---

---

Exhibit
15.3

| | Advisors
relied upon in the consolidated financial statements for the years ended December 31,
2008 2007 and 2006
| | -----------------------------------------------------------------------------------------------------------------

|Name of advisor                             | Nature of professional advice                                                                                                                         | Reference to the  consolidated
financial statements | Reference to advisor's
consent letter in this
Form 20-F
|------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------- | -------------------------------------------------------
|Financial Immunities Ltd.                   | Valuation of interest rate swap transaction executed by Plaza Centers N.V. ("PC") in respect of series A debentures as of December 31, 2008 and 2007. | Notes 2 AH. (1) f. and 10 A.(vii)                   | Exhibit 15.4                                           
|Financial Immunities Ltd.                   | Valuation of interest rate swap transaction executed by PC in respect of series B debentures as of December 31, 2008                                  | Notes 2 AH. (1) f. and 10 A.(vii)                   | Exhibit 15.5                                           
|Financial Immunities Ltd.                   | Valuation of Series A debentures of PC as of December 31, 2008 and 2007                                                                               | Notes 2 AH. (1) g. and 20 H.                        | Exhibit 15.6                                           
|Financial Immunities Ltd.                   | Valuation of Series B debentures of PC as of December 31, 2008                                                                                        | Notes 2 AH. (1) g. and 20 H.                        | Exhibit 15.7                                           
|BDO Ziv Haft Consulting and Management Ltd. | Valuation of options granted by PC under ESOP 2006 during the years ended December 31, 2008, 2007 and 2006.                                           | Notes 2 AH.(1) b. and 12 B. (4)                     | Exhibit 15.8                                           
|BDO Ziv Haft Consulting and Management Ltd. | Valuation of option granted by PC to the Company's Vice Chairman of the Board in respect of PC's operations in India as of December 31,2008 and 2007  | Notes 27 A. (9) and 2 AH.(1) b.                     | Exhibit 15.9                                           
|BDO Ziv Haft Consulting and Management Ltd. | Valuation of embedded derivative included in a loan agreement as of December 31,2008, 2007 and 2006                                                   | Notes 2 AH. (1) d. and note 21 A.(iii)              | Exhibit 15.10                                          
|Giza Zinger Even Ltd.                       | Valuation of Series A and Series B debentures of PC as of December 31, 2008.                                                                          | Notes 2 AH. (1) g. and 20 H.                        | Exhibit 15.11                                          
|Giza Zinger Even Ltd.                       | Financial opinion in respect of Tradability of PC debentures and significance of market price as of December 31, 2008                                 | Notes 2 AH. (1) g. and 20 H.                        | Exhibit 15.12                                          
|Giza Zinger Even Ltd.                       | Valuation of options granted by the Company during the year ended December 31, 2008 under the Company 2006 Option Plan.                               | Notes 2 AH. (1) and 25 C.                           | Exhibit 15.13                                          
|Tavor Economic consulting Ltd.              | Valuation of Series A and Series B debentures of PC as of December 31, 2008.                                                                          | Notes 2 AH. (1) g. and 20 H.                        | Exhibit 15.14                                          



---

---