May 19, 2022

PLAZA CENTERS N.V.

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

Plaza Centers N.V. ("Plaza" or the "Company") announces today, further to its press release dated April 13, 2022 (the "Previous Press Release") regarding the dispute between Elbit Plaza India Real Estate Holdings Limited (a subsidiary held equally by the Company (47.5%) and Elbit Imaging Ltd. (47.5%)) ("EPI") and a local investor (the "Purchaser") which undertook to acquire EPI's whole rights in the site in Bangalore, India (the "Asset"); that the Purchaser has deposited an amount of INR 10 crores (approximately EURO 1.2 million) with the relevant SPV and that the Parties continue to act to complete the transaction on the terms as set forth in the Previous Press Release .

Ends

For further details, please contact:

Plaza

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

Forward-looking statement

This press release may contain forward-looking statements with respect to the completion of the transaction. 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, and, on the Warsaw Stock Exchange (LSE: "PLAZ", WSE: "PLZ/PLAZACNTR") and, on the Tel Aviv Stock Exchange("PLAZ").