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| Partner Communications |
| 8 Amal Street Afeq Industrial Park, Rosh Ha'ayin, Israel 48103 |
| Business Description | The company is the only global system for Mobile Communications, or GSM, mobile telephone network operator in Israel. |
| Offering Information Company has | |||
| Trading As | PTNR (NASNTL) | Industry | Telecommunications (SIC 4812) |
| Type of Stock Offered | American Depositary Receipts | Filing Date | 10/4/99 |
| Domestic Shares Offered | 38,889,000 | Offer Date | 10/26/99 |
| Foreign Shares Offered | 0 | Filing Range | $11.00 - $14.00 |
| Company Shares | 38,889,000 | Offer Price | $13.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.472 |
| Gross Proceeds | $525,001,500 | Selling | $0.283 |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Stanley Dean Witter | Lead Manager | (212) 761-5900 |
| ABN Amro Roth | Co-manager | (212) 314-1080 |
| CS First Boston | Co-manager | (212) 325-2000 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Warburg Dillon Read LLC | Co-manager | (203) 719-4290 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/98 | 6/30/99 | |||||
| Revenues | - | - | - | - | - | - | 66.703 |
| Income from Oper. | - | - | - | - | -21.863 | - | -68.832 |
| Net Income | - | - | - | - | -22.066 | - | -0.103 |
| E.P.S | - | - | - | - | -0.150 | - | -0.710 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -9.35 | - | -80.92 | ||||
| Cash Flow - Inv. | -473.69 | - | -114.34 | ||||
| Cash Flow - Fin. | 487.08 | - | 196.91 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 699.98 | Current Assets | 62.42 | Current Ratio | - |
| Total Liab. | 823.42 | Current Liab. | - | Debt Ratio | 117.64% |
| Total Equity | -123.44 | Working Cap. | - | Debt to Equity Ratio | - |
| Cash | - | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay in full loans and other borrowings from our founding shareholders with the balance used to finance the continued development of our business. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Shearman & Sterling |
| Bank's Law Firm | Skadden, Arps, Slate, Meagher & Flom |
| Auditor | Pricewaterhouse Coopers LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Advent Investments Plc | 46.67 | |
| Marbit Telecommunications systems Ltd. | 33.07 | |
| Tapuz Cellular Systems Limited Partnership | 16.50 | |
| Matav Investments Ltd. | 3.76 | |
| Note: represents ownership of 5% or more prior to the offering. | ||