Shemen Yielding Real Estate Ltd.

Investor Presentation • Mar 26, 2025

Investor Presentation

presentation is the original Hebrew version.

Disclaimer

This presentation was prepared by Shemen Yielding Real Estate Ltd. (Hereinafter: "the company") and does not in any way constitute an offer to purchase or sell the company's securities or any invitation to receive such offers and it is intended for information purposes only.

The contents of this presentation, in relation to the analysis of the company's activity, constitute a brief summary. In order to attain a comprehensive picture of the company's activity and the risks the company faces, one should review the company's reports, including the board of directors' reports and its financial reports reported through the Magna's distribution website (Hereinafter: "the public information"). The information included in this presentation is similar to the public information and does not contain any new data. However, there are data included in the presentation, which are presented and/or edited in a different manner. The information presented in this presentation does not replace the public information. Forecasts, assessments, estimates, data referring to future events whose realization is not certain and is not under the control of the company, forecasts, initiation and establishment of projects constitute forward-looking information, as defined in section 32 A of the Securities Law, and information as described is based only on the company's subjective assessment which was made in good faith, based on past experience and/or the professional knowledge it has accumulated, based on facts and data regarding the current state of the company's business as well as macroeconomic facts and data collected by the company from other sources, all as known to the company at the time this presentation was prepared. The realization or non-realization of the forward-looking information will be affected, among other things, by the risk factors that characterize the company's activity, as well as the developments in the economic and geopolitical environment, and therefore the results of the company's activity, may differ substantially from the information stated in this presentation.

Milestones in the Company's History

Accelerated Development in Accordance With the New Strategy

A yielding real estate company focused on the acquisition and construction of yielding assets for logistics, industry and warehousing in Israel

* Earthworks and excavation work on the project are expected to begin during March 2025. 4

Realizing and implementing the company's strategy

Development, initiation and marketing of existing assets along with the acquisition of quality income-producing and yielding assets to strengthen the company's asset portfolio, while maintaining a focus on the fields of logistics, industry and warehousing.

Scope of acquisitions since the merger Approximately NIS 290 million

Total land for logistics and/or industry 260,000 sqm

Total areas currently marketed for logistics, industry and warehousing Approximately 140,000 sqm*

^* Including Re-leased areas before start of construction in projects under construction. 5

Company Holdings Structure

Company's Controlling Shareholders and Management

Memorandum Holdings

• Memorandum Holdings is a holding partnership owned by Mr. Chaim Fink and his family, who own Shemen since 1997.
• Mr. Fink is an experienced businessman with a rich track record in the real estate, industry and diamonds sectors.
• Chaim Fink serves as active chairman of the board of Shemen Yielding Real Estate.

JTLV Funds

• The JTLV fund was established in 2011 and specializes in the development and betterment of Israeli real estate assets.
• The funds are managed by Amir Biram, Ariel Rotter and Shlomo Gutman who have an extensive experience and rich track record in commercial real estate and the capital market in Israel.
• Throughout the years, 3 of JTLV funds have raised approx. NIS 5 billion.
• Managing assets accumulating to NIS 10 billion.
• JTLV owns a wide variety of commercial assets as well as another public company specializing in the field of residential development and is included in the Tel Aviv 90 index (Donitz-Elad).
• The JTLV Fund team have rich experience in all aspects and phases of real estate projects - from locating and planning, to cooperation with the various authorities and committees, construction and financing to marketing and ongoing management.
• Shemen Yielding Real Estate is JTLV's exclusive operational arm for the purchase and construction of yielding logistics, industrial and storage properties.

Zvika Ben-Zvi

• Zvika Ben-Zvi is a businessman working in the fields of logistics, timber importation and international shipping. Among his various activities, he serves as the founder and owner of the Orshar logistics company, one of the largest and leading logistics companies in Israel, which handles all stages of the supply chain.
• Zvika Ben-Zvi has a rich experience of about 40 years in the establishment, planning and operation of warehouses and logistics centers.
• The Orshar company currently operates warehouses and logistics centers covering a total area of approximately 110,000 square meters (built zones) and plans to expand and operate over the next two years a total built area of 140,000 square meters.
• The company has a wide range of clients, including leading organizations in the fields of Ecommerce, food, retail and many others.

The Company's Management

Chaim Fink

Chairman

Dan Sheffi

CEO

Idan Wrubel

CFO, Accountant

The JTLV Fund's management company

• BA in Economics and Management from Tel Aviv University.
• Served as the JTLV Foundation's business development Director.
• In 2021 established and managed the JTLV Foundation's activities in the logistics centres field.
• BA in Business Administration and Accounting from the College of Management.
• MBA in Business Administration from Tel Aviv University.
• Previous position finance manager at the JTLV fund since 2017.
• Executive committee services provided by the JTLV managers including Amir Biram and Shlomo Gutman.
• Business development, financial support engineering and construction planning services.
• Assistance in projects' marketing and renting.

Shemen Yielding Real Estate's vision - to maintain growth and become a leading and significant real estate company in the Israeli market in the coming years, while focusing on the fields of logistics, storage and industrial properties.

Shemen Yielding Real Estate

Advantages and Uniqueness

Specialization

• Management and controlling group with a significant track record in the field of real estate and in particular in industrial, logistics and storage properties.
• Proven professional abilities by all the controlling shareholders of the company.
• Locating, planning, marketing, and renting professional logistics centers.
• Experience in the capital market.

Financial Strength

• The company currently holds assets of approximately NIS 1 billion* worth at a low leverage rate.
• The capital structure allows for financial flexibility, which is an engine for future growth and expansion of business activity, while maintaining long-term stability.
• A unique company traded on the stock exchange focused on logistics, industrial and storage yielding properties.
• Owns quality properties in strategic locations and nationwide.
• Connections and partnerships with all sectors, while leveraging unique advantages.

Changes in consumerist culture created an increased demand for goods and products in the various trade branches and contributed to the development of the seaports in Israel (the opening of the Chinese port and the expansion of the Ashdod port). This development requires the development of all port activities - near and far.

Business

Environment

The changes in consumerist culture were characterized, among other things, by an increase in online and e-commerce activity -which require an ever-increasing logistics infrastructure.

The fact that Israel has the fastest population growth rate among developed countries, necessitates the constant development of yielding real estate that supports the Israeli economy's growth engines.

The geopolitical changes in our regions support the existence of a strong local industry and a constant stock of basic and emergency products, which require the permanent availability of yielding industrial and storage real estate.

Assets Under Construction and Development

Ashdod

Area	25,000 Approx. sqm
Planning	Establishment of an automated logistics center extending over approx. 32,000 sqm
Status	Under construction
Annual NOI forecast	21 Approx. NIS million
Company share	100%
Purchase date	As part of the merger

• Private land.
• The property was fully pre -leased to Orshar for a long period.
• Occupancy projections – 2026 Q 4 .

Ariel Industrial Zone | Project A

Area	Approx. 37,500 sqm
Planning	Approx. 25,000 sqm logistics area Approx. 11,000 sqm of ancillary commercial zone
Status	Earthworks and excavation work on the project are expected to begin during March 2025.
Annual NOI forecast	Approx. NIS 16 million (Company share)
Company share	60%
Purchase date	As part of the merger

• Transportation accessibility via Route 5.
• Attractive location in Israel's center, with cheap labor available, tax benefits, grants, etc. for potential tenants.
• The project planning emphasizes the utilization of the land's topography and adaptation to the uses of the relevant logistics and commercial zones.
• The complex arouses significant interest among potential tenants.
• Half of the project's areas were rented before the start of construction.

Growth Engines

20

Shemen

Shemen Compound | Haifa

Compound Haifa harbor's main platform (Carmel) Port entrance "Cargo gate" Area Approx. 86,000 sqm Planning Intended for development which will fulfil the port's hinterland's potential Status In planning and development (yielding in the interim period) NOI Approx. NIS 5 million* Company share 100% Purchase date Historical, used for the Shemen Factory

* NOI in the interim period until the complex's potential is developed and realized.

Shemen Compound | Haifa

The company's main growth engine, a considerably large private land – a unique and rare commodity on the front line of a port hinterland.

The Haifa port area is developing significantly in regards to the supply chain and logistics centers due to the developing infrastructure in the area, the sale of the Haifa port to private hands, the establishment of the bay port and more.

The company intends to develop the complex for unique port hinterland and logistics uses.

Today, the evacuation procedures of the industrial facilities that were used by the Shemen plant are completed, which will allow developing additional future projects.

Ofakim Logistics Center

Area	45,000 Approx. sqm
Planning	Approx. 30,000 -40,000 sqm * dedicated for logistics
Status	Start of detailed planning
Company share	100%
Purchase date	As part of the merger

• * The land has many building rights and the company is examining the project's optimal scope and configuration while analyzing and characterizing the demand in the area.
• The new "Afikei Nahal" employment and industrial area.
• Purchased as part of a tender by the Israel Land Authority.
• A strategic location on the new route 2411, which brings Ofakim closer to Beer Sheva to the extent of a less than 15 minutes drive and to other major traffic routes in the area.
• There are many building rights on the land for the establishment of logistics centers and numerous additional employment and commercial uses.
• The company sees significant potential in this land, especially after the

Kibbutz Gvat

Area	32,000 Approx. sqm
Planning	16,000 Approx. sqm for industry and storage
Status	Advancing the rezoning plan for objections, managing the procedure via the Israel Land Authority and commencement of detailed planning
Company share	50%
Signing date	05/09/2023

• This project is in a level B national priority area, close to major traffic routes in the area, as well as near the Ramat David airfield.
• The company intends (in cooperation with the kibbutz) to purchase the land from the Israel Lands Authority and advance the immediate planning of the project.

Yielding Assets

Barkan Industrial Zone

	Area	25,000 Approx. sqm
	Built area	15,400 Approx. sqm
	Status	Yielding
	Annual NOI	4.7 Approx. NIS million (Company share)
	Company share	80%
	Signing date	12/02/2025
	Deal completion date	TBD
▪		Potential for value appreciation in the short -medium term

• because the lease agreements on the property are short term and the rental prices are below market prices by tens of percent.
• Attractive location in the center of the country (with transportation accessibility on Highway 5) that benefits from the availability of cheap labor.
• The pr 1operty has a remaining area of approx. 2,500 sqm with additional building rights.

Albaad Dimona

Area	31,000 Approx. sqm
Built area	14,530 Approx. sqm
Status	Yielding
Annual NOI	3 Approx. NIS million (Company share)
Company share	50%
Signing date	21/12/2023
Deal completion date	29/10/2024

• 50 /50 partnership with the Albaad company which are the factory owner.
• The factory is located in the Dimona industrial zone.
• The property is leased to Albaad for a long period.
• There are additional building rights on the land.

Field Produce Ltd. Beer Sheva

Area Approx. 16,800 sqm Built area Approx.8,250 sqm Status Yielding

Annual NOI Approx. NIS 2.85 million Company share 100%

Signing date 19/02/2025

Deal completion date TBD

• The property is located in the industrial area of Beer Sheva North.
• Fully leased to Field Produce Ltd. and Orchard Company for a long period.
• Private land designated for residential and employment purposes according to Beer Sheva 2030 Master Plan.

Beit Heidia Petach Tikva

Area Approx. 4,000 sqm Built area Approx. 8,000 sqm (including underground levels) Status Yielding Annual NOI Approx. NIS 4 million Company share 100% Signing date 15/9/2024 Deal completion

▪ The property is located in the Kiryat Aryeh industrial area, Petach Tikva.

date 11/12/2024

▪ The property is leased to companies in the Heidia Group for a long period for logistic center, industrial floors, offices and underground parking purposes.

ORBIT FR – Emek Hefer

Area	3,000 Approx. sqm
Built area	3,000 Approx. sqm
Status	Yielding
Annual NOI	2.4 Approx. NIS million
Company share	100%
Signing date	14/11/2024
Deal completion date	29/01/2025

• The property is located in the Emek Hefer Industrial Park.
• The property is leased to the ORBIT FR company from the global MVG group.

Ariel Industrial Zone | Project B

Area	14,000 Approx. sqm
Built area	Operating gas station + commercial space and ancillary open spaces
Status	Yielding
Annual NOI	1.8 Approx. NIS million (Company share)
Company share	60%
Signing date	30/07/2023
Deal completion date	30/11/2023

• The land is adjacent to the company's additional land in the Ariel Industrial Area and has the same composition of partners.
• The gas station is leased until 2032, while the additional commercial areas are leased to several tenants for varying lease periods.
• The complex includes remaining building rights.

Financial Data

Financial Data (Thousands of NIS)

	December 31st 2024
Cash and financial assets	41,708
Assets value (real estate)	864,505
Advances on investment assets value (real estate)	13,895
Financial obligations	164,325
Equity	673,012
Equity net of deferred taxes	750,259
Leverage rate	17.5%
Net financial debt to CAP	15.4%
Equity to balance sheet ratio	71.6%

NOI and FFO* Forecast for the Current Assets Portfolio

• 1) Based on the existing status of yielding assets and assets under construction and development excluding the projects that constitute growth engines (The Company sees the property in Haifa and the project in Ofakim as significant growth engines, especially in light of the projects' scope and the potential in their areas).
• 2) The revenues included from the Haifa property include only revenues from the interim period of the property's development and do not include the expectation of a significant increase in revenues as a result of the complex's development.
• 3) Excluding potential revenues associated with rental fees such as photovoltaics, and electricity storage and sales.
• 4) The information and forecast in this slide constitute a future outlook information and, in this regard, we would like to draw special attention to the information on slide no. 2 –Disclaimer.

* Real FFO in the management approach. Real FFO is a standard measure in the real estate industry that expresses net profit after neutralizing one-time and non-cash income and expenses, including asset revaluation and indexation differences accumulated on loans. ³³

Properties Under Construction and Development Company Share

						Company share (in thousands of NIS)
Property name	Location	Company share (%) Status		Area	Construction completion year (forecast)	Fair value 31/12/24	Total project's estimated cost	NOI For the year 2025 (forecast)	Representative NOI (forecast)*
Ashdod	Ashdod	100%	Under construction Expected occupancy in mid-2026	Approx. 25,000 sqm Approx. 32,000 sqm built area	2026**	189,858	315,000	125	21,000
Ariel industrial zone project A	Ariel	60%	In planning, Earthworks and excavation started	Approx. 37,000 sqm 25,000 sqm logistics 11,000 sqm additional commercial purposes	2028***	69,814	208,000	-	16,000

* Excluding additional revenues from the assets such as revenues from bulk electricity, photovoltaics and electricity storage facilities. Expected NOI in Ashdod is based on a lease agreement for the entire complex. Expected NOI for the Ariel project is based on existing lease agreements for approx. 50% of the complex, "normalized" to the entire complex according to planned logistics and commercial areas.

• ** The project is expected to begin generating revenue in late 2026.
• *** The construction of the logistics areas in the project is expected to be completed and begin generating revenue during 2027.

The information and forecast in this slide regarding the year of completion of construction, estimated cost and expected NOI constitute a future outlook and in this regard we would like to draw special attention to the information in slide no. 2 – disclaimer.

Growth Engines

Company share (in thousands of NIS)

Property name	Location	Company share (%)	Status	Area	Fair value 13/12/24	sqm for marketing	Estimated construction starting date	NOI For the year 2025 (forecast)
Shemen Compound Haifa	Haifa	100%	Yielding In planning for future development	Approx. 86,000 sqm	401,600	*	*	5,000*
Ofakim Logistics Center	Ofakim	100%	Detailed planning started	Approx. 45,000 sqm	75,900	30,000- 40,000**	2026	-
Kibbutz Gvat	Gvat	50%	Promoting the rezoning plan and dealing with the Israel Land Authority and beginning of detailed planning	Approx. 32,000 sqm	TBD	8,000	2026	-

^* Current status -does not reflect the expected increase in revenue from the complex's development for unique port hinterland and logistics uses.

^** The land has many building rights and the company is examining the optimal scope and configuration of the project while analyzing and characterizing the demand in the area.

The information and forecast in this slide regarding the year of completion of construction, estimated cost and expected NOI constitute a future outlook and in this regard we would like to draw special attention to the information in slide no. 2 – disclaimer. 35

Yielding Assets

Company share (in thousands of NIS)

Property name	Location	Company share (%)	Status	Area	Fair value 13/12/24	Purchase cost	NOI For the year 2025 (forecast)	Representative NOI (forecast)*
Barkan Industrial Zone	Barkan Industrial Zone	80%	Deal not yet completed	Approx. 25,000 sqm Approx. 15,500 sqm built area	TBD	72,541	2,750	5,850
Albaad Dimona	Dimona	50%	Yielding	Approx. 31,000 sqm Approx. 14,500 sqm built area	40,167	40,167	3,100	3,160
Field Produce Ltd.	Beer Sheva Industrial Zone	80%	Deal not yet completed	Approx. 16,500 sqm Approx. 8,250 sqm built area	TBD	40,000	1,650	2,850
Beit Heidia - Petach Tikva	Petach Tikva	100%	Yielding	Approx. 4,000 sqm Approx. 8,000 sqm built area	60,000	60,000	3,850	3,950
ORBIT FR - Emek Hefer	Emek Hefer	100%	Yielding	Approx. 3,000 sqm Approx. 3,000 sqm built area	TBD	36,650	2,400	2,400
Ariel Industrial Area - Project B	Ariel	60%	Yielding	Approx. 14,000 sqm	27,166	27,000	1,800	2,020

* Excluding additional revenues from the assets such as revenues from bulk electricity, photovoltaics and electricity storage facilities (in assts where these not exist). The information and forecast in this slide regarding the expected NOI constitute a future outlook and in this regard we would like to draw special attention to the information in slide no. 2 – disclaimer. 36

Future Outlook

Maximizing the company's existing assets

Continue to strengthen the portfolio while identifying yielding assets and business opportunities in accordance to the company's activities

Opportunistic development of the Shemen Compound in Haifa for unique uses

Utilizing the company's current capital structure and leverage levels in order to effectively realizing development plans while adjusting to accepted data in the yielding real estate industry*

* The purchase transactions of yielding assets from the merger's date were made in ratios of approximately 1/3 equity and 2/3 bank financing.

Thank You!