UPDATE ON POSSIBLE FORWARD SALE OF BELGRADE PLAZA

3 November 2016

PLAZA CENTERS N.V.

UPDATE ON A POSSIBLE FORWARD SALE OF BELGRADE PLAZA

Further to its announcement of 26 October 2016, Plaza Centers N.V. ("Plaza" or the "Company"), an emerging markets property developer, wishes to inform the market that it has signed a new non-binding Letter of Intent ("LOI") with BIG Shopping Centers Ltd., a publically traded company listed in the TA 100 Index (the top 100 companies traded on the Tel Aviv Stock Exchange) (with or without affiliates, the "Purchaser"), regarding a possible forward sale of Belgrade Plaza shopping and entertainment center ("Belgrade Plaza") in Belgrade, Serbia.

The LOI binds the Purchaser to a strict timeline for committing a comprehensive Due Diligence and finalising a detailed binding agreement which determines that the transaction should conclude by the end of the year.

Should the transaction proceed to a signed share purchase agreement, following the due diligence process, Plaza will receive up to €28 million from the Purchaser upon the signing of the agreement as a first installment, and will be due further payments during the first year of operation, subject to certain targets and milestones being met. The Purchaser will provide a guarantee to secure such further payments.

The final agreed value of Belgrade Plaza will be calculated based on a cap rate of 8.25% and the sustainable NOI after 12 months of operation (estimated NOI by the Company at that time stage is circa €7.5 million per year). Plaza has a line of credit from a financing bank for the development of Belgrade Plaza to a maximum amount of €42 million.

While it is expected that the disposal of Belgrade Plaza will be finalised in the fourth quarter of this year, at this point in time there is no certainty that the transaction will be completed. Plaza will update the market on the progress of the transaction as appropriate.

Ends

For further details, please contact:

Plaza

Dori Keren, Acting CEO +48 22 231 99 00

FTI Consulting

Dido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000

Notes to Editors

Plaza Centers N.V. (www.plazacenters.com) is an emerging markets developer of shopping and entertainment centres. It focuses on constructing new centres and, where there is significant redevelopment potential, redeveloping existing centres in both capital cities and important regional centres. The Company is listed on the Main Board of the London Stock Exchange, as of 19 October 2007, on the Warsaw Stock Exchange (LSE:"PLAZ", WSE: "PLZ/PLAZACNTR") and, on the Tel Aviv Stock Exchange. Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EI"), an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange in Israel and on the NASDAQ Global Market in the United States. Plaza Centers has been active in real estate development in emerging markets for over 20 years.