March 9, 2018 Fattal Properties (Europe) Ltd. 3 Azrieli Center Triangular Tower 35 th Floor Tel Aviv Israel

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1 March 9, 2018 Fattal Properties (Europe) Ltd. 3 Azrieli Center Triangular Tower 35 th Floor Tel Aviv Israel Valuation Report Dear Sirs, At your request, we the undersigned, hereby grant our consent to Fattal Properties (Europe) Ltd. (hereinafter: "the Company") to the inclusion of the Valuation Update Report, carried out by our firm dated 31 December 2017 of the following property - Leonardo Hotel Overamstel, Willem Fenengastraat 29-35, Amsterdam (hereinafter: "the Valuation Report") - within the Company's interim reviewed financial reports and/or the annual audited financial reports (hereinafter: "Annual Report"), published in The Valuation Report will only be published as a whole and not in separate parts. In addition, we hereby grant our consent to the inclusion of this letter within the Company's Annual Report. Best Regards, Partner / Director Valuations N.C. Bloem MRE MRICS RT

2 VALUATION UPDATE THE PROPERTY LEONARDO HOTEL OVERAMSTEL, Willem Fenengastraat 29-35, Amsterdam EXECUTED BY Colliers International Valuations B.V. Buitenveldertselaan VA AMSTERDAM VALUATION DATE 31 March 2018 FILE NUMBER NL-P CLIENT Fattal Hotels (Netherlands) B.V. Landsberger Allee 117 A BERLIN GERMANY DATE REPORT 9 May 2018 VALUER M.J. Turenhout MSc MRICS RT CIS HypZert (MLV) REV REVIEWING VALUER M. Hoogvorst MSc MSRE MRICS RT

3 VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P MARCH 2018 SUMMARY General Client Valuation date Fattal Hotels (Netherlands) B.V. NL-P Date of inspection 9 May 2018 Type / name 3 *** / Leonardo Hotel Overamstel Street Willem Fenengastraat Postal code / City District Province 1096 BL Amsterdam Overamstel/Amstelkwartier Noord Holland Plot Amsterdam AG 823, 824, 873,874,1470 and 1471 Plot size m 2 Tenure Leasehold Term of ground lease/ Expiration date Period based ground lease 30 September 2061 Ground rent: 100,227 per annum Tenancy details Property Owner / operator Valuation Gross floor area 20,587 m² Purpose Balance sheet Lettable floor area 18,528 m² Type of valuation Market update Parking spaces 173 spaces inside Special Assumption: Market value after completion and in use as a hotel per Year of construction 2018 Market value excl. P.C. 82,190,000,- State of repair Excellent Owner/occupier Location Good Market rent per year incl. vacancy 5,032,841,- Parking Good Market value as is 54,700,000,- Accessibility Marketability Functionality Particulars By car Good By public transportation Good Lettability Good Saleability Good Good None

4 VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P MARCH 2018 GENERAL AND VALUATION Client Client Attn. Address Postal code / City Fattal Hotels (Netherlands) B.V. Mr. N. Maher Landsberger Allee 117 A Berlin Germany Purpose of valuation As per your written instructions, Colliers International Valuations B.V. has carried out a market update on 31 March 2018, with the purpose of determining the market value, as is on the valuation date, with a view to a balance sheet, in accordance with the International Financing Reporting Standards (IFRS) (VPGA 1). This valuation has been carried out in conformity with the agreements recorded in the engagement with reference number NL and the received from Client on 28 February 2018, confirming the assignment for revaluation. Principles and assumptions This valuation report is an integral part of the original valuation report, with valuation date 31 December 2016 and the first update valuations with valuation dates: 31 March June September December 2017 All principles, applications, standards, liability and (special) assumption mentioned in this report, apply to this valuation report as well, unless stated otherwise. In addition, we stipulate that a lease agreement is in place between Fattal Hotels (Netherlands) B.V. as Lessor and Leonardo Opco Overamstel B.V. as Lessee. As the two firms are affiliated, the Market Value is based on the estimated Sustainable Market Rent and not the Rental Income as agreed in the Lease Agreement. Special assumptions This valuation is based on the following special assumptions: Value after completion and in use per , as the valuation concerns a parcel on which a building is under construction with the specifications as written in the planlist and floorplans, drawn up by Neudahm on 24 February The effect on the valuation if the special assumption is not included is: 82,190,000 minus 54,700,000 = 27,490,000,- negative. COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

5 VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P MARCH 2018 Back testing The subject property subject to registration was previously valued by Colliers International B.V. on , , , and For an overview of the differences between the valuation on and we refer you to the Summary in the calculation sheet. market value, after completion project value 76,2 77,4 77,4 77,8 79,6 82,2 54,7 38,6 40,6 46,7 30,5 23,2 D E C - 16 MA R - 17 J U N - 17 SEP-17 D E C - 17 MA R - 18 Quantitative sensitivity analysis For the purpose of describing market risks, we performed a quantitative sensitivity analysis showing the effects of hypothetical changes, in relevant risk variables for the market value after completion. We have identified the and the ed cashflow as relevant risk variables and thus applied a risk surcharge or of +/-5%. The total market value after completion will have an impact in the project value, which is shown in the corresponding figures. Discount rate 6,34% 6,04% 5,77% +5,00% ,00% ,00% ,00% 0,00% -5,00% Discount rate 6,04% Discount rate 6,34% Discount rate 5,77% By adopting a range in the between 4,891,748 p.a. and 5,406,669 p.a. and a range for the rate between 5.77% and 6.34%, we arrive at a range for the project value between 48,450,000 and 61,525,000. This is a deviation of the Market Value of -11.4% and +12.5%. COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

6 VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P MARCH 2018 As we have used the residual valuation method to come to the project value, additional risk variables are identified as relevant. We have identified the construction costs as relevant risk variable and thus, applied a risk surcharge or of +/-5%. We also have identified the profit/risk for the project development as relevant risk variable, and thus applied an analyses of risk / profit at 3%, 6% and 9%. These analyses have been integrated with the previous sensitivity analyses of the Market Value after completion. The effect of the analyses is shown in the figures below Sensitivity Analyses, based on construction costs construction costs 5,00% construction costs 0,00% construction costs -5,00% % rate +5% +5% rate 0% +5% rate -5% 0% rate +5% 0% rate 0% 0% rate -5% -5% rate +5% -5% rate 0% -5% rate -5% By adopting a range in the remaining construction costs between 22,022,239 and 25,610,392, we arrive at a range for the project value between 46,750,000 and 63,225,000 or a deviation to the Project Value of -14.5% or +15.6% Sensitivity Analyses, based on risk/profit Profit / risk project development 9,00% Profit / risk project development 6,00% Profit / risk project development 3,00% % rate +5% +5% rate 0% +5% rate -5% 0% rate +5% 0% rate 0% 0% rate -5% -5% rate +5% -5% rate 0% -5% rate -5% By adopting a range in the risk / profit for the project development, we arrive at a range for the project value between 37,925,000 and 56,575,000 or a deviation to the Project Value of -18.6% or +20.8%. COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

7 VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P MARCH 2018 Valuation On the basis of the assumptions, circumstances and provisos described in this report and the previous reports, the undersigned declare that on 31 December 2017, they attribute to the property a value of: Market value with special assumption after completion and in use 82,190,000 P.C. (purchasing costs payable by the purchaser) In words: eighty-two million one hundred and ninety thousand euros purchasing costs payable by the purchaser Market value as is 54,700,000 P.C. (purchasing costs payable by the purchaser) In words: fifty four million seven hundred thousand euros purchasing costs payable by the purchaser The values does not include any payable VAT, transfer tax (6%), tenants fixtures and fittings in place, fixed company equipment, machinery in place or company-specific facilities. Thus carried out in good faith, to the best of our knowledge and ability, on behalf of Colliers International Valuations B.V Amsterdam, 9 May 2018 M.J. Turenhout MSc. MRICS RT CIS HypZert (MLV) REV RT RRV Head of Hospitality & International valuation COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

8 VALUATION REPORT WILLEM FENENGASTRAAT 29-35, AMSTERDAM NL-P MARCH 2018 APPENDIX I: VALUATION MODELS Summary DCF real estate Projections Residual value Plausibility statement COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES COLLIERS INTERNATIONAL VALUATIONS BV This report exclusively intended for the client and purpose stated in this report. No responsibility is accepted by any other party than the client, without the written permission of Colliers International Valuations B.V.

9 Summary Willem Fenengastraat BL, Amsterdam Client: Fattal Hotels (Netherlands) B.V. File no: NL-P Version: Final Entitled party: Fattal Hotels (Netherlands) B.V. Property name: Leonardo Hotel Overamstel Valuation date: Valuation type: Update Hotel type: 3 *** Inspection date: General information Sources consulted Type hotel 3 *** Total lettable area m² * land registry details municipality: Amsterdam Year of construction 2018 Total gross area m² section: AG Real right Ground Lease cadastral area: m² No. Rooms 490 number(s): 823, 824, 873,874,1470 and 1471 Assumptions Quality * Potential buyer is a owner/opertor Poor Moderate Reasonable Good Excellent * Market participants are competent operators State of repair Location Accessibility Special assumptions Lettability * as of the valuation date, the subject has already been completed and occupied Saleability * the intended use is permitted under existing zoning Functionality Photo Valuation Stablized year Total Per room Per sqm % of total turnover Total turnover % GOP % EBITDA % Conform % Market value of Real Estate (excl. acq. costs) GIY (excl. acq.costs): 5,5% Year 1 Multiplier: 18,3 GIY (excl. acq.costs): 6,3% Stablized year Multiplier: 16 Indication sale price at forced sale under time limit #WAARDE! #WAARDE! #WAARDE! #WAARDE! #WAARDE! #DEEL/0! Year 1 #DEEL/0! #DEEL/0! Stablized year #DEEL/0! Backtesting (parameters) Backtesting (explanation) Direct Capitalizatio DCF Valuation date Difference in % Market rent in stabilized year ,31% Total stabilized turnover ,48% GOP in stabilized year ,48% Turnover in year ,00% GOP in 1st year ,00% Operating Expenses ,23% Net initial yield 5,16% 5,00% -0,16% -3,16% Real estate rate 6,07% 6,04% -0,03% -0,56% GIY (excl. acq.costs) 5,65% 5,47% -0,18% -3,14% Market value of Real Estate (excl. acq. costs) ,24% Since the previous valuation, the inflation forecast has been adjusted, on average 0.25% higher. This results in a higher turnover in the stabilized year. The derived is therefore also higher. The risk free interest rate has been lowered from 0.48% to 0.41%. All considered, the Market Value, after completion, increases by 2,58 million or 3.24%. The total construction costs are now lower. This is caused by the fact that 2 additional construction invoice has been issued (6 payments remaining), and the additional costs have been lowered, as the construction period decreased by 3 months. We have been informed by the Client that completion is estimated at Due to this delay, the March invoice was not issued. Further, we have allocated income and expenses for 75% in year 1 and 25% in year 2. The profit/risk component has been lowered by 180 basispoints. The considerations mentioned result in an increase of the Project Value by million or 17.07%. Project cost of construction excl. VAT ,07% Market Value project (excl. P.C.) ,07% Signatures M.J. Turenhout MSc. MRICS RT CIS HypZert (MLV) REV RT RRV Head of Hospitality & International valuation Notes to the valuation The subject valued comprises a building site on the former industrial area, locally known as Overamstel/Amstelkwartier (redevelopment area), located in the south of Amsterdam. This area is by public transport only 10 minutes away from the City Centre of Amsterdam. The immediate surrounding is slowly transformed to a mix of functions, such as residential, leisure, retail and hotels. According to data received by the client, a hotel will be developed on site with 490 hotelrooms, a restaurant/bar, meeting rooms and an upperground parking garage with 173 parking places. The designated use within the private law as been altered to a hotel and an integrated environmental permit has been applied. The valuation is based in the special assumption that the hotel is finished, in use as descriped and no restrictions arise regarding any legal issues, on valuation date Valuers have made a 10-year P&L statement, on the basis of comparable hotels and data from STR, from which the is derived.

10 DCF 10 years real estate Willem Fenengastraat BL, Amsterdam Client: Fattal Hotels (Netherlands) B.V. File no: NL-P Version: Final Entitled party: Fattal Hotels (Netherlands) B.V. Property name: Leonardo Hotel Overamstel Valuation date: Valuation type: Update Hotel type: 3 *** Inspection date: Market rent based on total turnover (25%) Market rent based on GOP (55%) Feasible rent (stablized year) % of total room turnover Sustainable per room rooms Sustainable rent per sqm 278 STABLE T Total turnover totale omzet totale o GOP GOP GOP EBITDA EBITDA EBITDA Total costs Sustainable per room No. Rooms Feasible rent Operating revenue attributable to property less: tenant inducements to be granted less: turnover vacancy less: initial vacancy less: start-up losses attributable to property Feasible rent Operating Expenses/Lump sum adjustments Ground Lease Current ground rent Operating Expenses Cash flow Discount rate 6,0% PV factor: 0,97 0,92 0,86 0,81 0,77 0,72 0,68 0,64 0,61 0,57 Discounted Cash Flow Market Value (excl. acquisition's costs) Market value per room (excl. acquisition costs) Feasible rent Operating Expenses/Lump sum adjustments Cash flow Exit yield 7,04% Market value per sqm (excl. acquisition costs) Cash flow year Exit value (excl. acquisition cost) Year 1 GIY (excl. acq.costs) 5,47% Multiplier 18,28 Total PV (incl. p.c.) Stablized year Transfer tax (on ground rent) - GIY on TRI 6,27% Transfer tax (on sales price) - net of purchaser's costs 15, Notary fee Market Value

11 Projections Willem Fenengastraat BL, Amsterdam Client: Fattal Hotels (Netherlands) B.V. File no: NL-P Version: Final Entitled party: Fattal Hotels (Netherlands) B.V. Property name: Leonardo Hotel Overamstel Valuation date: Valuation type: Update Hotel type: 3 *** Inspection date: Rooms available Rooms occupied Occupancy 69,0% 74,0% 77,0% 77,0% 77,0% 77,0% 77,0% 77,0% 77,0% 77,0% ADR 105,0 108,7 112,7 114,9 117,2 119,6 122,0 124,4 126,9 129,5 Revpar 72,5 80,4 86,8 88,5 90,3 92,1 93,9 95,8 97,7 99,7 Days per annum Occupancy growth n.a. 5,0% 3,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% Growth ADR n.a. 3,5% 1,7% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% Growth RevPAR n.a. 11,0% 7,9% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% Inflation 1,5% 1,7% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% 2,0% Turnover other rooms ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Turnover other F&B ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Turnover other ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Total turnover ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Cost of sales rooms ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Cost of sales F&B ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Cost of sales other ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Total cost of sales ,3% ,3% ,3% ,3% ,3% ,3% ,3% ,3% ,3% ,3% Payroll rooms ,9% ,9% ,9% ,9% ,9% ,9% ,9% ,9% ,9% ,9% Payroll F&B ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Payroll Mod/Other income ,5% ,5% ,5% ,5% ,5% ,5% ,5% ,5% ,5% ,5% Payroll Administrative & General ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Payroll Marketing ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Payroll Prop. Operations & Maintenance ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Total payroll ,4% ,4% ,4% ,4% ,4% ,4% ,4% ,4% ,4% ,4% OPEX rooms ,6% ,6% ,6% ,6% ,6% ,6% ,6% ,6% ,6% ,6% OPEX F&B ,9% ,9% ,9% ,9% ,9% ,9% ,9% ,9% ,9% ,9% V OPEX Mod/Other income - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% - 0,0% OPEX Administrative & General ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% OPEX Marketing ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% OPEX Prop. Operations & Maintenance ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% OPEX Utilities ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% OPEX Total undistributed ,5% ,5% ,5% ,5% ,5% ,5% ,5% ,5% ,5% ,5% GOP ,8% ,8% ,8% ,8% ,8% ,8% ,8% ,8% ,8% ,8% Income before fixed charges ,8% ,8% ,8% ,8% ,8% ,8% ,8% ,8% ,8% ,8% Property Taxes & Insurance (PTI) ,8% ,7% ,7% ,7% ,7% ,7% ,7% ,7% ,7% ,7% Reserve for replacement FF&E ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% ,0% Miscellaneous ,7% ,6% ,6% ,6% ,6% ,6% ,6% ,6% ,6% ,6% Total fixed charges ,5% ,3% ,3% ,3% ,3% ,3% ,3% ,3% ,3% ,3% EBITDA / NOI ,3% ,5% ,5% ,5% ,5% ,5% ,5% ,5% ,5% ,5%

12 foto Market Value (Residual Project Value) Willem Fenengastraat Amsterdam Leonardo *** Hotel Overamstel Principal / client: File number: Fattal Hotels (Netherlands) B.V. NL-P Colliers International Valuation date: Gross plot area 100% m2 Infrastructure 0% 0 m2 Allocable 100% m2 Developing Program aantal G.F.A. % gfa-lfa L.F.A. Rental Value Rental Value Gross Inital Yield construction costs Commercial number of rooms sqm sqm per room p.a. incl. purch.costs per room / laring place Hotel % ,27% Parking spaces inside ,27% Total Revenues per room per sqm per m2 G.F.A. uitgeefbaar Hotel Total revenues incl. acq. cost excl. VAT overall investment costs subgrade per sqm G.F.A. per m2 uitgeefbaar Profit / risk project development 6,00% Plan development costs 1,00% Direct construction costs 17,9% Fee architect/constructor/advice (12.6%-14.2%) 3,35% partially pre construction phase Administrative charges 0,67% payment terms remaining per valuation date General operating costs 0,84% payment terms remaining per valuation date Sales/brokers costs 0,00% Subtotal costs Unanticipated 3,50% Loss of interest overall investment costs 5,50% construction period 0,75 years project cost of construction excl. VAT PROJECT VALUE allocable ready for development ratio of project cost 71% Residual project value (project value at allocation minus add.costs and vacancy/incentives) (price level: present) buyers interest plot/construction at presell 5,50% 70% Planning year 1 year 2 year 3 year 4 year 5 year 6 year 7 allocation per year 75% 25% 0% 0% 0% 0% 0% 100% allocation on basis of GFA index profits ,00% overall investment costs ,00% ready for development/infrastructure ,00% vacancy/incentives interest payment buyers balance groundrevenues Discount rate 5,50% interest charges Total residual value (ed value balance land revenues) excl. acq costs Acquisition charges 0,25% Total actual Residual project value excl. acq. costs Marketvalue (residual project value) excl. acq. costs rounded as per Indicatie Opbrengst bij gedwongen verkoop onder tijdslimiet 80% afgerond per COLLIERS INTERNATIONAL

13 Referenties Willem Fenengastraat BL,Amsterdam Client: Fattal Hotels (Netherlands) B.V. File no: NL-P Version: Final Entitled party: Fattal Hotels (Netherlands) B.V. Property name: Leonardo Hotel Overamstel Valuation date: Valuation type: Update Hotel type: 3 *** Inspection date: Comparable evidence Transaction date Place Adress Occupier Constructio surface (m2) # rooms Transaction price ( ) Transaction Transaction price Rental income GIY (yield) remarks Source n year price ( ) / m2 ( ) per room Amsterdam Spaklerweg / Amstelvlietstraat QO Hotel Amstelkwartier ,06% rental income estimated, 30 year lease Colliers database Subject Valued Amsterdam Willem Fenengastraat *** ,27%

14 Plausibility statement M. Hoogvorst MSc MSRE MRICS RT, Company name: Colliers International Valuations B.V. Address: Buitenveldertselaan 5, 1082 VA City: Amsterdam Registred with the NRVT under registration number: further referred to as the undersigned, declares: The undersigned has assessed valuation report with number NL-P of the property Willem Fenengastraat in, Amsterdam, known in the land registry under: nummer 823, 824, 873,874,1470 and 1471, section AG, municipality Amsterdam, valued by M.J. Turenhout MSc. MRICS RT CIS HypZert (MLV) REV assessed on plausibility of the value and underpinning of the The undersigned has assessed valuation report d.d The undesigned has performed geen inspectie of the property. The undersigned has reviewed all attachments in relation to the content of the valuation report. The undersigned does not give any guarantees on the completeness of the valuation report and its att Based on the assessed documents, the undersigned is of the opinion that the value mentioned in the report is plausible. Thus the undersigned, Amsterdam, Signature undersigned