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Elbit Imaging Ltd. Announces Second Quarter Results for 2008
Date:8/31/2008

as such completed the transaction with a substantial profit. In this quarter we have opened our Hotel in Bucharest, which is the largest Hotel in the City of Bucharest. The Hotel is a high quality hotel, which following it's opening trail period will generate a steady cash flow and substantial profitability to the Company. The Company is continuing to develop its projects in Europe and in India, and continues to seek new opportunities and ventures. A week ago, we declared our cooperation with Plaza Centers so that Plaza Centers and Elbit will join forces in mixed used real-estate projects in India. Such joint forces will optimize our cash flow and access to financing sources. In addition, it will create a synergy regarding managerial, know how and experience. In May 2007, we distributed a substantial dividend of approximately NIS 170 Million, emphasizing our belief of sharing our profits with our shareholders. The Company will take advantage of its high liquidity of approximately one billion dollars in order to continue with the impetus and to explore new opportunities on its doorstep, during this period".

About Elbit Imaging Ltd.

Elbit Imaging Ltd. ("EI") is a subsidiary of Europe Israel (M.M.S.) Ltd. EI's activities are divided into the following principal fields: (i) Initiation, construction, operation, management and sale of shopping and entertainment centers in Israel, Central and Eastern Europe and India; (ii) Hotels ownership, primarily in major European cities, as well as operation, management and sale of same through its subsidiary, Elscint Ltd.; (iii) Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, through its subsidiary, InSightec Ltd.; and (iv) Other activities consisting of the distribution and marketing of women's fashion and accessories through our wholly-owned Israeli subsidiary, Elbit Trade & Retail Ltd., and venture- capital investments.
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