<SEC-DOCUMENT>0001178913-16-004094.txt : 20160201
<SEC-HEADER>0001178913-16-004094.hdr.sgml : 20160201
<ACCEPTANCE-DATETIME>20160201090022
ACCESSION NUMBER:		0001178913-16-004094
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160201
FILED AS OF DATE:		20160201
DATE AS OF CHANGE:		20160201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ellomay Capital Ltd.
		CENTRAL INDEX KEY:			0000946394
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35284
		FILM NUMBER:		161375495

	BUSINESS ADDRESS:	
		STREET 1:		9 ROTHSCHILD BLVD.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6688112
		BUSINESS PHONE:		011-972-3-797-1111

	MAIL ADDRESS:	
		STREET 1:		9 ROTHSCHILD BLVD.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6688112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR MACROPRINTERS LTD
		DATE OF NAME CHANGE:	19980331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR ADVANCED TECHNOLOGIES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk1617918.htm
<DESCRIPTION>6-K
<TEXT>
<html>
<head>
    <title>zk1617918.htm</title>
    <!--Licensed to: ZKG-->
    <!--Document Created using EDGARizer 2020 5.5.2.0-->
    <!--Copyright 1995 - 2015 Summit Financial Printing. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
<hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNITED STATES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C. 20549</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">FORM 6-K</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPORT OF FOREIGN PRIVATE ISSUER</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURSUANT TO RULE 13a-16 OR 15d-16</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the month of February 2016</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Commission File Number: 001-35284</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 16pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 16pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Ellomay Capital Ltd.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Translation of registrant&#8217;s name into English)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">9 Rothschild Blvd., Tel Aviv 6688112, Israel</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Address of principal executive office)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Form 20-F&#160;<font style="DISPLAY: inline;" face="Wingdings">x</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form 40-F&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Yes&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No&#160;<font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THE TEXT OF EXHIBIT 99.1 OF THIS FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT&#8217;S REGISTRATION STATEMENTS ON FORM F-3 (NOS. 333-199696 AND 333-144171) AND FORM S-8 (NOS. 333-187533, 333-102288 AND 333-92491), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Report on Form 6-K of Ellomay Capital Ltd. consists of the following document, which is attached hereto and incorporated by reference herein:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 108pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exhibit 99.1.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Press Release: &#8220;Ellomay Capital Announces that Standard &amp; Poors Maalot Reaffirms ilA- Rating of Debentures and Stable Outlook,&#8221; dated February 1, 2016.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Signatures</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"> </font></font>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Ellomay Capital Ltd.</font></font></font></div>
</td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dated: February 1, 2016</font></font></div>
</div>
</td>
<td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By: </font></div>
</td>
<td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Kalia Weintraub</font></font></td>
<td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Kalia Weintraub</font></font></div>
</td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief Financial Officer</font></font></div>
</td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center">3</div>
</div>

<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
<hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
<head>
    <title>exhibit_99-1.htm</title>
    <!--Licensed to: ZKG-->
    <!--Document Created using EDGARizer 2020 5.5.2.0-->
    <!--Copyright 1995 - 2015 Summit Financial Printing. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
<hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit 99.1<br>
</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><img src="logo.jpg" alt=""></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Ellomay Capital Announces that Standard &amp; Poors Maalot Reaffirms ilA- Rating of Debentures and </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Stable Outlook</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Tel-Aviv, Israel, February 1, 2016 &#8211; Ellomay Capital Ltd. (NYSE MKT, TASE: ELLO) (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Ellomay</font>&#8221; or the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>&#8221;), announced that Standard &amp; Poors Maalot Ltd. (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Maalot</font>&#8221;) reaffirmed the rating of ilA-assigned to the Company&#8217;s Series A Nonconvertible Debentures (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Debentures</font>&#8221;) traded on the Tel Aviv Stock Exchange and reaffirmed the &#8220;Stable&#8221; outlook.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In its rating report (issued in Hebrew, available at: http://www.maalot.co.il/publications/3781/OTREll20160128151144.pdf<font style="DISPLAY: inline; FONT-SIZE: 10pt">)</font>, Maalot notes, among other things, as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ellomay&#8217;s rating is underpinned by the maintenance of a liquidity cushion&#160;&#160;sufficient for one year&#8217;s debt service; by an &#8216;adequate&#8217; liquidity profile, that is characterized by a flat debt amortization schedule; by majority of revenues based on governmental incentives; by minority stake in Dorad Energy that may generate flows in the future; and by the lack of construction risk associated with the company&#8217;s activity since all its facilities are operating at full capacity.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On the other hand, Ellomay&#8217;s rating is restricted by a concentration of revenues from held assets in Italy and in Spain, resulting in exposure to the regulatory environments in these countries due to the reliance the majority of revenues on tariffs set by regulators.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The stable outlook reflects Maalot assessment that the cash flow and liquidity cushion shall remain stable in the short term despite any unexpected changes in Italian or Spanish regulations. The stable outlook further reflects Maalot assessment that that the company shall maintain coverage ratios that it considers to be commensurate with the current rating.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In accordance with Maalot criteria, the level of liquidity of the company is `adequate`. Maalot estimates the ratio between the sources of cash flow to its uses to be greater than 1.2x in 2016-2017 periods.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In their base-case operating scenario, Maalot estimated that no further regulatory changes concerning renewable energy production shall occur in Italy and in Spain after subsidies for renewable energy were reduced in previous years, and that the current subsidy shall remain in effect. Maalot further assumed no investment in new projects in the short term, and dividend distribution or share buyback of up to 33% of net profit, according to the company&#8217;s stated policy. Maalot did not assume any flows from Dorad Energy, as their timing, scope and potential use are still uncertain, and noted that a one-off flow from Dorad may improve the company&#8217;s financial metrics, but that improvement depends on how the company chooses to use it.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Downside Scenario</font> - A consistent failure to maintain coverage ratios commensurate with the current rating, resulting of deterioration in cash flows from projects due to continuous malfunctions, or of an aggressive investment policy that would increase the debt burden.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 54pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Upside Scenario</font> - A positive rating action would result if the company&#8217;s financial risk profile improves, as reflected in an FFO to adjusted debt ratio above 20% and a debt to adjusted ratio below 4.0x, alongside an improvement in its business risk profile, as reflected in lower concentration due to new projects or material, continuous flow receipts from Dorad Energy.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="3">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The foregoing are only excerpts of the rating report and you are urged to read the rating report in its entirety. An unofficial translation to English of the Maalot report will be uploaded to the &#8220;Investor Relations&#8221; section of the Company&#8217;s website.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A security rating is not a recommendation to buy, sell or hold securities, it may be subject to revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Debentures.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About Ellomay Capital Ltd.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Ellomay is an Israeli based company whose shares are registered under the trading symbol &#8220;ELLO&#8221; with the NYSE MKT, and with the Tel Aviv Stock Exchange. Since 2009, Ellomay Capital focuses its business in the energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier of wide format and super-wide format digital printing systems and related products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more than $100 million.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Approximately 22.6MW of photovoltaic power plants in Italy and approximately&#160;7.9MW of photovoltaic power plants in Spain; and</font></font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Approximately 9.2% indirect interest, with an option to increase its holdings to 9.375%, in Dorad Energy Ltd., which owns and operates Israel&#8217;s largest private power plant with production capacity of approximately 850 MW, representing about 6%-8% of Israel&#8217;s total current electricity consumption.</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Mr. Nehama is one of Israel&#8217;s prominent businessmen and the former Chairman of Israel&#8217;s leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay&#8217;s dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide.&#160;The expertise of Ellomay&#8217;s controlling shareholders and management enables the company to access the capital markets, as well as assemble global institutional investors and other potential partners.&#160;As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For more information about Ellomay, visit <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.ellomay.com</font>.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Information Relating to Forward-Looking Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company&#8217;s management. All statements, other than statements of historical facts, included in this press release regarding the Company&#8217;s plans and objectives, expectations and assumptions of management are forward-looking statements.&#160;&#160;The use of certain words, including the words &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;believe&#8221; and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.&#160;&#160;The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company&#8217;s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by our forward-looking statements including changes in regulation, seasonality of the PV business and market conditions. These and other risks and uncertainties associated with the Company&#8217;s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Contact:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Kalia Weintraub</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CFO</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Tel: +972 (3) 797-1111</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Email: <font style="DISPLAY: inline; TEXT-DECORATION: underline">anatb@ellomay.com</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
<hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0!F17AI9@  34T *@    @ ! $:  4
M   !    /@$;  4    !    1@$H  ,    !  (   $Q  (    0    3@
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MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$
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MEW/0O^"+VC:#HW_!,OX4?\(^L'V>ZTQ[B[>-0#)>-/)]HW$$Y82AER3G" <
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M.F%O>?7- CUVBN2T+0O'%C:V\=]XF\-WTD9_>R+X>EA:49[ 79"G''0U\/\
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M:1\7/@U\$O /Q)\2>$?#-K:^%O$K>.]=U:VUF6759[?4Y'%]&]L8 @VP70!
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62L:J,^^*W***0I;A1110(**** /_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
