Delek Group Announces Consolidated Results for the Third Quarter and First Nine Months of 2009

Nine Month Net Income Reaches NIS 440 Million; Third Quarter Net Income of NIS 60 Million

TEL AVIV, Israel, November 30 - Delek Group Ltd. (TASE: DLEKG.TA, OTCQX: DGRLY) (hereinafter:
"Delek Group" or "The Group") announced today reported its results for the
three and nine month periods ended September 30, 2009. The full financial
statements are available on Delek Group's website at:
www.delek-group.com.

Financial Highlights

    - Nine-month net income reached NIS 440 million; Third quarter
      net income contributed NIS 60 million

    - Declared additional NIS 33 million dividend for the quarter;
      NIS 210 million issued in dividends for the first 9 months of 2009
      (excluding the issuance of Delek Real Estate shares);

    - Successfully raised $1.5bn in new capital so far in 2009
      significantly strengthening the balance sheet;

Results Summary

Group revenues for the first nine months of 2009 totaled NIS
31.8 billion, compared with NIS 39.3 billion in the same period in 2008.
Group revenues in the third quarter of 2009 amounted to NIS 11.9 billion,
compared with NIS 13.0 billion in the third quarter of 2008. The decrease in
revenues was primarily as a result of lower gasoline sales in Israel, Europe
and the United States, as well as the lower price of oil and lower revenues
from the US refinery which only restarted operations towards the end of the
second quarter.

Net income for the first nine months showed significant
improvement reaching NIS 440 million, compared with a net loss of NIS 371
million in the same period in 2008. Net income in the third quarter showed
similar improvements reaching NIS 60 million, compared with a net loss of NIS
612 million reported in the third quarter of 2008.

Group total assets as of September 30, 2009, amounted to NIS 80.9 billion,
compared with NIS 76.7 billion as of December 31, 2008. Delek has raised and
restructured a total of NIS 1.5 billion, all of which is long-term.

Mr. Asaf Bartfeld, CEO of Delek Group commented, "2009 has so
far been a substantial turnaround year for the Delek Group. Our assets
continue to provide increasing returns and we are unleashing the substantial
potential inherent across the whole Group. Our results are a testimony that
we emerged the global financial crisis a stronger and more focused Company.
The recent, and highly over-subscribed capital raises that we have completed,
amounting to almost NIS 1.5bn this year, have significantly improved and
strengthened the Group's balance sheet. The average maturity of our debt is
much longer-term and a third of our debt is now not CPI linked, diversifying
our risk. I am very gratified by the faith the investment community has in
our activities and potential. It positions us for continued long-term growth
with an increased ability to invest in the areas that we can provide most
value and garner the highest return on investment. Our leading portfolio of
assets, focused mainly on the energy and infrastructure sector, paired with
our strong financial standing, enables us to continue to build on our current
success over the coming quarters."

Mr. Asaf Bartfeld, continued, "As we move into 2010, we have
many reasons for optimism; in our energy sector, the commercialization of
natural gas from Tamar is drawing ever closer, and we are very excited with
its potential especially following the increased Gross Mean Resource estimate
received at the beginning of the quarter. Furthermore our existing producing
gas reservoir, Yam Tethys, had its strongest quarter in terms of net income
in its history. In addition, I am proud of the strong increase in market
share in Israel that our automotive business has achieved in the past year
reaching 28% as well as the strong improvement in the performance of our
financial service assets. Finally, the expected closing of the sale of the
majority of our holdings in the HOT cable company at a premium and the
resulting additional cash flow of NIS 400 million proves that by our
continued focus on our core businesses and the continued creation of value,
we expect to remain successful, sharing the rewards with our shareholders."

Main Business Highlights

    Contribution of Principal Operations to Net Income* (NIS millions)

                                            FY    Q1-Q3  Q1-Q3   Q3    Q3
                                           2008    2008   2009  2008  2009

    US Fuel Sector Operations                 1     73      81    27   (14)
    Israeli Fuel Sector Operations           62     85      70    31     9
    Delek Europe                             44     63      42    10    (2)
    Restructuring expenses at Delek Europe  (81)     -       -     -     -
    Oil and Gas Exploration                  65     59      20    40    52
    Oil Exploration Expenses                (74)   (46)      -    (7)    -
    Automotive Operations                   288    300     172   110    65
    Insurance and Finance Operations       (482)  (144)     96  (167)   13
    Capital Gains & Others                 (365)  (321)    (36) (228)  (63)
    Net Income (loss) excluding the Real   (542)    69     445  (184)   60
    Estate Activities

    Real Estate activities               (1,267)  (440)     (5) (428)    -
    Net income (loss) attributed to the  (1,809)  (371)    440  (612)   60
    Group's shareholders

* Parts of the above table has been extracted from Delek Group's Third
Quarter 2009 Directors Report. Please review the full report available on the
Group's website www.delek-group.com to view the notes for each of the
items above.

Energy & Infrastructure

The Oil and Gas Exploration, and Gas Production sector. At the
beginning of the third quarter, the partners in the drilling at the Tamar
field received a third party reserve report, showing the amount of 2P (proved
and probably) reserves of natural gas to be as high as approximately 7.7 TCF
(or approximately 218 BCM) at the Tamar Field. Delek Group has approximately
16% of indirect rights to the Tamar well.

Oil and gas exploration activities contributed NIS 325 million
in revenue for the first nine months of 2009, compared with revenue of NIS
351 million in the same period in 2008. Oil and gas exploration activities
contributed NIS 152 million in revenue for the third quarter of 2009,
compared with revenue of NIS 141 million in the same period in 2008.

Net income for the first nine months of 2009 was NIS 14
million, as compared to net income of NIS 13 million in the same period last
year. Net income for the third quarter of 2009 was NIS 51 million, as
compared to net income of NIS 33 million in the same period last year. The
improvement in the third quarter financial results, was due to increased
revenues from sales of natural gas to the Israeli Electric Corporation
(hereinafter: "IEC") due to the new pricing and conditions, as contracted
with the IEC from July 1st, 2009.

Delek USA (NYSE: DK; Delek Group holds 74% end-Q3 2009):
Revenue in the first nine months of 2009 was NIS 7.2 billion, compared with
NIS 14.5 in the same period of last year. Revenue in the third quarter of
2009 was NIS 3.2 billion, compared with NIS 5.1 in the same period of last
year. Net income in the first nine months of 2009 amounted to NIS 113 million
compared with a net income of NIS 103 million in the same period in 2008. Net
loss in the third quarter of 2009 amounted to NIS 21 million compared with a
net income of NIS 41 million in the same period in 2008.

In the Company's refining segment, third quarter results were
adversely impacted by a significant decline in the 5-3-2 Gulf Coast crack
spread in the period. Within the retail segment, same-store sales trends
signalled improving business conditions in the Company's core South-Eastern
markets during the third quarter, as both fuel gallons sold and merchandise
sales increased above levels reported in the third quarter 2008.

The results throughout 2009 benefited from the receipt of gross insurance
proceeds mostly as a result of business interruption whilst the refinery was
shut due to a fire which occurred at the end of 2008. In May 2009, Delek US
completed the rebuilding of the unit damaged in the fire and the refinery
resumed operation. The discretionary upgrades and capital improvements made
in connection with the rebuild process, position the company to take
advantage of a more flexible crude slate, as refining economics allow.

Delek - the Israel Fuel Company Ltd. (TASE: DLKIS.TA; Delek
Group holds 77.4% end-Q2 2009): Revenue in the first nine months of 2009 was
NIS 3.1 billion, compared with NIS 4.9 in the same period of last year.
Revenue in the third quarter of 2009 was NIS 1.2 billion, compared with NIS
1.9 in the same period of last year. Net income in the first nine months of
2009 amounted to NIS 84 million compared with a net income of NIS 102 million
in the same period in 2008. Net income in the third quarter of 2009 amounted
to NIS 7 million compared with a net income of NIS 33 million in the same
period in 2008.

The lower revenues levels in the quarter were primarily as a
result of the lower average gasoline prices as well as lower sales in the
direct marketing sector due to the economic slowdown compared with the same
period last year. In addition, there was an impact on revenues due to a
reduction in exposure to the direct marketing sector through a more selective
and careful approach. However, it should be noted that this effect was
somewhat compensated by an increase in sales at convenience stores as well as
increased sales in gasoline for commercial enterprises.

Delek Europe. Revenues in the first nine months of 2009
amounted to EUR1.4 billion, compared with EUR2.1 billion in the same period
last year. Revenues in the third quarter of 2009 amounted to EUR492 million,
compared with EUR729 million in the same period last year. The lower revenue
level was primarily due to the lower average price of gasoline in the period
compared with last year.

During the first nine months of 2009, Delek Europe recorded a
profit of EUR8 million, compared with a net profit of EUR12 million in the
same period last year. During the third quarter of 2009, Delek Europe
recorded breakeven results, compared with a net profit of EUR2 million in the
same period last year.

Automotive Operations

Delek Automotive Systems Ltd. (TASE: DLEA.TA; Delek Group
holds 55% end-Q3 2009): The company increased its market share to 28% of the
Israeli car market in third quarter of 2009, compared with 23% in the third
quarter of last year. The company also began successfully selling the new
popular Mazda-3 model car in July of this quarter.

The company's revenues totalled NIS 3.4 billion in the first 9
months of 2009, compared with NIS 4.2 billion in the same period of last
year, the decreasing stemming from the general economic slowdown.

However, the company's revenues increased to NIS 1.5 billion
in the third quarter of 2009 compared with 1.4 billion in the same period of
last year. The increase was driven by a growth in unit sales, due to the
increased market share which Delek Automotive enjoyed in the third quarter.
The company sold 13,481 units in the quarter (out of a total of 46 thousand
cars sold in Israel) compared with 12,234 (out of a total of 51 thousand cars
sold in Israel) in the same period last year.

Net income at Delek Automotive in the first nine months of
2009 reached NIS 305 million compared to a net income of NIS 525 million
shekels in the same period last year. The decrease in net income is primarily
due to the lower number of units sold. Net income at Delek Automotive in the
third quarter of 2009 reached NIS 112 million compared to a net income of NIS
193 million shekels in the same period last year. The decrease in third
quarter net income was primarily due to fluctuations in currency exchange
rates.

Insurance and Financial Services

The activities of this segment are primarily conducted through
two insurance companies; Israeli insurance company, Phoenix Holdings Ltd.
(TASE: PHOE.TA), and general US insurer, Republic Companies, Inc. that is a
indirectly wholly owned subsidiary.

The insurance and financial services sector contributed NIS 96
million to the Group's net income in the first nine months of 2009, compared
to a loss contribution of NIS 44 million in the same period last year. In the
third quarter, the contribution was NIS 13 million, compared to a net loss
NIS 167 million in the same period of last year. The improved results were
due to the significant improvement in the capital market environment in
Israel since the beginning of 2009.

Dividend Distribution

On November 29, 2009, the Board of Directors of Delek Group
declared a cash dividend distribution for the third quarter of 2009 in the
amount of approximately NIS 33 million (approximately NIS 2.91 per share) to
the shareholders on record as of December 21, 2009. The ex-date is December
22, 2009 and the dividend will be paid on January 5, 2010.

Conference Call Details

The Company will be hosting a conference call in English on
Tuesday, December 1, 2009 at 10:00am ET, 3:00pm UK time, 5:00pm Israel time.
On the call, CEO Asaf Bartfeld, CFO Barak Mashraki and Head of Investor
Relations, Dalia Black, will review and discuss the results, and will be
available to answer your questions.

To participate, please call one of the following
teleconferencing numbers: US: +1-800-994-4498,
UK: +44(0)-800-917-4613, Israel: +972-03-918-0666.

About The Delek Group

Delek Group is the leading energy & infrastructure group based
out of Israel with investments in upstream & downstream energy, water
desalination and power plants globally. In addition, Delek is the number one
importer & distributor of vehicles in Israel and owns insurance assets in
Israel and the US. Earlier this year, Delek Group, through its subsidiaries,
discovered significant quantities of high quality natural gas off the coast
of Israel. Delek Group sales reached 48 billion Israeli shekel in 2008.

For more information on Delek Group please visit
www.delek-group.com

    Contact

    Dalia Black
    Head of Investor Relations
    Delek Group
    Tel: +972-9-863-8444
    Email: black_d@delek.co.il

    Kenny Green / Ehud Helft
    International Investor Relations
    GK Investor Relations
    Tel: (US)+1-646-201-9246
    E-mail: delek-group-ir@gkir.com

Contact: Dalia Black, Head of Investor Relations, Delek Group, Tel: +972-9-863-8444, Email: black_d at delek.co.il; Kenny Green / Ehud Helft, International Investor Relations, GK Investor Relations, Tel: (US) +1-646-201-9246, E-mail: delek-group-ir at gkir.com