Skyline Investments : Management's Discussion & Analysis Q1 2024

I N V E S T M E N T S

I N V E S T M E N T S

For the three months ended March 31, 2024

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I N V E S T M E N T S

MANAGEMENT'S DISCUSSION AND ANALYSIS

May 27, 2024

Introduction

This Management's Discussion and Analysis (this "MD&A") of the operating results and financial condition of Skyline Investments Inc. ("Skyline", "the Company", "we", "us" or "our") constitutes management's ("Management") review of the factors that affected the Company's operating performance for the three months ended March 31, 2024 and its financial position as at March 31, 2024. This MD&A is dated and has been prepared with information available as of March 31, 2024.

This MD&A should be read in conjunction with the Company's condensed interim consolidated financial statements for the three months ended March 31, 2024 and 2023 and accompanying notes (the "Financial Statements").

The Financial Statements have been prepared in accordance with International Financial Reporting Standards, using accounting policies adopted by the Company. These accounting policies are based on the International Accounting Standards, International Financial Reporting Standards and IFRS Interpretations Committee interpretations (collectively, "IFRS") that are applicable to the Company. Amounts discussed below are based on our consolidated financial statements for the three months ended March 31, 2024 and are presented in thousands of Canadian dollars, unless otherwise stated.

Additional information relating to the Company is available under our SEDAR+ profile at www.sedarplus.com.

Except as expressly provided herein, none of the information on the SEDAR+ website is incorporated by reference into this document by this or any other reference.

Forward-Looking Information

Certain statements contained in this MD&A constitute forward-looking information within the meaning of securities laws. Forward- looking information may relate to the Company's future outlook and anticipated events or results and may include statements regarding the future financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving the Company. In particular, statements regarding the Company's future operating results and economic performance are forward-looking statements. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Examples of such statements include the statements with respect to the Company's strategy, objectives and intentions disclosed in the section entitled "Overview",", "Liquidity and Financial Position" and "The Company's Properties", including: the Company's intention to complete future acquisitions and/or dispositions, and the expected benefits from any such acquisitions or dispositions; and the introduction of value-added leasing and operational revenue streams and increased management efficiencies.

Forward-looking information is subject to certain factors, including risks and uncertainties, which could cause actual results to differ materially from what the Company currently expects. These factors include the ability of the Company to complete future acquisitions, obtain necessary equity and debt financing and grow its business; overall indebtedness levels, which could be impacted by the level of acquisition activity Skyline is able to achieve and future financing opportunities; general economic and market conditions and factors; local real estate conditions; competition; interest rates; changes in government regulation; and reliance on key personnel. For more information on these risks and uncertainties readers should refer to the risks disclosed in the section entitled "Risk Factors", as well as the risks disclosed in Skyline's materials filed with Canadian securities regulatory authorities from time to time, including the Annual Information Form of the Company dated March 27, 2024, which are available under the Company's profile on SEDAR+ at www.sedarplus.com.

Forward-looking information contained in this MD&A is based on the Company's current estimates, expectations and projections, which the Company believes are reasonable as of the date hereof. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it is under no obligation and does not undertake to update this information at any particular time except as may be required by applicable securities laws.

Under Israeli law the Company is obligated to disclose an unconsolidated stand-alone financial statement of the parent public entity. These statements are unconsolidated and as a result have none of the operating activity or cash flow that takes place in the Company's subsidiaries. The parent public entity has minimal revenue but does have head office expenses and interest from the unsecured debt

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(which is funded from operating activity in the Company's subsidiaries). This document contains references to certain Israeli securities laws and publications; all the Company's public filings are available both on the Israeli stock exchange site, and on SEDAR+. In section Cash Flows from Operating Activities a translation of this disclosure under Israeli law is presented, and if not for the dual reporting requirements would not be included in this MD&A.

Non-IFRS Performance Measures

All financial information has been prepared in accordance with IFRS. However, Skyline uses certain non-IFRS measures as key performance indicators, including net operating income ("NOI"), funds from operations ("FFO"), FFO per share, and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"). Skyline believes these non-IFRS measures provide useful supplemental information to both Management and investors in measuring the financial performance of the Company.

These are key measures commonly used by entities in our industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and should not be construed as alternatives to net income/loss, cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. NOI, FFO and Adjusted EBITDA may differ from similar measures as reported by other companies in similar or different industries. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. Please see "Performance Measures that are not based on IFRS" for the reconciliations of these non-IFRS performance measures.

Skyline also uses certain supplementary financial measures as key performance indicators, including same asset NOI. Supplementary financial measures are financial measures that are intended to be disclosed on a periodic basis to depict the historical or expected future financial performance, financial position, or cash flow, that are not disclosed directly in the financial statements and are not non-IFRS measures.

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I N V E S T M E N T S

Overview

Skyline is a Canadian investment company listed on the Tel-Aviv Stock Exchange under the symbol SKLN and is a reporting issuer in Canada.

The Company is a reporting issuer in the Province of Ontario, Canada (following the filing and receipt of a non-offering long form prospectus in 2014) but, as of March 31, 2024, does not have any of its securities listed or quoted on any marketplace in Canada.

Unless otherwise expressly stated, all data set forth herein is presented in thousands of Canadian dollars and refers to the Company's consolidated information.

1. General
   The Company has three operating segments: (1) hotels and resorts in the United States; (2) hotels and resorts in Canada; (3) development.
   As of the date of the Report, the Company does not own hotels or resorts in Canada1, and only holds development real estate properties of insignificant value.
   The geographical areas in which the Company operates are Canada and the United States.
2. The Company's Properties
   As at March 31, 2024, Skyline owned 16 income producing properties that include 2,804 rooms and 7,919 sqm. of commercial space.

Property	Location	Number of Rooms
Courtyard Marriott		Birmingham Hoover, AL	153
Courtyard Marriott		Huntsville, AL	149
Courtyard Marriott		Little Rock, AR	149
Courtyard Marriott		Tucson, AZ	149
Courtyard Marriott		Fort Myers, FL	149
Courtyard Marriott		Arlington Heights, IL	147
Courtyard Marriott		Deerfield, IL	131
Courtyard Marriott		Rockford, IL	147
Courtyard Marriott		Lexington, KY	146
Courtyard Marriott		Miamisburg, OH	146
Courtyard Marriott		Holland, OH	149
Courtyard Marriott		Oklahoma City, OK	149
Courtyard Marriott		Battlefield (Manassas), VA	149
Courtyard Marriott		Ithaca, NY	107
Total Select Service Hotels			2,020
Hyatt Hotel		Cleveland, Ohio	293
Autograph Renaissance		Cleveland, Ohio	491
Hotel
Total Full-Service Hotels			784
Total			2,804

In addition to the above, the Company owns development properties of insignificant value.

Commercial Space in Square

Meters

5,054

2,865

7,919

7,919

1 As noted in Section 1.5 of Part A of the Annual Report for 2023, "The Company's Operations and Description of the Development of the Company's Business", as published by the Company on March 28, 2024 (Reference No. 2024-01-033483) (the "Annual Report"), on November 24, 2023, the Company completed a transaction for the sale of its interest in the partnership (which owns resorts in Canada and development land , including properties that were sold to the Partnership in December 2021) to affiliates of Freed Corp. ("Freed"), and for changing the terms of the VTB loans. For details, see Note 4 to the consolidated financial statements in the Company's Annual Report.

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The following table summarizes the Company's expected net cash flows from its VTBs, and Note Receivable as of the date of the report:

VTB Loans

Port McNicoll VTB

Vetta Spa VTB

Total - Development VTBs

Freed VTBs

Equity Note Receivable (against the sale of the rights in the Partnership)

Total - Freed Transaction

2

Bear Valley Notes

Receivable

Total Inflows

Q2-Q4 2024	2025		2026 and thereafter		Total
2,500	2,400	23,012	27,912
25	34	737	796
2,525	2,434	23,749	28,708
-	21,388	-	21,388
-	33,800	-	33,800
-	55,188	-	55,188
-	-	9,369	9,369
2,525	57,622	33,118	93,265

The table below provides comparable data on the Company's operating segments for the three months ended March 31, 2024, and 2023:

TOTAL INFORMATION
Three Months Ended March 31,	2024	2023
Number of rooms	2,804	2,856
Number of hotel properties	16	17
Occupancy rate	43%	50%
Average daily room rate (in CAD dollars)	$172.0	$171.5
Revenue per available room (in CAD dollars)	$74.7	$85.18
HOSPITALITY
Three Months Ended March 31,	2024	2023
Revenue	$21,882	$34,477
Net Operating Income	$57	$5,829
DEVELOPMENT
Three Months Ended March 31,	2024	2023
Revenue	$-	$4
Net Operating Income (NOI) 5	($10)	($8)
CONSOLIDATED
Three Months Ended March 31,	2024	2023
Same Asset NOI3	$7	$2,772
Adjusted EBITDA 4	(1,897)	$3,819

1. Out of the $55.19 million expected cash flows from Freed, $39.64 million pertains to the Company's share while the remaining amount of $11.78 million pertains to Skyline Blue Mountain Inc.'s (a subsidiary of the Company) share. Skyline Blue Mountain's partner will receive a share of $3.77 million out of the $11.78 million in accordance with the agreements.
2. NOI, Adjusted EBITDA, FFO, and FFO per share are non-IFRS performance measures. See "Non-IFRS Performance Measures" for additional information.

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FUNDS FROM OPERATIONS (FFO)		3
Three Months Ended March 31,	2024	2023
Funds from operations 4	($5,705)	$2,085
FFO per share (in CAD dollars) 4	(0.35)	$0.13
CAPITALIZATION AND LEVERAGE
As at March 31,	2024	2023
Equity to Total Assets	40%	52%
Unrestricted Cash	$38,886	$14,612
Net Debt to Net Cap	53%	42%
Loan to Value (only Hospitality)	59%	47%
Weighted average debt face interest rate	8.66%	8.26%
Weighted average debt term to maturity (in years)	4.03	3.70

The Company is a reporting issuer in accordance with the securities laws of Ontario, Canada, and therefore its Management Discussion and Analysis (MD&A) Report, is prepared in accordance with the applicable laws of Ontario, Canada, and for convenience is also reported separately in Israel. The Company also publishes its financial statements on Canada's SEDAR + system. The Company's set of reports is available on www.sedarplus.com.

The Company examines, on a regular basis, business opportunities in its operating segments and conducts various negotiations relating thereto, according to its needs, inter alia in connection with the expansion or sale of its property portfolio. Within the framework of the negotiations for the sale and/or purchase of property, it is generally customary to sign letters of intent (LOI) that include, inter alia, customary provisions relating to confidentiality, due diligence, no-shop period, deposit of small amounts in trust (which, under certain circumstances, are non-recoverable), determination of the period for conducting negotiations and signing a binding agreement, the cases where the Company may withdraw from the transaction, conditions precedent, etc.

As of the date of this Report, the Company is considering its options and strategy, while examining the options for reducing existing debt.

3. Material Events that Occurred during the Period ended March 31, 2024, and After the Balance Sheet Date

Listed below are material events that occurred during the first quarter of 2024 and material events that occurred after the balance sheet date:

3.1 On February 20, 2024, the Company announced that its negotiations with the potential buyer for the sale of all of the Company's hotel properties in the US had not resulted in a binding agreement as provided for in the original non-binding Letter of Intent (LOI). For details, see an immediate report of the same date (Reference No. 2024-01-017886). On April 18, 2024 (following an approval in principal of the Company's Board of Directors dated April 18, 2024), the Company signed 6 sales agreements and on May 21, 2024, the Company's Board of Directors and Audit Committee approved the signing of agreements for the sale of 2 additional CY hotels (a total of 8 hotels) out of 14 CY Hotels (the Company's hotels expected to be sold are: Chicago Arlington Heights, Chicago Deerfield, Chicago Rockford, Birmingham Hoover, Huntsville University Drive, Fort Myers Cape Coral, Courtyard Manassas Battlefield Park, Courtyard Lexington North) at an aggregate price of approximately USD $91.75 million (approximately USD $13 million lower than the total book value (in aggregate) of the Company's assets as of December 31, 2023 and approximately USD 97.7 million as of March 31, 2024 and a release of a reserve for deferred taxes is expected), with completion date expected to be in the third quarter of this year. The signed agreements are binding on the buyers, but the Company has the option not to complete the agreements under certain circumstances. It should be noted that 7 of the above 8 CY hotels, together with 5 other CY hotels, are pledged in favor of the bank (a total of 12 properties). Accordingly, the completion of the sale agreements of 8 CY Hotels is subject to the fulfillment of customary closing conditions in such agreements and to the repayment of the Bank loan currently in the amount of USD $102.6 million (bearing interest of 10.87%). To repay the existing loan, the company is examining the possibility of entering into a loan agreement with another financing entity, in the amount of US $20 million, and to pledge against the loan the

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remaining 5 CY assets that will not have been sold (the remaining 1 CY asset is already pledged to another lender). The Company updates that the signing of the sale agreements reflects an average discount of 12% of the value of the assets on the Company's books as of December 31, 2023 and an average discount of 6.49% as of March 31, 2024. The Company also updates regarding the Renaissance and Hyatt hotels, following the Previous Reports, that as of this date, the Company is in discussions with other potential buyers, but not in progressed negotiations with any of them.

1. On March 15, 2024, Mr. Shmuel Rosenblum, who served as the Internal Auditor of the Company, announced his resignation as the Company's Internal Auditor after 6.5 years in office, and in his place the Board of Directors, on recommendation of the Audit Committee, appointed Mr. Oren Grupi of KPMG firm as the Company's Internal Auditor, effective March 25, 2024.
2. On March 24, 2024, the Company's controlling shareholder, Mishorim Real Estate Investments Ltd. ("Mishorim"), has undertaken to provide an on-call loan to the Company of up to NIS 55 million. Similarly, Israel Land Development Corporation Ltd. ("ILDC"), a major shareholder of the Company, has undertaken to provide a loan of up to NIS 27 million on the same terms (so that the amounts from ILDC is provided pro rata to the loan from Mishorim). On May 16, 2024, the Company announced that the loans have been received. See an immediate report of the same date (Reference No. 2024-01-050868). The loans provided to the Company are intended to bridge the cash flow gap created for the Company, inter alia due to the full and final repayment of the Series B Bonds expected in mid-July 2024. The loans will be repaid (pro rata between Mishorim and ILDC) (principal, interest and indexation) in one payment until April 1, 2025 and not before final and full repayment of the Company's Series B debentures. See also Note 11 c) to the consolidated financial statements.
3. On March 25, 2024 Ms. Neha Kapelus (who served as VP Finance) was appointed to Chief Financial Officer.
4. On April 10, 2024, the Renaissance Cleveland Hotel held by the Company's subsidiary successfully completed its rebranding to the Hotel Cleveland Autograph Collection. The Company entered into a renewed franchise agreement with the Marriott chain, for a period of 20 years from the brand opening date, i.e. until April 10, 2044, with no extension option. Similar to the period agreement, the new agreement provides that the Marriott chain is entitled to franchise fees of 5% of gross rooms revenue as well as additional payments mainly for marketing and sales services and use of computer systems. The Company has completed over 95% of the Property Improvement Plan ("PIP") renovation of all the conference space, common areas and rooms at the hotel. The agreement establishes conditions governing the relationship between the parties as is customary in such agreement, and similar to the terms in the previous franchise agreement with Marriott.
5. Further to Section 7.3.2 of the Company's Annual Report, Under the provisions of the loan agreement of the Company's subsidiary, related to 12 hotels under the Company's Courtyard hotel portfolio, the borrower obliged to maintain a Debt Yield (i.e., the ratio of Net Operating Income over the outstanding principal balance of the loan) of 8.0% during the period beginning on May 1, 2023, through April 30, 2024, tested each quarter. The Debt Yield for the April 1, 2024 test date was less than 8.0%. Failure to comply with the debt yield ratio does not constitute grounds for immediate repayment in accordance with the loan agreement, but the lender may, at its option, transfer the cash received from the hotels to a cash management account used only to pay the debt and to pay operating or capital expenses, in accordance with the terms and conditions of the Cash Management Agreement that was entered into as part of the loan. Moreover, pursuant to the loan agreement, the borrower can regain control of the cash by achieving a Debt Yield of at least 9.5% for two consecutive calendar quarters. See an immediate report dated May 16, 2024 (Reference No. 2024-01-050868).
6. On May 27, 2024 the Company reported its intention to make full early redemption of the Company's Series B debentures on June 13, 2024. For details, see the immediate report from that date (reference number: 2024-01-052528).

It should be emphasized that the information provided above is forward-looking information, as defined in the Securities Law, 5728-1968, which is based on information available to the Company at that time and includes data provided to the Company, as well as on the Company's forecasts and estimates. Such assessments may not be realized or materially different from what is expected, as a result of factors that are independent and not the Company's control and due to the risk factors, that the Company faces and which derive from its activities, as mentioned in Section 20 of part A to the annual report.

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1. Attention in the review report of the external auditor
   It should be noted that, without qualifying the Auditor's conclusion, attention was drawn in the Company's Auditor's Review Report as of the date of the report, to Note 1b of the condensed consolidated financial statements which details, among other, Company's obligation to repay bonds (series B) in July 2024 in the amount of approximately CAD 52.95 million, shareholder loans in the amount of approximately CAD 30.36 million which were obtained after the end of the reporting period, which were extended to the Company in order to fund the repayment of above bonds, and which are payable in April 2025, and the plans of the Management and Board of Directors, which include selling of properties, in order to repay Company's obligations on time. Based on the Management and the Boad of Directors analysis of debt repayment dates and available alternatives and sources, the company's Board of Directors and Management are of the opinion that the Company will repay its liabilities when they come due.
2. Operating Results
   Key Performance Evaluation Indicators
   The Company uses several key performance indicators ("KPIs") to measure its business activity. One of the key performance indicators in the hotel industry is Revenue Per Available Room ("RevPAR"). RevPAR is a function of both occupancy rate and average daily room rate ("ADR"). The Company monitors all three above indicators for all of its hotel properties.
   The first quarter of 2024 saw a year over year decrease in occupancy rate across all of the Company's properties, particularly US full-service hotels, due to reducing the number of rooms at the Renaissance hotel during its extensive renovation. Select service hotels saw a year over year decline across all three key indicators, driven by lower occupancy due to ongoing renovations at two of its Courtyard hotels and the sale of Bear Valley resort in November 2023.
   The Company has not experienced material impacts from inflation, but has recorded significant increases in interest expense resulting from rising interest rates. The Company has financial strategies to protect against rising interest rates and other inflationary pressures, if any, including entering into interest rate swaps, interest rate caps and other hedging measures. the Company entered into an interest rate cap on its largest USD denominated loan in November 2022.
   While the Company's hospitality portfolio and business base allows it to be flexible in navigating these volatile economic conditions, there is no assurance regarding the impact of economic contraction or recession on the Company's business, results of operations and financial position.

	US select
	service Hotels
	and a				Q2-2023		Q2-2022		Q3-2023		Q3-2022		Q4-2023		Q4-2022		Q1-2024		Q1-2023
	California Ski
	Resort in
	USD4
	RevPAR	$77.95	$70.15	$72.51	$71.33	$55.54	$64.97	$60.34	$69.54
	ADR			$117.33	$106.83	$114.58	$110.09	$109.71	$115.54	$118.75	$129.94
	Occ.	66%	66%	63%	65%	51%	56%	51%	54%
	US full-service			Q2-2023		Q2-2022		Q3-2023		Q3-2022		Q4-2023		Q4-2022		Q1-2024		Q1-2023
	Hotels in USD
	RevPAR	$69.90	$82.13	$63.96	$107.00	$54.44	$76.81	$41.63	$48.60
	ADR			$172		$153.10		$184.36		$173.24		$182.92		$169.24		$170.58		$157.64
	Occ.	41%	54%	35%	62%	30%	45%	24%	31%

4 Figures include the Ithaca hotel that was acquired in July 2022, and Bear Valley resort that was sold in November 2023

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Non-IFRS Performance Indicators

The Company also uses certain performance indicators that are not defined in International Finance Reporting Standards (IFRS) as Key Performance Indicators (KPIs). These indicators include net operating income (NOI), adjusted EBITDA and funds from operations (FFO). For the definitions of these indicators and the tabular discloser, see hereinafter in this report.

Same Asset Analysis
	Same Asset Revenue for Three Months			2024		2023
	Ended March 31,
	USA	$21,100	$23,900
	Canada			$20		$20
	Total	$21,120	$23,920
	Same Asset NOI for Three Months Ended			2024			2023
	March 31,
	USA	($12)	$2,763
	Canada			$19		$9
	Total	$7	$2,772

The same asset analysis includes results of operations of assets owned by the Company for at least the two full years ending March 31, 2024.

Said analysis does not include results relating to the Ithaca hotel, which was purchased in July 2022, and the Bear Valley ski resort, which was sold in November 2023. The decrease in same-asset revenues is a result of the effect of extensive renovations at the Renaissance hotel.

The decrease in same asset NOI was mainly due to renovation of two Courtyard hotels and the Renaissance hotel.

6. Fair Value

The Company recognizes the fair value of certain real estate assets on its balance sheet. These assets represent 73% of the total assets of Skyline as at March 31, 2024. The Company receives independent, third-party appraisals of all its hotels and resorts on an annual basis. The appraisals include a comprehensive analysis of market conditions, including any impacts of changes in market interest rates, risk premiums, economic uncertainties and comparable transactions, among other factors. With regard to all of the Company's assets (including fixed assets), the Company takes certain actions on a quarterly basis, to determine if there was any change in value, including discussions with independent, third-party experts, referencing market transactions and non-binding purchase offers, as well as review of internal forecasts. The Company then uses these inputs for a 10-year discounted cash flow analysis to determine if a change in value is required, including discussions with independent third-party experts, relating to market transactions and non-binding purchase offers, as well as review of internal forecasts. The Company then uses these data to prepare a 10-year discounted cash flow analysis to determine if revaluation is required at each reporting date. With respect to the fair value decrease of the Company's assets in the current reporting period, please refer to the Note 6 to the consolidated financial statements for the period ended March 31, 2024. The following table summarizes the Company's investment properties and property, plant and equipment ("PP&E") for the year ended December 31, 2023, and the period ended March 31, 2024 (data in CAD thousand):

	Three Months Ended March	Twelve Months Ended
	31, 2024	December 31, 2023
Balance as at January 1	$450,647	$414,552

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	Three Months Ended March	Twelve Months Ended
	31, 2024	December 31, 2023
Capital expenditures and acquisitions	$9,283	$98,488

Depreciation and value decrease

Dispositions

Allocations of right of use asset and lease liability

($3,412)	($14,813)
$-	($30,165)
$-	$149

Changes in fair value	($11,701)	($7,982)
Foreign exchange rates	$10,942	($9,582)
Balance, end of period	$455,759	$450,647

Net Asset Value

The Company, as most real estate companies do, measures value creation for its shareholders through growth in Net Asset Value ("NAV"), which is equivalent to Equity as presented in the Company's condensed consolidated statement of financial position). An increase in net asset value is primarily achieved by:

• Using strict acquisition criteria, with the intent of acquiring assets at or below replacement cost;
• Generating operational efficiencies; and
• Taking advantage of value-add opportunities

Each of these items may lead to valuation increases in its assets and, as a result, the Company's NAV. The Company calculates its NAV using fair values as disclosed on its balance sheet. Increases in the fair value of the Company's real estate assets is the primary driver of NAV growth.

The Company's NAV is summarized as follows (in thousands CAD):

			Balance Sheet		Outstanding
	As at March 31, 2024			Secured		LTV6		Net Asset Value
		Value
				Liabilities5
	US select service hotels	$222,003	$148,379	67%	$73,624
	US full-service hotels		$228,304		$117,354		51%		$110,950
	Development lands	$14,647	$9,742	67%	$4,905
	Total real estate and other		$464,954		$275,475		59%		$189,479
	Cash	$38,886
	Other assets		$123,015
	Total assets	$626,855					$626,855
	Total debt		$327,603
	Other liabilities	$46,129
	Total liabilities		$373,732		$275,475		74%		$373,732
	Non-controlling interest	$31,339
	Total NAV		$253,123						$253,123
	NAV per share7 (CAD)	$13.28
	NAV per share7 (NIS)		$36.02

1. Includes secured capital leases.
2. Loan to Value ratio.
3. Excluding non-controlling interest.

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