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Silverstein Properties Limited

September, 2019

Disclaimer

The information provided by this presentation does not describe the Company's activity in a full and exhaustive manner. It does not replace the Company's reports, and should

be read along with the reports filed by the Company, including the Company's prospectus and the Company's periodic and immediate reports.

This presentation may include forward-looking information, as defined in the Securities Law, 1968. This information may include forward-looking statements, including forecasts,

evaluation, pro forma figures, estimates and other information relating to future events and issues. Forward-looking statements may relate to, among other things, revenues,

earnings, cash flows, capital, expenditure, and other financial items. Forward-looking statements may also relate to our business strategy, goals and expectations concerning our

market position, future operations, profitability, liquidity and capital resources. All statements other than statements of historical facts are forward-looking statements and can be

identified by the use of forward-looking terminology such as the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, and

similar terms and phrases.

Any forward-looking information contained in this presentation is based, in addition to existing information of the Company, on present Company expectations and evaluations

regarding future developments and trends and on the interaction of such developments and trends. Although we believe the assumptions upon which any forward–looking

statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be

incorrect. Our business and operations involve risks and uncertainties, many of which are outside our control, and one of which, or combination of which, could materially effect

our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements are based on current expectations and are not

guarantees of future performance.

Actual results and trends in the future may differ materially from those suggested or implied by any forward-looking statements in this presentation depending on a variety of

factors. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no

obligation to update any forward-looking statements, to report events or to report the occurrence of unanticipated events that may lead to the actual events, results, performance,

circumstances or achievements of the Company being different than as envisaged by such forward looking statements.

In addition, the presentation may include data and assessments based on external sources that have not been independently examined by the Company and therefore the

Company is not responsible for their accuracy. The Company does not undertake to update the information included in the presentation, in whole or in part, in order to reflect

events and / or circumstances that will occur after the date of the presentation.

This presentation does not constitute an offer for the purchase of the Company's securities or an invitation to receive offers. The aforesaid does not constitute a recommendation

or opinion, or instead of an independent examination and personal consultation according to the special data of each investor.

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2019 FINANCIAL HIGHLIGHTS

$3.6 Billion of total assets and $222

Million of bonds traded on TASE

H1 2019 NOI of $66 million vs. $60 million in H1 2018

Low leverage of 38.3% Net Debt/CAP

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* FFO based on management approach

H1 2019 FFO* of $49 million vs. $50 million in H1 2018

$2.1 Billion of total equity and $1.5 Billion of

shareholders equity

H1 2019 cash flow from operation of $59 million

vs. $58m in H1 2018

$137 million of cash and restricted cash as

of 30.06.19

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Main events - 2019

The Company launched its debt investment strategy and injected a total investment amount of approximately $11 million

as of 30.6.19.

The Company purchased an office building in the Philadelphia’s Central Business District (“1735 Market Street”), with an area of

approximately 1.3 million square feet for a total of $451.6 million.

The Company holds indirectly 10.0% of the property.

The Company issued a second offering by way of an expansion of the listed series (Series A) with a par value of 185

million NIS.

The Company entered into a purchase and sales agreement to sell an office and studio building (part of the Galaxy

portfolio) for $230 million (SPL share is 16.67%). The Company intends to use the proceeds for a partial repayment of the

loans originated for the purpose of purchasing the Galaxy portfolio.

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Main events - 2019

The Company is in the final stages of the completion of the major renovation of 120 Broadway.

The Company recorded a fair value adjustment that lowered the investment property value of 529 Fifth Avenue by $35MM.

The reduction is attributed to the retail slowdown on 5th Avenue corridor. The Company will continually monitor the retail

market of the 5th Avenue corridor to determine whether any future adjustments are needed. However, such amounts would

not be significant to the Company’s overall financial position.

The company signed new leases during 2019 including: 7 World Trade Center: Moet Hennessy; SOM; Broadcast of Music

and Zola, 120 Wall: Excess Line Association of New York and also retenanted with Accenture Plc (NYSE; ACN, MK =

$130B) as the result of the acquisition of Droga 5. link to the article of MH

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PORTFOLIO LOCATION (Manhattan)

THE AMERICAS TOWER 1177

Avenue of the Americas

529 FIFTH AVENUE

THE EQUITABLE

BUILDING 120 Broadway

120 WALL STREET

Silver Towers 620 W

42ND STREET

7 World Trade Center

250 Greenwich Street

River Place 650 W

42ND STREET

520 WEST 41st STREET

The Galaxy Project

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1735 Market Street – NEW ACQUISITION

SPL share 10.00%

SPL invested $16.5M of equity in the asset

~1.3M SQF of rentable office space located in the Central

Business District of Philadelphia, PA.

The anticipated Cap Rate for the first year is approximately 6.1%.

Total cost of $451.6 M

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FINANCIALS

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BALANCE SHEET (in 000’ USD)

June 30th , 2019 December 31st , 2018

Cash and cash equivalents 116,306 75,592

Restricted cash 16,373 14,447

Investment properties 2,910,220 2,945,220

Investment in associates 435,975 412,155

Other 124,992 120,584

Total Assets 3,603,866 3,567,998

Loans from financial institutions, net

(long term)1,215,724 1,213,757

Debentures payable, net 221,867 162,533

Other 39,985 45,790

Total liabilities 1,477,576 1,422,080

Total equity attributable to Company's

equity holders1,495,723 1,497,324

Non-controlling interests 630,567 648,594

Total equity 2,126,290 2,145,918

Audited

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P&L (000’ USD)

H1,2019 H1,2018 2018

Rental and management fees

revenues110,214 103,460 209,809

Operating expenses (44,075) (43,933) (95,687)

Gross profit 66,139 59,527 114,122

Revaluation of investment

properties, net(45,525) (8,875) (15,659)

Share of profit from associates,

net(3,904) 4,978 (7,042)

General and administrative

expenses(919) (275) (1,358)

Net operating profit 15,791 55,355 90,063

Gains on foreign currency

translation, net(8,759) 3,131 7,295

Finance costs, net (27,214) (25,829) (51,962)

Net profit (20,182) 32,657 45,396

Adjusted FFO* 49,374 50,173 81,368

Cash flows from operations 59,269 58,392 108,704

* FFO based on management approach

Audited

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Appendix

New leases

New leases

Renovation of 120 Broadway.