PLAZA CENTERS N.V. - INDEPENDENT REPORT RE ELBIT IMAGING (16/2013)

| | POLISH FINANCIAL SUPERVISION AUTHORITY | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | UNI - EN REPORT No | 16 | / | 2013 | | | | |
| | Date of issue: | 2013-06-18 | | | | | | | | | |
| | Short name of the issuer | | | | | | | | | | |
| | PLAZA CENTERS N.V. | | | | | | | | | | |
| | Subject | | | | | | | | | | |
| | INDEPENDENT REPORT RE ELBIT IMAGING | | | | | | | | | | |
| | Official market - legal basis | | | | | | | | | | |
| | Inne uregulowania | | | | | | | | | | |
| | Unofficial market - legal basis | | | | | | | | | | |
| | Contents of the report: | | | | | | | | | | |
| | Plaza Centers confirms that, on 17 June 2013, Fahn Kanne (the Israeli special advisory services arm of Grant Thornton), an independent economic expert appointed by Plaza Centers? majority shareholder, Elbit Imaging Ltd. (?Elbit"), published its opinion on the potential value of Elbit. Within its report, which was written on the assumption that Elbit will continue as a going concern after its debt restructuring and that it would continue to work to exploit the full potential of its assets, Fahn Kanne provided its opinion about the net asset value of Plaza Centers, in which Elbit owns a shareholding of 62.5%. This section of the report (translated from Hebrew to English) is provided as below: 5.3 Summary of Plaza Centers? Valuation The following table presents the Valuation summary of Elbit?s holding in Plaza Centers: Calculation of the value of the holding in Plaza Centers? shares Financial data in EUR ?000 (unless mentioned otherwise) Estimate range Net Asset value of Projects 631,211 - 644,408 Cash and
deposits 101,672 ? 101,672 Finance expenses due to delay in construction (19,151) - (9,575) Administrative expenses (17,471) - (17,471) Finance debt (246,198) - (246,198) Value of Plaza shares ? based on NAV calculation 450,063 - 472,836 Elbit Imaging?s holding 62.5% Value of Elbit?s holding in Plaza 281,289 - 295,522 Exchange rate EUR-ILS at 11.06.2013 EUR 1.00 ? ILS 4.8388 Value of Elbit?s holding in Plaza (ILS in thousands) 1,361,103 - 1,429,974 For further details, please contact: Plaza Ran Shtarkman, President and CEO +36 1 462 7221 Roy Linden, CFO +36 1 462 7222 FTI Consulting +44 20 7831 3113 Stephanie Highett Nina Legge Notes to Editors About Plaza Centers Plaza Centers N.V. (www.plazacenters.com) is a leading 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 dual listed on the Main Board of
the London Stock Exchange and, as of 19 October 2007, on the Warsaw Stock Exchange (LSE:"PLAZ", WSE: ?PLZ/PLAZACNTR"). 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 is a member of the Europe Israel Group of companies which is controlled by its founder, Mr Mordechay Zisser. It has been active in real estate development in emerging markets for over 17 years. | | | | | | | | | | |
| | Annexes | | | | | | | | | | |
| | File | Description | | | | | | | | | |
| | 18 06 13 - Elbit debt settlement - FINAL.pdf | | | | | | | | | | |

REPORT
INFORMATION ABOUT THE ENTITY
SIGNATURE OF PERSONS REPRESENTING THE COMPANY

| | | PLAZA CENTERS N.V. | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | | (fullname of the issuer) | | | | | |
| | | PLAZA CENTERS N.V. | | Budownictwo (bud) | | | |
| | | (short name of the issuer) | | (sector according to clasification of the WSE in Warsow) | | | |
| | | 1016EA | | Amsterdam | | | |
| | | (post code) | | (city) | | | |
| | | Keizergracht 241 | | 241 | | | |
| | | (street) | | (number) | | | |
| | | (phone number) | | | (fax) | | |
| | | (e-mail) | | | (web site) | | |
| | | (NIP)
| | | (REGON) | | |

REPORT
INFORMATION ABOUT THE ENTITY
SIGNATURE OF PERSONS REPRESENTING THE COMPANY

REPORT
INFORMATION ABOUT THE ENTITY
SIGNATURE OF PERSONS REPRESENTING THE COMPANY