News Releases

Cellcom Israel Ltd. (The "Company") Announces Preparations for Possible Public Offering of Debentures on the Tel Aviv Stock Exchange

NETANYA, Israel, September 19, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --

Cellcom Israel Ltd. (NYSE: CEL) announced that it is preparing for a possible public offering of debentures to be conducted in Israel alone pursuant to a prospectus, the proceeds of which will be used for general corporate purposes, including debt repayment. Such debentures, if issued, will be listed on the Tel Aviv Stock Exchange.

At this stage, no decision has been made as to the execution of such possible public offering, nor as to its terms, scope and timing, if executed, and there is no certainty that such offering will be executed.

The offering described in this press release, if made, will be made in Israel to residents of Israel only. The said debentures, if issued, will not be registered under the U.S. Securities Act of 1933 and will not be offered or sold in the United States. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any debentures.

About Cellcom Israel

Cellcom Israel Ltd., established in 1994, is the leading Israeli cellular provider; Cellcom Israel provides its 2.960 million subscribers (as at June 2007) with a broad range of value added services including cellular and landline telephony, roaming services for tourists in Israel and for its subscribers abroad and additional services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an HSDPA 3.5 Generation network enabling the fastest high speed content transmission available in the world, in addition to GSM/GPRS/EDGE and TDMA networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Through its broad customer service network Cellcom Israel offers its customers technical support, account information, direct to the door parcel services, internet and fax services, dedicated centers for the hearing impaired, etc. In April 2006 Cellcom Israel, through Cellcom Fixed Line Communications L.P., a limited partnership wholly-owned by Cellcom Israel, became the first cellular operator to be granted a special general license for the provision of landline telephone communication services in Israel, in addition to data communication services. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL).

For additional information please visit the Company's website

    Company Contact:

    Shiri Israeli
    Investor Relations Coordinator
    Tel: +972-52-998-9755

    Investor Relations Contact
    Ehud Helft / Ed Job
    CCGK Investor Relations /
    Tel: (US) +1-866-704-6710, +1-646-213-1914


SOURCE Cellcom Israel Ltd.

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