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THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document or the action you should take, you should immediately consult a person authorised for the purposes of the Financial Services and Markets Act 2000 (as amended) or the Dutch Act on the financial supervision (Wft) or the applicable Polish laws who specialises in advising on the acquisition of shares and other securities. PLAZA CENTERS N.V. (incorporated and registered in The Netherlands with company registration number 33248324) Admission of 292,346,087 Ordinary Shares to trading on the Warsaw Stock Exchange This document, which comprises a prospectus relating to the Company, has been approved by and filed with the Netherlands Authority for the Financial Markets (the Stichting Autoriteit Financiele Markten ("AFM")). The Company has requested that the AFM provide the competent authority in Poland, the Polish Financial Supervision Commission ("PFSC"), with a certificate of approval attesting that the prospectus has been drawn up in accordance with the Wft and related regulations which implement Directive 2003/71/EC (the "Prospectus Directive") in Dutch law ("Notification"). The Company may request that the AFM provide the Notification to competent authorities in additional Member States within the European Economic Area. The Ordinary Shares have not been and will not be approved or disapproved by the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other United States regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the accuracy or adequacy of this document. Any representation to the contrary is a criminal offence in the United States. The Company and its Directors, whose names appear in Part V of this document, accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Company and its Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts stated in it and does not omit anything likely to affect the import of such information. The Ordinary Shares of the Company are admitted to the official list of the UK Listing Authority, and are listed on the London Stock Exchange plc under the symbol "PLAZ". In addition, an application will be made to the Warsaw Stock Exchange ("WSE") for the whole of the Ordinary Shares in issue to be admitted to trading on its main market for listed securities (the "Admission"). It is expected that Admission will become effective and that dealings in the Ordinary Shares on the WSE will commence by 25 October 2007. Although the whole text of this document should be read, the attention of persons receiving this document is drawn, in particular, to the section headed "Risk Factors" contained in Part II of this document. All statements regarding the Group’s business, financial position and prospects should be viewed in light of the risk factors set out in Part II of this document. This document does not constitute an offer to sell or an invitation to subscribe for, or the solicitation of an offer to buy or to subscribe for, Ordinary Shares in any jurisdiction in which such an offer, invitation or solicitation is unlawful and this document is not for distribution in or into the Prohibited Territories. Securities may not be offered or sold in the United States unless they are registered under the U.S. Securities Act or exempt from such registration. The Ordinary Shares have not been and will not be registered under the Securities Act, the securities laws of any state of the United States or under any of the applicable securities laws of the other Prohibited Territories and, unless an exemption under such laws is available, may not be offered for sale or subscription or sold or subscribed directly or indirectly within the United States (as defined in Regulation S) or the Prohibited Territories for the account or benefit of any national, resident or citizen of the United States or the Prohibited Territories. The distribution of this document in other jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. For a description of these and certain further restrictions on offers, sales and transfers of the Ordinary Shares and the distribution of this document, see Part IX – "Additional Information". IMPORTANT INFORMATION ABOUT THIS DOCUMENT Prospective investors should rely only on the information contained in this document. No person has been authorised to give any information or make any representations other than as contained in this document and, if given or made, such information or representations must not be relied on as having been authorised by or on behalf of the Company. The delivery of this document shall not, under any circumstances, create any implication that there has been no change in the business affairs of the Company or of the Group since the date of this document or that the information contained herein is correct as at any time subsequent to its date. The contents of this document are not intended to be nor should they be construed as legal, financial or tax advice, and therefore prospective investors must not treat the contents of this document as advice relating to legal, taxation, investment or any other matters. Prospective investors must inform themselves as to: (a) the legal requirements within their own countries for the purchase, holding, transfer, redemption or other disposal of Ordinary Shares; (b) any foreign exchange restrictions applicable to the purchase, holding, transfer, redemption or other disposal of Ordinary Shares which they might encounter; and (c) the income and other tax consequences which may apply in their own countries as a result of the purchase, holding, transfer, redemption or other disposal of Ordinary Shares. Prospective investors must rely upon their own representatives, including their own legal advisers and accountants, as to legal, tax, investment or any other related matters concerning the Company and an investment therein. The information contained in this document has been provided by the Company and other sources identified herein. This document should not be considered as a recommendation by either the Company that any recipient of this document should subscribe for or purchase the Ordinary Shares. Any reproduction or distribution of this document, in whole or in part, and any disclosure of its contents or use of any information herein for any purpose is prohibited, except to the extent such information is otherwise publicly available. This document is for purposes for the Admission only and does not constitute a prospectus for an offer of the Company's Ordinary Shares. Plaza Centers N.V. Contents PARTI–Summary.............................................................................. 3 1. Overview.......................................................................................... 3 2. Competitivestrengths................................................................................ 5 3. Summary financial information ......................................................................... 7 4. Dividendpolicyanddividends.......................................................................... 8 5. Riskfactors........................................................................................ 8 6. TheWSEListing.................................................................................... 9 7. Management....................................................................................... 9 8. Lock-uparrangements............................................................................... 10 PARTII–RiskFactors........................................................................... 19 PARTIII–InformationontheGroup................................................................ 31 1. Overview,competitivestrengthsanddevelopmentstrategy................................................... 31 2. Completedshoppingandentertainmentcentredevelopments................................................. 39 3. Currentdevelopments................................................................................ 41 4. Pipelineprojects.................................................................................... 48 5. Dividendpolicy..................................................................................... 50 6. Insurance......................................................................................... 51 7. ControllingShareholder............................................................................... 51 8. Employeeshareschemes............................................................................. 51 9. Taxation........................................................................................... 51 PARTIV–MarketOverview....................................................................... 52 PartA CEE.............................................................................................. 52 1. TheCzechRepublic................................................................................. 52 2. Hungary........................................................................................... 58 3. Poland...........................................................................................
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