Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements are contained in Partner’s press release dated May 23, 2012; as well as Partner’s prior filings with the U.S. Securities and Exchange Commission on Forms 20-F, F-1 and 6-K, as well as the S-3 shelf registration statement, all of which are readily available. Please note that the information in this conference call related to projections or other forward-looking statements is subject to the previous Safe Harbor Statement as of the date of this call.

For your information, this call is being broadcast simultaneously over the internet and can be accessed through our website at www.orange.co.il. Following the call, if you have any further questions, please feel free to contact our Head of Investor Relations in Israel, Yaffa Cohen-Ifrah on 972-54-9099039.

I will now turn the call over to Partner’s CEO Haim Romano. Haim?

Haim Romano

Thank you, Gideon. Good morning, everyone and welcome to our first quarter of 2012 conference call. The financial results of the first quarter reflect the competition in the markets and the challenging times of the cellular industry in Israel over the last past few years.

We continue as planned in some addition of the efficiency measures with a contribution of the decrease of NIS 80 million in operating expenses during the last six months. The full effect of the efficiency plan will be reflected in the upcoming months as we progress with the plan that will be limited.

As part of the overall process, we have reduced the number of positions by 1,440 positions from October 2011 until the end of April 2012. We also allocated a process of full operating merger between partner Orange and 012 Smile and that is expected to be completed in the last – third quarter of this year.

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