euro adhoc: Meinl European Land Ltd. / Board of Directors (Appointments and Changes) / MEINL EUROPEAN LAND ANNOUNCES RACHEL LAVINE AS PROPOSED NEW CEO

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Company Information

12.05.2008

St Helier, Jersey, 12 May 2008:

On 20 March 2008 the Board of Directors of Meinl European Land
Limited ("MEL" or the "Company") and CPI/Gazit Holdings Limited
("CPI/Gazit"), a joint venture between Gazit-Globe Ltd ("Gazit"), a
multinational real estate investment company listed on the Tel Aviv
Stock Exchange (TASE:GLOB), and CPI Austria Holdings Limited ("CPI
Austria"), a wholly-owned subsidiary of CPI Capital Partners Europe
LP (and its parallel funds), a real estate fund advised by Citibank
International plc through its business unit, Citi Property Investors
("CPI"), together announced signing of an agreement whereby
CPI/Gazit, Gazit and CPI Austria are to make an investment of up to
EUR800 million in the Company as part of a total investment of up to
EUR1.3 billion (the "Transaction"), accompanied by a transformation
of MEL´s governance and management structure.

The Company is pleased to announce that Rachel Lavine, formerly
President and Chief Executive Officer of Plaza Centers (Europe) BV
("Plaza Centers"), a major developer and operator of shopping and
entertainment centers in Central and Eastern Europe, has agreed to
take up the position of Chief Executive Officer of the Company and to
join the board of the Company upon and conditional on the closing of
the Transaction, subject to relevant regulatory approvals and
shareholder approval. It is proposed that, in addition to Rachel
Lavine, the new board of the Company will consist of five independent
directors and four directors appointed by CPI and Gazit.

Rachel, aged 42, has extensive experience in both international real
estate development and construction and the management of publicly
quoted companies. Most recently, Rachel was executive vice chairman
of U. Dori Engineering Works Corporation LTD, a Tel Aviv Stock
Exchange listed real estate development and construction company with
assets of over EUR250 million. Between 2005 and 2006 Rachel was
president and CEO of Plaza Centers, a central and eastern European
property developer (which is now listed on the London Stock Exchange
with a capitalisation of over £500 million). From 1999 until 2006
Rachel was president and CEO of Elscint Limited, a real estate
development company then listed on the New York Stock Exchange.

Rachel has been working as a consultant to Gazit for the past two
months, during which time she has been studying the Company and
advising Gazit on possible strategies to advance the growth of MEL
and its portfolio going forward. Upon assuming the position of CEO of
the Company, Rachel will be exclusively employed by the Company and
her consultancy arrangement with Gazit will be terminated.

Commenting on the appointment, Georg Kucian, chairman of MEL, said:
"We are pleased that Rachel has agreed to serve as CEO of the
Company. We hope that her experience in real estate and capital
markets, and as a director of several high profile publicly quoted
companies, should help develop MEL´s position as a leading central
and eastern European property development company."

Chaim Katzman, chairman of Gazit-Globe Ltd, said: "Rachel´s
appointment will represent the first step towards building a new
experienced and knowledgeable management team within MEL. We are
excited that Rachel has agreed to take the position of the new CEO as
we view her as being the cornerstone of the new management team."

Rachel Lavine said: "I am honoured to be offered this position. I
will be joining MEL at a transformational time for the business. With
the proposed investment by CPI/Gazit, Gazit and CPI Austria, and the
resulting changes, MEL should be ideally positioned to pursue growth
opportunities, develop its robust existing pipeline and actively
manage its portfolio. I look forward, following approval of the
Transaction, to having the opportunity to lead the business in this
exciting phase of its evolution."

Closing of the Transaction is subject to a number of conditions,
including shareholder approval and regulatory consents, including
from the Jersey Financial Services Commission. The appointment of
Rachel Lavine is also subject to fulfilment of appropriate Jersey
Financial Services Commission approval requirements and shareholder
approval. The implementation of the Transaction remains on track and
the Company, CPI and Gazit continue to work towards a shareholder
vote in the 2nd quarter of this year to approve the Transaction.

Contacts for enquiries:

London Austria
Citigate Dewe Rogerson Trimedia
Michael Berkeley Bernhard Hudik
Sarah Gestetner +43 676 842 44381
+44 20 7638 9571 +43 1 5244 300

For questions pertaining to Rachel Lavine:

London Austria
Financial Dynamics Dr. Viktor Bauer PR GmbH
Stephanie Highett Dr Viktor Bauer
+44 (0)20 7831 3113 Mag. Anita Köninger
viktor.bauer@viktorbauer.com
+43 (1) 320 95 45 18

Notes to editors:

About Meinl European Land MEL is a real estate investment and
development company whose primary focus is on retail assets in
Central and Eastern Europe. At 31 December 2007 it had 162 operating
investment properties with a market value of approximately EUR1.9
billion and a significant portfolio of development projects with an
expected investment requirement of EUR3.3 billion, of which EUR0.8
billion had been spent by 31 December 2007. In addition, it has
established a land bank of over 1.8 million sqm. The Company has
been listed on the Vienna Stock Exchange since 2002 and is currently
capitalised at EUR1.8 billion.

About Gazit-Globe Ltd Gazit is a leading multinational real estate
investment company with in excess of EUR8 billion of properties under
control in the United States, Canada, Europe, Israel and Brazil.
Gazit and its public subsidiaries are corporate governance leaders in
their markets and are governed by world class boards of directors.
Gazit actively pursues growth opportunities, both organically and
through strategic and accretive acquisitions.

About Citi Property Investors CPI is a global real estate investment
manager with offices in major financial centers and with more than
$12.9 billion in assets under management as of 1 February 2008. CPI
employs more than 125 real estate professionals and its senior
leaders have an average of more than 20 years of commercial real
estate experience. CPI is the real estate investment center of Citi
Alternative Investments which as of 31 December 2007 had EUR59.2
billion of un-levered assets under management.

end of announcement euro adhoc
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ots Originaltext: Meinl European Land Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Trimedia

Bernhard Hudik

+43 676 842 44381

+43 1 5244 300

Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Continous
Börsen: Wiener Börse AG / official market


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