Document:

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                                                                   Exhibit 10.82

                                     PLEDGE

          THIS PLEDGE is made on the 24 day of October, 1999 between the
          following parties:

          (1)  ADVENT INVESTMENTS PTE LTD., a company incorporated under the
               laws of Singapore (company number 199408473H), having its
               registered office at 1 King George's Avenue, #03-00 Rehau
               Building, Singapore ("Advent")

          (2)  BANK LEUMI LE-ISRAEL B.M., as trustee for the benefit of the
               Secured Creditors ("the Trustee")

WHEREAS:

(A)  the Banks have made certain loan facilities available to Partner and other
     Borrowers (if any) on the terms and subject to the conditions set out in
     the Facility Agreement. One of those conditions is that Advent, being a
     shareholder of Partner, grant to the Trustee for the benefit of the Secured
     Creditors (including the Trustee) a first-ranking pledge with respect,
     inter alia, to all shares held by Advent in Partner from time to time as
     security for the Secured Obligations, such pledge to be held by the
     Trustee on trust for the Secured Creditors; and

(B)  Advent has, pursuant to a pledge dated September 10, 1998 ("the Main
     Pledge") pledged in favour of the Trustee for the benefit of the Secured
     Creditors (including the Trustee), by way of a first-ranking fixed pledge,
     all shares held by Advent in Partner from time to time and has undertaken,
     upon the acquisition by it of further shares (not being Related Rights, as
     such term is defined in the Main Pledge) in Partner from time to time, to
     execute pledges in the same form, mutatis mutandis, as the Main Pledge in
     respect of all such further shares; and

(C)  Advent has acquired shares (not being Related Rights as aforesaid) in
     Partner in addition to those held by it at the time of execution of the
     Main Pledge and, in accordance with its said undertaking in the Main
     Pledge, Advent is willing, as security for the Secured Obligations, to
     create in favour of the Trustee (as trustee for the benefit of the Secured

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     Creditors (including the Trustee)), a first-ranking fixed pledge over the
     Pledged Assets in accordance with the terms of this Pledge below; and

(D)  the Trustee is holding the benefit of this Pledge on trust for the Secured
     Creditors in accordance with the terms of the Security Trust Deed; and

(E)  the Trustee acknowledges that realisation of the pledge under this Pledge
     is subject to the restrictions in relation to such realisation imposed
     under the Licence, namely, that the prior written consent of the Minister
     of Communications may be required prior to any such realisation.

1.   INTERPRETATION

1.1.      In this Pledge, the following terms have the meanings given to them in
          this clause 1.1:

1.1.1.         "Account Bank"              - means the Trustee or such other
                                             Israeli bank as the Trustee shall
                                             direct from time to time in
                                             accordance with clause 1.2.4 below;

1.1.2.         "Business Day"              - means a day on which banks are
                                             generally open for business in
                                             Tel-Aviv;

1.1.3.         "Default Rate"              - means the default rate specified in
                                             clause 23.2 (Default Interest) of
                                             the Facility Agreement, save that
                                             where any default interest is
                                             payable in respect of a Secured
                                             Obligation not mentioned in the
                                             said clause 23.2, then, to the
                                             extent such Secured Obligation is
                                             payable or deemed payable under any
                                             Facility Document in: (i) US
                                             Dollars, then, for the purposes of
                                             ascertaining and calculating the
                                             applicable Default Rate thereon,
                                             such Secured Obligation shall be
                                             treated, for the purpose of this
                                             definition, as an International
                                             Advance; or (ii) NIS, then, for the
                                             purposes of ascertaining

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                                             and calculating the applicable
                                             Default Rate thereon, such Secured
                                             Obligation shall be treated, for
                                             the purpose of this definition, as
                                             an Israeli Advance denominated in
                                             NIS;

1.1.4.         "Encumbrance"               - means: (a) a mortgage, charge,
                                             pledge, lien or other security
                                             interest securing any obligation of
                                             any person, (b) any arrangement
                                             under which money or claims to, or
                                             the benefit of, a bank or other
                                             account may be set-off or made
                                             subject to a combination of
                                             accounts so as to effect payment of
                                             sums owed or payable to any person,
                                             or (c) any other type of
                                             preferential arrangement (including
                                             title transfer and retention
                                             arrangements) having a similar
                                             effect;

1.1.5.         "Enforcement Event"         - means the occurrence of any Event
                                             of Default (as described in Section
                                             22 of the Facility Agreement, a
                                             copy of which clause is annexed
                                             hereto as Annexure A);

1.1.6.         "Facility Agreement"        - means the Facility Agreement dated
                                             August 13, 1998 made between (1)
                                             Partner as the Borrower; (2) ABN
                                             AMRO Bank N.V., Bank Hapoalim B.M.,
                                             the Trustee, Chase Manhattan plc,
                                             and Citibank, N.A. as the
                                             Arrangers; (3) Chase Manhattan
                                             International Limited and Bank
                                             Hapoalim B.M., as the Facility
                                             Agents; (4) the Trustee as Security
                                             Trustee; (5) Chase Manhattan
                                             International Limited as
                                             Co-ordinating Agent; and (6) the
                                             Banks;

1.1.7.         "Obligor"                   - means Partner and Guarantors (as
                                             such terms are

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                                       -4-

                                             defined in the Facility Agreement);

1.1.8.         "Optional Israeli Banks"    - means Bank Hapoalim B.M., Israel
                                             Discount Bank Ltd., the First
                                             International Bank of Israel Ltd.
                                             and United Mizrahi Bank Ltd.;

1.1.9.         "Partner"                   - means Partner Communications
                                             Company Ltd., a company
                                             incorporated in Israel
                                             (registered number 51-253592-3);

1.1.10.        "Pledged Assets"            - means the Relevant New Shares,
                                             Related Rights in respect thereof
                                             and the Realisation Account;

1.1.11.        "Realisation Account"       - means each account maintained
                                             from time to time by Advent for
                                             the purposes of clause 7 at the
                                             main branch of the Account Bank
                                             or such other branch of the
                                             Account Bank as the Trustee may
                                             from time to time approve;

1.1.12.        "Receiver"                  - means a receiver, receiver and
                                             administrator, an administrator,
                                             or similar such officer (whether
                                             appointed provisionally,
                                             temporarily, or otherwise and
                                             whether appointed pursuant to
                                             this Pledge, pursuant to any law,
                                             by a court or otherwise);

1.1.13.        "Related Rights"            - means in relation to the
                                             Relevant New Shares, all
                                             dividends or other moneys paid or
                                             payable in relation thereto and
                                             all shares, warrants, securities,
                                             rights, moneys or property
                                             accruing or offered at any time
                                             in relation to the Relevant New
                                             Shares by way of redemption,
                                             substitution, exchange, bonus,
                                             pursuant to option rights or
                                             otherwise; excluding all
                                             dividends or other

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                                       -5-

                                             moneys received by Advent by way of
                                             Permitted Distributions;

1.1.14.        "Relevant New Shares"       - means 31,324,200 Class A voting
                                             ordinary shares, nominal value NIS
                                             0.01 each in the share capital of
                                             Partner, numbered 10,000,001-
                                             41,324,200 (inclusive) and
                                             26,010,141 Class B non-voting
                                             ordinary shares, nominal value NIS
                                             0.01 each in the share capital of
                                             Partner, numbered
                                             71,419,999-97,430,139
                                             (inclusive), all registered in the
                                             name of Advent;

1.1.15.        "Reservations"              - means the reservations listed in
                                             Annexure B hereto;

1.1.16.        "Secured Creditors"         - means the Security Trustee, the
                                             Co-ordinating Agent, the Facility
                                             Agents, the Arrangers, the Banks,
                                             the Secured Interest Rate Hedge
                                             Providers, Bank Leumi Le-Israel
                                             B.M., in its capacity as issuer of
                                             the BLL Performance Bond and any
                                             other persons who shall have
                                             acceded to the Security Trust Deed
                                             (other than a party, which has
                                             ceased to be a party thereto);

1.1.17.        "Secured Obligations"       - means all present and future
                                             obligations and liabilities
                                             (whether actual or contingent,
                                             whether owed jointly or severally,
                                             or in any other capacity
                                             whatsoever), of Partner and any
                                             other Obligor to the
                                             Secured Creditors (or any of them)
                                             under each of the Facility
                                             Documents as well as all
                                             amounts owed by Advent under this
                                             Pledge, together with all
                                             costs, charges and expenses
                                             (including legal fees) incurred by
                                             any Secured Creditor in connection
                                             with the protection, preservation
                                             or

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                                             enforcement of its respective
                                             rights under the Facility
                                             Documents;

1.1.18.        "Security Period"           - means the period beginning on the
                                             date of the Main Pledge, namely,
                                             September 10, 1998 and ending on
                                             the date upon which the Trustee is
                                             reasonably satisfied that: (a) none
                                             of the Secured Creditors is under
                                             any commitment, obligation or
                                             liability (whether actual or
                                             contingent) to make advances or
                                             provide other financial
                                             accommodation to Partner or any
                                             other Borrower under the Facility
                                             Documents; and (b) all the Secured
                                             Obligations which have arisen have
                                             been unconditionally and
                                             irrevocably paid and discharged in
                                             full or the security hereby created
                                             has been unconditionally and
                                             irrevocably released and discharged
                                             by the Trustee;

1.1.19.        "Shareholders' Agreement"   - means the agreement between the
                                             shareholders of Partner, confirmed
                                             and accepted by Partner, dated
                                             October 23, 1997, as amended by
                                             Addenda dated October 26, 1997,
                                             February 18, 1998 and Addendum No.
                                             3 and No. 4 as delivered to the
                                             Co-ordinating Agent pursuant to
                                             paragraph 4(viii) of Schedule 4 of
                                             the Facility Agreement, as such
                                             agreement may further be amended
                                             from time to time, or any other
                                             agreement between the shareholders
                                             of Partner replacing such agreement
                                             and falling within the definition
                                             of "Shareholders' Agreement" within
                                             the meaning of such term in the
                                             Facility Agreement.

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1.2.1.         Unless otherwise defined in this Pledge, terms defined and
               references construed in the Facility Agreement shall have the
               same meaning and construction in this Pledge.

1.2.2.         Any payment made under any Facility Document which is capable of
               being avoided or otherwise set aside on liquidation of Partner or
               otherwise, shall, for as long as such payment is capable of being
               avoided or set aside, not be considered to have been irrevocably
               paid for the purposes of this Pledge.

1.2.3.         Unless otherwise stated, all references in this Pledge to this
               Pledge or to any other agreement or document shall be construed
               as a reference to this Pledge or such agreement or document as
               amended, varied, assigned, novated or supplemented from time to
               time and any reference to this Pledge or such other agreement or
               document shall, unless otherwise stated, include any agreement or
               document affecting such amendment, variation, assignment,
               novation or supplementation. References to this Pledge shall
               include any agreement or document entered into pursuant to or in
               accordance with the provisions hereof.

1.2.4.         The Trustee shall be entitled to direct that any bank or
               financial institution, other than itself, be the Account Bank;
               provided that, such bank or financial institution is: (i) one of
               the Optional Israeli Banks, or (ii) another Israeli bank or
               financial institution approved by Advent, which approval may not
               be unreasonably withheld, and further provided that there shall
               not be more than one Account Bank at any time. In the event of a
               direction by the Trustee as aforesaid, the amount (if any)
               standing to the credit of the Realisation Account maintained with
               the Trustee or, if applicable, a previous Realisation Account
               shall be transferred to the corresponding Realisation Account
               maintained with the new Account Bank forthwith upon such
               direction taking effect. Advent hereby irrevocably gives all
               authorisations and instructions necessary for any such transfer
               to be made and shall do all such things as the Trustee may
               reasonably request in order to facilitate any change of Account
               Bank as may be directed by the Trustee, from time to time, or any
               transfer of credit balances (including the execution of such
               bank's or financial institution's standard terms of operation of
               account forms, bank mandate forms and other standard forms
               necessary to open an account) and the Trustee is hereby
               irrevocably constituted Advent's attorney to do any such things

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                                       -8-

               should Advent fail to do so within 10 Business Days of being
               requested to do so by the Trustee.

1.2.5.         The recitals and Annexures hereto form an integral part hereof.

1.2.6.         Except as expressly provided, references to clauses, paragraphs
               and Annexures shall be construed as references to clauses and
               paragraphs of, and Annexures to, this Pledge.

1.2.7.         References to any statutory provision or regulation shall be
               deemed to include references to such statutory provision and/or
               regulation as re-enacted, amended, supplemented, extended or
               replaced from time to time (whether before or after the date of
               this Pledge) and are to include any order, regulation or other
               subordinate legislation made under or deriving validity from such
               statutory provision and/or regulation.

1.2.8.         Headings are inserted for convenience only and shall be ignored
               in construing this Pledge.

1.2.9.         References to "including" and "in particular" shall not be
               construed restrictively but shall mean, "including, without
               prejudice to the generality of the foregoing", "including,
               without limitation" and "in particular, but without prejudice to
               the generality of the foregoing", respectively.

1.2.10.        References to "writing" include facsimile transmission legibly
               received, except in relation to any certificate, notice,
               resolution or other document which is expressly required by this
               Pledge to be signed in the original, and "written" has
               corresponding meaning.

1.2.11.        Any consent, agreement or approval required from the Trustee
               under this Pledge must be obtained in writing and shall be of no
               effect if it is not in writing.

1.2.12.        References to "this Pledge" shall, unless the context otherwise
               requires, include also all other pledges and charges in favour of
               the Trustee made pursuant to this Pledge.

2.   PLEDGE

2.1.      Advent hereby grants to and settles upon the Security Trustee, to hold
          same on trust for the benefit of the Secured Creditors (including

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          the Security Trustee), the terms of such trust being as specified in
          the Security Trust Deed (an agreement binding the Security Trustee and
          the Secured Creditors only), the security interests and rights,
          including the pledges, assignments by way of charge, other charges or
          other security interests or rights created or to be created pursuant
          to, and in accordance with, the provisions of this Pledge.

2.2.      Advent, as a continuing security for the full and punctual payment,
          discharge and performance of all the Secured Obligations in accordance
          with the Facility Documents and in accordance with Section 12 of the
          Pledges Law, 1967, hereby pledges by way of a first-ranking fixed
          pledge (to the extent applicable to the Relevant New Shares) and
          pledges and assigns, by way of charge as a first-ranking fixed pledge
          and charge (to the extent applicable to all Related Rights other than
          the Relevant New Shares), in favour of the Trustee (as trustee for the
          Secured Creditors) the Relevant New Shares and all Related Rights in
          respect thereof and all right, title and interest of Advent in
          connection therewith. For the removal of doubt, the Pledged Assets
          include also all rights of Advent (as a shareholder of Partner),
          whether under law and/or under the Memorandum and Articles of
          Association of Partner, which derive from the Relevant New Shares or
          any Related Rights in respect thereof.

          For the avoidance of any doubt:

          (A)  subject to (B) below, the Trustee and the Secured Creditors
               shall not be entitled to claim or receive payment from Advent in
               respect of the Secured Obligations, or to have recourse to any of
               its assets pursuant to this Pledge, except, solely and
               exclusively, by way of realisation of the Pledged Assets,
               pursuant to the Pledges Law, 1967 and to the extent only of the
               amounts, if any, received from such realisation; provided that
               the Trustee and the Secured Creditors shall be entitled to bring
               an application for realisation or other relief under Section 21
               of the Pledges Law, 1967, only if such claim is not based on: (i)
               an alleged reduction or loss in the value of the Relevant New
               Shares or other Pledged Assets; or (ii) an allegation of the
               existence of circumstances which constitute an Enforcement Event
               (without reference to any cure period or notice period); and

          (B)  nothing in this Pledge (including, without limitation, in (A)
               above) shall derogate from the rights of the Trustee and the

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               Secured Creditors under the Main Pledge or under any other Share
               Pledge which may be executed by Advent from time to time.

2.3.      in order to secure the rights of the Trustee in respect of the Pledged
          Assets, Advent hereby undertakes as follows:

2.3.1.         to deposit with the Trustee, upon the date of signature of this
               Pledge:

               (i)  original share certificates in the name of Advent in respect
                    of the Relevant New Shares;

               (ii) share transfer forms in respect of all the Relevant New
                    Shares, in the form required under the Articles of
                    Association of Partner, duly executed by Advent as
                    transferor, and with the transferee, the date and the
                    consideration left blank;

2.3.2.         to sign and deliver to the Trustee on the date of signature
               hereof all documents as are necessary in the reasonable opinion
               of the Trustee, for the purposes of registering the pledges
               hereby created with the Registrar of Pledges and/or the Registrar
               of Companies and/or the Singapore Registrar of Companies, as
               applicable;

2.3.3.         to procure that Partner sign on the date of signature hereof
               the acknowledgment of the pledge and pledge and assignment by
               way of charge (as the case may be) of the Pledged Assets pursuant
               to this Pledge, appearing on the signature page of this Pledge;

2.3.4.         promptly following the first request of the Trustee, to take all
               steps as the Trustee may reasonably require so that the pledge or
               pledges created hereunder or pursuant hereto shall be valid and
               binding against other creditors of Advent and to execute and/or
               deliver to the Trustee any additional and/or new pledge or
               amendment of this Pledge and any other documents as the Trustee
               shall reasonably require for this purpose, including, to the
               extent reasonably required by the Trustee, pledges with respect
               to any shares constituting Related Rights in respect of the
               Relevant New Shares, share certificates in respect of such shares
               or other securities and share transfer forms, mutatis mutandis,
               as referred to in clauses 2.3.1(i) and (ii) in respect of

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               such shares or other securities and notices of pledge and other
               documents required to be deposited with the Registrar of Pledges
               in order to register any such other pledges and to be lodged with
               the Registry of Companies in Singapore in order to register the
               charges created hereunder or thereunder.

2.4.      Advent shall not be entitled, and hereby waives any right pursuant
          to Section 13(b) of the Pledge Law, 1967 to redeem any pledge given
          hereunder, provided that Advent shall be entitled to redeem its
          pledges hereunder only: (i) in the event that all the Secured
          Obligations are paid and discharged in full in accordance with all the
          terms and conditions of the Facility Agreement which would be
          applicable were the Obligors to voluntarily prepay all the Secured
          Obligations in accordance with the applicable provisions of the
          Facility Agreement and otherwise in accordance with all the relevant
          Facility Documents, and (ii) if at such time none of the Banks is
          under any commitment, obligation or liability (whether actual or
          contingent) under any of the Facility Documents to make advances or
          provide other financial accommodation to Partner or any other
          Borrower.

3.   REPRESENTATIONS AND WARRANTIES

     Advent, as at the date of the entering into of this Pledge by all the
     parties hereto, makes the representations and warranties set out in clauses
     3.1 to 3.12 below and acknowledges that the Secured Creditors have entered
     into the Facility Documents in reliance on those representations and
     warranties (in addition to any other warranties and representations as set
     out in the Facility Documents):

3.1.      Advent is a company limited by shares, duly incorporated under the
          laws of Singapore with power to enter into this Pledge and to exercise
          its rights and perform its obligations hereunder and all corporate and
          other action required to authorise its execution of this Pledge and
          the performance by it of its obligations hereunder have duly been
          taken.

3.2.      The obligations expressed to be assumed by Advent in this Pledge are
          legal and valid obligations binding on Advent and enforceable in
          accordance with the terms hereof, subject to the Reservations.

3.3.      All the Relevant New Shares are validly issued and fully paid-up.

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3.4.      No Receiver, liquidator or similar officer has been appointed with
          respect to Advent or any material part of its assets nor is it aware
          of any petition or proceedings for such appointment pending.

3.5.      The entering into of this Pledge (after its execution by all the
          parties hereto) by Advent and the exercise of Advent's rights and
          performance of Advent's obligations hereunder do not and will not; (a)
          (in circumstances or to an extent which will have a material adverse
          effect on its ability to comply with its obligations under this
          Pledge) conflict with any agreement, charge or other instrument or
          document to which it is a party or which is binding upon it or any of
          its assets, (b) conflict with its documents of incorporation or
          constitutive documents, or (c) conflict with any applicable law,
          regulation or official judicial order.

3.6.      This Pledge creates those first-ranking pledges and charges as set
          forth herein.

3.7.      Advent is the legal and beneficial owner of the Relevant New Shares
          and any Related Rights in respect thereof, free and clear of any
          Encumbrance (save for the pledges created pursuant to this Pledge and
          the Main Pledge) or other rights of third parties of whatsoever nature
          (save for rights of Shareholders pursuant to the Shareholders'
          Agreement or the Articles of Association of Partner).

3.8.      Under the laws of its jurisdiction of incorporation, it is not
          necessary for creation and perfection of this Pledge that this Pledge
          be filed, recorded or enrolled with any court or other authority, or
          that any stamp, registration or similar tax be paid on or in relation
          to this pledge, save as set out in Annexure C hereto.

3.9.      No person has any right or option to purchase the Relevant New Shares
          or any of them or any Related Rights in respect thereof, except and to
          the extent set forth in the Shareholders' Agreement.

3.10.     There is no restriction or limit (whether under the Shareholders'
          Agreement, Memorandum and Articles of Association of Partner or
          otherwise) on the transfer or pledge of the Relevant New Shares
          pursuant to this Pledge or upon realisation of the pledges and charges
          hereunder, except as may be applicable under the Licence or under
          applicable law.

3.11.     No consent, approval, authorisation or other action by any party is
          required to be obtained by or with respect to Advent which has not

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          been obtained either: (i) for the pledges created pursuant to this
          Pledge or for the execution, delivery or performance of this Pledge by
          Advent, or (ii) for the realisation by the Trustee of the rights or
          remedies provided in this Pledge, save for consents which may be
          required under the Licence, save for the provisions of the Pledges
          Law, 1967 prescribing methods of realisation of pledges and save for
          payment of stamp duty and registration requirements.

3.12.     The copies of the Memorandum and Articles of Association of Partner
          and of the Shareholders' Agreement delivered to the Co-ordinating
          Agent pursuant to paragraphs 1 and 5 respectively of Schedule 4 of the
          Facility Agreement are, complete, accurate and updated in all
          respects.

3.13.     The representations and warranties set out in this clause 3 above are
          made only on the date hereof.

4.   CONTINUING SECURITY

4.1.      The security over the Pledged Assets constituted by, and the
          obligations of Advent contained in, this Pledge shall constitute and
          be continuing security and obligations notwithstanding any settlement
          of account or other matter or thing whatsoever and shall not be
          considered satisfied by any intermediate payment of all or any of the
          obligations of Partner or any other Obligor under the Facility
          Documents (or any of them) and shall continue in full force and effect
          until the end of the Security Period.

4.2.      Where any discharge (whether in respect of the obligations of Partner
          or any other Obligor or of any security for any of the aforegoing
          obligations or otherwise) is made in whole or in part or any
          arrangement is made on the faith of any payment, security or other
          disposition which is avoided, reduced or must be restored on
          insolvency, liquidation or otherwise, the liability of Advent under
          this Pledge shall continue as if the discharge or arrangement had not
          occurred.

4.3.1.         No concession or compromise of any claim that any payment,
               security or other disposition is liable to avoidance or
               restoration shall in any way affect the security granted
               hereunder or Advent's obligations hereunder.

4.3.2.         Neither the liability of Advent under this Pledge nor the rights,
               powers and remedies conferred on the Trustee in respect of

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                                      -14-

               Advent under this Pledge will be affected or waived by any of the
               acts, omissions, circumstances, matters or things listed below,
               whether or not known to Advent or the Secured Creditors or the
               Trustee (or any of them), which, but for this provision, would
               release or prejudice any of such liability, rights, powers and
               remedies or prejudice or diminish such liability, rights, powers
               and remedies in whole or in part:

               (i)  any time, waiver or other indulgence granted to, or
                    composition with, Partner, any Obligor or any other person;

               (ii) any failure to exercise any right or remedy under any
                    Facility Document;

               (iii) the single or partial exercise of any right under any
                    Facility Documents or of any other right or remedy;

               (iv) the taking, variation, compromise, exchange, renewal or
                    release of, refusal or neglect to perfect, take up or
                    enforce, any rights against, or security over, assets of
                    Partner or any other person or any failure to realise the
                    full value of any other security;

               (v)  any incapacity or lack of powers, authority or legal
                    personality of or dissolution or change in the members or
                    status of, Partner or any other person;

               (vi) any variation (however fundamental) or replacement of a
                    Facility Document or any other relevant document or security
                    or any variation, waiver or release of any Secured
                    Obligation;

               (vii) any unenforceability, illegality or invalidity of any
                    obligation of Partner or any other person under any Facility
                    Document or any other relevant document or security, to the
                    intent that Advent's obligations under this Pledge shall
                    remain in full force, and this Pledge shall be construed
                    accordingly, as if there were no unenforceability,
                    illegality or invalidity;

               (viii) the winding-up, dissolution, administration or
                    reorganisation of Partner, any other Obligor or any other

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                                      -15-

                    person or any change in its status, function, control or
                    ownership.

4.4.      Advent waives any right it may have of first requiring any Secured
          Creditor and/or the Trustee to proceed against or enforce any other
          rights or security or claim payment from Partner or any other person
          before the enforcement by the Trustee of the security constituted
          hereby.

4.5.      Advent shall not, and hereby waives any right to, by virtue of any
          payment made, security realised or moneys received hereunder for or on
          account of the liability of any other person:

4.5.1.         be subrogated to or otherwise take the benefit of (whether in
               whole or in part) any rights, security or moneys held, received
               or receivable by the Trustee pursuant to this Pledge or be
               entitled to any right of contribution or indemnity;

4.5.2.         claim, rank, prove or vote as a creditor of any other person or
               its estate; or

4.5.3.         receive, claim or have the benefit of any payment, distribution
               or security from or on account of any other person or exercise
               any right of set-off as against any other person.

          Advent will hold in trust for and forthwith pay or transfer to the
          Trustee any payment or distribution or benefit of security received
          by it contrary to the above. If Advent exercises any right of set-off
          contrary to the above, it will forthwith pay an amount equal to the
          amount set-off to the Trustee.

          The foregoing in this clause 4.5 shall not prevent Advent from: (i)
          bringing a claim against Partner or any other Obligor, provided that:
          (a) such a claim may be brought only after all the Secured Obligations
          have been unconditionally and irrevocably paid and discharged in full,
          and (b) there has been no realisation of all or any part of the
          Pledged Assets or of all or any of the pledged assets (other than Cash
          Collateral Accounts (as defined in the Equity Undertaking)) under any
          other Share Pledges; or (ii) bringing a claim against any Shareholder.

4.6.      This Pledge is in addition to, independent of, and is not in any way
          prejudiced by, any other guarantee or security now or hereafter held

<PAGE>

                                      -16-

          by the Trustee or any of the Secured Creditors in respect of any of
          the Secured Obligations.

4.7.      The rights and remedies provided by this Pledge are cumulative and are
          not exclusive of any rights or remedies provided by law.

4.8.      The obligations, warranties, representations, undertakings, agreements
          and covenants of Advent under this Pledge are in addition to, and
          shall not be prejudiced or restricted by, nor shall they prejudice or
          restrict, any obligations, warranties, representations, undertakings,
          agreements or covenants in any other Facility Document.
          Notwithstanding the foregoing, to the extent any provision of any
          Facility Document (other than this Pledge) conflicts with the terms
          hereof, the provisions of this Pledge shall prevail.

5.   UNDERTAKINGS BY ADVENT

     Advent hereby undertakes to the Trustee:

5.1.      not to sell, assign or otherwise transfer all or any of the Pledged
          Assets unless: (i) such Pledged Assets are sold, assigned or
          transferred subject to the first-ranking pledge created pursuant to
          this Pledge and in accordance with the provisions hereof; (ii) such
          pledges over the aforesaid sold, assigned or transferred Pledged
          Assets are duly registered and valid and have the same priority as
          they would have had, had such transferee been the original signatory
          of this Pledge and owner of the Pledged Assets, in place of Advent;
          (iii) all registrations or amendments to registrations and all filings
          (including, of amended deeds of pledge) have been made which are in
          the reasonable opinion of the Trustee required for the purposes of (i)
          and (ii) above; (iv) the transferee of such Pledged Assets is duly and
          validly bound by this Pledge or by another pledge, mutatis mutandis,
          in the same form as this Pledge in respect of such Pledged Assets as
          if the original signatory thereof in the place of Advent and such
          transferee is not an individual guarantor ("Arev Yachid") within the
          meaning of the Guarantee Law, 1967; (v) any such sale, assignment or
          transfer is permitted pursuant to the Licence, or permission as
          required under the Licence has been granted in relation thereto, and
          (vi) such sale, assignment or transfer is permitted under the Facility
          Documents and all provisions of the Facility Documents applicable in
          the case of such sale, assignment or transfer of such Pledged Assets
          have been complied with. At the request of Advent, the Trustee
          undertakes promptly to carry out all actions reasonably required to be
          carried out by it as the holder of

<PAGE>

                                      -17-

          the pledges and charges created under this Pledge in order to
          facilitate a sale, assignment or transfer permitted by, and made in
          accordance with this clause 5.1 above;

5.2.      not to pledge, charge or grant any other Encumbrances (of whatsoever
          nature and howsoever ranking) in respect of or any other right or
          interest in favour of any third party in relation to any of the
          Pledged Assets (save for any transfer permitted by, and made in
          accordance with, the provisions of this Pledge);

5.3.      at any time and from time to time upon the written request of the
          Trustee, promptly to execute and deliver to the Trustee any and all
          such further notices, instruments and documents as the Trustee may
          deem reasonably necessary for it to obtain valid and enforceable
          first-ranking pledges as contemplated under this Pledge and to obtain
          the full benefit of the rights and powers herein granted;

5.4.      to notify the Trustee promptly in any case where attachment is levied,
          or execution proceedings are instituted against, or a Receiver is
          appointed over, or any similar act occurs or any similar proceedings
          are instituted in respect of, the Pledged Assets or any part thereof
          and to notify the third party who initiated or requested the same or
          any Receiver appointed of the existence of the pledges herein
          contained in favour of the Trustee, and to take, within 10 days of
          such attachment, execution proceedings, appointment of Receiver or
          similar act or proceedings as aforesaid, all necessary measures at the
          expense of Advent for the discharge or cancellation of the same as
          soon as practicable;

5.5.      to pledge in favour of the Trustee all Related Rights of whatsoever
          nature and whenever acquired by it, all in accordance with the
          provisions of clause 2 above;

5.6.      not, after the date hereof, to acquire any Related Rights, unless
          Advent is the legal and beneficial owner of such Related Rights free
          and clear of any Encumbrance (save for the pledges created pursuant to
          this Pledge);

5.7.      to oppose any change in the Memorandum and/or Articles of Association
          of Partner which will amend or derogate from the provisions of
          Articles 7.5, 27A, 27B and 121 of the Articles of Association or in
          any way lead to any restrictions whatsoever on the ability of the
          Trustee to realise its rights under this Pledge.

<PAGE>

                                      -18-

6.   DEFAULT AND REALISATION

6.1.      Upon, and only upon, the occurrence of an Enforcement Event which is
          continuing and a declaration in accordance with clause 22.22(c) or (d)
          of the Facility Agreement that all the Advances are payable on demand
          or immediately due and payable, the Trustee shall, provided that the
          Trustee shall have given Advent the Required Prior Notice (as defined
          below), be entitled to realise its rights under this Pledge, including
          the realisation and sale of the Pledged Assets, in whole or in part,
          whether by the appointment of a Receiver and/or by the Israeli
          Execution office and/or by order of court and/or whether by any other
          method permitted under the Pledges Law, 1967, as the Trustee shall see
          fit and to apply the proceeds thereof on account of the Secured
          Obligations, all without the Trustee first being required to realise
          any other guarantee or collateral or other securities, if such be held
          by the Trustee. For the purposes of this clause 6.1, "the Required
          Prior Notice" shall mean: (i) 20 Business Days prior notice, in the
          event that all the Advances have been declared payable on demand
          pursuant to clause 22.22(c) of the Facility Agreement, or (ii) 10
          Business Days prior notice, in the event that the Advances have been
          declared immediately due and payable, whether, for the removal of
          doubt, pursuant to clause 22.22(c) or (d) of the Facility Agreement;
          provided that (for the removal of doubt), if, prior to the expiry of
          20 Business Days following the date of a notice as referred to in (i)
          above (an "On Demand Notice"), a notice is given as referred to in
          (ii) above (an "Immediately Due Notice"), then: (a) in the event that
          more than 10 Business Days has elapsed between the date of the On
          Demand Notice and the date of the Immediately Due Notice, the Required
          Prior Notice shall be 20 Business Days from the date of the On Demand
          Notice, and (b) in the event that less than 10 Business Days has
          elapsed between the date of the On Demand Notice and the date of the
          Immediately Due Notice, the Required Prior Notice shall be 10 Business
          Days from the date of the Immediately Due Notice. In realising its
          rights as aforesaid, the Trustee shall be required to observe all the
          requirements of the Licence in relation to such realisation, including
          the requirements of clause 22 of the Licence that if any such
          realisation shall cause a variation in the ownership of 10% or more of
          any means of control (as defined in the Licence) of Partner, such
          realisation may not be effected unless the prior written consent of
          the Minister of Communications has been obtained.

<PAGE>

                                      -19-

6.2.      Any and all sums to be received from the realisation of the Pledged
          Assets or any part thereof, shall be applied in the following order of
          priority:

6.2.1.         firstly, to the discharge of all the costs, fees and expenses
               incurred and which may be incurred in connection with the
               collection of the Secured Obligations, including the costs, fees
               and expenses referred to in clause 7.2 below and the costs and
               remuneration of a Receiver, if applicable, in such amount as
               shall be reasonably prescribed by the Trustee or approved by the
               court or the Israeli Execution Office or any other competent
               authority;

6.2.2.         secondly, in or towards payment of the Secured Obligations, or
               such part of them as is then due and payable, all in accordance
               with clause 29 of the Facility Agreement;

6.2.3.         thirdly, subject to clause 7, in payment of the surplus (if any)
               to Advent,

          or in such other order as the Trustee shall determine among the
          paragraphs of clause 6.2.

6.3.      The Trustee shall be exempt from taking any action whatsoever in
          connection with any Pledged Assets. The Trustee shall not be liable
          for any loss or damage which may be caused as a result of the exercise
          or purported exercise of the powers, authorities, rights or
          discretions vested in the Trustee in accordance with this Pledge or
          otherwise caused in connection herewith (other than, and to the extent
          of, any such loss or damage which resulted from the gross negligence
          or wilful misconduct (including wilful omission) of the Trustee) and
          Advent undertakes to indemnify the Trustee in any event that the
          Trustee is sued for any such loss or damage by others or in respect of
          any other matter or thing done or omitted to be done by the Trustee
          (in each such case, other than, and to the extent of, any such loss or
          damage which resulted from the gross negligence or wilful misconduct
          (including wilful omission) of the Trustee).

7.   CONTINGENCIES

7.1.      If the Trustee realises the security constituted by this Pledge
          (whether by the appointment of a Receiver or otherwise) at a time when
          the Secured Obligations (or any part thereof) shall not have fallen
          due under the Facility Documents (but at a time when amounts

<PAGE>

                                      -20-

          may become so due or are contingently due), the Trustee shall pay the
          proceeds of any recoveries if, to the extent applicable, not otherwise
          applied under clauses 6.2.1 and 6.2.2, into a Realisation Account or
          Realisation Accounts with the Account Bank in the name of Advent,
          which Realisation Accounts shall be charged by way of a first-ranking
          fixed charge in favour of the Trustee (for the benefit of the Secured
          Creditors) as security for the full discharge of the Secured
          Obligations. Advent hereby undertakes to execute all such documents as
          the Trustee shall reasonably require in order to create and perfect
          such charges over the Realisation Accounts as aforesaid.

7.2.      The Trustee may withdraw amounts standing to the credit of the
          Realisation Accounts to:

7.2.1.         meet all costs, fees, charges and expenses incurred and payments
               made by the Trustee (or any Receiver) in the course of the
               enforcement of this Pledge;

7.2.2.         pay remuneration to any Receiver in respect of the realisation of
               this Pledge as and when the same becomes due and payable; and

7.2.3.         meet amounts due and payable by Partner or any other Obligor
               under the Facility Documents as and when the same become due and
               payable,

          in each case, together with interest thereon at the Default Rate from
          the date the same become due and payable until the date the same are
          unconditionally and irrevocably paid and discharged in full.

7.3.      Amounts standing to the credit of each Realisation Account shall bear
          interest at the Account Bank's rate of interest for similar (if any)
          deposits in the relevant currency from time to time.

7.4.      Advent will not be entitled to withdraw any moneys (including
          interest) standing to the credit of any Realisation Account until the
          expiry of the Security Period.

8.   BOOKS OF ACCOUNTS

8.1.      Advent confirms that the respective books, accounts and entries of the
          Trustee and of the Facility Agents shall be deemed to be correct

<PAGE>

                                      -21-

          and shall, in the absence of manifest or proven error, be prima facie
          evidence for or against Advent in all their particulars.

8.2.      A certificate by the Trustee or any Facility Agent setting out the
          amount of any Secured Obligation shall, in the absence of manifest or
          proven error, be prima facie evidence of such amount for or against
          Advent.

9.   COSTS, EXPENSES AND INTEREST

9.1.      Advent shall cooperate with the other shareholders of Partner to
          procure, in its capacity as a Shareholder, that Partner shall, from
          time to time, on the demand of the Trustee, reimburse the Trustee for
          all reasonable costs and expenses submitted to Partner supported by
          appropriate evidence thereof (including legal fees but excluding any
          charges for management time) together with any VAT thereon incurred by
          the Trustee in connection with the negotiation, preparation and
          execution of this Pledge (and any amendments thereto) and the
          completion of the transactions herein contemplated, including the
          registration of each pledge herein created or contemplated hereby,
          subject to any limits agreed from time to time between Partner and the
          Trustee, as well as all costs of stamping and registering this Pledge
          and/or any other document ancillary hereto and/or to be entered into
          hereunder.

9.2.      Advent shall (in its capacity as a shareholder) cooperate with the
          other shareholders of Partner to procure that Partner shall, from time
          to time on demand of the Trustee, reimburse the Trustee for all costs
          and expenses (including legal fees) together with any VAT thereon
          incurred in or in connection with the preservation and/or enforcement
          of any of the rights of the Trustee under this Pledge or otherwise in
          connection with any claims or proceedings in relation to this Pledge.

9.3.      The Trustee and every Receiver and any attorney, agent or other person
          appointed by the Trustee, any such Receiver or the court in connection
          with this Pledge shall be entitled to be indemnified out of the
          Pledged Assets in respect of all liabilities and expenses property
          incurred by them in the execution of any of the powers, authorities or
          discretions vested in them pursuant hereto and/or by law and against
          all actions, proceedings, costs, claims and demands in respect of any
          matter or thing done or omitted pursuant to this Pledge in any way
          relating to the Pledged Assets (except that resulting from gross
          negligence or wilful misconduct (including wilful omission) by the
          Trustee, Receiver or any such other person) and the Trustee may

<PAGE>

                                      -22-

          retain and pay all sums in respect of the same out of any moneys
          received under the powers hereby conferred.

9.4.      In the event that the Trustee issues proceedings against Advent for
          the payment of any amount due or to become due to the Trustee pursuant
          to this Pledge, the Trustee shall be entitled to claim in respect of
          the period from the issue of the proceedings until full payment
          thereof, interest at the Default Rate.

10.  FURTHER ASSURANCES

     Advent shall at its own expense execute and do all such acts and things as
     the Trustee may from time to time reasonably require in order to perfect or
     protect the security intended to be created hereby over the Pledged Assets
     or any part thereof or facilitate the realisation of the Pledged Assets or
     any part thereof or exercise of all powers, authorities and discretions
     vested in the Trustee or any Receiver of the Pledged Assets or any part
     thereof, all in accordance with this Pledge and applicable law. To that
     intent, Advent shall in particular execute all pledges, share transfer
     forms, other transfers and assignments of the Relevant New Shares, Related
     Rights or other rights as may, in each such case, be reasonably required by
     the Trustee and give all notices (including notices of all assignments made
     by Advent hereunder), orders and directions and make all registrations
     which may be reasonably required by the Trustee.

11.  DELEGATION BY TRUSTEE

     The Trustee may at any time and from time to time delegate by power of
     attorney or in any other manner to any person or persons all or any of the
     powers, authorities and discretions exercisable by the Trustee under this
     Pledge, Any such delegation may be made upon such terms and subject to such
     regulations as the Trustee may think fit, provided that nothing in this
     clause 11 shall confer upon the Trustee the power to allow any delegate to
     sub-delegate any such rights, powers, authorities and discretions. The
     Trustee shall not be in any way liable or responsible to Advent, any
     Secured Creditor or any other person for any loss or damage arising from
     any default, omission, misconduct or negligent act on the part of any such
     delegate, save where such loss or damage arises due to the wilful
     misconduct (including wilful omission) or wilful default or gross
     negligence of such delegate and the Trustee is considered by a final
     decision of a court to have been grossly negligent in its delegation to the
     delegate concerned.

<PAGE>

                                      -23-

12.  POWER OF ATTORNEY

     Solely for the purposes of securing the due performance of Advent's
     obligations under or pursuant to this Pledge, Advent hereby irrevocably
     appoints the Trustee and every delegate, as referred to in clause 11, to be
     its attorney acting severally, and on its behalf and in its name or
     otherwise to execute and do all such acts and things which Advent expressly
     ought to do under the covenants and provisions contained in this Pledge
     (including to execute, deliver and register any pledges, charges,
     assignments or other security) and, generally, in its name and on its
     behalf to exercise all or any of the powers, authorities and discretions
     expressly conferred by or pursuant to this Pledge or by law on the Trustee
     or any such delegate and (without prejudice to the generality of the
     foregoing) to perfect any security granted hereunder or pursuant hereto.
     The Trustee or any delegate as aforesaid shall only exercise such power of
     attorney if Advent fails to perform all or any of the acts or obligations
     which are expressly required to be performed by it under this Pledge within
     3 Business Days of being required to so perform any such act or obligation,
     or earlier in the event that in the reasonable opinion of the Trustee the
     rights of the Trustee under this Pledge may be prejudiced by the delay.

13.  WAIVER BY ADVENT

     Subject to and without derogating from any other provisions of this Pledge
     which exclude the application of, or constitute a waiver by Advent of,
     certain defences or rights under the Guarantee Law, 1967 (which defences or
     rights would, but for such provisions, have been available to Advent):

13.1.     Advent hereby waives all rights and defences under Sections 2, 4-6
          inclusive, 8-11 inclusive and 13-17 inclusive of the Guarantee Law,
          1967 and confirms that such provisions of the Guarantee Law, 1967
          shall not apply to this Pledge;

13.2.     Advent shall be entitled to rely on Section 7 of the Guarantee Law,
          1967, to the extent applicable; and

13.3.     Advent shall be entitled to rely on Section 12 of the Guarantee Law,
          1967, to the extent applicable, but only in the event that: (i) all
          the Secured Obligations have been unconditionally and irrevocably paid
          and discharged in full; (ii) there has been no realisation of all or
          any part of the Pledged Assets or of all or any of the pledged assets
          (other than Cash Collateral Accounts (as defined in the Equity
          Undertaking)) under any other Share Pledge; (iii) the Trustee shall

<PAGE>

                                      -24-

          have received written instructions and undertakings executed by all
          the Shareholders who have paid amounts on account of the Secured
          Obligations and are entitled to rely on Section 12, detailing the
          names of the Shareholders to whom the relevant security interests
          should be transferred and undertaking to indemnify the Trustee and the
          Secured Creditors against any claims, losses, damages, expenses,
          costs, charges, liability or proceedings which may be brought, made or
          preferred against, or suffered, incurred or sustained by, the Trustee
          or any Secured Creditor in relation to, in connection with, or arising
          out of, the transfer of security interests as aforesaid; and (iv) all
          consents, approvals, authorisations and permits necessary under the
          Licence, under law or under contract in order to perform such transfer
          have been obtained and there is no impediment under the Licence, law
          or contract to such transfer.

14.  REMEDIES AND WAIVERS

     No failure to exercise, nor any delay in exercising, on the part of the
     Trustee or Advent of any right or remedy hereunder shall operate as a
     waiver thereof, nor shall any single or partial exercise of any right of
     remedy prevent any further or other exercise thereof or the exercise of any
     other right or remedy.

15.  PARTIAL INVALIDITY

     If, at any time, any provision hereof is or becomes illegal, invalid or
     unenforceable in any respect or any of the security intended to be created
     by or pursuant to this Pledge is ineffective, neither the legality,
     validity or enforceability of the remaining provisions hereof or the
     effectiveness of any of the remaining such security, shall in any way be
     affected or impaired thereby.

16.  COUNTERPARTS

     This Pledge may be executed in any number of counterparts and all of such
     counterparts taken together shall be deemed to constitute one and the same
     instrument.

17.  NOTICES

17.1.     Each communication to be made hereunder shall be made in writing and,
          unless otherwise stated, shall be made by facsimile, telex or letter.

<PAGE>

                                      -25-

17.2.     Any communication or document to be made or delivered by one person to
          another pursuant to this Pledge shall (unless that other person has by
          15 Business Days' written notice to the other specified another
          address) be made or delivered to that other person at the address
          identified with its signature below and shall be deemed to have been
          made or delivered when despatched and confirmation of receipt by the
          intended recipient has been received (in the case of any communication
          made by telex or fax) or (in the case of any communication made by
          letter) when left at that address or (as the case may be) 5 Business
          Days after being deposited in the postage prepaid in an envelope
          addressed to it at that address provided that any communication or
          document to be made or delivered to the Trustee shall be effective
          only when received by the Trustee and then only if the same is
          expressly marked for the attention of the department or officer
          identified with the Trustee's signature below (or such other
          department or officer as the Trustee shall from time to time specify
          for this purpose):

17.2.1.        to Advent:        c/o Hutchison Telecommunications Ltd.
                                 18/F Two Harbourfront
                                 22 Tak Fung Street
                                 Hunghom, Kowloon
                                 Hong Kong

                                 Facsimile: +852 2827 1371
                                 Attention: Ms. Carol Tsang
                                            Group Director of Finance

               with a copy to:   Hutchison Whampoa Limited
                                 22nd Floor, Hutchison House
                                 10 Harcourt Road
                                 Central
                                 Hong Kong

                                 Facsimile: +852 2128 1733
                                 Attention: Mr. Frank J. Sixt
                                            Group Finance Director

17.2.2.        to the Trustee:   5th Floor
                                 32 Yehuda Halevi Street
                                 Tel-Aviv
                                 Israel

                                 Facsimile: +972 3 514 9514
                                 Attention: Zipi Peleg, Corporate Division,
                                            Communications Sector

<PAGE>

                                      -26-

               with a copy to:   Stuart Gnessen, Adv.
                                 13 Ahad Ha'am Street
                                 Tel-Aviv
                                 Israel

                                 Facsimile: +972 3 517 3331

18.  ASSIGNMENT

     Advent hereby irrevocably and unconditionally consents to the Trustee being
     able, at any time, without any further consent being required from Advent,
     to assign this Pledge and its rights and/or obligations arising thereunder
     in whole to any Optional Israeli Bank or other Israeli bank approved by
     Partner (which approval shall not be unreasonably withheld) which is
     appointed in accordance with the provisions of the Security Trust Deed, to
     act, in place of the Trustee, as trustee for the benefit of the Secured
     Creditors and any such assignee may also reassign the said rights as
     aforesaid to an Optional Israeli Bank or any other Israeli bank approved as
     aforesaid without any further consent being required from Advent. Such
     assignment may be effected by endorsement on this Pledge or in any other
     way the Trustee or any subsequent assignor deems fit.

19.  GOVERNING LAW

     This Pledge shall be governed by, and construed in accordance with, the
     laws of the State of Israel.

20.  JURISDICTION

20.1.     Advent hereby irrevocably agrees, for the benefit of the Trustee, as
          Trustee for the Secured Creditors, that the courts of Tel-Aviv shall
          have jurisdiction to hear and determine any suit, action or
          proceedings and to settle any disputes, which may arise out of or in
          connection with this Pledge (respectively, "Proceedings" and
          "Disputes") and, for such purposes, irrevocably submits to the
          jurisdiction of such courts.

20.2.     Advent hereby irrevocably waives any objection which it might now or
          hereafter have to the courts referred to in clause 20.1 being
          nominated as the forum to hear and determine any Proceedings and to
          settle any Disputes and agrees not to claim that any such court is not
          a convenient or appropriate forum.

20.3.     Advent agrees that the process by which any Proceedings are begun may
          be served on it by being delivered in connection with any

<PAGE>

                                      -27-

          Proceedings in Israel to Professor Joseph Gross, Hodak Limited of 23
          King Shaul Boulevard, Tel-Aviv 64367, Israel. If the appointment of
          the persons mentioned in this clause 20.3 ceases to be effective,
          Advent shall immediately appoint a further person in Israel to accept
          service of process on its behalf in Israel and, falling such
          appointment within 15 days, the Trustee shall be entitled to appoint
          such person by notice to Advent. Nothing contained herein shall affect
          the right to serve process in any other manner permitted by law.

20.4.     The submissions to the jurisdiction of the courts referred to in
          clause 20.1 shall not (and shall not be construed so as to) limit the
          right of the Trustee to take Proceedings against Advent in any other
          court of competent jurisdiction, nor shall the taking of Proceedings
          in any one or more jurisdictions preclude the taking of Proceedings in
          any other jurisdiction (whether concurrently or not) if and to the
          extent permitted by applicable law.

21.  TERMINATION

     For the removal of doubt, this Pledge shall terminate upon the expiry of
     the Security Period.

22.  NO AMENDMENT

     This Pledge shall not be amended, modified or altered unless the written
     consent of all parties hereto to such amendment, modification or alteration
     has been obtained.

IN WITNESS WHEREOF the parties have signed this Pledge on the date written at
the beginning of this document.

for: ADVENT INVESTMENTS PTE LTD.         for: BANK LEUMI LE-ISRAEL B.M.

By: /s/ Ting Chan                        By: /s/ B. Cohen
    ----------------------------------       -----------------------------------
Title:                                   Title:
       -------------------------------          --------------------------------

By: /s/ Ting Chan
    ----------------------------------
Title: Director

<PAGE>

                                      -28-

We, the undersigned, Partner Communications Company Ltd., acknowledge the
pledges created pursuant to the above pledge of the Pledged Assets (as such term
is defined in the above Pledge).

for: PARTNER COMMUNICATIONS COMPANY LTD.

By: /s/ Edhraim Rosenhaus
    ----------------------------------
Title: Vice President Sales

By:
    ----------------------------------
Title:
       -------------------------------

<PAGE>

                                   ANNEXURE A

                                EVENT OF DEFAULT

References in this Annexure A are to the Facility Agreement. Terms not otherwise
defined herein shall bear the meaning set out in the Facility Agreement.

22.1 Events of Default Each of the events set out in Clause 22.2 (Non-Payment to
22.21 (Equity Undertaking) is an Event of Default (whether or not caused by any
reason outside the control of any or all of the Obligors or of any other
person).

22.2 Non-Payment Any Obligor does not pay on the due date any amount payable by
it under any Facility Document at the place and in the funds expressed to be
payable, provided that this sub-Clause shall not apply (i) to unpaid amounts of
principal which are paid in full within two Business Days of the due date for
payment or (ii) to unpaid amounts of interest or other amounts (except
principal) which are paid in full within five Business Days after the due date
for payment.

22.3 Breach of Obligations

(a)  There is any breach of the provision of Clauses 2.2 (Purpose), Clauses 20.6
     (Negative Pledge) to 20.8 (Disposals) (inclusive), 20.10 (Loans and
     guarantees) to 20.15 (Share Capital) (inclusive), 20.22 (Borrowings) and
     subject to the provisions of Section 21 (Curative Equity), 20.32 (Financial
     Undertakings).

(b)  Any Obligor fails to comply with any undertaking or obligation contained in
     any Facility Document and, if such default is capable of remedy within such
     period within 30 days after the earlier of the Obligor becoming aware of
     such default and receipt by the Obligor of written notice from the
     Co-ordinating Agent requiring the failure to be remedied, that Obligor
     shall have failed to cure such default.

22.4 Misrepresentation/Breach of Warranty

(a)  Any representation or warranty contained in Clauses 19.7 (Consents), 19.8
     (c) or (d) (Accounts), 19.10(b) (Tax Liabilities), 19.12 (Information
     Memorandum and Reports), 19.13 (Ownership of Assets), 19.14 (Documents),
     19.15(a) (Intellectual Property Rights), 19.16 (Environmental Matters),
     19.18 (Material Contracts) or 19.21 (The Parent) is incorrect or misleading
     in any respect when made or deemed repeated by reference to the facts and
     circumstances then subsisting.

(b)  Any representation or warranty contained in Clauses 19.5(c) (Non Conflict),
     19.6(b) (No Default), 19.10 (Tax Liabilities) or 19.l5(b) (Intellectual
     Property Rights) is incorrect or misleading in any respect when deemed
     repeated pursuant to Clause 19.22 (Repetition).

(c)  Any other representation or warranty made or repeated by or on behalf of
     any Obligor in any Facility Document, or in any certificate or statement
     delivered by or on behalf of any Obligor or other member of the Group under
     any Facility Document is incorrect or misleading in any material respect
     when made or deemed to be made or repeated by reference to the facts and
     circumstances then subsisting.

                                        1

<PAGE>

22.5 Cross-acceleration

(a)  Any amount in respect of Borrowings of any one or more members of the Group
     (taker together if more than one) which aggregate US$5,000,000. or its
     equivalent, or more at any one time outstanding:

     (i)  becomes prematurely due and payable:

     (ii) becomes due for redemption before its normal maturity date: or

     (iii) is placed on demand.

     in each such case by reason of the occurrence of an event of default
     (howsoever characterised) or any event having the same effect resulting
     from a default by a member of the Group.

(b)  Any amount in respect of such Borrowings which aggregate US$5,000,000. or
     its equivalent, or more, are not paid when due (whether failing due by
     demand, at scheduled maturity or otherwise) or within any applicable grace
     period provided for in the document evidencing or constituting those
     Borrowings.

(c)  Any Encumbrances over any assets of any one or more members of the Group
     (taken together if more than one) securing an aggregate of US$5,000,000. or
     its equivalent, or more become enforceable and steps are taken to enforce
     the same: or

(d)  Any Obligor fails to discharge in full any judgment debt entered against it
     in excess of an aggregate amount of US$5,000,000. or its equivalent, within
     30 days of the relevant judgment being entered against the relevant Obligor
     unless such judgment is being contested in good faith on reasonable grounds
     following external legal advice.

(e)  For the purposes of this Clause 22.5 only, "Borrowings" shall include
     Indebtedness pursuant to Hedging Transactions and, in any such case the
     "amount" in respect of such Hedging Transactions shall be the amount under
     the relevant Hedging Transaction which becomes prematurely due and payable,
     due for redemption before its normal maturity date, placed on demand or is
     not paid when due or within any applicable grace period.

22.6 Invalidity Any of the Facility Documents shall cease to be in full force
and effect in any material respect or shall cease to constitute the legal,
valid, binding and enforceable obligation of any Obligor party to it or, in the
case of any Security Document, fail to provide effective perfected security in
favour of the Security Trustee (for the benefit of itself and the Secured
Creditors) over the assets over which security is intended to be given by that
Security Document (save for any Reservations), or it shall be unlawful for any
Obligor to perform any of its material obligations under any of the Facility
Documents.

22.7 Insolvency and Rescheduling Any Obligor is unable to pay its debts as they
fall due or admits inability to pay its debts as they fall due, commences
negotiations with any one or more of its creditors with a view to the general
readjustment or rescheduling of its Indebtedness or makes a general assignment
for the benefit of or a composition with its creditors.

22.8 Winding up Any Obligor takes any corporate action or other steps are taken
or legal proceedings are started (or are consented to or any order is made) for
its winding up, liquidation, bankruptcy, dissolution, administration or
re-organisation (or for the suspension of payments

                                        2

<PAGE>

generally or any process giving protection against creditors) or for the
appointment of a liquidator, receiver, administrator, administrative receiver,
conservator, custodian, trustee or similar officer of it or of all or any
material part of its revenues or assets or such a person is appointed provided
that this Clause 22.8 shall not apply to:

(a)  any such action relating to a solvent reconstruction, amalgamation,
     reorganisation or merger of such Obligor save where the Co-ordinating Agent
     (acting on the instructions of an Instructing Group) believes that such
     action will reasonably be expected to have an adverse effect on the ability
     of that Obligor to comply with its obligations under the Facility
     Documents: or

(b)  any such action which is frivolous or vexatious and which such Obligor is
     contesting in good faith on reasonable grounds or in respect of which an
     Instructing Group is satisfied that the ability of that Obligor to comply
     with its obligations under the Facility Documents will not be materially
     and adversely affected and which in either case is discharged or dismissed
     as soon as reasonably practicable.

22.9 Execution or Distress Any distress, execution, attachment, sequestration or
other process arising out of any claim by any third party against any member
of the Group for an aggregate amount of $5,000,000 or its equivalent (taking all
such members of the Group together) or more affects any material asset of any
Obligor save where (i) that Obligor is, in good faith on reasonable grounds,
contesting the distress, execution, attachment, sequestration or other process
by appropriate proceedings diligently pursued and (ii) an Instructing Group is
satisfied that the ability of that Obligor to comply with its obligations under
the Facility Documents will not be materially and adversely affected whilst
such distress, execution, attachment, diligence or other process is being so
contested.

22.10 Analogous Events Any event occurs which under the laws of Israel has a
similar or analogous effect or purpose to any of those events mentioned in
Clause 22.7 (Insolvency and Rescheduling), Clause 22.8 (Winding up) or Clause
22.9 (Execution or Distress).

22.11 Governmental Intervention By or under the authority of the Government of
Israel or any other competent Israeli authority:

(a)  all or the majority of the management of any Obligor is displaced or the
     authority of any Obligor in the conduct of its business is wholly or
     materially curtailed; or

(b)  all or a majority of the issued shares of any Obligor or the whole or any
     part (the book value of which is 10 per cent or more of the book value of
     the whole) of the revenues or assets of any Obligor is seized,
     nationalised, expropriated or compulsorily acquired; or

(c)  any law is introduced after the date hereof imposing material restrictions
     on the free transfer of funds out of Israel and/or the exchange of shekels
     for dollars or any relevant Optional Currency in each such case which will
     apply to payments made or to be made under any of the Facilities.

22.12 Cessation Any Obligor ceases, or threatens to cease, to carry on all or a
substantial part of its business (save in consequence of any reorganisation,
reconstruction or amalgamation permitted under this Agreement and save as may
result from any disposal of assets permitted by the terms of this Agreement or
where such business or part thereof is carried on by another Obligor or for any
solvent liquidation, dissolution or winding-up of any member of the Group

                                        3

<PAGE>

previously approved in writing by an Instructing Group) or all or a material
part of the Business is abandoned.

22.13 Proceedings There is current or pending any litigation, dispute,
arbitration, administrative, regulatory or other proceedings or enquiry
concerning or involving any member of the Group which is reasonably likely to
have a Material Adverse Effect.

22.14 Breach of the Licence or any Authorisation

(a)  The Licence or any Authorisation necessary for any Obligor to comply with
     its obligations under the Facility Documents is in whole or in part:

     (i)  surrendered, terminated, withdrawn, suspended, cancelled or revoked or
          does not remain in full force and effect or otherwise expires and is
          not renewed prior to its expiry (in each case, without replacement by
          a Licence(s) or Authorisation as applicable having substantially
          equivalent effect): or

     (ii) modified in any material respect or breached (unless, in the case of
          any Authorisation, such modification or breach is reasonably likely
          not to have a Material Adverse Effect),

     provided that any change in the spectrum made available under the Licence
     will be construed to be a modification of the Licence for the purposes of
     this paragraph (a):

(b)  Any event occurs which is reasonably likely to give rise to the revocation,
     termination, cancellation or suspension of the Licence (without
     replacement) in such circumstance where the Borrower is unable to
     demonstrate to the reasonable satisfaction of the Instructing Group within
     30 days of such event occurring that such termination, suspension or
     revocation will not occur.

(c)  For the avoidance of doubt, nothing in this Agreement shall be construed as
     a waiver by the Finance Parties of their rights under this Clause arising
     from any breach of the Licence.

22.15 Material Adverse Change Any event or series of events occur which in the
reasonable opinion of an Instructing Group after discussion with the Parent, is
likely to have a material adverse effect on the business or financial condition
of the Group (as a whole) or on the ability of any Obligor to perform its
material obligations under the Facility Documents.

22.16 Breach of Material Contracts

(a)  Any Obligor fails duly to perform or comply with any obligation expressed
     to be assumed by it in any of the Material Contracts to which it is a party
     (other than the Licence), where such failure would be reasonably likely to
     have a Material Adverse Effect.

(b)  Any Authorisation necessary for any Obligor to comply with any Material
     Contract or any Material Contract (other than the Licence) is cancelled,
     suspended, withdrawn, revoked or terminated or expires by effluxion of time
     in a manner or circumstances (in whole or in part) without being replaced
     as soon as reasonably practicable on terms not materially less favourable
     than such Material Contract.

                                        4

<PAGE>

22.17 Repudiation Any Obligor repudiates or purports to repudiate or threatens
to repudiate any of the Facility Documents or Material Contracts to which it is
a party.

22.18 Counterparties Any Counterparty:

(a)  fails duly to perform or comply with any obligation expressed to be assumed
     by it in any Material Contract to which it is a party where such failure
     would be reasonably likely to have a Material Adverse Effect: or

(b)  repudiates, or purports or threatens to repudiate, any Material Contract to
     which it is a party

and (in the case of any Supplier Contract) a replacement contract on terms not
materially less favourable with an internationally recognised equivalent
supplier is not entered into by the Parent within 90 days from the date of such
failure, repudiation or purported or threatened repudiation.

22.19 Shareholders

(a)  (i)  The Shareholders Agreement ceases to be valid, binding and
          enforceable: or

     (ii) the Shareholders Agreement is revoked, terminated, cancelled or
          suspended without being at such time replaced with a new shareholders
          agreement with all material terms being acceptable to an Instructing
          Group: or

     (iii) any material provision of the Shareholders Agreement (including, for
          the avoidance of doubt, any of Clauses 3 (The Business of the
          Company), 11 (Funding Requirements), 12 (Transfers), 13 (Transfer in
          the Event of Default), 14 (General Provisions Applicable to
          Transfers), 19 (Termination of the Shareholder Agreement) or the
          guarantees of Shareholders contained in the Shareholders Agreement is
          amended or waivers granted in relation thereto or any new provisions
          are included in the Shareholders Agreement (other than pursuant to
          Addendum No.4 thereto and any other amendments thereto or new
          provisions included therein which are satisfactory to the
          Co-ordinating Agent for the purposes of Schedule _ (Conditions
          Precedent) of this Agreement) or

     (iv) any party to the Shareholders Agreement is in breach of any term
          thereof and if such breach is capable of remedy, is not remedied
          within 30 days.

and such event or circumstance is reasonably likely to result in a Material
Adverse Effect.

(b)  (i)  Any of the representations and warranties by any Chargor in any
          Share Pledge to which it is a party are incorrect or misleading in any
          material respect when made by such Chargor by reference to the facts
          and circumstances then existing if the fact, matter or event giving
          rise to such representation being incorrect or misleading is not
          remedied or cured to the satisfaction of the Co-ordinating Agent
          (acting on the instructions of an Instructing Group) within 14 days
          after the earlier of the relevant Chargor becoming aware of the same
          and receipt by the relevant Chargor of written notice from the
          Co-ordinating Agent requiring the remedy of the relevant fact, matter
          or event.

     (ii) Any Chargor fails to comply with any undertaking or obligation
          contained in any Share Pledge to which it is a party and, if such
          default is capable of remedy within such period, within 30 days after
          the earlier of the Chargor becoming aware of such default and receipt
          by the Chargor of written notice from the Co-

                                        5

<PAGE>

          ordinating Agent requiring the failure to be remedied, that Chargor
          shall have failed to cure such default.

     (iii) Any Share Pledge shall cease to be in full force and effect in any
          material respect or shall cease to constitute the legal, valid,
          binding and enforceable obligation of any Chargor party to it or fail
          to provide effective perfected security in accordance with the terms
          of the Share Pledge in favour of the Security Trustee (for the benefit
          of itself and the Secured Creditors) over the assets over which
          security is intended to be given by that Share Pledge (save for any
          Reservations), or it shall be unlawful for any Chargor to perform any
          of its material obligations under any of the Share Pledges.

     (iv) Any Chargor repudiates or purports to repudiate or threatens to
          repudiate in writing the Share Pledge to which it is a party.

22.20 MRT Operator HWL ceases to control (as defined in the Licence) the entity
which is the MRT Operator (as defined in the Licence) and in respect of any
replacement MRT Operator the Controlling Corporation (as defined in the
Licence), thereof is not, in the opinion of an, Instructing Group, an entity of
comparable standing and experience provided that this Clause 20.20 shall only
apply so long as a MRT Operator is required pursuant to the Licence.

22.21 Equity Undertaking

(a)  (i) Any Shareholder fails to comply with its undertakings or obligations
     under Clause 2 or Clause 14 of the Equity Undertaking (the "relevant
     non-payment") and (ii) the Relevant Guarantor or L/C Bank, following a
     demand under the terms of the Relevant Guarantee (as defined in the Equity
     Undertaking) or Shareholder L/C (as defined in the Equity Undertaking) in
     relation to the relevant non-payment, fails to make payment in full in
     respect of the relevant non-payment by the latest date provided for in the
     Relevant Guarantee or Shareholder L/C and, in the case of a non-payment by
     HTL (as Relevant Guarantor), HWL fails to make payment in full in respect
     thereof by the latest date provided for in the HWL Counter-Guarantee:

(b)  at any time it is or becomes unlawful for any Equity Undertaking Obligor to
     perform or comply with any or all of its obligations under Clause 2, Clause
     6 or Clause 14 of the Equity Undertaking:

(c)  any of the obligations of any Equity Undertaking Obligor under Clause 2,
     Clause 6 or Clause 14 of the Equity Undertaking are not or cease to be
     legal, valid, binding and enforceable, subject to the Reservations:

(d)  any Equity Undertaking Obligor repudiates (or threatens or purports to
     repudiate) its obligations under Clause 2, Clause 6 or Clause 14 of the
     Equity Undertaking.

unless, in each case, remedied within 30 days from the date thereof by another
Equity Undertaking Obligor contributing any shortfall in Equity (if any) and
agreeing to the satisfaction of the Co-ordinating Agent (acting on the
instructions of an Instructing Group) to assume the future obligations of the
defaulting Equity Undertaking Obligor under the Equity Undertaking.

                                        6

<PAGE>

                                   ANNEXURE B

                                  RESERVATIONS

1.   The principle that equitable remedies are remedies which may be granted or
     refused at the discretion of the court (regardless of whether such remedy
     is considered in a proceeding at law or in equity).

2.   The limitation on enforcement as a result of laws relating to bankruptcy,
     insolvency, liquidation, reorganization, court schemes, moratoria,
     administration and other laws affecting the rights of creditors generally.

3.   The principle that certain types of security expressed to take effect as
     fixed security may, as a result of the ability of a pledgor to deal with
     the assets subject to that security on terms permitted under the Facility
     Documents, take effect as floating security.

4.   The time-barring of claims under applicable provisions of the Prescription
     Law.

5.   Rules against penalties and similar principles.

6.   The role of court discretion in determination of issues involving public
     policy, security or sovereignty.

7.   Certain statutory preferences and other priorities arising by law may rank
     ahead of the security created by the pledgor.

<PAGE>

                                   ANNEXURE B

                                  RESERVATIONS

1.   The principle that equitable remedies are remedies which may be granted or
     refused at the discretion of the court (regardless of whether such remedy
     is considered in a proceeding at law or in equity).

2.   The limitation on enforcement as a result of laws relating to bankruptcy,
     insolvency, liquidation, reorganization, court schemes, moratoria,
     administration and other laws affecting the rights of creditors generally.

3.   The time-barring of claims under applicable provisions of the Singapore
     Limitation Act, Chapter 163 of Singapore.

4.   Rules against penalties and similar principles.

5.   The role of court discretion in determination of issues involving public
     policy, security or sovereignty.

6.   Certain statutory preferences and other priorities arising by law may rank
     ahead of the security created by the pledgor.

7.   Any other qualifications or reservations as to matters of law only
     contained in the legal opinion given by Allen & Gledhill under the terms of
     the Facility Documents in connection with this Pledge.

<PAGE>

                                   ANNEXURE C

     Particulars of the charges created under this Pledge have to be lodged for
     registration with the Registrar of Companies in Singapore within 30 days of
     the creation of such charge (where the instrument creating such charge is
     executed in Singapore) or within 37 days of creation of such charge (where
     the instrument creating such charge is executed outside Singapore).

     Stamp duty of S$500 (five hundred Singapore Dollars) is payable in respect
     of this Pledge.

<PAGE>

                                    AMENDMENT
                                      to a
                                 PLEDGE MADE ON
                                24TH OCTOBER 1999

          between:

          (1)  ADVENT INVESTMENTS PTE LTD., a company incorporated under the
               laws of Singapore (company number 19940B473H), having its
               registered office at 1 King George's Avenue, #03-00 Rehau
               Building, Singapore ("Advent");

          and

          (2)  BANK LEUMI LE-ISRAEL B.M., as trustee for the benefit of the
               Secured Creditors ("the Trustee")

WHEREAS:

(A)  pursuant to a Pledge made on 24th October 1999 ("the Main Pledge"), Advent
     created in favour of the Trustee, as trustee for the benefit of the Secured
     Creditors, first-ranking pledges over the Pledged Assets; and

(B)  it has been agreed that the Main Pledge shall be amended in the manner set
     out in this Amendment to a Pledge ("this Amendment") below,

1.   Unless otherwise defined in this Amendment, terms defined and references
     contained in the Main Pledge, shall have the same meaning and construction
     in this Amendment.

<PAGE>

                                      -2-

2.   The Main Pledge is hereby amended as follows:

2.1.      The definition of "Shareholders' Agreement" in clause 1.1.19 is
          deleted and replaced by the following:

               "1.1.19   'Shareholders Agreement' means the relationship
                         agreement between the shareholders of Partner dated
                         October 10, 1999, or any other agreement between the
                         shareholders of Partner replacing such agreement and
                         falling within the definition of 'Shareholders
                         Agreement' within the meaning of such term in the
                         Facility Agreement."

2.2.      In clause 4.5.3, last paragraph, lines 6 and 7, the words, "(other
          than Cash Collateral Accounts (as defined in the Equity Undertaking))"
          shall be deleted.

2.3.      In clause 5.7, line 3, the words, "Articles 7.5, 27A, 27B and 121 of
          the Articles of Association" shall be deleted and replaced by the
          words, "Article 10.13 of the Articles of Association in force at the
          date of this Amendment".

2.4.      In clause 13.3. lines 6 and 7, the words "(other than Cash Collateral
          Accounts (as defined in the Equity Undertaking))" shall be deleted.

2.5.      In Annexure A:

          (i)  clause 22.19(a)(iii) is deleted and replaced with the following:

                    "any material provision of the Shareholders Agreement is
                    amended or waivers granted in relation thereto or any new
                    provisions are included in the Shareholders Agreement";

          (ii) clause 22.21 (Equity Undertaking) is deleted in its entirety.

3.   For the sake of clarification only:

3.1.      with respect to the definition of "Relevant New Shares" in clause
          1.1.14, it is hereby clarified that the 31,324,200 Class A voting
          ordinary shares, nominal value NIS 0.01 each in the share capital of
          Partner, numbered 10,000,001-41,324,200 (inclusive) and 26,010,141
          Class B non-voting ordinary shares, nominal value NIS 0.01 each in the
          share capital of Partner numbered 71,419,999-

<PAGE>

                                      -3-

          97,430,139 (inclusive), all registered in the name of Advent, have
          been converted into 57,334,341 ordinary shares of nominal value
          NIS 0.01 each, numbered 10,000,001-41,334,200 (inclusive) and
          71,419,999-97,430,139 (inclusive), in the share capital of Partner,
          all registered in the name of Advent and the definition of "Relevant
          New Shares" should be construed accordingly; and

3.2.      with respect to the definition of "Partner" in clause 1.1.9, the
          registered number of Partner has been changed to "52-004431-4" and the
          definition of "Partner" should be construed accordingly.

4.   Save as amended expressly pursuant to this Amendment, the provisions of the
     Main Pledge shall continue in full force and effect and the Main Pledge and
     this Amendment shall be read and construed as or agreement.

5.   This Amendment shall be governed by and construed in accordance with the
     laws of the State of Israel.

6.1.      Advent hereby Irrevocably agrees, for the benefit of the Trustee, as
          Trustee for the Secured Creditors, that the courts of Tel-Aviv shall
          have jurisdiction to hear and determine any suit, action or
          proceedings and to settle any disputes, which may arise out of or in
          connection with this Amendment (respectively, "Proceedings" and
          "Disputes") and, for such purposes, irrevocably submits to the
          jurisdiction of such courts.

6.2.      Advent hereby irrevocably waives any objection which it might now or
          hereafter have to the courts referred to in clause 6.1 being nominated
          as the forum to hear and determine any Proceedings and to settle any
          Disputes and agrees not to claim that any such court is not a
          convenient or appropriate forum.

6.3.      Advent agrees that the process by which any Proceedings are begun may
          be served on it by being delivered in connection with any Proceedings
          in Israel to Professor Joseph Gross, Hodak Limited of 23 King Shaul
          Boulevard, Tel-Aviv 64367, Israel. If the appointment of the persons
          mentioned in this clause 6.3 ceases to be effective, Advent shall
          immediately appoint a further person in Israel to accept service of
          process on its behalf in Israel and, failing such appointment within
          15 days, the Trustee shall be entitled to appoint such person by
          notice to Advent. Nothing contained herein shall affect the right to
          serve process in any other manner permitted by law.

<PAGE>

                                       -4-

6.4.      The submissions to the jurisdiction of the courts referred to in
          clause 6.1 shall not (and shall not be construed so as to) limit the
          right of the Trustee to take Proceedings against Advent in any other
          court of competent jurisdiction, nor shall the taking of Proceedings
          in any one or more jurisdictions preclude the taking of Proceedings in
          any other jurisdiction (whether concurrently or not) if and to the
          extent permitted by applicable law.

IN WITNESS WHEREOF, the parties have signed this Amendment on the 1 day of
August 2000.

for: ADVENT INVESTMENTS PTE LTD.         for BANK LEUMI LE-ISRAEL B.M.

By: /s/ Ting Chan                        By: /s/ B. Cohen
    ----------------------------------       -----------------------------------
Title:                                   Title:
       -------------------------------          --------------------------------

We, the undersigned, Partner Communications Company Limited, acknowledge and
agree to the amendments to the Main Pledge (as such term is defined above) set
out above.

for: PARTNER COMMUNICATIONS
     COMPANY LIMITED

By: /s/ Adl Biran
    ----------------------------------
Title:
       -------------------------------

<PAGE>

                                SECOND AMENDMENT
                                      to a
                                 PLEDGE MADE ON
                                24TH OCTOBER 1999

          between:

          (1)  ADVENT INVESTMENTS PTE LTD., a company incorporated under the
               laws of Singapore (company number 199408473H), having its
               registered office at 1 King George's Avenue, #03-00 Rehau
               Building, Singapore ("Advent");

          and

          (2)  BANK LEUMI LE-ISRAEL B.M., as trustee for the benefit of the
               Secured Creditors ("the Trustee")

WHEREAS:

(A)  pursuant to a Pledge made on 24th October 1999 ("the Main Pledge"), Advent
     created in favour of the Trustee, as trustee for the benefit of the Secured
     Creditors, first-ranking pledges over, inter alia, each of the Pledged
     Assets; end

(B)  the Main Pledge was amended pursuant to an Amendment dated 1 August 2000
     ("the First Amendment"); and

(C)  it has been agreed that in the light of amendments to the Facility
     Agreement under an Amending and Rescheduling Agreement dated 9 July 2000,
     which amendments come into force on the date of signature of this
     Amendment, the Main Pledge shall be further amended in the manner set out
     in this Amendment below ("the Second Amendment"),

1.   Unless otherwise defined in this Second Amendment, terms defined and
     references contained in the Main Pledge, shall have the same meaning

<PAGE>

                                       -2-

     and construction in this Second Amendment. For the removal of doubt,
     references to clauses of the Facility Agreement are references to clauses
     in the conformed copy of the Facility Agreement of even date herewith.

2.   The Main Pledge is hereby amended as follows:

2.1.      Clause 1.1.3 shall be deleted and replaced by the following:

               "1.1.3 'Default Rate'       - means the default rate of interest
                                             as determined in accordance with
                                             clause 8.3 of the Facility
                                             Agreement;"

2.2.      In clause 1.1.5, the reference to "Section 22" is hereby deleted and
          replaced by "clause 17" and Annexure A to the Main Pledge is hereby
          replaced by a new Annexure A in the form annexed hereto and marked
          Annexure "A".

2.3.      In clause 1.1.6, the following words should be added after the words
          "(6) the Banks":

               "   , as such agreement has been amended, inter alia, by an
                ---
               Amending and Rescheduling Agreement dated 9 July, 2000, the banks
               parties to the Facility Agreement as at the Effective Date being
               Bank Leumi Le-Israel B.M., Israel Discount Bank Ltd., Bank
               Hapoalim B.M., The First International Bank of Israel Ltd.,
               United Mizrahi Bank Ltd., Mercantile Discount Bank Ltd. and
               Citibank N.A.;"

2.4.      In clause 1.1.7, the words "all the Borrowers" shall be deleted and
          replaced by "Partner".

2.5.      The word "Banks" wherever it appears in the Main Pledge shall be
          replaced by "Participating Banks".

2.6.      In clause 1.1.16, the word "Co-Ordinating Agent" and the letter "s" in
          the event of each of "Facility Agents" and "the Arrangers" are hereby
          deleted.

2.7.      In clause 6.1, the references to "clauses 22.22(c)" shall be replaced
          by "clause 17.25(c)" and the references to clause "22.22(d)" shall be
          replaced by clause "17.25(d)", a copy of clauses 17.25(c) and (d)
          being attached hereto as Annexure "B".

<PAGE>

                                       -3-

2.8.      In clause 6.2.2, the reference to "clause 29" shall be replaced by
          "clause 23".

2.9.      With effect from the date hereof, 17,139,790 ordinary shares of
          nominal value NIS 0.01 each, numbered 80,290,350 to 97,430,139 in the
          share capital of Partner, registered in the name of Advent, shall be
          released from the pledge created under the Main Pledge, such that the
          definition of "Relevant New Shares" as set out in clause 1.1.14 of the
          Main Pledge shall read as follows:

               " 'Relevant New Shares'     - means 40,194,551 ordinary shares of
                                             nominal value NIS 0.01 each
                                             numbered 10,000,001-41,324,200
                                             (inclusive) and 71,419,999-
                                             80,290,349 (inclusive) in the share
                                             capital of Partner, all registered
                                             in the name of Advent;"

3.   Save as amended expressly pursuant to this Second Amendment and pursuant to
     the First Amendment, the provisions of the Main Pledge shall continue in
     full force and effect and the Main Pledge, the First Amendment and this
     Second Amendment shall be read and construed as one agreement.

4.   This Second Amendment shall be governed by and construed in accordance with
     the laws of the State of Israel.

5.1.      Advent hereby irrevocably agrees, for the benefit of the Trustee, as
          Trustee for the Secured Creditors, that the courts of Tel-Aviv shall
          have jurisdiction to hear and determine any suit, action or
          proceedings and to settle any disputes, which may arise out of or in
          connection with this Second Amendment (respectively, "Proceedings" and
          "Disputes") and, for such purposes, irrevocably submits to the
          jurisdiction of such courts.

5.2.      Advent hereby irrevocably waives any objection which it might now or
          hereafter have to the courts referred to in clause 5.1 being nominated
          as the forum to hear and determine any Proceedings and to settle any
          Disputes and agrees not to claim that any such court is not a
          convenient or appropriate forum.

<PAGE>

                                       -4-

5.3.      Advent agrees that the process by which any Proceedings are begun may
          be served on it by being delivered in connection with any Proceedings
          in Israel to Professor Joseph Gross, Hodak Limited of 23 King Shaul
          Boulevard, Tel-Aviv 64367, Israel. If the appointment of the persons
          mentioned in this clause 5.3 ceases to be effective, Advent shall
          immediately appoint a further person in Israel to accept service of
          process on its behalf in Israel and, failing such appointment within
          15 (fifteen) days, the Trustee shall be entitled to appoint such
          person by notice to Advent. Nothing contained herein shall affect the
          right to serve process in any other manner permitted by law.

5.4.      The submissions to the jurisdiction of the courts referred to in
          clause 5.1 shall not (and shall not be construed so as to) limit the
          right of the Trustee to take Proceedings against Advent in any other
          court of competent jurisdiction, nor shall the taking of Proceedings
          in any one or more jurisdictions preclude the taking of Proceedings in
          any other jurisdiction (whether concurrently or not) if and to the
          extent permitted by applicable law.

IN WITNESS WHEREOF, the parties have signed this Second Amendment on the 19 day
of September, 2000.

for: ADVENT INVESTMENTS PTE LTD.         for BANK LEUMI LE-ISRAEL B.M.

By: /s/ Ting Chan                        By: /s/ B. Cohen
    ----------------------------------       -----------------------------------
Title: Director                          Title:
                                                --------------------------------

We, the undersigned, Partner Communications Company Limited, acknowledge and
agree to the amendments to the Main Pledge (as such term is defined above) set
out above.

<PAGE>

                                  ANNEXURE "A"
                                       to
                              AMENDED SHARE PLEDGES

17.  DEFAULT

17.1.     Events of Default

          Each of the events set out in clause 17.2 (Non-Payment) to clause
          17.24 (Non-Compliance with any Securities Authority) (inclusive) below
          is an Event of Default (whether or not caused by any reason outside
          the control of any or all of the Obligors or any other person).

17.2.     Non-Payment

          Any Obligor does not pay on the due date any amount payable by it
          under any Facility Document at the place and in the funds expressed to
          be payable, provided that this clause 17.2 (Non-Payment) shall not
          apply: (i) to unpaid amounts of principal which are paid in full
          within two Business Days of the due date for payment; or (ii) to
          unpaid amounts of Interest or other amounts (except principal) which
          are paid in full within 5 (five) Business Days after the due date for
          payment.

17.3.     Breach of Obligations

          (a)  There is any breach of any of clauses 2.1.2, 2.4 (Purpose), 16.2
               (Financial Information), 16.6 (Negative Pledge), 16.7 (Sale and
               Leaseback), 16.8 (Disposals), 16.10 (Loans and Guarantees) to
               16.15 (Share Capital) (inclusive), 16.21 (Acquisitions and
               Mergers), 16.22 (Borrowings), 16.23 (Arm's-Length Terms), 16.32
               (Financial Undertakings) or 16.35 (Reserve Account) to 16.41
               (Copy to the Ministry) (inclusive), above.

          (b)  Any Obligor fails to comply with any undertaking or obligation
               contained in any Facility Document and, if such default is
               capable of remedy within such period, within 30 (thirty) days
               after the earlier of the Obligor becoming aware of such default
               and receipt by the Obligor of written notice from the Facility

<PAGE>

                                       -2-

               Agent requiring the failure to be remedied, that Obligor shall
               have failed to cure such default.

17.4.     Misrepresentation/Breach of Warranty

          (a)  Any representation or warranty contained in clauses 15.7
               (Consents), 15.8(c) or (d) (Accounts), 15.10 (Tax Liabilities),
               15.12 (Reports), 15.13 (Ownership of Assets), 15.14 (Documents),
               15.15(a) (Intellectual Property Rights), 15.16 (Environmental
               Matters) or 15.18 (Material Contracts) is incorrect or misleading
               in any respect when made or deemed repeated by reference to the
               facts and circumstances then subsisting.

          (b)  Any representation or warranty contained in clauses 15.5(c) (Non
               Conflict), 15.6(b) (No Default), 15.10 (Tax Liabilities) or
               15.15(b) (Intellectual Property Rights) is incorrect or
               misleading in any respect when deemed repeated pursuant to clause
               15.21 (Repetition).

          (c)  Any other representation or warranty made or repeated by or on
               behalf of any Obligor in any Facility Document, or in any
               certificate or statement delivered by or on behalf of any Obligor
               or other member of the Group under any Facility Document, is
               incorrect or misleading in any material respect when made or
               deemed to be made or repeated by reference to the facts and
               circumstances then subsisting.

17.5.     Cross-Acceleration and Cross-Default

          (a)  Any amount in respect of Borrowings of any one or more members of
               the Group (taken together if more than one) which aggregate US
               $5,000,000 (five million United States Dollars), or its
               equivalent, or more at any one time outstanding:

               (i)  becomes prematurely due and payable;

               (ii) becomes due for redemption before its normal maturity date;
                    or

               (iii) is placed on demand,

<PAGE>

                                       -3-

               in each such case by reason of the occurrence of an event of
               default (howsoever characterised) or any event having the same
               effect resulting from a default by a member of the Group.

          (b)  Any amount in respect of such Borrowings which aggregate US
               $5,000,000 (five million United States Dollars), or its
               equivalent, or more, are not paid when due (whether falling due
               by demand, at scheduled maturity or otherwise) or within any
               applicable grace period provided for in the document evidencing
               or constituting those Borrowings.

          (c)  Any Encumbrances over any assets of any one or more members of
               the Group (taken together if more than one) securing an aggregate
               of US $5,000,000 (five million United States Dollars), or its
               equivalent, or more become enforceable and steps are taken to
               enforce the same.

          (d)  Any Obligor fails to discharge in full any judgment debt entered
               against it in excess of an aggregate amount of US $5,000,000
               (five million United States Dollars), or its equivalent, within
               30 (thirty) days of the relevant judgment being entered against
               the relevant Obligor unless such judgment is being contested in
               good faith on reasonable grounds following external legal advice.

          (e)  For the purposes of this clause 17.5 only, "Borrowings" shall
               include Indebtedness pursuant to Hedging Transactions and, in any
               such case the "amount" in respect of such Hedging Transactions
               shall be the amount under the relevant Hedging Transaction which
               becomes prematurely due and payable, due for redemption before
               its normal maturity date, placed on demand or is not paid when
               due or within any applicable grace period.

          (f)  There is any event of default under any debenture comprising
               Permitted Loan Capital.

17.6.     Invalidity

          Any of the Facility Documents shall cease to be in full force and
          effect in any material respect or shall cease to constitute the legal,
          valid, binding and enforceable obligation of any Obligor party to it
          or, in the case of any Security Document, fail to provide effective
          perfected security in favour of the Security Trustee (for the benefit
          of

<PAGE>

                                       -4-

          itself and the Secured Creditors) over the assets over which security
          is intended to be given by that Security Document (save for any
          Reservations), or it shall be unlawful for any Obligor to perform any
          of its material obligations under any of the Facility Documents.

17.7.     Insolvency and Rescheduling

          Any Obligor is unable to pay its debts as they fall due or admits
          inability to pay its debts as they fall due, commences negotiations
          with any one or more of its creditors with a view to the general
          readjustment or rescheduling of its Indebtedness or makes a general
          assignment for the benefit of or a composition with its creditors.

17.8.     Winding-Up

          Any Obligor takes any corporate action or other steps are taken or
          legal proceedings are started (or are consented to or any order is
          made) for its winding-up, liquidation, bankruptcy, dissolution,
          administration or re-organisation (or for the suspension of payments
          generally or any process giving protection against creditors) or for
          the appointment of a liquidator, receiver, administrator,
          administrative receiver, conservator, custodian, trustee or similar
          officer of it or of all or any material part of its revenues or assets
          or such a person is appointed provided that this clause 17.8 shall not
          apply to:

          (a)  any such action relating to a solvent reconstruction,
               amalgamation, reorganisation or merger of such Obligor save where
               the Facility Agent (acting on the instructions of an Instructing
               Group) believes that such action will reasonably be expected to
               have an adverse effect on the ability of that Obligor to comply
               with its obligations under the Facility Documents; or

          (b)  any such action which is frivolous or vexatious and which such
               Obligor is contesting in good faith on reasonable grounds or in
               respect of which an Instructing Group is satisfied that the
               ability of that Obligor to comply with its obligations under the
               Facility Documents will not be materially and adversely affected
               and which in either case is discharged or dismissed as soon as
               reasonably practicable.

17.9.     Execution or Distress

          Any distress, execution, attachment, sequestration or other process
          arising out of any claim by any third party against any member of the

<PAGE>

                                      -5-

          Group for an aggregate amount of US $5,000,000 (five million United
          States Dollars) or its equivalent (taking all such members of the
          Group together) or more affects any material asset of any Obligor save
          where (i) that Obligor is, in good faith on reasonable grounds,
          contesting the distress, execution, attachment, sequestration or other
          process by appropriate proceedings diligently pursued and (ii) an
          Instructing Group is satisfied that the ability of that Obligor to
          comply with its obligations under the Facility Documents will not be
          materially and adversely affected whilst such distress, execution,
          attachment, diligence or other process is being so contested.

17.10.    Analogous Events

          Any event occurs which has a similar or analogous effect or purpose to
          any of those events mentioned in clause 17.7 (Insolvency and
          Rescheduling), clause 17.8 (Winding-Up) or clause 17.9 (Execution or
          Distress).

17.11.    Governmental Intervention

          By or under the authority of the Government of Israel or any other
          competent Israeli authority:

          (a)  all or the majority of the management of any Obligor is displaced
               or the authority of any Obligor in the conduct of its business is
               wholly or materially curtailed; or

          (b)  all or a majority of the issued shares of any Obligor or the
               whole or any part (the book value of which is 10% (ten percent)
               or more of the book value of the whole) of the revenues or assets
               of any Obligor is seized, nationalised, expropriated or
               compulsorily acquired; or

          (c)  any law is introduced after the date hereof imposing material
               restrictions on the free transfer of funds out of Israel and/or
               the exchange of sheqels for dollars or Euro in each such case
               which will apply to payments made or to be made under any of the
               Facilities.

17.12.    Cessation

          Any Obligor ceases, or threatens to cease, to carry on all or a
          substantial part of its business (save in consequence of any
          reorganisation, reconstruction or amalgamation permitted under this

<PAGE>

                                      -6-

          Agreement and save as may result from any disposal of assets permitted
          by the terms of this Agreement or where such business or part thereof
          is carried on by another Obligor or for any solvent liquidation,
          dissolution or winding-up of any member of the Group previously
          approved in writing by an Instructing Group) or all or a material part
          of the Business is abandoned.

17.13.    Proceedings

          There is current or pending any litigation, dispute, arbitration,
          administrative, regulatory or other proceedings or enquiry concerning
          or involving any member of the Group which is reasonably likely to
          have a Material Adverse Effect.

17.14.    Breach of the Licence or any Authorisation

          (a)  The Licence or any Authorisation necessary for any Obligor to
               comply with its obligations under the Facility Documents is in
               whole or in part:

               (i)  surrendered, terminated, withdrawn, suspended, cancelled or
                    revoked or does not remain in full force and effect or
                    otherwise expires and is not renewed prior to its expiry (in
                    each case, without replacement by a Licence(s) or
                    Authorisation, as applicable having substantially equivalent
                    effect); or

               (ii) modified in any material respect or breached (unless, in the
                    case of any Authorisation, such modification or breach is
                    reasonably likely not to have a Material Adverse Effect);

               provided that any change in the spectrum made available under the
               Licence will be construed to be a modification of the Licence for
               the purposes of this paragraph (a).

          (b)  Any event occurs which is reasonably likely to give rise to the
               revocation, termination, cancellation or suspension of the
               Licence (without replacement) in such circumstance where Partner
               is unable to demonstrate to the reasonable satisfaction of the
               Instructing Group within 30 (thirty) days of such event occurring
               that such termination, suspension or revocation will not occur.

<PAGE>

                                      -7-

          (c)  For the avoidance of doubt, nothing in this Agreement shall be
               construed as a waiver by the Finance Parties of their rights
               under this clause 17.14 arising from any breach of the Licence.

17.15.    Material Adverse Change

          Any event or series of events occur which in the reasonable opinion of
          an Instructing Group after discussion with Partner, is likely to have
          a material adverse effect on the business or financial condition of
          the Group (as a whole) or on the ability of any Obligor to perform its
          material obligations under the Facility Documents.

17.16.    Breach of Material Contracts

          (a)  Any Obligor fails duly to perform or comply with any obligation
               expressed to be assumed by it in any of the Material Contracts to
               which it is a party (other than the Licence), where such failure
               would be reasonably likely to have a Material Adverse Effect.

          (b)  Any Authorisation necessary for any Obligor to comply with any
               Material Contract or any Material Contract (other than the
               Licence) is cancelled, suspended, withdrawn, revoked or
               terminated or expires by effluxion of time in a manner or
               circumstances (in whole or in part) without being replaced as
               soon as reasonably practicable on terms not materially less
               favourable than such Material Contract.

17.17.    Repudiation

          Any Obligor repudiates or purports to repudiate or threatens to
          repudiate any of the Facility Documents or Material Contracts to which
          it is a party.

17.18.    Counterparties

          Any Counterparty:

          (a)  fails duly to perform or comply with any obligation expressed to
               be assumed by it in any Material Contract to which it is a party
               where such failure would be reasonably likely to have a Material
               Adverse Effect; or

          (b)  repudiates, or purports or threatens to repudiate, any Material
               Contract to which it is a party

<PAGE>

                                       -8-

          and (in the case of any Supplier Contract) a replacement contract on
          terms not materially less favourable with an internationally
          recognised equivalent supplier is not entered into by Partner within
          90 (ninety) days from the date of such failure, repudiation or
          purported or threatened repudiation.

17.19.    Shareholders

          (a)  (i)  The Shareholders Agreement ceases to be valid, binding and
                    enforceable; or

               (ii) the Shareholders Agreement is revoked, terminated, cancelled
                    or suspended without being at such time replaced with a new
                    shareholders agreement with all material terms being
                    acceptable to an Instructing Group; or

               (iii) any material provision of the Shareholders Agreement is
                    amended or waivers granted in relation thereto or any new
                    provisions are included in the Shareholders Agreement; or

               (iv) any party to the Shareholders Agreement is in breach of any
                    term thereof and if such breach is capable of remedy, is not
                    remedied within 30 (thirty) days

               and such event or circumstance is reasonably likely to result in
               a Material Adverse Effect.

          (b)  (i)  Any of the representations and warranties by any Chargor in
                    any Share Pledge to which it is a party are incorrect or
                    misleading in any material respect when made by such Chargor
                    by reference to the facts and circumstances then existing if
                    the fact, matter or event giving rise to such representation
                    being incorrect or misleading is not remedied or cured to
                    the satisfaction of Facility Agent (acting on the
                    instructions of an Instructing Group) within 14 (fourteen)
                    days after the earlier of the relevant Chargor becoming
                    aware of the same and receipt by the relevant Chargor of
                    written notice from Facility Agent requiring the remedy of
                    the relevant fact, matter or event.

               (ii) Any Chargor fails to comply with any undertaking or
                    obligation contained in any Share Pledge to which it is a

<PAGE>

                                       -9-

                    party and, if such default is capable of remedy within such
                    period, within 30 (thirty) days after the earlier of the
                    Chargor becoming aware of such default and receipt by the
                    Chargor of written notice from Facility Agent requiring the
                    failure to be remedied, that Chargor shall have failed to
                    cure such default.

               (iii) Any Share Pledge shall cease to be in full force and effect
                    in any material respect or shall cease to constitute the
                    legal, valid, binding and enforceable obligation of any
                    Chargor party to it or fail to provide effective perfected
                    security in accordance with the terms of the Share Pledge in
                    favour of the Security Trustee (for the benefit of itself
                    and the Secured Creditors) over the assets over which
                    security is intended to be given by that Share Pledge (save
                    for any Reservations), or it shall be unlawful for any
                    Chargor to perform any of its material obligations under any
                    of the Share Pledges.

               (iv) Any Chargor repudiates or purports to repudiate or threatens
                    to repudiate in writing the Share Pledge to which it is a
                    party.

17.20.    Change of Ownership

          Upon the occurrence of a Change of Ownership, unless Partner has
          received the prior consent of the Participating Banks to such
          occurrence.

17.21.    Balance in Reserve Account

          If the balance standing to the credit of the Reserve Account shall at
          any time be less than the amount required under clause 1.1.129(f)
          above.

17.22.    Mandatory Prepayment

          In the event that Partner shall fail to make any mandatory prepayment
          in accordance with clause 7 (Mandatory Prepayment) above (including
          pursuant to clause 7.1 above) within the time limits respectively
          specified therefor under the relevant subsections of clause 7
          (Mandatory Prepayment).

<PAGE>

                                      -10-

17.23.    No Trading in Securities

          In the event that with respect to any shares or other securities
          convertible into shares of Partner which are traded on a stock
          exchange, there is no trading in such shares or other convertible
          securities for a consecutive period of 10 (ten) or more days on which
          trading is conducted on such stock exchange.

17.24.    Non-Compliance with any Securities Authority

          In the event that Partner breaches or fails to comply with any
          material undertakings or obligations entered into by it, or imposed on
          it, in favour of any securities authority in any country or state in
          which share, securities or debentures of Partner are traded or fails
          to comply with any material rules, regulations or other law of any
          such securities authority.

17.25.    Acceleration

          Upon the occurrence of an Event of Default and at any time thereafter
          while the same is continuing, the Facility Agent may, and shall if so
          directed by an Instructing Group, by notice to Partner:

          (a)  declare that an Event of Default has occurred; and/or

          (b)  declare that any undrawn portion of all or any of the Available
               Facilities shall be cancelled forthwith, whereupon the same shall
               be so cancelled and the applicable Available Facility or
               Facilities shall be zero and all fees payable in relation to the
               Available Facilities shall become immediately due and payable;
               and/or

          (c)  declare that the Advances or any one or more of them (as
               specified in such notice), together with all Interest and Linkage
               Differentials accrued on those Advances and all other amounts
               (including amounts due under clause 19.1 (Broken Funding
               Indemnity), to the extent applicable) payable by Partner (as
               specified in such notice) or any of them under the Facility
               Documents from time to time, shall thenceforth be repayable on
               demand being made by the Facility Agent (and in the event of any
               such demand those Advances, such Interest and such other amounts
               shall be immediately due and payable); and/or

<PAGE>

                                      -11-

          (d)  declare the Advances or any one or more of them (as specified in
               such notice) immediately due and payable, whereupon they shall
               become immediately due and payable together with all Interest and
               Linkage Differentials accrued on those Advances and all other
               amounts payable by Partner under the Facility Documents
               (including amounts due under clause 19.1 (Broken Funding
               Indemnity), to the extent applicable).

17.26.    Advances Due on Demand

          If, pursuant to clause 17.25 (Acceleration), the Facility Agent
          declares the Advances to be due and payable on demand then, and at any
          time thereafter so long as any Event of Default is continuing or has
          not been waived, the Facility Agent may by written notice to Partner
          (upon instruction from an Instructing Group) require repayment of the
          Advances on such date as the Facility Agent (upon instruction from an
          Instructing Group) may specify in such notice (whereupon the same
          shall become due and payable on such date together with accrued
          Interest and Linkage Differentials thereon and any other sums then
          owed by Partner hereunder) or withdraw such declaration with effect
          from such date as it may specify in such notice.

17.27.    Indemnity

          Partner shall indemnify each Finance Party against any losses, charges
          or expenses which such Finance Party may sustain or incur as a
          consequence of:

          (a)  the occurrence of any Event of Default or Potential Event of
               Default; or

          (b)  the operation of clause 17.25 (Acceleration),

          including any losses, charges or expenses on account of funds
          acquired, contracted for or utilised to fund any amount payable under
          this Agreement, any amount repaid or prepaid or any Advance (as the
          case may be). A certificate of such Finance Party as to the amount of
          any such loss or expense shall be prima facie evidence in the absence
          of manifest error.

<PAGE>

                                  ANNEXURE "B"
                                       to
                              AMENDED SHARE PLEDGES

               Clauses 17.25(c) and (d) of the Facility Agreement

          (c)  declare that the Advances or any one or more of them (as
               specified in such notice), together with all Interest and Linkage
               Differentials accrued on those Advances and all other amounts
               (including amounts due under clause 19.1 (Broken Funding
               Indemnity), to the extent applicable) payable by Partner (as
               specified in such notice) or any of them under the Facility
               Documents from time to time, shall thenceforth be repayable on
               demand being made by the Facility Agent (and in the event of any
               such demand those Advances, such Interest and such other amounts
               shall be immediately due and payable); and/or

          (d)  declare the Advances or any one or more of them (as specified in
               such notice) immediately due and payable, whereupon they shall
               become immediately due and payable together with all Interest and
               Linkage Differentials accrued on those Advances and all other
               amounts payable by Partner under the Facility Documents
               (including amounts due under clause 19.1 (Broken Funding
               Indemnity), to the extent applicable).

<PAGE>

                                 THIRD AMENDMENT
                                      to a
                                 PLEDGE MADE ON
                                24TH OCTOBER 1999

          between:

          (1)  ADVENT INVESTMENTS PTE LTD., a company incorporated under the
               laws of Singapore (company number 199408473H), having its
               registered office at 10 Hoe Chiang Road, #16-02, Keppel Towers,
               Singapore ("Advent");

          and

          (2)  BANK LEUMI LE-ISRAEL B.M., as trustee for the benefit of the
               Secured Creditors ("the Trustee")

WHEREAS:

(A)  pursuant to a Pledge made on 24 October 1999, Advent created in favour of
     the Trustee, as trustee for the benefit of the Secured Creditors,
     first-ranking pledges over, inter alia, each of the Pledged Assets; and

(B)  such Pledge, as aforesaid, was amended pursuant to an Amendment dated 1
     August 2000 ("the First Amendment") and a further Amendment dated 19
     September 2000 ("the Second Amendment") (such Pledge, amended as aforesaid,
     "the Main Pledge"); and

(C)  it has been agreed that in the light of an amendment to the Facility
     Agreement dated 30 January 2002, the Main Pledge shall be further amended
     in the manner set out in this Amendment below ("the Third Amendment").

1.   Unless otherwise defined in this Third Amendment, terms defined and
     references contained in the Main Pledge, shall have the same meaning

<PAGE>

                                      -2-

     and construction in this Third Amendment. For the removal of doubt,
     references to clauses of the Facility Agreement are references to clauses
     in the conformed copy of the Facility Agreement of even date herewith.

2.   The Main Pledge is hereby amended as follows:

2.1.      In clause 1.1.18, the words "Bank Leumi Le-Israel B.M., in its
          capacity as issuer of the BLL Performance Bond" shall be deleted and
          replaced by "Israel Discount Bank Ltd., in its capacity as issuer of
          the IDB Performance Bond".

2.2.      In clause 1.2.1, the following shall be added to the end thereof:

               "References in this Pledge to clauses of the Facility Agreement
               are references to clauses in the conformed copy of the Facility
               Agreement of 7 August 2000."

3.   Save as amended expressly pursuant to this Third Amendment, the provisions
     of the Main Pledge shall continue in full force and effect and the Main
     Pledge and this Third Amendment shall be read and construed as one
     agreement.

4.   This Third Amendment shall be governed by and construed in accordance with
     the laws of the State of Israel.

5.1.      Advent hereby irrevocably agrees, for the benefit of the Trustee, as
          Trustee for the Secured Creditors, that the courts of Tel-Aviv shall
          have jurisdiction to hear and determine any suit, action or
          proceedings and to settle any disputes, which may arise out of or in
          connection with this Third Amendment (respectively, "Proceedings" and
          "Disputes") and, for such purposes, irrevocably submits to the
          jurisdiction of such courts.

5.2.      Advent hereby irrevocably waives any objection which it might now or
          hereafter have to the courts referred to in clause 5.1 being nominated
          as the forum to hear and determine any Proceedings and to settle any
          Disputes and agrees not to claim that any such court is not a
          convenient or appropriate forum.

5.3.      Advent agrees that the process by which any Proceedings are begun may
          be served on it by being delivered in connection with any Proceedings
          in Israel to Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co., Law
          Offices, of 1 Azrieli Centre, Circular Tower, Derech Petach Tiqva,
          Tel-Aviv 67021, Israel. If the appointment of

<PAGE>

                                       -3-

          the persons mentioned in this clause 5.3 ceases to be effective,
          Advent shall immediately appoint a further person in Israel to accept
          service of process on its behalf in Israel and, failing such
          appointment within 15 (fifteen) days, the Trustee shall be entitled to
          appoint such person by notice to Advent. Nothing contained herein
          shall affect the right to serve process in any other manner permitted
          by law.

5.4.      The submissions to the jurisdiction of the courts referred to in
          clause 5.1 shall not (and shall not be construed so as to) limit the
          right of the Trustee to take Proceedings against Advent in any other
          court of competent jurisdiction, nor shall the taking of Proceedings
          in any one or more jurisdictions preclude the taking of Proceedings in
          any other jurisdiction (whether concurrently or not) if and to the
          extent permitted by applicable law.

IN WITNESS WHEREOF, the parties have signed this Third Amendment on the 13 day
of March, 2002.

for: ADVENT INVESTMENTS PTE LTD.         for BANK LEUMI LE-ISRAEL B.M.

By: [signature]                          By: [signature]
    ----------------------------------       -----------------------------------
Title: Director                          Title:
                                                --------------------------------

We, the undersigned, Partner Communications Company Limited, acknowledge and
agree to the amendments to the Main Pledge (as such term is defined above) set
out above.

for: PARTNER COMMUNICATIONS COMPANY LIMITED

By: [signature]
    ----------------------------------
Title:
       -------------------------------<PAGE>

                                                                   EXHIBIT 10.83

                                     PLEDGE

                        THIS PLEDGE is made on the 23 day of June, 2004 between
                        the following parties:

                        (1)     ADVENT INVESTMENTS PTE LTD., a company
                                incorporated under the laws of Singapore
                                (company number 199408473H), having its
                                registered office at 1 King George's Avenue,
                                #03-00 Rehau Building, Singapore ("Advent")

                        (2)     BANK LEUMI LE-ISRAEL B.M., as trustee for the
                                benefit of the Secured Creditors ("the Trustee")

WHEREAS:

(A)     the Banks have made certain loan facilities available to Partner on the
        terms and subject to the conditions set out in the Facility Agreement.
        One of those conditions is that Advent, being a shareholder of Partner,
        grant to the Trustee for the benefit of the Secured Creditors (including
        the Trustee) a first-ranking pledge with respect, inter alia, to the
        Shares and other Pledged Assets as security for the Secured Obligations,
        such pledge to be held by the Trustee on trust for the Secured
        Creditors; and

(B)     Advent is willing, as security for the Secured Obligations, to create in
        favour of the Trustee (as trustee for the benefit of the Secured
        Creditors (including the Trustee)), a first-ranking fixed pledge over
        the Pledged Assets in accordance with the terms of this Pledge below;
        and

(D)     the Trustee is holding the benefit of this Pledge on trust for the
        Secured Creditors in accordance with the terms of the Security Trust
        Deed; and

(E)     the Trustee acknowledges that realisation of the pledge under this
        Pledge is subject to the restrictions in relation to such realisation
        imposed under the Licence, namely, that the prior written consent of the
        Minister of Communications may be required prior to any such
        realisation.

1.  INTERPRETATION

1.1.    In this Pledge, the following terms have the meanings given to them in
        this clause 1.1:

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                                       -2-

1.1.1.          "Account Bank"                  -   means the Trustee or such
                                                    other Israeli bank as the
                                                    Trustee shall direct from
                                                    time to time in accordance
                                                    with clause 1.2.4 below;

1.1.2.          "Business Day"                  -   means a day on which banks
                                                    are  generally  open for
                                                    business in Tel-Aviv;

1.1.3.          "Default Rate"                  -   means the default  rate of
                                                    interest  as  determined in
                                                    clause 8.3 of the Facility
                                                    Agreement;

1.1.4.          "Encumbrance"                   -   means: (a) a mortgage,
                                                    charge, pledge, lien or
                                                    other security interest
                                                    securing any obligation of
                                                    any person, (b) any
                                                    arrangement under which
                                                    money or claims to, or the
                                                    benefit of, a bank or other
                                                    account may be set-off or
                                                    made subject to a
                                                    combination of accounts so
                                                    as to effect payment of sums
                                                    owed or payable to any
                                                    person, or (c) any other
                                                    type of preferential
                                                    arrangement (including title
                                                    transfer and retention
                                                    arrangements) having a
                                                    similar effect;

1.1.5.          "Enforcement Event"             -   means the occurrence of any
                                                    Event of Default (as
                                                    described in clause 17 of
                                                    the Facility Agreement, a
                                                    copy of which clause is
                                                    annexed hereto as Annexure
                                                    A);

1.1.6.          "Facility Agreement"            -   means the Facility Agreement
                                                    dated August 13, 1998, as
                                                    amended and restated through
                                                    December 31, 2002, the
                                                    parties thereto as of the
                                                    date hereof being (1)
                                                    Partner as the Borrower; (2)
                                                    Bank Leumi Le-Israel B.M.;
                                                    Israel Discount Bank Ltd.,
                                                    Bank Hapoalim B.M., The
                                                    First International

<PAGE>

                                      - 3 -

                                                    Bank of Israel Ltd., United
                                                    Mizrahi Bank Ltd, Mercantile
                                                    Discount Bank Ltd. and
                                                    Citibank N.A., as
                                                    Participating Banks; (3) the
                                                    Trustee, as Arranger,
                                                    Facility Agent and Security
                                                    Trustee; and (4) Bank
                                                    Hapoalim B.M., as
                                                    Coordinating Agent;

1.1.7.          "Obligor"                       -   means Partner and Guarantors
                                                    (as such terms are defined
                                                    in the Facility Agreement);

1.1.8.          "Optional Israeli Banks"        -   means Bank Hapoalim B.M.,
                                                    Israel Discount Bank Ltd.,
                                                    The First International Bank
                                                    of Israel Ltd. and United
                                                    Mizrahi Bank Ltd.;

1.1.9.          "Partner"                       -   means Partner Communications
                                                    Company Ltd., a company
                                                    incorporated in Israel
                                                    (registered number
                                                    52-004431-4);

1.1.10.         "Pledged Assets"                -   means the Shares, Related
                                                    Rights in respect thereof
                                                    and the Realisation Account;

1.1.11.         "Realisation Account"           -   means each account
                                                    maintained from time to time
                                                    by Advent for the purposes
                                                    of clause 7 at the main
                                                    branch of the Account Bank
                                                    or such other branch of the
                                                    Account Bank as the Trustee
                                                    may from time to time
                                                    approve;

1.1.12.         "Receiver"                      -   means a receiver, receiver
                                                    and administrator, an
                                                    administrator or similar
                                                    such officer (whether
                                                    appointed provisionally,
                                                    temporarily, or otherwise
                                                    and whether appointed
                                                    pursuant to this Pledge,
                                                    pursuant to any law, by a
                                                    court or otherwise);

1.1.13.         "Related Rights"                -   means in relation to the
                                                    Shares, all dividends or
                                                    other moneys paid or payable
                                                    in relation

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                                      - 4 -

                                                    thereto and all shares,
                                                    warrants, securities,
                                                    rights, moneys or property
                                                    accruing or offered at any
                                                    time in relation to the
                                                    Shares by way of redemption,
                                                    substitution, exchange,
                                                    bonus, pursuant to option
                                                    rights or otherwise;
                                                    excluding all dividends or
                                                    other moneys received by
                                                    Advent by way of Permitted
                                                    Distributions;

1.1.14.         "Reservations"                  -   means the reservations
                                                    listed in Annexure B hereto;

1.1.15.         "Secured Creditors"             -   means the Trustee, the
                                                    Facility Agent, the
                                                    Arranger, the Coordinating
                                                    Agent, the Participating
                                                    Banks, the Secured Interest
                                                    Rate Hedge Providers, Israel
                                                    Discount Bank Ltd., in its
                                                    capacity as issuer of the
                                                    IDB Performance Bond and any
                                                    other persons who shall have
                                                    acceded to the Security
                                                    Trust Deed (other than a
                                                    party which has ceased to be
                                                    a party thereto);

1.1.16.         "Secured Obligations"           -   means all present and future
                                                    obligations and liabilities
                                                    (whether actual or
                                                    contingent, whether owed
                                                    jointly or severally, or in
                                                    any other capacity
                                                    whatsoever), of Partner and
                                                    any other Obligor to the
                                                    Secured Creditors (or any of
                                                    them) under each of the
                                                    Facility Documents as well
                                                    as all amounts owed by
                                                    Advent under this Pledge,
                                                    together with all costs,
                                                    charges and expenses
                                                    (including legal fees)
                                                    incurred by any Secured
                                                    Creditor in connection with
                                                    the protection, preservation
                                                    or enforcement of its
                                                    respective rights under the
                                                    Facility Documents;

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                                      - 5 -

1.1.17.         "Security Period"               -   means the period beginning
                                                    on September 10, 1998 and
                                                    ending on the date upon
                                                    which the Trustee is
                                                    reasonably satisfied that:
                                                    (a) none of the Secured
                                                    Creditors is under any
                                                    commitment, obligation or
                                                    liability (whether actual or
                                                    contingent) to make advances
                                                    or provide other financial
                                                    accommodation to Partner or
                                                    any other Borrower under the
                                                    Facility Documents; and (b)
                                                    all the Secured Obligations
                                                    which have arisen have been
                                                    unconditionally and
                                                    irrevocably paid and
                                                    discharged in full or the
                                                    security hereby created has
                                                    been unconditionally and
                                                    irrevocably released and
                                                    discharged by the Trustee;

1.1.18.         "Shareholders'
                Agreement"                      -   means the relationship
                                                    agreement between the
                                                    shareholders of Partner
                                                    dated October 10, 1999, or
                                                    any other agreement between
                                                    the shareholders of Partner
                                                    replacing such agreement and
                                                    falling within the
                                                    definition of "Shareholders'
                                                    Agreement" within the
                                                    meaning of such term in the
                                                    Facility Agreement;

1.1.19.         "Shares"                        -   means 9,871,066 ordinary
                                                    shares, nominal value NIS
                                                    0.01 each in the share
                                                    capital of Partner, numbered
                                                    80,290,350-90,161,415
                                                    (inclusive), all registered
                                                    in the name of Advent.

1.2.1.          Unless otherwise defined in this Pledge, terms defined and
                references construed in the Facility Agreement shall have the
                same meaning and construction in this Pledge. References herein
                to clauses of the Facility Agreement are references to clauses
                in the Amended and Restated Facility Agreement (as may be
                amended, varied or supplemented from time to time)

<PAGE>

                                      - 6 -

                attached as Exhibit 1 to the Amending Agreement to the Facility
                Agreement dated December 31, 2002.

1.2.2.          Any payment made under any Facility Document which is capable of
                being avoided or otherwise set aside on liquidation of Partner
                or otherwise, shall, for as long as such payment is capable of
                being avoided or set aside, not be considered to have been
                irrevocably paid for the purposes of this Pledge.

1.2.3.          Unless otherwise stated, all references in this Pledge to this
                Pledge or to any other agreement or document shall be construed
                as a reference to this Pledge or such agreement or document as
                amended, varied, assigned, novated or supplemented from time to
                time and any reference to this Pledge or such other agreement or
                document shall, unless otherwise stated, include any agreement
                or document affecting such amendment, variation, assignment,
                novation or supplementation. References to this Pledge shall
                include any agreement or document entered into pursuant to or in
                accordance with the provisions hereof.

1.2.4.          The Trustee shall be entitled to direct that any bank or
                financial institution, other than itself, be the Account Bank;
                provided that, such bank or financial institution is: (i) one of
                the Optional Israeli Banks, or (ii) another Israeli bank or
                financial institution approved by Advent, which approval may not
                be unreasonably withheld, and further provided that there shall
                not be more than one Account Bank at any time. In the event of a
                direction by the Trustee as aforesaid, the amount (if any)
                standing to the credit of the Realisation Account maintained
                with the Trustee or, if applicable, a previous Realisation
                Account shall be transferred to the corresponding Realisation
                Account maintained with the new Account Bank forthwith upon such
                direction taking effect. Advent hereby irrevocably gives all
                authorisations and instructions necessary for any such transfer
                to be made and shall do all such things as the Trustee may
                reasonably request in order to facilitate any change of Account
                Bank as may be directed by the Trustee, from time to time, or
                any transfer of credit balances (including the execution of such
                bank's or financial institution's standard terms of operation of
                account forms, bank mandate forms and other standard forms
                necessary to open an account) and the Trustee is hereby
                irrevocably constituted Advent's attorney to do any such things

<PAGE>

                                      - 7 -

                should Advent fail to do so within 10 Business Days of being
                requested to do so by the Trustee.

1.2.5.          The recitals and Annexures hereto form an integral part hereof.

1.2.6.          Except as expressly provided, references to clauses, paragraphs
                and Annexures shall be construed as references to clauses and
                paragraphs of, and Annexures to, this Pledge.

1.2.7.          References to any statutory provision or regulation shall
                be deemed to include references to such statutory provision
                and/or regulation as re-enacted, amended, supplemented,
                extended or replaced from time to time (whether before or
                after the date of this Pledge) and are to include any
                order, regulation or other subordinate legislation made
                under or deriving validity from such statutory provision
                and/or regulation.

1.2.8.          Headings are inserted for convenience only and shall be ignored
                in construing this Pledge.

1.2.9.          References to "including" and "in particular" shall not be
                construed restrictively but shall mean, "including, without
                prejudice to the generality of the foregoing", "including,
                without limitation" and "in particular, but without prejudice to
                the generality of the foregoing", respectively.

1.2.10.         References to "writing" include facsimile transmission legibly
                received, except in relation to any certificate, notice,
                resolution or other document which is expressly required by this
                Pledge to be signed in the original, and "written" has
                corresponding meaning.

1.2.11.         Any consent, agreement or approval required from the Trustee
                under this Pledge must be obtained in writing and shall be of no
                effect if it is not in writing.

1.2.12.         References to "this Pledge" shall, unless the context otherwise
                requires, include also all other pledges and charges in favour
                of the Trustee made pursuant to this Pledge.

2.  PLEDGE

2.1.    Advent hereby grants to and settles upon the Trustee, to hold same on
        trust for the benefit of the Secured Creditors (including the

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                                      - 8 -

        Trustee), the terms of such trust being as specified in the Security
        Trust Deed (an agreement binding the Trustee and the Secured Creditors
        only), the security interests and rights, including the pledges,
        assignments by way of charge, other charges or other security interests
        or rights created or to be created pursuant to, and in accordance with,
        the provisions of this Pledge.

2.2.    Advent, as a continuing security for the full and punctual payment,
        discharge and performance of all the Secured Obligations in accordance
        with the Facility Documents and in accordance with Section 12 of the
        Pledges Law, 1967, hereby pledges by way of a first-ranking fixed pledge
        (to the extent applicable to the Shares) and pledges and assigns, by way
        of charge as a first-ranking fixed pledge and charge (to the extent
        applicable to all Related Rights other than the Shares), in favour of
        the Trustee (as trustee for the Secured Creditors) the Shares and all
        Related Rights in respect thereof and all right, title and interest of
        Advent in connection therewith. For the removal of doubt, the Pledged
        Assets include also all rights of Advent (as a shareholder of Partner),
        whether under law and/or under the Memorandum and Articles of
        Association of Partner, which derive from the Shares or any Related
        Rights in respect thereof.

        For the avoidance of any doubt:

        (A)     subject to (B) below, the Trustee and the Secured Creditors
                shall not be entitled to claim or receive payment from Advent in
                respect of the Secured Obligations, or to have recourse to any
                of its assets pursuant to this Pledge, except, solely and
                exclusively, by way of realisation of the Pledged Assets
                pursuant to the Pledges Law, 1967 and to the extent only of the
                amounts, if any, received from such realisation; provided that
                the Trustee and the Secured Creditors shall be entitled to bring
                an application for realisation or other relief under Section 21
                of the Pledges Law, 1967, only if such claim is not based on:
                (i) an alleged reduction or loss in the value of the Shares or
                other Pledged Assets; or (ii) an allegation of the existence of
                circumstances which constitute an Enforcement Event (without
                reference to any cure period or notice period); and

        (B)     nothing in this Pledge (including in (A) above) shall derogate
                from the rights of the Trustee and the Secured Creditors under
                any other Share Pledge which has been or may be executed by
                Advent from time to time (including under the Share Pledge

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                                      - 9 -

                executed by Advent dated September 10, 1998 and under the Share
                Pledge executed by Advent dated October 24, 1999).

2.3.    In order to secure the rights of the Trustee in respect of the Pledged
        Assets, Advent hereby undertakes as follows:

2.3.1.          to deposit with the Trustee, upon the date of signature of this
                Pledge:

                (i)     original share certificates in the name of Advent in
                        respect of the Shares;

                (ii)    share transfer forms in respect of all the Shares, in
                        the form required under the Articles of Association of
                        Partner, duly executed by Advent as transferor, and with
                        the transferee, the date and the consideration left
                        blank;

2.3.2.          to sign and deliver to the Trustee on the date of signature
                hereof all documents as are necessary in the reasonable opinion
                of the Trustee, for the purposes of registering the pledges
                hereby created with the Registrar of Pledges and/or the
                Registrar of Companies and/or the Singapore Registrar of
                Companies, as applicable;

2.3.3.          to procure that Partner sign on the date of signature hereof the
                acknowledgment of the pledge and pledge and assignment by way of
                charge (as the case may be) of the Pledged Assets pursuant to
                this Pledge, appearing on the signature page of this Pledge;

2.3.4.          promptly following the first request of the Trustee, to take all
                steps as the Trustee may reasonably require so that the pledge
                or pledges created hereunder or pursuant hereto shall be valid
                and binding against other creditors of Advent and to execute
                and/or deliver to the Trustee any additional and/or new pledge
                or amendment of this Pledge and any other documents as the
                Trustee shall reasonably require for this purpose, including, to
                the extent reasonably required by the Trustee, pledges with
                respect to any shares constituting Related Rights in respect of
                the Shares, share certificates in respect of such shares or
                other securities and share transfer forms, mutatis mutandis, as
                referred to in clauses 2.3.1(i) and (ii) in respect of such
                shares or other securities and notices of pledge and other
                documents required to be deposited with the Registrar of Pledges
                in order

<PAGE>

                                     - 10 -

                to register any such other pledges and to be lodged with the
                Registry of Companies in Singapore in order to register the
                charges created hereunder or thereunder.

2.4.    Advent shall not be entitled, and hereby waives any right pursuant to
        Section 13(b) of the Pledge Law, 1967 to redeem any pledge given
        hereunder, provided that Advent shall be entitled to redeem its pledges
        hereunder only: (i) in the event that all the Secured Obligations are
        paid and discharged in full in accordance with all the terms and
        conditions of the Facility Agreement which would be applicable were the
        Obligors to voluntarily prepay all the Secured Obligations in accordance
        with the applicable provisions of the Facility Agreement and otherwise
        in accordance with all the relevant Facility Documents, and (ii) if at
        such time none of the Participating Banks is under any commitment,
        obligation or liability (whether actual or contingent) under any of the
        Facility Documents to make advances or provide other financial
        accommodation to Partner or any other Obligor.

3.  REPRESENTATIONS AND WARRANTIES

    Advent, as at the date of the entering into of this Pledge makes the
    representations and warranties set out in clauses 3.1 to 3.12 below and
    acknowledges that the Secured Creditors have entered into the Facility
    Documents in reliance on those representations and warranties (in addition
    to any other warranties and representations as set out in the Facility
    Documents):

3.1.    Advent is a company limited by shares, duly incorporated under the laws
        of Singapore with power to enter into this Pledge and to exercise its
        rights and perform its obligations hereunder and all corporate and other
        action required to authorise its execution of this Pledge and the
        performance by it of its obligations hereunder have duly been taken.

3.2.    The obligations expressed to be assumed by Advent in this Pledge are
        legal and valid obligations binding on Advent and enforceable in
        accordance with the terms hereof, subject to the Reservations.

3.3.    All the Shares are validly issued and fully paid-up.

3.4.    No Receiver, liquidator or similar officer has been appointed with
        respect to Advent or any material part of its assets nor is it aware of
        any petition or proceedings for such appointment pending.

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                                     - 11 -

3.5.    The entering into of this Pledge (after its execution by all the parties
        hereto) by Advent and the exercise of Advent's rights and performance of
        Advent's obligations hereunder do not and will not: (a) (in
        circumstances or to an extent which will have a material adverse effect
        on its ability to comply with its obligations under this Pledge)
        conflict with any agreement, charge or other instrument or document to
        which it is a party or which is binding upon it or any of its assets,
        (b) conflict with its documents of incorporation or constitutive
        documents, or (c) conflict with any applicable law, regulation or
        official judicial order.

3.6.    This Pledge creates those first-ranking pledges and charges as set forth
        herein.

3.7.    Advent is the legal and beneficial owner of the Shares and any Related
        Rights in respect thereof, free and clear of any Encumbrance (save for
        the pledges created pursuant to this Pledge) or other rights of third
        parties of whatsoever nature (save for rights of Shareholders pursuant
        to the Shareholders' Agreement or the Articles of Association of
        Partner).

3.8.    Under the laws of its jurisdiction of incorporation, it is not necessary
        for creation and perfection of this Pledge that this Pledge be filed,
        recorded or enrolled with any court or other authority, or that any
        stamp, registration or similar tax be paid on or in relation to this
        pledge, save as set out in Annexure C hereto.

3.9.    No person has any right or option to purchase the Shares or any of them
        or any Related Rights in respect thereof, except and to the extent set
        forth in the Shareholders' Agreement.

3.10.   There is no restriction or limit (whether under the Shareholders'
        Agreement, Memorandum and Articles of Association of Partner or
        otherwise) on the transfer or pledge of the Shares pursuant to this
        Pledge or upon realisation of the pledges and charges hereunder, except
        as may be applicable under the Licence or under applicable law.

3.11.   No consent, approval, authorisation or other action by any party is
        required to be obtained by or with respect to Advent which has not been
        obtained either: (i) for the pledges created pursuant to this Pledge or
        for the execution, delivery or performance of this Pledge by Advent, or
        (ii) for the realisation by the Trustee of the rights or

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                                     - 12 -

        remedies provided in this Pledge, save for consents which may be
        required under the Licence, save for the provisions of the Pledges Law,
        1967 prescribing methods of realisation of pledges and save for payment
        of stamp duty and registration requirements.

3.12.   The copies of the Memorandum and Articles of Association of Partner and
        of the Shareholders' Agreement delivered to the Facility Agent pursuant
        to clause 3.1 of the Amending Agreement to the Facility Agreement dated
        December 31, 2002 (in the case of the Memorandum and Articles of
        Association of Partner) or pursuant to paragraph 18 of Schedule 7 of the
        Amending and Rescheduling Agreement (in the case of the Shareholders'
        Agreement) are, complete, accurate and updated in all respects.

3.13.   The representations and warranties set out in this clause 3 above are
        made only on the date hereof.

4.  CONTINUING SECURITY

4.1.    The security over the Pledged Assets constituted by, and the obligations
        of Advent contained in, this Pledge shall constitute and be continuing
        security and obligations notwithstanding any settlement of account or
        other matter or thing whatsoever and shall not be considered satisfied
        by any intermediate payment of all or any of the obligations of Partner
        or any other Obligor under the Facility Documents (or any of them) and
        shall continue in full force and effect until the end of the Security
        Period.

4.2.    Where any discharge (whether in respect of the obligations of Partner or
        any other Obligor or of any security for any of the aforegoing
        obligations or otherwise) is made in whole or in part or any arrangement
        is made on the faith of any payment, security or other disposition which
        is avoided, reduced or must be restored on insolvency, liquidation or
        otherwise, the liability of Advent under this Pledge shall continue as
        if the discharge or arrangement had not occurred.

4.3.1.          No concession or compromise of any claim that any payment,
                security or other disposition is liable to avoidance or
                restoration shall in any way affect the security granted
                hereunder or Advent's obligations hereunder.

4.3.2.          Neither the liability of Advent under this Pledge nor the
                rights, powers and remedies conferred on the Trustee in respect
                of

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                                     - 13 -

                Advent under this Pledge will be affected or waived by any of
                the acts, omissions, circumstances, matters or things listed
                below, whether or not known to Advent or the Secured Creditors
                or the Trustee (or any of them), which, but for this provision,
                would release or prejudice any of such liability, rights, powers
                and remedies or prejudice or diminish such liability, rights,
                powers and remedies in whole or in part:

                (i)     any time, waiver or other indulgence granted to, or
                        composition with, Partner, any Obligor or any other
                        person;

                (ii)    any failure to exercise any right or remedy under any
                        Facility Document;

                (iii)   the single or partial exercise of any right under any
                        Facility Documents or of any other right or remedy;

                (iv)    the taking, variation, compromise, exchange, renewal or
                        release of, refusal or neglect to perfect, take up or
                        enforce, any rights against, or security over, assets of
                        Partner or any other person or any failure to realise
                        the full value of any other security;

                (v)     any incapacity or lack of powers, authority or legal
                        personality of or dissolution or change in the members
                        or status of, Partner or any other person;

                (vi)    any variation (however fundamental) or replacement of a
                        Facility Document or any other relevant document or
                        security or any variation, waiver or release of any
                        Secured Obligation;

                (vii)   any unenforceability, illegality or invalidity of any
                        obligation of Partner or any other person under any
                        Facility Document or any other relevant document or
                        security, to the intent that Advent's obligations under
                        this Pledge shall remain in full force, and this Pledge
                        shall be construed accordingly, as if there were no
                        unenforceability, illegality or invalidity;

                (viii)  the winding-up, dissolution, administration or
                        reorganisation of Partner, any other Obligor or any

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                                     - 14 -

                        other person or any change in its status, function,
                        control or ownership.

4.4.    Advent waives any right it may have of first requiring any Secured
        Creditor and/or the Trustee to proceed against or enforce any other
        rights or security or claim payment from Partner or any other person
        before the enforcement by the Trustee of the security constituted
        hereby.

4.5.    Advent shall not, and hereby waives any right to, by virtue of any
        payment made, security realised or moneys received hereunder for or on
        account of the liability of any other person:

4.5.1.          be subrogated to or otherwise take the benefit of (whether in
                whole or in part) any rights, security or moneys held, received
                or receivable by the Trustee pursuant to this Pledge or be
                entitled to any right of contribution or indemnity;

4.5.2.          claim, rank, prove or vote as a creditor of any other person or
                its estate; or

4.5.3.          receive, claim or have the benefit of any payment, distribution
                or security from or on account of any other person or exercise
                any right of set-off as against any other person.

        Advent will hold in trust for and forthwith pay or transfer to the
        Trustee any payment or distribution or benefit of security received by
        it contrary to the above. If Advent exercises any right of set-off
        contrary to the above, it will forthwith pay an amount equal to the
        amount set-off to the Trustee.

        The foregoing in this clause 4.5 shall not prevent Advent from: (i)
        bringing a claim against Partner or any other Obligor, provided that:
        (a) such a claim may be brought only after all the Secured Obligations
        have been unconditionally and irrevocably paid and discharged in full,
        and (b) there has been no realisation of all or any part of the Pledged
        Assets or of all or any of the pledged assets under any other Share
        Pledges; or (ii) bringing a claim against any Shareholder.

4.6.    This Pledge is in addition to, independent of, and is not in any way
        prejudiced by, any other guarantee or security now or hereafter held by
        the Trustee or any of the Secured Creditors in respect of any of the
        Secured Obligations.

<PAGE>

                                     - 15 -

4.7.    The rights and remedies provided by this Pledge are cumulative and are
        not exclusive of any rights or remedies provided by law.

4.8.    The obligations, warranties, representations, undertakings, agreements
        and covenants of Advent under this Pledge are in addition to, and shall
        not be prejudiced or restricted by, nor shall they prejudice or
        restrict, any obligations, warranties, representations, undertakings,
        agreements or covenants in any other Facility Document. Notwithstanding
        the foregoing, to the extent any provision of any Facility Document
        (other than this Pledge) conflicts with the terms hereof, the provisions
        of this Pledge shall prevail.

5.  UNDERTAKINGS BY ADVENT

    Advent hereby undertakes to the Trustee:

5.1.    not to sell, assign or otherwise transfer all or any of the Pledged
        Assets unless: (i) such Pledged Assets are sold, assigned or transferred
        subject to the first-ranking pledge created pursuant to this Pledge and
        in accordance with the provisions hereof; (ii) such pledges over the
        aforesaid sold, assigned or transferred Pledged Assets are duly
        registered and valid and have the same priority as they would have had,
        had such transferee been the original signatory of this Pledge and owner
        of the Pledged Assets, in place of Advent; (iii) all registrations or
        amendments to registrations and all filings (including, of amended deeds
        of pledge) have been made which are in the reasonable opinion of the
        Trustee required for the purposes of (i) and (ii) above; (iv) the
        transferee of such Pledged Assets is duly and validly bound by this
        Pledge or by another pledge, mutatis mutandis, in the same form as this
        Pledge in respect of such Pledged Assets as if the original signatory
        thereof in the place of Advent and such transferee is not an individual
        guarantor ("Arev Yachid") within the meaning of the Guarantee Law, 1967;
        (v) any such sale, assignment or transfer is permitted pursuant to the
        Licence, or permission as required under the Licence has been granted in
        relation thereto, and (vi) such sale, assignment or transfer is
        permitted under the Facility Documents and all provisions of the
        Facility Documents applicable in the case of such sale, assignment or
        transfer of such Pledged Assets have been complied with. At the request
        of Advent, the Trustee undertakes promptly to carry out all actions
        reasonably required to be carried out by it as the holder of the pledges
        and charges created under this Pledge in order to

<PAGE>

                                     - 16 -

        facilitate a sale, assignment or transfer permitted by, and made in
        accordance with this clause 5.1 above;

5.2.    not to pledge, charge or grant any other Encumbrances (of whatsoever
        nature and howsoever ranking) in respect of or any other right or
        interest in favour of any third party in relation to any of the Pledged
        Assets (save for any transfer permitted by, and made in accordance with,
        the provisions of this Pledge);

5.3.    at any time and from time to time upon the written request of the
        Trustee, promptly to execute and deliver to the Trustee any and all such
        further notices, instruments and documents as the Trustee may deem
        reasonably necessary for it to obtain valid and enforceable
        first-ranking pledges as contemplated under this Pledge and to obtain
        the full benefit of the rights and powers herein granted;

5.4.    to notify the Trustee promptly in any case where attachment is levied,
        or execution proceedings are instituted against, or a Receiver is
        appointed over, or any similar act occurs or any similar proceedings are
        instituted in respect of, the Pledged Assets or any part thereof and to
        notify the third party who initiated or requested the same or any
        Receiver appointed of the existence of the pledges herein contained in
        favour of the Trustee, and to take, within 10 days of such attachment,
        execution proceedings, appointment of Receiver or similar act or
        proceedings as aforesaid, all necessary measures at the expense of
        Advent for the discharge or cancellation of the same as soon as
        practicable;

5.5.    to pledge in favour of the Trustee all Related Rights of whatsoever
        nature and whenever acquired by it, all in accordance with the
        provisions of clause 2 above;

5.6.    not, after the date hereof, to acquire any Related Rights, unless Advent
        is the legal and beneficial owner of such Related Rights free and clear
        of any Encumbrance (save for the pledges created pursuant to this
        Pledge);

5.7.    to oppose any change in the Memorandum and/or Articles of Association of
        Partner which will amend or derogate from the provisions of Article
        10.13 of the Articles of Association in force as at the date of this
        Pledge or in any way lead to any restrictions whatsoever on the ability
        of the Trustee to realise its rights under this Pledge.

<PAGE>

                                     - 17 -

6.  DEFAULT AND REALISATION

6.1.    Upon, and only upon, the occurrence of an Enforcement Event which is
        continuing and a declaration in accordance with clause 17.25(c) or (d)
        of the Facility Agreement that all the Advances are payable on demand or
        immediately due and payable, the Trustee shall, provided that the
        Trustee shall have given Advent the Required Prior Notice (as defined
        below), be entitled to realise its rights under this Pledge, including
        the realisation and sale of the Pledged Assets, in whole or in part,
        whether by the appointment of a Receiver and/or by the Israeli Execution
        office and/or by order of court and/or whether by any other method
        permitted under the Pledges Law, 1967, as the Trustee shall see fit and
        to apply the proceeds thereof on account of the Secured Obligations, all
        without the Trustee first being required to realise any other guarantee
        or collateral or other securities, if such be held by the Trustee. For
        the purposes of this clause 6.1, "the Required Prior Notice" shall mean:
        (i) 20 Business Days prior notice, in the event that all the Advances
        have been declared payable on demand pursuant to clause 17.25(c) of the
        Facility Agreement, or (ii) 10 Business Days prior notice, in the event
        that the Advances have been declared immediately due and payable,
        whether, for the removal of doubt, pursuant to clause 17.25(c) or (d) of
        the Facility Agreement; provided that (for the removal of doubt), if,
        prior to the expiry of 20 Business Days following the date of a notice
        as referred to in (i) above (an "On Demand Notice"), a notice is given
        as referred to in (ii) above (an "Immediately Due Notice"), then: (a) in
        the event that more than 10 Business Days has elapsed between the date
        of the On Demand Notice and the date of the Immediately Due Notice, the
        Required Prior Notice shall be 20 Business Days from the date of the On
        Demand Notice, and (b) in the event that less than 10 Business Days has
        elapsed between the date of the On Demand Notice and the date of the
        Immediately Due Notice, the Required Prior Notice shall be 10 Business
        Days from the date of the Immediately Due Notice. In realising its
        rights as aforesaid, the Trustee shall be required to observe all the
        requirements of the Licence in relation to such realisation, including
        the requirements of clause 22 of the Licence that if any such
        realisation shall cause a variation in the ownership of 10% or more of
        any means of control (as defined in the Licence) of Partner, such
        realisation may not be effected unless the prior written consent of the
        Minister of Communications has been obtained.

<PAGE>

                                     - 18 -

6.2.    Any and all sums to be received from the realisation of the Pledged
        Assets or any part thereof, shall be applied in the following order of
        priority:

6.2.1.          firstly, to the discharge of all the costs, fees and expenses
                incurred and which may be incurred in connection with the
                collection of the Secured Obligations, including the costs, fees
                and expenses referred to in clause 7.2 below and the costs and
                remuneration of a Receiver, if applicable, in such amount as
                shall be reasonably prescribed by the Trustee or approved by the
                court or the Israeli Execution Office or any other competent
                authority;

6.2.2.          secondly, in or towards payment of the Secured Obligations, or
                such part of them as is then due and payable, all in accordance
                with clause 23 of the Facility Agreement;

6.2.3.          thirdly, subject to clause 7, in payment of the surplus (if any)
                to Advent,

        or in such other order as the Trustee shall determine among the
        paragraphs of clause 6.2.

6.3.    The Trustee shall be exempt from taking any action whatsoever in
        connection with any Pledged Assets. The Trustee shall not be liable for
        any loss or damage which may be caused as a result of the exercise or
        purported exercise of the powers, authorities, rights or discretions
        vested in the Trustee in accordance with this Pledge or otherwise caused
        in connection herewith (other than, and to the extent of, any such loss
        or damage which resulted from the gross negligence or wilful misconduct
        (including wilful omission) of the Trustee) and Advent undertakes to
        indemnify the Trustee in any event that the Trustee is sued for any such
        loss or damage by others or in respect of any other matter or thing done
        or omitted to be done by the Trustee (in each such case, other than, and
        to the extent of, any such loss or damage which resulted from the gross
        negligence or wilful misconduct (including wilful omission) of the
        Trustee).

7.  CONTINGENCIES

7.1.    If the Trustee realises the security constituted by this Pledge (whether
        by the appointment of a Receiver or otherwise) at a time when the
        Secured Obligations (or any part thereof) shall not have fallen due
        under the Facility Documents (but at a time when amounts

<PAGE>

                                     - 19 -

        may become so due or are contingently due), the Trustee shall pay the
        proceeds of any recoveries if, to the extent applicable, not otherwise
        applied under clauses 6.2.1 and 6.2.2, into a Realisation Account or
        Realisation Accounts with the Account Bank in the name of Advent, which
        Realisation Accounts shall be charged by way of a first-ranking fixed
        charge in favour of the Trustee (for the benefit of the Secured
        Creditors) as security for the full discharge of the Secured
        Obligations. Advent hereby undertakes to execute all such documents as
        the Trustee shall reasonably require in order to create and perfect such
        charges over the Realisation Accounts as aforesaid.

7.2.    The Trustee may withdraw amounts standing to the credit of the
        Realisation Accounts to:

7.2.1.          meet all costs, fees, charges and expenses incurred and payments
                made by the Trustee (or any Receiver) in the course of the
                enforcement of this Pledge;

7.2.2.          pay remuneration to any Receiver in respect of the realisation
                of this Pledge as and when the same becomes due and payable; and

7.2.3.          meet amounts due and payable by Partner or any other Obligor
                under the Facility Documents as and when the same become due and
                payable,

        in each case, together with interest thereon at the Default Rate from
        the date the same become due and payable until the date the same are
        unconditionally and irrevocably paid and discharged in full.

7.3.    Amounts standing to the credit of each Realisation Account shall bear
        interest at the Account Bank's rate of interest for similar (if any)
        deposits in the relevant currency from time to time.

7.4.    Advent will not be entitled to withdraw any moneys (including interest)
        standing to the credit of any Realisation Account until the expiry of
        the Security Period.

8.  BOOKS OF ACCOUNTS

8.1.    Advent confirms that the respective books, accounts and entries of the
        Trustee and of the Facility Agent shall be deemed to be correct

<PAGE>

                                     - 20 -

        and shall, in the absence of manifest or proven error, be prima facie
        evidence for or against Advent in all their particulars.

8.2.    A certificate by the Trustee or the Facility Agent setting out the
        amount of any Secured Obligation shall, in the absence of manifest or
        proven error, be prima facie evidence of such amount for or against
        Advent.

9.  COSTS, EXPENSES AND INTEREST

9.1.    Advent shall cooperate with the other shareholders of Partner to
        procure, in its capacity as a Shareholder, that Partner shall, from time
        to time, on the demand of the Trustee, reimburse the Trustee for all
        reasonable costs and expenses submitted to Partner supported by
        appropriate evidence thereof (including legal fees but excluding any
        charges for management time) together with any VAT thereon incurred by
        the Trustee in connection with the negotiation, preparation and
        execution of this Pledge (and any amendments thereto) and the completion
        of the transactions herein contemplated, including the registration of
        each pledge herein created or contemplated hereby, subject to any limits
        agreed from time to time between Partner and the Trustee, as well as all
        costs of stamping and registering this Pledge and/or any other document
        ancillary hereto and/or to be entered into hereunder.

9.2.    Advent shall (in its capacity as a shareholder) cooperate with the other
        shareholders of Partner to procure that Partner shall, from time to time
        on demand of the Trustee, reimburse the Trustee for all costs and
        expenses (including legal fees) together with any VAT thereon incurred
        in or in connection with the preservation and/or enforcement of any of
        the rights of the Trustee under this Pledge or otherwise in connection
        with any claims or proceedings in relation to this Pledge.

9.3.    The Trustee and every Receiver and any attorney, agent or other person
        appointed by the Trustee, any such Receiver or the court in connection
        with this Pledge shall be entitled to be indemnified out of the Pledged
        Assets in respect of all liabilities and expenses properly incurred by
        them in the execution of any of the powers, authorities or discretions
        vested in them pursuant hereto and/or by law and against all actions,
        proceedings, costs, claims and demands in respect of any matter or thing
        done or omitted pursuant to this Pledge in any way relating to the
        Pledged Assets (except that resulting from gross negligence or wilful
        misconduct (including wilful omission) by the Trustee, Receiver or any
        such other person) and the Trustee may

<PAGE>

                                     - 21 -

        retain and pay all sums in respect of the same out of any moneys
        received under the powers hereby conferred.

9.4.    In the event that the Trustee issues proceedings against Advent for the
        payment of any amount due or to become due to the Trustee pursuant to
        this Pledge, the Trustee shall be entitled to claim in respect of the
        period from the issue of the proceedings until full payment thereof,
        interest at the Default Rate.

10. FURTHER ASSURANCES

    Advent shall at its own expense execute and do all such acts and things as
    the Trustee may from time to time reasonably require in order to perfect or
    protect the security intended to be created hereby over the Pledged Assets
    or any part thereof or facilitate the realisation of the Pledged Assets or
    any part thereof or exercise of all powers, authorities and discretions
    vested in the Trustee or any Receiver of the Pledged Assets or any part
    thereof, all in accordance with this Pledge and applicable law. To that
    intent, Advent shall in particular execute all pledges, share transfer
    forms, other transfers and assignments of the Shares, Related Rights or
    other rights as may, in each such case, be reasonably required by the
    Trustee and give all notices (including notices of all assignments made by
    Advent hereunder), orders and directions and make all registrations which
    may be reasonably required by the Trustee.

11. DELEGATION BY TRUSTEE

    The Trustee may at any time and from time to time delegate by power of
    attorney or in any other manner to any person or persons all or any of the
    powers, authorities and discretions exercisable by the Trustee under this
    Pledge. Any such delegation may be made upon such terms and subject to such
    regulations as the Trustee may think fit, provided that nothing in this
    clause 11 shall confer upon the Trustee the power to allow any delegate to
    sub-delegate any such rights, powers, authorities and discretions. The
    Trustee shall not be in any way liable or responsible to Advent, any Secured
    Creditor or any other person for any loss or damage arising from any
    default, omission, misconduct or negligent act on the part of any such
    delegate, save where such loss or damage arises due to the wilful misconduct
    (including wilful omission) or wilful default or gross negligence of such
    delegate and the Trustee is considered by a final decision of a court to
    have been grossly negligent in its delegation to the delegate concerned.

<PAGE>

                                     - 22 -

12. POWER OF ATTORNEY

    Solely for the purposes of securing the due performance of Advent's
    obligations under or pursuant to this Pledge, Advent hereby irrevocably
    appoints the Trustee and every delegate, as referred to in clause 11, to be
    its attorney acting severally, and on its behalf and in its name or
    otherwise to execute and do all such acts and things which Advent expressly
    ought to do under the covenants and provisions contained in this Pledge
    (including to execute, deliver and register any pledges, charges,
    assignments or other security) and, generally, in its name and on its behalf
    to exercise all or any of the powers, authorities and discretions expressly
    conferred by or pursuant to this Pledge or by law on the Trustee or any such
    delegate and (without prejudice to the generality of the foregoing) to
    perfect any security granted hereunder or pursuant hereto. The Trustee or
    any delegate as aforesaid shall only exercise such power of attorney if
    Advent fails to perform all or any of the acts or obligations which are
    expressly required to be performed by it under this Pledge within 3 Business
    Days of being required to so perform any such act or obligation, or earlier
    in the event that in the reasonable opinion of the Trustee the rights of the
    Trustee under this Pledge may be prejudiced by the delay.

13. WAIVER BY ADVENT

    Subject to and without derogating from any other provisions of this Pledge
    which exclude the application of, or constitute a waiver by Advent of,
    certain defences or rights under the Guarantee Law, 1967 (which defences or
    rights would, but for such provisions, have been available to Advent):

13.1.   Advent hereby waives all rights and defences under Sections 2, 4-6
        inclusive, 8-11 inclusive and 13-17 inclusive of the Guarantee Law, 1967
        and confirms that such provisions of the Guarantee Law, 1967 shall not
        apply to this Pledge;

13.2.   Advent shall be entitled to rely on Section 7 of the Guarantee Law,
        1967, to the extent applicable; and

13.3.   Advent shall be entitled to rely on Section 12 of the Guarantee Law,
        1967, to the extent applicable, but only in the event that: (i) all the
        Secured Obligations have been unconditionally and irrevocably paid and
        discharged in full; (ii) there has been no realisation of all or any
        part of the Pledged Assets or of all or any of the pledged assets under
        any other Share Pledge; (iii) the Trustee shall have received written
        instructions and undertakings executed by all the Shareholders who have
        paid amounts on account of the Secured

<PAGE>

                                     - 23 -

        Obligations and are entitled to rely on Section 12, detailing the names
        of the Shareholders to whom the relevant security interests should be
        transferred and undertaking to indemnify the Trustee and the Secured
        Creditors against any claims, losses, damages, expenses, costs, charges,
        liability or proceedings which may be brought, made or preferred
        against, or suffered, incurred or sustained by, the Trustee or any
        Secured Creditor in relation to, in connection with, or arising out of,
        the transfer of security interests as aforesaid; and (iv) all consents,
        approvals, authorisations and permits necessary under the Licence, under
        law or under contract in order to perform such transfer have been
        obtained and there is no impediment under the Licence, law or contract
        to such transfer.

14. REMEDIES AND WAIVERS

    No failure to exercise, nor any delay in exercising, on the part of the
    Trustee or Advent of any right or remedy hereunder shall operate as a waiver
    thereof, nor shall any single or partial exercise of any right of remedy
    prevent any further or other exercise thereof or the exercise of any other
    right or remedy.

15. PARTIAL INVALIDITY

    If, at any time, any provision hereof is or becomes illegal, invalid or
    unenforceable in any respect or any of the security intended to be created
    by or pursuant to this Pledge is ineffective, neither the legality, validity
    or enforceability of the remaining provisions hereof or the effectiveness of
    any of the remaining such security, shall in any way be affected or impaired
    thereby.

16. COUNTERPARTS

    This Pledge may be executed in any number of counterparts and all of such
    counterparts taken together shall be deemed to constitute one and the same
    instrument.

17. NOTICES

17.1.   Each communication to be made hereunder shall be made in writing and,
        unless otherwise stated, shall be made by facsimile, telex or letter.

17.2.   Any communication or document to be made or delivered by one person to
        another pursuant to this Pledge shall (unless that other person has by
        15 Business Days' written notice to the other specified

<PAGE>

                                     - 24 -

        another address) be made or delivered to that other person at the
        address identified with its signature below and shall be deemed to have
        been made or delivered when despatched and confirmation of receipt by
        the intended recipient has been received (in the case of any
        communication made by telex or fax) or (in the case of any communication
        made by letter) when left at that address or (as the case may be) 5
        Business Days after being deposited in the postage prepaid in an
        envelope addressed to it at that address provided that any communication
        or document to be made or delivered to the Trustee shall be effective
        only when received by the Trustee and then only if the same is expressly
        marked for the attention of the department or officer identified with
        the Trustee's signature below (or such other department or officer as
        the Trustee shall from time to time specify for this purpose):

17.2.1. to Advent:      c/o Hutchison Telecommunications Ltd.
                        18/F Two Harbourfront
                        22 Tak Fung Street
                        Hunghom, Kowloon
                        Hong Kong
                        Facsimile: +852 2827 1371
                        Attention: Ms. Carol Tsang, Group Director, Finance

        with a copy to: Hutchison Whampoa Limited
                        22nd Floor, Hutchison House
                        10 Harcourt Road
                        Central
                        Hong Kong
                        Facsimile: +852 2128 1733
                        Attention: Mr. Frank J. Sixt, Group Finance Director

17.2.2. to the Trustee: 8th Floor
                        34 Yehuda Halevi Street
                        Tel-Aviv
                        Israel
                        Facsimile: +972 3 514 9017
                        Attention: Dafna Dotan, Corporate Division,
                                   Communications Sector

        with a copy to: Stuart Gnessen, Adv.
                        13 Ahad Ha'am Street
                        Tel-Aviv
                        Israel
                        Facsimile: +972 3 514 9433

<PAGE>

                                     - 25 -

18. ASSIGNMENT

    Advent hereby irrevocably and unconditionally consents to the Trustee being
    able, at any time, without any further consent being required from Advent,
    to assign this Pledge and its rights and/or obligations arising thereunder
    in whole to any Optional Israeli Bank or other Israeli bank approved by
    Partner (which approval shall not be unreasonably withheld) which is
    appointed in accordance with the provisions of the Security Trust Deed, to
    act, in place of the Trustee, as trustee for the benefit of the Secured
    Creditors and any such assignee may also reassign the said rights as
    aforesaid to an Optional Israeli Bank or any other Israeli bank approved as
    aforesaid without any further consent being required from Advent. Such
    assignment may be effected by endorsement on this Pledge or in any other way
    the Trustee or any subsequent assignor deems fit.

19. GOVERNING LAW

    This Pledge shall be governed by, and construed in accordance with, the laws
    of the State of Israel.

20. JURISDICTION

20.1.   Advent hereby irrevocably agrees, for the benefit of the Trustee, as
        Trustee for the Secured Creditors, that the courts of Tel-Aviv shall
        have jurisdiction to hear and determine any suit, action or proceedings
        and to settle any disputes, which may arise out of or in connection with
        this Pledge (respectively, "Proceedings" and "Disputes") and, for such
        purposes, irrevocably submits to the jurisdiction of such courts.

20.2.   Advent hereby irrevocably waives any objection which it might now or
        hereafter have to the courts referred to in clause 20.1 being nominated
        as the forum to hear and determine any Proceedings and to settle any
        Disputes and agrees not to claim that any such court is not a convenient
        or appropriate forum.

20.3.   Advent agrees that the process by which any Proceedings are begun may be
        served on it by being delivered in connection with any Proceedings in
        Israel to Gross, Kleinhendler, Hodak, Halevi, Greenberg & Co. of One
        Azrieli Center (Round Building) Tel-Aviv 67021, Israel. If the
        appointment of the persons mentioned in this clause 20.3 ceases to be
        effective, Advent shall immediately appoint a further person in Israel
        to accept service of process on its behalf in Israel and, failing such
        appointment within 15 days, the Trustee shall be entitled to appoint
        such person by notice to Advent.

<PAGE>

                                     - 26 -

        Nothing contained herein shall affect the right to serve process in any
        other manner permitted by law.

20.4.   The submissions to the jurisdiction of the courts referred to in clause
        20.1 shall not (and shall not be construed so as to) limit the right of
        the Trustee to take Proceedings against Advent in any other court of
        competent jurisdiction, nor shall the taking of Proceedings in any one
        or more jurisdictions preclude the taking of Proceedings in any other
        jurisdiction (whether concurrently or not) if and to the extent
        permitted by applicable law.

21. TERMINATION

    For the removal of doubt, this Pledge shall terminate upon the expiry of the
    Security Period.

22. NO AMENDMENT

    This Pledge shall not be amended, modified or altered unless the written
    consent of all parties hereto to such amendment, modification or alteration
    has been obtained.

IN WITNESS WHEREOF the parties have signed this Pledge on the date written at
the beginning of this document.

for:    ADVENT INVESTMENTS              for:   BANK LEUMI LE-ISRAEL B.M.
        PTE LTD.

By:     /s/  Ting Chan                  By:    /s/ Dafna Dothan
        ------------------------               ----------------------------
Title:  Director                        By:    /s/ Anat Moyr
                                               ----------------------------

We, the undersigned, Partner Communications Company Ltd., acknowledge the
pledges created pursuant to the above pledge of the Pledged Assets (as such term
is defined in the above Pledge).

for:    PARTNER COMMUNICATIONS
        COMPANY LTD.

By:     /s/ Amikam Cohen
        ----------------------------
Title:  Chief Executive Officer

By:     /s/ Alan Gelman
        ----------------------------
Title:  Chief Financial Officer

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