Preliminary Results for the year to 31 December 2008

1. Preliminary Results for the year to 31 December 2008 30 March 2009

2. Agenda • Financial Highlights • Operational Highlights • Projects Overview • Dividend • Summary and Outlook

3. Financial Highlights • Profit before tax of €68million (31December 2007: €227 million) owing to the disposal of Plzen Plaza in the Czech Republic, price adjustments following the sale of Arena Plaza and gains from financing activities • Gross revenues and gains from sales and operations of properties of €99 million (31 December 2007: €510 million), with no revaluation gains, as per the Group’s policy • Total assets of €959 million (31 December 2007: €761 million) • Basic and diluted EPS €0.23 (31 December 2007: basic €0.78, diluted €0.77) • Net Asset Value down 35% to €0.7 billion (31 December 2007: €1.06 billion) • Net Asset Value per share £2.26 (31 December 2007: £2.52 post dividend), a decline of 10.3% (decline lower than EUR NAV decline due to weakening of Sterling)

4. Financial Highlights (cont.) • Conservative gearing position maintained with minor debt comprising only 47% of equity (31 December 2007: 10%) • Current cash position of circa €170 million; €178 million at the year end (31 December 2007: €93 million) with working capital of €698 million (31 December 2007: €625 million) • Gross proceeds raised of approximately €153 million from a bond issue to Israeli institutional investors between February and May 2008, providing significant additional financial flexibility • The Board has taken the prudent decision not to recommend a dividend for 2008 in order to preserve the capital liquidity within the Company • Share buyback programme initiated with Plaza acquiring 14.5 million shares at an average price of £0.53 purchased up to 15 January 2009 (9.21 million shares at 31 December 2008). Elbit Imaging Ltd. (“Elbit”), Plaza’s ultimate parent company, also purchased 4.79 million shares bringing its effective shareholding to 73.69%.

5. Financial OverviewResults • 2008: Pilzen Plaza sale -€61m, Arena price adjustment - €22m, Fantasy Park - €10m, rent - €5m.2007:including sale of Arena Plaza – €366m, Sosnowiec Plaza and Rybnik Plaza - €90m, Lublin Plaza - €39m, Novo Plaza price adjustment - €1.7m; Rent – €4.5m, Fantasy Park – €6.6m. • 2007 – Mainly net gain from selling Duna Plaza Offices. • 2008 -including sale of Pilzen Plaza - €42m, property operation – 13m, 2007 - Cost of sale of Arena - €162m, Cost of sale of Rybnik and Sosnowiec – €67m, Cost of sale of Lublin - €30m,Property operations - €9.7m

6. Financial Overview (Cont.)

7. Financial Overview (Cont.) NOTES TO THE RESULTS • Administrative expenses maintained at similar level mainly due to decrease in non-cash share based payments to €6.3 million (2006: €7.6 million) offset by increase in volume of activity in operations in additional countries - circa €1.5 million (2) In line with group policy,the Company’s operational profit reflects the net cash profit from the selling of Pilzen Plazatrading property and the Arena Plaza price adjustment • Due to higher cash balances and the changes in the fair value of the bonds issued in 2007 and 2008 (devaluation in fair value causes accounting gain as the liability is reduced) and related derivatives • Mainly impairment of property, plant and equipment (5) Current income tax remains low due to favourable tax structure (Dutch holding company)

8. Financial Overview (Cont.)Balance sheet and cash flow • Net assets of €610.2 million (31 December 2007: €603.5 million), with increase primarily due to Plaza’s profits from exercise of trading properties • Cash and short term deposits increased to €178 million (2007: €66 million) mainly due to: • Receiving approximately €485 million from the raising of bonds and proceeds from disposals of Arena and Pilzen Plaza • Offset mainly by extensive investment in new plots and joint ventures, as well as ongoing devlopment of existing schemes (approximately €363 million) Current cash balances following receipt of Arena proceeds and bond issuance - €170 million

9. NAV The main impact on the reduction in NAV came from the decrease in the value of most of the Company’s assets, especially in CEE, driven principally by a decline in rental levels as well as yield expansion, a reflection of overall market conditions in the CEE region  This reduction was partially offset by the Arena Plaza price adjustment and the Plzen Plaza value uplift, totalling approximately €23 million. In total, the NAV decreased by 35% compared to 31 December 2007 (1) Excluding Plaza Bas Projects which were not valued (2)Excluding book value of assets which were valued by King Sturge LLP The resulting NAV per issued share is £2.26 as at 31 December 2008, a 10.3% decrease compared to 31 December 2007 (31 December 2007: £2.52 post dividend)

10. Operational Highlights 2008 Portfolio Development • Successful handover of Plzen Plaza in the Czech Republic to Klépierre. The asset value on handover was €61.4 million, an increase of 43% compared to valuation at IPO • Completed the acquisition of four development projects, located in Romania and Poland: • Two developments in Hunedoara and Targu Mures, Romania with an anticipated gross lettable area (“GLA”) of 13,000 sqm and 30,000 sqm, respectively • Two projects in Poland in the cities of Kielce (GLA 33,000 sqm) and in Leszno (GLA 16,000 sqm) • Good progress on current developments under construction. Development activities limited to eight projects located in areas with the highest market demand and with favourable financing opportunities, namely Casa Radio and Miercurea Ciuc in Romania, Dream Island in Hungary, Liberec in Czech Republic, Koregaon Park in India, Riga in Latvia Suwalki and Zgorzelec in Poland

11. Operational Highlights 2008 (cont.) • Dream Island, in which Plaza now holds a 43.5% stake, won the first ever major casino licence to be awarded in Budapest, Hungary for its planned circa €1.5 billion entertainment and mixed use development • Joint venture signed with Elbit to develop three major mixed use projects in India, located in the cities of Bangalore, Chennai and Kochi • Acquisition of the entire 50% interest of Plaza’s joint venture partner in the Koregaon Park development in Pune, India for a total consideration of approximately $20 million • Significant progress made on two shopping centres to be opened in Q1 2009 - Liberec Plaza, Czech Republic and Riga Plaza, Latvia

12. Operational Highlights 2008 (cont.) Financial Markets • Signed and secured bank loan agreements for the construction of projects in Suwalki, Poland (€42.2 million), Zgorzelec, Poland (€35.1 million) and Miercurea Ciuc, Romania (€19.9 million) • Gross proceeds of approximately €153 million were raised from a bond issue to Israeli institutional investors between February and May 2008 • Active share buyback programme initiated: • 14.5 million shares acquired by Plaza at average price of £0.53 • 4.79 million shares acquired by Elbit

13. Key Highlights since the period end • Plaza acquired a 51% stake(with an option to increase to up to 75%)from a local developer in a new 75,000 sqm (GBA) development of retail and office space in Sofia, Bulgaria, for a total consideration of €7.14 million (€2.78 million cash payment and the rest by debt assumption). The development project has a credit facility in place • In March 2009, Plaza and MKB Bank (a leading Hungarian commercial bank which is a subsidiary of the German Bayerische Landesbank)purchased a 27% interest in Dream Island from CP Holding Ltd (a company controlled by Sir Bernard Schreier) for a consideration of €21.4 million (€12 million cash payment and the rest by debt assumption). Plaza and MKB as a 50:50 joint venture now hold a 87% interest in the project • Liberec Plaza shopping centre opened to the public on 26 March 2009

14. Projects Overview to date • Company head office, Palazzo Ducale and Prague 3 Office

15. Projects Overview to Date Romania - projects under development * all completion dates of the projects are subject to securing external financing

16. Projects Overview to Date Poland - projects under development * all completion dates of the projects are subject to securing external financing

17. Projects Overview to Date India - projects under development * all completion dates of the projects are subject to securing external financing

18. Projects Overview to DateCzech Republic - projects under development * all completion dates of the projects are subject to securing external financing

19. Projects Overview to DateHungary & Bulgaria - projects under development * all completion dates of the projects are subject to securing external financing

20. Projects Overview to Date Serbia, Greece & Latvia - projects under development * all completion dates of the projects are subject to securing external financing

21. Dividend • The basis of the Company’s stated dividend policy at the time of its IPO was to reflect the long-term earnings and cash flow potential of the Group, taking into account the Company’s capital requirements, while at the same time maintaining an appropriate level of dividend cover • However, given market conditions over the last 12 months, and as a material part of the annual profits resulted from financing activities rather than the realisation of real estate assets, the Board has taken the prudent step not to recommend the payment of a dividend for the year ended 31 December 2008, in order to preserve capital liquidity within the Company • The Board will continue to monitor overall market conditions, the ongoing committed capital requirements of the Company and its expected future cash flow when considering any future dividend payments

22. Building upon our successful business model • Highly successful track record of developing, letting and selling shopping & entertainment centres in CEE for over 13 years • Geographic expansion beyond CEE • Strong ability to identify new growth opportunities in existing as well as new countries • Flexibility and ability to anticipate and adapt to market trends • Highly skilled management team with extensive local property expertise,knowledge and a proven ability to source strategic development sites and design projects • Extensive network and strong relationships with leading international retailers • Strong and evolving brand name aids letting and pre-sales • Thorough project evaluationprior to sourcing and commencing each development opportunity • Successful project management - almost all projects to date finished on time and within budget

23. Outlook • Construction program for existing portfolio projects progressing well • ‘Flight to quality’ amongst international retailers looking to expand leaves Plaza ideally positioned to meet tenant demand • Maintain a cautious view on development pipeline projects which are expected to be delivered from 2010, with a focus on areas with highest market demand where financing terms are more favorable • Conservative gearing levels and significant cash resources provide the Company with a strong platform with which to make opportunistic acquisitions • Where clear and sometimes exceptional opportunities arise to enhance capital and income, Plaza will acquire high yielding mature assets in new markets such as the United States where the management team of Plaza can utilize its track record of managing investment assets We remain confident in the excellent long term growth prospects of the Company