NewMed Energy

Investor Presentation • May 4, 2021

A world class investment proposition in the East Med

Investor Presentation May 2021

The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any State of the United States and the District of Columbia). These materials do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from, or transaction not subject to, the registration requirements of the Securities Act. The Company has not registered, and does not intend to register, any of its securities under the Securities Act or to conduct a public offering of securities in the United States.

This communication is only addressed to and directed at persons in Member States of the European Economic Area ("Member States") who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Regulation (Regulation (EU) 2017/1129) (the "Prospectus Regulation") ("Qualified Investors"). In the United Kingdom, this communication is directed only at, and is being distributed only to, Qualified Investors who have professional experience in matters relating to investments and who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or who fall within Article 49 of the Order or any other persons to whom it may otherwise be lawfully communicated (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on: (i) in the United Kingdom, by persons who are not relevant persons; and (ii) in any Member State, by persons who are not Qualified Investors. Any investment or investment activity to which this communication relates is available only to: (i) in the United Kingdom, relevant persons; and (ii) in any Member State, Qualified Persons and other persons who are permitted to subscribe for the securities described herein pursuant to an exemption from the Prospectus Regulation and other applicable legislation, and will only be engaged in with such persons.

These materials do not contain or constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States, Australia, Canada, Japan, South Africa, the United Kingdom, Switzerland or in any jurisdiction in which such offer or solicitation is unlawful.

Matters discussed in this presentation may constitute forward-looking statements that reflect management's current views with respect to future events. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. The words "anticipate", "believe", "estimate", "expect", "forecast", "intend", "may", "project", "should", "will" and similar expressions identify forward-looking statements. Others can be identified from the context in which they are made. These forward-looking statements involve various assumptions, known and unknown risks, uncertainties, estimates and other factors which are beyond the Partnership's control and which may cause actual results or performance to differ materially from those expressed or implied from such forwardlooking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Past performance of the Partnership cannot be relied on as a guide to future performance. No statement in this presentation is intended to be a profit forecast. Accordingly, you should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

Disclaimer

Deal Description

• All unit holders who hold a right to participate in the limited partner rights in the partnership and will receive shares in NewMed in exchange for the participation units, pro rata for their holdings in the units.
• Delek Drilling will become a private subsidiary held 100% by NewMed, together with all its assets and liabilities, including the rights in the "Tamar" project, which will be sold before or after the completion of the transaction. At the partnership level there is no structural change.

Overview of s.350 Process

• 1. The exchange of securities under the contemplated transaction (the "Transaction") is subject to an Israeli court approval pursuant to s.350 of the Companies Law.
• 1. The s.350 process is expected to include the following main steps:
  2. 1. An application will be submitted to the court to approve the convening of a general meeting of the unitholders (the "GM") to approve the Transaction.
  3. 1. The application will be published as to allow unitholders or third parties to submit objections to the court (within 21 days).
  4. 1. Subject to the court's approval, the GM circular will be published. The circular will include detailed description of the Transaction and its consequences (tax aspects, the listing, New-Med's corporate governance and applicable law, etc.)
  5. 1. The GM resolution to approve the Transaction is subject to a 75% super majority approval and potentially also an approval by the majority of non-interested parties (excluding Delek Group). Certain unitholders may potentially argue before the court that such resolution must be approved separately by different classes of investors (e.g., individuals vs. corporations, etc.)
  6. 1. A final application to approve the Transaction (following the GM's approval) is submitted to the court.
  7. 1. Unitholders or third parties may submit objections to the court (within 10 days).
  8. 1. The court decides to approve (or disapprove) the Transaction.
• 1. It is expected that an Israeli prospectus and a UK Registration Document of NewMed will be published prior to the GM.

Unlock value for NewMed Energy's shareholders

Key benefits of a London listing for NewMed Energy

Differentiated	Unique portfolio characteristics making NewMed Energy stand
position	out compared to London listed E&P companies
Improved market understanding	A more suitable platform for listing a large cap E&P business with more relevant peers for NewMed Energy and deeper understanding of the sector amongst investors
Increased research	Significantly improved research coverage and global
coverage	investor visibility
Diversified shareholder base	Ability to tap a broad, international investor pool providing opportunity to diversify NewMed Energy's shareholder base with improved access to international financing sources
Improved liquidity	NewMed Energy's shareholders to obtain access to a
& access to capital	higher-volume, deeper-liquidity trading platform

A London listing will enable NewMed Energy to become one of the largest LSE-listed independent E&P companies and fuel the next stage of growth and strategic direction

Diversified Shareholder Base

Source: FactSet as of 29 April, 2021 London listed E&P companies include Tullow Oil, Kosmos, Energean, Cairn, Seplat, Gulf Keystone and EnQuest & O/S is market cap weighted. Based on publicly disclosed shareholders

1

Ability to tap a broad, international investor pool providing opportunity to diversify NewMed Energy's shareholder base with improved access to international financing sources

Growth investors make up the majority of the London listed E&P companies institutional investor base

London listed E&P companies have a more UK/US centric investor base vs. Delek Drilling 1

1

Key Considerations Select O&G Companies

• Currently overweight with Oil & Gas stocks, majority of them with similar / shared asset base.
• Delek Drilling comprises a notable portion of O&G equity market in Israel
• Existing peers are limited and focused mostly on two assets: Leviathan and Tamar
• "Hub" market in EMEA for Oil & Gas companies
• ^Offers a broader and more relevant peer group for Delek Drilling
• Market participants have a deeper understanding of the Oil & Gas sector

LSE represents a more suitable platform for listing a large cap E&P business with more relevant peers for NewMed Energy and deeper understanding of the sector amongst investors

Improved Market Understanding

Increased Research Coverage

Listing

			Premium + TASE 9		Standard 12		Standard + US Listing 12		Premium 16		Premium 5		Standard 8		Premium 13
kers o Br	In addition to Delek Drilling current broker / bank coverage:

An LSE listing could potentially allow NewMed Energy to have a significantly improved research coverage and global investor visibility

Number of

Selected Brokers

Source: Bloomberg ¹ Avg. of 11 across both Standard and Premium listed E&P peers

Improved Liquidity and Access to Capital

London is the most liquid exchange in Europe and provides the best platform for enhanced trading for international E&P companies

High liquid stock exchange

Trading volume, LSE vs. TASE (all companies), ADTV over time period (\$mm)

Abundant source of capital

Equity issuances, LSE vs. TASE, over time period (\$mm)

New Med Energy's shareholders could benefit from access to a higher volume, deeper liquidity trading platform

NewMed Energy well positioned compared to its London listed E&P peers

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Introduction to NewMed Energy

Differentiated Proposition

Unique portfolio characteristics making NewMed Energy stand out compared to London listed E&P companies

Source: Partnership information

Note: London E&P peers include Tullow Oil, Cairn Energy, Energean, Kosmos Energy, Genel Energy, Seplat, EnQuest. NewMed Energy figures are ex-Tamar.

¹ Gas reserves and resources as of December 2020; ² Reserve life: Net remaining 2P reserves / Annual production capacity; 3 Israel demand from BDO; Jordanian demand from Wood Mackenzie; Egyptian demand from Wood Mackenzie and includes demand from LNG feed; Supply figures for Egypt include onstream, under-development and contingent resources from Wood Mackenzie; Supply figures for Jordan from Wood Mackenzie, Supply figures for Israel from NewMed Energy estimates; 4 According to Leviathan NSAI report as of December 2020; 5 Comprised fully of Leviathan's 45.34% working interest

Geography

High Quality investment opportunity of scale in the East Med

Growth

Scale

Largest E&P player amongst London-listed peers by reserves, with 100% gas focus

Cash flows

Strong, contracted, downside-protected cash flows supporting attractive future shareholders returns

100%

O&G assets located in OECD or EU countries

Capacity expansion plans and new projects to address increasing regional gas demand

8 BCM p.a.

regional gas deficit3 by 2025 Leviathan capacity expansion

Aphrodite project

\$2.6bn

2021-25E cumulative unlevered free cash flow4

5.9 TCF Net 2P reserves1

11.3 TCF Net 2P + 2C resources1

c.31 years reserve life1,2

3.3 BCM 2020A net production5

Overview of NewMed Energy's Asset Perimeter

NewMed Energy will contain all Delek Drilling assets and licences except Tamar Gas Field1. Tamar will be owned by NME at IPO, but is in the process of being sold (with sale likely to be completed post-IPO).

NewMed Energy Perimeter

Commitment to a long term ESG strategy

As a key regional player of natural gas resource development and decarbonisation, NewMed Energy has adopted a long-term, ambitious strategy that promotes the values of sustainability as part of its business activities

NewMed Energy is close to finalizing a long-term work program in the areas of Environment, Social and Corporate governance, which incorporates clear and transparent goals based on the UN Sustainable Development Goals

NewMed Energy's Board of Directors will nominate a senior officer to implement the work program and promote ESG practices in the company's activities, as well as designate the Audit Committee to oversee the work plan and monitor its progression

NewMed Energy will publish annual corporate responsibility reports, detailing ESG aspects of its business in accordance with the global standards of the GRI organization

Our Goals

• Finalize Code of
  • Business Conduct
• Finalize long-term ESG
  • work program
• Launch Sustainability Roadmap
• Operate in line with UN Sustainable Development Goals

• Issue annual sustainability reports, depicting NewMed Energy's vision and progress in ESG matters

Today This year Future

Corporate governance & Overview of Board of Directors

• Full compliance with LSE and TASE requirements

• Delek Drilling team to migrate to NewMed Energy

• Adoption of a code of securities dealings in relation to its shares, based on the requirements of the Market Abuse Regulation
• The code adopted will apply to the Directors and other relevant employees of the NewMed Energy

Regulatory framework

Management succession plan

Share dealing code

Board composition	• NewMed Energy's Board will be comprised of 9 Directors: • Independent Chairman • CEO • CFO • Two representatives of Delek Group • Four independent/non-executive Directors
Board committees	• Board committees to be established in accordance with UK and Israeli regulations, including: • Audit & Risk committee • Remuneration & Nomination committee • Financial Reports committee • ESG Committee • Any additional committee the Board will deem appropriate

Board and Committees overview

Key Benefits & Rational

Differentiated Proposition

Unique portfolio characteristics making NewMed Energy stand out compared to London listed E&P peers

Improved Market Understanding

Listing on the LSE allows access to a broad base E&P market with more relevant peers and deeper understanding by investors of the sector

Increased coverage

Potentially increased research coverage and global visibility

Diversify unit holders base

LSE has a wider international investor pool, giving opportunity to diversify shareholder base and providing greater access to capital required to support future growth

Enhanced liquidity

London is the most liquid exchange in Europe and provides the best platform for enhanced trading for international E&P companies