UPDATE ON THE DISPOSAL OF GREEK DEVELOPMENT PLOT

21 December 2016

PLAZA CENTERS N.V.

UPDATE ON THE DISPOSAL OF GREEK DEVELOPMENT PLOT

Plaza Centers N.V. ("Plaza" or the "Company"), an emerging markets property developer, announces that, further to the announcement of 6 December 2016, the long stop date for the conclusion of the transaction has passed without a final agreement having been signed.

The Company will continue to consider all opportunities for the disposal of the asset.

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.