31.12.16 1 /... 3.6 billion NIS 412,000 sqm 99.6% 2017, 256-259 million NIS, expected FFO for 2017, 185-187 million NIS 1,780 (10.86 per share)

2017, 0.56 4.7% 9.6%

*Share price as of 14.3.17

2 /... 3 /... 4 /... Nursing homes Industrial and logistics 8% 9% Parking 4%

Retail according to 31% fair value

Office 48%

5 /... 6 /... Ra'anana Share of ownership: 60% Gross Leasable Area: 90,000 sqm Primary Tenants: Amdocs, Microsoft Co- Ownership: S.A.N Estate Gold

7 /... Ha'hashmonaim st. TLV Rothschild St. TLV Daniel Frish St. TLV Ha'arbaa St. TLV Share of ownership: 60% Share of ownership: 50% Share of ownership: 40% Share of ownership: 35% (parking 100%) (parking 100%) (parking 50%) Gross Leasable Area: Gross Leasable Area: 23,000 sqm Gross Leasable Area: Gross Leasable Area: 8,000 sqm 20,000 sqm 17,000 sqm Primary Tenants: Primary Tenants: Psagot, High-tech and Primary Tenants: Primary Tenants: Glikman Samsonov, Gindi finance companies Leading Law firms and Israel Corp, Israel TLV and Berlitz Embassies Chemicals, Morgan Stanley, Leumi Bank Co- Ownership: Psagot Investment House

8 /... Rosh Ha'ain Herzeliya Pituach Ramat Hachayal, TLV Ramat Hachayal, TLV Share of ownership: Share of ownership: 100% Share of ownership: 50% Share of ownership: 100% 100% Gross Leasable Area: Gross Leasable Area: Gross Leasable Area: Gross Leasable Area: 10,000 sqm 10,000 sqm 5,000 sqm 8,000 sqm Primary Tenants: Primary Tenants: Primary Tenants: Primary Tenants: Isfar, Broadcom Procter & Gamble, PPD, Goocha restaurant, Robogroup Matomy Media Group Intel Co-Ownership: Pama

9 /... Lod Netanya Kfar Saba Petach Tikva Share of ownership: 50% Share of ownership: 100% Share of ownership: 100% Share of ownership: 65% (parking 100%) Gross Leasable Area: Gross Leasable Area: Gross Leasable Area: 21,400 sqm 6,000 sqm 7,500 sqm Gross Leasable Area: 7,500 sqm Primary Tenants: Primary Tenants: Primary Tenants: Bank Leumi Elco Orad Primary Tenants: Orlan, Pilat Co-Ownership: Azury Brothers

10 /... Power Center, Gan-Yavne Power Center, Afula Power Center, Netivot Share of ownership: 75% Share of ownership: 80% Share of ownership: Part A: 87.5% | Part B: Gross Leasable Area: Gross Leasable Area: 80% 14,000 sqm 22,000 sqm Gross Leasable Area: Primary Tenants: Primary Tenants: 14,000 sqm JTLV Leading fashion and food chains Primary Tenants: Yohananoff supermarket, Co-Ownership: Leading fashion and DIY JTLV chains Co-Ownership: Globus Centers 11 /... Power Center, Lev Talpiot Sarona, TLV Power Center, Hadera Share of ownership: Share of ownership: 32% Share of ownership: 100% 100% Gross Leasable Area: Gross Leasable Area: Gross Leasable Area: 6,200 sqm 11,000 sqm 15,000 sqm Primary Tenants: Primary Tenants: Primary Tenants: Restaurants, galleries Shufersal, Aroma, Shufersal, Ace, H&O, and fashion Mcdonalds, Fox Castro Co-Ownership: Midas

12 /... Mall, Rishon Le'tsiyon Power Center, Yoq'neam Power Center, Modi'in Share of ownership: 49% Share of ownership: 49% Share of ownership: 50% Gross Leasable Area: Gross Leasable Area: Gross Leasable Area: 13,000 sqm 16,000 sqm 11,000 sqm Primary Tenants: Primary Tenants: Co-Ownership: Leading fashion and Leading fashion and Mega OR food chains food chains Co-Ownership: Co-Ownership: Gazit Israel Gazit Israel

13 /... Rishon Le'tsiyon Yavne Teradion Share of ownership: 65% Share of ownership: 100% Share of ownership: 100% Gross Leasable Area: Gross Leasable Area: Gross Leasable Area: 20,000 sqm 10,000 sqm 44,000 sqm Primary Tenants: Primary Tenants: Primary Tenants: Kastiel AS IS, ARCOS, Flextronics Palram, Tefron, Rafael Floralis and others Co-Ownership: Private Partner

14 /... Alon Tavor Alon Tavor Hadera Share of ownership: 25% Share of ownership: 50% Share of ownership: 95% Gross Leasable Area: Gross Leasable Area: Gross Leasable Area: 40,000 sqm 42,000 sqm 7,000 sqm Primary Tenants: Primary Tenants: Primary Tenants: Starplast, Hogla, Holis Amnir Mishmar Ha’emek industries Co-Ownership: Co-Ownership: Private Partner Private Partner Co-Ownership: Private Partner

15 /... Nursing Homes

Ashdod Nesher Nes Tziona Share of ownership: 100% Share of ownership: 50% Share of ownership: 80% Gross Leasable Area: Gross Leasable Area: Gross Leasable Area: 12,000 sqm 22,000 sqm 7,500 sqm Primary Tenants: Primary Tenants: Primary Tenants: Beit Hadar Maccabi Health care GoldenCare sevices, Rami Levi super market, Bank Leumi Call Co-Ownership: center The Operator Co-Ownership: Moshe Bar Yehuda

16 /... 16

17 /... 2014 2015 2016 2015-2016 % NOI 187.0 216.0 237.0 10% NOI same property 207.9 210.8 1.4% Investment properties 2,722 *3,245 3,604 11% Total Equity 1,429 1,645 1,780 8% Total Equity per share 9.48 10.09 10.86 8% FFO 128.4 163.5 170.5 4% FFO per share in NIS 0.90 1.02 1.04 2% Adjusted FFO 127.8 157.3 169.5 8% Adjusted FFO per share in NIS 0.89 0.98 1.03 5%

*Including a property intended for realization in the amount of 35 million NIS

18 /... Expected NOI for 2017: 256-259 million of NIS Expected FFO for 2017: 185-188 million of NIS

250 250 237 169.5

200 216 200 157.3 187 176.9

150 150 127.8 110.8 149.2

100 126.6 100 82.8 69.1 103.4 58.7 50 75.3 50 62.2 43.1 40.2 28.1 0 35.1 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

19 /... Agorot100 Adjusted FFO

Dividends 103 98 Total equity / Total assets 89 89

80 85 100% Equity to total assets 76 72 71 71 60 55.5 52 50 48 47 46 % 40 45 50% 44 44 % % 51 % % % 49 49 % 47 % 48% 46 45 43 41 20

0 2008 2009 2010 2011 2012 2013 2014 2015 2016

20 /... - Low leverage - Total equity to total assets - 48% - Rated AA-/Stable by S&P Ma'alot - Income producing properties are not pledged - Duration - 5 years

- Average cost of LT debt - 2.5% 250 Proper deployment of long term debt maturities - Current cost of LT debt - 2.5%

200 Expected FFO 2017

Private Loan 150 Bond F Bond E Bond D Million of NIS 100 Bond C Bond A 50

0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 21 /... Average cost of long term debt Cap rate 9% 8% 7% 6% 5% 4.2% 4% 5% 3% 2% 1% 2012 2013 2014 2015 2016

22 /... 23 /...