APPROVAL FOR TRANFER OF INDIRECT MEANS OF
CONTROL IN CELLCOM ISRAEL

Netanya, Israel - June 2, 2021 - Cellcom Israel Ltd. (TASE: CEL) (hereinafter: the 'Company') announced today that following its previous announcement on Form 6-K, dated March 17, 2021, under chapter D section 21A of its Periodic Report for 2020, regarding the court's approval of the transaction for the sale of approximately 82% of the share capital of Discount Investment Corporation Ltd., or DIC, the indirect controlling shareholder of the Company, to a group of investors led by Mega Or Holdings Ltd., or Mega Or, subject to the approvals required by law, and the Company's report on Form 6-K, dated May 20, 2021, under chapter A section 7 of its Periodic Report for the first quarter of 2021, regarding the completion of transfer of approximately 47.4% of such DIC's shares, out of which approximately 29.9% of DIC's share capital to Mega Or itself, the Company hereby announces that on June 2, 2021, the Israeli Ministry of Communications approved the transfer of indirect means of control in Cellcom Israel's group to Elco Ltd. ('Elco'), so as of completion of the transfer of the aforesaid means of control, Elco will hold 29.8% of DIC's share capital.
In accordance with the aforesaid, Elco reported that upon receipt of such approval, it acts to purchase 29.8% of DIC's issued and paid-up share capital.
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.

CELLCOM

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Cellcom Israel Ltd. published this content on 02 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2021 15:46:07 UTC.