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Investor Presentation Israel Electric Corp Investor Presentation Israel Electric Corp. Business update as of 03/31/2020 June 2020 Disclaimer The Company is a public company, with all it entails, and this information provided to you, all or part of it, may constitute “Inside Information” in accordance with Israel’s Securities Law, 1968 (hereinafter: “Securities Law”), and making use of this information (including, but not only, by way of carrying out a transaction in a security of IEC, and/or delivering this information, or an opinion regarding a security of IEC, to any third party who may use this information for purposes of such transaction) may constitute a criminal offence pursuant to Securities Law. Please treat this information as CONFIDENTIAL and do not disclose, publish or deliver all or any part of this information, directly or indirectly, to any third party, except for your employees, officers and any person acting for you or on your behalf, strictly on a “need to know” basis, and only after you have notified the person receiving any of this information that the information is confidential and that making use of this information may constitute a criminal offence as specified above This Presentation does not constitute or form part of and should not be construed as an offer to sell or issue, or the solicitation of an offer to buy or acquire, securities of the Company. This Presentation is solely for informational purposes. The information contained in this presentation regarding the Company's operations is concise and presented for convenience purposes only. To get a complete picture of the Company's operations, please refer to the immediate and timely reports of the Company to the Israeli Securities authority and the Tel-Aviv Stock Exchange. This presentation includes forward-looking information, as per its definition in the Securities Law, including forecasts and other information whose realization is uncertain and depends on factors that are not under the control of the Company. These factors are based, among other things, on data that is in the possession of the Company as of this date, internal estimates and expectations of the Company regarding trends in the Company's fields of activity and regarding the implementation of the company's plans. The Company's forecast and expectations included in this presentation may not be realized, in whole or in part, or may be realized in a different manner than expected, inter alia due to factors that some of them are not under the control of the Company, including changes in the market conditions and the Company's business environment, regulatory changes, or the realization of any of the risk factors of the Company. The information contained in this presentation is provided as of the date of this presentation. The Company is not under any obligation to update the information in this presentation or to update the forward-looking statements contained in it. Investor Relations 2 Executive Summary 3 Israel Electric Corp. at a Glance Established in 1923, 97 years of operation, the Israel Electric Corporation Limited (“IEC”) is the IEC Power Grid sole vertically integrated electric utility company in Israel and generates, transmits, distributes and supplies the majority of the electricity used in Israel IEC is appx. 99.85% owned by the State of Israel IEC had total assets of NIS 87.0 billion and 11,461 employees as of March 31, 2020 As of December 31, 2019, IEC serves 2.9 million residential, commercial, agricultural and industrial customers throughout the State of Israel, including East Jerusalem and the Palestinian Authority Total electricity sales of 12,774 GWh for the period ended March 31, 2020 400 kV lines Generation (1) Transmission (1) Distribution (1) 161 kV lines Steam (dual 12.8 GW 5,661 km 66,670 km purpose) High and ultra-high voltage Medium and low Installed capacity Gas turbine (internal transmission grid voltage lines combustion) / Combined-cycle (2) 16 215 (internal combustion 2.9 mn and steam) Power stations Switching stations & sub-stations Customers 3M-2020 Key Financials Credit Ratings as of March 31, 2020 Revenues EBITDA State of Israel (3) IEC Global IEC Local NIS 6.4 billion NIS 1.9 billion A1 / AA- / A+ Baa2 / BBB Aa2 / AA+ Stable / Stable / Stable Positive / Stable Positive / Stable $1.8 $0.5 (Moody’s / S&P / Fitch) (Moody’s / S&P) (Midroog / Maalot S&P) Source: IEC Financial Statements for 2019FY and for 3M-2020 1) As of December 31, 2019. 2) 57 substations are privately owned. 3) A State of Israel guarantee for the existing loans of IEC are negligible compared to the company’s overall financial debt. Denotes USD figures USD/NIS exchange rate of 3.57 as of March 31, 2020. Investor Relations 4 Israel - a Modern Economy Key Figures Israel Rating History(1) 2 Area 22,072 km Sep 2011 Aug 2018 S&P upgrade S&P upgrade Population (March 2020) 9.2 million Israel to A+ Israel to AA- Aa3 / AA- GDP (2019) NIS 1.3 trillion $376 bn 3 A1 / A+ GDP per Capita (2019) NIS 147,078 $42,508 Avg. GDP Growth (2012-2019) 3.6% A2 / 2A Unemployment (April 2020) 3.3% Nov 2016 Fitch upgrade Israel to A+ Foreign Currency LT Debt Ratings 1 (1) A1 / AA- / A+ (Moody’s / S&P / Fitch) 2011 2013 2015 2017 2019 Moody's S&P Fitch Israel Public Debt to GDP(2) Inflation Environment (% of GDP) (YoY Inflation %) 1%-3% 1.1% Government 80 5.0% Average inflation in Inflation Target the last decade 75 4.0% 68.5 3.0% 70 67.1 65.8 1.6% 1.8% 63.7 2.0% 65 62.1 0.8% 60.5 61.0 0.6% 60.0 1.0% 0.4% 60 0.0% 55 -0.2% -1.0% -0.2% -1.0% 50 -2.0% 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 Source: The Israeli Central Bureau of Statistics, Bank of Israel. 1) Credit rating refers to long-term foreign currency debt only. A State of Israel guarantee for the existing securities of IEC are negligible compared to the company’s overall Financial debt 2) The Israeli Ministry of Finance and Bank of Israel. Denotes USD figures USD/NIS exchange rate of 3.46 as of December 31, 2019. Investor Relations 5 Key Investment Highlights Owned by the State of Israel Essential Appx. 99.85% owned Robust Growth in Service Provider by the State of Israel Electricity Demand (A1/AA-/A+) IEC is an essential service Strong electricity demand provider of electricity in Israel growth in the Israeli market and the sole vertically integrated provider in the electricity chain Natural gas from Tamar, Natural Gas Leviathan and other significant Tariff is based on costs and Fully Regulated natural gas discoveries in Fuel return on equity Across all Segments Israel have paved the way Set by the Electricity Authority Independence towards potential fuel independence Rated investment grade by both Continuous improvement of S&P (BBB) and Moody’s (Baa2) efficiency & reliability IEC total liquidity(1) of NIS 5.6 bn IEC has over 97 years of experience in as of December 31, 2019 developing and managing the electricity sector in Israel Financial Efficiency and Robustness Reliability 1) Source: IEC Financial Statements for 2019FY. IEC defines “Liquidity” as cash and equivalents, short term investments and available credit facilities. Investor Relations 6 Key Strategic Targets Israel's Electricity Supplier Continuing to guarantee reliability of the • electricity supply and maintaining adequate electricity reserves Investor Relations 7 Operational Overview 8 Historical Performance Comparison of Key Metrics IEC Revenues NIS bn % $7.1 12/31/2009 12/31/2019 Change $5.9 $6.7 $6.3 24.7 23.4 23.6 22.7 Population (mn) (2) 7.6 9.1 19.7% 20 Number of 2.5 2.9 16.0% Customers (mn) Electricity Sales 48,947 53,119 8.5% (GWh) 10 $1.7 $1.8 National Peak 6.0 6.4 10,280 13,568 32.0% Demand (MW) IEC Installed 11,824 12,752 7.8% Capacity (MW) 0 2016 2017 2018 2019 3M-2019 3M-2020 IEC continues to provide most of Israel’s energy requirements as the sole vertically integrated electric utility in Israel Source: 1) IEC Financial Statements for 2016FY-2019FY and for 3M-2020, IEC Statistical Report for 2009FY. 2) The Israeli Central Bureau of Statistics. Denotes USD figures at USD/NIS exchange rate of 3.85, 3.47, 3.75, 3.46, 3.63 & 3.57 for the end of period of 2016FY, 2017FY, 2018FY, 2019FY, 3M-2019 & 3M-2020, respectively. Investor Relations 9 Israel Generation Capacity and Demand Israel Generation Capacity and Demand (MW) 20,000 18,923 17,972 17,588 17,762 2,023 17,000 911 946 1,303 3,060 3,199 3,334 4,148 14,000 13,568 12,921 12,624 12,746 11,000 13,617 13,617 13,335 12,752 8,000 5,000 2016 2017 2018 2019 (1) (1) IEC's Installed Generating Capacity Gas Fired IPPs Renewable Energy IPPs National Peak Demand Source: IEC’s Financial Statements (2016FY-2019FY) 1) Installed Generation Capacity of Independent Power Producers (“IPPs”) Investor Relations 10 Demand for Electricity National Electricity Peak Demand & Total Electricity Produced in the Entire Sector (MW) (TWh) Trends 14,000 75 The demand for electricity in 12,000 70 Israel is growing at a fast and steady pace 65 10,000 Demand is driven by both 60 population growth and the 8,000 increase in electricity 73 consumption per household 68 70 55 65 67 6,000 64 IEC’s demand forecast, 62 61 58 60 50 which is used for long term Multiplied by 3.6 in 29 years 54 54 53 planning of the generation 4,000 45 segment, anticipates an average annual increase of 2,000 40 3.0% in peak demand in the 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 years 2020 to 2050 Total Electricity Produced in the Sector National Electricity Peak Demand Seasonality in Electricity Demand - Average Consumption of Households (KWh) 1,000 800 600 400 200 0 Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 Base Heating Cooling Source: IEC’s Annual Financial Statements (1990FY-2019FY), IEC’s Statistical data.
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