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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">As
      filed
      with the Securities and Exchange Commission on March 29</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">,
      2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Registration
      No. 333- </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
        <hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549 </strong></font>
      <div>
        <hr style="COLOR: black" align="center" noshade size="1" width="15%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 15pt; FONT-FAMILY: Times New Roman, serif"><strong>FORM
      S-8</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
      STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>UNDER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>THE
      SECURITIES ACT OF 1933 </strong></font>
      <hr style="COLOR: black" align="center" noshade size="1" width="15%">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 22pt; FONT-FAMILY: Times New Roman, serif"><strong>Cellcom
      Israel Ltd.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(Exact
      Name of issuer as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="80%">

          <tr>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Israel</strong></font></div>
            </td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>4812</strong></font></div>
            </td>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Not
                applicable</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(State
                or other jurisdiction of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">incorporation
                or organization)</font></div>
            </td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(Primary
                Standard Industrial</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Classification
                No.)</font></div>
            </td>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(I.R.S.
                Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="33%">&#160;</td>
            <td valign="top" width="34%">&#160;</td>
            <td valign="top" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="33%">&#160;</td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>10
                Hagavish Street<br></strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Netanya,
                Israel 42140</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>(972)
                52-999-0052</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(Address
                of principal executive offices)</font></div>
            </td>
            <td valign="top" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="33%">&#160;</td>
            <td valign="top" width="34%">
              <hr style="COLOR: black" align="center" noshade size="1" width="50%">
            </td>
            <td valign="top" width="33%">&#160;</td>
          </tr>
          <tr>
            <td colspan="3" valign="top" width="100%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif"><strong>2006
                Share Incentive Plan</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(Full
                title of the Plan)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="33%">&#160;</td>
            <td valign="top" width="34%">
              <hr style="COLOR: black" align="center" noshade size="1" width="50%">
            </td>
            <td valign="top" width="33%">&#160;</td>
          </tr>
          <tr>
            <td colspan="3" valign="top" width="100%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>CT
                CORPORATION SYSTEM</strong></font></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>111
                Eighth Avenue</strong></font></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>New
                York, New York 10011</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="33%">&#160;</td>
            <td valign="top" width="34%">&#160;</td>
            <td valign="top" width="33%">&#160;</td>
          </tr>
          <tr>
            <td colspan="3" valign="top" width="100%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(Name
                and address of agent for service)</font></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Telephone
                number, including area code, of agent </font></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">for
                service: (212) 894-8940</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="100%" style="border-bottom: black double;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><strong>CALCULATION
                  OF REGISTRATION
                  FEE</strong></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div align="left">
      <table border="1" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Title
                of Securities</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>to
                be Registered</strong></font></div>
            </td>
            <td valign="bottom" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Amount
                to be</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Registered
                (1)</strong></font></div>
            </td>
            <td valign="bottom" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Proposed</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Maximum</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Offering</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Price
                Per</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Share</strong></font></div>
            </td>
            <td valign="bottom" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Proposed</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Maximum</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Aggregate</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Offering</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Price</strong></font></div>
            </td>
            <td valign="bottom" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Amount
                of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Registration</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Fee</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="20%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ordinary
                Shares of Cellcom Israel Ltd. (par value NIS 0.01)</font></div>
            </td>
            <td valign="bottom" width="20%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2,444,929</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">55,071</font></div>
            </td>
            <td valign="bottom" width="20%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">$12.60(2)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">$18.285</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(3)</font></div>
            </td>
            <td valign="bottom" width="20%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">$30,806,105.40</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">$1,006,973.24</font></div>
            </td>
            <td valign="bottom" width="20%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">$976.66</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Pursuant
                to Rule 416 under the Securities Act of 1933, as amended (the &#8220;Securities
                Act&#8221;), this Registration Statement shall also cover any additional
                ordinary shares which become issuable under the 2006 Share Incentive
                Plan
                by reason of any stock dividend, stock 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Calculated
                pursuant to Rule 457(h)(1) under the Securities Act based on the
                price at
                which the outstanding options may be
                exercised.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(3)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Estimated
                in accordance with Rule 457(h)(1) and Rule 457(c) under the Securities
                Act
                solely for the purpose of computing the registration fee with respect
                to
                ordinary shares to be issued upon exercise of options not yet granted,
                based on the average high and low price per ordinary share as reported
                by
                the New York Stock Exchange on March 26</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">,
                2007.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
      <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>PART
      I</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Explanatory
      Note</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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
&#8220;Registrant,&#8221; &#8220;we&#8221; or &#8220;us&#8221;) 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 &#8220;Commission&#8221;) as part
      of this Registration Statement or as prospectuses or prospectus supplements
      pursuant to Rule 424 of the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>PART
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
      Registrant hereby incorporates herein by reference the following
      documents:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(1)
      The
      Registrant&#8217;s annual report on Form 20-F filed with the SEC on March 12,
      2007;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(2)
      All
      reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange
      Act
      of 1934, as amended (the &#8220;Exchange Act&#8221;), since March 12, 2007;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(3)
      The
      description of the Registrant&#8217;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; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(4)
      All
      documents filed by the Registrant pursuant to Sections 13(a) or 15(d) of the
      Exchange Act subsequent to the date of this Registration Statement (with respect
      to any Form 6-K, only to the extent designated therein) and prior to the filing
      of a post-effective amendment which indicates that all securities offered herein
      have been sold or which deregisters all securities then remaining
      unsold.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Any
      statement contained herein or made 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 is also
      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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      4. DESCRIPTION OF SECURITIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Not
      applicable. See Item 3(3) above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      5. INTERESTS OF NAMED EXPERTS AND COUNSEL</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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&#8217;s articles of association allow it to do so.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
      Registrant&#8217;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:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">a
                breach of his or her duty of care to us or to another
                person;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">a
                financial liability imposed upon him or her in favor of another person
                concerning an act performed in the capacity as an office
                holder.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
      Registrant maintains a liability insurance policy for the benefit of its
      officers and directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
      Registrant&#8217;s articles of association provide that it may indemnify an office
      holder against:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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&#8217;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&#8217;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&#8217;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;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">reasonable
                litigation expenses, including attorney&#8217;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)</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">reasonable
                litigation expenses, including attorneys&#8217; 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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&#8217; equity as of
      December 31, 2001, or NIS 486 million, and to be adjusted by the Israeli
      CPI.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">a
                breach by the office holder of his or her duty of care if the breach
                was
                done intentionally or recklessly;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">any
                act or omission done with the intent to derive an illegal personal
                benefit; or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">any
                fine or penalty levied against the office
                holder.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Under
      the
      Companies Law, any exemption of, indemnification of, or procurement of insurance
      coverage for, the Registrant&#8217;s office holders must be approved by the
      Registrant&#8217;s audit committee and its Board of Directors and, if the beneficiary
      is a director, by the Registrant&#8217;s shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      7. EXEMPTION FROM REGISTRATION CLAIMED</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      8. EXHIBITS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
      following is a complete list of exhibits filed as part of this Registration
      Statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div align="left">
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          <tr>
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                No.</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Exhibit</strong></font></div>
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            <td align="left" valign="bottom" width="15%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td valign="bottom" width="85%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">4.1</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Articles
                of Association and Memorandum (incorporated by reference to the
                Registration Statement No. 333-140030 on Form F-1, dated January
                17, 2007,
                Exhibit 3.1)</font></div>
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            <td align="left" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">5.1</font></div>
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                of Goldfarb, Levy, Eran, Meiri &amp; Co.</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
                23.1</font></div>
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                of Somekh Chaikin, a member of KPMG International</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
                23.2</font></div>
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                of Goldfarb, Levy, Eran, Meiri &amp; Co. (included in Exhibit
                5.1)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
                24.1</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Power
                of Attorney (included on signature page)</font></div>
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            <td align="left" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
                99.1</font></div>
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            <td align="left" valign="bottom" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2006
                Share Incentive Plan </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(incorporated
                by reference to Exhibit 10.4 to the Registration Statement No. 333-140030
                on Form F-1, dated January 17, 2007)</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      9. UNDERTAKINGS</strong></font></div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
      undersigned registrant hereby undertakes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">to
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      amendment to this Registration Statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div align="center">
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          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(i)</font></td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">to
                include any prospectus required by Section 10(a)(3) of the Securities
                Act;</font></div>
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            <td width="5%">&#160;</td>
            <td valign="top" width="5%">&#160;</td>
            <td width="90%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="5%">&#160;</td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(ii)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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</font></div>
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            <td width="5%">&#160;</td>
            <td valign="top" width="5%">&#160;</td>
            <td width="90%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td valign="top" width="5%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(iii)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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;
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    <div align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><em>provided</em></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><em>however</em></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">,
      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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(3)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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 2006 Share
      Incentive Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(b)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
                undersigned Registrant hereby undertakes that, for purposes of determining
                any liability under the Securities Act, each filing of the Registrant&#8217;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 </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><em>bona
                fide</em></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">
                offering thereof.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(c)</font></div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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
                </font></div>
            </td>
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      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 27pt;">&#160;</td>
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">indemnification
                  by it is against public policy as expressed in the Act and will
                  be
                  governed by the final adjudication of such
                  issue.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
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      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Act of 1933, 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, in the City of
      Netanya, State of Israel, on the&#160;29<sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">
      day of
      March, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td width="50%">&#160;</td>
            <td align="left" colspan="3" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Cellcom
                Israel Ltd.</font></div>
            </td>
          </tr>
          <tr>
            <td width="50%">&#160;</td>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="45%">&#160;</td>
          </tr>
          <tr>
            <td width="50%">&#160;</td>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="45%">&#160;</td>
          </tr>
          <tr>
            <td width="50%">&#160;</td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">By:</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="45%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">/s/
                Amos Shapira</font></div>
            </td>
          </tr>
          <tr>
            <td width="50%">&#160;</td>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Name:</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Amos
                Shapira</font></div>
            </td>
          </tr>
          <tr>
            <td width="50%">&#160;</td>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="5%">
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            </td>
            <td align="left" valign="top" width="40%">
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            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      ALL
      MEN BY THESE PRESENTS, that each person whose signature appears below
      constitutes and appoints Tal Raz and Liat Menahemi Stadler, and each of them,
      his or her true and lawful attorneys-in-fact and agents, with full power of
      substitution and resubstitution, for him or her and in his or her name, place
      and stead, in any and all capacities, to sign any and all amendments (including
      post-effective amendments) to this registration statement and to file the same,
      with all exhibits thereto, and all other documents in connection therewith,
      with
      the Securities and Exchange Commission, granting unto each said attorney-in-fact
      and agents full power and authority to do and perform each and every act in
      person, hereby ratifying and confirming all that said attorneys-in-fact and
      agents or either of them or their or his or her substitute or substitutes may
      lawfully do or cause to be done by virtue hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      to the requirements of the Securities Act of 1933, as amended, this Registration
      Statement has been signed by the following persons in the capacities and on
      the
      dates indicated. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table width="100%" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td width="33%" valign="top" style="border-bottom: black thin solid;">
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            <td width="2%" valign="top">&nbsp;</td>
            <td width="30%" valign="top" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Title</strong></font></div>            </td>
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            <td width="33%" align="center" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Date</strong></font></td>
          </tr>
          <tr>
            <td width="33%" valign="top">&#160;</td>
            <td width="2%" valign="top">&nbsp;</td>
            <td width="30%" valign="top">&#160;</td>
          </tr>
          <tr>
            <td width="33%" valign="top">&#160;</td>
            <td width="2%" valign="top">&nbsp;</td>
            <td width="30%" valign="top">&#160;</td>
          </tr>
          <tr>
            <td width="33%" align="left" valign="top" style="border-bottom: black thin solid;">
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                Amos Shapira</font></div>            </td>
            <td width="2%" rowspan="2" valign="top">&nbsp;</td>
            <td width="30%" rowspan="2" valign="top">
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                and Chief Executive Officer<br>(Principal Executive </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Officer)</font></div>            </td>
          </tr>
          <tr>
            <td width="33%" align="left" valign="top">
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                Shapira</font></div>            </td>
            <td width="2%" rowspan="2" valign="top">&nbsp;</td>
            <td width="33%" rowspan="2" valign="top">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
                2007</font></div>            </td>
          </tr>
      </table>
    </div>
    <div align="center">&#160;</div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
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                Tal Raz</font></div>
            </td>
            <td rowspan="2" valign="bottom" width="34%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(Principal
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            </td>
            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
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            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
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              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
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                Ami Erel</font></div>
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            </td>
            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ami
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            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
                  2007</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">/s/
                Nochi Dankner</font></div>
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            <td rowspan="2" valign="bottom" width="34%">
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            </td>
            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Nochi
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            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
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              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">/s/
                Isaac Manor</font></div>
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            <td rowspan="2" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Director</font></div>
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            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Isaac
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            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
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              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
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                Shay Livnat</font></div>
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            <td rowspan="2" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Director</font></div>
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            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Shay
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            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
                  2007</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
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                Raanan Cohen</font></div>
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            <td rowspan="2" valign="bottom" width="34%">
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            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Raanan
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            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
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              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
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                Oren Lieder</font></div>
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            <td rowspan="2" valign="bottom" width="34%">
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            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Oren
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            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
                  2007</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">/s/
                Avraham Bigger</font></div>
            </td>
            <td valign="bottom" width="34%">&#160;</td>
            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Avraham
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            <td valign="bottom" width="34%">
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            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
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              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
            <td valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
            <td valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
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                Rafi Bisker</font></div>
            </td>
            <td rowspan="2" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Director</font></div>
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            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Rafi
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            </td>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
                  2007</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">&#160;</td>
            <td valign="bottom" width="34%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="33%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">/s/
                Shlomo Waxe</font></div>
            </td>
            <td valign="bottom" width="34%">&#160;</td>
            <td align="left" valign="bottom" width="33%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Shlomo
                Waxe</font></div>
            </td>
            <td valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Director</font></div>
            </td>
            <td valign="bottom" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">March&#160;29,
                  2007</font></div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td width="60%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Puglisi
                &amp; Associates</font></div>
            </td>
          </tr>
          <tr>
            <td width="60%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="38%">&#160;</td>
          </tr>
          <tr>
            <td width="60%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="38%">&#160;</td>
          </tr>
          <tr>
            <td width="60%">&#160;</td>
            <td align="left" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">By:&#160;
                </font></div>
            </td>
            <td align="left" valign="top" width="38%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">/s/
              Donald J. Puglisi</font></td>
          </tr>
          <tr>
            <td width="60%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Name:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Donald
                J. Puglisi</font></div>
            </td>
          </tr>
          <tr>
            <td width="60%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Title:&#160;&#160;
                </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Managing
                Director</font></div>
            </td>
          </tr>
          <tr>
            <td width="60%">&#160;</td>
            <td align="left" colspan="2" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -14.65pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Authorized
                Representative in the United States</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>INDEX
      TO EXHIBITS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
      following is a complete list of exhibits filed as part of this Registration
      Statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
                No.</strong></font></div>
            </td>
            <td valign="bottom" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Exhibit</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="10%">&#160;</td>
            <td valign="bottom" width="64%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">4.1</font></div>
            </td>
            <td align="left" valign="bottom" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Articles
                of Association and Memorandum (incorporated by reference to the
                Registration Statement No. 333-140030 on Form F-1, dated January
                17, 2007,
                Exhibit 3.1)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">5.1</font></div>
            </td>
            <td align="left" valign="bottom" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Opinion
                of Goldfarb, Levy, Eran, Meiri &amp; Co.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
                23.1</font></div>
            </td>
            <td align="left" valign="bottom" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Consent
                of Somekh Chaikin, a member of KPMG International</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
                23.2</font></div>
            </td>
            <td align="left" valign="bottom" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Consent
                of Goldfarb, Levy, Eran, Meiri &amp; Co. (included in Exhibit
                5.1)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
                24.1</font></div>
            </td>
            <td align="left" valign="bottom" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Power
                of Attorney (included on signature page)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
                99.1</font></div>
            </td>
            <td align="left" valign="bottom" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2006
                Share Incentive Plan </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(incorporated
                by reference to Exhibit 10.4 to the Registration Statement No. 333-140030
                on Form F-1, dated January 17, 2007)</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;

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        <hr style="COLOR: black" align="left" noshade size="2" width="100%">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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[{"type": "S-8", "sequence": "1", "filename": "dp05101e_s8.htm", "secsgml_size_bytes": 111239}]
{"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": "333-141639", "film-number": "07726079"}, "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"}}
Unassociated Document
As
      filed
      with the Securities and Exchange Commission on March 29
,
      2007
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 issuer 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 42140
(972)
                52-999-0052
(Address
                of principal executive offices)
2006
                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
CALCULATION
                  OF REGISTRATION
                  FEE
Title
                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
Ordinary
                Shares of Cellcom Israel Ltd. (par value NIS 0.01)
2,444,929
55,071
$12.60(2)
$18.285
(3)
$30,806,105.40
$1,006,973.24
$976.66
(1)
Pursuant
                to Rule 416 under the Securities Act of 1933, as amended (the "Securities
                Act"), this Registration Statement shall also cover any additional
                ordinary shares which become issuable under the 2006 Share Incentive
                Plan
                by reason of any stock dividend, stock 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.
(2)
Calculated
                pursuant to Rule 457(h)(1) under the Securities Act based on the
                price at
                which the outstanding options may be
                exercised.
(3)
Estimated
                in accordance with Rule 457(h)(1) and Rule 457(c) under the Securities
                Act
                solely for the purpose of computing the registration fee with respect
                to
                ordinary shares to be issued upon exercise of options not yet granted,
                based on the average high and low price per ordinary share as reported
                by
                the New York Stock Exchange on March 26
,
                2007.
PART
      I
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
      II
INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT
ITEM
      3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The
      Registrant hereby incorporates herein by reference the following
      documents:
(1)
      The
      Registrant's annual report on Form 20-F filed with the SEC on March 12,
      2007;
(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 March 12, 2007;
(3)
      The
      description of the Registrant'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; and
(4)
      All
      documents filed by the Registrant pursuant to Sections 13(a) or 15(d) of the
      Exchange Act subsequent to the date of this Registration Statement (with respect
      to any Form 6-K, only to the extent designated therein) and prior to the filing
      of a post-effective amendment which indicates that all securities offered herein
      have been sold or which deregisters all securities then remaining
      unsold.
Any
      statement contained herein or made 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 is also
      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.
1
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
The
      following is a complete list of exhibits filed as part of this Registration
      Statement:
2
Exhibit
                No.
Exhibit
4.1
Articles
                of Association and Memorandum (incorporated by reference to the
                Registration Statement No. 333-140030 on Form F-1, dated January
                17, 2007,
                Exhibit 3.1)
5.1
Opinion
                of Goldfarb, Levy, Eran, Meiri & Co.
23.1
Consent
                of Somekh Chaikin, a member of KPMG International
23.2
Consent
                of Goldfarb, Levy, Eran, Meiri & Co. (included in Exhibit
                5.1)
24.1
Power
                of Attorney (included on signature page)
99.1
2006
                Share Incentive Plan
(incorporated
                by reference to Exhibit 10.4 to the Registration Statement No. 333-140030
                on Form F-1, dated January 17, 2007)
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 2006 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
3
indemnification
                  by it is against public policy as expressed in the Act and will
                  be
                  governed by the final adjudication of such
                  issue.
4
SIGNATURES
Pursuant
      to the requirements of the Securities Act of 1933, 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, in the City of
      Netanya, State of Israel, on the 29
th
day of
      March, 2007.
Cellcom
                Israel Ltd.
By:
/s/
                Amos Shapira
Name:
Amos
                Shapira
Title:
President
                and Chief Executive Officer
5
KNOW
      ALL
      MEN BY THESE PRESENTS, that each person whose signature appears below
      constitutes and appoints Tal Raz and Liat Menahemi Stadler, and each of them,
      his or her true and lawful attorneys-in-fact and agents, with full power of
      substitution and resubstitution, for him or her and in his or her name, place
      and stead, in any and all capacities, to sign any and all amendments (including
      post-effective amendments) to this registration statement and to file the same,
      with all exhibits thereto, and all other documents in connection therewith,
      with
      the Securities and Exchange Commission, granting unto each said attorney-in-fact
      and agents full power and authority to do and perform each and every act in
      person, hereby ratifying and confirming all that said attorneys-in-fact and
      agents or either of them or their or his or her substitute or substitutes 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 by the following persons in the capacities and on
      the
      dates indicated.
Signature
Title
Date
/s/
                Amos Shapira
President
                and Chief Executive Officer
(Principal Executive
Officer)
Amos
                Shapira
March 29,
                2007
/s/
                Tal Raz
Chief
                Financial Officer
(Principal
                Financial and Accounting
Officer)
Tal
                Raz
March 29,
                  2007
/s/
                Ami Erel
Chairman
                of the Board and Director
Ami
                Erel
March 29,
                  2007
/s/
                Nochi Dankner
Director
Nochi
                Dankner
March 29,
                  2007
/s/
                Isaac Manor
Director
Isaac
                Manor
March 29,
                  2007
/s/
                Shay Livnat
Director
Shay
                Livnat
March 29,
                  2007
/s/
                Raanan Cohen
Director
Raanan
                Cohen
March 29,
                  2007
/s/
                Oren Lieder
Director
Oren
                Lieder
March 29,
                  2007
/s/
                Avraham Bigger
Avraham
                Bigger
Director
March 29,
                  2007
/s/
                Rafi Bisker
Director
Rafi
                Bisker
March 29,
                  2007
/s/
                Shlomo Waxe
Shlomo
                Waxe
Director
March 29,
                  2007
6
Puglisi
                & Associates
By:
/s/
              Donald J. Puglisi
Name:
Donald
                J. Puglisi
Title:
Managing
                Director
Authorized
                Representative in the United States
7
INDEX
      TO EXHIBITS
The
      following is a complete list of exhibits filed as part of this Registration
      Statement:
Exhibit
                No.
Exhibit
4.1
Articles
                of Association and Memorandum (incorporated by reference to the
                Registration Statement No. 333-140030 on Form F-1, dated January
                17, 2007,
                Exhibit 3.1)
5.1
Opinion
                of Goldfarb, Levy, Eran, Meiri & Co.
23.1
Consent
                of Somekh Chaikin, a member of KPMG International
23.2
Consent
                of Goldfarb, Levy, Eran, Meiri & Co. (included in Exhibit
                5.1)
24.1
Power
                of Attorney (included on signature page)
99.1
2006
                Share Incentive Plan
(incorporated
                by reference to Exhibit 10.4 to the Registration Statement No. 333-140030
                on Form F-1, dated January 17, 2007)