|                                |           |  Initial costs  |  Subsequent costs                            |  Costs at end of the year  |           |                                         |           |                     |                     |
|-------------------------------------|--------------------------|---------------------------|--------------------------------------------------------|--------------------------------------|--------------------------|--------------------------------------------------------|--------------------------|------------------------------------|------------------------------------|
| Name                                |  Encumbrances  |  Plot of land   |  Buildings, facilities and improvements (i)  |  Improvements / Additions  |  Plot of land  |  Buildings, facilities and improvements (i)  |  Total         |  Capitalized costs, net  |  Fair value adjustments  |  Fair Value at the end of the year  |  Date of construction  |  Date of acquisition  |
|                                |           |            |                                         |                       |           |                                         |           |                     |                     |     |     |     |
| Rental properties                   |           |            |                                         |                       |           |                                         |           |                     |                     |     |     |     |
|                                |           |            |                                         |                       |           |                                         |           |                     |                     |     |     |     |
| Operations Center in Argentina (1)  |           |            |                                         |                       |           |                                         |           |                     |                     |     |     |     |
| AbastoShopping                      |   -       |   10       |   455                                   |   22                  |   10      |   477                                   |   487     |   1                 |   6,637             |   7,125  |  Nov-98  |  Jul-94  |
| AltoPalermo Shopping                |   -       |   9        |   583                                   |   25                  |   9       |   608                                   |   617     |   1                 |   6,552             |   7,170  |  Oct-90  |  Nov-97  |
| AltoAvellaneda                      |   -       |   18       |   312                                   |   39                  |   18      |   351                                   |   369     |   -                 |   4,174             |   4,543  |  Oct-95  |  Dec-97  |
| AlcortaShopping                     |   -       |   11       |   214                                   |   53                  |   11      |   267                                   |   278     |   1                 |   3,263             |   3,542  |  Jun-92  |  Jun-97  |
| AltoNoa                             |   -       |   -        |   71                                    |   21                  |   -       |   92                                    |   92      |   -                 |   992               |   1,084  |  Sep-94  |  Mar-95  |
| BuenosAires Design                  |   -       |   -        |   74                                    |   8                   |   -       |   82                                    |   82      |   -                 |   (71)                   |   11  |  Nov-93  |  Nov-97  |
| PatioBullrich                       |   -       |   10       |   207                                   |   23                  |   10      |   230                                   |   240     |   -                 |   1,651             |   1,891  |  Sep-88  |  Oct-98  |
| AltoRosario                         |   -       |   26       |   139                                   |   34                  |   26      |   173                                   |   199     |   3                 |   3,176             |   3,378  |  Nov-04  |  Nov-04  |
| MendozaPlaza                        |   -       |   11       |   174                                   |   32                  |   11      |   206                                   |   217     |   5                 |   1,518             |   1,740  |  Jun-94  |  Dec-94  |
| DotBaires Shopping                  |   -       |   100      |   330                                   |   22                  |   100     |   352                                   |   452     |   2                 |   4,161             |   4,615  |  May-09  |  Nov-06  |
| CórdobaShopping                |  Antichresis   |   1        |   104                                   |   12                  |   1       |   116                                   |   117     |   -                 |   995               |   1,112  |  Mar-90  |  Dec-06  |
| DistritoArcos                       |   -       |   -        |   -                                     |   295                 |   -       |   295                                   |   295     |   -                 |   765               |   1,060  |  - |  Nov-09  |
| AltoComahue                         |   -       |   1        |   13                                    |   297                 |   1       |   310                                   |   311     |   -                 |   561               |   872  |  - |  May-06  |
| PatioOlmos                          |   -       |   12       |   21                                    |   -                   |   12      |   21                                    |   33      |   1                 |   224               |   258  |  May-95  |  Sep-07  |
| SoleilPremium Outlet                |   -       |   23       |   56                                    |   82                  |   23      |   138                                   |   161     |   1                 |   1,315             |   1,477  |  - |  Jul-10  |
| DotBuilding                         |   -       |   13       |   46                                    |   10                  |   13      |   56                                    |   69      |   1                 |   1,234             |   1,304  |  Sep-10  |  Nov-06  |
| Bouchard710                         |   -       |   40       |   49                                    |   4                   |   40      |   53                                    |   93      |   2                 |   1,786             |   1,881  |  - |  Jun-05  |
| Bouchard551                         |   -       |   5        |   4                                     |   -                   |   5       |   4                                     |   9       |   -                 |   88                |   97  |  - |  Mar-07  |
| IntercontinentalPlaza               |   -       |   2        |   (110)                                      |   1                   |   2       |   (109)                                      |   (107)        |   -                 |   110               |   3  |  Jun-96  |  Nov-97  |
| BankBostonTower                     |   -       |   78       |   56                                    |   -                   |   78      |   56                                    |   134     |   1                 |   1,873             |   2,008  |  - |  Aug-07  |
| RepúblicaBuilding              |   -       |   111      |   88                                    |   1                   |   111     |   89                                    |   200     |   1                 |   2,471             |   2,672  |  - |  Apr-08  |
| LaAdela                             |   -       |   215      |   -                                     |   -                   |   215     |   -                                     |   215     |   -                 |   218               |   433  |  - |  Jul-14  |
| PhillipsBuilding                    |   -       |   -        |   469                                   |   -                   |   -       |   469                                   |   469     |   -                 |   334               |   803  |  - |  Jun-17  |
| Others                              |   -       |   21       |   35                                    |   109                 |   21      |   144                                   |   165     |   -                 |   1,217             |   1,382  |  N/A |  N/A |
|                                |      |       |                                    |                  |      |                                    |      |                |                |      |      |      |
| Operations Center in Israel         |      |       |                                    |                  |      |                                    |      |                |                |      |      |      |
| Tivoli(2)                           |   -       |   150      |   1,881                                 |   4,864               |   481     |   6,414                                 |   6,895   |   -                 |   (1,080)                |   5,815  |  Apr-11  |  Oct-15  |
| KiryatOno Mall (3)                  |   -       |   392      |   731                                   |   2,770               |   1,262   |   2,631                                 |   3,893   |   -                 |   21                |   3,914  |  Nov-07  |  Oct-15  |
| ShoppingCenter Modi’in A (3) |  Mortgage      |   223      |   289                                   |   1,221               |   718     |   1,015                                 |   1,733   |   -                 |   34                |   1,767  |  Aug-05  |  Oct-15  |
| HSBC(2)                             |  Mortgage      |   5,753    |   2,136                                 |   16,174              |   18,511  |   5,552                                 |   24,063  |   -                 |   1,131             |   25,194  |   1927-1984  |  Oct-15  |
| Matampark - Haifa (3)               |  Mortgage      |   576      |   2,920                                 |   8,909               |   1,854   |   10,551                                |   12,405  |   -                 |   417               |   12,822  |   1979-2015  |  Oct-15  |
| Holon(3)                            |   -       |   201      |   152                                   |   1,568               |   647     |   1,274                                 |   1,921   |   -                 |   4                 |   1,925  |  1960-1985 |  Jan-16  |
| HerzeliyaNorth (3)                  |   -       |   944      |   1,515                                 |   6,246               |   3,038   |   5,667                                 |   8,705   |   -                 |   298               |   9,003  |   1996-2015  |  Oct-15  |
| Gav-YamCenter - Herzeliya (3)       |  Mortgage      |   748      |   817                                   |   3,573               |   2,407   |   2,731                                 |   5,138   |   -                 |   38                |   5,176  |   1997-2006  |  Oct-15  |
| NeyarHadera Modi’in (3)      |   -       |   186      |   272                                   |   1,216               |   600     |   1,074                                 |   1,674   |   -                 |   (9)                    |   1,665  |  -  |  Oct-15  |
| GavYam park - Beer Sheva (3)        |  Mortgage      |   34       |   407                                   |   1,838               |   110     |   2,169                                 |   2,279   |   -                 |   128               |   2,407  |  -  |  Oct-15  |
| Isproplanet -BeerSheva -Phase 2 (3) |   -       |   154      |   294                                   |   1,834               |   497     |   1,785                                 |   2,282   |   -                 |   (191)                  |   2,091  |  -  |  Oct-15  |
| Others(3)                           |  Mortgage      |   1,557    |   3,717                                 |   12,632              |   5,010   |   12,896                                |   17,906  |   -                 |   956               |   18,862  |  N/A |  Oct-15  |
|                                |      |       |                                    |                  |      |                                    |      |                |                |      |      |      |
| Total rental properties             |      |   11,635   |   18,521                                |   63,935              |   35,852  |   58,239                                |   94,091  |   20                |   46,991            |   141,102  |      |      |

|                                                 |           |  Initial costs  |  Subsequent costs                            |  Costs at end of the year  |           |                                         |            |                     |                     |
|------------------------------------------------------|--------------------------|---------------------------|--------------------------------------------------------|--------------------------------------|--------------------------|--------------------------------------------------------|---------------------------|------------------------------------|------------------------------------|
| Name                                                 |  Encumbrances  |  Plot of land   |  Buildings, facilities and improvements (i)  |  Improvements / Additions  |  Plot of land  |  Buildings, facilities and improvements (i)  |  Total          |  Capitalized costs, net  |  Fair value adjustments  |  Fair Value at the end of the year  |  Date of construction  |  Date of acquisition  |
|                                                 |           |            |                                         |                       |           |                                         |            |                     |                     |     |     |     |
| Undeveloped parcels of land                          |           |            |                                         |                       |           |                                         |            |                     |                     |     |     |     |
|                                                 |           |            |                                         |                       |           |                                         |            |                     |                     |     |     |     |
| Operations Center in Argentina (1)                   |           |            |                                         |                       |           |                                         |            |                     |                     |     |     |     |
| Buildingannexed to Dot                               |   -       |   25       |   -                                     |   -                   |   25      |   -                                     |   25       |   -                 |   1,074             |   1,099  |  - |  Nov-06  |
| Lujánplot of land                               |   -       |   42       |   -                                     |   -                   |   42      |   -                                     |   42       |   -                 |   264               |   306  |  - |  May-12  |
| Caballito– Ferro plot of land                 |   -       |   46       |   4                                     |   73                  |   46      |   77                                    |   123      |   -                 |   252               |   375  |  - |  Nov-97  |
| SantaMaría del Plata                            |   -       |   159      |   64                                    |   -                   |   159     |   64                                    |   223      |   -                 |   5,790             |   6,013  |  - |  Jul-97  |
| LaPlata plot of land                                 |   -       |   154      |   -                                     |   -                   |   154     |   -                                     |   154      |   -                 |   64                |   218  |  - |  Mar-98  |
| Others                                               |   -       |   12       |   3                                     |   26                  |   12      |   29                                    |   41       |   -                 |   512               |   553  |  N/A |  N/A |
|                                                 |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
| Operations Center in Israel                          |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
| Tivoli(2)                                            |   -       |   336      |   -                                     |   337                 |   673     |   -                                     |   673      |   -                 |   (302)                  |   371  |  -  |  Oct-15  |
| Others(3)                                            |   -       |   858      |   5                                     |   2,419               |   2,762   |   520                                   |   3,282    |   -                 |   391               |   3,673  |  N/A |  Oct-15  |
|                                                 |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
| Total undeveloped parcels of land                    |      |   1,632    |   76                                    |   2,855               |   3,873   |   690                                   |   4,563    |   -                 |   8,045             |   12,608  |      |      |
|                                                 |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
| Properties under development                         |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
|                                                 |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
| Operations Center in Argentina (1)                   |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
| PHOffice Park                                        |   -       |   31       |   -                                     |   816                 |   31      |   816                                   |   847      |   38                |   698               |   1,583  |  inprogress  |  Nov-16 |
| Buildingannexed to Alto Palermo Shopping             |   -       |   38       |   -                                     |   32                  |   38      |   32                                    |   70       |   -                 |   114               |   184  |  inprogress  |  Jun-16 |
| AltoComahue                                          |   -       |   -        |   -                                     |   120                 |   -       |   120                                   |   120      |   -                 |   -                 |   120  |  inprogress  |  - |
| CatalinasNorte                                       |   -       |   132      |   -                                     |   196                 |   132     |   196                                   |   328      |   14                |   1,149             |   1,491  |  inprogress  |  May-10  |
| Others                                               |   -       |   -        |   -                                     |   112                 |   -       |   112                                   |   112      |   -                 |   -                 |   112  |  N/A  |  N/A  |
|                                                 |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
| Operations Center in Israel                          |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
| Tivoli(2)                                            |   -       |   32       |   456                                   |   702                 |   103     |   1,087                                 |   1,190    |   -                 |   (638)                  |   552  |  inprogress  |  Oct-15  |
| IsproPlanet – Beer Sheva – Phase 2 (3) |   -       |   42       |   44                                    |   217                 |   134     |   169                                   |   303      |   -                 |   (51)                   |   252  |  inprogress  |  Oct-15  |
| Amottozeret H'aaretz (3)                             |   -       |   230      |   118                                   |   2,072               |   742     |   1,678                                 |   2,420    |   -                 |   357               |   2,777  |  inprogress  |  Oct-15  |
| Others(3)                                            |   -       |   71       |   49                                    |   1,677               |   229     |   1,568                                 |   1,797    |   -                 |   9                 |   1,806  |  inprogress  |  Oct-15  |
|                                                 |      |       |                                    |                  |      |                                    |       |                |                |      |      |      |
| Total properties under development                   |      |   576      |   667                                   |   5,944               |   1,409   |   5,778                                 |   7,187    |   52                |   1,638             |   8,877  |      |      |
| Total                                                |      |   13,843   |   19,264                                |   72,734              |   41,134  |   64,707                                |   105,841  |   72                |   56,674            |   162,587  |      |      |