Nicole Gilliat

Question 1

Nicole Gilliat's questions to PARTNER COMMUNICATIONS CO (PTNRF) leadership • Q3 2016

Nov 23, 2016

Question

Nicole Gilliat from Ion Asset Management asked about the outlook for the cellular market, specifically if the worst is over for ARPU and subscribers. She also inquired about Q4 trends, 2017 CapEx requirements beyond TV, and the likelihood of a dividend payment in 2017 given current cash flow.

Answer

CEO Isaac Benbenisti expressed his belief that the cellular market is at an inflection point and expects ARPU to increase, citing low relative prices in Israel and competitor performance. He does not foresee significant trend changes in Q4. Regarding 2017 CapEx, CFO Ziv Leitman noted the budget is not finalized, but CEO Isaac Benbenisti added they are creating room for new investments through savings. On dividends, Ziv Leitman explained that despite meeting legal criteria, a payout is unlikely in the short term to ensure long-term stability, pending the final 2017 budget and market conditions.

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Question 2

Nicole Gilliat's questions to PARTNER COMMUNICATIONS CO (PTNRF) leadership • Q2 2016

Aug 17, 2016

Question

Nicole Gilliat asked about the board's perspective on capital allocation, particularly the potential reinstatement of dividends given strong cash flow. She also questioned if the significant drop in mobile equipment revenue, driven by a tighter credit policy, would represent a new baseline for future quarters.

Answer

CFO Ziv Leitman responded that while the company meets the technical criteria to pay a dividend, the board's decision will depend on market stability and strategic considerations. He stated that a dividend is not imminent and should not be expected in the next two quarters as debt reduction remains a priority. CEO Issac Benbenisti began to address the handset sales question by stating the company does not provide guidance before the analyst was disconnected.