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Elbit Imaging Ltd. | Investor Presentation

November 26-28, 2007

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DisclaimerTHIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING, INTER ALIA, OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS REGARDING THE INTENT, BELIEF OR CURRENT EXPECTATIONS OF THE COMPANY AND ITS MANAGEMENT ABOUT THE COMPANY’S BUSINESS, PERFORMANCE, ACHIEVEMENTS, ITS RELATIONSHIP WITH ITS EMPLOYEES AND THE CONDITION OF ITS PROPERTIES. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE PROJECTED, EXPRESSED OR IMPLIED IN THE FORWARD-LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS, INCLUDING, BUT NOT LIMITED TO THOSE DETAILED IN THE COMPANY’S PERIODIC FILLINGS WITH THE SECURITIES AND EXCHANGE COMISION.ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION SPEAK ONLY AS OF THEIR RESPECTIVE DATES, 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 HEREIN WILL PROVE TO BE ACCURATE. WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS. ALL SUBSEQUENT WRITTEN OR ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO US OR PERSONS ACTING ON OUR BEHALF ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THE CAUTIONARY STATEMENTS.

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HotelsHotelsMedical Device &

Bio Technology

Medical Device &

Bio Technology

Shopping and Entertainment Centers

CEE

Shopping and Entertainment Centers

CEE

Group Structure

Real Estate India

Real Estate India

100% 68%100%

Elbit Imaging Ltd.Elbit Imaging Ltd.

52%

28%

Managed by:

PLAZA CENTERS NV

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History

Acquisition of Park Plaza Victoria Amsterdam- corner-stone for our hotel portfolio.

1993

1996

Construction of the first shopping and entertainment center, the Duna Plaza in Budapest, Hungary -indicating penetration into the shopping and entertainment center operations.

1996-2004

Development and management of a portfolio of 20 shopping and entertainment centers.

Acquisition of Elbit Imaging and reorganization of business holdings.

Initial investment in InSightec.

1999

Acquisition & commencement of Bucuresti hotel - first hotel in Eastern Europe.

2000

2004

Sale of 12 shopping and entertainment centers to Klepierre-expanding strategy to allow for the sale of constructed shopping centers.

2006

Initial public offering of Plaza Centers shares on the main board of the LSE.

Expansion of Real Estate portfolio into the Indian market.

2006

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Market background and performance

Adjusted share price performance Dec. 2006 through Nov. 2007

Background:

Dual listing: NASDAQ and Tel Aviv Stock Exchange;

Part of TA-Real Estate 15 since 2006;

Daily traded value last 12 months US$ 5 m (TA); US$ 0.5 m (NASDAQ);

Dividend policy: 50% of annual surpluses capped at 50% of cash flow;

Annual stock yield: 2005: 97%; 2006: 88%; 2007 (till 18.Nov): 77%.

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Strategy

Focus on Real Estate in emerging markets;

Active management of group companies via controlling stakes;

Forming strategic partnerships to leverage strength, experience and skills;

Penetrating uncharted territories while relying on qualified and experienced human capital rather than utilize local resources;

Flexible strategy taking into consideration market conditions, between the sale of real estate or utilization of advantageous operational conditions;

Evaluating opportunities to conquer new investment venues;

EL

BIT

IM

AG

ING

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Business Overview

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Plaza Centers N.V

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Over 12-year track record of developing shopping & entertainment centers in CEE - Plaza Centers has been active in the region since 1996 and was the first to develop western-style shopping centers in Hungary;

Plaza Centers owns 25 development assets as well as 3 office buildings. It controls a solid and constantly evolving pipeline in both CEE and India - the Group has the strong ability to identify new growth opportunities, constantly targeting attractive returns in fast growing emerging markets which is evidenced by recent portfolio additions;

Highly skilled management team - extensive local and business knowledge with a proven ability to source strategic development sites and design projects that meet the demands of the local market. Many management team members have been employed by us for many years;

Plaza Centers N.V - Segment Overview

“Leading emerging markets developerof shopping and entertainment centers”

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Extensive network - strong relationships with both leading international retailers and property investors as demonstrated by the proven ability to pre-sell projects (before or during the construction) with no less than 80% occupancy rates;

Strong brand name - Plaza Centers has become a widely recognised brand name for successful property development in CEE which is beneficial at all stages of project execution (e.g. following portfolio sales to Klépierre, Dawnay Day and aAim, the purchasers continue to franchise the “Plaza Centers” trade name);

Successful project development management - all projects to date have been finalized on schedule and within budget;

“longstanding CEE track record, expanding portfolio”

Plaza Centers N.V - Segment Overview

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Since its foundation, Plaza Centers sold 26 assets with a gross value of €1.1 b;

On November 1, 2006, Plaza Centers raised US$ 330 m through its IPO and began trading on the Main Board of the London Stock Exchange (representing a value of US$ 1 b);

Since IPO Plaza Centers acquired 13 development sites and opened 4 fully rented-out shopping and entertainment centers;

Plaza Centers currently owns 25 projects under development, is negotiating the acquisition of seven others and is analyzing development possibilities in seven new cities. As at June 30, 2007, the market value on completion of the projects owned as of that date was €2.8 b*;

* Source : King Sturge Valuation

“Listed on the Main Board of the London Stock Exchange since 2006”

Plaza Centers N.V - Segment Overview

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Portfolio Composition -by Value and Country

(1) Excludes Iasi, Slatina, Budapest (Uj Udvar), Prague (Roztoky) Belgrade and Bucharest (Palazzo Ducale) which were not valued since they were acquired after 30 June 2007

(2) Other properties are: Arena Plaza Extension, Helios, David House and Roztoky

Market value on completion (€m)

Market value of the land and project (€m)

GLA (m^2)

Shopping and entertainment center developments 1 154

534

446 500

Dream Island (value of Plaza’s 30% stake) 462

81 347 000) GBA(

Casa Radio (value of Plaza’s 75% stake) 647

164

360 000) GBA(

Indian mixed use projects (value of Plaza’s 50% stake) 207

40 527 000) GBA(

Other projects and developments(2) 289

87

232 800

Total 2,759

906

1,913,300

Value as per King Sturge valuation reports as at 30

June 2007

Value as per King Sturge valuation reports as at 30

June 2007

Total)1()1(

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Under Development Projects By Location

0

1

2

3

4

5

6

Romania CzechRepublic

Hungary Poland India Latvia Serbia Greece

No. of projects

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Arena Plaza - Hungary Overview:

Arena Plaza is one of the largest shopping and entertainment centers in CEE, with GLA of approximately 66,000m²;

The site is prominently located in the heart of Budapest on the Kerepesi Street in one of the most densely populated residential districts in Budapest, adjacent to one of the major roads into Budapest and close to the Keleti railway station (one of Budapest’s main international train stations with the highest footfall);

Arena Plaza also includes the first IMAX cinema auditorium in Budapest and in Hungary;

Pre-sold: to aAIM on € 380-400 m ;

Tenants: international hypermarket operator (Tesco) (c. 10,500m2), Cinema City with IMAX 3D theatre and 22 other screens, Peek & Cloppenburg, Zara, Hervis (sporting clothing & equipment), Electro World, Hennes & Mauritz, C&A;

Project status: recently opened; 100% pre-let;

Opening date: November 15 ,2007;

Arena Plaza, Budapest

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Dream Island (Obuda) - HungaryOverview:

320,000 m² plot on the southern end of the Obuda Island on the Danube River in central Budapest;

Plaza intends to develop the plot into a 350,000 m² business and leisure resort including 8 to 10 4 and 5 star hotels, four apartment hotels, a convention center, a large scale American style casino, a 3,500 seat opera house, a 1,500 seat theatre, a marina (with an anchorage for 300 vessels), a shopping and entertainment center, a Roman cultural museum and parking facilities for approximately 5,500 vehicles;

The Group has a 50% shareholding in the SPV that has a 60% interest in the consortium. The remaining members of the consortium are CP Holdings Ltd., a member of the Group of companies controlled by Sir Bernard Schreier (approximately 30% direct interest), MKB Bank (approximately 30% indirect interest) and a company controlled by the managing director of the consortium (approximately 10% direct interest);

The Group will provide project management services and retain leading international operators for the hotels, the casino, the convention hall and the cultural center;

Debt funding for the project will be arranged by MKB Bank;

Project status: Modified Town Planning Scheme (KSZT) received following a referendum amongst the residents of the local district. Initial excavation works commenced;

Obuda, Budapest

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Casa Radio - RomaniaOverview:

Plaza Centers owns 75% of the Company which will develop the Casa Radio project in central Bucharest (in partnership with the Romanian state and another third party)

Casa Radio is located on the border of Sector 1 and Sector 6 in the city of Bucharest, which comprises a large area of the city center as well as a high proportion of residential apartments

The property comprises a brownfield site covering an approximate area of 101,497 m²

The proposed scheme will comprise refurbishment of the existing building as well as the development of additional space annexed to the building and on adjoining land

The scheme will include a shopping & entertainment center of approximately 120,000 m², with a hypermarket of approximately 17,000 m² , a hotel of 32,140 m² (320 rooms), an apartment hotel of 11,800 m², a convention center of 7,200 m², 122,400 m² of offices and 35,190 m² of residential areas

Project status: Demolition works and initial construction commenced, approaching final concept design. The center is scheduled to open in 2011-2012

Casa Radio, Bucharest

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Hotels

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Over 14-year track record of constructing and managing hotels in Western European cities - the company has been active in the region since 1993 and in 2000 expanded its activities into Eastern Europe;

The company’s portfolio consists of 2,348 rooms, comprised of seven operational hotels (1,824 rooms) and two additional hotels currently under construction which are expected to accommodate 524 rooms;

Rating and location - Most hotels have been awarded 4 star rating and are located adjacent to major transportation facilities;

Hotels - Segment Overview

Tapping into the growing “affordable luxury” market by offering a high quality products at attractive prices.

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Strong brand name - The company has become widely recognized in Western Europe with the “Park Plaza” brand name, which holds exclusive franchise rights through a territorial license agreement with Carlson, a leading US travel and hospitality company. In Eastern European cities the company intends to collaborate with the “Radisson” brand name;

Successful hotel management - almost all hotels demonstrate above average occupancy rate while maintaining competitive room market rates;

Active management of group companies via controlling stakes - the company holds between 50% - 100% in each hotel;

Hotels - Segment Overview

Tapping into the growing

“affordable luxury” market by offering a high quality products at attractive prices.

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Hotels - History

1993 Park Plaza Victoria Amsterdam - 1st property identified Landmark hotel in Amsterdam;

1995 Park Plaza Utrecht - acquisition of 2nd property in the Netherlands;

1997 Park Plaza Shaw London - 1st hotel in London - construction commences;

1997 Park Plaza Astrid Antwerp - commencement of operations;

1999 The Ballet Academy Building, Budapest- acquisition of monumental building with a view to convert same into the hotel;

2000 The Bucuresti hotel - acquisition of 1st hotel in Eastern Europe;

2001-2005 Construction of 3 additional hotels in London: Park Plaza Victoria London, Park Plaza Sherlock Holmes and Park Plaza RiverBank;

2005 Park Plaza Shaw London - realization and sale of hotel;

2006 Park Plaza Victoria Extension - acquisition of a landmark building ;

2007 The Ballet Academy Building, Budapest-Realization and sale of building;

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* Including 66 apartment hotel suits.

Hotels Portfolio

Operating Hotel Location No of rooms Controlling Stake

Park Plaza Victoria, Amsterdam Amsterdam, The Netherlands 305 50%

Park Plaza Utrecht, Utrecht Utrecht , The Netherlands 120 50%

Park Plaza Astrid, Antwerp Antwerp, Belgium 229 100%

Park Plaza Sherlock Holmes, London London, UK 119 50%

Park Plaza Victoria, London London, UK 299 50%

Park Plaza Riverbank*, London London, UK 460 50%

Centerville Hotel Apartments Bucharest, Romania 292 73%

Total Operating Hotels 1,824

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Under Construction Hotel Location No of rooms Controlling Stake

Radisson Bucuresti* Bucharest, Romania 424 73%

Park Plaza Victoria Extension (Monument)**

Amsterdam, The Netherlands

100 50%

Total Under Construction 524

Total 2,348

*Expected opening date -2008

**Expected opening date - 2010.

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Real Estate India

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India - Segment Overview

Duplicating know-how - Duplicating know-how and expertise (engineering, marketing, managerial) from CEE to India;

Strategic local partnerships - cooperation with solid strategic partners, being key players in the local real-estate business, to leverage development possibilities by collaboration therewith;

Strong financial stability - utilizing the company's high liquidity and financial resources and cooperating with financially stable partners;

Highly skilled management team - Relocating key personal to India;

“We believe the wealth of experience and expertise which we have accumulated in other countries enables us to excel in India”

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India - Segment Overview

Pre sale financing - Initiating Mega residential projects while emphasizing unit pre sale as financing mechanism;

Shopping and entertainment centers business plan -development and construction by Plaza Centers of 20-30 projects using ongoing and strong connections with international tenants and end-customers;

Penetrating into additional real estate venues including offices, hotels, infrastructures and others;

strategic tie up for development of Pan-India world class standard hospital chain;

“We believe the wealth of experience and expertise which we have accumulated in other countries enables us to excel in India”

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India - Cochin

Overview:

Location: Island of Cochin ,Kerala, India

High-end residential apartment buildings, office space, shopping & entertainment center, hotel complex and a marina;

Our share: 50%;

Total build up area of approximately 800,000 m²;

Total project cost US$ 404 m (100% share);

Cochin

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India - Bangalore

Overview:

Location: Bangalore, Karnataka, India;

High class residential neighborhood with amenities such as a golf course, club houses, swimming pools, tennis courts, office complexes serviced apartments facilities, luxury 5 star hotel, a hospital and a major retail facility;

Our share: 50%;

Total build up area exceeds 2 m m²;

Anticipated future revenues: US$ 4 b (100% share);

Expected total cost: US$ 1.9 b (100% share).

Bangalore

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Medical Device & Bio Technology

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InSightec - Segment Overview

Founded in 1999;

Fully diluted holding of ~ 52%.

Our investment partners are:

– GE Equity (20%)

– MTA (8%)

Employs 150 workers (directly) and 50 contract workers;

US$ 100 million have been invested in R&D to date;

All investment amount has been recorded as R&D expense in the P&L during the years;

ExAblate® 2000 is a system that combines Magnetic Resonance Imaging and Focused Ultrasound to non-invasively treat tumors inside the body without the need for incisions (in use in 55 medical centers);

FDA highlighted the system as one of the 14 medically significant products it approved during 2005; 

InSightec is testing possible application of its ExAblate® 2000 to treat other forms of tumors including cancer of the breast, bones, liver and brain tumors;

“Our vision is to replace invasive procedures and provide therapeutic alternatives to millions of patients with serious diseases around the globe”.

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HOTELS HOTELS

SHOPPING & ENTERTAINMENT CENTERS

PLAZA CENTERS

Significant developments in the last 12 months

REAL ESTATE INDIA INDIA

BIO TECHNOLOGY INSIGHTEC

• Sale of the “Ballet Institute Building” in Budapest, Hungary reflecting an asset value of € 30 M;

• Acquisition of Park Plaza Victoria extension., an office building located next to our Park Plaza Victoria Amsterdam hotel;

• Since IPO Plaza Centers acquired 13 development sites and opened 3 fully rented-out shopping and entertainment centers;

• Sold 3 shopping and entertainment centers to Klépierre at a gross asset value of € 129 m (c. 7.3% gross yield).;

• Pre-sale of 1shopping and entertainment center to aAIM for approx. €400 m (c. 5.9% gross yield);

• Acquisition of 3 real estate mixed-used projects with anticipated total construction cost (including land of US$ 430 m-100% share );

• Initiating Mega residential projects with anticipated total construction cost (including land of US$ 2.4 b- 100% share);

• The Exablate 2000 system received the CE mark certification for pain palliation of bone metastases;

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HOTELS HOTELS

SHOPPING & ENTERTAINMENT CENTERS

PLAZA CENTERS

REAL ESTATE INDIA INDIA

BIO TECHNOLOGY INSIGHTEC

Targets for 2007-2010

• Expansion of our hotel portfolio by combining same into our mixed-used portfolio (in India and CEE);

• I.P.O of, or alternative transaction in the hotel segment;

• Complete business plan of 60-70 shopping and entertainment centers in CEE;

• Annual target of 6-8 new development projects;

• Target returns of no less than 40%-60% on invested equity;

• Construction and Development of Plaza Centers mega-projects (Dream Island, Casa Radio);

• Construction of 2m-3m m² of residential properties;• Development of 20 commercial centers (through Plaza Centers);• Developing a division of hotels, offices & other real estate operation;

• Completion of 4-5 cancer applications for FDA approval;

• I.P.O of InSightec in the NASDAQ;

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