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Azrieli Group Ltd

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Azrieli Group Ltd UBS Best of Israel Conference London / New York October 2013 past Disclaimer . This presentation was prepared by Azrieli Group Ltd. (the “Company”) and is intended for the provision of information to institutional investors only. It is not an offer to buy or sell securities of the Company, nor an invitation to receive such offers. The information in the presentation is designed for convenience purposes only and is not a recommendation or an opinion, nor a substitute for the investor’s discretion. The information provided in the presentation is merely a summary, and is not a substitute for inspection of the Company’s 2012 periodic report, current filings and financial statements and board of directors’ report as of June 30, 2013, as filed with the ISA through the Magna website. The Company does not warrant that the information is either complete or accurate, nor will bear any liability for any damage and/or losses which may result from any use of the information. Various issues addressed in this presentation, which include forecasts, goals, estimates, assessments and other information pertaining to future events and/or matters, whose materialization is neither certain nor within the Company’s control, are forward-looking information, as defined in the Securities Law, 5728-1968, including in connection with income forecasts, the value of the Group’s holdings, costs of and profit from projects, the development and construction thereof, zoning plan changes, receipt of permits and the projects’ concepts. Forward-looking information is based solely on the Company’s subjective assessment, based on facts and figures concerning the current state of the Company’s business, and macro-economic facts and figures, all as are known to the Company on the date of preparation of this presentation. The Company does not undertake to update and/or change any such forecast and/or estimate to reflect events and/or circumstances occurring after the date of preparation of this presentation. The materialization or non-materialization of the forward-looking information will be affected, inter alia, by risk factors characterizing the Company’s business, as well as by developments in the general environment and outside factors affecting the Company’s business, such as third-party representations not materializing, delays in the receipt of permits, termination of contracts, a decline in the value of shares on the stock exchange, etc., which cannot be estimated in advance and are beyond the Company’s control. The Company’s results of operations may differ materially from the results estimated or implied from the aforesaid, inter alia due to a change in any one of the foregoing factors. The information included in this presentation is similar to the information included in the Company’s reports and/or presentations released by the Company in the past and/or in the financial statements as of June 30, 2013, as released on Magna, and does constitute new information. In addition, some figures which are included in the presentation, are differently presented and/or edited and/or segmented. There are also figures which are included for the first time, as stated in the immediate report to which this presentation is annexed. The terms “Real Estate FFO” and “weighted average cap-rate” relate to the Group’s income-producing real estate business only. The reader of the presentation is required to read such figures in conjunction with the board’s explanations in the board of directors’ report as of June 30, 2013, including the methods of calculation and the underlying assumptions thereof. The financial figures in the presentation attributed to the extended standalone statement, are unaudited. This statement presents a summary of the Company’s statement data according to IFRS, apart from the Company’s investment in Granite HaCarmel, which is presented in the book value method instead of consolidation of its figures in the Company’s statements. The Company’s estimations with respect to the growth figures are based on actual rental income, both from shopping mall and commercial center areas and from office and other space for lease, and in some cases including expansions performed at the relevant center, which are unaudited, non-GAAP figures, made in good faith and according to the past experience and professional knowledge accumulated by the Company. Such information is presented below for the sake of convenience only, but is not a substitute for information provided by the Company in its financial statements or in connection therewith, and is therefore not to be relied upon independently. | 2 | Azrieli Group - Business Card . The Company has been publicly traded since June 2010. Azrieli Group’s shares are traded on the following indexes: Tel Aviv 25, Tel Aviv 100 and Real Estate 15. Azrieli Group’s stock is the only Israeli stock included in the EPRA index. Current market capitalization - NIS 13.5 billion (1). The Company owns leasable areas totaling 730,000 m2, with another 469,000 m2 under construction (on a consolidated basis). The average occupancy rate in Israel is close to 100%. More than 90% of the fair value (on a consolidated basis) of the income- producing real estate and properties under development relates to real estate located in Israel. Fair value of the income-producing real estate and properties under development of NIS 15.5 billion. Total shareholders’ equity (relating to the shareholders) - NIS 12 billion (2). Azrieli Jerusalem Mall, Jerusalem (1) As of September 22, 2013. | 3 | (2) As of June 30, 2013. Azrieli Group - Company Structure Book value by assets; Solo extended (1) Non Core others Granite Leumi card Leumi shares 1% 4% 6% 3% cash and cash equivalents 1% Assets in the US 8% Assets in Israel - shopping malls 50% Assets in Israel - offices & others 27% (1) As of June 30, 2013. | 4 | Azrieli Group - Real Estate Segments Real Estate Activity (1) Existing properties Projects under Income producing Offices and others - commercial development properties abroad GLA - 293,234 GLA - 257,561 GLA - 469,000 GLA - 178,712 . Azrieli Tel Aviv . Azrieli Center Sarona Houston, Texas . Herzliya . Ramla . Galleria 90% . Jerusalem . Rishonim . Plaza 100% . Modi’in (offices & residential) . Azrieli Center Holon (83%) . Northchase 100% . Be’er Sheva . Ayalon – 2nd floor . One Riverway 33% . Givatayim . Kiryat Ata – phase B . Three Riverway 45% . Caesarea . Clalit Center Project Leeds, United Kingdom . Petach Tikva . Azrieli Extension Project . Southern House 100% (Yedioth Ahronot) (1) GLA is consolidated. | 5 | Strategy Mainly in Israel Mainly income-producing real estate Mainly shopping centers and offices Mainly development Long term holding and management Azrieli Givatayim Mall, Givatayim | 6 | Malls and retail space in Israel | 7 | Malls in Israel – Continued Growth in Turnover . Continued growth in turnover over the last 10 years. GDP per capita - $32,000 in 2012 versus $19,000 in 2002. Private consumption up 35% in the last 5 years (2007-2012). Annual population increase of c. 1.8% in the State of Israel over the last two years. Unemployment rate kept at a low 6.3% (July 2013). Increase in tourism: In 2012, 3.6 million tourists entered Israel, versus 2.1 million tourists in 2007 and 0.9 million tourists in 2002. International fashion chains enter malls in Israel. ** Source: Bank of Israel, the Central Bureau of Statistics, CIA agency. | 8 | Malls in Israel – The connection between consumption and mall areas(1) Retail space, Change in sqm in consumption thousands 5000 200 GLA in large centers (sqm) (2) 4500 Shopping centers +79% 180 Private consumption by households in the domestic market (3) 4000 Private consumption by households in the domestic market on apparel and footwear +62% 160 3500 140 3,050 3000 120 +61% 2500 100 2,261 2000 1,900 80 1500 60 1,060 1,200 940 1000 +28% 40 500 20 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (1) Data source: CBS, Harel Insurace Macro Research Department and Czamanski Ben Shahar Research. (2) Centers over 2,500 sqm. | 9 | (3) In nominal prices. OCR(1) – Occupancy Cost Ratio in Israel Low and Sustainable OCR Compared to Peers 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% (1) Excluding management fee. | 10 | All data as of December 31, 2012, apart from the Azrieli Group assets that are not included in the main assets disclosure. Azrieli Group Malls – Rent to Revenues Stable and Sustainable NIS in millions, per year 6,000 10.9% 11.1% 10.7% 10.8% 11.9% 12.3% 11.9% 12.0% 12.2% 4,896 5,000 4,689 Turnover Rent 4,513 3,995 4,000 3,410 3,287 3,070 3,000 2,736 2,812 2,000 1,000 492 536 562 596 299 312 327 354 406 2004 2005 2006 2007 2008 2009 2010 2011 2012 | 11 | Major International Tenants – Getting Started in Azrieli Group’s Malls The Home of the Flagship Stores in Israel 1st Store in st 1st Store in 1 Store in 1st Store in 1st Store in Israel Israel Israel Israel Israel 2nd Store in 1st Store in 1st Store in 2nd Store in Israel 1st Store in Israel Israel Israel Israel | 12 | Office Space in Israel | 13 | Offices in the Tel-Aviv Metropolitan – map of demand(1) Demand area 1 – Tel Aviv Azrieli Center Sarona, Tel Aviv Average occupancy rate of 95% Average rent per sqm – NIS 90 Demand area 2 – Herzliya, Ramat Gan, Raanana Average occupancy rates of 90%-92% Average rent per sqm – NIS 62-80 Demand area 3 – Petach Tikva, Holon, Rehovot, Netanya Average occupancy rates of 85%-90% Average rent per sqm – NIS 55-62 Azrieli Center, Tel Aviv Herzliya Business Park, Herzliya (1) Source: CBRE / M.A.N.
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