B Communications : Investor Presentation-May 2023

Investor Presentation

May 2023

Forward-Looking Statements

This presentation contains general data and information as well as forward looking statements about B Communications Ltd. ("BCOM"). Such statements, along with explanations and clarifications presented by BCOM's representatives, include expressions of management's expectations about new and existing programs and market conditions. Although BCOM believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. These statements should not be regarded as a representation that anticipated events will occur or that expected objectives will be achieved. In addition, the realization and/or otherwise of the forward looking information will be affected by factors that cannot be assessed in advance, and which are not within the control of BCOM, including the risk factors that are characteristic of its operations, developments in the general environment, external factors, and the regulation that affects BCOM's operations. This presentation contains partial information from the public reports of BCOM under the Israeli Securities Law 5728-1968 (the "Securities Law"), which reports can be accessed at the Israeli Securities Authority's website, www.magna.isa.gov.il. A review of this presentation is not a substitute for a review of the detailed reports of BCOM under the Securities Law and is not meant to replace or qualify them; rather, the presentation is prepared merely for the convenience of the reader, with the

understanding that the detailed reports are being reviewed simultaneously. No representation is made as to the accuracy or completeness of the information

contained herein. The information included in this presentation is based on information included in BCOM's public filings. However, some of the information may be presented in a different manner and/or breakdown and/or is differently edited. In any event of inconsistency between BCOM's public filings and the information contained in this presentation, the information included in the public filings shall prevail. The information contained in this presentation or which will be provided orally during the presentation thereof, does not constitute or form part of any invitation or offer to sell, or any solicitation of any invitation or offer to purchase or subscribe for, any securities of BCOM or any other entity, nor shall the information or any part of it or the fact of its distribution form the basis of, or be relied on in connection with or relating to any action, contract, commitment or to the securities of BCOM. The presentation does not constitute a recommendation or opinion or substitute for the discretion of any investor.

2

BCOM Overview

1. Communications Ltd. ("BCOM") is a public company with a controlling interest (~26.9%) in Bezeq, The Israel Telecommunication Corp. ("Bezeq"), Israel's largest telecommunications group (TASE: BEZQ).

BCOM is controlled by Searchlight Capital Partners (65.26%) and the Fuhrer Family (12.35%). Our controlling shareholders have wide telecom and business experience and financial strength, representing significant added value for the Bezeq Group.

At A Glance

Ticker BCOM

Exchange TASE

Headquarters Tel-Aviv, Israel

NIS 13.09	49.6%	NIS 1.87	NIS 3.7
Billion	Billion
Stock	LTV (spot)		Value of
Price	NAV	Holdings in
			Bezeq
As of May 16, 2023
			3

Group Structure

Searchlight II BZQ	T.N.R Investments Ltd
(Searchlight Capital Partners)	(Fuhrer Family)
65.26%	12.35%

Free float	22.39%	B Communications

	26.88%
Free float	73.12%

100%

100%

100%

100%

100%

Fixed-line,	Call Center	Pay-TV	Mobile	ILD, ISP, ICT,
Broadband	Services	(DTH)	telephony	enterprise
Infrastructure,			and data	solutions
Fiber, data

4

Investment Highlights

Experienced Controlling

Consistent Improvement

Stable and Recurring Revenue

Strong Market Momentum

Shareholders Leading

in Leverage Ratios with

Model with Strong and

with Focus on Growth

Israel's Largest Telecom

Healthy Debt

Predictable Cash Flows

Engines and Structural

Group, in Both

Repayment Schedule

Changes such as: Building

Residential and Business

and Dividends from

Nationwide Fiber

Markets

Subsidiary

Infrastructure, 5G

Deployment and Streamline

of Key TV and ISP

Subsidiaries

5