<SEC-DOCUMENT>0001178913-20-002221.txt : 20200803
<SEC-HEADER>0001178913-20-002221.hdr.sgml : 20200803
<ACCEPTANCE-DATETIME>20200803163138
ACCESSION NUMBER:		0001178913-20-002221
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200803
FILED AS OF DATE:		20200803
DATE AS OF CHANGE:		20200803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ellomay Capital Ltd.
		CENTRAL INDEX KEY:			0000946394
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35284
		FILM NUMBER:		201069590

	BUSINESS ADDRESS:	
		STREET 1:		9 ROTHSCHILD BLVD.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6688112
		BUSINESS PHONE:		011-972-3-797-1111

	MAIL ADDRESS:	
		STREET 1:		9 ROTHSCHILD BLVD.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6688112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR MACROPRINTERS LTD
		DATE OF NAME CHANGE:	19980331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR ADVANCED TECHNOLOGIES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2024741.htm
<DESCRIPTION>6-K
<TEXT>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">FORM 6-K</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25;">
        <div style="line-height: 1.25;">For the month of August 2020</div>
      </div>
      <div style="text-align: center; line-height: 1.25;">Commission File Number: 001-35284</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;"><u>Ellomay Capital Ltd.</u></div>
      <div style="text-align: center; line-height: 1.25;">(Translation of registrant&#8217;s name into English)</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25;"><u>18 Rothschild Blvd., Tel Aviv 6688121, Israel</u></div>
      <div style="text-align: center; line-height: 1.25;">(Address of principal executive office)</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25;">Form 20-F &#9746;&#160;&#160;&#160;&#160; &#160;&#160; Form 40-F &#9744;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
        Securities Exchange Act of 1934.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25;">Yes &#9744;&#160;&#160;&#160;&#160; &#160;&#160; No &#9746;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-align: justify; line-height: 1.25;">THE TEXT OF THIS FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT&#8217;S REGISTRATION STATEMENTS ON FORM F-3 (NOS. 333-199696 AND 333-144171) AND FORM S-8 (NOS. 333-187533, 333-102288
        AND 333-92491), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.</div>
      <div style="text-align: justify; line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Midroog Ltd. Reaffirms its Baa1.il Rating and Stable Outlook for Ellomay Capital and its Series B Debentures</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Ellomay Capital Ltd., or the Company, today announced that Midroog Ltd., an Israeli rating company affiliated with Moody&#8217;s Investors Services, or Midroog, published a rating report reaffirming a
        rating of Baa1.il with a &#8220;Stable&#8221; outlook to the Company and its Series B Debentures. The rating report (issued in Hebrew) is available at: <u>https://maya.tase.co.il/reports/details/1312725/2/0</u>.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">In its report, Midroog notes that the main considerations taken into account in connection with the rating are:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze357eb6ed6994a7ea8c943f76e17d7d5">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the assessment of Midroog that the renewable energy field in which the Company operates is characterized by medium risk, where the main risk is due to the high exposure to regulation in the production segment and to market prices, in the
                countries in which the Company operates,</div>
            </td>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z13289aad44714212baaa2b2fe42e839d">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>acquisition strategy and project finance-based (usually non-recourse), providing fixed tariffs in long-term agreements, supporting the certainty of the cash flow of the Company but causing slow coverage ratios due to long-term project
                debt,</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc3c001d430e34aad9c3717034417aaf3">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the barriers to entry into the electricity generation industry through renewable energies are low relative to the electricity generation industry through fossil power plants, which is characterized by high barriers to entry, resulting
                from, among other things, significant capital investments, alongside technological and engineering complexity,</div>
            </td>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21b9ff6f93b94980b1fc53673a18020d">

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            <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the regulatory environment in the industry in the countries in which the Company operates, along with long-term energy sale agreements with strong end customers, create relative certainty regarding the stability of expected long-term
                cash flow,</div>
            </td>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb519f2547f1d4bdea4105c2c02c13b3c">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the growth trend that characterizes the renewable energy industry in Israel and around the world, supported by targets that are set for the promotion of renewable energies,</div>
            </td>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9af0a7656a4e458a9053ea681ebe0631">

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            <td style="width: 36pt; vertical-align: top; align: right;">(vi)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the Company&#8217;s market share and size are small relative to the reference group in the industry, but is expected to grow significantly in the short to medium term, with the expected commercial operation of the Talasol project in Spain by
                the end of 2020, along with further growth potential through a significant number of additional PV projects in Italy and Spain,</div>
            </td>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z592de9d254d94ba3b7df760aa5bb7a84">

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            <td style="width: 36pt; vertical-align: top; align: right;">(vii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the Company presents relatively low operating profit rates, inter alia, due to a high component of development and general and administrative expenses,</div>
            </td>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z98e8d68aa4cc4686a1a16eea56fa18e9">

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            <td style="width: 36pt; vertical-align: top; align: right;">(viii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>exposure to the financial markets, interest rates and credit risks of the countries in which the Company operates (Italy, Spain, the Netherlands and Israel), alongside exposure to exchange rates, which is partially moderated by hedging
                transactions,</div>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1dcb4056062e405286e316a7f4b71cf1">

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            <td style="width: 36pt; vertical-align: top; align: right;">(ix)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>sale of the PV projects in Italy for an amount of approximately &#8364;39 million at the end of 2019,</div>
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            <td style="width: 36pt; vertical-align: top; align: right;">(x)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>improvement in the balance sheet leverage in light of the early repayment of a series of debentures, using the cash flow received from the sale of the PV projects in Italy and the recording of a substantial capital gain,</div>
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      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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            <td style="width: 36pt; vertical-align: top; align: right;">(xi)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>as of the date of the Midroog report, most of the Company&#8217;s operating cash flow results from the PV projects that it holds in Spain and in Israel. In the short to medium term, the Company&#8217;s activity in the PV sector is expected to grow
                significantly, with the completion of the construction of the Talasol project in Spain, but its completion is expected to significantly increase the concentration of operations and cash flows from Spain, before developing a new significant
                portfolio of projects in Italy,</div>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4656207e06704970b4000332bbfbfc1d">

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            <td style="width: 36pt; vertical-align: top; align: right;">(xii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>a relatively low revenue generation capacity in the short term, due to the sale of the PV projects in Italy, alongside a significant improvement expected upon completion of the Talasol project, and the expectation of a significant cash
                flow from the project,</div>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2c271de2fb1482b9afa41e5ddcf847d">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(xiii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>
                <div style="line-height: 1.25;">the Company has a material multi-year investment plan, which includes, among other things, the completion of the
                  construction of the Talasol project in Spain in the short term, another PV project in Spain and a new portfolio of projects in Italy. According to the Company&#8217;s forecast, the capital expenditures are expected to be around &#8364;400 million in
                  the years 2020-2023,</div>
              </div>
            </td>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zadae451774ce4861a1baf097a90afd34">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(xiv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the level of the Company&#8217;s balance sheet leverage is relatively low as of the end of March 2020, but is expected to increase in the short to medium term, following the completion of the establishment of the Talasol project and the
                initiation of additional projects. However, Midroog assumes that the Company will balance the level of leverage by raising capital, in accordance with its ongoing needs, as the investment plan progresses,</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zedf511e1b1e8450d89d3c408b7ebee7c">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(xv)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the Company&#8217;s financial policy in connection with the holding of liquid balances supports the rating, when as of March 31, 2020, the liquid balances were approximately &#8364;66 million (including short-term deposits and marketable
                securities), and in the short-medium term the Company is expected to hold a minimum cash level of at least &#8364;30-&#8364;40 million,</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c19129e887a4230a3c5bdb87f13712a">

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            <td style="width: -0.55pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(xvi)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the Company has good financial flexibility, which is reflected, among others, in accessibility to banks and the capital market, and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d190513bbe24f9ab348c52f8e34e1f6">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(xvii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>structural and cash flow inferiority of the Company in relation to its senior debt and inferior debts at the level of the projects that it holds.</div>
            </td>
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      </table>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;"> </div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic;">The foregoing is only a general description of certain issues raised in the rating report and you are urged to read the rating report in its entirety. An unofficial translation
        to English of the Midroog report will be uploaded to the &#8220;Investors&#8221; section of the Company&#8217;s website.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-style: italic;">A security rating is not a recommendation to buy, sell or hold securities, it may be subject to revision or withdrawal at any time by the assigning rating organization, and each
        rating should be evaluated independently of any other rating. This report shall not constitute an offer to sell or the solicitation of an offer to buy any securities.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Information Relating to Forward-Looking Statements</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">This report contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company&#8217;s
        management. All statements, other than statements of historical facts, included in this report regarding the Company&#8217;s plans and objectives, expectations and assumptions of management are forward-looking statements.&#160; The use of certain words,
        including the words &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;believe&#8221; and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not
        actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company&#8217;s forward-looking statements. Various important factors could cause actual results or events
        to differ materially from those that may be expressed or implied by the Company&#8217;s forward-looking statements, including changes in the ratings of the Company&#8217;s debentures, changes in the market and potential defaults of the Company under the
        debentures and the impact of the COVID-19 pandemic on the Company&#8217;s operations and projects, including in connection with steps taken by authorities in countries in which the Company operates, regulatory changes, changes in the supply and prices of
        resources required for the operation of the Company&#8217;s facilities (such as waste and natural gas) and in the price of oil, changes in demand and technical and other disruptions in the operations or construction of the power plants owned by the
        Company. These and other risks and uncertainties associated with the Company&#8217;s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form
        20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.</div>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Signatures</div>
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      <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
        authorized.</div>
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                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Ellomay Capital Ltd.</div>
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                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">By: <font style="font-style: italic;"><u>/s/ Ran Fridrich</u></font></div>
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Ran Fridrich</div>
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Chief Executive Officer and Director</div>
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      <div style="text-align: justify; text-indent: -216pt; margin-left: 216pt; line-height: 1.25;">Dated: August 3, 2020</div>
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