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Partner Communications Announces Uniform Weighted Discount Rate for Series F Debentures and an 'ilA+' Rating for a Deferred Private Placement

Partner Communications Company Ltd. ("Partner" or "the Company") (NASDAQ and TASE: PTNR), a leading Israeli communications operator, announces today that further to the Company's report dated September 13, 2017, with respect to the agreement that the Company entered into for a private placement for additional Series F debentures in Israel on December 4, 2018 (the "Agreed Date"), and in accordance with the approval that the Company received from the Israel Tax Authority of a "Green Track" arrangement, the discount rate for the additional debentures to be issued in the deferred private placement is 0.65868%. Therefore, the uniform weighted discount rate according to a formula that weights the discount rate for the debentures as it was in the issuance of the existing debentures, with the discount rate as determined in the issuance of the additional debentures is 0.19697%.

In case the debentures' rating on the Agreed Date shall be il/(A-) or below, a discount of approximately 1% on the price of the debentures will be given and in this case, the price1 will be NIS 0.993 for each Series F debenture in the amount of NIS 1 par value reflecting an effective yield of 2.67% per annum and the total consideration will be an amount of NIS 148,950,000. In addition, the Company will pay to the institutional investors, an early commitment fee. In this case, the discount rate for the new debentures to be issued in the private placement will be 1.65868% and the uniform weighted discount rate will be 0.49602%.

In addition, the Company reports that S&P Global Ratings Maalot Ltd. ("Maalot") has rated the deferred private placement of the additional said Series F debentures with an 'ilA+' rating in a total amount up to NIS 150 million.

The offering described in this press release was made only in Israel and only to residents of Israel in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act of 1933 (the “Securities Act”). The said debentures have not been, and will not be, registered under the U.S. Securities Act of 1933 and will not be offered or sold in the United States. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For additional details regarding the Company's existing debentures, see the Company's press release and immediate report (on Form 6-K) dated July 20, 2017 at: https://www.sec.gov/Archives/edgar/data/1096691/000117891317002098/zk1720277.htm or http://maya.tase.co.il/reports/details/1111245, on August 16, 2017 at:

https://www.sec.gov/Archives/edgar/data/1096691/000117891317002466/zk1720448.htm or http://maya.tase.co.il/reports/details/1116227, on September 13, 2017 at: http://maya.tase.co.il/reports/details/1121707 or https://www.sec.gov/Archives/edgar/data/1096691/000117891317002657/zk1720541.htm and the Company's Annual Report on Form 20-F for the year ended December 31, 2016 – "Item 5B. Liquidity and Capital Resources" and for the Maalot rating see http://maya.tase.co.il/reports/details/1122374 or the informal translation of the report in English that will be attached to the immediate report on Form 6-K to be furnished to the U.S Securities and Exchange Commission.

Forward-Looking Statements

This press release includes forward-looking statements, as that term is defined in Section 27A of the Securities Act, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “will”, "believe", "anticipate", "expect", "intend", "strive", "seek", "plan", "could", "may", "foresee", "target", "objective" and similar expressions typically convey forward-looking statements, but these words are not the only words that convey such statements. All statements other than statements of historical fact included in this press release, including statements relating to the closing of the deferred private placement of debentures, and any other statements regarding other future events or our future prospects, are forward-looking statements. We have based these forward-looking statements on our current knowledge and our present beliefs and projections regarding possible future events. These forward-looking statements are subject to risks, uncertainties and assumptions about Partner, and possible regulatory and legal developments. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and actual results may differ materially from the results anticipated. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Partner Communications

Partner Communications Company Ltd. ("Partner") is a leading Israeli provider of telecommunications services (cellular, fixed-line telephony, internet and television services). Partner’s ADSs are quoted on the NASDAQ Global Select Market™ and its shares are traded on the Tel Aviv Stock Exchange (NASDAQ and TASE: PTNR).

For more information about Partner see:

http://www.partner.co.il/en/Investors-Relations/lobby/

1 Including the accrued paid interest.

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