Adama Company Information

Update for Investors

September 2008

www.adama-holding.com

Disclaimer

The materials contained in this document are for informational and illustrative purposes only and have been collected from a variety of Adama-internal and external sources. Projections and estimates are preliminary, and reflect various assumptions that may or may not prove to be correct and involve various risks and uncertainties. No representations or warranties are made as to the accuracy of such projections and estimates. Actual results may differ significantly from estimated or projected results.

Adama disclaims any and all liability relating to this document, including, without limitation, any express or implied representations or warranties or any errors contained in, or omissions from, this document. In particular, no representation or warranty is given as to the achievement or reasonableness of any future projections, targets, estimates, prospects or returns.

Adama does not undertake to update the material contained in this presentation.

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Company Highlights

Adama Holding Public Ltd. is a privately-held real estate developer operating in Romania, Moldova, Ukraine and Turkey (with a JV underway also in Croatia)

Company’s first activities initiated in 2004, by dynamic group of entrepreneurs; Founders still manage the company and are supported by an experienced team of international and local professionals (total headcount currently numbers app. 145), with a development operation that is 100% internally managed

Company has grown rapidly through a succession of private equity deals (total of more than 200 m euros), with current shareholders including institutional investors Morgan Stanley (MSRESS), Lehman Brothers, Immoeast, and Tiger Global; Company has also raised 62 m euros of Corporate Bonds (publicly listed on the Tel Aviv Stock Exchange) and uses a mezzanine-like Co-Investment Facility (100 m euros) with Immoeast for selected projects

Project Portfolio includes app. 45 development sites, of which all but 3 have been fully acquired; 54% of the Portfolio is in Romania, and 84% is Residential projects (* measured acc. to net acquisition cost)

Company has demonstrated Track Record of not only sourcing and securing attractive development sites in complex markets, but also of actual execution in terms of Zoning, Construction, Financing and Sales & Marketing

Adama total capital equals to 210 million Euros; The company’s total assets are 400 million Euros, while the total debt equals 128 million Euros (64m long-term and 64m short-term). [As of 30/6/08]

Regional playerRegional player

ManagementManagement

ShareholdersShareholders

PortfolioPortfolio

Track recordTrack record

Financial strengthFinancial strength

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Adama Strategy 2008 – 2009

Consolidate leadership position in Romania Residential – with focus on executing flagship Bucharest projects in middle and upper market segments

Continue to build development platform, brand and track record in Ukraine – with focus on the Dnipropetrovsk regional hub and Portfolio expansion in Kiev offices/residential

Leverage success of the Gaia venture in Turkey to develop key Istanbul projects already owned, and secure new opportunities on selective basis

Build on cash position achieved in 2008 private placement, to finance the business’ development and growth via project- and country-level debt and equity facilities – from international banks and strategic financial partners

Romania Romania

UkraineUkraine

TurkeyTurkey

Corporate Corporate FinanceFinance

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Serbia

Turkey

Turkey

Turkey

Romania

Ukraine

Moldova

Closing GDP per capita gap, growing

urban populations, expanding middle

class

Increase in mortgage penetration from

extremely low basis (< 5% of GDP vs.

100%+ in the US and UK)

Lack of supply of quality residential

housing: millions living in old, decaying

bloc apartments – sometimes three

generations in a single unit

Housing prices still well below those of

W. Europe and “Developed CEE” markets

Increasing market efficiency and ability to

operate according to western standards

of quality and transparency – but still

significant barriers to entry requiring

strong local teams with active

management capabilities

Presence across “Emerging CEE,” Focus on Residential Development

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Adama Capital Structure

Tiger Global37.3%

Immoeast31.1%

Morgan Stanley *

14.0%

RomRe &B. Jesselson

8.3%

Lehman Bros.5.7%

Founders, & Mgmt **

3.6%

Current cap table

Tiger Global33.1%

Immoeast27.5%

Morgan Stanley *

12.4%

RomRe +B. Jesselson

7.6%

Lehman Bros.5.0%

Founders & Mgmt **14.4%

Cap table on fully-diluted basis

* Includes small stake held by South Carolina state pension fund, through vehicle managed by Morgan Stanley** Includes small stake held by one of the partners in Tiger Global as an individual

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Adama Holding

Ilan CurtzVP Finance

Omri SachsVP Legal & M&A

Adama Ukraine

Dvir Cohen HoshenFounder & CEO

Adama Romania

Bucharest

Turkey

Gil RozenVP Finance

David AmsalemVP Bizdev

David FlusbergFounder & President

Yaron KarisiVP Planning & Eng.

Adama Organization: Key People and Functions

Romania functions

Finance

Engineering

Marketing & Sales

Amir EkronPresident & CEOAdama Ukraine

Moldova

Shay HafzadiCountry Mgr

Center(Brasov, Ploiesti)

East(Iasi, Bacau,

Suceava)

West(Timis., Arad, Oradea, Cluj)

Eyal HahamVP Mktg & Sales

Eran HerskowitzCOO &

VP Engineering

Berti BrudoCountry Mgr

Gaia Holdings

Romania regions

Legal & Admin

Isaac Cohen HoshenFounder & CEO

Ortam Romania Construction (50%)

TBDCEO

Oded IsvoranuCFO

3 Projects completed and delivered

12 Projects under construction – out of which 8 are in formal Sales phase

Regional Project Portfolio: 45 Development Sites, Mostly in Romania

Romania: 27

Ukraine - owned: 4

Ukraine - secured: 3

Moldova: 3

Turkey: 5

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Croatia: 3

Total: 45 development projects

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Portfolio Segmentation

* Breakdown on this page is according to Adama’s share of Net Acquisition Cost of sites and land sqm, and includes all Portfolio Projects (acquired and owned) and Committed Pipeline Projects (secured sites);

By geography

`

Bucharest22%

RomaniaSecondary cities

32%

Kiev5%

UkraineSecondary

cities31%

Other *13%

By primary segment

Residential84%

Offices6%

Retail 10%

* Croatia, Turkey & Moldova

By Status

Under Construction15%

Committed pipeline

14%

Advanced planning

71%

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Project name Contractors Contract type No. of units Contract amount in EUR, 000 Completion year

Edenia Phase 1 3 Contractors Sub-contracts 226 10,120 2008

Swiss Cottage Local contractor GC 102 3,870 2008

Titanium Local contractor GC 73 2,400 2008

Copou Bellevue Phase 1 Local contractor GC 40 1,316 2008

Copou Bellevue Phase 2 Local contractor GC 120 2,190 2009

Competa Phase 1 Local contractor GC 208 9,100 2008

Selecta Local contractor GC 79 7,675 2009

Orizont Phase 1 Local contractor GC 156 8,725 2009

Armonia Danya Cebus GC 393 23,000 2009-10

Ploiesti Residences I Local contractor GC 312 20,825 2010

Viva Phase 1 Local contractor GC 201 10,200 2010

Aria Phase 1 Danya Cebus GC 246 15,300 2010

Suceava Residences Phase 1 Local contractor GC 184 8,100 2010

Total 2,340 122,821

Romania: 2,340 Residential Units Under Construction

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Romania: More than 50% of Residential Units Sold & Pre-Sold

Total residential units released to market (8 projects)

Total salesSPAsReservations

% of released units sold

Total revenues from salesSPAsReservations

Adama’s part in revenues from sales *

Amt recognized in previous income statementAmt to be recognized in end 2008 income statement

1,7551,755

8958957967969999

51%51%

EUR 84.7 mEUR 84.7 mEUR 74.0 mEUR 74.0 mEUR 10.0 mEUR 10.0 m

EUR 67.5 mEUR 67.5 m

EUR 1.7 mEUR 1.7 mEUR 19.1 mEUR 19.1 m

* Due to partnerships

Project Debt Financing: Strong Position with International Banks

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Company Project Facility type Amount Outstanding Grant Granted EUR, 000 Year

EUR, 000 EquivalentEquivalent

Monorom Construct Edenia Construction loan 9.000 9.000 2006Merav Development Evocasa Selecta Construction loan 10.223 2.686 2007Sapir Investitii Anador Land acquisition 8.800 7.921 2007Shir investment Filan Land acquisition + VAT 19.750 19.750 2008Topaz Development Evocasa Completa Construction loan 9.400 4.784 2007Gila Investment Titan V Construction loan 18.944 ─ 2008HDC Imob Investitii Evocasa Orizont Construction loan 15.621 ─ 2008Anadulu Turkish rental Portofolio Investment 40.000 40.000 2008

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Growing Track Record in Romania

Evocasa Titanium (Titan, Bucharest)

•Construction finished, project delivered•100% of apartments sold

Evocasa Swiss Cottage (Titan, Bucharest)

•First success for Adama in buying raw un-zoned land and adding all value from Zoning to end product•Construction almost finished•98% of apartments sold•Delivery expected in 9-10/2008

Evocenter One (Pipera, Bucharest)

•Construction finished, project delivered in Q4/07•Building sold and leased back as Adama HQ

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Growing Track Record in Romania (cont.)

Edenia Titan Phase I (Titan, Bucharest)•Construction almost finished•95% of apartments sold•Delivery is expected in 10/2008•40% of Phase II was sold before construction has started

Evocasa Armonia (Titan, Bucharest)•Construction underway by Danya Cebus, in skeleton stage•66% of apartments have already been sold

Copou Bellevue Phase I (Iasi – Romania)•Construction finished•95% of apartments sold•Phase II (Buildings 2 & 3) is under construction, with sales underway (33% sold)

Rendering

May 2008

May 2008

Rendering

Evocasa Selecta (City Center, Bucharest)•Construction underway, in skeleton stage•25% of apartments have already been sold

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Other Residential Projects Under Construction in Romania

Evocasa Aria – Bucharest, Romania

Evocasa Orizont – Ploiesti, Romania

Ploiesti I Residences – Ploiesti, Romania

Evocasa Viva – Brasov, Romania

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Flagship Projects: Evocenter Trio

• 35,000 sqm office center on the main street in North Bucharest’s emerging business and residential district of Pipera; site is next to buildings rented to Vodafone, Toyota, Saab and Renault

• Concept targets Class A-minus demand: int’l tenants seeking to escape from city center traffic and parking problems, secure reasonable rents in modern & flexible space

• Groundworks and site preparation have begun on Phase 1 (10,000 sqm) – construction will be managed by Ortam Romania (of which Adama owns 50%)

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Flagship Projects: City Center Exclusive (Anador)

• 550 high-end apartments in three, 28-floor towers in the City Center of Bucharest (former site of Anador Shopping Ctr.), minutes away from Piata Victoriei Square

• Concept is smaller size units for more affordable access to city center luxury lifestyle

• Planning was completed by an international, award-winning architect

• Zoning received in Q2 2008, now in process of finalizing Building Permit

• Construction targeted to start in Q1 09

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Flagship Projects: Filan Residences

• 1,000+ upper mid-class apartments in central Bucharest location• Concept is cutting-edge architecture (international award-winning

architects) in tall buildings, at affordable Bucharest mid-class residential prices

• Zoning received in 2008, now in process of finalizing Building Permits – some of the towers will be as high as 30 floors

• Construction of Phase 1 targeted to start in Q1 2009

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Flagship Projects: Ciocana Mall

• The first and only modern shopping center to serve Ciocana and Riscani regions of Chisinau (Moldova) – and the second modern mall in Chisinau as a whole

• Core catchment area includes over 250,000 inhabitants within 10 min drive and no existing or planned direct competition

• Prime location in the center of residential density on an existing market, with wide opening to main road and easy transportation access

• The project attracts high interest among local retail players with pre-lease discussions underway (hypermarkets and electric chains) for 25% of the GLA space

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Flagship Projects: Zaporozhye Residences (“Pearl of Dnieper”)

• Approx. 2,500 mid-class units – first major residential project in Zaporozhye, Ukraine (city of app. 1 million people, near to Dnipropetrovsk)

• Site is ultra-prime – near to the city center and overlooking the Dnieper River; adjacent to existing commercial and recreational facilities

• Project was featured by the Mayor of Zaporozhye at MIPIM 2008

• Target to begin constructing Phase 1 in 2009

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Other Projects in Planning Outside Romania

Podol Tower – Kiev, Ukraine

Ciocana Residences – Chisinau, Moldova

Mostysche Riverside Villas – Kiev, Ukraine

Diviziya Center – Dnipropetrovsk, Ukraine

Sisli Center – Istanbul, Turkey

Balance Sheet

59,75217,32881,963Total non-current assets

In 000, euro 30 June 2008 30 June 2007 31 December 2007 AssetsCash and cash equivalents 56,892 45,204 21,539Inventories 195,212 85,149 152,949Other Current assets 65,627 27,154 68,618Total Current assets 317,731 157,507 243,106Investment properties 67,100 10,029 49,772Property and equipment 2,588 1,007 1,517Other non-current assets 12,275 6,292 8,463

Total assets 399,694 174,835 302,858LiabilitiesShort term loans 94,587 4,307 77,556Other current liabilities 21,005 10,658 17,829Total current liabilities 115,592 14,965 95,385Long term loans 2,610 2,649 10,334Bonds (net) 64,361 61,388 61,714Deferred taxes 7,059 1,790 3,963Total none current liabilities 74,030 65,827 76,011Total liabilities 189,622 80,792 171,396Total equity 210,072 94,043 131,462

Cash Flow Report

(1,283)(6,551)1,720Other

55,156(5,211)14,688Loan and borrowing

(41,500)-12,340increase (decrease) in restricted cash

In 000, euro1-6/2008 1-6/2007 1-12/2007

Profit (Loss) for the period (2,896) (2,983) 1,888

Adjustment for the profit (loss) (9,422) (1,691) (16,854)Operating profit (loss) before working capital

changes (12,318) (4,674) (14,966)

Changes in inventories (47,387) (23,923) (75,821)Other change in working capital (6,980) 1,941 3,759Total changes in working capital (54,367) (21,982) (72,062)Net cash used in operating activities (66,685) (26,656) (87,028)Acquisitions (4,075) (7,129) (31,889)

Receivables and loan to related parties (5,286) (3,099) 2,368

Net cash from (used in) investment activities 4,699 (16,779) (72,304)Proceeds from issue of share capital 83,428 43,252 75,034

Proceeds from issue of bonds - 27,788 27,677Net cash from finance activities 98,116 65,829 157,867

Equity and Finance

• The Company finance its growth through Equity and Bonds raising• The Company raised in 2008 equity from Morgan Stanley, Lehman

Brothers, Immoeast and another investor• The Company trades in TASE with over 350 million NIS of bonds • Debt to Equity ratio is relatively low

82,95519,33272,310Net Debt

In 000, euro 30 June 2008

30 June 2007

31 December 2007

Long term Loans 2,610 2,649 10,334Bonds (net) 64,361 61,388 61,714Accrued interest on bonds 517 332 444Short term loans 94,587 4,307 77,556Total Financial Liabilities 162,075 68,676 150,048Cash & cash equivalent (including restricted cash) (89,765) (49,344) (67,093)

Equity 210,072 94,043 131,013

Net Debt /Equity Ratio 34.42% 20.55% 63.32%

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Senior Management – Biographies

David Flusberg – co-Founder & President, Adama HoldingDavid Flusberg oversees Adama’s corporate development, corporate relations and portfolio strategy activities. He came to the region from New York City to co-found Adama, after five years at the Boston Consulting Group, one of the world’s most prestigious management and strategy consulting firms. While at BCG, Mr. Flusberg advised top executives of Fortune 500 companies, developing strategic re-engineering and growth initiatives valued at billions of dollars. Mr. Flusberg has a working knowledge of Romanian language, and received his BA in Economics at Harvard University.

Dvir Cohen-Hoshen – co-Founder & CEO, Adama HoldingDvir Cohen-Hoshen, who oversees Adama’s strategic management, market development and project acquisition activities, co-founded Adama after receiving his BA in Economics from Tel Aviv University and serving as an Officer in an elite Israel Defense Forces infantry unit. Mr. Cohen-Hoshen is a seasoned entrepreneur with years of experience managing successful ventures and real estate investments for private investors.

Isaac Cohen-Hoshen – co-Founder & COO, Adama HoldingIsaac Cohen-Hoshen, who oversees Adama’s regional operations, project development and project management activities, co-founded Adama after accumulating more than six years of experience in Romanian manufacturing and real estate ventures. Mr. Cohen-Hoshen, a former Engineer at international defense contractor Rafael, holds degrees in engineering from the Technion Institute and in business and business management from Haifa University.

Ilan Curtz – VP Finance, Adama HoldingIlan Curtz, who manages Adama’s regional corporate and project financing functions, has over ten years of experience in international real estate development and finance. Prior to joining Adama, Mr. Curtz served as the CFO of Jordan Eshel, a prominent Real Estate developer based in Israel. At Jordan Eshel, Ilan oversaw all aspects of financial management for thirty projects comprising several thousand residential units in Israel and the Czech Republic. Mr. Curtz is a Certified Public Accountant, with an MBA from Haifa University, and spent several years at Ernst & Young’s Haifa office.

Yaron Karisi - VP Planning & Engineering, Adama HoldingYaron Karisi, who manages Adama’s planning, engineering and construction activities for the Romanian and International project portfolios, has fifteen years of experience in international real estate development. Prior to joining Adama, Mr. Karisi spent five years as CEO and six years as Chief Engineer of Israeli developer Jordan Eshel, which constructed and delivered several thousand residential units in Israel and the Czech Republic. Prior to that, he held various project planning and project management positions for developers Yoram Gadish and Engel Group. Mr. Karisi holds a degree in Civil Engineering from Haifa’s Technion Institute.

Eyal Haham - VP Marketing & Sales, Adama HoldingEyal Haham, who oversees Adama’s Romania and International Marketing & Sales activities, has twenty years of experience in International Real Estate, Marketing and Sales, having served as VP Marketing of major Israeli real estate developer Africa Israel, as well as Director at international real estate brokerage Anglo Saxon. Directly prior to joining Adama, Mr. Haham was the C.E.O. of Ambassador Israel – among Israel’s oldest Real Estate marketing firms, providing sales and marketing services for such key Israeli development players as Delek Real Estate, Azorim, Osif, Menrav, Shikun Ovdim, Dankner and Ofer Brothers.

Omri Sachs – VP Legal, Mergers & Acquisitions, Adama HoldingOmri Sachs, who manages Adama’s international legal activities for project acquisitions and corporate mergers and acquisitions, has more than ten years of experience in the legal field, with a career focus on private equity and real estate transactions. Prior to joining Adama, Mr. Sachs was a transactional attorney in the New York offices of Paul, Hastings, Janofsky & Walker LLP and practiced as an attorney in Israel with the firm Prof. Yuval Levi & Co. Mr. Sachs holds an LLM degree from the University of Chicago Law School, an LLB degree from the University of Tel-Aviv Law School and a BSc from the University of Tel-Aviv Schools of Economics.

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Senior Management – Biographies (cont.)Amir Ekron – President & CEO, Adama UkraineAmir Ekron, who manages strategic business development and corporate operations for Adama Ukraine, has five years of experience as a real estate developer in the Ukrainian residential market, and is the founder and largest shareholder of retail chain Lee Cooper Ukraine. Prior to his experience in Ukraine, Mr. Ekron was the founder and CEO of a number of companies over the course of two decades, including hi-tech companies Montec Product Development and SeeThrough Technologies. Mr. Ekron holds a BA in Economics from the Tel Aviv University, and is fluent in Russian.

Gil Rozen – CFO, Adama UkraineGil Rozen, who manages operational development and financial activities for Adama Ukraine, has three years of experience in Ukraine as a partner and financial manager of private real estate and retail businesses. Prior to his experience in Ukraine, Mr. Rozen served as the CFO of Tefron Ltd. (an NYSE company), one of Israel's largest apparel producers, and spent sixteen years as CFO of various Israeli industrial companies, both private and publicly traded on the New York, London and Tel Aviv Stock Exchanges. Mr. Rozen holds a BA in Economics and Accounting from Bar Ilan University, and has a working knowledge of Russian language.

Eran Hershkovitz – COO & Director Engineering, Adama Ukraine Eran Hershkovitz, who manages end-to-end operational activities in the planning and construction of Adama’s Ukrainian project portfolio, has approximately 20 years of experience in international real estate project management and engineering. Prior to joining Adama, Mr. Hershkovitz served as Vice President Planning & Projects for Delek Real Estate Ltd. - one of the largest and most active real estate holding companies in Israel, with investments worldwide; and for Dankner Investments Ltd - one of the leading construction and real estate companies in Israel, specialized in integrated residential neighborhoods. Prior to that, Mr. Hershkovitz ran his own Project Management company serving projects for public and private real estate developers and government institutions; and was the CEO of Tashluz Investments, a real estate developer specializing in niche residential and retail developments and owned by Israel’s Yitzchak Teshuva group. Mr. Hershkovitz is fluent in Hungarian and has a working knowledge of Romanian.

Berti Brudo - Country Manager, Adama ,TurkeyBerti Brudo, who manages business development and operations for Gaia Holdings (an Adama-led joint venture with Immoeast and Magnat Real Estate), has more than twenty years of experience in international real estate development. Prior to his position in Gaia, Mr. Brudo worked as a private investor and consultant to real estate development projects in Turkey, the Turkish Republic of Northern Cyprus and Israel – including the development of twelve residential projects and a number of hi-tech industrial parks. Prior to his work as a developer, Mr. Brudo served as the Director General of Israel’s Land Administration, a top government position responsible for interfacing with senior officials and private investors on complex transactions and planning initiatives for the allocation of national lands for development. Prior to that, Mr.Brudo served as a Senior Manager at Israel Discount Bank for seventeen years, including a post responsible for the bank’s project financing department covering hundreds of millions of dollars in development loans.Mr. Brudo holds a B.A. in Economics and Business Administration from the Hebrew University of Jerusalem and an MBA (Finance and IT) from the University of Tel Aviv. Born in Turkey before immigrating to Israel, Mr. Brudo is fluent in Turkish language.

Contact Persons:

David Flusberg, President

David.flusberg@adama.ro

Dvir Cohen- Hoshen, CEO

Dvir.cohen@adama.ro

Ilan Curtz, VP Finance

Ilan.kurts@adama.ro

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