Investors Presentation
March, 2009
Disclaimer
This document is not a prospectus. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase
or subscribe for, any securities of the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or
investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.
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Promotion) Order 2005 (the “Order”); or (ii) persons falling within Article 49(2)(a) to (d) of the Order; or (iii) to those persons to whom it can otherwise lawfully be
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investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.
This presentation has been prepared by Plaza Centers N.V. (the “Company”) solely for its use at the presentation to investors to be made during March-April 2009. By
attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations.
The information in this presentation is given in confidence and the recipients of this presentation should not base any behaviour in relation to qualifying investments or
relevant products (as defined in Financial Services and Markets Act 2000 (as amended) (“FSMA”) and the Code of Market Conduct (made pursuant to FSMA) which
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This presentation has been prepared by, and is the sole responsibility of, the Company. The information set out herein has not been verified by the Company or any
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other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and any reliance you place on them will be at
your sole risk. Without prejudice to the foregoing, the Company, their advisors and their respective affiliates, directors, officers or employees do not and will not
accept any liability whatsoever for any loss howsoever arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection
therewith.
Certain statements in this presentation constitute “forward-looking statements”. These statements, which contain the words “anticipate”, “believe”, “intend”,
“estimate”, “expect” and words of similar meaning, reflect the Directors’ beliefs and expectations and are subject to risks and uncertainties that may cause actual
results to differ materially. These risks and uncertainties include, among other factors, changing business or other market conditions and the prospects for growth
anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described
herein. As a result, you are cautioned not to place undue reliance on such forward-looking statements. The Company and their advisors and each of their respective
members, directors, officers and employees disclaim any obligation to update the Company’s view of such risks and uncertainties or to publicly announce the result of
any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law.
2
The Plaza Centers Team
Mordechay Zisser, Chairman
 Founder of the Europe Israel Group of
companies and Chairman of the board of
directors of Elbit Imaging Ltd.
 Has developed some of the most
ambitious and prestigious real estate
development projects in Israel (including
the city of Emmanuel, the Herzlia
Marina, the Ashkelon Marina, and the
Sea and Sun luxury residential project in
northern Tel Aviv), large scale
residential projects in South Africa, hotel
projects in South Africa and Western
Europe shopping and entertainment
centre developments in CEE and India
3
Ran Shtarkman, President & CEO
 CPA, MBA. Mr Shtarkman joined the
Company in 2002, was appointed the
Chief Financial Officer of Plaza Centers
in 2004 and was promoted to the CEO
position in August 2006
 Prior to joining the Company, he acted
as the CFO of SPL Software Ltd., the
Finance and Administration Manager of
the Israel representative office of
Continental Airlines (a publicly traded
company - NYSE) and the controller of
Natour Ltd. (a publicly traded company TASE)
Roy Linden, CFO
 Mr. Linden joined the company in
November 2006 and acts as the group’s
CFO
 Prior to joining the Company, he spent
nearly 4 years at KPMG in Hungary,
acting as a Manager in the real estate
desk, specializing in auditing, business
advisory, local and international taxation
for companies operating throughout the
CEE region
 Mr Linden also spent 3 years at Ernst
and Young in Israel, as a senior member
of an audit team specialized in high-tech
companies
Table of Contents
4
SECTION 1
Investment Case
SECTION 2
Key Highlights
SECTION 3
Property Portfolio
SECTION 4
Conclusions
APPENDIX A
APPENDIX B
APPENDIX C
Current Projects
Financial Overview
Company Track Record
Section 1:
Investment Case
Investment Highlights (1)
Leading
emerging
markets
developer
of shopping and
entertainment
centres ...
6

13-year track record of developing shopping & entertainment centres in CEE —
Plaza Centers has been active in the region since 1996 and was the first to develop
western-style shopping centres in Hungary

Plaza has pioneered this concept throughout the CEE whilst building a strong track record
of successfully developing, letting and selling shopping and entertainment centres. The
group has recently extended its area of operations beyond the CEE into India

Plaza has 33 development assets and 3 office buildings which it owns, as well as a
broad and constantly evolving pipeline in both CEE and India — the group has the
ability to identify new growth opportunities, constantly targeting attractive returns in fast
growing emerging markets, evidenced by recent portfolio additions

Flexibility and ability to anticipate and adapt to market trends — Plaza is well
positioned to satisfy the significant retail demand resulting from rapidly growing incomes as
well as increasingly westernised tastes and habits of emerging market populations.
Decisions to dispose of portfolio properties are based on an in-depth analysis of market
situation
Investment Highlights (2)

... with a
longstanding
track record in
CEE, expanding
portfolio and
clearly identified
pipeline ...




7
Highly skilled management team — extensive local and business knowledge with a
proven ability to source strategic development sites and design projects that meet the
demands of the local market. Many management team members have been with us for
several years
Extensive network — strong relationships with both leading international retailers and
property investors as demonstrated by the proven ability to pre-sell projects (before or
during the construction) and achieve at least 90% of pre-lettings
Strong brand name — Plaza Centers has become a widely recognised brand name for
successful property development in CEE which is beneficial at all stages of project
execution (e.g. following portfolio sales to Klépierre, Dawnay Day and aAIM, the
purchasers continue to use the “Plaza Centers” trade name under license)
Thorough project evaluation — prior to each project, Plaza goes through a carefully
developed, structured evaluation process involving each of the relevant disciplines
(economics, engineering, marketing, etc)
Successful project management — almost all projects to date finished on time and
within budget
Investment Highlights (3)
... listed on the
Main Board of
the London
Stock Exchange
since 2006 and
on the Warsaw
Stock Exchange
since October
2007
8

Since foundation, the group has sold 26 assets with a gross value of €1,168m

The Group owns 33 development projects and is also involved in advanced negotiations
for several additional new development sites. As at 31 December 2008, the market value
on completion of the projects owned was €4,162m

On 1 November 2006, the Company raised c. £166m (c. €247m) from its IPO and began
trading on the Main Board of the London Stock Exchange

Since 19 October 2007, Plaza centers shares are also traded in the main list on the
Warsaw stock exchange - first property company to achieve London-Warsaw dual
lisitng

Plaza Centers has acquired 24 development sites and sold 5 shopping and entertainment
centres since the IPO, all 5 were 100% leased on opening

Between July 2007 – May 2008, Plaza issued c. €206m of bonds on the Tel Aviv stock
exchange
History
Developed, let
and sold 26
shopping and
entertainment
centres in the
CEE region
with an
aggregate
gross value of
€1,168m
1996
1996–2004
2004
2005
2005
2005
2006
2006
2006
2007
2007
2007
2007-2008
2008




First investment in Hungary
Developed and managed a portfolio of 20 shopping and entertainment centres
Sold 12 shopping and entertainment centres to Klépierre at a gross asset value of €278m (c. 9.3% net yield)
Sold 4 shopping and entertainment centres to Dawnay Day at a gross asset value of €54m (c. 9.2% net yield)
Sold 4 shopping and entertainment centres to Klépierre at a gross asset value of €204m (c. 8.4% net yield)
Forward sold 5 shopping and entertainment centres to Klépierre
Raised £166.2m from issuing 92.3m ordinary shares listed on the Main Board of the LSE
Sold 1 shopping and entertainment centre to Klépierre at a gross asset value of €50m (c. 7.9% net yield)
First transaction in India
Sold 3 shopping and entertainment centres to Klépierre at a gross asset value of €129m (c. 7.3% gross yield)
Sold 1 shopping and entertainment centre to aAIM for approx. €387m (c. 5.9% gross yield)
Introduction to Exchange trading shares of plaza centers in the main market on WSE
Gross proceeds raised of approximately €206m from bond issuance on the Tel Aviv stock exchange
Sold 1 shopping and entertainment centre to Klépierre at a gross asset value of €61.4m (c. 7.3% net yield)
As at 31 December 2008 market value on completion of the projects ownd was €4,162m (1)
Healthy pipeline in the Czech Republic, Poland, Romania, Serbia, India and other countries
Expanding into Indian market where expertise gained in CEE can be applied
Parent company Elbit Imaging is currently active in India and will offer Plaza first refusal of sites suitable for the
development of shopping and entertainment centres
(1) Excluding investment in Plaza Sofia Business center which was not owned as at 31 December 2008.
9
Strategy and Objectives
10
A clear and
focused
strategy
 Develop modern, western-style shopping and entertainment centres in capital and
regional cities primarily in CEE and more recently in India
 Acquire operating shopping centres that show significant redevelopment potential
 Pre-sell centres where market conditions are favourable, before or during the
construction
 Where the opportunity exists in CEE, draw upon skills of the Elbit Imaging Group to
participate in residential, hotel, offices and other development schemes
Objectives
 Target at least 4–5 new development projects per year
 Target returns of at least 40%–60% on equity invested
 Dividend policy—fixed 25% of realised development profits up to €30m, and 20–25%
of the excess thereafter, as decided by the Directors. Payable annually
Ownership Structure
Europe Israel
47.74%
Elbit Imaging
(Listed on Nasdaq and TASE)
73.69%
Plaza Centers NV
11

Plaza Centers is an indirect subsidiary of Elbit Imaging Ltd., an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange (TASE) in Israel
and the NASDAQ Stock Exchange in the United States

The Company is a member of the Europe Israel Group of companies which is controlled by its founder, Mr Mordechay Zisser. The Europe Israel Group holds interests
in a chain of 10 operational hotels in London, Amsterdam, Bucharest, Antwerp and Utrecht as well as 1 apartment hotel in Bucharest, which have been acquired and
developed by the Elbit Imaging Group.

The relationships between Plaza Centers and controlling shareholders will be governed by a relationship agreement which ensures transactions between the parties
are carried out on an arms length basis

Control Centers, a company owned by Mr Mordechay Zisser, will receive a payment of 5% of project execution costs (excluding cost of land and financing costs) for
providing coordination, planning, execution and supervision of each project
A Lean Management Structure Relying on Local Teams
Plaza Centers Board
Executive Directors
Mordechay (Motti) Zisser
Chairman
Ran Shtarkman
CEO
Shimon Yitzhaki
Director
Marco Wichers
Director
Senior Management
Edward Paap
Director
Marius Van Eibergen Santhagens
Director
Ran Shtarkman
CEO
Roy Linden
CFO
Uzi Eli
Legal Counsel
Ami Hayut
Chief Engineer
Uri Shetrit
Chief Architect
Functional Management Support
Local Country Management
Eli Mazor
Country Director (Poland)
Tal Ben Yehuda
Country Director
Regional Marketing Director (Europe)
Czech Republic, Slovakia, Baltic States
The Netherlands, Romania, Greece
Yossi offir
Country Director
Sagiv Meger
Country Director
Rostislav Levinzon
India
Country Director
Ukraine
Serbia and Balkan States
Daniel Belhassen
Country Director
Bulgaria
12
Luc Ronsmans
Country Director
Boris Dinaburg
Country Director
Russia
 Oversight of company strategy and
all project development decisions
 Wide-ranging property
development expertise
 Review and approval of business
plan and budgets
 Active management and monitoring
of development risks
 Experienced property development
professionals with global property
development expertise
 Responsible for sourcing
development projects
 Development of business plans
 Overseeing the management of
development projects
 Extensive local experience
 Cultivating connections within
market to source opportunities
 Day-to-day management of local
operations and developments
Section 2:
Key Highlights
Key Highlights 2008
Exits:
–
Handover of Plzen Plaza in the Czech Republic to Klepierre
–
Terms more favourable than those reflected in our prospectus (up by 43% to €61.4
million)
Financial strength and flexibility:
14
–
High cash balances (31 December, 2008: €178 million)
–
The Company has been granted a ilA/Stable rating by S&P Maalot and a rating of
A2/Stable by the Israeli affiliate of Moody’s Investors services
–
Between July 2007 and May 2008, Plaza Centers issued circa €206 million of bonds
on the Tel Aviv stock exchange, bearing favourable interest rates
–
First dividend of €57 million (c. £0.16 per share) was paid on June 12, 2008
–
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)
–
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., Plaza’s ultimate parent company also purchased
4.79 million shares bringing its effective shareholding to 73.69%.
Key Highlights 2008 (cont.)
7 new development sites acquired in 2008
Two in Poland:
–
Kielce Plaza with Gross Lettable Area (“GLA”) of approximately 33,000m2
–
Leszno Plaza with GLA of approximately 16,000m2
Two in Romania:
–
Hunedoara Plaza with GLA of approximately 13,000m2
–
Targu Mures Plaza with GLA of approximately 30,000m2
Three in India :
–
Bangalore with Gross Built Area (“GBA”) of approximately 2,100,000m2
–
Chennai with GBA of approximately 1,100,000m2
–
Kochi Island with GBA of approximately 575,000m2
Total portfolio now comprises 33 assets under development in nine countries
15
Key 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
–
Buyout acquisition of the 50% interest held by its joint venture partner in the
Koregaon Park development in Pune, India, for a total consideration of
approximately $20 million
–
Joint venture signed with Elbit Imaging Ltd., (“Elbit”) to develop three major mixed
use projects in India, located in the cities of Bangalore, Chennai and Kochi
Total portfolio now comprising 33 assets
under development in nine countries
16
Key Highlights 2008 (cont.)
New JV in India
 Plaza Centers has signed a joint venture agreement with Elbit Imaging Ltd. for the
development of major mixed-use projects in India
 Plaza acquired a 47.5% stake in Elbit India Real Estate Holding Limited which already
owns stakes of between 50% and 80% in three mixed-use projects in India, in conjunction
with local Indian partners
 The JV voting rights will be split 50:50 between Elbit and Plaza
 Combined total built area - 3.8 million sqm (excluding parking)
 Combined budget - US$3.4 billion (JV - c. US$1.9 billion)
 All three projects are in the design stage, and construction is expected to start in 2010
 Completion expected between 2012 - 2017
17
Key Highlights 2008 (cont.)
Bangalore
 Mixed-use project comprised of luxury residential units (Villas and Multi-level), office
complexes, a major retail facility, hotel complex, hospital, golf course, club houses and
ancillary amenity facilities
 Joint venture project, 50% owned by the JV and 50% owned by a prominent local
developer.
 Largest project in South India located on the eastern side of Bangalore
Bangalore
City population
Plaza Ownership
Land (sqm)
7,000,000
23.75%
1,780,000
Project Built Area
Shopping Centre
Offices
Hotels
Luxury Residential
Villas
GBA (excluding parking)
18
191,000
660,000
53,000
679,000
549,000
2,132,000
Key Highlights 2008 (cont.)
Chennai
 Mixed-use project comprised of high quality residential units (in both high-rise buildings
and villas), ancillary amenities such as club houses, swimming pools and sports facilities,
a local retail facility and an office complex
 Joint venture project, 80% owned by the JV and 20% owned by a prominent local
developer
 The property is located adjacent to the largest IT park in the area
Chennai
City population
Plaza Ownership
Land (sqm)
10,000,000
38%
546,000
Project Built Area
Retail
Offices
Residential
Villas
GBA (excluding parking)
19
20,000
20,000
984,000
81,000
1,105,000
Key Highlights 2008 (cont.)
Kochi Island
 Mixed-use project comprised of high-end residential apartment buildings, office
complexes, a hotel and serviced apartments complex, retail area and a marina
 Joint venture project, 50% owned by the JV and 50% owned by a prominent local
developer
 The property is located on a backwater island overlooking and a minute drive from the
administrative, commercial and retail hub of the city of Kochi
Kochi Island
City population
Plaza Ownership
Land (sqm)
3,000,000
23.75%
165,000
Project Built Area
Shopping centre
Offices
Hospitality
Luxury Residential
GBA (excluding parking)
20
27,000
120,000
68,000
360,000
575,000
Key Highlights 2009
 Plaza acquired a 51% stake (with an option to increase to up to 75%) from a local
developer in a new 75,000 sqm gross built area 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)
 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 Holdings 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
21
Plaza Centers position in current global credit crises




Due to the global crises Plaza has limited its ongoing development programme to
eight projects, focusing on areas with the high market demand and where financing
terms are more favourable
The remaining of the projects we continue with design and permits, and will
decide if to build based on availability of financing
Banks continue to finance construction, though in lower ratios and higher
costs: from the former DTC of 85%-100% to current 70%-85%, with margins
higher by 50 bps to 100 bps
Yet- we see Plaza as positioned strongly in current challenging credit
conditions:
– High Liquidity – Current cash balances of over €170 million
– The company is conservatively geared, 47% debt / equity ratio
– The group maintains good relations with the financing banks who remain
supportive of companies with strong track record. During the last year
Plaza has signed and secured bank loan agreements for the construction of
the projects in Suwalki, Poland (€42.2 million), Zgorzelec, Poland
(€35.1million) and Miercurea Ciuc, Romania (€19.9 million).
– Fast phase and efficient construction management which lowers the significant
impact of higher margins, in addition to being a trader-developer rather than
holder of yielding assets.
– Majority of projects expected to be completed in 2010 onwards, therefore no
need to sell in current market conditions.
22
Section 3:
Property Portfolio
Portfolio Composition – by Country
Currently Developing 33 Schemes in 9 Countries
1
1
7
6
1
6
4
Romania
Poland
India
Czech
Republic
3
Hungary
Under Development
24
3
Serbia
Offices
2
Bulgaria
1
1
Latvia
Greece
Portfolio Composition – by Value
Project
Shopping and entertainment center developments
1,127
Dream Island (value of Plaza’s 30% stake)
323
(4)
59
Casa Radio (value of Plaza’s 75% stake)
927
(5)
158
Indian mixed use projects (value of Plaza’s stake)
1,015
129
4,286,000 (GBA)
Mixed use projects
387(3)
58(3)
216,000
Other projects and developments
383
44
158,000
Total as at December 31, 2008
4,162
697
6,058,500
(1)
(2)
(3)
(4)
(5)
25
Market value on Market value of the land Total GLA (m2)(2)
completion (€m)1
and project (€m)(1)
Value as per King Sturge valuation report as at 31 December, 2008
All figures reflect 100%
Excluding Plaza Sofia Business center acquired in 2009, which was not externally valued yet
Value of Plaza’s 30% stake, the additional 13.5% stake was acquired after December 31, 2008
Value of Plaza’s 75% stake
249
(4)
(5)
448,500
350,000 (GBA)
600,000 (GBA)
Arena Plaza – Hungary
Overview

Arena Plaza is one of the largest shopping and entertainment centres in
CEE, with GLA of approx. 66,000m²

The site is prominently located in the heart of Budapest on the Kerepesi
Street in one of the most densely populated residential districts in Budapest,
adjacent to one of the major roads into Budapest and close to the Keleti
railway station (one of Budapest’s main international train stations with the
highest footfall)

Arena Plaza is also include the first IMAX cinema auditorium in Hungary

Sold: aAIM - €387m

Tenants mix: Tesco, Cinema City with IMAX 3D theatre and 22 other
screens, Peek & Cloppenburg, Zara, Hervis (sporting clothing & equipment),
Electro World, Hennes & Mauritz, C&A

Project status: Completed and fully let, opened on 15 November, 2007,
sold at a record 5.9% gross yield, representing circa 20% of all real estate
transactions in Hungary in 2007
26
Arena Plaza,
Budapest
Dream Island (Obuda) – Hungary
Overview:
 320,000 m² plot on the southern end of the Obuda Island on the Danube River in
central Budapest
 Plaza intends to develop the plot into a 350,000 m² business and leisure resort
including 3,000 hotel rooms, 1,000 leisure apartments, a convention centre
accommodating 3,500 delegates , a large scale American style casino, a 1,500 seat
opera house, a 3,500 seat theatre, a marina (with an anchorage for 300 vessels), a
shopping and entertainment centre, a Roman cultural museum and parking facilities
for approximately 5,500 vehicles
 The Group has a 50% shareholding in the SPV that has a 87% interest in the
consortium. The remaining members of the consortium are MKB Bank (approx.
43.5% indirect interest) and a company controlled by the managing director of the
consortium (approx. 10% direct interest) and minor minorities (3% interest)
 The Group will provide project management services and retain leading international
operators for the hotels, the casino, the convention hall and the cultural centre
 Debt funding for the project will be arranged by MKB Bank
 Project status: Modified Town Planning Scheme (KSZT) received following a
referendum amongst the residents of the local district. Initial excavation and
archaeological works commenced. Casino license for 20 years (+10 option) granted
in May 2008.
27
Obuda,
Budapest
Casa Radio – Romania
Overview:
 Plaza Centers owns 75% of the Company which will develop the Casa Radio project in
central Bucharest (in partnership with the Romanian state and another third party)
 Casa Radio is located on the border of Sector 1 and Sector 6 in the city of Bucharest,
which comprises a large area of the city centre as well as a high proportion of residential
apartments
 The property comprises a brownfield site covering an approximate area of 101,497 m²
 The proposed scheme will comprise refurbishment of the existing building as well as the
development of additional space annexed to the building and on adjoining land
 The scheme will include a shopping & entertainment centre of approximately 170,000 m²,
with a hypermarket of approximately 6,500 m² , a hotel of 35,000 m² (320 rooms), an
apartment hotel of 18,000 m², a conference centre of 14,000 m² and 130,000 m² of offices
 Project status: Under Construction
 The centre is scheduled to open in 2013
28
Casa Radio,
Bucharest
Section 4:
Conclusions
Conclusions
13-year track record of developing shopping and entertainment centres in CEE
Expanding portfolio and constantly evolving pipeline
Flexibility and ability to anticipate as well as adapt to market trends
Highly skilled and experienced management team
Strong relationships with leading international retailers and property investors
Strong brand name
Thorough project evaluation process
Successful project management - Exceptional track record of delivering projects on time and within budget
30
Appendix A:
Current Projects
Shopping & Entertainment Centres Developments
Project
Hungary
Uj Udvar
Poland
Suwalki Plaza
Torun Plaza
Zgorzelec Plaza
Kielce Plaza
Leszno Plaza
Czech Republic
Liberec Plaza
Opava Plaza
Latvia
Riga Plaza
Greece
Helios Plaza
Serbia
Kragujevac Plaza
Sport Star Plaza
Bulgaria
Shumen Plaza
Romania
Timisoara Plaza
Miercurea Ciuc Plaza
Slatina Plaza
Hunedoara Plaza
Targu Mures Plaza
City
Ownership (%)
GLA (m2)
Market value on
completion (€m)(1)
Market value of the
land and project
(€m)(1)
Expected
completion
Budapest
35
16,000
3.3
3.3
2011
Suwalki
Torun
Zgorzelec
Kielce
Leszno
100
100
100
100
100
20,000
44,000
13,000
33,000
16,000
56.9
111.4
30.6
87.0
1.5
7.0
14.2
3.7
6.7
1.5
2010
2011
2010
2012
2012
Liberec
Opava
100
100
17,000
13,000
45.3
38.4
45.3
5.7
Completed
2012
Riga
50
49,000
64.1
51.8
Q1 2009
Athens
100
25,000
93.3
24.2
2012
Kragujevac
Belgrade
100
100
24,500
45,000
101.6
170.8
12.3
18.8
2011
2012
Shumen
100
20,000
45.2
10.3
2011
Timisoara
Miercurea Ciuc
Slatina
Hunedoara
Targu Mures
100
100
100
100
100
43,000
14,000
17,000
13,000
30,000
114.5
31.3
37.5
30.0
64.7
22.8
8.1
2.7
3.5
6.6
2012
2010
2011
2011
2012
—
452,500
1,127.4
248.5
—
Total
(1) Value as per King Sturge valuation reports as at 31 December 2008
32
Other Properties and Developments
Project
Extensions
Arena Plaza Extension
Mixed use developments
Dream Island, Obuda (3)
Casa Radio (3)
Iasi Plaza
Koregaon Park (3)
Kharadi (3)
Trivandrum (3)
Bangalore(3)
Chennai(3)
Kochi(3)
Belgrade(3) Plaza
Plaza Sofia Business Center
Existing offices
David House
Palazzo Ducale
Residential
Prague III
Roztoky
Lodz
Total
Expected
completion
City
Ownership (%)
GLA (m )
Budapest
100
40,000
69.5
10.4
2012
Budapest
Bucharest
Iasi
Pune
Pune
Trivandrum
Bangalore
Chennai
Kochi
Belgrade
Sofia
43.5(2)
75
100
100
50
50
23.75
38
23.75
100
51
350,000
600,000
62,000
111,000
205,000
195,000
2,100,000
1,100,000
575,000
70,000
44,000
323(4)
927.0
134.0
70.2
56.3
47.0
466.9
269.6
105.2
183.1
—(5)
59(4)
158.7
19.0
25.6
13.8
9.5
57.9
18.9
3.0
28.2
—(5)
2012-2014
2013
2012
2011
2012
—
2012-2017
2012-2015
2012-2015
2013
2012
Budapest
Bucharest
100
100
2,000
700
4.4
2.1
4.4
2.1
Completed
Completed
Prague
Prague
Lodz
100
100
100
61,600
14,000
80,000
20.0
3.4
14.8
—
2013
—
—
5,610,300.0
160.0
24.4
192.0
3,034.7
448.7
—
(1) Value as per King Sturge valuation reports as at 31 December 2008
(2) Indirect (the Company has a 50% shareholding in a company which has a 87% interest in the consortium which owns the project)
(3) GBA
(4) The value reflects 30% stake since the additional 13.5% was purchased after December 31, 2008
(5) The project was not valued since it was acquired after December 31,2008
33
Market value of the
land and project
(€m)(1)
Market value on
completion (€m)(1)
2
Projects overview - Romania
Casa Radio






City: Bucharest
Type: Mixed use
Size: 600,000 (GBA)
Plaza Share: 75%
Completion Date: 2013
Status: Under construction
Iasi Plaza






34
City: Iasi
Type: Mixed Use
Size: 62,000 (GLA)
Plaza Share: 100%
Completion Date: 2012
Status: Planning stage
Timisoara Plaza






City: Timisoara
Type: Shopping & entertainment centre
Size: 43,000 (GLA)
Plaza Share: 100%
Completion Date: 2012
Status: Planning and permits stage
Slatina Plaza






City: Slatina
Type: Shopping & entertainment centre
Size: 17,000 (GLA)
Plaza Share: 100%
Completion Date: 2011
Status: Planning stage
Projects overview - Romania
Targu Mures Plaza
Csiki Plaza






City: Miercurea Ciuc
Type: Shopping & entertainment centre
Size: 14,000 (GLA)
Plaza Share: 100%
Completion Date: 2010
Status: Under construction






Hunedoara Plaza






35
City: Hunedoara
Type: Shopping & entertainment centre
Size: 13,000 (GLA)
Plaza Share: 100%
Completion Date: 2011
Status: Planning stage
City: Targu Mures
Type: Shopping & entertainment centre
Size: 30,000 (GLA)
Plaza Share: 100%
Completion Date: 2012
Status: Planning stage
Projects overview - Hungary
Arena Extension
Dream Island






City: Budapest
Type: Business and leisure resort
Size: 350,000 (GBA)
Plaza Share: 43.5%
Completion Date: 2012-2014
Status: Initial excavation and archaeological works, casino license obtained






City: Budapest
Type: office
Size: 40,000 (GLA)
Plaza Share: 100%
Completion Date: 2012
Status: Planning stage
Uj Udvar






36
City: Budapest
Type: Shopping & entertainment centre
Size: 16,000 (GLA)
Plaza Share: 35%
Completion Date: 2011
Status: Existing shopping centre for refurbishment
Projects overview - Poland
Suwalki Plaza
Torun Plaza






City: Torun
Type: Shopping & entertainment centre
Size: 44,000 (GLA)
Plaza Share: 100%
Completion Date: 2011
Status: Planning and permits stage






Zgorzelec Plaza






37
City: Zgorzelec
Type: Shopping & entertainment centre
Size: 13,000 (GLA)
Plaza Share: 100%
Completion Date: 2010
Status: Under construction
City: Suwalki
Type: Shopping & entertainment centre
Size: 20,000 (GLA)
Plaza Share: 100%
Completion Date:2010
Status: Under construction
Projects overview - Poland
Kielce Plaza
Leszno Plaza
Plaza Centers






38
City: Leszno
Type: Shopping & entertainment centre
Size: 16,000 (GLA)
Plaza Share: 100%
Completion Date: 2012
Status: Planning and permits stage






City: Kielce
Type: Shopping & entertainment centre
Size: 33,000 (GLA)
Plaza Share: 100%
Completion Date: 2012
Status: Planning and permits stage
Projects overview – Czech Republic
Liberec Plaza






39
City: Liberec
Type: Shopping & entertainment centre
Size: 17,000 (GLA)
Plaza Share: 100%
Completion Date: 26.3.2009
Status: opened to the public
Opava Plaza






City: Opava
Type: Shopping & entertainment centre
Size: 13,000 (GLA)
Plaza Share: 100%
Completion Date:2012
Status: Planning stage
Projects overview – Serbia
Sport Star Plaza
Belgrade Plaza






City: Belgrade
Type: Mixed use (offices, Hotel & retail)
Size: 70,000 (GBA)
Plaza Share: 100%
Completion Date: 2013
Status: Planning and permits stage






Kragujevac Plaza






40
City: Kragujevac
Type: Shopping & entertainment centre
Size: 24,500 (GLA)
Plaza Share: 100%
Completion Date: 2011
Status: Initial construction
City: Belgrade
Type: Shopping & entertainment centre
Size: 45,000 (GLA)
Plaza Share: 100%
Completion Date: 2012
Status: Planning stage
Projects overview – India
Kharadi
Koregaon Park






City: Pune
Type: Mixed use (Shopping, entertainment & offices)
Size: 111,000 (GBA)
Plaza Share: 100%
Completion Date: 2011
Status: Under construction






City: Pune
Type: Mixed use (Shopping, entertainment & offices)
Size: 205,000 (GBA)
Plaza Share: 50%
Completion Date: 2012
Status: Planning stage
Trivandrum






41
City: Trivandrum
Type: Mixed use (Shopping, entertainment, offices and apartment hotel)
Size: 195,000 (GBA)
Plaza Share: 50%
Completion Date: TBD
Status: Planning stage
Projects overview – India
Chennai
Bangalore
Plaza Centers
 City: Bangalore
 Type: Mixed use (residential, ,offices, retail, hotel, hospital and other
infrastructure)
 Size: 2,100,000 (GBA)
 Plaza Share: 23.75%
 Completion Date: 2012-2017
 Status: Planning stage






City: Chennai
Type: Mixed use (residential, commercial, office and retail)
Size: 1,100,000 (GBA)
Plaza Share: 38%
Completion Date: 2012-2015
Status: Planning stage
Kochi
 City: Kochi
 Type: Mixed use (residential, science park, retail, hospitality,
infrastructure and marina)
 Size: 575,000 (GBA)
 Plaza Share: 23.75%
 Completion Date: 2012-2015
 Status: Planning stage
42
Projects overview – Bulgaria
Shumen Plaza






43
City: Shumen
Type: Shopping & entertainment centre
Size: 20,000 (GLA)
Plaza Share: 100%
Completion Date: 2011
Status: Planning stage
Sofia Plaza Business center






City: Sofia
Type: Mixed use (Retail & offices)
Size: 44,000 (GLA)
Plaza Share: 51%
Completion Date: 2012
Status: Planning stage
Projects overview – Latvia & Greece
Helios Plaza






44
City: Piraeus (Greece)
Type: Shopping & entertainment centre
Size: 25,000 (GLA)
Plaza Share: 100%
Completion Date: 2012
Status: Plannning and permits stage
Riga Plaza






City: Riga (Latvia)
Type: Shopping & entertainment centre
Size: 49,000 (GLA)
Plaza Share: 50%
Opening: 31.3.2009
Status: Completed
Projects overview – Residential Projects - Czech Republic & Poland
Prague 3
Roztoky






City: Prague (Czech Republic)
Type: Residential
Size: 14,000 (GBA)
Plaza Share: 100%
Completion Date: 2013
Status: Planning and permits stage






City: Prague (Czech Republic)
Type: Residential
Size: 61,600 (GBA)
Plaza Share: 100%
Completion Date: TBD
Status: Permits to be obtained shortly, currently yielding rent
Lodz
Plaza Centers






45
City: Lodz (Poland)
Type: Residential
Size: 80,000 (GBA)
Plaza Share: 100%
Completion Date: TBD
Status: Planning stage
Projects overview – Office buildings
Palazzo Ducale
David House





City: Budapest, Hungary
Type: Office
Size: 2,000 (GLA)
Plaza Share: 100%
Status: Operating





Prague 3





46
City: Prague, Czech Republic
Type: Office / warehouse
Size: 44,300 (GLA)
Plaza Share: 100%
Status: Operating
City: Bucharest, Romania
Type: Office
Size: 700 (GLA)
Plaza Share: 100%
Status: Operating
Appendix B:
Financial Overview
Balance Sheets
€ '000
Non current assets
Investment property under construction
Investment property
Other non current assts
Current assets
Trading properties
Cash and cash equivalents
Other current assets
Total assets
Current liabilities
Short term bank loans
Other current liabilities
Net current assets / liabilities
Non current liabilities
Bank loans and bonds raised
Other non-current liabilities
Total liabilities
Net assets
Retained earnings
Other reserves and equity
Total equity
2006
60,919
26,654
34,265
413,978
159,961
212,683
41,334
474,897
2008
134,466
12,970
121,496
824,090
575,334
146,026
102,730
958,556
(90181)
(51,201)
(38,980)
323,797
(20,039)
(5,875)
(14,164)
(110,220)
364,677
(95,680)
(409)
(95,271)
625,450
(62,060)
(59,282)
(2,778)
(157,740)
603,471
(126,018)
(69,415)
(56,603)
698,072
(223,007)
(216,417)
(6,590)
(349,025)
609,531
112,949
251,728
364,677
339,916
263,555
603,471
350,605
258,926
609,531
Source: Company audited accounts in accordance with IFRS, (2008 Audited)
48
2007
40,081
12,970
27,111
721,130
298,339
66,381
356,410
761,211
COMMENTS
One investment property - Prague 3 logistic center in
Prague
Increase in 2008 due to long term structure deposits and
security deposit in respect of Cross currency transaction
Increase in trading properties in line with the company’s
continouos investment in new countries, especially
Romania, Serbia and India
Cash increase mainly due to receiving of proceeds from selling Arena
and raising of bonds
Decrease in 2008 is mainly attributable to receiving the
proceeds from the Arena transaction from aAIM
New bank loans received in 2008 in respect of projects
under construction in Latvia, Czech Republic and
Romania
Other current liabilities includes mainly trade payables, as
well as provisions and liabilities due to purchase of plots
2008-Include €153 million of bonds raised in the course of
2008
Only light increase in 2008 due to dividend distribution in
the amount of €57 million
2008 – slight increase due to negative translation reserve fund,
attributable to operations in india
Income Statements
€ '000
COMMENTS
2006
2007
2008
Revenues
60,219
507,843
98,613
Gain from sale of investment property (net)
13,715
2,071
-
Changes in fair value of investment property
257
-
-
74,191
509,914
98,613
(50,034)
(268,730)
(55,934)
Gross profit
24,157
241,184
42,679
Administrative expenses
(8,173)
(23,117)
(24,540)
(170)
(338)
(2,689)
Operating profit
15,814
217,729
15,450
Finance income
4,000
12,407
67,356
(3,336)
(3,060)
(9,268)
Share in loss of associate
(150)
(19)
(941)
Profit before tax
16328
227,057
72,597
Income tax expenses
(1,608)
(90)
(4,913)
Profit for the period
14,720
226,967
67,684
2008 – includes proceeds of €61.4 due to Pilzen,Arena Plaza price
adjustments – €22.3 million, Fantasy park – €10 million and Rent and
other - €4.9 million. 2007 include sale of 5 shopping centers with a
total revenue of €495m; rent and other - €6m; Fantasy Park rent €7m. 2006 include sale of Novo Plaza - €50m; rent - €4m; Fantasy
Park - €4m
2007 – net gain from selling Duna Plaza Offices. 2006 includes sale
of Poznan - €9m; electricity licenses - €4.4
As general policy, the Company does not revaluate assets it has
Cost of operations
Other expenses, net
Finance expenses
Source: Company audited accounts in accordance with IFRS, ( 2008 Audited)
49
2008- mainly due to cost of sales of Pilzen - €41 m. 2007 – mainly
due to sale of 5 shopping centers - €259m
2008 – includes €6.3 million of non-cash share based payments and
continouos increase in activities in 2007 – includes €7.6m of non-cash
share based payments and continuing increase of activities
2008 – significant increase in both income and expenses is as follows:
Income: Due to a very high cash balances, together with forex gains
on value of cross currency SWAP transactions made to hedge NIS
linked bonds. Expenses: Increase mainly due to bonds devaluation.
2007 – high income due to IPO and bonds cash deposited in ST
deposits
Taxation remains low due to the favourable tax structure (Dutch
Holding company), vast majority of the amount is deffered for
expenses due to the above mentioned SWAPS and bond value
devaluation
Financing

50
The Group seeks externally sourced bank financing (in the form of construction loans) for individual projects. The Company's debt
financing for each project usually falls within the following parameters:
–
80 : 20 per cent debt to equity ratio. In some instances, the Group has been successful in achieving higher debt ratios. The
land acquisition costs count towards the Group’s equity contribution;
–
construction loans are usually taken out for a period of 2 years (investment loans, if needed, taken out for 10 to 15 years);
–
interest rate margins range between 1.5% to 3.0% depending on the particular project;
–
repayment terms will generally indicate a grace period on repayment of principal (but not interest) during, and in some
instances for up to 12 months after the end of the construction period. After operations commence, repayment of principal
and interest are generally effected on a quarterly basis, with a bullet payment upon loan maturity of up to 30% of the
principal sum;
–
with few exceptions, construction loans are taken out on a strictly non-recourse basis;
–
security requirements vary from country to country and from bank to bank, but would in all instances include: a first mortgage
on the property, a pledge on the shares held in the borrower, the subordination of shareholders loans, a charge on the
borrower’s banking accounts and the assignment of the rentals in favour of the relevant Bank

In those countries where the Group has established operations, it will generally establish long term financing relationships with
leading banks in that country. For example, in Hungary, the majority of the Group’s projects were financed by MKB Bank and by
OTP Bank. These relationships have in some instances extended beyond the borders of the relevant country, for instance, financing
some Czech, Polish and Latvian projects was done with debt from Hungarian banks

In those cases where the completed projects have not been pre-sold or where divestment does not take place at the
commencement of operation, the Group will generally seek to re-finance the project as soon as practical after opening
Appendix C:
Company Track Record
Summary of Sold Developments —Hungary

Shopping and entertainment centres sold to Klépierre in 2004—gross asset value of €278m and average net yield
of approximately 9.3%
Name
Alba Plaza
Csepel Plaza
Debrecen Plaza
Duna Plaza
Gyor Plaza
Kanizsa Plaza
Kaposvar Plaza
Miskolc Plaza
Nyir Plaza
Szeged Plaza
Szolnok Plaza
Zala Plaza
Total

GLA (m2)
14,981
13,565
14,624
35,915
15,085
5,947
8,296
14,647
13,775
15,842
6,815
7,405
166,897
City
Veszprem
Pecs
Szombathely
Sopron
Country
Hungary
Hungary
Hungary
Hungary
GLA (m2)
9,155
15,356
8,235
14,128
46,874
Shopping and entertainment centre sold to aAIM in 2007 — gross asset value of approx. €387m and gross yield
of approximately 5.9%
Name
Arena Plaza
52
Country
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Shopping and entertainment centres sold to Dawnay Day in 2005—gross asset value of €54.4m and average net yield
of approximately 9.2%
Name
Balaton Plaza
Pecs Plaza
Savaria Plaza
Sopron Plaza
Total

City
Szekesfehervar
Budapest
Debrecen
Budapest
Gyor
Nagykanizsa
Kaposvar
Miskolc
Nyiregyhaza
Szeged
Szolnok
Zalaegerszeg
City
Budapest
Country
Hungary
GLA (m2)
66,000
Summary of Sold Developments—Poland & Czech Republic
Shopping and entertainment centres sold to Klépierre in 2005—gross asset value of €204m and average net yield
of approximately 8.4%

Name
City
Country
Krakow Plaza
Krakow
Poland
30,209
Poznan Plaza
Poznan
Poland
29,522
Ruda Slaska Plaza
Ruda Slaska
Poland
14,452
Sadyba Best Mall Plaza
Warsaw
Poland
24,078
Total

98,261
Shopping and entertainment centres sold to Klépierre in 2006 (Novo), in 2007 (Rybnik, Sosnowiec and 50% of Lublin) and in 2008
(Plzen)—gross asset value of €240.5m and average net yield of approximately 6.9%
Name
City
Country
GLA (m2)
Rybnik Plaza
Rybnik
Poland
18,127
Sosnowiec Plaza
Sosnowiec
Poland
12,860
Lublin Plaza (1)
Lublin
Poland
25,738
Novo Plaza
Prague
Czech Republic
26,417
Plzen Plaza
Plzen
Czech Republic
20,000
Total
(1) Klépierre had exercised the option to buy 50% in the shopping and entertainment centre held by Plaza Centers
53
GLA (m2)
103,142