The Tel Aviv and

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The Tel Aviv and London Stock Exchange Conference
25 June 2008
0
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Important Notice - Disclaimer

• This presentation has been prepared by Delek
  Global Real Estate Limited (the Company) solely
  for its use at the investor presentation. By
  attending the meeting where this presentation is
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  agree to be bound by the following limitations.
• This document does not constitute or form part of
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  solicitation of any offer to purchase or
  subscribe for, any securities in the Company, nor
  shall any part of it nor the fact of its
  distribution form part of or be relied on in
  connection with any contract or investment
  decision relating thereto, nor does it constitute
  a recommendation regarding the securities of the
  Company.
• THIS PRESENTATION IS SOLELY FOR YOUR INFORMATION
  AND FOR USE AT THE COMPANYS INVESTOR
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  presentation should not base any behaviours in
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  Markets Act 2000 (FSMA)) and the Code of Market
  Conduct (made pursuant to FSMA) which would
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• This presentation has been prepared by, and is
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  not been independently verified. The information
  set out herein may be subject to updating,
  completion, verification, revision and amendment
  and such information may change materially. No
  undertaking, representation, warranty, or other
  assurance, express or implied, is or will be made
  by the Company, its advisors or agents or
  shareholders or any such persons, directors,
  officers or employees, or any other person as to
  the accuracy, completeness or fairness of the
  information or opinions contained in this
  presentation. Without prejudice to the foregoing,
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  officers or employees do not and will not accept
  any responsibility or liability whatsoever for
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  in it are subject to change without notice.
• Each relevant person acknowledges that the
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  is not intended to provide the basis of any
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  be considered as a recommendation to purchase any
  Securities in the Company.
• Certain statements in this presentation
  constitute forward-looking statements. These
  statements, which contain the words anticipate,
  believe, intend, estimate, expect and
  words of similar meaning, reflect the beliefs and
  expectations of the directors of the Company and
  are subject to risks and uncertainties that may
  cause actual results to differ materially. These
  risks and uncertainties include, among other
  factors, changing business or other market
  conditions and the prospects for growth
  anticipated by the management of the Company.
  These and other factors could adversely affect
  the outcome and financial effects of the plans
  and events described herein. As a result, you are
  cautioned not to place undue reliance on such
  forward-looking statements. The Company, its
  advisers and each of their respective members,
  directors, officers and employees disclaim any
  obligation to update the Companys view of such
  risks and uncertainties or to publicly announce
  the result of any revision to the forward-looking
  statements made herein, except where it would be
  required to do so under applicable law.

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Delek Global Real Estate Part of the Delek Group
Bank Hapoalim(1)(2)
Senior Pension Funds
63.68
16.47
5.21
9.80
(1)
80.01
15.08
50
100
100
Delek Real Estate Yielding Assets Limited
85
15
Note Ownership data as per TASE, as of 31
December 2007. Structure reflects significant
holdings (1) Member of TASE 100 (2) Member of
TASE 25 (3) Includes shares owned by Ilik
Rozanski, Gabi Last (Chairman of Delek Real
Estate Group) and Phoenix Insurance Company (a
company which is partly owned by companies within
the Delek Group) (4) Delek Real Estate is
currently in negotiations in relating to the sale
of Dankner Investments Limited in exchange for
40 of the merged entity (5) Delek Real Estate
holds an additional 3 of Delek Global Real
Estate Directly
4
Dynamic Portfolio Expansion

• Delek Real Estate listed on TASE
• Deutsche Telekom portfolio acquired
• Patron portfolio partially sold

• First Canadian acquisition

• Further expansion into UK with Buckingham Gate
  acquisition

• National Car Parks (NCP) acquired in November

• AIM Listing (DGRE)
• Acquisition of Marriott Portfolio
• Acquisition of assets in Germany and Switzerland
• Acquisition of Metro Portfolio

2006
1999
2001
2003
2005
2000
2004
2002
2007

• Deutsche Telekom portfolio sold
• Pre IPO reorganisation

• First investment in Sweden

• 3 more assets acquired in the UK

• Company incorporation in Jersey as a wholly-owned
  subsidiary of Delek Belron International
• Company has interests in a portfolio totalling
  60,000 m2 and net profit of 2m

Building a well diversified portfolio with high
ROE
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Geographically Diversified Portfolio
Debt as at 31 March 2008
UK
Canada
Scandinavia
Total
Switzerland
Germany
194
36
5
93
23
351
No. of properties
3,143m
317m
234m
219m
688m
4,691m
Total Fair Value
1,132m
271m
255m
188m
502m
2,348m
DGRE share in Fair Value
730 m
135 m
192 m
146 m
399 m
1,602 m
DGRE Share of Loan Balance
402m
136m
63m
42m
103m
746m
DGRE Share (Attributed) of Net Asset Value (1)
Loan to Value
64
50
75
78
79
68
64.5m
20.9m
11.8m
11.4m
30.8m
139.4m
Net Operating Income (2)
Attributable NAV(1) (ex. cash) of 746m

• Net Asset Value (NAV) Aggregate difference
  between assets values and the Non recourse loans
  related to those assets.
• Including Marriott Hilton NOI on an
  attributable basis.

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Track Record of Growth
(2)
1.0bn pipeline of further acquisition
opportunities

• Gross net value relating to interests acquired
• DGREs Share of Acquisitions in 2007 was 527
  million

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Profitable Asset Sales to Optimize Portfolio
Average Gross Capital Gain of 59
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Growth in Gross Leased Area
7
9
Growth in Value
8
10
Growth in Net Rent
9
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Portfolio Generating Secure Growing Cash Flows

• DGREs tenants include public bodies, well-known
  financial institutions and major corporations
• Majority of rent is derived from Investment-Grade
  tenants

• In robust economies
• Prime locations
• 98 occupancy
• Diversified by geography and asset class

The Secretary of State for the Environment The
Canadian Public Works Government Zurich
University
Weighted Average Lease Expiry 16.7 years
Lease Maturities
Average Debt Maturity gt 8 Years
Secure cashflows from high quality tenants
Lease expiry calculated by value Data as at year
end 2007
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Efficient Financing Secures Strong Cash Profile
m

• Loans secured at portfolio level with no recourse
  to HoldCo
• Long-term assets backed by medium to long-term
  liabilities
• Spread locked in with minimal amortisation

Average Debt Maturity 8 Years
(1) Based on DGRE share of loan balance, December
31, 2007
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Protection Against Key Risks
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DGREs Portfolio Highlights
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Balanced Asset Class Exposure
Hotel, Residential Other
Retail
Office
Car Parks
Hilton, Marriott
Jean Coutu, Neste Oil, Walmart, Metro, CoOp
Adidas, Credit Suisse, Deutsche Telekom
NCP
Key Tenants
UK, Canada
Canada, Germany, Finland, Switzerland
UK, Canada, Germany, Switzerland, Sweden, Finland
UK
Geography
Gross Asset Value(1)
306m
439m
935m
590m
14
19
41
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525,194m2
464,155m2
550,613m2
700,975m2
GLA
98.5
98
100
96
Occupancy(1)

• 17 share portfolio of 16 UK hotels managed by
  Hilton Group and 42 hotels managed by Marriott
  Group
• 2 Residential tower blocks in Canada

• Retail attached to motorway services
• Retail Centres in Germany and Switzerland

• High quality buildings in CBD locations

• 127 car parks located within or close to CBD
  across UK

Examples
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UK Portfolio
Scotland
N. Ireland
UK
Wales
England
17
German Portfolio
Germany
18
Canadian Portfolio
Canada
19
Swiss Portfolio
Switzerland
20
Scandinavian Portfolio
Sweden
Norway
Finland
Scandinavia
Denmark
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Demonstrated Successful Execution Since IPO

• Realise value through improvement
• Croydon One repositioned and re-occupied at
  higher rents
• Refurbishment and remarketing of 81 Farringdon
  Rd.
• NCP Development Plan
• Extra 100 rooms at Hilton Gatwick planned

• Realise value through optimising purchase price
• gt55m equity invested in 2007 to date

Buy
Reposition / Refurbish
Buy
Reposition /Refurbish/Develop
Capital Redeployment
Portfolio Management
Sell / Refinance
Sell / Refinance
Hold Manage
Hold Manage

• Realise value through sale / refinancing of
  assets
• City Plaza, Sheffield and 5 Marriott hotels sold
• Further asset sales considered

• Realise value through rental cash flows with
  annual uplifts
• NCP continued rental growth
• Improved cash flows from hotel assets

22
Protection Against Key Risks
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Corporate Governance
ü

• The Companys Board of Directors comprises two
  Executive Directors (including the Chief
  Executive) and six Non-Executive Directors
  (including the Chairman)

Asaf BartfeldNon-Executive Director
Elisha Flax Non-Executive Director
ü

• The Company has an audit, remuneration, and
  investment committee

Paul HarveyNon-Executive Director
Jonathan Scott WarrenNon-Executive Director
Howard StantonNon-Executive Chairman
ü

• High financial control standards
• Financial controller in each region in which the
  Company operates

Armin ZuckerNon-Executive Director
Ilik RozanskiPresident and CEO
ü

• Relationship Agreement governing dealings with
  Delek Real Estate

Non-Executive Director
ü

• Compliance with Combined Code

Yossi FriedmanCFO
Executive Director
Highly experienced Board with independent
Non-Executives and headed by Real Estate
industry expert
All Non-Executive Directors are independent but
for Asaf Bartfeld. It is noted that Jonathan
Scott Warren is considered as an independent
non-executive director, although he is an
associate in the company that acts as Company
Secretary
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Investment Highlights
High Quality Portfolio IFRS Net Asset Value of
241 pence per share (1Q 2008)
Secure and Growing Profits and Cash Flow Pre Tax
Profit - 107m, Operational Cash Flow - 28.5m
Resilient, Non-Recourse Finance Structure 8 Year
Average Debt Maturity
Delivery of Growth and Portfolio
Optimization 527m of Acquisitions and 102m of
Disposals