Elbit Imaging Ltd (EMITF)

[midastouch017]

Elbit Imaging Announces End of the Engagement with the Former Auditor and Appointment of New Auditor

TEL AVIV, ISRAEL / ACCESSWIRE / June 29, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced today, that On June 28, 2017, following approval by the audit committee and board of directors of the Company, the Company and Brightman Almagor Zohar & Co., a Member Firm of Deloitte Touche Tohmatsu (the "Former Auditor"), reached an understanding to end the engagement of the Former Auditor as the independent accountants of the Company effective immediately.

This understanding resulted from the previously announced notification by the Company's Former Auditor that it was unable to provide an unqualified audit opinion regarding the Company's financial statements for 2016 as a result of matters underlying the disclaimer made by KPMG Hungaria Kft., the former auditor of Plaza Centers N.V. ("Plaza") (LSE: PLAZ), an indirect subsidiary (45%) of the Company, in its report relating to Plaza's annual financial statements for 2016, which report expresses no opinion with regard to Plaza's financial statements.

In addition, on June 28, 2017, following approval by the audit committee and board of directors of the Company, the Company approved the engagement with KOST FORER GABBAY & KASIERER (A Member of EY Global) ("EY Israel") as the Company's new independent Auditor, subject to shareholders' approval. EY Israel has also been retained by Plaza to serve as the independent accountants of Plaza.