Kiel - Multifamily complex Grafental - The largest residential development in Düsseldorf Balanced Business Model, Stable Cash Kiel - federal capital; ranked in the top 5% of the Düsseldorf - ranked no. 6 globally in terms of quality of Flow, Growth fastest growing cities in Germany living Quality player in the German Rostock - Hanse Center Retail Park Leipzig – Multifamily complexes Multifamily sector 64,000 m 2 retail park, 354,000 m 2 land, 2,500 parking spaces One of the top 10 players in the Retail Parks sector in Germany Leading Condo developer in D ü sseldorf March 2017 Rostock – a major business center in Northeastern Leipzig - has the highest population growth rate in Germany. Rostock is ranked in the top 15% of the Germany fastest growing cities in Germany 1
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 forward- looking information, as the term is defined in the Securities Law, 5728-1968 (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 Legal Disclaimer presented in the Company’s reports, or were updated in accordance with the statements of the Company’s periodic reports for 2016 2
BCP at Glance 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). Attractive and Retail parks portfolio (334,000 sqm, 33% of GAV 1 ) - dominant centers in growing cities, long WALT, compelling valuation (6.1% NOI yield), significant • Unique Risk Return 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 Product • NAV in the coming years. Strong Operational, • Our staff has over EUR 10B of collective German investment, development and asset management track record. Development and • Management and operations are highly scalable. Leasing Team NAV - 15% CAGR over the last 5 years. • Track Record of BCP I.D FFO - 21% CAGR over the last 5 years. • Value Creation Share price - 22% CAGR over the last 5 years. • Dutch N.V Active in Germany since 2004 Approximately 1.2M sqm of income producing and development Robust & Flexible • Investment grade rating from S&P (-ilAA) properties (~ EUR 1.3B) LTV 2 – 51.3% (47.5% post share issuance in January 2017) • Balance Sheet ICR 3 - 3.9x . 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) • Traded on the Tel Aviv Stock Exchange since December 2010. Capital Markets FFO: EUR 32.1M • Constituent of the TA 100 and TA-15 Real Estate index. • 52% free float. 1. Company share. 3 2. Net debt to total real estate portfolio. 3. EBITDA to Interest (incl. annualized contribution from development).
Operational Segments - Profitability & Growth 1 Multifamily: 10,414 residential units (52% of GAV) Sustainable High Growth Significant Upside Potential High Cash Flow € 60.0 BCP םירחתמ Peer 6.63% Group 9.5% € 50.0 + € 10.3M 10.0% 7.00% € 40.0 5% Margin 8.0% € 47.8 6.00% 5.4% 4.9% € 30.0 € 37.5 5.00% 6.0% 3.1% € 20.0 4.00% 4.0% 3.00% 1.52% € 10.0 2.0% 2.00% € - 0.0% 1.00% כש תחימצ" ד כש תחימצ" ד כש"םויכ דכש" תורכשה יפל ד Rental growth in l-f-l Rental growth in Current Rent ERV (based on 0.00% םיהז םיסכנב תושדח תורכשהב תושדח Rental yield Interest rate assets new leases new lettings) כש תאושת"דןומימה תולע Retail Parks portfolio: 334,000 sqm (33% of GAV) 2 Large Spread Good Operating Parameters Organic Growth • L-f-L Rental growth – 3.4% High occupancy rate 95% 6.15% 7.00% 4% Margin • Development & redevelopment plans to add 6.00% Long WALT About 10 years 1 and upgrade retail spaces - € 50M with a Return 5.00% on Investment (ROI) of 9%. Approximately 90% of 4.00% 2.09% 3.00% Quality tenants the spaces are leased Significant rezoning potential in the mid term in • 2.00% to national chains 5 assets representing 15% of the Retail Portfolio. 1.00% 0.00% Financing Low rental burden 4% - 5% of turnover Financing costs NOI yield NOI ןומימה תולע תאושת 1 With anchor tenants, leasing ca. 50% of total rentable areas. 4
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