Ampal-american Israel 8K oration Reports Third Quarter 2010 Financial Results | SEC 10 Nov 10

Exhibit 99.2

November 2010

COMPANY
PRESENTATION

About Ampal:

Ampal-American Israel Corporation (“Ampal” or the “Company”) 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.

Safe Harbor Statement on Forward-Looking Statements

Certain information in this presentation includes forward-looking statements (within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934) and information relating to Ampal that are based on the beliefs
of management of Ampal as well as assumptions made by and information currently available to the management of Ampal. When
used in this presentation, the words "anticipate," "believe," "estimate," "expect," "intend," "plan," and similar expressions as they
relate to Ampal or Ampal's management, identify forward-looking statements. Such statements reflect the current views of Ampal
with respect to future events or future financial performance of Ampal, the outcome of which is subject to certain risks and other
factors which could cause actual results to differ materially from those anticipated by the forward-looking statements, including
among others, the economic and political conditions in Israel, the Middle East, including the situation in Iraq, and the global
business and economic conditions in the different sectors and markets where Ampal's portfolio companies operate. Should any of
these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcome may vary from
those described herein as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-
looking statements attributable to Ampal or persons acting on its behalf are expressly qualified in their entirety by the cautionary
statements in this paragraph. Please refer to the Ampal's annual, quarterly and periodic reports on file with the SEC for a more
detailed discussion of these and other risks that could cause results to differ materially. Ampal assumes no obligation to update or
revise any forward-looking statements.

Use of Non-GAAP Financial Measures

Ampal uses certain non-GAAP financial measures in this presentation. Ampal uses non-GAAP financial measures as supplemental
measures of performance and believes these measures provide useful information to investors in evaluating our operations, period
over period. However, non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation
or as a substitute for Ampal’s financial results prepared in accordance with GAAP. In addition, investors should note that any non-
GAAP financial measures Ampal uses may not be the same non-GAAP financial measures, and may not be calculated in the same
manner, as that of other companies. Reconciliations of our non-GAAP financial measures are included in this presentation.

Company Profile| AMPAL

General Data

§ Incorporated in New York

§ Invests in companies with a stable cash flow

§ Market Value (Million US$)** 138

§ Equity (Million US$) 187.4

* The Company Financial Statements are prepared in accordance with US GAAP (and not IFRS)

** Based on closing price on NASDAQ on November 3, 2010

Holding Structure

Proportion of Investments

(Holdings Book Value*)

Diversification of Segments | AMPAL

Chemicals

Energy

EMG

12.5%

(2006)

012 Smile (1)

100%

(2010)

Gadot
Chemical
Tankers

100%

(2007)

Areas of
activities:

GWE

50%

(2008)

Ethanol project in
Colombia

(Loan convertible to
25%)

(2009)

Communications

* Percentage indicates Ampal’s ownership interest in the applicable company

Holdings*:

(Year Ampal made
investment)

(1) On October 13, 2010, the Company’s wholly owned subsidiary signed an
agreement for the sale of all the issued and outstanding share capital of 012
Smile . For further details see Page 14

Major Milestones| AMPAL

1400

1200

1000
800

600

400

200

2001 2002 2003 2004 2005 2006 2007 2008 2009 Q3 2010

Total Assets (Million US$)

EMG

Purchase

012 Smile

Purchase

Gadot

Purchase

Registration

For trading on

TASE

Energy

EMG | East Mediterranean Gas

§ EMG was established in Egypt in 2000
and has constructed an off-shore gas
pipeline, as well as on shore facilities,
from El-Arish (Egypt) to Ashkelon (Israel).
The gas flow to Israel began in June 2008
and currently provides 2.5 BCM annually
to Israel Electric Corporation and
Mashav.

§ Egypt has undertaken to export up to 7
BCM of natural gas annually to Israel
through EMG. EMG’s contracts with
Israeli buyers for the re-sale of Egyptian
natural gas may have terms of up to 20
years, with a total of 140 BCM.

§ If and when the full 7 BCM per year is
contracted by EMG with Israeli buyers,
the estimated annual income for EMG
shall exceed 1 Billion US$.

EMG Profile

EMG | East Mediterranean Gas

§ Demand for natural gas in
Israel continues to
increase

§ EMG is one of only two
companies supplying
natural gas in Israel.

§ EMG supplies
approximately half of the
natural gas in the Israeli
market

§ EMG is currently the only
company that can provide
additional quantities of
gas to Israel in the years
2010-2013

Natural Gas in Israel

§ EMG has access to Egyptian gas reserves in
excess of 2,500 BCM from proven and
diverse sources

§ EMG has skilled and professional
management with decades of experience
in Egypt and its gas industry

§ EMG holds several long term contracts for
the sale of over 65 BCM valued at over 10
Billion US$

§ Israel Electric Corporation

(20 years*)

§ Dorad (18 years*)

§ Makteshim, Haifa Chemicals,

Mashav, Ashdod Energy, Solad

and Ramat Negev

EMG

* Includes extensions of initial terms.

42 BCM

13.6 BCM

9 BCM

Renewable Energy

§ Production of Bio-Ethanol fuel from sugarcane

§ The Project includes: 10,000 hectare of land
(leased and purchased), irrigation, agriculture,
erection of an Ethanol Extraction Plant, sale of Bio-
Ethanol to the local market.

§ Due to local regulations of Ethanol usage, the local
market suffers a substantial shortage of Ethanol.

§ Expected construction period - 3 years.

§ Ampal holds a loan of approximately US$22 Million
convertible to 25% of the Project, subject to a
financial closing.

§ Ampal’s partnership with Clal Energy (50/50)

§ Developing wind and photovoltaic projects

Global Wind Energy

Ethanol Project in Colombia

Chemicals

Gadot Chemicals Tankers & Terminals | Gadot

§ The leading Israeli company for chemical
supply and services to customers
throughout the supply chain of chemicals
from producer to end-user (mainly liquid
chemicals).

Gadot Profile

Gadot Chemicals Tankers & Terminals | Gadot

§ Years of experience in storage, handling, packaging, transporting and
shipping hazardous materials.

§ Provides services to the entire chemicals supply chain in Israel.

§ Geographic Areas of Activity: Israel, Western Europe, South and
Central America, USA.

§ Clients, including major Israeli companies:

Teva, Makhteshim, ICL, Palsan, HP and others.

Chemicals Field

Communications

§ On October 13, 2010, a subsidiary of the Company has entered
into a definitive share purchase agreement to sell all of the
outstanding shares of 012 Smile Telecom Ltd. , to Partner
Communications Company Ltd. (NASDAQ: PTNR) .

§ The purchase price is approximately 692 million New Israeli
Shekels ("NIS"), or $191 million, of which approximately NIS 42
million, or $11.6 million, are to be paid by way of 012 Smile
assigning payments due from a third party.

§ As part of the transaction, Partner has also agreed to assume
approximately NIS 800 million, or $221.6 million, of long-term
debt, which brings the total transaction value to a total of
approximately NIS 1.492 billion, or $412 million.

§ The transaction, which is expected to close in 2-3 months, is
subject to customary closing conditions, including the
regulatory approvals of the Israeli Ministry of Communications
and the Israeli Antitrust Commissioner. However, it is not
subject to a financing condition.

Communications | 012 Smile Telecom

012 Smile Share Purchase Agreement Dated October 13, 2010

Communications | 012 Smile Telecom

012 Smile maintains three
major Areas of Activity

012 Smile Profile

International Long Distance
(Traditional Voice)

Broadband Internet Service
Provider

Fixed-line telephony

(VOB - Voice Over Broadband)

012 Smile offers its clients a “Triple Package” which includes Internet services
and a bundle of minutes for international long distance and local calls

Market Share
in Israel

Distribution of Income to
Areas of Activity

33%

36%

§ A strong brand name in the ISP and international long distance
market in Israel

§ Successful penetration of the fixed-line telephony market
through voice over broadband (VOB) area

§ Market Share - Local Telephony:

§ Years of experience in the Israeli communications market and
a quality management team

Communications | 012 Smile Telecom

Communications Field in Israel

Financials

Condensed Solo* (unconsolidated) Balance Sheet (Pro-Forma) - September 30, 2010

* Including Gadot, 012 Smile, Merhav Ampal Energy Holdings, LP and Country Club Kfar Saba on equity basis and not
consolidated.

** Including a convertible loan of approximately US$22M to the project in Colombia.

Assets		Liabilities and Shareholders’ Equity
	US$ (in Millions)		US$ (in Millions)
Cash, deposits and other financial items**	98.4	Banks and Debentures	439.8
Investments	505.7	Accounts Payable	12.6
Fixed Assets	2.7	Noncontrolling interest	0.2
Other	33.2	Equity	187.4

Total	640.0	Total	640.0

Main Holdings - September 30, 2010

* Ampal’s Financial Statements reflect a 16.8% interest in the shares of EMG (approximately US$366M), which includes
the 8.6% interest in EMG held by Ampal’s joint venture with certain Israeli institutional investors, of which a 4.3%
interest in EMG (approximately US$100.0) is attributable to the institutional investors.

Method of Book Value

Cost

Consolidated

Ampal’s
ownership %

12.5%

100%

EMG*

Gadot

012 Smile(1)

Other

Total

Book Value (US$
in Millions)

266.3

117.8

112.2

9.4

505.7

(1) On October 13, 2010, the Company’s wholly owned subsidiary has agreed to sell all of the issued and outstanding
share capital of 012 Smile . See Page 14

Results of Operations in Consolidated Companies*

* The investments in 012 Smile and Gadot by Ampal account for 45% of Ampal’s total holdings (according to their book
value)

** See EBITDA break-down on Appendix A

*** all data on 012 Smile.Communications Ltd. prior to the acquisition of its business by 012 Smile is based on publicly
available information of B Communications Ltd. (f/k/a 012 Smile.Communications Ltd.) on the Tel Aviv Stock Exchange
and NASDAQ.

EBITDA **(US$ in Millions)

Gadot

012 Smile***

Q3 2009

2009

Q3 2010

Revenue (US$ in Millions)

Gadot

012 Smile***

Q3 2009

105

182

2009

415

311

726

Q3 2010

121

202

Condensed Consolidated Balance Sheet - September 30, 2010

Current Assets (excluding cash, deposits and
other financial items)

Cash, deposits and other financial items*

Fixed Assets

Investments:

EMG (Institutional Investors)

Other Investments

Other Non-Current Assets

257.9

111.6

1,378.8

248.3

266.3

100.0

5.1

54.3

US$ (in
Millions)

EMG (Ampal)

Current Liabilities (excluding banks and
debentures)

Gadot - Construction of Vessels

Capital Note - Institutional Investors in EMG

Other Liabilities (including Minority rights)

152.3

1,378.8

213.8

48.9

100.0

19.0

US$ (in
Millions)

Banks - Gadot

Banks - Ampal

Banks - 012 Smile

269.9

172.1

215.4

Debentures

Loans:

Equity

187.4

*Including a convertible loan of approximately US$22M to the project in Colombia

Goodwill and Intangible Assets

335.3

Thank you!

Appendix A - EBITDA Break-Down for 012 Smile

* Less than 1.

(1) all data on 012 Smile.Communications Ltd. prior to the acquisition of its business by 012 Smile is based on publicly available
information of B Communications Ltd. (f/k/a 012 Smile.Communications Ltd.) on the Tel Aviv Stock Exchange and NASDAQ.

Revenues

Expenses

Profit

Depreciation and amortization

EBITDA

Non-recurring and stock
compensation expenses

Adjusted EBITDA

311

(59)

(54)

(212)

(18)

(13)

(52)

Three Months
Ended
September 30,
2010
(Unaudited)

Three Months
Ended
September 30,
2009
(Unaudited) (1)

(19)

(5)

January
2010

February 1 to
September 30,
2010
(Unaudited)

211

(151)

(46)

237

(170)

(51)

231

(160)

(39)

Twelve Months
Ended
December 31,
2009 (1)

Appendix A - EBITDA Break-Down for Gadot

* Less than 1.

Revenues

Expenses

Profit

Marketing, sales, General,
administrative and other expenses

Depreciation and amortization

EBITDA

Non-recurring and stock
compensation expenses

Adjusted EBITDA

415

(375)

(33)

Twelve Months Ended
December 31, 2009

358

299

121

105

(327)

(272)

(111)

(96)

(29)

(23)

(9)

(7)

Nine Months
Ended
September 30,
2010
(Unaudited)

Nine Months
Ended
September 30,
2009
(Unaudited)

Three Months
Ended
September 30,
2010
(Unaudited)

Three Months
Ended
September 30,
2009
(Unaudited)

Adjusted EBITDA is defined as earnings before interest, income tax provision,
depreciation and amortization, adjusted for non recurring expenses. Management
believes adjusted EBITDA for 012 Smile and Gadot to be a meaningful indicator of
their performance that provides useful information to investors regarding their
financial condition and results of operations. Presentation of adjusted EBITDA is a
non-GAAP financial measure commonly used by management to measure
operating performance. While management considers adjusted EBITDA to be an
important measure of comparative operating performance, it should be
considered in addition to, but not as a substitute for, net income and other
measures of financial performance reported in accordance with Generally
Accepted Accounting Principles. Adjusted EBITDA does not reflect cash available
to fund cash requirements. Not all companies calculate adjusted EBITDA in the
same manner, and the measure as presented may not be comparable to similarly-
titled measures presented by other companies.

Ampal-american Israel Inactive 8-KAmpal-American Israel Corporation Reports Third Quarter 2010 Financial Results