Africa Israel Investments Ltd. to Host Conference Call Announcing First Quarter Earnings Results

Africa Israel Investments Ltd. (TASE: AFIL) is planning to release its first quarter results on Friday, May 30 2008.

The Company will be hosting a conference call to discuss the results on Monday, June 2, 2008 at 2:00 PM UK time, 9:00 AM EDT.

To participate, please call the following teleconferencing number:

0-800-32-33-67 (UK)

1-888-281-1167 (US)

+972-3-918-0692 (International)

Thursday, May 29, 2008

9:00 a.m. EDT

2:00 p.m. UK

4:00 p.m. Israel Time

About Africa Israel

Africa Israel Investments Ltd. is an international holding and investments company, focused in the fields of real estate, construction & infrastructure, energy and related industries sectors. Headquartered in Israel where it is one of the country's largest and most dynamic investment groups, Africa Israel comprises 12 companies traded publicly on the Tel Aviv Stock Exchange (TASE) and other global stock markets. With 73 years experience in investments and development of large scale projects, Africa Israel is active worldwide, in Russia, North America, Israel, Europe, East Asia and South America. Mr. Lev Leviev, an internationally renowned businessman, is the controlling shareholder of the company and serves as the Chairman of the Board of Directors.

In recent years Africa Israel has pursued a global strategy of: strengthening its international status; focusing on core activities in real estate, construction & infrastructures, energy, related industries and finance; expanding business activities and maintaining growth through innovation and entrepreneurship; developing and managing large scale projects in diverse locations worldwide; consolidating its strength and build up sustainable net income on a solid basis; leveraging its management capabilities and capital to attain future growth.

This press release contains certain forward-looking statements with respect to the Company's business, financial condition and results of operations. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements, including, but not limited to, fluctuations in product demand, economic conditions as well as certain other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated.