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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Amended Agreements Signed with Hadera Paper for the Sale of Natural Gas

Tel Aviv, October 18, 2012. On October 17, 2012, an amendment was executed to the agreement for the supply of natural gas dated January 25, 2012 (the "Gas Agreement"), between Hadera Paper Ltd. ("Hadera Paper") and Tamar Partners according to which several provisions of the agreement were amended following the requested changes required by Electricity Authority and Antitrust Authority. The consumers are entitled to exercise an option to reduce the minimum annual amount it has committed to purchase or pay for it (Take or Pay), such that it will not exceed 50% of the average annual amount consumed during three years prior to exercising the option, subject to adjustment as determined in the Gas Agreement. The rest of the agreed amounts of the natural gas to be supplied that were determined in the Gas Agreement will be reduced accordingly. The consumers will be entitled to exercise the abovementioned option, by a notice that will be given to Tamar partners during the period from the beginning of the fifth year of the supply of gas in commercial quantities or on January 1, 2018 (whichever is the earlier), and will terminate at the end of the eighth year of the date of the commercial operation or on December 31, 2020 (whichever is the latest).

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

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