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Exhibit 2.(b).2

[FOR CONVENIENCE ONLY, NOT AN OFFICIAL TRANSLATION]

# First Addendum Note

Partner Communication Ltd. will issue
to the public, as part of the prospectus, up to 2,000,000,000 Series A Notes of NIS 1 par
value each, out of a series of 2,500,000,000 registered Series A Notes of NIS 1 par value
each, payable in 12 equal quarterly installments on the last day of each calendar quarter
for the calendar quarter ending on the payment date, as of June 30, 2009 to March 31, 2012
(inclusive), bearing annual interest at a rate of 4.25% per annum, linked (principal and
interest) to the Consumer Price Index published for February 2005 (hereinafter: the
Notes or the Series A Notes).The interest on the
Series A Notes shall be paid on the last date of each calendar quarter as of June 30, 2005
up to March 31, 2012 (inclusive).

# Registered Notes

# Number
_____________________ 
Par value _____________________

|1. | This Certificate witnesseth that Partner Communication Ltd. (hereinafter: the
          Company) will pay the principal of the Series A Notes, less
          the par value of the Series A Notes acquired by the Company, if any, in 12 equal
          quarterly installments on the last day of each calendar quarter for the calendar
          quarter ending on the payment date, as of June 30, 2009 to March 31, 2012
          (inclusive), to the Registration Co. of Bank Leumi LeIsrael Ltd., or to
          the then registered holder of this Note (hereinafter: the
          Noteholder) at the end of March 21, June 20, September 20 and
          December 21 of each year preceding the due date of such installment, other than
          the last payment which will be effected against delivery of the certificate for
          the Note at the registered office of the Company or at any other place of which
          the Company gives notice, not later than five bank business days prior to the
          due date thereof under the term of the Note, all subject to the linkage terms
          and all other terms set out in the terms overleaf.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Notes of this series are issued pursuant to the Trust Deed of March 23, 2005
          entered into by and between the Company on the one hand and Union Bank Trust
          Company Ltd. (hereinafter: the Trustee) as trustee for the
          holders of the Notes of this series, on the other hand (hereinafter: the
          Trust Deed) and they are not secured by any lien.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | All Notes of this series will be equal (pari passu)amongst them,such that none shall have any priority over the other.
|-- | ----------------------------------------------------------------------------------------------------------------------

|4. | This Note is issued subject to the terms set out overleaf, to the terms set
          forth in the Trust Deed and in the Companys Prospectus.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------

# Stamped with the
Companys Seal on ________________________

In the presence of:

|                                     |                                    
|------------------------------------ | -----------------------------------
|
|
|
|
|Director ___________________________ | Director __________________________



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# The Terms Set Out
Overleaf

|1. | General
|-- | -------

| | 1.1 | In this Note, the following terms shall have the following meaning, unless otherwise
required by the context, namely:
| | --- | ---------------------------------------------------------------------------------------------------------------------

| | Companyor
Issuer  Partner Communication Ltd;
| | -------------------------------------------------

| | Trustee  Union
Bank Trust Company Ltd.;
| | ------------------------------------------

| | Directors Companys
directors;
| | ---------------------------------

| | Register
 Register of Holders of Company's Notes where all Noteholders will be
registered;
| | ---------------------------------------------------------------------------------------------

| | Noteholder
or Holder of Notes  the person whose name is registered at such
time in the Register as holder of the Note; in the event of joint holders  the
holder whose name appears first in the Register;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Eligible
Person  a holder of this Note is eligible for the rights set forth herein
at such time;
| | ---------------------------------------------------------------------------------------------------

| | Principal
Sum  the sum of the principal set out in this Note;
| | ----------------------------------------------------------------

| | Note
or Note of this Series  all Notes of this series of Notes, which
have been issued and are in circulation;
| | -------------------------------------------------------------------------------------------------------------------

| | Prospectus
 the Companys prospectus which has been published in connection with the issue
of the Companys Notes;
| | ---------------------------------------------------------------------------------------------------------------------

| | Trust
Deed  the Trust Deed entered into by and between the Company and the Trustee on
March 23, 2005;
| | --------------------------------------------------------------------------------------------------------

| | Stock
Exchange  The Tel Aviv Stock Exchange Ltd.;
| | ----------------------------------------------------

| | Business
Day  a day on which most of the banks in Israel are open for performing
transactions.
| | -------------------------------------------------------------------------------------------------

| | 1.2 | This Note is one of a series of up to 2,500,000,000 registered Series A Notes of NIS 1 par
value each, payable in 12 equal quarterly installments on the last day of each calendar
quarter for the calendar quarter ending on the payment date, as of June 30, 2009 to March
31, 2012 (inclusive), bearing annual interest at a rate of 4.25% per annum, linked
(principal and interest) to the Consumer Price Index in accordance with the linkage terms
set out in section 4 below. Notes of this Series will all be equal (pari passu)among them, such that none shall have any priority over the other.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 1.3 | Subject to the provisions of any law, the Company may issue at any time and from time to
time, without requiring approval from the Trustee and/or Holders of Notes in circulation
at that time (whether by means of public placement under a prospectus or otherwise),
Series A Notes in addition to the Series A Notes issued under the Prospectus as well as
notes of other series and/or convertible notes and/or debenture-options, whether or not
vesting a right of conversion in Company shares, and at such terms of redemption,
interest, linkage, level of payment in the event of dissolution and other terms as the
Company shall deem fit, whether preferable, equal or inferior vis-à-visthe
terms of the Notes hereunder. Notwithstanding the foregoing, the Company may not issue
additional Series A Notes, if such issue results in a decrease in the rating of Series A
Notes to below the rating of (-)AA. In the event of an increase in such series, the
parties will discuss a respective increase in the Trustees fee.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Interest
|-- | --------

| | 2.1 | The unsettled balance of the principal of the Series A Notes in circulation (hereinafter:
the Principal of the Series A Notes) will bear 4.25% interest per
annum. The interest will be linked to the Consumer Price Index in accordance with the
linkage terms set out below.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.2 | The interest will be calculated on the basis of an interest period of one year, and will
be paid on the last day of each calendar quarter (namely, on March 31, June 30, September
30 and December 31) for the calendar quarter ending on the payment date, as of June 30,
2005 to March 31, 2012 (hereinafter: the Interest Period), other than
the first payment which will be effected as set out in section 2.3 below.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.3 | The first interest payment will be effected on June 30, 2005 for the period commencing on
the first business day after the closing of the subscriptions list under the Prospectus
and ending on June 30, 2005, while the interest for such period will be calculated on the
basis of 365 days per annum, according to the number of days for that period.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.4 | The last interest payment will be effected on March 31, 2012, concurrently with the
settlement of the principal of the balance of the Notes in circulation and against return
of the certificates of the Series A Notes to the Company.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.5 | It is hereby clarified that Income Tax to be deducted at source will be withheld from the
interest payments.
| | --- | ------------------------------------------------------------------------------------------------------------

|3. | Payment
of the Principal
|-- | ------------------------

| | The
Company will settle the Principal of the Series A Notes, less the par value of the Series
A Notes acquired by the Company, if any, in 12 equal quarterly installments, on the last
day of each calendar quarter (namely, on March 31, June 30, September 30 and December 31)
for the calendar quarter ending on the payment date, as of June 30, 2009 to March 31, 2012
(inclusive) plus linkage differentials accrued on such principal payment, as set out in
section 4 below. On March 31, 2012 the Company will settle the balance of the Notes which
have not yet been settled or acquired by the Company up to such date, plus linkage
differentials accrued on such principal payment, as set out in section 4 below.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|4. | Linkage
terms
|-- | -------------

| | The
principal of the Series A Notes and the interest thereon will be linked to the
Consumers Price Index as follows:
| | ---------------------------------------------------------------------------------------------------------------------

| | The
term Consumer Price Index or the Index means 
the price index known as the Consumer Price Index which includes fruits and
vegetables, published by the Central Bureau of Statistics and Economic Research, including
such Index even where published by another official entity or institution superseding the
Central Bureau of Statistics and further including any official index superseding the
same, whether or not it was drawn up on the basis of the same data and calculations as the
existing Index. Should another index supersede the same, published by an entity or
institution as aforesaid, where such entity or institution has not set the ratio between
the two indexes, the ratio will be determined by the Central Bureau of Statistics and
where such ratio is not so determined, the Trustee, in consultation with economic experts
selected by him, will determine the ratio between the two indexes.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
term Basic Index means  the Consumer Price Index for the month of
February 2005, published on March 15, 2005.
| | --------------------------------------------------------------------------------------------------------------------

| | The
term Payment Index means  the Consumer Price Index known on the
date of any payment on account of principal and/or interest.
| | -----------------------------------------------------------------------------------------------------------------------------------

| | If
it turns out that, on the date of effecting any payment on account of the principal or the
interest of the Series A Notes, the Payment Index exceeds the Basic Index, the Company
will make such interest or principal payment, increased pro ratato the rate of the
increase in the Payment Index vis-à-visthe Basic Index. If, however, it
turns out that, on the date of effecting any payment whatsoever on account of the
principal or interest as aforesaid, the Payment Index is identical to or lower than the
Basic Index, the Company will make such principal or interest payment at its par value.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | Payments
of interest and principal
|-- | ----------------------------------

| | 5.1 | Any payment on account of the principal and/or interest will be paid to such persons whose
names appear in the Companys Register of Noteholders as holders at the end of March
21, June 20, September 20 and December 21 of each year, which preceded the due date of
such payment, apart from the last payment of the principal and interest which will be
effected against delivery of certificates for the Notes to the Company at its registered
office or at any other location advised by the Company. Holders of the Notes shall submit
the certificates for the Notes to the Company at least five business days prior to the
said due date.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | In
the event that a due date of any principal or interest payment occurs on any day other
than a business day, the due date will be postponed to the first subsequent business day,
without the addition of any payment, interest or linkage.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.2 | Payment to Eligible Persons will be effected by checks or bank transfers in favor of the
bank account of the persons whose names are registered in the Register of Noteholders as
aforesaid, or who deliver to the Company the certificates for the Notes (if issued) (as
set forth in section 5.1 above). Payment will be effected subject to the terms of linkage
as set forth in section 4 above and tax withholding. If the Company is unable, on any
grounds whatsoever beyond its control, to pay any sum to Eligible Persons, the Company
will deposit such sum with the Trustee, as set out in paragraph 6 below.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.3 | A holder of Series A Notes who wants to give notice to the Company of the details of a
bank account for crediting him with payments under the Notes as aforesaid, or to change
his instructions as to the manner of payment, may do so by means of a registered letter to
the Company. The Company will comply with such instructions only upon the arrival thereof
at the Companys registered office, at least 30 days before the date designated for
the settlement of any payment under the Note. In the event that the notice is received
late by the Company, the Company will act thereunder only with respect to payments with
maturity date after the due date that was adjacent to the date of receiving the notice.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.4 | Where a Noteholder who is eligible for such payment fails to submit to the Company
beforehand details of his bank account, each payment on account of the interest and
principal will be effected by check to be forwarded by registered mail to his last address
registered in the Register of Noteholders. Forwarding a check to Eligible Persons by
registered mail as aforesaid, will be deemed in all respects as payment of the sum
designated therein on the date of dispatch thereof at the post office, provided it has
been paid upon due presentation thereof for collection.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | Failure
to pay for reasons beyond the Companys control
|-- | -------------------------------------------------------

| | Any
sum whatsoever that is owed to Noteholders and not actually paid on the due date for
reasons beyond the Companys control, while the Company was willing to pay the same,
will cease bearing interest and linkage differentials as of the date designated for the
payment thereof, and the holder of the Note will be eligible only for such sums on account
of the principal, linkage differentials or interest for which he is eligible on the date
designated for settlement of such payment on account of the principal, linkage
differentials or the interest.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | The
Company will deposit with the Trustee, within 14 business days from the date designated
for payment, the sum of the payment yet unsettled for reasons beyond the Companys
control, and such deposit will be deemed as settlement of such payment and in the event of
settlement of all sums owing for the Note, also as settlement of such Note.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Pursuant
to the provisions of the Trust Deed, the Trustee will invest any sum as aforesaid for the
benefit of such Noteholders in its name or to its order in securities of the State of
Israel or in any other securities in which the laws of the State of Israel allow trust
funds to be invested, all as the Trustee finds fit and subject to the provisions of any
law.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Where
the Trustee so acts, he will not be liable to Eligible Persons in respect of such sums
other than the consideration received from the realization of such investment, less the
expenses related to such investment, to the management of the trust accounts and
obligatory payments applicable to the said trust accounts and less its fee. The said
consideration will be paid to holders of the Notes as set out below.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Trustee will pay to each holder of Notes for whom sums and/or funds owing to the
Noteholders have been deposited, out of such funds deposited as aforesaid (including
accruals of the investment as aforesaid) against presentation of such evidence as required
by the Trustee to its full satisfaction and less all expenses and obligatory payments
applicable to the said trust account.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | At
the end of one year from the date of depositing the sums as aforesaid in this section with
the Trustee, the Trustee will refund to the Company the sums accrued with it less its
expenses. The Company will confirm the refund of the said sums in respect of the funds
refunded to it, as well as the fact of receipt thereof in trust for Noteholders. The
Companys approval as aforesaid will absolutely exempt the Trustee from any issue
relating the said sums. The Company will hold the said funds for a period of an additional
calendar year as of the date of transfer thereof to its possession by the Trustee as
aforesaid, at the end of which the Company may use the remaining funds for any purpose
whatsoever.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | Register
of Noteholders
|-- | -----------------------

| | The
Company will maintain and manage a register of Noteholders at its registered office,
wherein it will record the names and addresses of holders of Notes, the number of Notes
held by them and the par value thereof, as well as any transfer of title therein. The
Trustee and any holder of Notes may, at any reasonable time, peruse such register. The
Company may close the register from time to time, provided that the total period during
which the register is closed will not exceed 30 days per annum.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Notes to be issued hereunder will be allocated in the name of the Registration Co. of Bank
Leumi LeIsrael Ltd. and registered in its name in the Register of Noteholders.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | The
Company will not be obligated to record in the Register of Noteholders any notice
concerning express, implied or estimated trust, or pledge or lien of any nature
whatsoever, or any equitable right, right to claim or offset or any other right whatsoever
in respect of the Notes. The Company will only recognize the title of the person in whose
name the Notes are registered, provided that the legal heirs, estate administrators or
will executors of the registered holder and any person eligible for the Notes due to
bankruptcy of any registered holder (and in case of a corporation  due to the
liquidation thereof), may be registered as owner thereof upon submitting sufficient
evidence to the satisfaction of the Companys directors as to his right to be
registered as a holder of Notes as aforesaid.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | Transfer
of the Notes
|-- | ---------------------

| | The
Notes may be transferred with respect to any amount of par value provided it is in whole
NIS. Any transfer of Notes will be made under the transfer deed prepared in the acceptable
form, duly signed by the registered holder thereof or his legal representatives, which
will be furnished to the Company at its registered office together with the certificates
for the Notes transferred thereunder, and any other proof required by the Companys
directors to prove the transferors identity and his right to the transfer thereof.
In the event that stamp duty or any other obligatory payment applies to a transfer deed of
the Notes, evidence as to the payment thereof will be delivered to the Company therewith,
to the satisfaction of the Companys directors. All expenses and charges related to
the transfer will apply to those requesting the transfer. The Company may keep the
transfer deed in its possession.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
provisions of the Companys Articles of Association with respect to share transfer
will apply, mutatis mutandis, as the case may be, to transfer of the Notes.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | Replacement
of Certificates for the Notes
|-- | -----------------------------------------

| | In
the event that the certificate for this Note is worn out, lost or defaced, the Company may
issue in lieuthereof a new certificate for a Note, on the same terms, provided
that in the event of wear, the worn out certificate for a Note will be returned to the
Company prior to the issuance of the new certificate. Stamp duty and other surcharges as
well as other expenses related to the issuance of the new certificate will apply to the
person requesting such certificate.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|10. | Division
of Certificates for Notes
|--- | ----------------------------------

| | Any
certificate for a Note may be divided into certificates for Notes, the total sum of which
principal equals the sum of the nominal amount of the principal of the certificate the
division of which is sought, provided that the new certificates for Notes issued will each
be for sums of par value in whole NIS. The division of the certificate for the Note as
aforesaid, will take place pursuant to an application for division signed by the
registered owner of such certificate for a Note against the delivery of such certificate
for a Note to the Company at its registered office for the implementation of the division,
and the division will take place within 30 days from the end of the month in which the
certificate for Note was delivered to the Companys registered office.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | All
expenses related to the division as aforesaid, including stamp duty and other surcharges,
if any, will apply to the person requesting the division.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------



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