CELLCOM ISRAEL ANNOUNCES UPDATE RE. XFONE's
PURCHSAE UNDER INSOLVENCY PROCEDURES

Netanya, Israel - October 18, 2021 - Cellcom Israel Ltd. (TASE: CEL) (hereinafter: the "Company") announced today that following its previous reports regarding the insolvency proceedings of Marathon (018) Xfone Ltd., or Xfone, and offers for Xfone's purchase under these proceedings (the last of which was filed on Form 6-K on October 13, 2021), on October17, 2021, the court approved the creditors' settlement arrangement jointly proposed by Xfone, its controlling shareholder and a corporation controlled by Mr. Yariv Lerner and the Clearmark Fund (hereinafter: the "Potential Buyer") and the Potential Buyer's purchase proposal.
The closing of the purchase transaction and execution of the creditors' settlement arrangement are subject to the receipt of regulatory approvals as previously reported. There is no certainty that the required approvals will be received.
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 18 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2021 10:11:06 UTC.