Internet Gold Reports its Financial Results for the Third Quarter of 2016

RAMAT GAN, Israel, Nov. 23, 2016

Cash and Debt Position: As of September 30, 2016, Internet Gold's unconsolidated liquidity balance (comprised of cash and cash equivalents and short term investments) totaled NIS 377 million ($100 million), its unconsolidated total debt was NIS 936 million ($249 million) and its unconsolidated net debt was NIS 559 million ($149 million).

Internet Gold's Unconsolidated Balance Sheet Data (1)
(In millions)		Convenience
		translation into ARIVA.DE Börsen-Geflüster Kurse B COMMUNICATIONS LTD. 3,21 $ -13,2% BEZEQ ISRAEL TELCM UN/ADR 6,385 $ 0,00% Intnt Gold Golden Lines -   0,00%
		U.S. dollars
		(Note A)
	September 30,	September 30,	September 30,	December 31,
	2016	2016	2015	2015
	NIS	US$	NIS	NIS
Short term liabilities	139	37	202	153
Long term liabilities	797	212	930	926
Total debt	936	249	1,132	1,079
Liquidity balance	377	100	316	277
Net debt	559	149	816	802
(1) Does not include the consolidated balance sheet of B Communications and its subsidiaries.

B Communications' Refinancing: On September 18, 2016, the Company's subsidiary, B Communications, announced the completion of its successful issuance of approximately NIS 1.9 billion of Series C Debentures. The principal of the Series C Debentures, which is unlinked, will be payable in four equal annual installments payable on November 30 of each of the years 2020 through 2023 and one installment payable on November 30, 2024. Each of the first four installments will be equal to 7.5% of the principal amount of the aggregate amount of the Series C Debentures issued and the last installment will equal to 70% of such principal amount. The annual coupon of the Series C Debentures was set on 3.6% and will be denominated in NIS. The net proceeds from the offering were used to fully redeem B Communications' outstanding $717 million of 7 3/8% senior secured notes (the "Notes"). In addition, B Communications' terminated the cross currency swap hedge transactions it entered into to hedge its exposure to fluctuations in the US$ exchange rate as a result of the Notes issuance.

Internet Gold's Cash Management: Internet Gold manages its cash balances according to an investment policy that was approved by its board of directors. The investment policy seeks to preserve principal and maintain adequate liquidity while maximizing the income received from investments without significantly increasing the risk of loss. According to Internet Gold's investment policy more than 80% of its funds must be invested in investment-grade securities. As of today, 83% of its funds are invested in investment-grade securities.

Internet Gold's Third Quarter Consolidated Financial Results:

Internet Gold's consolidated revenues for the third quarter of 2016 totaled NIS 2.5 billion ($668 million), a 3.5% decrease compared to the NIS 2.6 billion reported in the third quarter of 2015. For both the current and the prior-year periods, Internet Gold's consolidated revenues consisted entirely of Bezeq's revenues.

Internet Gold's consolidated operating income for the third quarter of 2016 totaled NIS 487 million ($130 million), a 7.2% decrease compared to NIS 525 million reported in the third quarter of 2015.

Internet Gold's consolidated loss for the third quarter of 2016 totaled NIS 41 million ($11 million) compared with net income of NIS 236 million reported in the third quarter of 2015. The decrease resulted from B Communications' loss in the third quarter of 2016, which included a one-time refinancing and associated expenses of NIS 270 million.

Internet Gold's Third Quarter Unconsolidated Financial Results:

As of September 30, 2016 Internet Gold held approximately 65% of the outstanding shares of B Communications. Internet Gold's interest in B Communications' loss for the third quarter of 2016 totaled NIS 166 million ($44 million), compared with its share in B Communications' net income of NIS 25 million in the third quarter of 2015. B Communications' loss in the third quarter of 2016 included one-time refinancing and associated expenses of NIS 270 million.

Internet Gold's unconsolidated net financial expenses for the third quarter of 2016 totaled NIS 13 million ($4 million) compared with NIS 22 million in the third quarter of 2015. These expenses consist mainly of interest and CPI linkage expenses related to its publicly-traded debentures.

Internet Gold's loss attributable to shareholders for the third quarter of 2016 totaled NIS 180 million ($48 million) compared with net income attributable to shareholders of NIS 2 million in the third quarter of 2015.

In millions		Convenience
		translation
		into
		U.S. dollars
		(Note A)
	Three-month	Three-month	Three-month
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