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“Subsequent to the publication of the 2019 interim financials by Plaza Centres plc, we are maintaining our Hold recommendation on the stock with a 12-month price target of €1.04. As was anticipated, the Group’s occupancy level increased and now currently stands at 91% (2018: 88%). In 2018, the Group completed the refurbishment of Tigne Place, which consequently led to an improvement in the Group’s occupancy and revenue generation. The interim results as of June 2019 are mainly in line with our 2019 forecast, accordingly we have maintained the same valuation as presented in our last report on PZC. Moving forward we expect the Group to marginally improve its occupancy levels and this has been reflected in our valuation. Our model already reflects the improved rental rates that the Group is generating from the Tigne Place following the renegotiation of the expired lease contracts with rental rates aligned with that of the market. Despite our price target catering for both the

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