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Notice of the Results of the Offer to Purchase All of the Share Capital of Ithaca Energy Inc. - End of the Extension Period (completion)
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Tel Aviv, May 4, 2016. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”)

1.7.1 Investment in shares of Ithaca Energy Inc. ("Ithaca")
(A) Investment agreement to acquire 19.9% of the issued share capital of Ithaca
  On October 9, 2015 DKL, a wholly-owned foreign subsidiary of the Company, engaged in an agreement to with Ithaca to acquire 19.9% of the issued and paid up share capital of Ithaca, by way of a private placement, at the price of CAD 1.05 per share and a total consideration of USD 68 million (“the Investment Agreement”). The Company funded the acquisition from its own resources.

The Investment Agreement provided, among other things, that upon closing of the transaction and the allotment of the shares, DKL will be eligible to appoint 2 members to the board of directors, in addition to the 7 directors on Ithaca's board of directors at that time, and to appoint one of these directors to the various board committees, for as long as DKL's holdings in Ithaca exceeds a certain rate as set out in the Agreement.

As of Reporting Date, the investment in Ithaca is recorded in the Company's books according to the equity method. For further information, see Note 10L to the financial statements .

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