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www.amot.co.il2018

31.3.2019 Capital Market Presentation

AMOT Investments

Peoples First.Financial statements

http://www.amot.co.il

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AMOT ProfileAmot Investments. Peoples First.

Capital Market Presentation

Amot Investments. Peoples First.


OfficesCommercialIndustrial and Logistics

Supermarkets

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AMOT ProfileInformation about the Company

A varietyof uses



http://www.apple.com





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A public company that is traded on the Israeli Stock Exchange and included in the indices:Tel Aviv 35, Tel-Aviv - Real Estate and Tel Div.

A subsidiary of Alony-Hetz Properties andInvestments Ltd.,which holds approximately 58% of its equity.

The Company owns 103 income-producingproperties

Total area: 1,400,000 Approximately 870,000 m2 of rental space

Total real-estate value – 11.2 billion USD

All of the Company's assets are not encumbered except for assets valued at 3% of ownership with partners.

The average occupancy rate of the Company's assets is approximately 97.1%.

2 projects under construction and advanced planning totaling 69,000 sq.m.

Net Financial Debt – 5 billion NIS

Leverage ratio – 44%

The Company's bonds are rated AA/Stable by S&P Maalot and Aa2/Stable by Midroog.






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Highlights



NOI 1-3.19 totalled NIS 175 million, an increase of 5% compared with the same period last year

NOI same property 1-3.19 an increase of 2% compared with the same period last year

FFO 1-3.19 totalled NIS 122 million, an increase of 4% compared with the same period last year

FFO per share 1-3.19 totalled NIS 34.9 agorot per share, decrease of 3% compared with last year with an increase of 7% in the number of weight shares

In April 2019, the Company issued –7,300,000 ordinary shares of NIS 1 par value each, in consideration for NIS 150 million (gross).

ToHa1 (Totzeret Haaretz Complex) – the Company completed the construction of an office building consisting of 57 thousand m2 above-ground for marketing and 950 parking spaces (Company’s share – 50%).






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Investments Properties





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Offices5,94455%

21% 2,209

16% 1,6986% 639

2% 237




Segmentation of Income-Producing Property Value

31.3.19

10,727

Income-Producing Property Value as of

Value in USD million

Income-Producing Property Value in NIS million

10,727

Commercial

Others

Supermarkets Industrial and Logistics


93%

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64% 3,780

29% 1,694

7% 470

{




Fair Value by Location

31.3.19

5,944

Income-Producing Property Value as of

Value in NIS million

Other Areas

Gush Dan Surroundings

Tel Aviv metropolis


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GrowthAmot Investments. Peoples First.




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0

200

400

600

800

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E

722678635

569512493480458434

369311270 167%

157.5

165

172.5

180

1-3/17 1-3/18 1-3/19

175

167

155

13%

5%

GrowthNoi Annual and

QuarterlY



Continuous Growth in NOI –Annual-in NIS millions

Continuous Growth in NOI –Quarterly-in NIS millions


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0

103

206

309

412

515

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E

21

515477

409365

323294274254242

206144142

430

263%

FFO excluding one-time financing expenses

The effect of one - time financing expenses

26

52

78

104

130

1-3/17 1-3/18 1-3/19

12211799

23%

4%

GrowthFFO Annual and

QuarterlY



Continuous Growth in FFO along with a Decrease in the Leverage Ratio- Annual - in NIS millions

Continuous Growth in FFO along with a Decrease in the Leverage Ratio- Quarterly - in NIS millions


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0

29.4

58.8

88.2

117.6

147

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E

6.8 146.5142130.8126.7

117.4109.8110.4109105

988285

137.5

72%

FFO per share in 1-3.19 amounted to 34.9 agorot, compared to 35.8 agorot in the same period last year, representing an decrease of 3%, with an increase of 7% in the number of weighted shares.

GrowthFFO PER SHARE



FFO excluding one-time financing expenses

The effect of one - time financing expensesContinuous Growth in FFO per share along with a Decrease in the Leverage Ratio- Annual - in agorot

816243240

1-3/17 1-3/18 1-3/19

34.935.832.2

8%

(3%)

Continuous Growth in FFO per share along with a Decrease in the Leverage Ratio- Quarterly - in agorot

Following


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FinancialStrength Amot Investments. Peoples First.




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4,667 87%Bonds

378 7%Banks

344 6%Commercial Papers

FinancialStrength



Debt Structure – Expanded Consolidated-in NIS thousands


250

500

750

1000

1 2 3 4 5 6 7 8 9 10

248248248

481597595

684574

722

500

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Each year begins in 4\1 and ended in 3\31

FinancialStrength



The spread of repayments over the years under the assumption of renewal of the floating rate, with a decrease in the effective interest rate


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Cash and cash equivalents in the amount of 353 millions NIS

All of the Company's assets are unsecured except for assets valued at 3% which is held with partners.

Credit facilities in the amount of 800 millions NIS

Rating AA by Maalot and Midroog

Average duration of debt – 4.2 years

Weighted effective linked interest – 2.63%

FinancialStrength




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0.00%

2.25%

4.50%

6.75%

9.00%

12.07 12.09 12.10 12.11 6.12 12.12 6.13 12.13 6.14 12.14 6.15 12.15 3.16 6.16 9.16 12.16 3.17 6.17 9.17 12.17 3.18 6.18 9.18 12.18 3.19

5.3%4.88% 5.02% 4.89% 4.76% 4.63%

4.3% 4.27%3.99% 3.86% 3.87%

3.59% 3.58% 3.51% 3.43% 3.17% 3.17% 3.1% 2.88% 2.81% 2.75% 2.71% 2.65% 2.63% 2.63%

7.80%8.29% 8.05% 7.90% 7.85% 7.73% 7.81% 7.71% 7.69% 7.52% 7.54% 7.41% 7.33% 7.35% 7.35% 7.33% 7.30% 7.32% 7.27% 7.18% 7.16% 7.19% 7.16% 7.03% 7.04%

Weighted Cap Rate Weighted Debt Cost

4.4% } 6%

1%debt raising cost 2019

FinancialStrength



The Change in the Weighted Capitalization Rate Relativeto the Change in the Company’s Weighted linked Interest Rate


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AMOT OFFICESAmot Investments. Peoples First.




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150

250

350

2011 2012 2013 2014 2015 2016 2017 2018

355336

276

229211206

191177

NOI from offices

390,865Income producing office buildings with an area of approximately

sqm.




The fair value as of 31/3/2019 is approximately NIS 5.9 billion

The NOI from offices in 1-3/19 is NIS 93 million

64% of the value of offices located in the Tel Aviv metropolis area

The average contractual-renting duration is 3-5 years (20% of rental agreements are renewed each year)

As of 31/3/2019 the occupancy rate in office space is 95.6%


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390,865Income producing office buildings with an area of approximately

sqm.

PropertiesRepresentative assets

TOHA Tower Europe House Hayetzira House Dubnov 10

Atrium Tower Vered House Tim House Amot Mevasseret Zion

Platinum Tower Amot Park Afek Pliner House Habarzel 30

Amot Investments Tower Verint House Amot Communications House Yahav House

Ziviel House, Ramat Hahayal Amot Hakiriya Moshe Aviv Tower Maccabi Netanya

HP Yehud Hame’a Tower Amot Haifa House

Amot Law House Merkazim 2001 Hotzvim mountain

Amot Insurance House


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AMOT retailAmot Investments. Peoples First.




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100

135

170

2011 2012 2013 2014 2015 2016 2017 2018

150150144144

137139143143

NOI from commercial centers

118,854Commercial centers a with an area of approximately

sqm.

AMOTAmot Investments. Peoples First.



retail



As of 31/3/2019 the occupancy rate in malls and shopping centers is 96.4%


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118,854Commercial centers a with an area of approximately

sqm. AMOTAmot Investments. Peoples First.



Commercial

Arim Mall, Kfar Saba Merkazit Mall, Jerusalem

Neve Ze’ev, Beer Sheva 124 Mall, Iben Gvirol, Tel Aviv

Kiryat Ono Mall Hutzot Alonim Mall Amot Max, Beer Sheva Merkaz h’kirya Ashdod

Orot Mall, Or Akiva Center Hagalil, Rosh Pina

My Center, Carmiel

Brodetzky, Ramat Aviv Bat Hadar, Ashkelon

Bat Hadar, Ashkelon



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AMOT SUPERMARKETSAmot Investments. Peoples First.




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38,889sqm.




SUPERMARKETSSupermarkets with an area of approximately

Jerusalem – Hapalmach St.

Beit Shemesh – Ben Tzvi St.

Ashkelon – Ben Gurion St.

Ramat Gan – Hayarden St.

Tel Aviv – Pinkas St.

Herzliya – Lev Hair

Bat Yam

Petach Tikva

Holon – Sokolov St.

Ashdod – Rogozin


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38,889sqm.




SUPERMARKETSSupermarkets with an area of approximately

PropertiesList of supermarkets

Mega – Anbar Holon Supermarket – Arad Shufersal – Motzkin

Mega – Ashdod Mega – Hafetz Haim Shufersal – Hayarden

Mega – Bavli Mega – Ramat Efal Shufersal – Or Yehuda

Shufersal – Givatayim Weizman Mega – Raanana Shufersal – Kiryat Shprinzak

Mega – Gilat Beer Sheva Victory – Hyper Ashkelon Supermarket – Beit Shemesh

Mega – Dimona Victory – Raanana Co-op – Hapalmach

Shufersal – South Givatayim Rami Levy – Ezdirect Co-op – Kiryat Yam

Mega – Hadar Weizman Shufersal – Kfar Saba Co-op – Kiryat Menachem

Mega – Lev HaIr Herzliya Shufersal – Nazareth Illit Levkowitz – Givat Hamoreh

Mega –Erel Tower Shufersal – Carmiel Super Sapir – Tzfat

Mega – Nahum Tower Shufersal – Yizraelia

Mega – Ne’ot Rachel Super-Sapir – Akko

Mega – Neve Amirim Shufersal – Kiryat Eliezer


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Industrial and Logistic Parks


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0

65

130

2011 2012 2013 2014 2015 2016 2017 2018

114

91908987857962

NOI from industrial and logistic parksAMOT




Industrialand Logistic Parks

298,786Industrial and logistic parks with an area of approximately:

sqm.



The scope of new logistics centers purchased during 2018 approximately NIS 425 million

As of 31/3/2019 the occupancy rate is 98.6%


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AMOT




Industrialand Logistic Parks

298,786Industrial and logistic parks with an area of approximately:

sqm.

Poleg Park Rehovot Park Amot Modi’in

Si’im Park Tech Park Yavne Frenkel Caesarea

Amot Hamada Best Carton Amot Ariel

Amot Park Tech Cargal The Amot Modi'in complex



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AMOT




Developments


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DevelopmentsInvestment in projects under construction (land + building) up to 15% of the total property value.

Construction outside of the Gush Dan region is backed by an anchor tenant.

Maintaining the Company’s existing leverage rates.

Low Developments risks

Developments Strategy


Name of Property

Use LocationCompany’s

Share %

Land Size acre

GLA 100% sqm

Estimated Completion

Year

Book value 31.3.19

Estimated Construction

Cost, Including

Land

Estimated Completion Cost 31.3.19

Estimated NOI

Company’s Share -NIS Millions

Amot Holon Offices Holon 77.8% 11 56,000 2021 119 515 396 42

Amot Modi’in Logistics Modi’in 75% 34 34,000 2020 71 250 179 20

TOTAL 45 90,000 190 765 575 62

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Concentration of data on projects under construction at December 31,2018

AMOT




Developments


Name of Property Location Use Amot’s Ownership %

Estimated Completion Date

GLA 100%

GLA Company’s

Share

Estimated Construction

Cost Company’s Share NIS Millions (*)

Company’s Share -NIS Millions

ToHa2 Tel Aviv Offices 50% TBD 140,000 70,000 1,000

Mitham Ha’lehi Bnei Brak Offices 50% TBD 75,000 37,500 400

Mitham 1000 Rishon Lezion Offices 100% TBD 19,000 19,000 180

Platinum Phase B (**) Petah Tikva Offices 100% TBD 27,000 27,000 210

Amot Shaool Kfar Saba Offices 50% TBD 30,000 15,000 160

TOTAL 291,000 168,500 1,950

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(*) The cost without capitalizations and without tenant improvements

Concentration of data on projects in the planning and initiation stages as of December 31, 2018



AMOT


Developments


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DevelopmentsProjects under Construction and Status of Building Rights

TOHA250%

Main use

OfficesArea for construction

140,000 sqm.

Group’s share

Additional rights: According to T”A\5000, the local committee approved for deposit under conditions, building rights for the construction of another office tower

Estimated construction cost: NIS 1 Billion- group’s share


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AMOT



HOLONMain use Area for construction Group’s share Expected completion

Offices / Commercial / Industrial use 56,000 sqm. 78% 2021

Estimated construction cost: NIS 515 million


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HOLON

AMOTDevelopments


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MODI’INMain use Area for construction

Group’s share Expected completion

Logistics 34,000 sqm.

75% 2020



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AMOTDevelopments

MODI’IN


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AMOTDevelopments

MODI’IN


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AMOTDevelopments

MODI’IN


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bnei brakMain use Area for construction Group’s share

Land area

offices 75,000 sqm. 50%

16.4 acre



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AMOTDevelopments

bnei brak


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AMOTDevelopments

bnei brak


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Rishon LezionMain use Area for construction Group’s share Land area

offices 19,000 sqm. 100% 3.2 acre



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Rishon Lezion



AMOTDevelopments


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AMOT




Forecast


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2019Forecast

2018Actual

1-3.19Actual

In NIS millions In NIS millions In NIS millions

Noi 175 717-727 678

FFO 122 510-520 477

FFO PER SHARE (PENNIES) 34.9 145-148 (*) 142

AMOT




Forecast

Forecast 2019

(*) Following the issuance of 7.3 million shares, FFO per share diluted by 1.5% (2 agorot).

The expected NOI for ToHa1 in 2020 (in full occupancy) is 48 millions NIS and the expected FFO is 30 millions NIS


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Financial




data


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NIS millionNIS million

309353Cash and cash equivalents

11,11511,206Income-producing property and under construction

5,4435,389Financial liabilities

1,0131,040Deferred taxes

4,8374,773Total equity

31.12.1831.3.19

Financial




data

Amot Balance Sheet Data – Expanded Consolidated


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1-3/181-3/19

1671755%NOI

(20)-Change in the value of investment properties

(12)(13)General and administrative expenses

(33)(31)(6%)Financing – real interest

711 Financing – linkage and exchange ratedifferentials

(31)(37) Taxes

78104Net income

1171224%FFO

Change

Financial




data

Amot Summary of Profit or loss – Expanded Consolidated (NIS millions)


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NOI

Financial




data

Amot Summary of Profit or loss – Expanded Consolidated

Change 1-3/184-6/187-9/1810-12/181-3/19

NIS thousands

2%167,036170,508168,171168,440170,359Same property NOI including Atrium

1213231,5352,3454,831New assets

5%167,157170,831169,706170,785175,190 noi


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FFO

Financial




data

Amot Summary of Profit or loss – Expanded Consolidated

Change % 1-3/181-3/19

NIS millions

4%117122FFO

7%325,301348,565Weighted number of shares

(3%)35.834.9 FFO per share

FFO per share in 1-3.19 amounted to 34.9 agorot, compared to 35.8 agorot in the same period last year, representing an decrease of 3%, with an increase of 7% in the number of weighted shares.


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SummaryAmot Investments. Peoples First.




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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E

0.940.900.840.770.680.660.640.640.56

0.480.440.44

1.471.421.381.27

1.171.091.11.091.050.98

0.820.85

52% 54% 49% 53% 59% 58% 61% 58% 61% 61% 63%

Dividend Payout Ratio

Dividend per share

FFO per share

64%




Not including distribution of additional dividend


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0

140

280

420

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E

105117

111

30

335302

263222

187177158149129102




Dividend DistributionDividend Distribution over the Years (in millions USD)

Accumulated amount distributedsince 2006:

BILLION USD

0.7


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Our Strengths

103 income producing properties

A variety of uses

Strong tenant mix and wide geographic distribution, managed in a responsible manner

Managerial ability and the ability to improve assets

Financial strength and availability for large-scale acquisition transactions

Effective leverage ratio of 44%

Financial flexibility and high accessibility to the capital market

High financial strength (rated AA by Maalot and Midroog)

All of the Company's assets are unsecured except for assets valued at 3% held with partners

The Company has a future potential for additional savings in financing expenses from a recycling of debts at a significantly lower interest rate than the average rate paid currently for debts

High occupancy over time – 97.1% as of 31/3/19

Promoting projects with reference to the potential for improvement

A dividend policy that is stable and known in advance, of approximately 60% of the FFO

Credit facilities in the amount of NIS 800 million


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DISCLaIMERAmot Investments. Peoples First.



The presentation does not constitute an offer or an invitation to purchase the Company’s securities, and its contents do not constitute a recommendation or opinion or a substitute for the investor’s discretion.

This presentation includes forecasts, valuations, estimates, and other information relating to future events and/or matters, the realization of which is not certain and is not under the Company's control, and is forward-looking information, as defined in the Securities Law, 1968. Such information may not be realized, in whole or in part, or may be

realized in a manner significantly different than expected. Such information includes, inter alia, income forecasts, FFO and NOI, and

timetables.

Forward-looking information is based solely on the subjective evaluation of the Company, based on facts and data regarding the current state of

the Company's business and macro-economic facts and data, all as known to the Company at the time of preparing this presentation. The realization or non-realization of the forward-looking information will be affected, inter alia, by factors that cannot be assessed in advance and which are not under the Company’s control. The Company does not

undertake to update and/or change any such forecast and/or assessment in order to reflect events and/or circumstances that may

occur after the date of preparation of this presentation.


www.amot.co.il

2019


AMOT Investments.

Peoples First.


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