|  TRANSLATION      FROM HEBREWTHE      BINDING VERSION IS THE HEBREW VERSION  |
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| WHEREAS | on      September 20, 2007 the Company and Aurora Fidelity Trust      Ltd. (hereinafter, “Aurora”) signed a deed      of trust (hereinafter, the “Deed of Trust”)      according to which Aurora was appointed as trustee for the holders of      debentures (Series C) of the Company which were listed for trading on the      Tel Aviv Stock Exchange under a prospectus published by the Company on      September 23, 2007 (hereinafter, the “Debentures” or the      “Series”);      and |
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| WHEREAS | on      August 5, 2008 Aurora notified the Company of its resignation from its      office as trustee for the holders of the Debentures due to a possible      suspected conflict of interests;and |
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| WHEREAS | the      Company approached Reznik Paz Nevo with a request to serve as trustee for      the holders of the Debentures and Reznik Paz Nevo agreed to assume the      position as trustee for the aforesaid Series, as stated in the letter of      consent dated February 1, 2009 which it provided the Company;      and |
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| WHEREAS | Reznik      Paz Nevo declares that there is no legal prevention, including under the      Securities Law, 5728-1968 and the guidelines of the Securities Authority      issued thereunder, to its serving as trustee for the Series;      and |
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| WHEREAS | the      general meeting of the holders of the Debentures which took place on      February 17, 2009 duly approved the appointment of |
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|  TRANSLATION      FROM HEBREWTHE      BINDING VERSION IS THE HEBREW VERSION  |
|----------------------------------------------------------------------------------------|

| WHEREAS | on      May 15, 2009 the Court approved the notice of resignation of Aurora from      its office as trustee for the holders of the Debentures, and the      appointment of Reznik Paz Nevo as trustee for the holders of the      Debentures in lieu of Aurora. |
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| 1. | The      Company declares that immediately prior to the date of execution of this      Agreement it provided Reznik Paz Nevo a true and accurate copy of the Deed      of Trust, inclusive of amendments and all its  schedules. |
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| 2. | The      Company declares that immediately prior to the date of execution of this      Agreement: |
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|   | 2.1 | To      its best knowledge it is in compliance with all its undertakings under the      Deed of Trust; |
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|   | 2.2 | It      is not aware of the existence of any cause for immediate repayment or a      substantial suspicion that a cause entitling a demand for immediate      repayment will exist in respect of the Deed of Trust and/or      Debentures; |
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|   | 2.3 | There      are no legal proceedings whatsoever pending against the Company in      connection with the Debentures and/or the Deed of Trust and that the      Company did not receive any demand or claim whatsoever in connection with      the above. |
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| 3. | Immediately      prior to the date of execution of this Agreement the Company performed all      the payments which it was required to have paid to the holders of the      Debentures under the Deed of Trust and  Debenture. |
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| 4. | It      is agreed that from May 15, 2009 (the “Effective Date”) Reznik      Paz Nevo shall supersede Aurora in respect of the office of trustee under      the Deed of Trust, so that from the Effective Date, Reznik Paz Nevo shall      be deemed trustee for the Series of Debentures under the Deed of Trust for      all intents and purposes. Reznik Paz Nevo assumes all the obligations and      rights under the Deed of Trust from the Effective Date, so that the      “Trustee”, as defined in the Deed of Trust, shall be from the Effective      Date - Reznik Paz Nevo. |
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| 5. | It      should be emphasized that except as set forth in this Amendment to the      Deed of Trust, there is no further change to the provisions of the Deed of      Trust |
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|  TRANSLATION      FROM HEBREWTHE      BINDING VERSION IS THE HEBREW VERSION  |
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| 6. | The      provisions of this amendment to the Deed of Trust shall constitute an      integral part of the Deed of Trust. |
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| ( -      )____________________Cellcom      Israel Ltd. | ( -      )____________________Reznik      Paz Nevo Trusts Ltd. |
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