CELLCOM ISRAEL ANNOUNCES UPDATE RE. XFONE's
PURCHASE UNDER INSOLVENCY PROCEUDURES

Netanya, Israel - September 2, 2021 - Cellcom Israel Ltd. (TASE: CEL) (hereinafter: the 'Company') announced today that following its previous reports (dated August 22 and September 1, 2021) regarding Golan Telecom Ltd., a wholly owned subsidiary of the Company's offer to purchase the full share capital of Marathon (018) Xfone Ltd. or Xfone, or its activity, and the agreements reached to modify the terms of its sharing and usage agreement with Xfone with a corporation (in establishment) controlled by Mr. Moti Ben Moshe, which also submitted an offer to purchase Xfone and an arrangement with its creditors, on September 2, 2021. the arrangement manager submitted a report to the Israeli insolvency Court in which he recommended the approval of the sale of Xfone's activity to Widley Mobile Ltd. ('Widley') and the debt settlement proposed by Xfone based on the purchase agreement with Widley.
As reported, a hearing on the motion for approval of the debt settlement in the insolvency Court is scheduled for September 5, 2021.
The Company is of the opinion that the recommendation of the arrangement manager is wrong and intends to vigorously object to that debt settlement at the court.
The Company will further update on material developments.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is a leading Israeli communications group, providing a wide range of communications services. Cellcom Israel is the largest Israeli cellular provider, providing its cellular subscribers with a broad range of services including cellular telephony, roaming services, text and multimedia messaging, advanced cellular and data services and other value-added services in the areas of mobile office, data protection etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates advanced networks enabling high-speed broadband and advanced multimedia services. Cellcom Israel offers nationwide customer service including telephone customer service, retail stores, and service and sale centers. Cellcom Israel further provides OTT TV services, internet infrastructure and connectivity services and international calling services, as well as landline telephone services in Israel.

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Cellcom Israel Ltd. published this content on 02 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2021 17:51:04 UTC.