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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on August 13, 2015</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-______</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES
AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>THE SECURITIES ACT OF 1933</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cellcom Israel Ltd.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 30%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>Israel</b></font></td>
    <td style="width: 40%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>4812</b></font></td>
    <td style="width: 30%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>Not applicable</b></font></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Primary Standard Industrial</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Classification No.)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>10 Hagavish Street</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Netanya, Israel 4250708</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(972) 52-999-0052</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&nbsp;</td>
    <td>
        <HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 35%; margin-top: 3pt; margin-bottom: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3">
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Cellcom Israel, Ltd. 2015 Share Incentive
        Plan</b></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the Plan)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&nbsp;</td>
    <td>
        <HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 35%; margin-top: 3pt; margin-bottom: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center"><b>CT CORPORATION SYSTEM</b><br>
<b>111 Eighth Avenue</b><br>
<b>New York, New York 10011</b></td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone number, including area code, of
        agent for service: (212) 894-8940</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 44%; text-align: left; font-size: 10pt; font-weight: bold; text-indent: 0pt"><FONT STYLE="font-size: 10pt; font-weight: normal">Large
accelerated filer&nbsp;&nbsp;&#9746;</FONT></td>
    <TD STYLE="width: 56%; text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Accelerated
filer&nbsp;&nbsp;&#9744;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated filed&nbsp;&nbsp;&nbsp;&#9744;</FONT></td>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Smaller reporting company&nbsp;&#9744;</FONT></td></tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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<tr style="vertical-align: bottom">
    <TD STYLE="width: 52%; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-size: 10pt"><b>Title of Each Class of Securities to be Registered</b></font></td>
    <TD STYLE="width: 12%; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-size: 10pt"><b>Amount To Be Registered<sup>(1)</sup></b></font></td>
    <TD STYLE="width: 12%; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-size: 10pt"><b>Proposed Maximum Offering Price Per Share</b></font></td>
    <TD STYLE="width: 12%; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-size: 10pt"><b>Proposed Maximum Aggregate Offering Price</b></font></td>
    <TD STYLE="width: 12%; border-top: Black 2.5pt double; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-size: 10pt"><b>Amount of Registration Fee<sup>(3)</sup></b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding: 2pt"><font style="font-size: 10pt">Ordinary Shares of Cellcom Israel Ltd. (par value NIS&nbsp;0.01) (&ldquo;Ordinary Shares&rdquo;)</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding: 2pt; text-align: center"><font style="font-size: 10pt">5,000,000</font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding: 2pt; text-align: center"><font style="font-size: 10pt">$6.19<b><sup>(2)</sup></b></font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding: 2pt; text-align: center"><font style="font-size: 10pt">$30,950,000</font></td>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 2pt; text-align: center"><font style="font-size: 10pt">$3,596.39</font></td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement
on Form S-8 (this &ldquo;Registration Statement&rdquo;) shall also cover any additional Ordinary Shares which become issuable under
the Cellcom Israel, Ltd. 2015 Share Incentive Plan, as amended (the &ldquo;Plan&rdquo;), by reason of any share dividend, share
split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase
in the number of the outstanding ordinary shares of Cellcom Israel Ltd. (the &ldquo;Company&rdquo; or the &ldquo;Registrant&rdquo;)
as a result of share splits, share dividends and antidilution provisions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>Estimated pursuant to Rule 457(c) and Rule 457(h) under
the Securities Act, solely for the purpose of computing the registration fee, based on the average of the high and low prices
reported for an Ordinary Share on the New York Stock Exchange on August 11, 2015.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Rounded up to the nearest cent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXPLANATORY
NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As permitted by Rule 428 under the Securities
Act, this Registration Statement omits the information specified in Part I of Form S-8. Cellcom Israel Ltd. (the &ldquo;Registrant,&rdquo;
&ldquo;we&rdquo; or &ldquo;us&rdquo;) will deliver the documents containing the information specified in Part I to the participants
in the plan covered by this Registration Statement as required by Rule 428(b). We are not filing these documents with the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information specified in Item 1 and
Item 2 of Part I of Form S-8 is omitted from this filing in accordance with the provisions of Rule 428 under the Securities Act
and the introductory note to Part I of the Form S-8 instructions. The documents containing the information specified in Part I
have been delivered to the participants in the Plan as required by Rule 428(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART II<BR>
<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents are incorporated
by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1) The Company&rsquo;s Annual Report on
Form 20-F (Commission File No: 001-33271) for the year ended December 31, 2014, filed with the Commission on March 16, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2) All reports filed pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), since December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3) The description of the Company&rsquo;s
Ordinary Shares contained in the Registration Statement on Form 8-A dated January 25, 2007, filed under the Exchange Act, including
any amendment thereto or report filed for the purpose of updating such description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents subsequently filed by the
Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein, (or in any other subsequently filed document which also is incorporated
or deemed to be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable. See Item 3(3) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Israeli Companies Law 5759-1999,
an Israeli company may not exempt an office holder from liability for breach of his duty of loyalty, but may exempt in advance
an office holder from liability to the company, in whole or in part, for a breach of his or her duty of care (except in connection
with distributions), provided the articles of association of the company allow it to do so. The Registrant&rsquo;s articles of
association allow it to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant&rsquo;s articles of association
provide that, subject to the provisions of the Companies Law, it may enter into a contract for insurance against liability of any
of our office holders with respect to each of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a breach of his or her duty of care to us or to another person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a breach of his or her duty of loyalty to us, provided that the office holder acted in good faith and had reasonable grounds
to assume that his or her act would not prejudice our interests;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a financial liability imposed upon him or her in favor of another person concerning an act performed in the capacity as an
office holder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant maintains a liability insurance
policy for the benefit of its officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant&rsquo;s articles of association
provide that it may indemnify an office holder against:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a financial liability imposed on or incurred by an office holder in favor of another person by any judgment, including a settlement
or an arbitrator&rsquo;s award approved by a court concerning an act performed in the capacity as an office holder. Such indemnification
may be approved (i) after the liability has been incurred or (ii) in advance, provided that the undertaking is limited to types
of events which the Registrant&rsquo;s Board of Directors deems to be foreseeable in light of its actual operations at the time
of the undertaking and limited to an amount or criterion determined by the Registrant&rsquo;s Board of Directors to be reasonable
under the circumstances, and further provided that such events and amounts or criterion are set forth in the undertaking to indemnify;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reasonable litigation expenses, including attorney&rsquo;s fees, incurred by the office holder as a result of an investigation
or proceeding instituted against him or her by a competent authority, provided that such investigation or proceeding concluded
without the filing of an indictment against him or her and either (A) concluded without the imposition of any financial liability
in lieu of criminal proceedings or (B) concluded with the imposition of a financial liability in lieu of criminal proceedings but
relates to a criminal offense that does not require proof of criminal intent; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reasonable litigation expenses, including attorneys&rsquo; fees, incurred by the office holder or charged to him or her by
a court, in proceedings instituted by us or on our behalf or by another person, or in a criminal indictment from which he or she
was acquitted, or a criminal indictment in which he or she was convicted for a criminal offense that does not require proof of
intent, in each case relating to an act performed in his or her capacity as an office holder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant has undertaken to indemnify
its directors, officers and certain other employees for certain events listed in the indemnifications letters given to them. Excluding
reasonable litigation expenses, the aggregate amount payable to all directors and officers and other employees who may have been
or will be given such indemnification letters is limited to the amounts the Registrant receives from its insurance policy plus
30% of our shareholders&rsquo; equity as of December 31, 2001, or NIS 486 million, and to be adjusted by the Israeli CPI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Companies Law provides that a company
may not exempt or indemnify an office holder, or enter into an insurance contract, which would provide coverage for any monetary
liability incurred as a result of any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a breach by the office holder of his or her duty of loyalty unless, with respect to insurance coverage or indemnification,
the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a breach by the office holder of his or her duty of care if the breach was done intentionally or recklessly;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any act or omission done with the intent to derive an illegal personal benefit; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any fine or penalty levied against the office holder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Companies Law, any exemption
of, indemnification of, or procurement of insurance coverage for, the Registrant&rsquo;s office holders must be approved by the
Registrant&rsquo;s audit committee and its Board of Directors and, if the beneficiary is a director, by the Registrant&rsquo;s
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See Exhibit Index, which is incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&#9;The undersigned registrant hereby
undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1)&#9;to file, during any period in which
offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i)&#9;to include any prospectus required
by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii)&#9;to reflect in the prospectus any
facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iii)&#9;to include any material information
with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>provided, however,</I> that paragraphs (a)(1)(i) and (a)(1)(ii)
do not apply if the information to be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2)&#9;that, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3)&#9;to remove from registration by means
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the 2015 Share Incentive
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&#9;The undersigned Registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s Annual
Report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit
plan's Annual Report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&#9;Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<B>SIGNATURES</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933<FONT STYLE="font-size: 10pt">, as amended, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, the City of Netanya, State of Israel, on the 13th day of August, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 8pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">CELLCOM ISRAEL LTD.</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></tr>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; text-indent: 0pt"><FONT STYLE="font-size: 10pt">By:</FONT></td>
    <TD STYLE="width: 58%; border-bottom: Black 1pt solid; text-indent: 0pt"><FONT STYLE="font-size: 10pt">/s/&nbsp;Nir
    Sztern</FONT></td>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">Name:&#9;Nir Sztern</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">Title:&#9;President and Chief Executive Officer</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</table><BR STYLE="clear: both">
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 8pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">CELLCOM ISRAEL LTD.</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></tr>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; text-indent: 0pt"><FONT STYLE="font-size: 10pt">By:</FONT></td>
    <TD STYLE="width: 58%; border-bottom: Black 1pt solid; text-indent: 0pt"><FONT STYLE="font-size: 10pt">/s/&nbsp;Shlomi
    Fruhling</FONT></td>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">Name:&#9;Shlomi Fruhling</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-size: 10pt">Title:&#9;Chief Financial Officer</FONT></td>
    <TD>&nbsp;</TD></tr>
</table><BR STYLE="clear: both">

<!-- Field: Page; Sequence: 6 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">POWER OF
ATTORNEY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Know all persons by these presents, that
each person whose signature appears below, constitutes and appoints each of Shlomi Fruhling and Liat Menahemi Stadler as his or
her true and lawful attorney-in-fact and agent, upon the action of such appointee, with full power of substitution and resubstitution,
to do any and all acts and things and execute, in the name of the undersigned, any and all instruments which each of said attorneys-in-fact
and agents may deem necessary or advisable in order to enable Cellcom Israel Ltd. to comply with the Securities Act of 1933, as
amended (the &ldquo;Securities Act&rdquo;), and any requirements of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
in respect thereof, in connection with the filing with the Commission of this Registration Statement under the Securities Act,
including specifically but without limitation, power and authority to sign the name of the undersigned to such Registration Statement,
and any amendments to such Registration Statement (including post-effective amendments), and to file the same with all exhibits
thereto and other documents in connection therewith, with the Commission, to sign any and all applications, registration statements,
notices or other documents necessary or advisable to comply with applicable state securities laws, and to file the same, together
with other documents in connection therewith with the appropriate state securities authorities, granting unto each of said attorneys-in-fact
and agents full power and authority to do and to perform each and every act and thing requisite or necessary to be done in and
about the premises, as fully and to all intents and purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that each of said attorneys-in-fact and agents may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed this 13th day of August, 2015 by the following persons in
the following capacities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; text-decoration: underline; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Signature</U></FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; text-decoration: underline; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Title</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;Nir Sztern&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">Nir Sztern</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">(Principal Executive<BR>
    Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;Shlomi
    Fruhling&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">Shlomi Fruhling</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">(Principal Financial and Accounting<BR>
    Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;Ami Erel</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Ami Erel</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chairman of the Board and Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;Ari Bronshtein</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Ari Bronshtein</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;Shlomo Waxe&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Shlomo Waxe</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;Joseph Barnea&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Joseph Barnea</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;Ronit Baytel</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Ronit Baytel</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;Ephraim Kunda</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Ephraim Kunda</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
</TABLE>


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<tr style="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Puglisi &amp; Associates</FONT></td>
    <TD>&nbsp;</TD></tr>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">By:</FONT></td>
    <TD STYLE="width: 72%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Gregory F. Lavelle</FONT></td>
    <TD STYLE="width: 20%">&nbsp;</TD></tr>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Gregory F. Lavelle</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Authorized Representative in the United States</FONT></td>
    <TD>&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD>&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Date: &nbsp;&nbsp;&nbsp;August
    13, 2015</FONT></td>
    <TD>&nbsp;</TD></tr>
</table><BR STYLE="clear: both">

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INDEX</P>

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    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Exhibit</FONT><BR>
<FONT STYLE="font-size: 10pt">Number</FONT></P></td>
    <TD STYLE="width: 2%; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="width: 90%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">4.1</FONT></td>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Updated Articles of Association and Memorandum, incorporated by reference as Exhibit 1.1
    to the Company&rsquo;s Annual Report on Form 20-F, dated March 7, 2012 (Commission File No: 001-33271), as amended on March
    14, 2012.</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">5.1</FONT></td>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Opinion of Goldfarb Seligman &amp; Co. (filed herewith).</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">23.1</FONT></td>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Consent of Somekh Chaikin, a member of KPMG International (filed herewith).</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">23.2</FONT></td>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Consent of Goldfarb Seligman &amp; Co. (included in Exhibit 5.1).</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">24</FONT></td>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Power of Attorney (included in the signature pages hereof).</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">99.1</FONT></td>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Cellcom Israel, Ltd. 2015 Share Incentive Plan, as amended.</FONT></td></tr>
</table>

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[{"type": "S-8", "sequence": "1", "filename": "dp58685_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 62759}]
{"company-data": {"conformed-name": "Cellcom Israel Ltd.", "cik": "0001385145", "assigned-sic": "4812", "irs-number": "000000000", "state-of-incorporation": "L3", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-206338", "film-number": "151048581"}, "business-address": {"street1": "10 HAGAVISH STREET", "city": "NETANYA", "state": "L3", "zip": "42140", "phone": "972-52-999-0052"}, "mail-address": {"street1": "10 HAGAVISH STREET", "city": "NETANYA", "state": "L3", "zip": "42140"}}
As filed with the Securities and Exchange
Commission on August 13, 2015
Registration No. 333-______
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
Cellcom Israel Ltd.
(Exact Name of Registrant as Specified in
its Charter)
Israel
4812
Not applicable
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification No.)
(I.R.S. Employer
Identification No.)
10 Hagavish Street
Netanya, Israel 4250708
(972) 52-999-0052
(Address of principal executive offices)
Cellcom Israel, Ltd. 2015 Share Incentive
        Plan
(Full title of the Plan)
CT CORPORATION SYSTEM
111 Eighth Avenue
New York, New York 10011
(Name and address of agent for service)
Telephone number, including area code, of
        agent for service: (212) 894-8940
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large
accelerated filer  ☒
Accelerated
filer  ☐
Non-accelerated filed   ☐
Smaller reporting company ☐
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities to be Registered
Amount To Be Registered
(1)
Proposed Maximum Offering Price Per Share
Proposed Maximum Aggregate Offering Price
Amount of Registration Fee
(3)
Ordinary Shares of Cellcom Israel Ltd. (par value NIS 0.01) ("Ordinary Shares")
5,000,000
$6.19
(2)
$30,950,000
$3,596.39
(1)
Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement
on Form S-8 (this "Registration Statement") shall also cover any additional Ordinary Shares which become issuable under
the Cellcom Israel, Ltd. 2015 Share Incentive Plan, as amended (the "Plan"), by reason of any share dividend, share
split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase
in the number of the outstanding ordinary shares of Cellcom Israel Ltd. (the "Company" or the "Registrant")
as a result of share splits, share dividends and antidilution provisions.
(2)
Estimated pursuant to Rule 457(c) and Rule 457(h) under
the Securities Act, solely for the purpose of computing the registration fee, based on the average of the high and low prices
reported for an Ordinary Share on the New York Stock Exchange on August 11, 2015.
(3)
Rounded up to the nearest cent.
EXPLANATORY
NOTE
As permitted by Rule 428 under the Securities
Act, this Registration Statement omits the information specified in Part I of Form S-8. Cellcom Israel Ltd. (the "Registrant,"
"we" or "us") will deliver the documents containing the information specified in Part I to the participants
in the plan covered by this Registration Statement as required by Rule 428(b). We are not filing these documents with the Securities
and Exchange Commission (the "Commission") as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424 of the Securities Act.
PART I
The information specified in Item 1 and
Item 2 of Part I of Form S-8 is omitted from this filing in accordance with the provisions of Rule 428 under the Securities Act
and the introductory note to Part I of the Form S-8 instructions. The documents containing the information specified in Part I
have been delivered to the participants in the Plan as required by Rule 428(b)(1).
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents are incorporated
by reference:
(1) The Company's Annual Report on
Form 20-F (Commission File No: 001-33271) for the year ended December 31, 2014, filed with the Commission on March 16, 2015.
(2) All reports filed pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), since December 31, 2014.
(3) The description of the Company's
Ordinary Shares contained in the Registration Statement on Form 8-A dated January 25, 2007, filed under the Exchange Act, including
any amendment thereto or report filed for the purpose of updating such description.
All documents subsequently filed by the
Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein, (or in any other subsequently filed document which also is incorporated
or deemed to be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable. See Item 3(3) above.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Under the Israeli Companies Law 5759-1999,
an Israeli company may not exempt an office holder from liability for breach of his duty of loyalty, but may exempt in advance
an office holder from liability to the company, in whole or in part, for a breach of his or her duty of care (except in connection
with distributions), provided the articles of association of the company allow it to do so. The Registrant's articles of
association allow it to do so.
The Registrant's articles of association
provide that, subject to the provisions of the Companies Law, it may enter into a contract for insurance against liability of any
of our office holders with respect to each of the following:
·
a breach of his or her duty of care to us or to another person;
·
a breach of his or her duty of loyalty to us, provided that the office holder acted in good faith and had reasonable grounds
to assume that his or her act would not prejudice our interests;
·
a financial liability imposed upon him or her in favor of another person concerning an act performed in the capacity as an
office holder.
The Registrant maintains a liability insurance
policy for the benefit of its officers and directors.
The Registrant's articles of association
provide that it may indemnify an office holder against:
·
a financial liability imposed on or incurred by an office holder in favor of another person by any judgment, including a settlement
or an arbitrator's award approved by a court concerning an act performed in the capacity as an office holder. Such indemnification
may be approved (i) after the liability has been incurred or (ii) in advance, provided that the undertaking is limited to types
of events which the Registrant's Board of Directors deems to be foreseeable in light of its actual operations at the time
of the undertaking and limited to an amount or criterion determined by the Registrant's Board of Directors to be reasonable
under the circumstances, and further provided that such events and amounts or criterion are set forth in the undertaking to indemnify;
·
reasonable litigation expenses, including attorney's fees, incurred by the office holder as a result of an investigation
or proceeding instituted against him or her by a competent authority, provided that such investigation or proceeding concluded
without the filing of an indictment against him or her and either (A) concluded without the imposition of any financial liability
in lieu of criminal proceedings or (B) concluded with the imposition of a financial liability in lieu of criminal proceedings but
relates to a criminal offense that does not require proof of criminal intent; and
·
reasonable litigation expenses, including attorneys' fees, incurred by the office holder or charged to him or her by
a court, in proceedings instituted by us or on our behalf or by another person, or in a criminal indictment from which he or she
was acquitted, or a criminal indictment in which he or she was convicted for a criminal offense that does not require proof of
intent, in each case relating to an act performed in his or her capacity as an office holder.
The Registrant has undertaken to indemnify
its directors, officers and certain other employees for certain events listed in the indemnifications letters given to them. Excluding
reasonable litigation expenses, the aggregate amount payable to all directors and officers and other employees who may have been
or will be given such indemnification letters is limited to the amounts the Registrant receives from its insurance policy plus
30% of our shareholders' equity as of December 31, 2001, or NIS 486 million, and to be adjusted by the Israeli CPI.
The Companies Law provides that a company
may not exempt or indemnify an office holder, or enter into an insurance contract, which would provide coverage for any monetary
liability incurred as a result of any of the following:
·
a breach by the office holder of his or her duty of loyalty unless, with respect to insurance coverage or indemnification,
the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;
·
a breach by the office holder of his or her duty of care if the breach was done intentionally or recklessly;
·
any act or omission done with the intent to derive an illegal personal benefit; or
·
any fine or penalty levied against the office holder.
Under the Companies Law, any exemption
of, indemnification of, or procurement of insurance coverage for, the Registrant's office holders must be approved by the
Registrant's audit committee and its Board of Directors and, if the beneficiary is a director, by the Registrant's
shareholders.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
See Exhibit Index, which is incorporated
herein by reference.
Item 9. Undertakings.
(a)	The undersigned registrant hereby
undertakes:
(1)	to file, during any period in which
offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)	to include any prospectus required
by Section 10(a)(3) of the Securities Act;
(ii)	to reflect in the prospectus any
facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement;
and
(iii)	to include any material information
with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;
provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii)
do not apply if the information to be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in the registration statement.
(2)	that, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof; and
(3)	to remove from registration by means
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the 2015 Share Incentive
Plan.
(b)	The undersigned Registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's Annual
Report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit
plan's Annual Report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(c)	Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933
, as amended, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, the City of Netanya, State of Israel, on the 13th day of August, 2015.
CELLCOM ISRAEL LTD.
By:
/s/ Nir
    Sztern
Name:	Nir Sztern
Title:	President and Chief Executive Officer
CELLCOM ISRAEL LTD.
By:
/s/ Shlomi
    Fruhling
Name:	Shlomi Fruhling
Title:	Chief Financial Officer
POWER OF
ATTORNEY
Know all persons by these presents, that
each person whose signature appears below, constitutes and appoints each of Shlomi Fruhling and Liat Menahemi Stadler as his or
her true and lawful attorney-in-fact and agent, upon the action of such appointee, with full power of substitution and resubstitution,
to do any and all acts and things and execute, in the name of the undersigned, any and all instruments which each of said attorneys-in-fact
and agents may deem necessary or advisable in order to enable Cellcom Israel Ltd. to comply with the Securities Act of 1933, as
amended (the "Securities Act"), and any requirements of the Securities and Exchange Commission (the "Commission")
in respect thereof, in connection with the filing with the Commission of this Registration Statement under the Securities Act,
including specifically but without limitation, power and authority to sign the name of the undersigned to such Registration Statement,
and any amendments to such Registration Statement (including post-effective amendments), and to file the same with all exhibits
thereto and other documents in connection therewith, with the Commission, to sign any and all applications, registration statements,
notices or other documents necessary or advisable to comply with applicable state securities laws, and to file the same, together
with other documents in connection therewith with the appropriate state securities authorities, granting unto each of said attorneys-in-fact
and agents full power and authority to do and to perform each and every act and thing requisite or necessary to be done in and
about the premises, as fully and to all intents and purposes as the undersigned might or could do in person, hereby ratifying and
confirming all that each of said attorneys-in-fact and agents may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed this 13th day of August, 2015 by the following persons in
the following capacities.
Signature
Title
/s/ Nir Sztern
President and Chief Executive Officer
Nir Sztern
(Principal Executive
Officer)
/s/ Shlomi
    Fruhling
Chief Financial Officer
Shlomi Fruhling
(Principal Financial and Accounting
Officer)
/s/ Ami Erel
Ami Erel
Chairman of the Board and Director
/s/ Ari Bronshtein
Ari Bronshtein
Director
/s/ Shlomo Waxe
Shlomo Waxe
Director
/s/ Joseph Barnea
Joseph Barnea
Director
/s/ Ronit Baytel
Ronit Baytel
Director
/s/ Ephraim Kunda
Ephraim Kunda
Director
Puglisi & Associates
By:
/s/ Gregory F. Lavelle
Name:
Gregory F. Lavelle
Title:
Managing Director
Authorized Representative in the United States
Date:    August
    13, 2015
EXHIBIT
INDEX
Exhibit
Number
4.1
Updated Articles of Association and Memorandum, incorporated by reference as Exhibit 1.1
    to the Company's Annual Report on Form 20-F, dated March 7, 2012 (Commission File No: 001-33271), as amended on March
    14, 2012.
5.1
Opinion of Goldfarb Seligman & Co. (filed herewith).
23.1
Consent of Somekh Chaikin, a member of KPMG International (filed herewith).
23.2
Consent of Goldfarb Seligman & Co. (included in Exhibit 5.1).
24
Power of Attorney (included in the signature pages hereof).
99.1
Cellcom Israel, Ltd. 2015 Share Incentive Plan, as amended.