TEL AVIV, Israel, May 12, 2011 /PRNewswire-FirstCall/ — Elbit Imaging
Ltd. (NASDAQ: EMITF) (“El” or the “Company”) announced today, in continuance
to its announcement dated March 10, 2011, that its indirect subsidiary, EPN
Holdings II LLC (“EPN Holdings”, and together with EPN GP, LLC: “EPN”), has
increased the price per ordinary unit of EDT Retail Trust (“EDT”) from
A$0.078 to A$0.09 in the offer made by EPN Holdings under an off-market
takeover bid (“Bid”) for all of the units in EDT that EPN does not already
own (“Offer”). Consequently, the total consideration which would be paid by
EPN Holdings in the event of full take up of the Offer (not including the
consideration for units acquired on the market following the lodgment of the
Bid as detailed below) is approximately US$ 200 million.

In addition, the Company has announced that following the lodgment of the
Bid and up to the date hereof, EPN Holdings has purchased additional units of
EDT representing approximately 4.5% interest in EDT in consideration for
approximately US$ 20 million. Elbit and its subsidiary Plaza centers NV
(LSE:”PLAZ”, WSE: “PLZ/PLAZACNTR) are holding (through jointly controlled
entity) approximately 43% in each of EPN which in turn currently hold
approximately 52.3% interest in EDT.

The offer period of the Bid is expected to end on May 23, 2011.

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; (ii) U.S. Real Property – Investment in
commercial real property in the United States; (iii) Hotels – Hotel operation
and management, primarily in major European cities; (iv) Medical Industries –
(a) research and development, production and marketing of magnetic resonance
imaging guided focused ultrasound treatment equipment and (b) development of
stem cell population expansion technologies and stem cell therapy products
for transplantation and regenerative medicine; (v) Residential Projects –
Initiation, construction and sale of residential projects and other mixed-use
real property projects, predominately residential, located primarily in India
and in Eastern Europe; (vi) Fashion Apparel – distribution and marketing of
fashion apparel and accessories in Israel; and (vii) Other Activities – (a)
venture capital investments; and (b) investments in hospitals and farm and
dairy plants in India.

About EPN

EPN Investment Management LLC and EPN Fund GP LLC are entities jointly
formed by Elbit Imaging Ltd. (“Elbit”), its subsidiary Plaza Centers N.V.
(“Plaza”) and Eastgate Property LLC and its affiliates (“Eastgate”) in order
to facilitate U.S. retail real estate investments, including through EPN Real
Estate Fund, LP, a real estate investment fund that was jointly established
by Elbit, Plaza and Eastgate, focused on investments in the U.S. retail and
commercial real estate sectors (the “Fund”).Tthe Fund secured from Menora
Mivtachim Insurance Ltd. (“Menora”) and certain of Menora’s affiliates, $31
million in capital commitments. The Fund intends to take advantage of real
estate opportunities in the United States through direct acquisitions and
joint ventures with leading real estate operators and owners of relevant
assets or portfolios.

About EDT Retail Trust

EDT Retail Trust is a listed real estate investment trust focused on
investing predominately in US community shopping centres giving investors
exposure to a premium quality portfolio of US retail real estate in the value
and convenience sector. It currently holds interests in 48 assets covering
approximately 10.9 million square feet. EDT Retail Management Limited
formerly is jointly owned by Developers Diversified Realty Corporation (DDR)
and EPN GP LLC (EPN).

Any forward-looking statements in our releases include statements
regarding the intent, belief or current expectations of Elbit Imaging Ltd.
and our management about our business, financial condition, results of
operations, and its relationship with its employees and the condition of our
properties. Words such as “believe,” “expect,” “intend,” “estimate” and
similar expressions are intended to identify forward-looking statements but
are not the exclusive means of identifying such statements. Actual results
may differ materially from those projected, expressed or implied in the
forward-looking statements as a result of various factors including, without
limitation, the factors set forth in our filings with the Securities and
Exchange Commission including, without limitation, Item 3.D of our annual
report on Form 20-F for the fiscal year ended December 31, 2009, under the
caption “Risk Factors.” In addition, a potential offering would be subject to
risks facing any public offering, including without limitation, general
economic conditions, the conditions of the capital markets, the interest
level of investment banks and investors in the offering and the performance
of our businesses. Any forward-looking statements contained in our releases
speak only as of the date of such release, and we caution existing and
prospective investors not to place undue reliance on such statements. Such
forward-looking statements do not purport to be predictions of future events
or circumstances, and therefore, there can be no assurance that any forward-
looking statement contained our releases will prove to be accurate. We
undertake no obligation to update or revise any forward-looking statements.

    For Further Information:

    Company Contact:
    Dudi Machluf
    Chief Executive Officer (Co-CEO)
    Tel: +972-3-608-6024
    dudim@elbitimaging.com

    Investor Contact:
    Mor Dagan
    Investor Relations
    Tel: +972-3-516-7620
    mor@km-ir.co.il

SOURCE Elbit Imaging Ltd.