Azrieli Group
2015 Investor Conference
Tel Aviv Stock Exchange (TASE), Tel Aviv
March 19, 2015
Convenience translation from Hebrew
Important Notice
 The English translation below of Azrieli Group Limited’s presentation relating to the conference
presentation at March 19, 2015 (the “Presentation”) is provided for convenience. Please note that this
document should not be regarded as a substitute for reading the original Hebrew version of the
Presentation in full. This translation was neither prepared nor checked by the Company. Accordingly, the
Company does not warrant that the translation fully, correctly or accurately reflects the Presentation and its
contents.
 The binding version of the Presentation for all intents and purposes is the original Hebrew version, filed by
the Company with the Israel Securities Authority through the MAGNA website on March 19, 2015. Nothing
in this translation constitutes a representation of any kind in connection with the Presentation, nor should it
be regarded as a source of interpretation for the Presentation or the Company's reports or statements. In
any event of contradiction or discrepancy between this translation and the Hebrew version of the
Presentation, the Hebrew version shall prevail.
|2|
Disclaimer
 This presentation will be presented at a conference being held by the Company for institutional investors, analysts and other capital market players.
 The information in the presentation is not exhaustive and is no substitute for inspecting the Company’s reports, including the Company’s periodic report for 2014, as reported
to the ISA via the Magna distribution site.
 The Company does not warrant the completeness or accuracy of the information, and will not be liable for any damage and/or losses which may result from the use of the
information. In the case of any discrepancy or incompatibility between the information in the presentation and the information in the Company’s reports, the provisions of the
reports shall prevail.
 This presentation includes forward-looking information, as defined in the Securities Law, 5728-1968. Such information includes, inter alia, forecasts, assessments, targets
and estimates of the Company (including the provisions of Slides 5, 6, 30 and the Company’s estimates regarding the contribution of the areas under development to the
operating indicators of the Company in the future and the assumptions inherent in such estimates) which pertain to future events and/or matters, whose materialization is
uncertain and is beyond the Company’s control.
 Forward-looking information does not constitute facts and is based solely on the subjective viewpoint of the Company’s management, based on an analysis of the general
information known thereto on the date of this presentation. Forward-looking information is, by nature, subject to significant risks of non-materialization, and such information is
uncertain, cannot be estimated in advance and is sometimes even beyond the Company’s control.
 The materialization or non-materialization of the forward-looking information will be affected, inter alia, by risk factors characteristic to the Company’s activity, as well as by
developments in the general environment, market conditions and external factors affecting the Company’s activity, including delays in the receipt of permits, termination of
contracts, changes in the competition conditions, a significant recession, changes in the financing conditions, and other such events which cannot be estimated in advance
and which lie beyond the Company’s control.
 The Company does not undertake to update and/or change any forecast and/or estimate included in forward-looking information to reflect events and/or circumstances
postdating this presentation.
 The Company is not responsible for the veracity of macroeconomic data and market analyses in its operating segments, their content or for forecasts in connection therewith,
insofar as they are based on external sources and on various surveys and studies.
 The financial information in the presentation which is attributed to the extended standalone statement is neither audited nor reviewed by the Company’s auditors.
 The extended standalone statement presents a summary of the Company’s statement figures according to IFRS, apart from the Company’s investment in Granite Hacarmel
which is presented based on the equity method, in lieu of consolidation of the figures thereof in the Company’s statement.
 See Section 1.1.8 of the Board of Directors’ Report for December 31, 2014 for the manner of calculation of the FFO for the real estate business.
|3|
Azrieli Group - Business Card
 A public company traded on the Israeli stock exchange (Tel Aviv 25, Tel
Aviv 100 and Real Estate 15).
 The only Israeli company included in the EPRA index.
 Market cap - NIS 17.6 billion (1).
 The Company owns income-producing leasable space totaling approx.
807,000 m2, with another 484,500 m2 under construction (on a
consolidated basis).
 The average occupancy rate in Israel is approx. 98%.
 Approx. 90% of the value (on a consolidated basis) of the incomeproducing investment property and property under construction is
attributed to real estate located in Israel.
 The value of investment property and property under construction is
approx. NIS 18.8 billion.
 The value of non-mortgaged properties is approx. NIS 14.7 billion.
 Equity (attributed to the shareholders) – approx. NIS 13.3 billion.
 Leverage (extended standalone) of only 24%, and equity to assets ratio
of 61%.
 The Company’s bonds are rated AA+/Stable by S&P/Maalot and Aa2 by
Moody’s/Midroog.
(1) As of March 16, 2015.
Azrieli Mall Modi’in
|4|
Azrieli Group –
Main Financial Data
NOI
FFO
1,134
293
2014
Q4 2014 Q4 2013
2013
7.8%
7.8%
7.7%
7.7%
2.72%
2.73%
2.71%
2.60%
8.0%
787
197
1,105
278
9.0%
207
759
2014
Q4 2014 Q4 2013
7.7%
7.7%
7.6%
7.7%
2.05%
2.29%
2.26%
2.40%
7.6%
7.6%
2.05%
1.88%
2013
7.5%
7.5%
7.6%
1.42%
1.20%
1.16%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Azrieli Group's Average Cap Rate
15Y duration government bonds
(1) Source of the data: the Company’s statements and Harel Insurance macro research department.
|5|
Azrieli Group – Future Development
Promotion of new projects
Status
Area on the Plan
(sqm)
Azrieli Sarona Center, Tel Aviv
Under construction
121,500
Azrieli Rishonim
Under construction
53,000
Azrieli Holon Center – Stage B
Under construction
55,000
Short-term
Azrieli Ayalon Mall – Floor II
Completed – 3/2015
9,500
Immediate
Azrieli Ramla Mall
Completed – 3/2015
22,500
Immediate
Azrieli North (Clalit Site)
Planning
75,000
Short-medium term
Expansion of Azrieli Center
Planning
69,000
Short-medium term
Building permit
application
35,000
Short-term
Planning
44,000
Short-term
Name of the Project
Modiin Senior Housing
Lehavim Senior Housing
Development projects and
projects under construction
Expansion of Azrieli Center
Land in Holon
Land in Haifa – Check Post
Total
Timeframe
Usage
Short-term
Short-term
Retail, offices
Retail, offices
Offices
Retail
Retail
Retail, residential, offices
Retail, residential, offices
Senior housing
Senior housing
484,500
Promotion of zoning
plan
76,000
Short-medium term
Planning
55,000
Short-medium term
Promotion of zoning
plan
100,000
Long-term
Residential, offices,
senior housing
Offices, retail
Offices, retail
715,500
|6|
Azrieli Group – Future Development
Enhancement and expansion of existing properties
Status
Area on the Plan
(sqm)
Timeframe
Azrieli Jerusalem Mall (Malcha)
Promotion of
zoning plan
83,500
Medium-term
Azrieli Haifa Mall – increase of rights
Promotion of
zoning plan
120,000
Medium-term
Name of the Project
Usage
Retail, offices,
senior housing
Retail, residential,
offices
Azrieli Haifa Mall – Zappa
Building permit
700
Short-term
Azrieli Tel Aviv Center – Urbanica
Building permit
1,200
Short-term
Retail
Retail
Azrieli Akko Mall
Building permit
10,000
Short-term
Offices
Azrieli Hanegev Mall – Urbanica
Building permit
4,300
Short-term
Retail
Caesarea Industrial Zone
Building permit
3,300
Short-term
Industry
Total
223,000
|7|
Malls and Retail Space in Israel
|8|
Azrieli Group – The Dynamics in Malls
Scope of Retail
Space
Required
|9|
Increase in Households in Israel
and in the Number of Immigrants
Households (in thousands)
New Immigrants
60,201
2,166
2,204
2,259
2,313
1,968
1,752
21,183
1,509
23,000
16,634
16,893
16,559
16,884
1,228
2000
2005
2010
2011
2012
2013
2014
1990
1995
2000
2005
2010
2011
2012
2013
| 10 |
Growth in the Purchasing Power of
Households for Retail
The monthly purchasing power of households for retail was NIS 11.63 billion in 2013.
On average, the monthly purchasing power of households grew by approx. NIS 400-450 million.
This growth justifies an additional approx. 300-350 thousand sqm for retail.
11,629
10,093
10,171
2009
2010
10,585
11,016
9,496
7,903
2005
8,355
2006
8,851
2007
2008
2011
2012
2013
| 11 |
Growth in Households’ Expenditure
on Retail
Households’ expenditure on retail amounts to approx. NIS 5,000 per month. A rise of approx.
2.8% per annum. Monthly expenditure on mall products is approx. NIS 2,300 and on food approx.
NIS 2,100.
Expenditure on retail constitutes slightly more than one third of the total expenditure which is
approx. NIS 14.5 thousand
8,000
18,000
7,000
6,000
5,000
4,000
3,000
10,816
4,015
502
1,530
11,133
11,584
4,162
4,314
557
584
1,601
1,675
12,342
13,009
4,549
4,718
580
720
1,834
1,829
13,496
13,967
14,272
14,501
14,000
4,802
4,876
5,028
633
645
656
667
1,901
1,928
1,959
2,067
4,695
12,000
10,000
8,000
6,000
2,000
1,000
16,000
4,000
1,983
2,004
2,055
2,135
2,169
2,161
2,230
2,262
2,295
2005
2006
2007
2008
2009
2010
2011
2012
2013
-
2,000
0
‫קניון‬basket
‫סל‬
Mall
‫מזון‬basket
‫סל‬
Food
Entertainment
basket
‫בילוי‬
‫סל‬
‫ הבית‬Expenditure
‫ההוצאה של משקי‬
‫סך‬
Total
of Households
•Mall basket – is the monthly expenditure of households at stores located in malls such as clothing, footwear, equipment, sport etc.
•Food basket – is the monthly expenditure of households on home food purchases.
•Entertainment basket – is the monthly expenditure of households on products such as: dining out, frequenting cafes, restaurants, etc.
| 12 |
International Tourism’s Contribution
to Retail in Israel
•
In recent years, approx. 2.8 million international tourists have visited Israel, and another approx. 600 thousand
visitors enter Israel for a one-day visit.
•
An international tourist visiting Israel spends, on average, approx. $1,400 per visit, of which approx. NIS 1,500 on
food products, shopping and gifts. Day visitors spend on retail slightly less than NIS 900 on a day-visit to Israel.
•
The annual contribution of tourism to retail in Israel is:
 Approx. NIS 4.9 billion per annum.
 Approx. NIS 400 million in an average month – which is approx. 3% of the purchasing power of Israelis.
The purchasing power of international tourists in Israel can support retail space of approx. 250-300
thousand sqm in Israel, equivalent to 6-7 large regional malls.
4,000
3,444
3,500
3,028
3,000
2,500
2,000
3,362
3,520
3,540
3,251
2,740
2,296
1,916
‫יום‬Day
‫מבקרי‬
visitors
1,834
International
‫זרים‬
‫תיירים‬
tourists
1,500
1,000
500
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
| 13 |
Change in Consumption Patterns in Israel
Rate of expenditure on clothing and footwear out of the total
domestic consumption in OECD countries in 2013
7.0%
6.5% 6.5%
6.3% 6.2% 6.1%
6.0%
6.1%
5.6%
5.0%
5.2% 5.2% 5.2%
4.9% 4.8%
4.7% 4.5%
4.5% 4.3%
4.3%
4.0%
4.1% 3.9%
3.8% 3.8%
3.6%
3.4%
3.0%
3.2%
3.0% 2.8%
2.0%
1.0%
Growth in expenditure on clothing and footwear in OECD countries
Change between 2007 and 2013
81%
100%
80%
60%
40%
20%
53%
43% 40%
34% 30%
26% 25% 24% 22% 22%
19% 19% 18% 18% 18% 17%
12% 12% 11% 9%
9%
0%
-20%
-40%
(1) Source of the data: OECD STAT, Geocartography.
(2) Nominal.
0%
-6% -6% -9%
-29%
| 14 |
Entry of International Chains to Israel
Number of stores – in 2010 and 2014
70
Number
2010
‫ חנויות‬of
‫מספר‬
Number
2014
‫חנויות‬of‫מספר‬
stores 2010
60
62
stores 2014
50
40
31
30
30
23
20
17
15
10
0
0
25
7
4
24
23
20
1
9
5
0
0
1
0
2
0
H&M
FOREVER-21
ZARA
Paul & Bear
* Selected chains. Based on data received from the tenants.
Bershka
American
Eagle
Aerie
The children's
Place
Aldo
Call it Spring
Massimo
Dutti
| 15 |
Entry of International Chains to Israel
The international brands start out with Azrieli Group
1st Store in Israel
2nd Store in Israel
1st Store in Israel
1st Store in Israel
1st Store in Israel
1st Store in Israel
1st Store in Israel
1st Store in Israel
1st Store in Israel
2nd Store in Israel
1st Store in Israel
Opened March 10, 2015
| 16 |
Retail Space in Israel by Districts
and in a Global Comparison
The Tel Aviv district is the leading district in the ratio between retail space and population size, after which is the southern
district and the Haifa district. Conversely, the districts in which the ratio is the lowest are the Jerusalem district and the Judea
and Samaria region.
District
Retail space in main
Total retail space in the
retail centers in sqm district in sqm in thousands
Retail space per capita
at the district level
Tel Aviv
561,460
1.75-1.85 million sqm
1.38 sqm per capita
South
604,855
1-1.1 million sqm
Haifa
489,200
800-850 thousand sqm
1.29 sqm per capita
North
500,040
700-750 thousand sqm
1.21 sqm per capita
Center
1,222,990
1.8-1.9 million sqm
1.19 sqm per capita
Jerusalem
247,390
600-650 thousand sqm
0.7 sqm per capita
Judea and Samaria
region
21,150
35-40 thousand sqm
0.25 sqm per capita
1.31 sqm per capita
(Beer Sheva – approx. 1.6 sqm per capita)
According to Geocartography data, the retail space per capita ratio overseas is:
•
U.S. – approx. 4-4.2 sqm per capita;
•
Canada – approx. 2-4 sqm per capita;
•
Australia (2009) – 2.2 sqm per capita;
•
Britain (2007) – 2.1 sqm per capita.
| 17 |
Purchase Distribution by Center Type
Purchase distribution of Israelis according to center type
Internet, markets, stores in
industrial zones and outlet
stores
Other, 18%
Malls, 30%
Monthly revenue:
NIS 3.6 billion
Neighborhood
center, 13%
Monthly revenue:
NIS 1.5 billion
High street trade,
22%
Power centers,
17%
Monthly revenue:
NIS 2 billion
| 18 |
Scope of Construction for Retail
in Israel in Recent Years
•
In recent years in Israel, approx. 340 thousand sqm designated for retail are being added each year.
Around one third of the construction is in the central district.
•
In the coming years, an additional approx. 400 thousand sqm is expected each year nationwide: retail
centers in new neighborhoods, commercial mixed-use streets, highway service and retail centers etc.
Future competition in the coming years: Malls in Yavne, the Green Neighborhood in Kfar Saba, 'Seven Stars' Rishon Lezion,
Gindi Tel Aviv, Midtown, Gan Yavne, Arena Nahariya, Kfar Tavor, Prashkovsky Rehovot, 7 mall Sderot, Tzim Sderot
Azrieli: Rishonim, Ramla. Big: Ashdod, Yarka, Check Post. Rami Levy: Mevaseret, Ariel, Netivot.
Tel Aviv District: Tel Aviv, Ramat Gan, Givatayim, Bnei
Brak, Herzliya, Ramat Hasharon, Holon, Bat Yam, Azur, Or
Yehuda and Kiryat Ono
500,000
450,000
416,458
400,000
350,000
371,511
331,600
328,373
300,000
Judea and
325,540
350,271
345,542
‫ושומרון‬
Samaria ‫יהודה‬
311,029
Tel Aviv
district
‫אביב‬
‫תל‬
‫מחוז‬
‫חיפה‬
Haifa
258,185
250,000
Jerusalem
‫ירושלים‬
200,000
South
‫דרום‬
‫צפון‬
North
150,000
Center
‫מרכז‬
100,000
50,000
-
2009
2010
(1) 2015-2017 – estimates.
2011
2012
2013
2014
2015
2016
2017
| 19 |
Retail in Tel Aviv – Demand
Significant growth in the scope of the housing units in the coming years
Dafna – an additional
1,000 units in the longterm
•
Each year, approx. 1,600 new apartments are added in Tel Aviv.
In the coming years, additional apartments are expected at a
similar rate – meaning an addition of approx. NIS 9 million per
month to the retail purchasing power in the city.
•
Approx. 3,000 households are expected to be added in the
vicinity of Azrieli center within 5 years as specified on the map.
•
In the medium-term, hundreds of apartments more are
expected in Nahalat Yitzhak, in Dafna and in Hacity in
Givatayim.
•
By 2018, another 70 thousand sqm for retail will be added in Tel
Aviv, some of which retail space in the area of the northern
central business district (Sarona market, Gindi Tel Aviv,
Midtown).
•
According to studies carried out by Geocartography, the
expected additional retail in the area of the central business
district will boost the attraction of Tel Aviv as a retail center, and
the areas will serve not only the city’s residents but also
residents of the entire metropolis, tourists from around the
country and international tourism.
150 – Hashachar
486 – Hatzeirim
400-600 – Hacity
215 – Clalit
338 – Midtown
300 – Yedioth
Gradual addition of
around 1,100 housing
units
324 – Ganei Sarona
780 – Wholesale
market + approx.
1,200 at second
stage
Additional residential housing units in
the vicinity of Azrieli center in the
coming 5 years
| 20 |
Office Space in Israel
| 21 |
Offices in Tel Aviv – The Demand
Trends in the Office Market
Growth in the number of businesses in Tel Aviv and growth in the business activity indicate that despite the sense that surplus office
space is expected in Tel Aviv, there is a need for this space, inter alia for the following reasons:

Office space required in Tel Aviv – according to a Geocartography estimate, there is annual growth of approx. 2-2.5% in office
business in Tel Aviv, i.e. 300-350 businesses are “born” a year, which require approx. 70-80 thousand sqm more.

A rise in the standard of living of businesses and growth in business activity – office space increased from 142 sqm in 1983 to
219 sqm in 2012 (an increase of 54%). The business development and recruitment of new employees leads to existing businesses
needing additional space.

One-time demand – the City of Tel Aviv intends to act, in the coming years, to vacate at least 1,150 businesses operating out of
residential apartments, which vacation will increase the need for another approx. 120-180 thousand sqm.

Strengthening of the high-tech sector – (1) international corporations prefer to operate from the heart of the business activity, in
Tel Aviv.
 IBM – 4 floors in the Azrieli towers;
 Google – 8 floors in the Electra tower;
 Facebook – 4 floors in the 22 Rothschild tower.
(2) Israeli startups.

Increased regulation and globalization – growth in demand on the part of law firms, accounting firms and liberal professionals.

Entry of purchase groups into this sector – a marginal competitor due to small areas dispersed among many owners.
(1) Source of the data: CBS, Geocartography.
| 22 |
Offices in the Tel Aviv District –
The Supply
Tel Aviv District: Tel Aviv, Ramat Gan, Givatayim, Bnei Brak, Herzliya, Ramat Hasharon, Holon, Bat
Yam, Azur, Or Yehuda and Kiryat Ono.
450,000
Office construction commencements – Tel
Aviv district
Office construction completions – Tel Aviv
district
400,060
400,000
350,000
285,964
300,000
250,605
250,000
200,000
150,000
159,578
105,403
97,143
100,000
94,182
95,485
2011
2012
172,955
173,608
2013
2014
67,885
39,922
50,000
-
2009
2010
2011
2012
2013
2014
2009
2010
| 23 |
Offices in Tel Aviv – The Supply
The significant construction of offices in 2012-2013 will address the shortage in retail space which derived from limited construction during
the previous decade as well as the natural demand created each year. According to Geocartography’s estimate, the growth in the number of
businesses in Tel Aviv and the business development reflect a need for additional space of approx. 80,000-120,000 sqm per annum.
According to economic growth scenarios and businesses’ attraction to Tel Aviv.
250,000
Office construction commencements –
the City of Tel Aviv
192,309 199,509
200,000
134,383
150,000
91,820
100,000
50,000
Office construction completions – the City
of Tel Aviv
90,263
36,293
33,303
39,348
44,777
2011
2012
70,404
67,995
2013
*2014
19,246
-
2009
2010
2011
2012
2013
2014
2009
2010
Approx. one half of the offices whose construction
began in 2012-2013 are owned by multiple owners
(offices for sale / purchase groups)
| 24 |
Correlation between GDP and Office
Rental Prices in Tel Aviv
Pearson correlation = 0.898
A strong and positive connection between product volume
and office rentals in Tel Aviv
Real
Product
1,000,000
900,000
823,489
808,101
780,769
734,722
694,575
665,691
626,608627,302626,919633,671
700,000
500,000
991,451
964,878
934,522
907,340
870,844
₪Real
‫מיליוני‬product,
,‫תוצר ריאלי‬
NIS in millions
)‫שכירות ממוצעת למשרדים בתל אביב )השוכר השולי‬
Average office rentals in Tel Aviv (the marginal tenant)
800,000
600,000
Lease
NIS / sqm
575,275
554,937
531,901
512,070
484,031
100
90
80
70
60
50
40
30
20
400,000
10
-
300,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Large-scale
immigration
(1) Source of the data: CBS, Geocartography.
Dot-com
boom
Financial
crisis
| 25 |
The Senior Housing Sector
| 26 |
The Senior Population in Israel
Number of persons aged 65+
Percentage out of total population
Percentage of persons aged 65+ out of the total population
Life expectancy in the Jewish population
Distribution of the senior population by age
MEN
WOMEN
| 27 |
Development of the Target Population)1(
Today
2025
2035
Entire population (thousands)
8,268
9,845
11,396
Target population (thousands)
850
1,303
1,660
10.3%
13.2%
14.6%
Percentage of the target population
out of the total population
Penetration rate)2(
Approx. 2%
2%
3%
2%
3%
Target population in senior housing
15,000
26,000
39,000
33,000
50,000
Number of housing units in the
segment
12,500
21,000
31,000
26,500
40,000
(1) CBS forecasts.
(2) Assuming growth in the penetration rate from 2% to 3%.
| 28 |
Ranking of Senior Housing Chains
in Israel )1( for 2014
Ranking
Chain
Number of
Housing Units
Number of
Tenants
Number of
Facilities
2,566
2,673
9
1,249
1,502
6
1,195
830
1,000
6
4
2
Mishan – Senior Housing
Facility Chain
Ahuzot Rubinstein
3
4
Mediterranean Towers
Bayit Bakfar Chain
5
6
Bayit BaLev
AD 120
750
676
770
752
5
3
7
Golden Age House Tel Aviv
399
-
2
8
Ahuzat Bayit
345
312
1
9
10
Naveh-Dor Senior Housing
Protea Village
338
267
-
2
2
11
12
Gil Paz
Palace Tel Aviv
248
231
280
245
1
1
13
Elisha Towers
210
240
1
1
9,304



43
In total approx. 13 senior housing facilities holding approx. 78% out of an estimated 12,500 housing
units in the market, were ranked.
The Group estimates that the occupancy rate in these facilities is approx. 90%.
In addition, there is Meuchedet Health Fund’s Neve-Amit chain which holds 6 senior housing facilities
nationwide.
(1) Ranking according to Dun & Bradstreet.
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What does the future hold?
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Contribution to the NOI and FFO(1) of the
Projects under Development and Refinancing
Projection for Significant Growth in the Coming Years
NOI
FFO
1,141
50
+46%
310
+35%
400
1.5
1,534
781
5.6
1,134
2.1
1.3
Proforma NOI in
2014
(1)
(2)
(3)
NOI from )2(
properties
under
development
Expected NOI
after leasing up
of the projects
under
development
Proforma FFO
in 2014
NOI from
properties under
development net
of interest and
after tax
Interest savings
due to refinancing
(RF) of loans until
2017 net of tax
The aforesaid does not constitute a forecast of the Company’s results.
Projects under development: Azrieli Holon Center (A+B), Ayalon mall second floor, Azrieli Ramla mall, Azrieli Rishonim center and Azrieli Sarona center.
The main assumptions in the calculations: full lease-up of the projects under development, refinancing according to the current interest rates, a tax rate of 26.5%.
Expected FFO
after leasing up
of the projects
under
development
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Summary – Leadership, Innovation
and Strength
 The mall segment:
 Future growth potential in consumption.
 Relatively high cap rates.
 Strengthening of the international chains.
 Handling of the development of consumption via other media
(such as the internet).
 The office segment:
 A growing sector in recent years, mainly in Tel Aviv and Herzliya.
 Potential for future growth also from the perspective of
increasing supply in the coming years.
 Senior Housing:
 Future growth potential for the Company.
Azrieli Givatayim Mall
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Thank you
Moran Goder, Head of Investor Relations
Office: +972-3-6081310
Mobile: +972-54-5608151
Fax: +972-3-6094518
[email protected]
[email protected]
Website: http://www.azrieli.com
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