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Elbit Imaging Ltd. Announces Termination of Service of Trustee for Holders of Series A, B and C Notes
Date:4/29/2008

TEL AVIV, Israel, April 29 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. (the "Company") (Nasdaq: EMITF), today announced that it was informed by Aurora Fidelity Trust Company Ltd., the trustee for the holders of the Series A, B and C Notes of the Company (the "Trustee" and the "Notes", respectively), that due to the signing of a merger agreement between the two accounting firms, Zohar, Zohar & Co., the controlling shareholder of the Trustee, and Brightman, Almagor & Co., the Company's external auditors, the continuation of the Trustee's services to the holders of the Notes will create a conflict of interests prohibited by law between the role and duties of the Trustee and the service of the merged firm Brightman, Almagor, Zohar & Co. as the Company's external auditors.

Therefore, under these circumstances, the Trustee informed the Company of the termination of its service as a trustee for the holders of the Notes effective as of May 1, 2008. Nevertheless, the Trustee will continue to serve as trustee for the holders of the Notes until the appointment of a successor trustee. The termination of service by the Trustee and the appointment of the successor trustee are both subject to the approval of the Israeli court.

It is the Company's intention to act in the near future to appoint a successor trustee for the holders of the Notes.

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 operatio
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SOURCE Elbit Imaging Ltd.
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