Agreement for the Sale of Holdings in The Phoenix Holdings Ltd - Exercise of Option

November 26, 2017 at 11:00 AM EET

Tel Aviv, November 26, 2017. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that further to the Company’s Immediate Report dated  September 14, 2017 (ref. no. 2017-01-081796), the Company hereby provides an update that in accordance with the agreement between the Company and the international insurance company Sirius International Insurance Group Ltd (“the Purchaser”) concerning the sale of the Company’s holdings in The Phoenix Holdings Ltd (“The Agreement” and “The Phoenix”, respectively), on November 23, 2017, after completion of the Purchaser’s due diligence of The Phoenix, the Purchaser informed the Company of the exercise of the call option granted it in the Agreement, to acquire the balance of shares of The Phoenix held by the Company, (47%), and of its intention to complete the transaction, in consideration of NIS 2.3 billion in cash, plus interest, in accordance with the sales Agreement signed between the parties and subject to receiving the required regulatory approvals. It is stipulated that this consideration is in addition to the consideration already paid to the Company by the Purchaser of NIS 208 million in cash for 4.9% of The Phoenix shares, for which the Purchaser completed their acquisition close to the date of signature of the Agreement, so that the entire cash consideration that the Company is expected to receive in the event of completion of the transaction is NIS 2.5 billion.

This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on November 26, 2017.

About The Delek Group

Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. With major finds in the Levant Basin, including the Leviathan (21.4 TCF) and Tamar (11.2 TCF) reservoirs and others, Delek is leading the region’s development into a major natural gas export hub. In addition, Delek has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek Group is one of Israel’s largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE:DLEKG) and are part of the TA 35 Index.

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Dina Vince
Head of Investor Relations
Delek Group Ltd.
Tel: +972 9 863 8444