Cellcom Israel ltd. Announces That the IPO Underwriters’ Option to Purchase Additional Ordinary Shares has Expired

Cellcom Israel ltd. Announces That the IPO Underwriters’ Option to Purchase Additional Ordinary Shares has Expired

Cellcom Israel Ltd. (NYSE: CEL) (”Cellcom”) announces that the option granted to the underwriters of its IPO under the Underwriting Agreement dated February 5, 2007 to purchase up to 3,000,000 additional ordinary shares from the shareholders who sold shares in the IPO expired on March 7, 2007 without being exercised.

About Cellcom

Cellcom is the leading Israeli cellular company; Cellcom entered the market in 1994 and today provides services to more than 2.8 million subscribers representing approximately 34% market share. Cellcom offers its subscribers a broad range of value added services including video streaming services, JAVA games, Multi Media Messages, content and multimedia services and more. In addition, Cellcom offers a wide range of cellular telephony services to both the private and business sectors including virtual private network (VPN), global roaming, voice-activated dialing and conference calling. Cellcom operates UMTS/HSDPA, GSM/GPRS/EDGE and TDMA networks. Cellcom also offers landline transmission and data services to business customers and telecommunications operators and, since July 2006, offers landline telephony services to selected businesses. For additional information please visit the Company’s website http://www.cellcom.co.il/Cultures/en-US/InvestorRelations.

Company Contact: Shiri Israeli Investor Relations Coordinator investors {at} cellcom.co(.)il Tel: +972-52-998-9755 Investor Relations Contact: Ehud Helft / Ed Job CCGK Investor Relations ehud {at} gkir(.)com / ed.job {at} ccgir(.)com Tel: (US) +1-866-704-6710 / +1-646-213-1914

SOURCE Cellcom Israel Ltd.