Delek Group Ltd. Acquires Remaining Outstanding Common Shares of Ithaca Energy Inc. Pursuant to a Compulsory Acquisition

TEL AVIV, ISRAEL--(Marketwired - June 5, 2017) - Delek Group Ltd. ("Delek") and its wholly-owned subsidiary DKL Investments Limited (the "Offeror") today announced that the Offeror has completed the compulsory acquisition (the "Compulsory Acquisition") of all remaining, outstanding common shares ("Common Shares") of Ithaca Energy Inc. ("Ithaca") not previously owned by the Offeror pursuant to Part 16 of the Business Corporations Act (Alberta) (the "Act") following its previously announced successful takeover bid (the "Offer").

Following the expiration of the Offer, as extended on April 20, 2017 for the mandatory extension period, the Offeror owned 400,852,265 Common Shares representing, on a non-diluted basis, approximately 94% of the issued and outstanding Common Shares. The Offeror acquired an additional 24,486,303 Common Shares pursuant to the Compulsory Acquisition representing, on a non-diluted basis, approximately 6% of the issued and outstanding Common Shares, at a price of C$1.95 per Common Share for an aggregate price of C$47,748,290.85.

As a result of the Compulsory Acquisition, the Offeror now owns all of the issued and outstanding Common Shares of Ithaca. Ithaca has applied to have the Common Shares delisted from the Toronto Stock Exchange and AIM. The Common Shares will be delisted in accordance with the policies of the Toronto Stock Exchange and AIM.

Caution Concerning Forward-Looking Statements

Certain statements made in this news release are forward-looking statements, including, but not limited to, statements relating to the delisting of the Common Shares from the Toronto Stock Exchange and AIM. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, the Offeror and Delek cannot guarantee that any forward-looking statement will materialize and caution readers against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe the Offeror's expectations as of the date of this press release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, neither the Offeror nor Delek undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise.