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Cellcom Israel Announces Third Quarter 2012 Results

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4. Including revenues from content, SMS and value added services. The Company has ceased to detail separately the revenues from content, SMS and value added services, since most of the marketing plans which are sold nowadays include service packages which include unlimited air time minutes and SMS as well as cellular surfing.

Main  Performance Indicators  (data refers to cellular subscribers only):

                                              Change
                             Q3/2012 Q3/2011    (%)
    Cellular subscribers at
    the end of period (in
    thousands)                 3,338   3,391    (1.6%)
    Churn Rate for cellular
    subscribers (in %)          8.6%    5.7%     50.9%
    Monthly cellular ARPU[5]
    (in NIS)                    86.7   105.1   (17.5%)
    Average Monthly cellular
    MOU (in minutes)             399     357     11.7%

Financial Review  (financial data for Q3/2011, includes Netvision's results for September 2011 only )

Revenues for the third quarter of 2012 totaled NIS 1,448 million ( $370 million), a 13% decrease compared to NIS 1,665 million ( $426 million) in the third quarter last year. The decrease in revenues is attributed to a 36.4% decrease in equipment revenues, which totaled NIS 300 million ( $77 million) in the third quarter 2012 as compared to NIS 472 million ( $121 million) in the third quarter last year, as well as to a 3.8% decrease in service revenues, which totaled NIS 1,148 million ( $293 million) in the third quarter 2012 as compared to NIS 1,193 million ( $305 million) in the third quarter last year. Netvision's contribution to total revenues for the third quarter of 2012 totaled NIS 261 million ( $67 million) excluding inter-company revenues. Excluding Netvision's contribution, total revenues decreased by 24.3% compared with the third quarter last year.

The decrease in service revenues is primarily attributed to the ongoing erosion in the price of cellular services, resulting from the intensified competition in the market. Most of this decrease was offset by an increase in Netvision's contribution to service revenues, which totaled NIS 246 million ( $63 million) (excluding inter-company revenues) in the third quarter of 2012, as compared to NIS 92 million ( $24 million) in the third quarter of 2011. The increase in Netvision's contribution to service revenues was mainly due to the consolidation of Netvision's results for September 2011 only in the third quarter of 2011 (following the completion of the merger transaction with Netvision on August 31, 2011), while in the third quarter of 2012 we consolidated Netvision's results for the full quarter. After elimination of Netvision's contribution to service revenues, service revenues for the third quarter of 2012 decreased by 18.1% as compared to the third quarter last year. As noted in the previous quarter, the Company has ceased to detail separately the revenues from content, SMS and value added services, since most of the marketing plans, which are currently sold, include service packages which include unlimited air time minutes and SMS as well as cellular surfing.

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