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Meinl European Land Limited

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

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
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

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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