Ampal-American Israel Corporation Announced That the Amendment to the Gas Sale Agreement Between EMG and Israel Electric Corporation Legally Came into Force

TEL AVIV, Israel--Ampal-American Israel Corporation , a holding company in the business of acquiring and managing interests in various businesses, with emphasis in recent years on energy, chemicals, communications and related fields, announced today that it has been advised by East Mediterranean Gas Co. ("EMG"), in which Ampal has a 12.5% interest, that Israel Electric Corporation ("IEC") has informed EMG that 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 "Amendment"). The total contracted gas supply to IEC is approximately 42 BCM and the total value of the contract is approximately $6 Billion.

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Ampal and its subsidiaries acquire interests primarily in businesses located in the State of Israel or that are Israel-related. Ampal is seeking opportunistic situations in a variety of industries, with a focus on energy, chemicals, communication and related sectors. Ampal’s goal is to develop or acquire majority interests in businesses that are profitable and generate significant free cash flow that Ampal can control. For more information about Ampal please visit our web site at www.ampal.com.

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