Partner Communications Co Ltd.

Capital/Financing Update • Nov 26, 2020

PARTNER COMMUNICATIONS ANNOUNCES ISSUANCE OF COMPANY DEBENTURES (SERIES G) FOLLOWING EXERCISE OF OPTION WARRANTS (SERIES B)

ROSH HA'AYIN, Israel, November 26, 2020 - Partner Communications Company Ltd. ("Partner" or "the Company") (NASDAQ and TASE: PTNR), a leading Israeli communications operator, announces that further to the Company's immediate reports dated April 17, 2019, May 1, 2019 and July 1, 2019, with respect to a private placement in Israel of untradeable option warrants that are exercisable for the Company's Series G debentures, and further to the Company's immediate report dated July 1, 2019, November 28, 2019, February 27, 2020, May 31, 2020 and July 1, 2020 with respect to the exercise of option warrants of the Company (Series A) and (Series B), 622,000 option warrants of the Company (Series B) that are exercisable for NIS 62,200,000 par value of Series G debentures of the Company, were exercised.

The option warrants (Series B) of Series G debentures of the Company, were exercised at a discount rate of 2.688%, and therefore the weighted discount rate for November 26, 2020 that applies to the Series G debentures (following the issuance detailed in this report) is 0.903%.

Standard & Poor's Global Ratings Maalot Ltd. ("Maalot") has announced an 'ilA +' rating for the issuance of debentures in an amount of up to NIS 62.2 million par value that will be issued through an expansion of Series G debentures as part of an exercise of untradeable options. For further information, see Maalot's report dated November 26, 2020 at: https://maya.tase.co.il/reports/details/1334896/2/0 or its unofficial English translation which is attached hereto.

NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, SOUTH AFRICA OR SINGAPORE.

For additional details regarding the Company's Series G debentures, see the Company's Shelf Offering Report that the Company published on January 3, 2019 (on Form 6-K) at:

https://www.sec.gov/Archives/edgar/data/1096691/000117891319000035/zk1922436.htm or https://mayafiles.tase.co.il/rpdf/1206001-1207000/P1206884-00.pdf

the Company's press releases and immediate reports (on Form 6-K) dated April 17, 2019 at: https://www.sec.gov/Archives/edgar/data/1096691/000117891319001154/zk1922938.htm

orhttps://maya.tase.co.il/reports/details/1225154 ; on May 1, 2019 at:

https://www.sec.gov/Archives/edgar/data/1096691/000117891319001264/zk1922985.htm or https://maya.tase.co.il/reports/details/1226942; on July 1, 2019 at:

https://www.sec.gov/Archives/edgar/data/1096691/000117891319001781/zk1923231.htmor https://maya.tase.co.il/reports/details/1238784; on November 28, 2019 at:

https://www.sec.gov/Archives/edgar/data/1096691/000117891319002851/zk1923706.htm or https://maya.tase.co.il/reports/details/1265589/2/0; on February 27, 2020 at:

https://www.sec.gov/Archives/edgar/data/1096691/000117891320000660/zk2024103.htm

or https://maya.tase.co.il/reports/details/1280967; on May 31, 2020 at: https://maya.tase.co.il/reports/details/1298367/2/0 or

https://www.sec.gov/Archives/edgar/data/1096691/000117891320001682/zk2024516.htm and

on July 1, 2020 at:

https://maya.tase.co.il/reports/details/1305998 or

https://www.sec.gov/Archives/edgar/data/1096691/000117891320001907/zk2024622.htm

and also the Company's Annual Report on Form 20-F for the year ended December 31, 2019 – "Item 5B. Liquidity and Capital Resources".

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/

Contacts:

Mr. Tamir Amar

Chief Financial Officer Tel: +972-54-781-4951 Mr. Amir Adar Head of Investor Relations & Corporate Projects Tel: +972-54-781-5051 Email: investors@partner.co.il

פרטנר תקשורת מודיעה על הנפקת אגרות חוב )סדרה ז'( של החברה בעקבות מימוש כתבי אופציה )סדרה ב'(

ראש העין, ישראל, 26 בנובמבר, 2020 - חברת פרטנר תקשורת בע"מ )"פרטנר" או "החברה"( )NASDAQ ו-TASE: PTNR), מפעילת תקשורת מובילה בישראל, מודיעה בזאת בהמשך לדיווחיה המידיים של החברה מיום 17 באפריל ,2019 מיום 1 במאי 2019 ומיום 1 ביולי ,2019 בדבר הנפקה פרטית בישראל של כתבי אופציה לא סחירים הניתנים למימוש לאגרות החוב )סדרה ז'( של החברה וכן בהמשך לדיווחים המיידים של החברה מיום 1 ביולי ,2019 מיום 28 בנובמבר ,2019 מיום 27 בפברואר ,2020 מיום 31 במאי 2020 ומיום 1 ביולי ,2020 בדבר מימוש כתבי האופציה )סדרה א'( ו- )סדרה ב'( של החברה, כי מומשו 622,000 כתבי אופציה )סדרה ב'( של החברה הניתנים למימוש ל62,200,000- ש"ח ע.נ. אגרות חוב )סדרה ז'( של החברה.

כתבי האופציה )סדרה ב'( של אגרות חוב )סדרה ז'( של החברה מומשו בניכיון בשיעור של ,2.688% ולפיכך שיעור הניכיון המשוקלל נכון ליום 26 בנובמבר 2020 שחל על סדרת אגרות החוב )סדרה ז'( )לאחר ההקצאה נשוא דוח זה(( הוא .0.903%

חברת אס אנד פי גלובל רייטינגס מעלות בע"מ )להלן: "מעלות"( הודיעה על מתן דירוג '+ilA 'להנפקת אגרות חוב בהיקף של עד 62.2 מיליון ש"ח ע.נ שיונפקו באמצעות הרחבת סדרה ז' במסגרת מימוש אופציות לא סחירות. למידע נוסף ראו הודעת מעלות מיום 26 בנובמבר 2020 ב: /1334896/2/0details/reports/il.co.tase.maya://https או תרגומה הלא רשמי לאנגלית אשר מצורף להלן.

דיווח זה אינו לפרסום או הפצה, במלואו או בחלקו, בארה"ב, אוסטרליה, קנדה, הונג קונג, יפן, דרום אפריקה או סינגפור.

לפרטים נוספים בקשר עם אגרות החוב )סדרה ז'( של החברה ראו את דוח הצעת המדף שפרסמה החברה ביום 3 בינואר 2019 ב:

https://www.sec.gov/Archives/edgar/data/1096691/000117891319000035/zk1922436.htm https://mayafiles.tase.co.il/rpdf/1206001-1207000/P1206884-00.pdf או

את הודעות החברה והדיווחים המידיים )על גבי טופס K6- )מיום 17 באפריל 2019 ב:

https://www.sec.gov/Archives/edgar/data/1096691/000117891319001154/zk1922938.htm https://maya.tase.co.il/reports/details/1225154 או

מיום 1 במאי 2019 ב:

https://www.sec.gov/Archives/edgar/data/1096691/000117891319001264/zk1922985.htm https://maya.tase.co.il/reports/details/1226942 או https://maya.tase.co.il/reports/details/1238784 :ב 2019 ביולי 1 מיום https://www.sec.gov/Archives/edgar/data/1096691/000117891319001781/zk1923231.htm או או https://maya.tase.co.il/reports/details/1265589/2/0 :ב 2019 ,בנובמבר 28 מיום https://www.sec.gov/Archives/edgar/data/1096691/000117891319002851/zk1923706.htm https://maya.tase.co.il/reports/details/1280967 :ב 2020 בפברואר 27 מיום https://www.sec.gov/Archives/edgar/data/1096691/000117891320000660/zk2024103.htm או https://maya.tase.co.il/reports/details/1298367/2/0 :ב 2020 במאי 31 מיום https://www.sec.gov/Archives/edgar/data/1096691/000117891320001682/zk2024516.htm או https://maya.tase.co.il/reports/details/1305998:ב 2020 ביולי 1 ומיום https://www.sec.gov/Archives/edgar/data/1096691/000117891320001907/zk2024622.htm או וכן את הדו"ח השנתי של החברה לשנה שהסתיימה ביום 31 בדצמבר 2019 על גבי טופס F20- Item" .5B. Liquidity and Capital Resources".

אודות פרטנר תקשורת

חברת פרטנר תקשורת בע"מ )"פרטנר"( היא מפעילת תקשורת מובילה בישראל המספקת שירותי תקשורת )ניידת, טלפוניה נייחת, שירותי אינטרנט ושירותי טלוויזיה(. תעודות ה-ADS של פרטנר נסחרות בנאסד"ק (Market Select Global (ומניותיה של פרטנר נסחרות בבורסת תל-אביב )NASDAQ ו- .)PTNR :TASE

http://www.partner.co.il/en/Investors-Relations/lobby/ :פרטנר על נוספים לפרטים

למידע נוסף:

מר תמיר אמר מנהל כספים ראשי טל'781-4951: (54) +972

מר אמיר אדר מנהל קשרי משקיעים ופרויקטים טל': 781-5051 (54) +972 investors@partner.co.il :ל"דוא

Partner Communications Co. Ltd.

...............................................................................................................................

November 26, 2020

New Issuance

'ilA+' Rating Assigned To Bond Issuance Of Up To NIS 62.2 Million Par Value Through A Future Private Placement Of Options Dated April 2019

Primary Credit Analyst

Tom Dar, 972-3-7539722 tom.dar@spglobal.com

Additional Contact

Tamar Stein, 972-3-7539721 tamar.stein@spglobal.com

Please note that this translation was made for convenience purposes and for the company's use only and under no circumstances shall obligate S&P Global Ratings Maalot Ltd. The translation has no legal status and S&P Global Ratings Maalot Ltd. does not assume any responsibility whatsoever as to its accuracy and is not bound by its contents. In the case of any discrepancy with the official Hebrew version published on November 23, 2020, the Hebrew version shall apply.

New Issuance

'ilA+' Rating Assigned To Bond Issuance Of Up To NIS 62.2 Million Par Value Through A Future Private Placement Of Options Dated April 2019

S&P Maalot hereby assigns its 'ilA+' rating to bonds of up to NIS 62.2 million par value to be issued by Partner Communications Co. Ltd. (ilA+/Stable) through the expansion of Series G by exercising non-tradable options (see our rating report published on April 17, 2019). The proceeds from the issuance will be used for the company's ongoing activity.

We note that there remains a high degree of uncertainty about the evolution of the coronavirus pandemic. Reports that at least one experimental vaccine is highly effective and might gain initial approval by the end of the year are promising, but this is merely the first step toward a return to social and economic normality; equally critical is the widespread availability of effective immunization, which could come by the middle of next year. We use this assumption in assessing the economic and credit implications associated with the pandemic (see our research on S&P Maalot website and S&P Global Ratings website). As the situation evolves, we will update our assumptions and estimates accordingly.

For additional information on the rating and for other regulatory requirements, see our rating report dated August 10, 2020.

Rating Detail

Partner Communications Co. Ltd. Issuer Credit Rating(s)
Local Currency Long Term	ilA+/Stable
Issue Rating(s)
Senior Unsecured Debt
Series D, F, G	ilA+
Rating History
Local Currency Long Term
August 10, 2020	ilA+/Stable
August 05, 2019	ilA+/Negative
July 28, 2015	ilA+/Stable
June 20, 2013	ilAA-/Stable
December 06, 2012	ilAA-/Negative
September 10, 2012	ilAA-/Watch Neg
October 19, 2010	ilAA-/Negative
October 05, 2009	ilAA-/Stable
September 17, 2009	ilAA
July 14, 2009	ilAA-/Watch Dev
March 24, 2009	ilAA-/Watch Pos
October 28, 2008	ilAA-/Stable
September 25, 2007	ilAA-/Positive
March 20, 2007	ilAA-/Stable
July 28, 2004	ilAA
February 16, 2004	ilA+
August 01, 2003	ilA
Other Details
Time of the event	09:01 26/11/2020
Time when the analyst first learned of the event	09:01 26/11/2020
Rating requested by	Issuer

Partner Communications Co. Ltd.

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