Partner Communications Reports First Quarter 2005 Results; Completes Repurchase of 18.0% of its Outstanding Shares.

ROSH HA'AYIN, Israel -- Partner Communications Company Ltd. (NASDAQ:PTNR) (TASE:PTNR) (LSE:PCCD), a leading Israeli mobile communications operator, today announced its Q1 2005 results. For the first quarter ended March 31st 2005, Partner reported revenues of NIS 1,260.5 million (US$ 289.0 million) and net income of NIS 124.5 million (US$ 28.5 million). Partner also completed a public debt offering of NIS 2.0 billion, believed to be the largest corporate debt offering ever in Israel, and subsequent to the end of the quarter entered into a new, more flexible bank credit facility and repurchased approximately 33.3 million of its shares from its founding Israeli shareholders.

Q1 2005 vs. Q1 2004 Comparison Q1 2005 Q1 2004 Change (%) Revenues (NIS millions) 1,260.5 1,218.6 3.4 EBITDA (NIS millions) 400.6 367.8 8.9 Operating Profit (NIS millions) 236.8 235.3 0.6 Income before Taxes (NIS millions) 185.9 148.3 25.4 Net Income (NIS millions) 124.5 91.8 35.6 Cash flow from operating activities net of investing activities (NIS millions) 81.8 84.0 (2.7) Subscribers (thousands) 2,372 2,165 9.6 Estimated Market Share (%) 32 32 0 Quarterly Churn Rate (%) 3.9 3.3 18.1 Average Monthly Usage per Subscriber (minutes) 288 280 2.9 Average Monthly Revenue per Subscriber (NIS) 157 168 (6.5) Average Subscriber Acquisition Costs (NIS) 229 267 (14.2) Commenting on the first quarter results, Amikam Cohen, Partner's CEO said: "In the first quarter of 2005 we continued improving our financial and operational performance, driven by the excellent quality of ou...

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