EX-99.3 4 exhibit_99-3.htm EXHIBIT 99.3

Exhibit 99.3
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NYSE MKT: ELLO; TASE: ELOM
Financial Results Summary: Q1 2015

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Disclaimer
General:
The information contained in this presentation is subject to, and must be read in conjunction with, all other publically available information,
including our Annual Report on Form 20-F for the year ended December 31, 2014, and other filings that we make from time to time with the SEC.
Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits or the suitability of the
securities for its purpose and only based on such information as is contained in such public filings, after having taken all such professional or other
advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In
making this presentation available, we give no advice and make no recommendation to buy, sell or otherwise deal in our shares or in any other
securities or investments whatsoever. We do not warrant that the information is either complete or accurate, nor will we bear any liability for any
damage or losses that may result from any use of the information.
Neither this presentation nor any of the information contained herein constitute an offer to sell or the solicitation of an offer to buy any securities.
No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an
exemption therefrom. No offering of securities shall be made in Israel except pursuant to an effective prospectus under the Israeli Securities Law,
1968 or an exemption from the prospectus requirements under such law.
Historical facts and past operating results are not intended to mean that future performances or results for any period will necessarily match or
exceed those of any prior year.
This presentation and the information contained herein are the sole property of the company and cannot be published, circulated or otherwise
used in any way without our express prior written consent.
Information Relating to Forward-Looking Statements:
This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of
historical facts, included in this presentation regarding our plans and the objectives of management are forward-looking statements. The use of
certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-
looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968. We may not
actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our
forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed
or implied by our forward-looking statements. These risks and uncertainties associated with our business are described in greater detail in the
filings we make from time to time with SEC, including our Annual Report on Form 20-F. The forward-looking statements are made as of this date
and we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or
otherwise.

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Q1 2015
Q1 2014
Q1 2015
Q1 2014
1) From PV Operations - The decrease is mainly due to the presentation of results in U.S. dollar and the devaluation of the Euro against the U.S. dollar
during the quarter. Revenues denominated in Euro have increased by approximately 19% compared to the same quarter last year. The increase is
mainly a result of the operations of our Spanish PV plants acquired on July 1, 2014 partially offset by the decrease of an approximate 8% in the
Feed-in-Tariff (“FiT”) in Italy.
2) Represent results associated with the Dorad Power Plant successfully commenced commercial operation in May 2014.
3) G&A decrease in mainly due to inclusion of bonuses paid to employees in the general and administrative expenses for Q1, 2014
4) The change in financing income was mainly due to the reevaluation of our EUR/USD forward transactions and currency interest rate swap
transactions, partially offset by expenses resulting from exchange rate differences.

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Q1 2015 Results Summary
Reported revenues were approximately $2.8 million for the three months ended March 31, 2015, down by
approximately 3.4% compared to approximately $2.9 million for the three months ended March 31, 2014.
Excluding unfavorable currency effects, revenues were up approximately 19% to approximately €2.5 million
from approximately €2.1 million in the same quarter last year.
The change in revenues is mainly a result of an increase in revenues due to the acquisition of three
photovoltaic plants in Murcia, Spain (the “Murcia PV Plants”) on July 1, 2014 (approximately €0.5 million),
offset by the decrease of an approximate 8% in the Feed-in-Tariff (“FiT”) guaranteed to existing photovoltaic
plants in Italy over the remaining FiT period (originally 20 years commencing with the connection to the
Italian national grid) commencing January 1, 2015 (approximately €0.1 million).
Dorad contribution to the Company’s operating profit, after elimination of intercompany transactions, was
approximately $1.2 million for the three months ended March 31, 2015, compared to losses of approximately $0.3
million for the three months ended March 31, 2014. This increase is due to the commencement of the commercial
operations of the power plant owned by Dorad Energy Ltd. (“Dorad”) in May 2014.
Adjusted EBITDA increased by approximately 167% with approximately $2.4 million for the three months ended
March 31, 2015 compared to approximately $0.9 million for the three months ended March 31, 2014.
Net income was approximately $3.8 million for the three months ended March 31, 2015, compared to a net loss of
approximately $1.9 million for the three months ended March 31, 2014.

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Key Income and P&L Figures (USD millions)
*See Appendix A

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On going Revenues Growth (Euro millions)
During Q1 15 Revenues rose by 19% compared to Q1 2014

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Key Balance Sheet Figures (USD 000`)

| December 31, 2014 | % Of BS | March 31, 2014 | % Of BS | March 31, 2015 | % Of BS
Cash and cash equivalent, Marketable securities, Short- term deposits | 23,388 | 15% | 27,038 | 17% | 21,953 | 14%
Financial Debt* | 55,288 | 35% | 52,415 | 33% | 52,984 | 35%
Financial Debt, net* | 31,900 | 20% | 25,377 | 16% | 31,031 | 20%
Property, plant and equipment net (mainly in connection with PV Operations) | 93,513 | 59% | 92,520 | 57% | 81,473 | 54%
Investment in Dorad (not including option to acquire additional shares) | 27,237 | 17% | 28,529 | 18% | 27,822 | 18%
CAP* | 149,414 | 94% | 150,385 | 93% | 142,729 | 94%
Total equity | 94,126 | 59% | 97,970 | 61% | 89,745 | 59%
Total assets | 159,087 | 100% | 161,265 | 100% | 151,649 | 100%

*See Appendix B

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Key Financial Ratios
Strong Balance Sheet, Sufficient Liquidity, Low Leverage
*See Appendix B

| December 31, 2014 |  | March 31, 2014 |  | March 31, 2015 |
Financial Debt to CAP (A/D) | 37% |  | 35% |  | 37% |
Financial Debt, net to CAP (B/D) | 21% |  | 17% |  | 22% |
Financial Debt to Total equity (A/C) | 59% |  | 54% |  | 59% |
Financial Debt, net to Total equity (B/C) | 34% |  | 26% |  | 35% |

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Company Overview
Ellomay operates in the energy and infrastructure sectors, including renewable and clean
energy, and aims to exploit attractive yield to risk ratios
Current management/controlling shareholders took control of a public shell with
approximately $80M of cash and began investing/operating in the energy and
infrastructure sectors in 2010
In January 2014, the Company raised approximately $33 million (net proceeds) by issuing
10-year, 4.6% debentures in Israel (“Series A Debentures”) to add to the capital base for
investments
In June 2014, the Company raised an additional approximate $23 million (net proceeds)
through the sale of additional Series A Debentures
In March 2015, the Company adopted a dividend distribution policy with the intention of
distributing up to 33% of its annual distributable profits, by way of cash dividends and/or
share repurchases

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Asset Summary
Italy
12 PV Plants, totaling installed capacity of approximately 22.6 MWp, currently estimated
annual revenues of approximately EUR 9.5 million.
Spain
4 PV Plants, totaling installed capacity of approximately 7.9 MWp, of which approximately
5.6 MWp are wholly owned and approximately 2.3 MWp are 85% owned. Currently
estimated annual revenues of approximately EUR 2.8 million.
Israel
Approximately 9.2% indirect interest in Dorad Energy Ltd., which holds and operates a 850
MW bi-fuel/natural gas power plant (the “Dorad Power Plant”), representing
approximately 6-8% of Israel’s power capacity. Ellomay holds an option to increase its
indirect holdings in Dorad Energy Ltd. to approximately 9.4%.

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Dorad Power Plant
The public and others
Shlomo Nehama
Kanir Partnership
1) Mr. Shlomo Nehama owns the shares of Ellomay directly and indirectly. A shareholders agreement was signed between Kanir partnership and a
company controlled by Shlomo Nehama that holds 33.2% of Ellomay’s shares
2) Kanir partnership is controlled by Mr. Ran Fridrich and Mr. Hemi Raphael . Kanir’s holdings percentage set forth herein includes holdings by Ran
Fridrich and Hemi Raphael directly and indirectly of 1.1% and 4.3%, respectively. Mor brothers who hold the shares of one of Kanir’s limited
partners, also beneficially own 3.8% directly and indirectly
3) Includes direct and indirect beneficial holdings of 3.8% by the Mor brothers, who are shareholders of one of Kanir’s limited partners.
4) Ellomay owns 85% of one of the Spanish PV plants (with an aggregate installed capacity of approximately 2.3 MWp).
Israel's largest private power plant, with 850MW
installed capacity
Corporate Structure
16 PV plants in Italy and Spain4, with an
aggregate installed capacity of approximately
30.5 MWp
31.4%2
Shareholders agreement1
31.0%3

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Company History
Entrance to Italian PV
Market
(acquisitions 2010 -
2013)
Acquired
indirect equity
interest in Dorad
Energy Ltd.
Listing in NYSE
MKT
Public Debenture
Issuance
(il A- ,Maalot S&P IL)
2010
2011
2012
2013
2014
2015
Listing in TASE
Entrance to
Spanish PV
Market
Commencement of Dorad’s
Commercial Operations
(850MW)
Acquisition of
3 PV plants in
Spain

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Portfolio Summary

| Spain (PV) | Italy (PV) | Israel (Gas Turbines2)
Installed Capacity | 7.9 MWp1 | 22.6 MWp | 850 MW
% Ownership | 85%1-100% | 100% | ~ 9.2%3
Cost of Property, Plant and Equipment4 | ~ $20.4M | ~ $76.6M |
Total capital expenditure in connection with the investment in Dorad power plant5 |  |  | ~ $27.4M6
License Expiration | 2040-2041 | ~ 2031 | 20347
# of Power Plants | 4 | 12 | 1

1) 100% ownership of 5.6 MWp and 85% ownership of 2.3 MWp
2) The Dorad Power Plant, a bi-fuel power plant powered by natural gas. Began commercial operation in May 2014
3) Ellomay has an option to increase its indirect holdings to approximately 9.4%
4) as of March 31, 2015
5) as of March 31, 2015
6) Ellomay’s portion of the aggregate investment in the Dorad Power Plant as of March 31, 2015
7) A 20 year generation license and a one-year supply license that has been temporarily extended.

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On going Steady Capacity Growth of PV Portfolio
1) Including 100% of a 2.3 MWp PV Plant in Spain 85% owned

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Italian PV Market
The Italian government adopted the most common
incentive scheme in Europe - the Feed In Tariff (FiT).
The energy authority in Italy (GSE) pays a long-term
nominal rate per every kilo-watt hour that is
produced by a PV plant on top of the price of
electricity the PV plant receives on electricity that is
transferred to the grid .
The FiT rate depends on:
• Connection date;
• Size of the plant; and
• Location
The FiT is guaranteed for 20 years, starting at the
connection date *
Italy has high levels of radiance in European terms
(1,200-1,600 kWh/kWp).
The most attractive regions are central and southern
Italy, where the radiance is the highest and the
regional regulation is less stringent.
* Please see further details below

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PV Plants in Italy

Project name | Installed Capacity (kWp) | Acquisition Year | Acquisition Cost per MWp (in millions) | Connection Date1 | Technology | Region | FIT* Eurocent/KWh
Del Bianco | 734 | 2010 | 2.9€ | 04/2011 | Fix | Marche | 32.15
Costantini | 734 | 2010 | 2.9€ | 04/2011 | Fix | Marche | 32.15
Giacchè | 730 | 2010 | 3.8€ | 04/2011 | Trackers | Marche | 32.15
Massaccesi | 749 | 2010 | 3.8€ | 04/2011 | Trackers | Marche | 32.15
Troia 8 | 996 | 2010 | 3.5€ | 01/2011 | Fix | Puglia | 31.80
Troia 9 | 996 | 2010 | 3.5€ | 01/2011 | Fix | Puglia | 31.80
Galatina | 999 | 2011 | 3.9€ | 05/2011 | Fix | Puglia | 31.80
Pedale | 2,994 | 2011 | 3.95€ | 05/2011 | Trackers | Puglia | 26.59
D’angella | 931 | 2011 | 3.25€ | 06/2011 | Fix | Puglia | 26.77
Acquafresca | 948 | 2011 | 3.25€ | 06/2011 | Fix | Puglia | 26.77
Soleco | 5,924 | 2013 | 2.0€ | 08/2011 | Fix | Veneto | 21.89
Tecnoenergy | 5,900 | 2013 | 2.0€ | 08/2011 | Fix | Veneto | 21.89

* All plants are connected to the national grid and are entitled to a remuneration period of 20 years from connection to the grid.
In addition to the FiT payments, the plants are entitled to sell the electricity in the SPOT price, approximately 5 Eurocents/KWh. Pursuant to
new Italian legislation adopted in August 2014, a decrease of approximately 8% in the FiT guaranteed to the plants will be implemented
commencing on January 1, 2015. The listed FIT tariffs represent the tariffs after the above mentioned decrease

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PV Plants in Spain
1) Remuneration period - 30 years
2) Ellomay owns 85% of the plant

Project name | Installed Capacity (kWp) | Acquisition Year | Acquisition Cost per MWp (in millions) | Connection Date1 | Technology | Location | Expected annual revenues (€ thousand)
Rodríguez I | 1,675 | 2014 | 1.55€ | 11/2011 | Fix | Murcia | ~ 570
Rodríguez II | 2,690 | 2014 | 1.78€ | 11/2011 | Fix | Murcia | ~ 960
Fuente Librilla | 1,248 | 2014 | 1.68€ | 06/2011 | Fix | Murcia | ~ 470
Rinconada II 2 | 2,275 | 2012 | 2.40€ | 07/2010 | Fix | Cordoba | ~ 790

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Ellomay indirectly holds approximately 9.2% interest in the Dorad Power Plant, and also holds
an option to purchase an additional interest of approximately 0.2%
As of today, the Dorad Power Plant is the largest private power plant in Israel, with installed
capacity of approximately 850 MW. The plant is bi-fuel and powered by natural gas
The cost of the project is approximately US$ 1.2 billion. The project has secured one of the
largest project finance facilities in Israel of over US$ 1 billion. The financing facility was led by
Israel's largest banks and institutional investors
The Dorad Power Plant is located in the vicinity of Ashkelon, Israel

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Electricity is sold directly to end-users and to the national distribution network at
competitive rates
The power plant, which was declared a national infrastructure project by the Israeli Prime
Minister, was commercially operated and began producing electricity in full capacity in May
2014

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Management Team
Shlomo Nehama, Chairman of the Board - Former Chairman of the Board of Bank Hapoalim, the leading bank in Israel, between 1998 and 2007. During his
years at the bank, Bank Hapoalim grew its profits and return on capital, while increasing its balance sheet by over 50% and became Israel's leading bank while
expanding to additional markets around the world. Mr. Nehama is a Management and Engineering graduate of the Technion - Institute of Technology in Haifa, Israel,
and received an honorary doctorate for his contribution to the strengthening of the Israeli economy.
Ran Fridrich, Director and CEO - Mr. Fridrich co-founded the Oristan group in 2004 and has management responsibilities for the Crystal Funds program of CDO
Equity Funds . Mr. Fridrich launched a proprietary investment advisory business that focuses on CDO investments, fixed-income securities and credit default swap
transactions. He was also the general manager of two packaging and collating companies based in Israel. Mr. Fridrich is a graduate of the Senior Executive Program
Faculty Management at Tel Aviv University.
Hemi Raphael, Director - Mr. Raphael is an entrepreneur and a businessman involved in various real estate and financial investments. Mr. Raphael also serves as
a director of Cargal Ltd. and of Dorad Energy Ltd. From 1984 to 1994, Mr. Raphael was an active lawyer and later partner at the law firm of Goldberg Raphael & Co.
Mr. Raphael holds an LLB degree from the School of Law at the Hebrew University of Jerusalem and he is a member of the Israeli and the California Bar Associations.
Kalia Weintraub, CFO - Ms. Weintraub directly monitors, coordinates, interprets and administers all functional activities and policies related to treasury and
finance, budgeting, insurance, financial analysis and accounting. Prior to her appointment as Ellomay CFO, Ms. Weintraub served as our corporate controller from
January 2007. Prior to joining Ellomay, Ms. Weintraub worked as a certified public accountant in the High-Tech practice division of the Israeli accounting firm of Kost
Forer Gabbay & Kasierer, an affiliate of the international public accounting firm Ernst & Young, from 2005 through 2007. Earlier, she worked at the audit division of
the Israeli accounting firm of Brightman Almagor Zohar, an affiliate of the international public accounting firm Deloitte, from 2003 to 2004. Ms. Weintraub holds a
B.A. in Economics and Accounting and an M.B.A. from the Tel Aviv University and is licensed as a CPA in Israel.
Yaniv Friedman, Head of Bus Dev and Strategy & Deputy CEO - Mr. Friedman has 15 years of business development, M&A and corporate strategy
experience, primarily in the energy and infrastructure sector. Prior to joining Ellomay Mr. Friedman was the EVP of Strategy & Business Development at Delek Drilling
and Avner Oil & Gas (part of the Delek Group), one of the largest energy companies in Israel, where he led complex transaction and projects and was also the
Managing Director of Delek's Block 12 project in Cyprus. Mr. Friedman has vast international experience having worked in companies in the energy and infrastructure
sector outside of Israel where he was responsible for M&A, project management, business development, corporate and project financing and corporate strategy. Mr.
Friedman also worked at a leading global law firm in NY as well as in Gornitzky & Co. in Israel, clerked at the Israeli Supreme Court and holds a law degree from Tel
Aviv University.
Ori Rosenzweig, Chief Investments Officer - Mr. Ori Rosenzweig has served as our Chief Investment Officer since November 2014. Prior to joining Ellomay,
Mr. Rosenzweig was the head of Cash Management at Bank Leumi Le-Israel B.M. (TASE: LUMI), one of Israel’s largest banks, from 2013 through 2014, the VP Finance
at AFI Investments (TASE: AFIL) from 2009 through 2013 and a senior manager at GSE financial consulting from 2002 through 2008. Mr. Rosenzweig holds a MBA
degree from the Tel Aviv University and a BA degree in business and international relations from the Hebrew University.
Lilach Danewitz, Business Development Manager - Ms. Danewitz serves as business development manager of Ellomay and specializes in the renewable
energy field. From 2007-2012 Ms. Danewitz has been a commercial lawyer at S. Horowitz & Co., one of Israel’s foremost law firms, where she specialized in mergers
and acquisitions, venture capital and commercial transactions (in particular, high-tech and start-up companies). Ms. Danewitz received her LL.B. in law and B.A. in
Business Administration from the Interdisciplinary Center, Herzeliya, and was admitted to the Israeli Bar on 2008.

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Market Data

NYSE MKT: ELLO; TASE: ELOM |
Share Price (March 31, 2015) | $8.5
Market Cap (March 31, 2015) | $91 M
Shares Outstanding | 10.7 M

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Investment Summary
Diversified base of cash flow generating assets
Strong balance sheet and track record of securing non-
dilutive financing
Focus on small/mid size scale commercial projects
with limited capex and operational risks
Seasoned management team with
extensive sector knowledge and access
to attractive opportunities
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Appendix A - Adjusted EBIDTA
• Use of NON-IFRS Financial Measures
Adjusted EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, gain on bargain purchase,
financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the
understanding of the Company’s historical financial performance and to enable comparability between periods. While the
Company considers Adjusted EBITDA to be an important measure of comparative operating performance, Adjusted EBITDA
should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data
prepared in accordance with IFRS as a measure of profitability or liquidity. Adjusted EBITDA does not take into account the
Company’s commitments, including capital expenditures, and restricted cash and, accordingly, is not necessarily indicative
of amounts that may be available for discretionary uses. Not all companies calculate Adjusted EBITDA in the same manner,
and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The
Company’s Adjusted EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be
predictive of potential future results. The Company uses the term “Adjusted EBITDA” to highlight the fact that for the years
ended December 31, 2013 and 2014 the Company deducted the gain on bargain purchase from the net income. The
Adjusted EBITDA is otherwise fully comparable to EBITDA information which has been previously provided for prior periods.
See the reconciliation between the net income (loss) and the Adjusted EBITDA presented below.
• Reconciliation of Net income (loss) to Adjusted EBITDA (in US$ thousands)

| For the 3 months March 31, | For the 3 months ended March 31,
| 2014 | 2015
Net income (loss) for the period | (1,901) | 3,796
Financing expenses (income), net | 1,528 |
Taxes on income (Tax benefit) | (44) |
Depreciation | 1,303 | 1,241
Gain on bargain purchase | - | -
Adjusted EBITDA | 886 | 2,408

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Appendix B - Leverage Ratios

| As of March 31, | As of March 31,
| 2014 | 2015
|  | Unaudited
Current liabilities |  |
Loans and borrowings | $ (1,825) | $ (505)
Debentures | $ (3,327) | $ (4,771)
Non-current liabilities |  |
Finance lease obligations | $ (6,724) | $ (4,910)
Long-term bank loans | $ (10,941) | $ (3,577)
Debentures | $ (29,598) | $ (39,221)
Financial Debt (A) | $ (52,415) | $ (52,984)
Less: |  |
Cash and cash equivalents | $ 27,038 | $ 16,313
Marketable Securities | - | $ 4,990
Short-term deposits | - | $ 650
Financial Debt, net (B) | $ 27,038 | $ 21,953
Total equity (C) | $ (97,970) | $ (89,745)
Financial Debt (A) | $ (52,415) | $ (52,984)
CAP (D) | 54% | 59%
Financial Debt to CAP (A/D) | 35% | 37%
Financial Debt, net to CAP (B/D) | 17% | 22%
Financial Debt to Total equity (A/C) | 54% | 59%
Financial Debt, net to Total equity (B/C) | 26% | 35%

• Use of NON-IFRS Financial Measures
The Company defines Financial Debt as loans and borrowings plus debentures (current liabilities) plus finance lease obligations
plus long-term bank loans plus debentures (non-current liabilities), Financial Debt, Net as Financial Debt minus cash and
cash equivalent minus investments held for trading minus short-term deposits and CAP as equity plus Financial Debt. The
Company presents these measures in order to enhance the understanding of the Company’s leverage ratios and
borrowings. While the Company considers these measures to be an important measure of leverage, these measures should
not be considered in isolation or as a substitute for long-term borrowings or other balance sheet data prepared in
accordance with IFRS as a measure of leverage. Not all companies calculate these measures in the same manner, and the
measure as presented may not be comparable to similarly-titled measures presented by other companies. See the
calculation of these financial measures presented below.
• Calculation of Leverage Ratios (in US$ thousands)

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Appendix C -
Key Income and P&L Figures (USD 000`)

| Q1 2014 | Q1 2015
Revenues | 2.9 | 2.8
Gross profit | 0.9 | 0.9
Operating profit | -0.4 | 1.2
Adjusted EBITDA * | 0.9 | 2.4
Net income (loss) for the period | -1.9 | 3.8

*See Appendix A

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Appendix D -
Israeli Rating for Series A Debentures
• On March 18, 2015, Standard & Poors Maalot Ltd. (“Maalot”) confirmed the rating of ilA-assigned to the Series A
Debentures traded on the Tel Aviv Stock Exchange and reaffirmed the “Stable” outlook.
• In its rating report Maalot notes, among other things, as follows:
“Ellomay’s rating is underpinned by the relatively low degree of leverage at the project level and hence at the holding company’s
level; by few limitations on the distribution of excess cash from projects in the portfolio; and by an ‘adequate’ liquidity
profile, according to our definition, that is characterized by a flat debt amortization schedule.
On the other hand, Ellomay’s rating is restricted by a high concentration of held assets, given that the majority of income-
producing projects (about 51% of cash flows) are located in Italy, and due to the reliance most revenues from held projects
on tariffs set by regulators in countries with unstable regulatory environments.
The stable outlook reflects our assessment that the cash from the owned projects, together with the liquidity cushion, will be
resilient in the short term to potential changes in regulation in Italy and Spain, and to the uncertainty regarding the time and
magnitude of receipts from Dorad. We further believe that management will ensure debt coverage ratios commensurate
with the current rating, by implementing its investment plan.
…We believe that the stability of cash flows from the projects and our ability to forecast them is ‘moderate’, according to our
criteria. Our assessments are based largely on the quality of cash flows at the independent project level on the one hand,
and on the relatively low level of investment diversification on the other. According to our base-case scenario, in the period
2015-2019, about 51% of Ellomay’s cash flows will derive from projects in Italy, about 29% from Dorad, and about 20% from
projects in Spain. According to our forecast, about 71% of company cash flows will derive from PV plants, and the rest from
power stations powered by natural gas (Dorad).
…In accordance with our criteria, the level of liquidity of the company is `adequate`. We estimate the ratio between the sources of
cash flow to its uses to be greater than 1.4x in the period 2015-2016.
…In our base-case operating scenario, we considered investments known at the point of forecast and whose chance of execution is
relatively high. Nonetheless, Ellomay may carry out additional investments in 2015-2016, whose effect on the financial ratios
and liquidity profile will be assessed as they occur”.

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Appendix D -
Israeli Rating for Series A Debentures (cont.)
In its rating report Maalot notes, among other things, as follows (cont.):
“…The stable outlook reflects our assessment that cash flows from held projects, coupled with the liquidity cushion, will be
resilient, in the short term, to possible regulatory changes in Italy and Spain, and to some uncertainty regarding the timing and
scale of returns from the Dorad investment, and that the company’s management will maintain debt coverage ratios in line with
the current rating, by means of implementing its investment plan.
Downside Scenario
A deterioration in the company’s liquidity profile, resulting from a change in policy regarding its cash cushion or from aggressive
investments, is likely to precipitate a negative rating action. Also, an additional decline in expected cash flows from projects,
including returns from the Dorad investment, could lead to a negative rating action through a worsening of financial ratios.
Upside Scenario
A positive rating action would result if expected returns from Dorad materialize in line with the company’s expectations, while
maintaining the cash cushion, and provided the company continues to stand by its investment policy in and to repay its debt. In
this case, we expect an improvement in Ellomay’s financial profile that would lend itself to a positive rating action”.

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Contact
Company
Investor Relations
Ishay Potruch
GK International IR & PR
Direct: +972 (0)3-6070590
Mobile: +972 ‎(0)52-3332228‏
ishay@gk-biz.com
www.gkpr.com
www.ellomay.com
Kalia Weintraub
Chief Financial Officer
Ellomay Capital LTD.
9 Rothschild Blvd., Tel Aviv
Direct: +972-3-7971111
Fax: +972-3-7971122
Email: kaliaw@ellomay.com