Cellcom Israel Ltd. announced that its Board of Directors has instructed the Company to prepare for a potential private offering of additional debentures from the Company's existing Series L Debentures, which are listed on the Tel Aviv Stock Exchange, or TASE, in an aggregate principal amount of between approximately ILS 300 million - ILS 400 million, to institutional investors in Israel only. In addition, Standard & Poor's Maalot reaffirmed an ilA/negative rating for such potential offering of debentures of up to ILS 400 million principal amount, which the Company may issue. The execution, timing, terms and amount of such contemplated offering have not yet been determined and are subject to further approval of the Company's Board of Directors and the prior approval of the TASE. There is no assurance that such offering will be executed, nor as to its timing, terms or amount.