The document summarizes the business activities of Sunflower Sustainable Investments Ltd., which operates in the renewable energy market. It owns 105 MW of renewable energy projects across five countries, with additional projects under development. Key points include that the company's portfolio and revenues have increased substantially in recent years. It operates solar, wind and other renewable energy projects, with wind being a major focus for further expansion. Financial information shows increasing revenues and investment levels in recent years.

1. 1

2. Disclaimer
This presentation is made for
convenience purposes only and is not
designed to obviate the need to inspect
the reports publicly released by Sunflower
presentation of the future information and
the said explanations should not be
deemed as a promise and/or guarantee of
the company’s future performance Thethe reports publicly released by Sunflower
Sustainable Investments Ltd., including
the financial statements. Certain
information as presented in the
presentation includes declarations
the company s future performance. The
Company’s actual performance may
materially differ from the future
information provided by the Company in
good faith The aforesaid does notpresentation includes declarations,
statements of opinion, expectations,
assessments and forecasts including in
connection with the industry to which the
company belongs which are forward
good faith. The aforesaid does not
constitute advice, invitation, an offer or a
recommendation to buy securities of the
Company. The purchase of securities of
the Company shall be made only basedcompany belongs, which are forward
looking. The information is based, inter
alia, on estimates and assumptions which
may not materialize and/or transpire as
wrong and involve risks information and
the Company shall be made only based
on the Company’s valid prospectus on the
date of purchase and the immediate
reports. Anyone making use of
information appearing in the presentationwrong and involve risks, information and
events which are difficult to foresee
and/or are unclear, and therefore the
information appearing in the presentation,
bears sole responsibility therefore.
2

3. Business Card
 The Company operates in the Renewable Energy market
 The Company has 105 MW, out of which 75 MW are active and 30 MW in development stage
 Additional 100 MW are in licensing process
 The Company conducts operations in Israel, Spain, Italy, Poland and Finland
 As of 2009 until today:
 The Company's portfolio of projects in MW increased by 8 timesy j y
 The Company's investments in projects increased by 4 times
 The Company's revenues from electricity production increased by 7 times
33

4. Group’s Investments in Projects in MW
(*) Including 30 MW under construction and not including 100 MW in licensing process
4
( ) Including 30 MW under construction and not including 100 MW in licensing process
4

5. Group’s Revenues from Electricity Million NIS
55

6. The Companies Activities
55 MW active Projects50 MW Projects
(20 MW active)
Book Value
NIS 90 million
PV ProjectsWind Farms2 Properties
(20 MW active)NIS 90 million
66

7.  PV is the third largest field of renewable energy sector after water and wind
The Renewable Energy Sector PV Technology
 PV is the third largest field of renewable energy sector, after water and wind
 The cost of purchasing solar panels has decreased over the years from about 3.5
million Euros per MW in 2008 to about 0.5 million Euros per MW in 2014
 Investments in 2013 of approximately 114 billion $ in PV technology, 45% of all
investments in renewable energy
Installed Capacity in GW - PV Plants in the World
77

8.  Developing renewable energy sector in the western world
The Renewable Energy Sector Wind Technology
 Developing renewable energy sector in the western world
 Low regulatory risk: the incentives for projects in wind energy are among the
lowest in the renewable energy industry
 Investments in 2013 of approximately $ 80 billion made in wind technology,
30% of all investments in renewable energy
Installed Capacity in GW – Wind Energy in the World
88

9. 99

10. Solar Energy - Italy
 The Company owns active parks with installed capacity of 31 MW, 85% share of the The Company owns active parks with installed capacity of 31 MW, 85% share of the
Company and the balance of holding local partner
 All projects are funded by Italian banks with non-recourse funding
 The total investment in Italy, in terms of 100% of the projects, is in an amount of 108
Million Euros, out of which 27% is in equity
Agrigento 1 plant Sicily Italy
10
Agrigento 1 plant, Sicily, Italy

11. Solar Energy - Spain
 The Company owns active parks with installed capacity of 13 MW of which The Company owns active parks with installed capacity of 13 MW, of which
50% are held by Shikun & Binui
 A 6 MW project is funded by German bank with non-recourse funding
 The Company’s total investment in Spain is in an amount of 49 Million
Euros, out of which 63% is in equity
Olmeda Plant Spain
11
Olmeda Plant, Spain

12. Solar Energy - Israel
 The Company owns small and medium size facilities with installed
capacity of approx. 11 MW (the Company’s share - 9 MW)
 The Company sold 40% of the ordinary shares and preference shares in The Company sold 40% of the ordinary shares and preference shares in
projects totaling 4 MW for a total of 21 million NIS
12
Park Alon Tavor Industrial Zone - Israel

13. 1313

14. Wind Energy - Poland
 The Company operates through a subsidiary Windflower (82%) with three The Company operates through a subsidiary, Windflower (82%), with three
entrepreneurs
 In 2020 Poland is required to produce from renewable energy sources 15% of
the energy consumed, and by the end of 2013 reached 11%
Installed Capacity in GW – Wind Energy in Poland
1414

15. Wind Energy - Poland
 The Company owns 3 active wind farms of 20 MW in total (the Company’s share
is 15 MW)
 The Company owns 2 wind farms under construction of 30 MW in total (the
Company’s share is 25 MW)
 The total investment in Poland is expected to be approx. 74 million Euros, out of
which about 40 million Euros were invested
 The Company has received funding for two active wind farms in non-recourse
finance of about 55%
15
Park Miksztal PolandPark Grabik Poland Park Dzialdowo Poland
15

16. Wind Energy - Finland
 By 2020 Finland is required to produce from renewable energy
38% f th d d b th d f 2012sources 38% of the energy consumed and by the end of 2012
reached 34%
Installed Capacity in GW – Wind Energy in Finlandp y gy
 The Company signed an agreement for the purchase of licenses under development The Company signed an agreement for the purchase of licenses under development
with a total capacity of 100 MW for a total consideration of € 5 million (Company’s
share 82MW)
 The licenses which will be fully developed will be purchased at the completion of the The licenses which will be fully developed will be purchased at the completion of the
development stage within two years
 The estimated construction cost of the Projects, in case they will be constructed in
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full and in accordance with the known construction costs, is € 160 Million
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17. Summary of the Group’s Investments
Average
P j t d
Projected
A l
Average
C t
Term of
I ti
Company’s
Sh i
Company’s
Sh
Total
I iti l
Total
I t t
CountryIncentive
Summary of the Group s Investments
thousand Euros
Projected
Annual
Revenues
per MW
(1)
Annual
Revenues
for 2013
(1)
Cost per
MW
Incentive
(in years)
Share in
Initial Cost
ShareInitial
Cost
(1)
Investment
in MW
(1)
( )
47614,7503,4862091,86185%
108,07
2
31Italy
Feed In
Tariff
6628,6107,5003048,75050%97,50013Spain
4942,4703,5472017,735100%17,7355
Israel
6363,8163,7262012,75050%-60%22,3566
23610,3901,44915(3)52,29282%63,77044(2)
Green
PolandCertific
ate
2631,5751,67515 (3)5,72857%10,0506
(1) in terms of 100% (2) including 30 MW under construction (3) legislation not yet been arranged See this regard report of the company
17
(1) in terms of 100% (2) including 30 MW under construction (3) legislation not yet been arranged. See this regard report of the company
financial statements of 2013

18. I t t i C t iInvestments in Countries
in million of Euros, Company’s share before finance
18
(*) In 2015 - including 30 MW in Poland under construction and including unpaid costs
18

19. Return of the Group’s Investments
f CIn Million of Euros - Company’s share only
ItalySpain
2431Net Investment after Finance 2431Net Investment after Finance
(7)(10)Withdrawal - Net Amount
1721Remaining Financial Investment on September 30 1721Remaining Financial Investment on September 30,
2014
29%32%Rate of return
2010-20132008Year of beginning of activity
(*) For information regarding to the total initial investment – see page 17
19

20. 2012 2013 2014
The Group’s Investments in Countries
(*) On the basis of the Company's share before financing
(**) Excluding Finland
2020

21. R l E t t i I lReal Estate in Israel
The Company owns properties with a total value of approx. NIS 90 million
A plot for the
construction
of an office tower in
R ’
A yielding property
in Ra’anana in
partnership with
Ra’anana
p p
REIT 1
Currently used as a parking lot100% occupation
NIS 30 Million Book ValueNIS 62 Million Book Value
2121
NIS 0.6 Million Annual IncomeNIS 5 Million Annual Income

22. Company Holding StructureCompany Holding Structure
2222

23. EBITDA and FFO
the Group’s Total Activity in thousand NIS
201220131-9/20131-9/2014
76 61689 82874 11172 467EBITDA 76,61689,82874,11172,467EBITDA
43,52639,15135,29731,370FFO
EBIDTA - Profit before taxes, depreciation and amortization, financing, valuation of income-producing
properties and capital gains
FFO - Funds from Operations - is reported operating income, net net financial expenses (including
profit from shares but excluding exchange rate differentials) and current taxes, net income and
expenditure of a capital nature and activities plus depreciation and amortization renewable energy and
otherother
FFO includes profits from securities and hedge transactions of NIS 8 million in 2013 compared to NIS
12 million in 2012 and NIS 0.5 million in the period of 1-9/2014 compared to NIS 5.3 million in the
period of 1-9/2013
23
period of 1 9/2013


24.  As of 2009 until today:
Summary
y
 the Company's projects in MW increased by 8 times
 The Company's investments in projects increased by 4 times The Company s investments in projects increased by 4 times
 The Company's revenues from electricity production increased by 7 times
 The company has operations in 5 countries: Israel Spain Italy Poland and Finland The company has operations in 5 countries: Israel, Spain, Italy, Poland and Finland
 The existing portfolio is 105 MW and additional 100 MW are in licensing process
Th i d fi ld i j th i d th ti t k t The wind field is a major growth engine and the company continues to seek out
investment opportunities:
 Poland - the Company plans to significantly expand its operations in this marketp y p g y p p
 Finland - The Company is preparing for extensive activity in this new territory
 The Company intends to utilize the accumulated knowledge in the areas of PV and wind
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 The Company intends to utilize the accumulated knowledge in the areas of PV and wind
and expand the target territories

25. 2525

26. Summary Balance Sheets in thousand NIS
December
31, 2013
September
30, 2014
177,366130,367Cash, Cash Equivalents and Short-term Investments
Summary Balance Sheets in thousand NIS
82,04889,129Investments in affiliated companies
602,157694,666
Investment in Renewable Energy Projects, after
Depreciationp
92,38092,397Investment Property
22,760-Asset classified as held for sale
Short term Credit and Current Maturities of Long Term
120,777119,915
Short-term Credit and Current Maturities of Long-Term
Loans and Bonds
381,917449,568Long-Term Loans from Banking Corporations
19 60024 135Loans from non-controlling shareholders in subsidiaries 19,60024,135Loans from non-controlling shareholders in subsidiaries
199,652153,327Bonds
294,430303,840Equity
544,580616,587Net Debt without affiliated companies
1,051,8201,094,840Total Balance Sheet
26
625,913690,214
Net Debt including affiliated companies
(this data is not included in the consolidated financial statements)

27. Summary Income Statement Figures
Q 1 2014Q 1 20132013
Summary Income Statement Figures
in thousand NIS
The redu
change o
the equit
87,61979,93899,910Revenues
39,63834,46943,863Cost of Revenues
47 98145 46956 047G P fit
uction of valu
of legislation.
ty in net earn
47,98145,46956,047Gross Profit
8,134)35,022()35,022(Valuation losses of photovoltaic plants
--21Valuation gains of investment property, net
e of the PV P
In the financ
nings of affilia
g p p y,
)12,749()10,415()14,493(General and Administrative Expenses
49730403Other income (expenses), net
E it i t i (l ) f ffili t d
Plants in 2013
cial reports of
ated compani
)121(9161,118
Equity in net earnings (losses) of affiliated
companies
43,7429788,074Operating Profit
3 was in Spain
f 2013 the los
es
)40,327()30,775()37,549(Financing Expenses, net
3,415)29,797()29,475(losses before Taxes on Income
6,4995,5147,069Taxes on Income
n due to the
ss is included
27
,,,Taxes on Income
)3,084()35,311()36,544(Net losses
in