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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Price Committee Recommendation and Antitrust Authority Notice

Tel Aviv, May 23, 2012. The Gas subsidiaries announced that the Ministry of Finance published a proposal for supervising the profitability of natural gas companies in Israel. The proposal is available on Israel's Ministry of Finance website. In addition, Noble Energy received a written notice from the Antitrust Authority. It includes the terms which outline the principles that the Antiturst Authority is considering on imposing, as a condition for providing its exemption from restrictive arrangements in relation to the gas agreements covering the agreement between the Tamar partners and the Israel Electric Company, as well as the agreements between Tamar's partners and other private electricity producers. That outline is similar to that which was published yesterday by the Electricity Public Utility Authority. Tamar's partners intend to study the economic commercial, financial and legal implications.

For more information please see the immediate reports as published on TASE.

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