November 2007

Disclaimer

The company's presentation is intended for institutional investors and underwriters only.

The presentation does not constitute an offer to purchase the company's securities and was strictly intended to provide information only to institutional investors and underwriters.

Any forecast and/or statement regarding the future, which is included in this presentation, are not a matter of fact but rather based on the evaluation of the company's management, at its discretion. At the same time, these forecasts and/or statements are based on the company's expectations at the date of the presentation and inherently hold in store a number of uncertainties and risks that should be considered.

Consequently, it should be noted that the actual results may differ substantially from the expectations in those forecasts and/or statements referring to the future, as a result of various factors.

In addition, forecasts and/or statements relating to the future are referring to the date of this presentation only and the company is under no obligation to update or alter any forecast and/or statement relating to the future to reflect events or circumstances occurring after the date of this presentation.

1

Market Cap of 21.0 billion NIS – 6th largest on the TASE

13 Public companies traded in Israel and worldwide

Main Shareholders: Lev Leviev – 74.94% Free Float – 25.06%

Credit Rating: Maalot (S&P Affiliation): AA Midroog (Moody’s Affiliation): Aa2

Operating Global Conglomerate

EuropeRussia & CISAMERICAISRAEL Asia 2

Africa Israel Investments Ltd.

Residential

Real EstateConstruction&

InfrastructureEnergy

Related

Industries

Light Railway Refineries

Steel

Telecommunication & Media

Tourism & leisure

Retail

Other BusinessAreas

Roads & Bridges

Commercial

Offices

Private Prison

Asphalt

Ceramics

Oil pipelines

Hotels

ResidentialCommercial

Offices Petrol stations

Business Areas

Financial

Services

Fashion

Greenhouses

3

The Corporate Value Triangle

Entrepreneurship, Innovation, Business AssetsEntrepreneurship, Innovation, Business Assets

Financing capabilitiesFinancing capabilities Entrepreneurship, Innovation, Business AssetsEntrepreneurship, Innovation, Business Assets

4

. .

North America USACanada

Latin America Panama Argentina

Israel

Europe (East & Center) Czech RepublicGermanyHungaryBulgariaRomaniaLatviaPolandSerbia

AsiaChinaIndiaPhilippinesThailand

Global Presence – (2007)

Russia &CIS RussiaKazakhstan Ukraine

Related

IndustriesEnergy

Construction &

InfrastructureReal Estate

Other

Business5

Corporate Strategy Building Blocks

The Business Matrix

Global Expansion while maintaining a strong and meaningful presence in Israel

Focus on large Scale Projects

Leveraging core competencies by Active Corporate involvement

Build up sustainable net income on a solid basis

6

Revenues

Total Assets

Gross Profit

Operating Profit

Net Earnings

NIS Millions

633

558

4,007

38,504

2004

5,386

Q-3/2007 2006 2005

1,498

1,433

844

18,778

4,876

1,424

1,377

649

15,535

4,258

724

686

406

10,716

3,152

Financial Snapshot

7

Total Assets (NIS Millions)

8

38,504

18,778

15,535

10,716

7,3245,444

2002 2003 2004 2005 2006 30.9.07

Revenues (NIS Millions)

9

5,3864,876

4,258

3,153

2,6162,227

2002 2003 2004 2005 2006 30.9.07

Net Profit (NIS Millions)

10

4,007

844649

406121

115

2002 2003 2004 2005 2006 30.9.07

-

100

200

300

400

500

600

2002 2003 2004 2005 2006 2007

TASE 25

Share Price Performance Since 2002

Dividends Distributed

Million NIS

Dividends Distributed

Million NIS 191 137 180 200 200

2002 2003 2004 2005 2006

2%

103%

352%

253%

1,010%

360

2007

11

Market Cap (NIS Millions)

AFI Development

Africa Israel Hotels

Africa Israel Properties

Africa Israel Residences

Danya Cebus

Africa Israel industries

AFIL‘S Share

Alon

Value to AFIL (20.11.07)

AFRICA ISRAEL

69.9%

74.9%

74.8%

67.5%

86.1%

26.1%

71.7%

Net Debt 30.9.07

Public Only

12

17,047

2,544

976

1,081

337

2,415

323

21,630

(7,549)

Business Areas – Real Estate World Wide

EuropeRussia & CISAMERICAISRAEL Asia

Hotels

Residential

Real Estate

Offices

Commercial

Real Estate- Russia & CIS

AFI Development :

Public company traded on the LSE

71.70% held by Africa Israel Investments

Market Cap of 15.3 billion NIS

Since 2001

Portfolio Inc. 27 projects

Land Bank of 3.9 million sq m

Over 1.2 million sq m currently under construction

Focus on mega real estate projects incl.

Residential

Offices

Commercial (Shopping Malls)

Hotels

Infrastructure

14

Tverskaya Shopping Center

71,000 .sq m

Tverskaya Shopping Center

71,000 .sq mTverskaya Zastava Plaza I

63,000 .sq mTverskaya Zastava Plaza I

63,000 .sq mTverskaya Zastava Plaza II

100,000 .sq mTverskaya Zastava Plaza II

100,000 .sq m

Ozerkovskaya Embankment

90,000 .sq m

Ozerkovskaya Embankment

90,000 .sq m

Four Winds

41,000 .sq m

Four Winds

41,000 .sq m

Moscow City Center Core

110,000 .sq m

Moscow City Center Core

110,000 .sq m

Otradnoye (Odinzovo)

490,000 .sq m

Otradnoye (Odinzovo)

490,000 .sq m

Real Estate - Russia & CIS

15

Moscow City - Shopping Centre

Located in the heart of Moscow

comprises over 111,000 sq m of retail and leisure space

Expected completion by Q1 2009

Russia & CIS - Moscow City

16

8.1 hectares in the Tverskoy district close to Belorussky station and 3 km from the Kremlin

Over 450,000 sq m of gross leasable/sellable area across seven mixed-use commercial and residential developments

Expected to be largest underground shopping centre in Moscow

Over 190,000 sq m of Class A office space across various buildings located in the

proximity of the square

Russia & CIS - Tverskaya Zastava

17

Russia & CIS - Tverskaya Zastava

18

America

Doing business in North America since 2002

Over 3.0 million sq m under construction

US presence: New York, Miami, Los Angeles, South Carolina, Las Vegas

Focus on real estate projects incl.

Condos and luxury apartments

Offices

Commercial

Hotels

19

Atlantic Court LLC 16,000 .sq m

Atlantic Court LLC 16,000 .sq m

New York Times 72,000 .sq m

New York Times 72,000 .sq m

North America

85 Adams 12,000 .sq m85 Adams

12,000 .sq m

New York Miami Las Vegas Los Angeles South Carolina

88 Leonard St.40,000 .sq m

88 Leonard St.40,000 .sq m

14 Wall St 100,000 .sq m

14 Wall St 100,000 .sq m

Apthorp 42,500 .sq m

Apthorp 42,500 .sq m

Marquiz 108,000 .sq m

Marquiz 108,000 .sq m

The clock Tower 26,000 .sq m

The clock Tower 26,000 .sq m

20 Pine 72,000 .sq m

20 Pine 72,000 .sq m

20

North America - New York Times

This project is a conversion of a historic office building to a class A office building with a

retail corridor on the ground and cellar levels.

The Times Building is located in the heart of Times Square, between 43rd and 44th Street

off of Broadway

Use: Multi-purpose – Commercial office & retail

.

Size: 777,000 SF.

Number of Floors: 15

21

This project is a conversion of a historic office building to a hotel/condo project

Located: over Madison Square Park on 24th

Street and Madison

Use: Multi-purpose: residential and commercial

Size: 275,000 SF.

Number of Floors: 41

Status: Planning

North America - The Clock Tower

22

This project is a multi-staged conversion of a historic former apartment building

Located: in the heart of the Upper Westside, on Broadway, between 78th and 79th Street

Use: Multi-purpose – residential and retail

Restoration: 445,120 SF.

Number of Units: 163

Status: Construction

North America - The Apthorp

23

Europe

Doing business in Europe since 1998

Over 4 million sq m building rights (total gross), Over 1.2 million sq m are currently under construction

Portfolio now includes 31 projects in 8 countries (Czech Republic, Serbia, Romania, Bulgaria,Germany, Hungary, Poland & Latvia)

Focuses on real estate projects incl.

Residential (brand name “Tulipa”)

Offices

Commercial & Shopping Malls (brand name “Palace”)

Hotels

Business parks

24

Europe

Palace Flora 38,000 .sq m

Palace Flora 38,000 .sq m

Airport City by Belgrade 120,000 .sq m

Airport City by Belgrade 120,000 .sq m

Broadway Palace7,000 .sq m Broadway Palace7,000 .sq m

Vitosha Gardens – Bulgaria18,000 .sq m

Vitosha Gardens – Bulgaria18,000 .sq m

Cotroceni Park, Bucharest 194,000 .sq m

Cotroceni Park, Bucharest 194,000 .sq m

Malina Gardens – Bulgaria 68,000 .sq m

Malina Gardens – Bulgaria 68,000 .sq m

Czech Republic

Pipera Gardens, Bucharest 230,000 .sq m

Pipera Gardens, Bucharest 230,000 .sq m

Cotroceni Park, Bucharest 194,000 .sq m

Cotroceni Park, Bucharest 194,000 .sq m

Romania

Serbia

Bulgaria

Korunni Dvur(253 units & 7,000 .sq m)

Korunni Dvur(253 units & 7,000 .sq m)

25

Europe

Germany

Poland

Latvia

North & west Germany 110,000 .sq m

North & west Germany 110,000 .sq m

Soleville – Riga 2,350 units

Soleville – Riga 2,350 units

Berlin 50,000 .sq mBerlin

50,000 .sq m

Metropolia – Riga 550 units

Metropolia – Riga 550 units

Wilanow One WarsawWilanow One Warsaw Osiedle EuropeskiKrakow 2,400 units

Osiedle EuropeskiKrakow 2,400 units

26

Europe - Cotroceni Park, Bucharest

Shopping Centre and 5 office buildings

194,000 million sq m

50% held by Africa Israel Investments

Total cost: 240 million EURO

27

Europe - Airport City Belgrade

28

Asia-Pacific

Doing business in Asia pacific since 2005

Philippines

Strategic partnership with local real estate company, Filinvest Land, Inc.

(one of the largest real estate & financial entities in the Philippines)

Focus on real estate projects incl.

Residential

Offices

Commercial

Hotels

Business parks

Business expansion to India and China

29

Asia-Pacific - Timberland - Philippines

30

Africa Israel Properties:

Public company traded on the TASE

70% held by Africa Israel Investments

Market Cap of 2,064 million NIS

Since 1971

More than 270,000 .sq m incl.

5 shopping malls

3 high-tech industrial parks

5 office towers

Israel - Income Producing Properties

31

Concorde – Bnei Brak 8,000 .sq m

Concorde – Bnei Brak 8,000 .sq m

Park Rehovot 15,000 .sq m

Park Rehovot 15,000 .sq m

Ramat Aviv Mall - Tel Aviv 27,500 .sq m Ramat Aviv Mall - Tel Aviv 27,500 .sq m Savionim Mall – Yehud 11,000 .sq m

Savionim Mall – Yehud 11,000 .sq m

Global Park – Lod 21,000 .sq m

Global Park – Lod 21,000 .sq m

Government Offices- Tel Aviv 29,000 .sq m

Government Offices- Tel Aviv 29,000 .sq m

City Centre – Haifa 10,500 .sq m

City Centre – Haifa 10,500 .sq m

Africa House - Tel Aviv2,600 .sq m

Africa House - Tel Aviv2,600 .sq m

Avia – Yehud 2,600 .sq m

Avia – Yehud 2,600 .sq m

Industrial

Offices

Shopping Malls

Israel - Income Producing Properties

32

Public company traded on the TASE

75% held by Africa Israel Investments

Market Cap of 867 million NIS

Since 1934

Africa Israel Residences is involved in the innovative development

neighborhoods under the prestigious brand name “SAVYONIM”

2007 projects under construction - 23

Land Bank of more than 15,300 units

Ranked Israel’s #1 residential development company for last 10 years

Israel - Africa Israel Residences

33

Hanevi’im Court, Jerusalem 102 units

Hanevi’im Court, Jerusalem 102 units

Savyoney Ramat AavivTel Aviv 400 units

Savyoney Ramat AavivTel Aviv 400 units

Savyon Tower Ramat Gan 151 units

Savyon Tower Ramat Gan 151 units

Platinum - Ramat Gan 84 units

Platinum - Ramat Gan 84 units

Sea Gate - Rishon Lezion 463 units

Sea Gate - Rishon Lezion 463 units

Israel - Africa Israel Residences

Lev Asavyonim – Petach Tikva1,282 units

Lev Asavyonim – Petach Tikva1,282 units

34

Construction & Infrastructure

EuropeRussia & CISISRAEL

Residential

Commercial Infrastructure

Industrial

BOT & PFI

Offices

Construction Infrastructure

Public company traded on the TASE

75% held by Africa Israel Investments

Market Cap of 818 million NIS

Danya Cebus became the Construction and Infrastructure division of the Africa Israel Group

The leading construction and engineering company in Israel

Danya is active in a diverse range of projects on a global basis

The company’s strengths concentrate:Residential

Infrastructure – Roads, Bridges

Prefabricated Elements

Shopping Malls, Office & Commercial Buildings

Construction & Infrastructure - Danya Cebus Ltd:

36

Residence Commercial & office Infrastructure Industrial

Road 431Road 431

Cross Israel Highway - # 6Cross Israel Highway - # 6

Savyoney GivatiimSavyoney Givatiim Power Center JerusalemPower Center Jerusalem

Africa house- Tel AvivAfrica house- Tel Aviv

Keshev -LodKeshev -Lod

Givat SavionGivat Savion Police Headquarters Tel Aviv

Police Headquarters Tel Aviv

Construction & Infrastructure - Danya Cebus Ltd:

37

B.O.T. & P.F.I. Projects

Road 431 P.F.I. project –1.6 billion NIS

Highway # 6

Road 431

Prisons

DormitoriesHebrew University (Jerusalem)

Students Dormitories

Construction & Servicing

Cross-Israel Highway - # 6

Light RailwayTEL AVIV

22 km of Transportation routes in the

metropolis, TEL AVIV 11 Billion NIS

38

AMERICAISRAEL

Offices

BOT & PFI

Refining

Distribution Asphalt

Energy

Energy

Energy

Alon Israel Oil Company

Alon USA

Dor Alon Energy

Assets in 6 states in the USA, incl. 1,700 Fina

gas stations, 6 terminals, the Big SpringRefinery,

1,150 miles of fuel pipelines and asphalt factories.

Alon USA is the largest 7-Eleven branded licensee

with 172 convenience stores

Alon Group focused on the energy and retail Sectors. The Goup operate businesses in threesegments: (1) USA Energy; (2) Israel Retail; and (3) Israel Energy

A nationwide chain of gas stations

& convenience stores

40

Related Industries

EuropeRussia & CISISRAEL

Related Industries - AFI Industries

Packer Steel Ltd Packer Steel is the leading steel group in Israel

The company recently expanded abroad by acquiring a big industrial property in Russia

Negev Ceramics Ltd Israel’s leader in design concepts for both the construction industry and interior design

42

Asset Management

ISRAEL

Mutual Funds &Asset Management

Asset Management

The Company specializes in asset management

The Company’s full-service approach enables it toprovide its clients with a variety of tailor-made financialpackages

Assets under management–2.4B NIS (as of Sep. 07)

The Company is active in advisory, design, managementand capital raising. The Company offers a full-scale of financial solutions including private placement, debt offering and IPO.

During 2007 the Company completed 70 underwriting offerings

Underwriting

44

Other Business Area

Other Business Area

Tadiran Telecom Ltd.

Innovative communications solutions

Israel PlusRussian speaking TV channel

Tourism & Leisure

Retail & Fashion

Blue Square Israel Ltd One of the largest Israeli supermarket chains (Co-Op)

Sea Group Swimwear fashion, designers & manufacturers

Africa Israel Hotels Ltd.

Manages 10 hotels (2,500 rooms) and 2 recreational

sites in Israel and abroad 

Communications

& Media

46

Thank You

AFRICA ISRAEL For Further Information:

www.africa-israel.com