Convenience translation from Hebrew The binding version is the Hebrew version only Original produced by S&P Maalot December 11, 2013 New Issue An issue of debentures amounting up to NIS 500 million par value was rated ilBBB-/Watch Negative

Standard & Poor's Maalot hereby announces rating ilBBB-/Watch Negative for bonds amounting up to NIS 500 million par value, issued by Oil Refineries Ltd. using a series expansion. Designation of the issue money is recycling existing debt and current business operations of the company .
We seek to direct readers' attention to the fact that on October 14, 2013 the company and its bond rating were placed on CreditWatch with negative implications. The negative rating watch list was due to our appreciation of potential further deterioration in the liquidity profile of the company following the deterioration in the level of financial support from the banking system .
We are aware that in recent weeks, the Company made a number of positive actions to improve liquidity profile, including the parent company's intention to participate in the rights issue. We intend to review the rating in the coming days and remove the company from the watch list .
For more details on the ranking of Oil Refineries Ltd., see the Report dated October 14, 2013.

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