EMG, Israel Electric Corp. Finalize $6B Gas Sale Agreement

Ampal-American Israel Corporation has been advised by East Mediterranean Gas Co. ("EMG"), in which Ampal has a 12.5% interest, that Israel Electric Corporation ("IEC") has received all of the required approvals for the coming into force of a certain Amendment to the Gas Sale Agreement signed by EMG and IEC on September 17, 2009.

The total contracted gas supply to IEC is approximately 42 BCM and the total value of the contract is approximately $6 billion.