives s'ISA the to according FFO For 18. Slide --***
• unless statements consolidated expanded on Based .specified otherwise
• .approx include not do rates occupancy and GLA Total s'anana'Ra in renovation under currently sqm 51,000 .Park Infinity

AND SECTORIAL GEOGRAPHIC DIVERSIFICATION

• -
• .specified otherwise unless ,statements -

• located properties of 75%– Israel of center the in
• diversification Increased– industrials in especially logistics and
• logistics and Industrials– to expected sector based ,growing continue projects ongoing on

subject ,opportunities Development – diversification Sectorial – diversification Geographic – Israel in Only – :STRATEGY GROWTH 1REIT IN INVESTING

-

• regulation to
• of upgrade and Refurbishment– properties existing

OF PROVISIONS TO SUBJECT 5% to limited development Property) – LTV (60% to up of leverage Maximum – :LAW ISRAELI

• portfolio of
• by only paid taxation level Single tax corporate from Exemption obligation distribution Dividend shareholders controlling No– shareholders the
• largest and first the is 1REIT– Israel in trust investment
• by managed is Trust The– and professional highly a team experienced
• has Trust the ,years the Over– outcomes in growth exhibited dividends and

Offices Retail logistics & Industrials homes Nursing Parking Hospitality

Herzliya ,HaMenofim

7

PARK INFINITY ANANA'RA

• sqm 55,000 .Approx–
• sqm 150,000 space Office–
• recreation & retail ,dining which Of– sqm 10,000 areas
• parks green of sqm 6,000–
• main via accessibility High station Train .)531 and 4 (roads park the within

information looking-forward is above information The .assessment and intents s'Company the on based assessment above the that certainty no is There to due reasons other among ,materialize will the beyond factors external on dependency its .control s'Company -

park the from NOI yearly Expected renovation and completion tower after .approx is) occupancy full assuming( (share s'1REIT (million 75-80 ILS

Campus Infinity 2. Tower Infinity 1.

2023 August in completed Construction

Tower Infinity

(50% share s'1REIT 100%, for Data( SILVER LEED sqm 61,000 :GLA million 465 ILS :cost Construction (GLA office of 69% (67% :)publication of date for (rate Occupancy

area dining with park Green

(paid already million 13 ILS which of (million 40 ILS :cost Estimated 2024 4Q :completion Expected

CAMPUS INFINITY AND PLAZA INFINITY UPGRADE

(66% share s'1REIT 100%, for Data( sqm 90,000 :GLA million 114 ILS which of (million 240-260 ILS :cost Estimated (paid already

32% .approx :)publication of date for (rate Occupancy 2024 4Q :completion Expected

Plaza Infinity 3.

DIVERSIFIED PORTFOLIO OFFICES

TLV ,Tower HaYovel

sqm 73,000 :GLA 50% :share Ownership

TLV ,ah'HaArba sqm 17,000 :GLA (50% parking (35% :share Ownership

TLV ,Rothschild

sqm 23,000 :GLA 50% :share Ownership

TLV ,Frish Daniel sqm 20,000 :GLA

(80% parking (65% :share Ownership

DIVERSIFIED PORTFOLIO OFFICES

Herzliya ,HaMenofim

sqm 17,000 :GLA 50% :share Ownership

Herzliya ,Sapir

sqm 7,500 :GLA 100% :share Ownership

TLV ,Hachayal Ramat

sqm 10,000 :GLA 50% :share Ownership

TLV ,Hachayal Ramat

sqm 5,000 :GLA 100% :share Ownership

Ramat ,Center Medical TLV ,Hachayal

sqm 9,000 :GLA 33% :share Ownership

TLV ,Hashmonaim

sqm 8,000 :GLA 60% :share Ownership

LeZion Rishon ,Tulipman

sqm 17,000 :GLA 100% :share Ownership

,South ,HaOmanoot Netanya

sqm 6,000 :GLA 100% :share Ownership

HaAyin Rosh ,HaMelacha

sqm 8,000 :GLA 100% :share Ownership

Lod ,House Terminal

sqm 8,000 :GLA 100% :share Ownership

Lod ,Park Global

sqm 21,000 :GLA 50% :share Ownership

Tikva Petach ,Efal

sqm 8,000 :GLA 65% :share Ownership

Lod ,HaMelacha SOLD

sqm 16,000 :GLA 100% :share Ownership 2023 May in Sold

RETAIL

,Center Emek Afula

sqm 22,000 :GLA 60% :share Ownership

,Friendly Yavneh Gan

sqm 16,700 :GLA 75% :share Ownership

sqm 24,000 :GLA 65% :share Ownership

Sarona TLV ,Gardens

sqm 6,200 :GLA 50% :share Ownership

RETAIL HOSPITALITY

Hadera ,Mall Strip

sqm 13,400 :GLA 100% :share Ownership

Netivot ,Center Globus

sqm 14,000 :GLA 100% :share Ownership

Yokneam ,Mall Strip G

sqm 16,000 :GLA 49% :share Ownership

,Center Shopping Tikva Ganey

sqm 9,000 :GLA 50% :share Ownership

in'Modi ,Center Power

sqm 11,000 :GLA 50% :share Ownership

,Mall Rothschild G LeZion Rishon

office sqm 4,500 and retail sqm 8,500 :GLA 49% :share Ownership

,Center Shopping SOHO Netanya

sqm 14,700 :GLA 50% :share Ownership

Herzliya ,Hotel PUBLICA

sqm 16,500 :GLA 50% :share Ownership

Jerusalem ,Talpiyot Lev

sqm 17,000 :GLA 100% :share Ownership

INDUSTRIALS LOGISTICS&

Teradion sqm 44,000 :GLA 100% :share Ownership

Masaryk Kfar

sqm 30,000 :GLA 50% :share Ownership

Hartuv

Construction 08.2023 :completed sqm 30,000 :GLA 50% :share Ownership 91% :rate Occupancy

Hovav Neot

sqm 18,200 :GLA 100% :share Ownership

INDUSTRIAL LOGISTICS&

Tavor Alon

sqm 42,000 :GLA 50% :share Ownership

Tavor Alon

sqm 40,000 :GLA 25% :share Ownership

Tziporit

sqm 19,100 :GLA 67% :share Ownership

Tziporit

sqm 9,500 :GLA land of Acre 25 67% :share Ownership

Teradion

sqm 13,000 :GLA 100% :share Ownership

Hadera

sqm 7,000 :GLA 95% :share Ownership

Sderot

sqm 11,500 :GLA 100% :share Ownership

Gederot

18,000 :GLA 100% :share Ownership

Lev Bar

14,300 :GLA 67% :share Ownership

Shemesh Beit

• (Leased (sqm 50,000 :GLA
• 40% :share Ownership
• 2025 :completion Expected

NURSING HOMES

Tziona Nes

sqm 19,000 :GLA 80% :share Ownership

Haifa sqm 13,000 :GLA 50% :share Ownership

Ashdod sqm 12,000 :GLA 100% :share Ownership

Nesher sqm 22,000 :GLA

50% :share Ownership

PARKING

,Lot Hakikar Aviv-Tel

spaces parking 540 67.5% :share Ownership

,Tower Sky Aviv-Tel

spaces parking 400 90% :share Ownership

,Karta Jerusalem

spaces parking 835 100% :share Ownership

,Tower City Gan-Ramat

spaces parking 400 100% :share Ownership

FINANCIAL DATA

DATA FINANCIAL Highlights

• to due mainly is NOI in increase The properties same from income increased and ,properties purchased newly and 'Amdocs of evacuation the despite that anana'Ra in Park Infinity in spaces .renovation under currently are the to due is decrease quarterly The of impact the and Amdocs of evacuation .war the *
• under space vacant a Excluding .anana'Ra in renovation **
• an and anana'Ra in renovation The the are expenses financing in increase FFO for As .decrease the for reasons main the in increase an was there ,share per in raised capital to due shares of number 2022. August --***
• .specified otherwise unless ,millions ILS In
• expanded s'Company the on based Data .statements consolidated

	% Change 2022-2023	2023	2022	2021
*NOI	1.0%	423.0	418.7	349.2
NOI same property **	6.1%	378.8	356.9
Adjusted FFO *** ( management approach (	6.5%( )	293.9	314.4	254.1
Adjusted FFO per share *** ( management approach (ILS;	9.0%( )	1.52	1.67	1.41

	% Change 2022-2023	2023	2022	2021	% Change 2022-2023	4Q 2023	4Q 2022	4Q 2021
*NOI	1.0%	423.0	418.7	349.2	7.5%( )	102.3	110.6	94.9
NOI same property **	6.1%	378.8	356.9	-	1.3%	96.6	95.3	-
FFO ISA ( directives (	15.3%	153.9	133.5	185.6	26.5%	57.8	45.7	63.5
Adjusted FFO *** ( management approach (	6.5%( )	293.9	314.4	254.1	17.9%( )	67.0	81.6	70.6
Adjusted FFO per share *** ( management approach (ILS;	9.0%( )	1.52	1.67	1.41	( 18.2% )	0.35	0.42	0.39

DATA FINANCIAL Calculation FFO

in including ,principal debt On .associates *

• .specified otherwise unless ,millions NIS In -
• expanded s'Company the on based Data .statements consolidated -

	2023	Q 4.2023	Q 3.2023	Q 2.2023	Q 1.2023	2022	2021
Nominal FFO ISA , directives	153.9	57.8	41.9	20.2	34.0	133.5	185.6
Additional Adjustments :
Share - based Payment	21.4	4.6	5.6	5.6	5.6	8.7	6.1
Other Adjustments	3.0	0.8	0.6	1.1	0.5	2.3	(8.4)
Nominal ,FFO Management Approach	178.3	63.2	48.1	26.9	40.1	144.5	183.3
Excluding expense of Linkage Differences *	115.6	3.8	26.4	47.2	38.3	169.9	70.8
Adjusted ,FFO Management Approach	293.9	67.0	74.5	74.1	78.4	314.4	254.1
Adjusted FFO Per Share , Management Approach (ILS (	1.52	0.35	0.39	0.38	0.40	1.67	1.41

Additional Adjustments :
Nominal ,FFO Management Approach
Excluding expense of Linkage Differences *
Adjusted ,FFO Management Approach
Adjusted FFO Per Share , Management Approach (ILS (

DATA FINANCIAL NOI

despite 2023 in Growth tenant essential of evacuation war the of impact and

• Infinity s'anana'Ra from NOI million 33 ILS in million 13 ILS to compared (included Park following ,)2022 in million 48 ILS and 2023 .Amdocs of evacuation the *
• the from income of addition the With in/purchased and complex anana'Ra full assuming (properties construction income of subtraction and ,)occupancy s'Government the which for space from .realized been had purchase to option ---**
• s'industry the is Income Operating Net NOI the for measurement profitability accepted revenues (properties of operation and leasing .(expenses operating their minus properties from
• consolidated expanded s'Company the on Based .statements
• s'Company the on based information lookingforward is above specified information The certainty no is There .assessment and intentions ,materialize will assessment above the that factors external to due reasons other among .control s'Company the beyond

DATA FINANCIAL FFO Adjusted (approach management(

to due 2023, in Decrease tenant essential of evacuation financing in increase and expenses

anana'Ra the from income of addition the With

Park Infinity s'anana'Ra from NOI million 33 ILS and 2023 in million 13 ILS to compared (included evacuation the following ,)2022 in million 48 ILS .Amdocs of *

• construction in/purchased and complex and ,)occupancy full assuming (properties which for space from income of subtraction been had purchase to option s'Government the .realized ---**
• s'industry the is Operations From Funds FFO Adjusted after income net expressing ,measurement accepted as well as ,expenses and revenues off-one neutralizing differences linkage of expenses and revaluation property .debt on
• consolidated expanded s'Company the on Based .statements
• looking-forward is above specified information The and intentions s'Company the on based information above the that certainty no is There .assessment to due reasons other among ,materialize will assessment .control s'Company the beyond factors external

FINANCIAL DATA Share Per

Total/Equity

FFO adjusted share Per (approach managment( dividend share Per

assets Total/Equity

of number the to According .date resolution the on shares Board the to subject Dividend to prior approval' Directors of .distribution each *

FINANCIAL RESILIENCE

unless statements consolidated expanded on Based .specified otherwise -

(IFRS (49% - assets total to Equity

linked CPI 1.9% - debt years -4.1 Duration weighted Average

• term-long of cost average Weighted
  -
• (12.3.2024 of as 6.4 duration ,bonds G Series (linked CPI

2.8% - debt of cost Current

properties producing Income

pledges of free are Most

equivalents cash and Cash (solo (million 30 ILS publication of date On

of as utilized non creditfacilities Signed million750 ILS .approx) Solo (date issue s'Report

AA/il rating Series Bond

rating Credit Issuer

• Negative/ilAA 2023: August–
• Stable/ilAA 2017: July–
• Stable-/ilAA 2014: July–
• Stable+/ilA 2010: June–
• Stable/ilA 2007: May–

MATURITY DEBT PROFILE

• 2024-2025 .share s'Company bank revolving term-short includes .facility *
• expanded s'Company the on Based .statements consolidated -

millions ILS

bonds D Series bonds E Series bonds F Series bonds G Series Other *debt' Associates

• from deduced rate cap Weighted producing-income s'Company .properties
• linked-CPI Israeli effective Weighted (bonds (debt of cost
• of cost current linked-CPI Israeli ,bonds G Series (12.3.2024 for debt (6.4 duration average
• expanded s'Company the on Based statements consolidated -

OF RATE CAP PROPERTIES WEIGHTED .VS COST AVERAGE DEBT OF

WEST DESIGN Rishon LeZion

RENOVATION Example

BEFORE

WEST DESIGN Rishon LeZion

RENOVATION Example

AFTER

WEST DESIGN Rishon LeZion

RENOVATION Example

(100% for (millions ILS In 65% share s'1REIT

)12.2024( COST PURCHASE

COST RENOVATION

COST TOTAL

)31.12.2023( VALUE FAIR

GAINS REVALUATION

purchase since

Property	NOI *	YIELD *
95	8 Initial	8.5% On purchase price
53
148	17	11.5% On total cost
264	Up to date	6.4% On fair value
116

occupancy full assuming Forecast .(31.12.2023 on occupancy 88%( *

YOU THANK

:information additional For IR of Head ,CPA ,Bregman Nirit il.co1.reit@niritb | +972-3-7686700