Balanced Business Model, Stable Cash Flow, Growth

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1 Kiel - Multifamily complex Grafental - The largest residential development in Düsseldorf Kiel - federal capital; ranked in the top 5% of the fastest growing cities in Germany Rostock - Hanse Center Retail Park 64,000 m 2 retail park, 354,000 m 2 land, 2,500 parking spaces Düsseldorf - ranked no. 6 globally in terms of quality of living Leipzig Multifamily complexes Balanced Business Model, Stable Cash Flow, Growth Quality player in the German Multifamily sector One of the top 10 players in the Retail Parks sector in Germany Leading Condo developer in Düsseldorf Rostock a major business center in Northeastern Germany. Rostock is ranked in the top 15% of the fastest growing cities in Germany Leipzig - has the highest population growth rate in Germany March

2 The purpose of this presentation is to provide information on Brack Capital Properties N.V. (hereinafter: the Company ), its operations and financial performance. It does not constitute an offer to purchase or sell securities of the Company or an invitation to receive offers as stated, and is designated only for the provision of information. The information provided in the presentation is for the sake of convenience only and does not constitute a basis to make any investment decisions, nor it is an alternative to the gathering and analysis of personal information, does not constitute a recommendation or opinion and does not constitute an alternative to the personal discretion of any investor. This presentation and the information included herein were not intended to replace the need to review the reports published by the Company to the public, including the Company s periodic reports for 2016 (published on March 26, 2017) The Company is not liable for the completeness or accuracy of the information included in the presentation and will not bear any liability for any damage and/or loss that may be caused as a result of using this information. In any event of a contradiction or discrepancy between the information given in this presentation in a general and summarized manner and between the detailed information appearing in the periodic reports and/or interim reports of the Company and/or the immediate reports of the Company, the statements of these reports shall govern. The presentation includes plans for operations and/or moves and/or evaluations of the Company in relation to its assets constitutes forwardlooking information, as the term is defined in the Securities Law, (hereinafter: the Securities Law ), including forecasts, business goals, evaluations and standards, and including information presented through drawings, graphs, surveys and any other information, in any manner provided, relating to the future events or matters, the realization of which is uncertain and not under the Company s control. The realization and/or non-realization of the forward-looking information as stated will be impacted by entities that cannot be evaluated from the outset and are not under the Company s control, including risk factors characterizing the Company s operations and from developments in the general and financial environment in the Company s areas of business, and external factors impacting its operations. The data detailed on pages 5, 14 through 17 and 20 regarding projects in residential development in Dusseldorf regarding data of expected profits, sales, income and expected rate of development profit, as detailed in these slides is forward-looking information that is not under the Company s full control and the fulfillment of which is not certain. The information based on the current information existing in the Company, regarding: the demand for residential areas in the city, market prices of the residential areas in the city, accumulated knowledge and experience of the Company s management and forecasts and estimates of the Company regarding the construction, development, marketing costs, etc. A change in circumstances may change the Company s detailed evaluations, and may materially impact the expectations of income from the projects and their overall profitability. Similarly, there is not any certainty that the processes of the zoning change of the real estate sites will take place and/or will be completed, if at all, since their completion is subject to the planning and construction proceedings required according to the German law, the completion of which is not under the Company s control. The information included in the presentation may be considered to be presented differently than the manner it is presented in the Company s reports, but is available for calculation from the data included in the said reports. It shall be emphasized that the pictures attached to this presentation, as well as the statements on slides 3 5, 7 9, 10 11, 14 17, 19 20, and 22 of the presentation were not included in the past reports of the Company and are provided for the first time in this presentation, are presented in a manner that is different than that which was presented in the Company s reports, or were updated in accordance with the statements of the Company s periodic reports for 2016 Legal Disclaimer 2

3 BCP at Glance Attractive and Unique Risk Return Product Multifamily portfolio (10,414 units, 52% of GAV 1 ) - located in large and growing cities, high-quality, compelling valuation (6.6% rental yield), strongly under-rented (28%), outstanding KPIs (5.4% l-f-l rent growth & 9.5% ERV growth). Retail parks portfolio (334,000 sqm, 33% of GAV 1 ) - dominant centers in growing cities, long WALT, compelling valuation (6.1% NOI yield), significant upside potential (rezoning & development potential). Residential Development (15% of GAV 1 ) Significant development pipeline (1,408 units), mainly in Dusseldorf, with accretive substantial impact on NAV in the coming years. Strong Operational, Development and Leasing Team Our staff has over EUR 10B of collective German investment, development and asset management track record. Management and operations are highly scalable. Track Record of Value Creation Robust & Flexible Balance Sheet Capital Markets NAV - 15% CAGR over the last 5 years. FFO - 21% CAGR over the last 5 years. Share price - 22% CAGR over the last 5 years. Investment grade rating from S&P (-ilaa) LTV % (47.5% post share issuance in January 2017) ICR 3-3.9x. Traded on the Tel Aviv Stock Exchange since December Constituent of the TA 100 and TA-15 Real Estate index. 52% free float. Dutch N.V Active in Germany since 2004 BCP I.D Approximately 1.2M sqm of income producing and development properties (~ EUR 1.3B) 155 employees Market Cap (Tel Aviv Stock Exchange, March 23, 2017 ): EUR 603M EPRA NAV: EUR 491.2M (EUR 538.2M post share issuance in January 2017) FFO: EUR 32.1M 3 1. Company share. 2. Net debt to total real estate portfolio. 3. EBITDA to Interest (incl. annualized contribution from development).

4 Operational Segments - Profitability & Growth 1 Multifamily: 10,414 residential units (52% of GAV) 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% High Cash Flow 6.63% 5% Margin 1.52% Rental yield rate עלות Interest המימון תשואת שכ "ד Sustainable High Growth מתחרים BCP Peer Group 9.5% 10.0% 8.0% 5.4% 4.9% 6.0% 3.1% 4.0% 2.0% 0.0% צמיחת שכ"ד צמיחת שכ"ד Rental growth in l-f-l Rental growth in בהשכרות חדשות בנכסים זהים assets new leases Significant Upside Potential M שכ "ד לפי השכרות שכ"ד כיום Current Rent ERV (based on חדשות new lettings) 2 Retail Parks portfolio: 334,000 sqm (33% of GAV) Organic Growth Large Spread Good Operating Parameters L-f-L Rental growth 3.4% Development & redevelopment plans to add and upgrade retail spaces - 50M with a Return on Investment (ROI) of 9%. Significant rezoning potential in the mid term in 5 assets representing 15% of the Retail Portfolio. 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Financing עלות המימון costs 6.15% תשואתNOI yield 4% Margin 2.09% Financing High occupancy rate Long WALT Quality tenants Low rental burden 95% About 10 years 1 Approximately 90% of the spaces are leased to national chains 4% - 5% of turnover 4 1 With anchor tenants, leasing ca. 50% of total rentable areas.

5 3 Operational Segments - Profitability & Growth (Cont.) Residential development: 1,408 residential units under construction and planning (15% of GAV) 4,500 3,500 2, High Embedded Value EUR in millions, the Company s share קרקעותLand Inventory מלאי Expected מס*( )בניכוי profit צפוי (net ofרווח tax (* א Stage שלב A Growth Grafental Evolution of Sales Prices per sq.m + 7% from phase to phase 4,571 4,940 4,152 3,937 3,585 Stage C 1' Stage שלב ב 3Stage שלב Stage ד שלב ג שלב ב ' B1 B3 D 40% 20% 0% א Stage שלב A High Developer s Profit Grafental - Evolution of Developer s Profitability 21% 26% 26% 28% 32% ב '1 Stage ב '3 שלב Stage ד ge שלב ג שלב Stage שלב B1 B3 Sta C D Profitability/FFO yield/ Growth FFO (EUR in millions) 32.1 כיום Current FFO 47.2 FFO שוק according לפי מחירי to FFO ERV 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% FFO ** ** תשואת Yield 9.3% 13.7% FFO FFO yield תשואת FFOלפיFFO Yield based onתשואת מחירי ERV שוק The cash balance (approximately 136 million) will be used to grow the Portfolio in existing cities while exploiting synergies. Since the beginning of the year, the company reported transactions for a considerations of ca. 42 million FFO )באירו( per share ( EUR )למניה FFO % p.a (EUR) share NAV למניה NAV per )באירו( 13% p.a * Assuming maximal tax rate of 31%. ** Market value net of cash (including proceeds from capital raising) net of land inventory of the development activity

6 Main Developments in 2016 and Beginning of 2017 Expansion of the income producing portfolio in existing regions of operation, with properties that posses significant upside potential while exploiting managerial synergies. Acquisitions In 2016, the Company invested EUR 95 million, of which EUR 83 million in acquiring 836 residential units in Kiel, Hannover and Dortmund with the balance in retail properties. Since the start of 2017, the Company purchased in 4 different transactions, 537 residential units in Hannover, Essen and Leipzig for EUR 47 million. These properties generate a current rental income of EUR 2.5 million and posses significant upside potential in the form of markto market of the rent/privatization. Expanding the development activity to Aachen an important technological center at the borders of Germany/ Holland/ Belgium In February 2016, the Company purchased, with a partner (50%), a land plot of 53K sqm, with an inactive textile plant, for EUR 6 million. During 2016, the Company reached understandings with the local planning authorities that will enable to increase the development rights to residential units (compared to upon acquisition) and to change the zoning from industrial to residential, which will facilitate the approval of the urban development scheme by the end of 2017 and start construction during the first half of Financing Capital Issuance The average interest rate on bank loans decreased from 2.05% in December 2015 to 1.77% in December 2016 thanks to refinancing in the amount of EUR 239 million during the course of the year. Potential for further interest rate reduction with further refinancings planned On January 31, 2017, the Company completed an issuance of shares and warrants for a total consideration of EUR 49.5 million (gross). As a result of the share issuance the LTV ratio* amounts to 47.5%. 6 * Net debt to GAV

7 Outperforming the Market Attractive Geographic Diversification* Multifamily Portfolio Quality Play Average : 7.2% 5.5% Market Rent Growth (q4/2016 vs. q4/2015) 6.5% 9.4% 6.7% 8.2% 5.8% 6.8% Bremen 10% - 1,044 units Kiel 10%- 1,015 units Hannover 9% units Key parameters Germany NRW Dortmund Hannover Leipzig Bremen Kiel Rest of NRW (Duisburg, Essen 31% - 3,296 units Leipzig 31% units General data Total lettable area 609k m 2 Occupancy 96% Annual rental income EUR 40 million Source: JLL Like for Like New Lettings (q4/2016 vs. q4/2015) Dortmund 951 units 9% Average rent psm EUR 5.74 Current yield Rental yield 6.6% NOI yield 5.7% 9.5% 9.6% 9.5% 7.5% 8.8% 11.8% 8.9% Potential yield ERV yield* 8.5% Adjusted NOI yield** 7.6% * ERV - rental income based on avg. new lettings. ** Adjusted NOI under the assumption that all properties are let at ERV. 7 BCP portfolio NRW Dortmund Hannover Leipzig Bremen Kiel Source: The company * By no. of units, incl. transactions completed after the balance sheet date. Macro: Locations in cities with rent growing faster than the German average. Micro: Locations in well- established neighborhoods experiencing rent growth of 2.3% above the market.

8 Multifamily Portfolio Quality Play 100% in large cities 10,414 residential units in 16 cities were purchased over the last 12 years in 18 difference transactions and are managed by the company over a long period of time Consistently Outperforming the Market BCP Peer group average 2 BCP ranking Rental growth in new lettings 1 9.5% 4.9% 1 Rental growth in L-f-l properties 5.4% 3.1% to 500 thousand residents, 30% 100 to 250 thousand residents, 19% * Based on book value More than 500 thousand residents, 51% Parameter Strong Locations Macro Micro Strategy /policy 100% of the portfolio is located in large cities/urban areas. Focusing on cities that are among the top 30% in terms of population growth rate and benefiting from robust rental growth. Focusing on well-established neighborhoods with good employment, transportation, and educational institutions. Performance The ERV in the company s cities of operation is growing at a rate twice the national average. The rent growth in the company s portfolio outperforms the avg. ERV growth in the cities of operation (9.5% vs. 7.2%). Well maintained portfolio, Diverse building types Property Features Apartments size Good physical condition Good tenant mix High proportion of 1 and 2 room apartments 3, the fastest growing market segment in the major cities. Properly maintained by the company staff. Strict tenant underwriting policy and quality tenant service by the Company staff. The accelerated growth trend in the number of small households constitutes a long-term growth factor. An attractive product for quality tenants. A successfully implemented strategy for many years which contributes to high collection rates of 98%- 99%. Buildings for conservation 611 residential units Low rise modern construction 6,878 residential units Regulation Only ca. 4% of the apartments are under rent control compared to 11% - 29% among the German peers. Diversification across 16 different cities in 6 different federal states, thus reducing exposure to possible local regulatory initiatives. Critical parameter in a market that undergoes a structural correction in the rent level where the demand/supply gap will not be bridged in the coming years. Regulatory legislation concerning tenant protection is mostly in the federal state level. Town houses 1,185 residential units High rise 1,740 residential units 8 1. Based on actual new lettings the most influential parameter on future rental growth rates in L-f-l properties. 2. Public companies operating in the German residential market. Data taken from Credit Suisse research reports and from the companies' publications. 3. Average flat size in BCP portfolio is 58 sqm compared to sqm among the competitors.

9 Multifamily Portfolio Quality Play NRW Dortmund Kiel Bremen Hannover Leipzig Total No. of units 3, ,015 1, ,204 10,414 Occupancy 97% 98% 99% 96% 97% 95% 96% Value per sqm , , Rent per sqm ERV per sqm in new lettings Undemanding Valuation Strong KPIs Rental yield Book value per sqm 6.6% EUR 998 L-F-l growth in current rent L-F-l growth in ERV Upside to ERV 5.4% 9.5 % 28% 9

10 A Leading Player in the German Retail Parks Sector Diversified Portfolio Generating a Stable Cash Flow Well diversified Geographically with a significant presence in urban and established areas Ca. 2/3 of BCP's properties are situated in cities ranked in the top 20% in terms of population growth rate The balance are in cities that grow above average Key parameters Key parameters* General information Number of tenants ~ 310 Total lettable area 334k sqm 9th Decile, 47% of portfolio 8th decile, 12% of portfolio Top 10%, 17% of portfolio 7th decile,16% of portfolio 8% of the locations are around the median Occupancy 95% Annual rental income EUR 32 million Average WALT* ~ 10 years Current yield Rental yield 6.6% NOI yield 6.1% Potential yield Ranking of the Company's portfolio locations by population growth forecast index* (according to book value, company share, excl. the noncore portfolio). *According to a research by Prognos from 2016 which encompasses 402 cities and counties in Germany. The population growth forecast is based on weighing the following parameters: birth rate, rate of the young adults from total population and the total immigrants per city and population development in the last decade. ERV yield** 7.2% Adjusted NOI yield*** 6.7% *Contracts with anchor tenants. *** ERV - rent according to market price. ***Adjusted NOI - NOI under the assumption that the properties are leased according to ERV. 10

11 A LeadingPlayerin the GermanRetailParksSector Breakdown of the retail properties 1 Category Property Features % of the Retail portfolio % of the Total portfolio Property Description Strengths A Super Regional Retail Park (Hanse Center, Rostock) 22% 7% The largest retail center in Rostock and in the federal state, combining a mall with power center. Has a lettable area of approx. 64 k sqm and 2,500 parking spaces on a land plot of 35.4 hectares. Rostock is ranked in the top 15% of the fastest growing cities in Germany. Attractive tenant mix with long term WALT with anchor tenants. Rental yield of ca. 6.4%. Additional building rights of approx. 5,000 sqm and rezoning potential with significant long term upside. B The Main Retail Center in Town 24% 8% 4 large properties (lettable area of approx. 60 k sqm) with ca. 2,200 parking spaces which constitute the only or dominant retail center in town. The properties are located in four medium- sized cities serving as the commercial hub of their respective catchment area. Very high Retail Centrality index (134). Rental yield of ca. 6.4%. Building rights of approx. 12,000 sqm. Rent increase potential. C Properties in large cities with rezoning potential 14% 5% 5 properties (lettable area of approx. 58 k sqm) on land plots totaling 11.6 hectares in Dusseldorf, Cologne, Frankfurt and Bavaria in proximity to residential neighborhoods. 3 of the properties are leased to Obi and 2 of them are multi let. The avg. WALT is ca. 6 years. Rental yield of ca. 7%. Low book value per lettable sqm: EUR 1,250. Very low value of land: EUR 675 per sqm. D E Dominant properties in affluent cities in Bavaria and Baden- Württemberg DIY properties leased to category leaders in Germany for a longterm term 10% 13% 3% 4% 5 large neighborhood centers with lettable area of approx. 55 k sqm anchored by Kaufland hypermarket in affluent cities near Stuttgart and Munich. 8 properties with total lettable area of ca. 67 k sqm on land plots totaling 20.2 hectares. 7 of the properties are leased to Obi and one property is leased to Toom for long rental periods (avg. WALT of 11 years). Rent increase potential of ca. 40%. Rental yield of ca. 6.7%. Low book value per lettable sqm: EUR 1,100 - below reinstatement cost. The majority represent the dominant DIY property in the city; limited competition; a strategic asset for the tenant (the nearest branch is between 15 and 60 km away). Turnover of approx. EUR 13-15M per store p.a. Rental yield of ca. 7.3%. Low book value per lettable sqm: EUR 1,100. Large land plots total of 20.2 hectares; low value of land: < EUR 370 per sqm. F Others 8% 3% 2 office buildings in Düsseldorf + small hypermarket Long term rezoning potential to residential use Excl. the non-core portfolio (9% of the retail portfolio and 3% of the total RE portfolio) consisting 3 long held properties, the rezoning potential of which was exhausted and are designated for sale in the next 2 years.

12 Dominant Properties in Attractive Locations Rostock Borken NRW Augsburg - Bavaria Super regional hybrid center, significant development potential Celle - Lower Saxony The largest retail center in the city Ludwigsburg- Baden Wurttemberg Well located, significant development potential OBI - Düsseldorf The city s largest retail center Castrop Rauxel NRW Dominant district center in affluent city near Stuttgart Erlangen - Bavaria Well located DIY, rezoning potential OBI - Cologne The only inner-city shopping center adjacent to the pedestrian area. Significant development potential City center retail property anchored by Kaufland; 17k sqm land plot. Significant rezoning potential Well located DIY, rezoning potential 12

13 Residential development activity in Düsseldorf - An International economic Center, 6 th in Quality of Life Worldwide 1 Very high quality of life combined with low cost of living Ranked first in the world in terms of quality of life for cost of living Structural shortage of tens of thousands of residential units Expected shortage of residential units - study of City of Dusseldorf Continued price growth of 6% -7% annually and still remains inexpensive compared with western cities Residential Market - Average purchase price per m 2 $18,415 Source: Mercer, City of Dusseldorf 2015 Expected shortage of Ca.31,000 residential units in 2020 Source: Municipality of Dusseldorf, according to 2008 study, InWIS Forschung&BeratungGmbH $9,820 $8,007 $6,763 $6,924 $3,358 $3,370 $3,687 $4,485 $4,647 Source: JLL, Globalpropertyguide.com, Eurostat, Yad-2 index, The Marker The Mercer Quality of Living Survey 2015.

14 Residential Development High Profitability & Proven Track Record Development project in a central location in Dusseldorf, with 850 residential units 602 residential units were sold to date for EUR 272 million. High Developer s profitability (32%) Increase of ca. 7% in sales price from phase to phase Land in Grafenberg 1,2 Land in Grafenberg 1 Grafental I- successful development track-record Land designated for offices in advanced stages of converting the urban development scheme to residential (potential for 650 residential units) adjacent to Granfental I project. Ca. 300 residential units (out of the 650) will be approved for construction in Q4/2017 and the balance will be approved for construction by the end of Grafental II Aachen 2 Future Luxury project of ca. 100 residential units adjacent to the Grafenberg forest The approval of the urban development scheme is expected until Q4/2017 and construction is expected to commence in H1/ * Rezoning / Planning stages Rezoning to residential and construction of ca. 300 residential units (combination of town houses and garden/roof apartments) The approval of the urban development scheme is expected until Q4/2017 and construction is expected to commence in H1/2018. Old Factory to be demolished Currently a yielding property, in rezoning to residential process. 2. In rezoning stages. It should be noted that the company has not yet decided to develop these projects. 3. As per the Company s estimate, subject to the approval of urban scheme by Dusseldorf municipality

15 Residential Development in Düsseldorf Highly Experienced Platform For Continued Growth מחיר EUR) (in מכירהsqm למ"ר per )באירו Selling ) Price Attractive Locations Central locations within the city, in upper class neighborhoods. 6,000 5,000 4,000 3,585 3,937 4,152 4,571 4,940 3, Grafental I 2. Grafental II 3 Grafenberg Grafental I project Revenues and Profitability per phase 2,000 1, Dד ' ג ' בB ' 3 ב 1B' C Aא ' 1 רווח apartment יזמיper לדירה Profit )בא' אירו( Developer s (K, EUR) Highly experienced staff Skilled team with decades of experience in planning, development and sales of residential units in Dusseldorf and the surrounding area ג ' ב 3' 3 ב 1 ' 1 Aא ' B B C D ד ' 15

16 Residential development Commercial centers Rental housing portfolio NAV Growth Drivers Multifamily Retail centres Residential development Current status ERV Rental income (EUR million) Portfolio book value ca. EUR million 1 1.Company share. 2.Based on new lettings performed in Q4/2016 without assuming ERV growth. 3.Rental yield in the market - average of multifamily sector in Germany according to Morgan Stanley, Credit Suisse and companies publications. 1 Company share, 2.CBRE, Q4/2016. Rental yield 6.63% 5.74% 3 Current status ERV NOI (EUR million) NOI yield 6.11% 5.75% 2 Portfolio book value ca. EUR million 1 Significant contribution to economic NAV Successful track record in Düsseldorf (total sales of EUR 272 million to date). 100% sold units in completed stages. Very high marketing rate in phases under construction High developer s profit (25%) and growing Continuous price increase (ca. 8% compared to the previous stage). EPRA NAV (as of the FS reports signing date) Sensitivity analysis Rental income 37.5 (EUR million) 1 (current rental income) (ERV) Rental yield 6.25% 5.50% 4.75% 6.25% 5.50% 4.75% Implied value (EUR million) ,007 Sensitivity analysis NOI (EUR 22.2 million) 1 (current rental income) 538.2M Market Cap ( ) 603M 24.3 (ERV) NOI yield 6.00% 5.75% 5.50% 6.00% 5.75% 5.50% Implied value (EUR million) Sensitivity analyses discounted profit 1,2,3 post tax (the company share, MEUR) Annual growth rate in sales price Discount rate 4% 7% 10% 8% % % % Excluding apartments sold and the profits of which are not yet been realized in the books. 2. Including projects that the Company has not yet decided to develop. Excluding income and profit expected from a project in preliminary stages. 3. The period of time assumed in calculating the completion of the projects: Grafental 7 years, Grafenberg 6 years. Comments The premium in relation to the EPRA NAV of the public companies reflect an implied rental yield of 5.6%. The rental growth rate in L-f-l properties is expected to close the gap between the current rent and the ERV within the next five years, assuming that the ERV ceases to grow. Morgan Stanley forecasts a further yield compression of 0.5% - 1% during the upcoming year. The premium in relation to the EPRA NAV of the public companies reflect an implied NOI yield of 6.09%. The company progresses ca. EUR 50M projects of expansion and modernization of retail spaces in some of the properties (annual ROI of 9%). Excl. profit from: Project in preliminary planning stages Project name Aachen Company share 50% Land plot size 5.3 hectares Number of planned residential units

17 FFO / Growth Drivers (the company share, EUR in million) Q3/16 in annual terms FFO FFO Rental Income Adjusted FFO FFO Income Producing Adjustments to ERV/ Market Prices Market Cap*/FFO FFO Financing costs = 10.8 X 32.1 Multifamily Market Cap*/Adjusted FFO = 7.3 X Residential Development High Embedded Value EUR in millions, the Company s share Land קרקעות Inventory מס 1 ( מלאי Expected )בניכוי profit רווח צפוי (net of tax) FFO Residential Development Key Value Drivers Multifamily -A portfolio positioned for a significant ERV growth (macro and micro locations / assets quality) -Privatization in the mid-long term Retail Parks - Development and redevelopment plans of ca. EUR 50M (annual ROI of 9%) in existing properties. -Rezoning potential (Bavaria, Dusseldorf, Cologne, Frankfurt) Key Value Drivers -Continuous increase in demand for apartments and accordingly continuous increase in sales prices in stages under construction -Capacity enabling to double the development activity in existing projects -New projects are already under planning *Market Cap net of cash (including proceeds from capital issuance) and net of Land Inventory for development activity 17

18 18 Appendices 18

19 Key Financial Data Balance Sheet Balance Sheet Summary as of in EUR million Income producing properties 1,089.9 Investment Property- real estate rights Land Inventory for development (long-term and short-term) 59.8 Cash and liquid balances 91.5 Total assets 1,374.0 Total debt Equity attributable to company s shareholders Total Equity incl. non controlling interests EPRA NAV Development of Equity Attributable to BCP s shareholders - in EUR million % CAGR S&P Maalot ilaa /12/ /12/ /12/ /12/ /12/ /12/2016 לאחר הנפקה לציבור -IPO הקפנה דצמ' Post רחאל 2010 'מצד Dec רוביצל 2010 Financial Position Financial Debt Structure Bank Loans Bonds Total Outstanding balance in EUR million Average duration 4.1 years 4.2 years 4.1 years Average interest 1.8% 3.9% 2.2% Market interest 1 1.5% 1.7% 1.5% Credit rating Rating and Leverage Ratios LTV % Debt to Capt, net 55.2% EPRA NAV LTV 51.5% EBITDA to interest (excl. contribution 3.2X from Grafental) 3 1. Market interest recent refinancing interest of senior loans / weighted average bonds YTM at which the bonds are traded 2. Net debt to GAV 3. Based on the last quarter. EPRA NAV (EUR million) Equity attributable to company s shareholders Adding deferred taxes (less minority interest) Excluding the fair value of financial derivatives, net (less minority interest) Adding yet to be recognized profit from sold units in Phases B and C (the company share, net of taxes) EPRA NAV Refinancing based on market interest implies additional ca. EUR 4.8 million to the annual FFO Due to units already sold but not yet realized in the P&L 19

20 Key Financial Data - Profit and Loss Grafental Ca. EUR 13 million profit from already sold apartments is not yet recognized in the P&L 20 Profit and Loss - in EUR thousand Rental Income 72,111 66,415 Profit from condo sale 15,398 13,735 NOI* 64,133 60,871 NOI yield 5.9% 6.5% Adjusted NOI yield** 7.2% 7.6% EBITDA 56,023 51,688 Real estate revaluation 80,459 44,256 % of real estate revaluation in relation to the total investment property 7.4% 4.5% Cash flow interest 18,375 19,264 FFO I 29,286 24,272 EBITDA to interest (excluding the contribution from Grafental) 3.1x 2.7x *Incl. income from management fees that is not consolidated in the the financial statements. ** Adjusted NOI - NOI under the assumption that the properties are leased at market prices. In the fourth quarter of 2016 most of the units of phase B3 were handed over and the balance in the first quarter of Excl. contribution from the Grafental project. Average interest of 1.8% p.a. on bank loans. Excl. contribution from the Grafental project. number residential units Number of of underground parking spaces Grafental 1 sales and profitability data Phase A Phase B1 Phase B2 Phase B3 Phase C apartments PaseB m2 commercial Phase D (in planning) Built area 30k m 2 18k m 2 11k m 2 16k m 2 16k m 2 18k m 2 Sold units (%) Total sales as of March 2017 Average sales price per sq.m Commencement marketing Commencement construction of of n.r. 100% 100% 100% 100% 89% n.r. 80.9m 56.4m 30.0m 55.1m 50.0m n.r. 3,585 3,937 3,523 4,1 52 4, 571 4,940 5/2012 9/2013 7/2013 1/2015 5/2016 4/2017 7/2012 4/2014 4/2014 4/2015 4/2016 4/2017 Units hand-over date Done Done Done Expected Development profit Developer's profitability Development profit realized in the reports (cumulative) Q4/2016- Q 1/2017 Q4/2017 Q4/ m 11.6m 6.3m 11.5m 12.4m 16.4m 21% 26% 26% 26% 28% 32% 14.0m 11.6m 6.3m 9.6m - n.r Free cash flow 31m 19m 14m 21m 21m 24.4m

21 Results for 2016 In K, EUR Change Rental income 72,111 66,415 9% Net income attributable to BCP s shareholders 76,276 63,439 20% FFO (Q4 annualized) 32,132 26,152 23% Total Equity attributable to BCP s shareholders 419, ,523 21% EPRA NAV 491, ,500 19% 21

22 Multifamily Q4/2016 Q4/2015 Occupancy rate 96% 96% Avg. rent psm Avg. rent psm in new Lettings Rent growth L-f- l 1 5.4% 4.5% Rent growth in new leases L-f-l1 9.5% 10.0% Retail Parks Q4/2016 Q4/2015 Occupancy Rate 95% 96% Rent growth- L-f-l 1 3.4% New leases and lease renewal NA NA Increase in rental per square meter in new leases NA NA Acceleration in the L-f-l rental growth rate Upside to market rent 2 28% 24% Residential Development Acceleration in L-f-L rental growth rate and continued growth in new leases. Sale of apartments (#) Avg. sale price psm 4,571 4,152 Acceleration in the Grafental project sale price growth rate Compared to the corresponding period last year excl. new acquisitions. 2. Fully occupied.