Elbit Imaging Receives Repayment Demand of Approximately $5.8M from Plaza Centers

Elbit Imaging

announced today that, with reference to the Strategic Joint Venture and Shareholders Agreement (the "Agreement") entered into between the Company and its subsidiary Plaza Centers N.V. ("Plaza") with respect to joint venture projects in India (as detailed in the Company's announcement of August 26, 2008), it had received notice from Plaza demanding full and immediate repayment of the consideration (including accrued interest) paid by Plaza for the rights in the Kochi Island project amounting to approximately €4.3 million (US$ 5.8 million), due to alleged failure to timely meet certain conditions set forth in the Agreement. The Company principally disagrees with Plaza's position, however, it intends to examine the implications of the exclusion of the project from the Agreement before responding to the crux of the matter. About Elbit Imaging Ltd. Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial and Entertainment Centers - Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India, primarily through its subsidiary Plaza Centers N.V. In certain circumstances and depending