ELBIT IMAGING LTD. ANNOUNCES SIGNING OF A MEMORANDUM OF
AGREEMENT WITH THE GOVERNMENT OF GUJARAT, INDIA, FOR
ESTABLISHMENT OF A MODERN DAIRY FARM AND DAIRY PLANT
Tel Aviv, Israel, February 13, 2008, Elbit Imaging Ltd. (NASDAQ: EMITF) (“EI” or the “Company”)
announced that it has executed today, in the presence of the honorable Chief Minister of Gujarat, the ambassador
of Israel to India, the Council General of Israel in Mumbai and ministers of the Gujarat Government, a
Memorandum of Agreement with the Government of the State Gujarat, India pursuant to which EI, through a
subsidiary, will establish a modern dairy farm with approximately 10,000 cows and an ultra modern dairy plant
that will produce basic and premium dairy products. The farm and plant will be established on land measuring
approximately 500 acres, allotted to the Company by the Government of Gujarat for this purpose. The
Memorandum is subject to the fulfilment of certain conditions specified therein.
This project will be executed in several phases and is planned to become operational within 24 months after
commencement of work.
The total investment in the project is anticipated to be approximately US $100 million.
It is intended that the planned dairy farm will make use of the advanced technology and expertise developed in
Israel, and will also include massive modernized contract-farming activities for the production of the food
materials required for the dairy farm.
Mr. Mordechay Zisser, Executive Chairman of the Board, commented :
“There is no doubt that the Milk industry is one of the largest industries in the world and especially in the East.
Our group’s pioneering spirit is constantly leading us into new areas. We see an amazing potential in the Indian
dairy market. We intend that this project will become a pilot which will be duplicated by us in many other
metropolitan areas in India. We anticipate that this new line of Elbit Imaging’s activity in India, which we have