May 17, 2022

PLAZA CENTERS N.V.

UPDATE REGARDING SUBMISSION OF A REQUEST FOR ARBITRATION AGAINST ROMANIA WITH RESPECT TO THE "CASA RADIO" PROJECT

Further to its previous announcements dated January 14, 2022 and February 15, 2022, Plaza Centers N.V. ("Plaza" or the "Company") announces today that having already issued a Notice of Dispute and Acceptance of Offer and Consent to Arbitrate to Romania with respect to the "Casa Radio" project (the "Project") on February 14, 2022, the Company submitted a Request for Arbitration against Romania with respect to the Project at the International Centre for Settlement of Investment Disputes on May 16, 2022. The Company seeks full compensation for its losses with respect to the Project, currently estimated to be up to EUR 262,200,000.

Ends

For further details, please contact:

Plaza

Ron Hadassi, Executive director;                                                     972-526-076-236

Notes to Editors

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