UPDATE ON A SALE ON ITS HOLDINGS IN CHENNAI, INDIA

June 21 2021

PLAZA CENTERS N.V.

UPDATE REGARDING SALE OF ITS HOLDINGS IN THE PROJECT IN CHENNAI, INDIA

Plaza Centers N.V. ("Plaza" or the "Company") announces today, further to its announcements dated March 31, 2021, April 29, 2021 and June 2, 2021 (the "Previous Announcements"), regarding the agreement (the "SPA") between Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%)) ("EPI") and the purchaser (the "Purchaser") for the sale of 100% stake in the SPV (subsidiary of EPI) which owns 74.7 acre plot in Chennai, India, for a total consideration of INR 96.5 crores (approximately Euro 11.2 million); that the Purchaser completed the transaction and paid a consideration of INR 94.7 crores (approximately EUR 10.6 million).

The change in the consideration is due to the Purchaser's consent to take some additional liabilities in connection with the SPV (which were not included in the original agreement with the Purchaser).

As stated above, Plaza is entitled to receive 50% of the transaction's compensation. Accordingly, so far Plaza received, in practice, advanced payments in a total consideration of EUR 1.05 million, and as of today, upon completion of the transaction, Plaza is expected to receive an additional consideration of approximately EUR 4.25 million.

Furthermore, Plaza and Elbit Imaging Ltd granted the Purchaser an indemnification, jointly and severally, for some of EPI's presentations, which are presentations customary in such transactions.

Ends

For further details, please contact:

Plaza

Ran Yaacovs, CFO 972-546-303-006

Forward-looking statement

This press release may contain forward-looking statements with respect to Plaza Centers N.V. future (financial) performance and position. Such statements are based on current expectations, estimates and projections of Plaza Centers N.V. and information currently available to the Company. Plaza Centers N.V. cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements.

Notes to Editors

Plaza Centers N.V. (www.plazacenters.com) is listed on the Main Board of the London Stock Exchange, on the Warsaw Stock Exchange (LSE: "PLAZ", WSE: "PLZ/PLAZACNTR") and, on the Tel Aviv Stock Exchange.