March 12, 2018

1. Vbare Iberian Properties SOCIMI S.A. Opportunities in the Spanish Residential Market March 12, 2018

2. The Opportunity Real Estate capital values in Spain, are at the lowest levels seen in recent years, representing a unique opportunity for future capital gains. The Spanish economy has reached the floor and is recovering in most of the key economic and real estate indicators. Expected positive evolution of both the rental and the sale price of the Spanish residential market in the next 3-5 years. Highest levels of GDP growth in the EU (3.2% GDP growth in 2016, and 2017 in the same range) Source: Centro de InvestigacionesSociologicas (CIS) Source: InstitutoNacional de Estadística (INE) Source: InstitutoNacional de Estadística (INE)

3. Why Residential? Prices are at all time low – c. construction cost Although Spain is traditionally an owners market (more than 80% of Spain’s population own their homes), the Spanish government has taken measures to increase the rental market in the country, including, among others, establishing the Socimi regime High rental demand – time to lease app. 3 weeks No institutional landlords/multifamily assets – difficult to acquire a critical mass Average rent increases dramatically– pushing yields higher.

4. Catalonia Referendum for Independence October 1, 2017 – 92% vote for the separation from Spain but only 40% voted (the ones that are passionate to separate..) Spanish government declares referendum illegal and takes action to prevent the separation, new elections in Catalonia on Dec 21 Separation is still a long way ahead– lack of foreign support Expected to impacted Spain’s rapid growth by ~100 basis points Short term – growth in the Madrid area due to businesses moving out of Catalonia Longer term – minimal effect on Spanish growth prospects and on mid market rental apartments

5. Spain Residential Market Overview (1/2) Since 2008, major global players such as Apollo, Blackstone, Fortress, TPG and others have invested significant amounts in the Spanish RE Market. A large portion of such investments were are directed to Madrid, ranking the city at number 5 in Europe in real estate investments. Source: Ministerio de Fomento Source: Ministerio de Fomento 2

6. Spain Residential Market Overview (2/2) The Time is Now! “Renting will consolidate as the main way to fly the nest, as happens in countries with a similar development to Spain” (Spanish Property Insight - February 2016) “In general the rental prices will stabilize in the following years, because the lease market has arrived to Spain to stay” (Fotocasa Index - May 2016) “As long as therecovery of the real estate marketconsolidates, residentialbecome more attractiveforinvestors. Acquiringresidentialassets , isnowadays a highreturnoperationwith a lowrisk” (Expansion - March 2016) “The rental market is expected to continue to expand in 2016 and the ratio of rented housing (14.9% in 2014) will continue to converge towards the Eurozone average.” (CBRE - February 2016) 3

7. Structure Socimi Structure Zero Taxation (capital gains and rents) 95% reduction on Transfer Tax (6% in the Madrid area) Going public within 2 years • Originally introduced in 2009 to support investments in Spanish Real Estate following the financial crisis • There are several large SOCIMI’s that are traded on Madrid’s main market (Merlin, Lar, Hispania etc..), and 27 Socimis traded on the MAB, most of which are not truly public • VBA is the first dedicated residential public SOCIMI – on December 2016 the company registered on the MAB 10

8. Strategy • Acquiring distressed mid level residential assets in main cities • Acquisitions done mainly from banks or other distressed sellers,at prices significant lower than current market prices (backed by an international non affiliated appraisal) creating significant capital gain in the short term. • Dedicated on the ground local operational and managerial personnel • Origination Property Management Acquisition Refurbishment Lease • Creating Substantial Added Value Over Time 10

9. Examples of our assets 13

10. Contact VbareIberianProperties SOCIMI S.A. C/ Almagro, 3 – 5º Dcha. 28010 Madrid (Spain) Yair Ephrati Director T +972 3 622 3381 M +972 54 4866 866 yair@valuebase.co.il 14

11. Disclaimer This presentation has been prepared by Vbare Iberian Properties SOCIMI, S.A. (“VBA”). This presentation does not constitute and should not be construed as an offer to sell or issue, or the solicitation of an offer to buy or acquire securities. This Presentation is solely for informational purposes and should not be treated as investment advice. In addition, this Presentation does not take into account the specific investment objectives, financial situation or particular needs of any recipient in any jurisdiction nor does it contain all the information necessary to fully evaluate any investment or transaction. Accordingly, no part of this Presentation nor the fact of its distribution should form the basis of, or be relied upon in connection with, any contract, commitment or investment decision in relation to any securities or otherwise. This presentation was not prepared for the purpose of being used in connection with any offering of securities. VBA does not make any representation, warranty or undertaking, express or implied, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information, opinions or projections contained in the Presentation. VBA shall have no liability whatsoever for any loss whatsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. Some of the information contained in the presentation including, among other things, forecasts, goals, assessments and estimates related to events and or future matters, realization is uncertain and is beyond the control of VBA (the "Forward Looking Information"). Forward Looking Information as stated above does not constitute a proven fact and is based solely on VBA’s subjective estimates. Whether or not the information will materialize and will be affected, amongst other things, by risk factors inherent in the Public Investment Vehicle’s operations, as well as developments in the general environs and external factors that affect the Public Investment Vehicle's operation, which cannot be estimated in advance and that are not within the control of VBA. This Presentation and the information contained in the Presentation are provided as of the date of this Presentation and are subject to change ,and VBA is not under any obligation to update, complete, revise, verify, amend or keep current the information contained herein. Furthermore, anyone who is interested in making an investment, should consult with legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that he deems necessary, and should make his own investment decisions based upon his own judgment and advice from such advisers as he deems necessary and not upon any view expressed by VBA or expressed in this Presentation. This Presentation shall be governed and construed in accordance with the laws of Spain without regard to its conflict of law provisions and the receiver of this Presentation hereby irrevocably consents to the exclusive jurisdiction of, and venue in, the competent jurisdiction located in Madrid, Spain.