nies have reached 20% of the relevant market, with an average discount of less than 20% on car insurance ' K As competition introduced in July 97, Bezeq dropped to less than 60% of the market in 70 days! K Total usage (minutes) market grew by 87% in the first 3 years J In 1995 Cellcom entered the

t profitable Israeli cellular company, breaking the monopoly previously held by Pelephone (the first Israeli cellular operator owned at the time by Bezeq , the domestic incumbent telecom provider, and by Motorola) and competing successfully with Partner (the third operator). This $300m investment (in

ve business model with low debt/capital, FCF yield of over 12% and >10% dividend yield • Following an extensive analysis and research that covered Bezeq's strategic initiatives, cost reduction efforts and expected imminent regulatory relief, we established a meaningful position in 1Q:2008 in the sto