Gas Subsidiaries Update

The following updates are based on information released by Delek Group gas subsidiaries, Delek Energy Systems Ltd., Avner Oil & Exploration L.P and Delek Drilling L.P. All financial and business information is given only for the convenience of the reader. The only official financial and business information, is that which is included in the officially published immediate reports and financial reports of Delek Group and its gas subsidiaries, to the Israeli Securities Authority and the Tel Aviv Stock Exchange, in Hebrew. In the event of any conflict between financial and business information given on this site and the Hebrew published immediate reports, the Hebrew published immediate reports shall prevail. More on Delek Group's disclaimer.

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Public Utility Authority Proposes Hearing on Gas Contract Terms

Tel Aviv, May 22, 2012. Gas subsidiaries announced that the Public Utility Authority - Electricity published on its website a proposal for a hearing on the principles of gas prices approval with regard to the agreement between Tamar partners and the Israel Electric Company and the agreements between Tamar partners and private electricity producers. Since the approval of the Electricity Authority is a condition of these agreements, Tamar partners will study the economic implications, commercial, financial and legal resolution of the hearing proposal.

For more information please see the immediate reports as published on TASE. http://maya.tase.co.il/bursa/indeximptoday.htm

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