A three-dimensional highly elastic film/non-woven composite (10) having a fluid and air impervious core layer (16) and a first and second consolidated layer (12, 14). The consolidated layers (12, 14) have unidirectional and non-unidirectional fibers. The composite (10) is formed by laminating the air and fluid impermeable elastic core layer (16) between the two layers of consolidated non-wovens (12, 14). The resulting composite (10) stretches only in the cross-machine direction due to the unidirectional properties of the consolidated non-woven material. The layers are then point bonded or welded together. Preferably the layers are welded by passing the composite between an ultrasonic horn and an ultrasonic bond roll having raised areas for effecting the weld points. A thin inelastic membrane is formed at each of the weld points. The welded composite (10) may then be pre-stretched to rupture the membranes, thereby creating apertures, which makes the composite permeable.