global wireless matrix 1q05.pdf

Highlights

In 1Q05, wireless revenue and subscriber growth contained few surprises, but margins deteriorated in many markets,notably in Europe and Japan. Stock market performance has reflected this, with solid gains in North America and emergingmarkets offset by painful declines in Europe and Japan.

We continue to favour emerging markets wireless exposure and, among the developed country markets, North America overEurope. This quarter’s results highlight the margin risk in markets that are mature and competitive. In many of these markets,revenue deceleration is leading to increased rivalry and margin compression.

In this issue, we have introduced a “Mobile Matrix Scorecard” with composite attractiveness and momentum scores foreach country based on the historic data in the Matrix. We discuss the relationship between market structure, revenue growth,margins and investor expectations – and the risk that an economic slowdown could have a magnified impact on margins in maturemarkets. The implication: investors in mature wireless markets should demand a margin of safety.

For 1Q05, we estimate that aggregate service revenue growth was 18%, with subscriber growth of 22% for our 47 Matrixcountry markets. The aggregate EBITDA margin declined 1pt YoY to 39%, with steeper declines in Europe (2pts), Japan (7pts)and Latam (5pts) (where revenue growth accelerated). In the 16 markets with penetration above 90%, revenue growth was stillhealthy at 9%, but margins declined by 2pts YoY to 37%. There is still a wide divergence in the performance of these markets.

We have increased our 2005E-2006E global subscriber growth forecasts (again), as follows:

2005E: +13% to 298mn

2006E: +2% to 224mn

Please note that an interactive online database containing the data summarized in this report (and some supplementary chartsnot in this report) is available at: http://www.cwes01.com/10323/24789/Interactive_Global_Wireless_Matrix.xls

GLOBAL

Telecom Services-Wireless/Cellular

27 June 2005

Global Wireless Matrix 1Q05Do Wireless Markets Age Gracefully?

Merrill Lynch does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflictof interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.

Refer to important disclosures on page 156. Analyst Certification on page 155.

Global Securities Research & Economics Group Global Fundamental Equity Research DepartmentRC#60217801

ContributorsGlobal Team Coordinator

Glen Campbell (1) 416 [email protected]

Flora Chen (1) 416 [email protected]

See Team List for additional contributors

Contents Page1. Quarterly HighlightsError! Bookmarknot defined.2. Subscriber ForecastsError! Bookmarknot defined.3. Industry Metrics: 23

Subscribers 23Net Subscriber Additions 25Net Monthly Churn 27Wireless Penetration 31Average Revenue Per User 33Monthly Minutes Of Use 37Revenue Per Minute 41EBITDA Margins 45Percentage of ARPU From Data 49

4. Countries Table Index 57

C1346

Global Wireless Matrix 1Q05 – 27 June 2005

2 Refer to important disclosures on page 156.

Table 1: Industry Snapshot by Country– 1Q05

GDP/ Pop Mob. % Data % Monthly EBITDA No. of CPP5 MNP6

Cap ($)1 (m n) Mobile Fixed2 of GDP3 (m n) YoY Prepaid ($bn) YoY (US$) YoY4 (Min.) YoY (US$) YoY4 of ARPU Churn Margins Players Share YoYArgentina 3,740 39 37% 22% 1.5% 14.5 80% 71% 2 69% 13 -5% 127 8% 0.10 -12% N.A. 2.7% 16% 3 72% 12% Yes NoAustralia 29,712 20 90% 55% 0.8% 18.2 16% 45% 5 12% 22 -4% 163 1% 0.12 -5% 14% 1.7% 40% 4 79% -2% Yes YesAustria 34,627 8 101% 48% 1.6% 8.1 9% 44% 4 10% 47 1% 132 5% 0.31 -7% 14% 1.6% 32% 5 66% -4% Yes YesBelgium 32,979 10 86% 49% 1.5% 8.9 6% 65% 5 5% 47 -3% 149 0% 0.26 -3% 16% N.A. 43% 3 80% -3% Yes YesBrazil 3,182 184 38% 22% 1.5% 69.1 40% 80% 9 23% 11 -13% 84 -7% 0.12 -8% 6% 2.0% 24% 4 60% -4% Yes NoCanada 30,439 32 48% 64% 0.8% 15.3 11% 23% 8 15% 41 3% 358 13% 0.11 -12% 7% 1.8% 40% 3 70% -1% No NoChile 5,571 16 62% 23% 1.7% 9.9 27% 82% 1 18% 13 -8% 103 -8% 0.12 0% N.A. 2.0% 28% 3 84% +17% Yes NoChina 1,227 1,300 27% 17% 2.4% 349.1 20% 62% 38 14% 9 -7% 279 12% 0.03 -25% 19% 1.4% 47% 3 95% +9% No NoColombia 2,033 46 26% 18% 1.7% 12.2 73% 76% 2 94% 12 12% 131 38% 0.09 -19% N.A. 2.2% 21% 3 88% -3% Yes NoCzech 10,058 10 106% 36% 2.6% 10.9 11% 77% 3 5% 20 -5% 79 -5% 0.22 -1% 17% 1.1% 44% 3 83% -1% Yes NoDenmark 43,896 5 94% 69% 0.9% 5.0 5% 46% 2 10% 35 3% 158 16% 0.19 -11% 13% 2.6% 22% 4 76% -2% Yes YesEgypt 1,083 72 12% 11% 2.0% 8.6 41% 82% 2 34% 16 -3% 143 -10% 0.11 7% 6% 1.7% 54% 2 100% 0% Yes NoFinland 34,318 5 99% 52% 1.3% 5.1 7% 5% 2 -9% 43 -14% 258 10% 0.15 -23% 13% 3.2% 24% 3 86% +1% Yes YesFrance 32,153 60 75% 57% 1.5% 44.9 7% 38% 28 7% 49 -1% 224 3% 0.19 -6% 14% 1.7% 43% 3 83% -1% Yes YesGermany 32,404 82 88% 65% 1.0% 72.2 9% 50% 26 6% 31 -3% 75 2% 0.33 -5% 18% 1.5% 37% 4 76% -2% Yes YesGreece 18,036 11 106% 49% 2.5% 11.3 7% 66% 5 7% 36 -1% 118 5% 0.26 -6% 14% 1.9% 35% 4 73% -0% Yes YesHong Kong 23,592 7 105% 56% 1.4% 7.2 9% 0% 2 8% 26 0% 389 2% 0.06 -3% 9% 3.3% 27% 6 45% +3% No YesHungary 10,015 10 87% 36% 2.5% 8.8 10% 81% 3 10% 24 0% 114 5% 0.19 -5% 13% 1.3% 38% 3 80% -3% Yes YesIndia 603 1,053 5% 4% 1.1% 52.2 55% 76% 7 66% 12 2% 357 21% 0.03 -21% 9% 6.1% 35% 5 48% +10% Yes NoIndonesia 1,003 220 14% 4% 1.6% 31.5 52% N.A. 4 29% 10 -17% N.A. N.A. N.A. N.A. 27% 8.4% 67% 7 89% +5% Yes NoIreland 43,862 4 97% 50% 1.5% 3.9 12% 75% 3 9% 58 -3% 210 6% 0.22 -12% 21% N.A. 41% 3 90% -4% Yes YesIsrael 17,165 7 107% 45% 2.6% 7.3 8% N.A. 3 4% 34 -4% 302 3% 0.11 -8% 7% 1.3% 31% 4 67% +0% Yes NoItaly 28,649 57 112% 48% 1.7% 64.3 12% 91% 28 13% 36 -1% 122 4% 0.25 -6% 15% 1.3% 48% 4 76% -6% Yes YesJapan 36,184 128 72% 48% 1.5% 91.5 5% 4% 69 -1% 63 -6% 146 -7% 0.32 0% 25% 1.3% 24% 7 75% +2% Yes No7

Korea 13,806 48 77% 54% 2.5% 37.1 6% 3% 17 7% 39 0% 298 -1% 0.11 -3% 16% 2.5% 37% 3 84% -1% Yes YesMalaysia 4,418 26 62% 19% 2.9% 15.8 35% 83% 3 13% 18 -15% 177 -6% 0.09 -10% 15% 2.4% 48% 3 78% -1% Yes NoMexico 6,377 105 39% 18% 1.3% 40.5 28% 91% 9 26% 18 -1% 105 2% 0.16 -5% 7% 3.0% 31% 5 91% +1% Yes NoNetherlands 34,836 16 102% 62% 1.4% 16.4 18% 62% 8 5% 39 -10% 129 -5% 0.26 -7% 14% 2.2% 25% 5 61% -1% Yes YesNew Zealand 23,120 4 82% 45% 1.6% 3.4 15% 69% 1 11% 37 -4% 144 -5% 0.22 -2% 13% 1.6% 41% 2 100% 0% Yes NoNigeria 496 136 8% 1% 6.6% 10.2 162% 99% 4 105% 40 -22% N.A. N.A. N.A. N.A. N.A. N.A. 50% 4 68% -10% Yes NoNorw ay 52,861 5 104% 74% 1.0% 4.7 12% 55% 2 6% 48 -6% 175 -1% 0.23 -6% 18% N.A. 36% 2 100% 0% Yes YesPakistan 538 152 6% 3% N.A. 9.7 N.A. 100% N.A . N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4 84% N.A.Philippines 1,019 83 42% 4% 3.9% 35.2 43% 91% 3 39% 8 -5% N.A. N.A. N.A. N.A. 36% 4.0% 66% 4 81% -2% Yes NoPoland 5,912 39 63% 30% 2.5% 24.4 31% 59% 6 12% 20 -15% 70 1% 0.22 -21% 20% 2.4% 41% 3 70% +1% Yes NoPortugal 16,021 10 107% 42% 2.5% 10.8 5% 74% 4 4% 31 -2% 116 0% 0.24 -4% 10% 2.3% 37% 3 80% +1% Yes YesRussia 4,016 146 59% 24% 1.3% 85.6 103% 91% 8 32% 8 -35% 113 -7% 0.06 -31% 14% 2.1% 50% 3 70% +2% No NoSingapore 23,999 4 94% 46% 1.5% 4.0 12% 34% 2 4% 32 -6% 291 5% 0.09 -13% 19% 1.3% 43% 3 70% -3% No YesSouth A frica 3,687 47 47% 11% 3.8% 22.2 36% 0% 7 22% 26 -7% 138 -9% 0.18 1% 5% 2.8% 35% 3 89% +2% Yes No7

Spain 23,447 40 100% 43% 2.1% 40.0 5% 52% 19 13% 42 7% 135 16% 0.27 -9% 14% 1.3% 40% 3 76% -1% Yes YesSw eden 37,363 9 111% 74% 0.9% 9.8 8% 59% 3 -6% 30 -5% 123 10% 0.23 -14% 7% 1.0% 42% 4 81% -3% Yes YesSw itzerland 47,493 7 88% 73% 1.4% 6.3 4% 41% 5 3% 67 -4% 112 -3% 0.50 -2% 17% 0.6% 42% 3 82% +0% Yes YesTaiw an 13,359 23 93% 58% 1.8% 21.1 -11% 16% 6 -2% 22 12% 200 8% 0.10 3% 6% 2.5% 49% 3 70% +1% Yes NoThailand 2,556 63 45% 11% 2.3% 28.2 21% 85% 4 16% 11 -4% 157 0% 0.07 -4% 3% 1.9% 52% 5 84% -5% Yes NoTurkey 4,428 72 51% 27% 1.5% 36.8 27% 75% 5 19% 11 -6% 60 6% 0.17 -11% 12% 0.8% 33% 3 86% +0% Yes NoUK 35,505 60 106% 59% 1.4% 63.2 13% 67% 29 11% 42 -4% 146 2% 0.23 -8% 21% 2.4% 30% 5 50% -1% Yes YesUS 39,991 296 64% 65% 1.0% 187.9 15% 9% 114 15% 54 -1% 625 8% 0.08 -8% 7% 2.0% 30% 5 51% +12% No YesVenezuela 4,019 26 33% 11% 1.8% 8.8 23% 97% 2 35% 18 9% 75 -7% 0.21 17% 15% N.A. 31% 4 82% +0% Yes NoTOTAL/AVG 7,922 4,803 34% 21% 1.4% 1,652 22% 55% 519 18% 27 -6% 236 6% 0.14 -12% 15% 2.1% 39% 76%

Penetration Service Rev.3Subscribers Top 2 PlayersARPU MOU RPM

Source: ML estimates. Average calculations weighted by subscribers. Notes: 1) Source: IMF World Economic Outlook Database, September 2004. 2) Source: ITU. 3) ML estimate based on annualized average ARPU as of the most recent quarter andaverage subscribers over the past quarter. 4) YoY change in ARPU and RPM calculated in reported currency terms. 5) CPP = Calling Party Pays. 6) MNP = Mobile Number Portability. 7) South Africa is expected to have MNP in late 2005 and Japan in2006.


Refer to important disclosures on page 156. 3

Table 2: Industry Snapshot by Region – 1Q05

GDP/ Pop Mob. % Data % Monthly EBITDA No. of CPP5 MNP6

Cap ($)1 (m n) M obile Fixed2 of GDP3 (m n) YoY Pre paid ($bn) YoY (US$) YoY4 (Min.) YoY (US$) YoY4 of ARPU Churn Margins Players Share YoY

DEVELOPED COUNTRY TOTAL 34,879 880 80% 58% 1.3% 702 10.7% 37% 375 9.2% 46 -2% 275 4% 0.21 -7% 14% 1.7% 34%

ASIA-PACIFIC 34,201 163 76% 49% 1.4% 124 7.3% 12% 79 1.7% 53 -5% 167 -5% 0.27 -1% 22% 1.4% 28%

Australia 29,712 20 90% 55% 0.8% 18.2 15.7% 45% 5 11.6% 22 -4% 163 1% 0.12 -5% 14% 1.7% 40% 4 79% -2% Yes Yes

Hong Kong 23,592 7 105% 56% 1.4% 7.2 8.8% 0% 2 8.4% 26 0% 389 2% 0.06 -3% 9% 3.3% 27% 6 45% 3% No Yes

Japan 36,184 128 72% 48% 1.5% 91.5 5.1% 4% 69 -1.3% 63 -6% 146 -7% 0.32 0% 25% 1.3% 24% 7 75% 2% Yes Yes

New Zealand 23,120 4 82% 45% 1.6% 3.4 14.8% 69% 1 11.4% 37 -4% 144 -5% 0.22 -2% 13% 1.6% 41% 2 100% 0% Yes Yes

Singapore 23,999 4 94% 46% 1.5% 4.0 11.6% 34% 2 4.1% 32 -6% 291 5% 0.09 -13% 19% 1.3% 43% 3 70% -3% No Yes

EUROPE 31,646 389 96% 56% 1.5% 375 9.6% 60% 174 8.4% 39 -2% 135 4% 0.26 -7% 16% 1.7% 38%Austria 34,627 8 101% 48% 1.6% 8.1 9.4% 44% 4 10.3% 47 1% 132 5% 0.31 -7% 14% 1.6% 32% 5 66% -4% Yes Yes

Belgium 32,979 10 86% 49% 1.5% 8.9 6.1% 65% 5 4.7% 47 -3% 149 0% 0.26 -3% 16% N.A. 43% 3 80% -3% Yes Yes

Denmark 43,896 5 94% 69% 0.9% 5.0 5.1% 46% 2 9.7% 35 3% 158 16% 0.19 -11% 13% 2.6% 22% 4 76% -2% Yes Yes

Finland 34,318 5 99% 52% 1.3% 5.1 7.3% 5% 2 -9.3% 43 -14% 258 10% 0.15 -23% 13% 3.2% 24% 3 86% 1% Yes Yes

France 32,153 60 75% 57% 1.5% 44.9 7.1% 38% 28 7.3% 49 -1% 224 3% 0.19 -6% 14% 1.7% 43% 3 83% -1% Yes Yes

Germany 32,404 82 88% 65% 1.0% 72.2 9.3% 50% 26 6.2% 31 -3% 75 2% 0.33 -5% 18% 1.5% 37% 4 76% -2% Yes Yes

Greece 18,036 11 106% 49% 2.5% 11.3 6.9% 66% 5 7.1% 36 -1% 118 5% 0.26 -6% 14% 1.9% 35% 4 73% 0% Yes Yes

Ireland 43,862 4 97% 50% 1.5% 3.9 11.6% 75% 3 8.6% 58 -3% 210 6% 0.22 -12% 21% N.A. 41% 3 90% -4% Yes Yes

Italy 28,649 57 112% 48% 1.7% 64.3 11.8% 91% 28 12.6% 36 -1% 122 4% 0.25 -6% 15% 1.3% 48% 4 76% -6% Yes Yes

Netherlands 34,836 16 102% 62% 1.4% 16.4 18.0% 62% 8 5.2% 39 -10% 129 -5% 0.26 -7% 14% 2.2% 25% 5 61% -1% Yes Yes

Norw ay 52,861 5 104% 74% 1.0% 4.7 12.0% 55% 2 5.9% 48 -6% 175 -1% 0.23 -6% 18% N.A. 36% 2 100% 0% Yes Yes

Portugal 16,021 10 107% 42% 2.5% 10.8 5.4% 74% 4 3.5% 31 -2% 116 0% 0.24 -4% 10% 2.3% 37% 3 80% 1% Yes Yes

Spain 23,447 40 100% 43% 2.1% 40.0 5.0% 52% 19 13.1% 42 7% 135 16% 0.27 -9% 14% 1.3% 40% 3 76% -1% Yes Yes

Sw eden 37,363 9 111% 74% 0.9% 9.8 8.3% 59% 3 -5.8% 30 -5% 123 10% 0.23 -14% 7% 1.0% 42% 4 81% -3% Yes Yes

Sw itzerland 47,493 7 88% 73% 1.4% 6.3 4.0% 41% 5 3.3% 67 -4% 112 -3% 0.50 -2% 17% 0.6% 42% 3 82% 0% Yes Yes

UK 35,505 60 106% 59% 1.4% 63.2 13.0% 67% 29 10.8% 42 -4% 146 2% 0.23 -8% 21% 2.4% 30% 5 50% -1% Yes YesNORTH AMERICA 39,056 328 62% 65% 0.9% 203 14.9% 10% 122 15.4% 53 -1% 605 8% 0.08 -9% 7% 2.0% 30%

Canada 30,439 32 48% 64% 0.8% 15.3 11.4% 23% 8 15.2% 41 3% 358 13% 0.11 -12% 7% 1.8% 40% 3 70% -1% No No

US 39,991 296 64% 65% 1.0% 187.9 15.2% 9% 114 15.4% 54 -1% 625 8% 0.08 -8% 7% 2.0% 30% 5 51% 12% No YesEMERGING MARKET TOTAL 1,867 3,923 24% 13% 1.9% 950 36.3% 66% 144 23.8% 13 -9% 1,469 6% 0.08 -17% 15% 2.4% 43%EMERGING ASIA 1,301 2,967 20% 11% 1.8% 580 24.9% 59% 81 20.0% 12 -6% 275 10% 0.04 -20% 18% 2.5% 48%

China 1,227 1,300 27% 17% 2.4% 349.1 20.2% 62% 38 13.7% 9 -7% 279 12% 0.03 -25% 19% 1.4% 47% 3 95% 9% No No

India 603 1,053 5% 4% 1.1% 52.2 55.2% 76% 7 65.8% 12 2% 357 21% 0.03 -21% 9% 6.1% 35% 5 48% 10% Yes No

Indonesia 1,003 220 14% 4% 1.6% 31.5 52.0% N.A. 4 29.2% 10 -17% N.A. N.A. N.A. N.A. 27% 8.4% 67% 7 89% 5% Yes 0%

Korea 13,806 48 77% 54% 2.5% 37.1 6.0% 3% 17 7.4% 39 0% 298 -1% 0.11 -3% 16% 2.5% 37% 3 84% -1% Yes Yes

Malaysia 4,418 26 62% 19% 2.9% 15.8 34.7% 83% 3 13.3% 18 -15% 177 -6% 0.09 -10% 15% 2.4% 48% 3 78% -1% Yes No

Pakistan 538 152 6% 3% N.A. 9.7 N.A. 100% N.A . N.A. N.A . N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4 84% N.A. 0% 0%

Philippines 1,019 83 42% 4% 3.9% 35.2 42.9% 91% 3 38.7% 8 -5% N.A. N.A. N.A. N.A. 36% 4.0% 66% 4 81% -2% Yes 0%

Taiw an 13,359 23 93% 58% 1.8% 21.1 -10.6% 16% 6 -2.1% 22 12% 200 8% 0.10 3% 6% 2.5% 49% 3 70% 1% Yes 0%

Thailand 2,556 63 45% 11% 2.3% 28.2 20.7% 85% 4 16.2% 11 -4% 157 0% 0.07 -4% 3% 1.9% 52% 5 84% -5% Yes 0%EMERGING EUROPE 3,293 539 40% 17% 3.1% 215 63.4% 71% 39 27.0% 16 -19% 107 -3% 0.13 -18% 13% 1.9% 43%

Czech 10,058 10 106% 36% 2.6% 10.9 11.1% 77% 3 5.4% 20 -5% 79 -5% 0.22 -1% 17% 1.1% 44% 3 83% -1% Yes Yes

Egypt 1,083 72 12% 11% 2.0% 8.6 41.5% 82% 2 33.5% 16 -3% 143 -10% 0.11 7% 6% 1.7% 54% 2 100% 0% Yes No

Hungary 10,015 10 87% 36% 2.5% 8.8 9.6% 81% 3 9.6% 24 0% 114 5% 0.19 -5% 13% 1.3% 38% 3 80% -3% Yes Yes

Israel 17,165 7 107% 45% 2.6% 7.3 8.2% N.A. 3 3.8% 34 -4% 302 3% 0.11 -8% 7% 1.3% 31% 4 67% 0% Yes No

Nigeria 496 136 8% 1% 6.6% 10.2 161.7% 99% 4 104.7% 40 -22% N.A. N.A. N.A. N.A. N.A. N.A. 50% 4 68% -10% Yes 0%

Poland 5,912 39 63% 30% 2.5% 24.4 31.3% 59% 6 12.1% 20 -15% 70 1% 0.22 -21% 20% 2.4% 41% 3 70% 1% Yes No

Russia 4,016 146 59% 24% 1.3% 85.6 102.5% 91% 8 32.4% 8 -35% 113 -7% 0.06 -31% 14% 2.1% 50% 3 70% 2% No No

South A frica 3,687 47 47% 11% 3.8% 22.2 36.4% 0% 7 22.4% 26 -7% 138 -9% 0.18 1% 5% 2.8% 35% 3 89% 2% Yes 0%

Turkey 4,428 72 51% 27% 1.5% 36.8 27.3% 75% 5 19.0% 11 -6% 60 6% 0.17 -11% 12% 0.8% 33% 3 86% 0% Yes NoLATIN AMERICA 4,059 417 37% 20% 1.5% 155 41.2% 83% 24 34.0% 13 -5% 98 0% 0.13 -7% 7% 2.4% 26%

Argentina 3,740 39 37% 22% 1.5% 14.5 80.1% 71% 2 69.1% 13 -5% 127 8% 0.10 -12% N.A. 2.7% 16% 3 72% 12% Yes Yes

Brazil 3,182 184 38% 22% 1.5% 69.1 39.6% 80% 9 23.0% 11 -13% 84 -7% 0.12 -8% 6% 2.0% 24% 4 60% -4% Yes No

Chile 5,571 16 62% 23% 1.7% 9.9 26.6% 82% 1 18.0% 13 -8% 103 -8% 0.12 0% N.A. 2.0% 28% 3 84% 17% Yes No

Colombia 2,033 46 26% 18% 1.7% 12.2 72.9% 76% 2 93.9% 12 12% 131 38% 0.09 -19% N.A. 2.2% 21% 3 88% -3% Yes No

Mexico 6,377 105 39% 18% 1.3% 40.5 28.2% 91% 9 25.9% 18 -1% 105 2% 0.16 -5% 7% 3.0% 31% 5 91% 1% Yes No

Venezuela 4,019 26 33% 11% 1.8% 8.8 23.0% 97% 2 34.6% 18 9% 75 -7% 0.21 17% 15% N.A. 31% 4 82% 0% Yes NoGRAND TOTAL 7,922 4,803 34% 21% 1.4% 1,652 22.4% 55% 519 17.6% 27 -6% 236 6% 0.14 -12% 15% 2.1% 39%

Top 2 PlayersMOU RPMPenetration Subscribers Service Rev.3 ARPU

Source: ML estimates. Average calculations weighted by subscribers. Notes: 1) Source: IMF World Economic Outlook Database, September 2004. 2) Source: ITU. 3) ML estimate based on annualized average ARPU as of the most recent quarter andaverage subscribers over the past quarter. 4) YoY change in ARPU and RPM calculated in reported currency terms. 5) CPP = Calling Party Pays. 6) MNP = Mobile Number Portability. 7) South Africa is expected to have MNP in late 2005 and Japan in2006.



1. Quarterly Highlights

A Tough Quarter – for Some

Telecom stocks have turned in a very mixed performance in the last threemonths. We have seen solid telecom stock performances in emerging markets(+5.4% in dollar terms), Asia-Pac (+4.0% ex-Japan) and the U.S. (+3.1%); telcostocks have performed poorly in Japan (-5.7%) and Europe (-7.1%). We haveseen strong performances by many wireless names – notably Telus,Nextel/Sprint, Alltel, Rogers Communications, Americal Movil, Turkcelland SK Telecom.

Sharp declines in Europe’s telcos reflect lowered expectations (andguidance reductions) for wireless. The Japanese wireless names (DoCoMoand KDDI) have also underperformed wireline. In Europe, while wireless hasbeen the key source of trouble, the full-service telcos have been hit harder thanthe pure plays. In this quarter’s European Wireless Matrix report, just released,Laura Mills, Jesus Romero and the ML European telecom team look at thesituation of Europe’s incumbents: Facing increased pressure from smalleroperators, they are now sacrificing historically high margins in order to protectmarket share.

Wireless Stock We Still Like

Our list of buy-rated wireless names is shrinking, largely reflecting run-upsin names that we have liked (including Korea’s KTF and Turkcell, bothrecently downgraded to Neutral). Table 3 lists buy-rated wireless stocks fromour global coverage list.

Table 3: Buy-rated Wireless Stocks

Company ML Ticker Primary Market Last Closing(6/20/05) ML Rating Analyst

Advanced Info XVDIF Thailand THB 101.00 C-1-7 Verdi BudimanAlltel AT United States USD 60.96 C-1-7 David JanazzoAmerica Movil AMX Mexico USD 61.16 C-1-7 Mauricio FernandesBharti BHTIF India INR 233.60 C-1-9 Reena VermaBouygues BOUYF France EUR 32.49 B-1-7 Benjamin BilliardChina Mobile - A CHLKF Hong Kong HKD 28.55 C-1-7 Wendy LiuDiGi.com Bhd DIGBF Malaysia MYR 5.25 C-1-7 Alistair ScottECMS MobiNil EGYMF Egypt EGP 176.00 C-1-7 Stephen PettyferFarEasTone FEOTF Taiwan TWD 41.00 C-1-8 Wendy LiuMMO2 PLC OOTFF United Kingdom GBP 128.50 B-1-7 Laura MillsMTS MBT Russia USD 32.15 C-1-7 Stephen PettyferNTT DoCoMo NTDMF Japan JPY 170,000 C-1-7 Yasumasa GodaRogers Comm YRCIB Canada CAD 40.19 B-1-7 Glen CampbellSK Telecom- A SKMTF Korea KRW 191,500 C-1-7 John KimSprint FON U.S. USD 24.97 C-1-7 David JanazzoTaiwan Cellular TWCRF Taiwan TWD 32.30 C-1-7 Wendy LiuTele Centro. TRO Brazil USD 10.70 C-1-7 Mauricio FernandesUS Cellular Corp USM United States USD 49.38 C-1-9 David JanazzoVodafone Group VODPF United Kingdom GBP 136.25 B-1-7 Laura Mills

Source: Merrill Lynch

In addition, we continue to see value in selected full-service stocks withabove-average exposure to good wireless markets, including France Telecom,PLDT (Philippines), SingTel, Telkom (Indonesia), Telecom New Zealand,Telenor and Telus.



Good Markets and Bad Markets

We continue to prefer low-penetration markets where continuing handset andnetwork cost declines increase the addressable market. In our view, penetrationgrowth off a low base is a surer source of revenue growth than ARPU gains orpenetration growth from higher levels. Also, margins in low penetration marketsoften have room to expand as the growth S-curve flattens. Latin Americarepresents an interesting opportunity here. Low-penetration marketopportunities are getting harder to find, with the explosive recent increases inwireless penetration (and share prices) in many emerging markets.

Among more mature markets, there is striking variation in growth ratesand margins (as the data in Table 2 indicates).

• Revenue growth rates reflect a complex mix of factors: subscribergrowth, increases in voice usage and new data applications – offset bypricing changes.

• Pricing changes are critical in the short term. Work by Laura Mills,Jesus Romero and the ML European telecom team (published in their April14 4Q04 European Wireless Matrix) highlights the correlation betweenchanges in voice pricing and service revenue growth (see Chart 1). Thisdata supports the case that gradual price declines are offset by usage growthbut sudden declines are not. The obvious example is regulator-induced cuts(e.g. in termination rates); we also see pricing pressure when carriers pushto gain (or retain) market share.

• As top line growth slows generally, margins are becoming a moreimportant share price driver. We see margins in turn as a function ofmarket structure and competitive dynamics. Work by David Janazzo andthe U.S. team shows a clear correlation between margins in a market andthe number of operators – with market share for individual operatorscorrelated with market share (see Charts 2 and 3 from his report dated May31, Mining the Data).

• A best case in our view is a market with two or three well-behavedoperators with market shares that are similar. Here, oligopoly pricingshould prevail. Markets that come to mind include Canada, Mexico andNew Zealand.

• A worst case is a multi-player market with “leaders and followers”, inwhich the followers are well-financed and/or face exit barriers – but havethe capacity and motivation to take share from the leaders and force pricingdown to a level which eliminates economic profit. Mobile Virtual NetworkOperator (MVNO) activity can create similar pressure. Examples ofmarkets with these characteristics include Hong Kong, the U.S. (nowimproving with consolidation) and Brazil.

Since future market conditions are more important to value than the statusquo, some investors favour a contrarian approach: buying into markets withdepressed margins or revenue growth, looking for appreciation when conditionsnormalize. Consolidation is usually the quickest and most dramatic form ofmarket repair (as seen recently in the U.S. and Canada) but the timing is noteasily predicted. Investors in US wireless suffered for many years beforeconsolidation finally happened. But the current consolidation wave creates agood argument for owning potential acquisition targets. It also creates a case forowning stocks in markets that are ripe for restructuring or consolidation.

Chart 1: Service Revenue Growth vs. Change in Voice Revenue per Minute (4Q04)

SWE

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Source: ML estimates



Chart 2: Country Average EBITDA Margin vs. Number of Networks (4Q04)

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Chart 3: Country Average EBITDA Margin vs. Top 2 Subscriber Market Share (4Q04)

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Introducing Our Mobile Market Scorecard

For this report, we have developed a new “Mobile Market Scorecard” tocompare wireless markets on several measures of attractiveness (Tables 3 and4), under four headings:

• market potential

• growth

• profitability

• competition

Metrics in the table are shaded as follows:

• Favourable: Grey

• Neutral: White

• Unfavourable: Dark

We have set “favourable” and “unfavourable” thresholds for each measure asshown at the bottom of these tables.

The “summary score” for each country is equal to the proportion offavourable scores (i.e. highlighted grey backgrounds) across all 12 measures –with “neutral” (white) metrics receiving a half point instead of a full point(i.e., so that a country would be scored 50% if it had “neutral” metrics on allmeasures; 100% if all metrics are favourable; and 0% if all metrics areunfavourable).

The “momentum score” attempts to capture changes in marketattractiveness and is calculated in the same manner, based on only threemeasures:

• service revenue acceleration (defined as this quarter’s service revenuegrowth less the average for the previous three quarters)

• EBITDA margin YoY change

• top 2 players’ YoY market share change



This scoring approach has clear limitations – it is unweighted and is based onlyon the historic data captured in the Matrix. It does not take into account futurelicensing, consolidation, termination rate cuts, MVNO activity or other suchfactors. Nonetheless, it does allow us to highlight markets that are more or lessattractive.

We have identified markets with high scores, positive momentum and stocksthat are significantly exposed to them, as follows:

• India (Bharti)

• Indonesia (Indosat)

• Korea (SKT, KTF, LG Telecom)

• Philippines (PLDT)

• South Africa (MTN, Telkom SA)

• Canada (Rogers, Telus)

Good Times and Bad Times

We believe that wireless demand is economically sensitive, although we havenot seen this relationship documented. While most people would probably notcancel their wireless service in hard times, it is reasonable to assume thatsubscriber growth would be affected at the margin – as would roaming andusage in cyclical high-spending segments such as finance and housing-relatedindustries.

We believe that top line growth, margins and competitive dynamics arerelated to economic growth – and to each other, through investor andmanagement expectations. Put simply, if market growth exceeds expectations,carriers will be under less pressure to gain market share in order to meet theirbudgets, allowing margins to expand. If market growth falls short ofexpectations, we think carriers will tend to fight harder for market share,aggravating margin contraction.

For investors, the key implication is that the wireless sector is cyclical to agreater degree than is generally believed. The effect of past cycles was maskedby secular growth; with future cycles this may not be true. This argues forcaution at the margin, particularly for investors seeking to be defensivelypositioned.



Table 3: Mobile Market Scorecard – Developed Country Markets

Mobile Fixed MOU Mobile Service Service Rev/Min Average YoY Top 2 Top 2

Penetrn Line per Spend/ Revenue Revenue YoY EBITDA Margin No. of Share Share YoY Point Mom entum Key

Country Rate Penetrn Capita GDP Growth Accelern Change Margin Chg (bp) Networks 4Q04 Change Score Score Stocks

ASIA-PACIFIC:

Australia 90% 55% 146 0.8% 12% -1% -5.3% 40% 129 4 79% -2.0% 58% 67% Telstra

Hong Kong 105% 56% 407 1.4% 8% 3% -3.2% 27% (267) 6 45% 2.6% 42% 67% SmarTone

Japan 72% 48% 104 1.5% -1% 1% -0.1% 24% (816) 7 75% 2.0% 46% 67% NTT DoCoMo, KDDI

New Zealand 82% 45% 117 1.6% 11% -6% -2.5% 41% (71) 2 100% 0.0% 63% 33% TC NZ

Singapore 94% 46% 273 1.5% 4% -6% -13.0% 43% 100 3 70% -3.2% 46% 33% M1, Starhub, SingTel

EUROPE:

Austria 101% 48% 132 1.6% 10% -4% -6.8% 32% 38 5 66% -4.1% 33% 33% Telekom Austria

Belgium 86% 49% 129 1.5% 5% -6% -2.9% 43% (144) 3 80% -3.5% 54% 17% Mobistar. Belgacom

Denmark 94% 69% 148 0.9% 10% 2% -10.8% 22% (190) 4 76% -2.4% 46% 50% TDC

Finland 99% 52% 255 1.3% -9% -11% -22.7% 24% (1,624) 3 86% 0.8% 33% 17%

France 75% 57% 167 1.5% 7% -4% -5.6% 43% (15) 3 83% -0.8% 58% 33% Bouy gues, FT

Germany 88% 65% 66 1.0% 6% -1% -5.4% 37% 60 4 76% -2.3% 54% 50% DT, O2

Greece 106% 49% 125 2.5% 7% -9% -5.7% 35% (167) 4 73% -0.1% 38% 33% OTE

Ireland 97% 50% 204 1.5% 9% -4% -12.1% 41% (95) 3 90% -4.0% 50% 17%

Italy 112% 48% 137 1.7% 13% 2% -6.3% 48% (140) 4 76% -6.3% 46% 50% TIM

Netherlands 102% 62% 131 1.4% 5% 1% -7.2% 25% (202) 5 61% -0.9% 42% 50% KPN

Norw ay 104% 74% 182 1.0% 6% -8% -6.2% 36% 21 2 100% 0.0% 54% 50% Telenor

Portugal 107% 42% 125 2.5% 4% -4% -3.9% 37% (10) 3 80% 0.6% 50% 33% PT

Spain 100% 43% 135 2.1% 13% -1% -9.4% 40% (343) 3 76% -1.4% 50% 33% Telefonica

Sw eden 111% 74% 137 0.9% -6% -2% -13.7% 42% (38) 4 81% -2.8% 42% 17% TeliaSonera

Sw itzerland 88% 73% 99 1.4% 3% -2% -2.0% 42% 369 3 82% 0.3% 67% 50% Sw isscom

UK 106% 59% 154 1.4% 11% -1% -8.4% 30% (207) 5 50% -1.1% 33% 33% O2

NORTH AMERICA:

Canada 48% 64% 170 0.8% 15% -2% -11.6% 40% 328 3 70% -0.7% 71% 67% Rogers, Telus

US 64% 65% 397 1.0% 15% 2% -8.4% 30% (4) 5 51% 12.1% 54% 83% Sprint, US Cellular, Alltel

SCORING THRESHOLDS:Fav ourable 50% 25% 100 1.5% 15% 0% -5.0% 40% 0 3 80% 2.0% 60% 67%

Unfav ourable 100% 45% 250 3.0% 5% -2% -15.0% 25% (200) 5 50% -2.0% 40% 33%

SUMMARYCompetitionMarket Potential Growth Margins

Source: ML estimates“Key Stocks” are stocks covered by Merrill Lynch that offer a significant degree of exposure to a given country’s wireless market.



Table 4: Mobile Market Scorecard – Emerging Markets

Mobile Fixed MOU Mobile Service Service Rev/Min Average YoY Top 2 Top 2

Penetrn Line per Spend/ Revenue Revenue YoY EBITDA Margin No. of Share Share YoY Point Mom entum Key

Country Rate Penetrn Capita GDP Growth Accelern Change Margin Chg (bp) Networks 4Q04 Change Score Score Stocks

EMERGING ASIA:

China 105% 17% 291 2.4% 14% -2% -24.9% 47% (301) 3 95% 9.4% 50% 33% China Mobile, C hina Unicom

India 88% 4% 315 1.1% 66% -24% -20.6% 35% 260 5 48% 9.7% 50% 67% Bharti, Reliance

Indonesia 88% 4% N.A. 1.6% 29% -10% N.A. 67% 152 7 89% 5.4% 70% 67% Indosat

Korea 75% 54% 222 2.5% 7% 0% -3.4% 37% 44 3 84% -1.3% 67% 83% SKT, KTF, LG Telecom

Malay sia 72% 19% 127 2.9% 13% -7% -9.6% 48% (51) 3 78% -1.3% 58% 33% DIGI.com, Max is

Pakistan 51% 3% N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4 84% N.A. 75% N.A.

Philippines 48% 4% N.A. 3.9% 39% 4% N.A. 66% 247 4 81% -1.6% 80% 83% PLDT,Globe

Taiw an 27% 58% 54 1.8% -2% -5% 2.6% 49% 109 3 70% 0.6% 63% 50% FarEasTone, Taiwan Mobile

Thailand 26% 11% 42 2.3% 16% -3% -4.1% 52% (450) 5 84% -5.5% 63% 0% AIS, Total Access

EMERGING EUROPE:

Czech 102% 36% 80 2.6% 5% 0% -1.0% 44% 81 3 83% -1.1% 71% 67%

Egy pt 100% 11% 144 2.0% 34% -3% 7.2% 54% 874 2 100% 0.0% 71% 50% ECM S MobiN il

Hungary 90% 36% 102 2.5% 10% 0% -4.6% 38% (301) 3 80% -2.7% 58% 33% Matav

Israel 86% 45% 261 2.6% 4% -3% -8.1% 31% 160 4 67% 0.0% 38% 50% Partner

Nigeria 62% 1% N.A. 6.6% 105% -16% N.A. 50% (100) 4 68% -10.2% 50% 17% MTN

Poland 47% 30% 33 2.5% 12% -6% -21.3% 41% 677 3 70% 0.7% 63% 50%

Russia 42% 24% 48 1.3% 32% -11% -31.3% 50% (188) 3 70% 1.6% 71% 33% MTS, Vimpelcom

South Africa 38% 11% 52 3.8% 22% 3% 1.3% 35% 277 3 89% 1.7% 83% 83% MTN , Telkom SA

Turkey 14% 27% 9 1.5% 19% -17% -10.6% 33% (98) 3 86% 0.4% 67% 33% Turkcell

LATIN AMERICA:

Argentina 112% 22% 143 1.5% 69% 6% -12.1% 16% (1,274) 3 72% 11.7% 63% 67%

Brazil 106% 22% 90 1.5% 23% 5% -8.1% 24% (347) 4 60% -4.1% 54% 33% Telesp, Telemig, Tele Centro, PT

Chile 106% 23% 109 1.7% 18% 1% 0.1% 28% (46) 3 84% 16.7% 75% 83%

Colombia 104% 18% 136 1.7% 94% 40% -18.6% 21% (445) 3 88% -2.7% 50% 33%

Mex ico 64% 18% 67 1.3% 26% -4% -5.5% 31% (160) 5 91% 0.9% 63% 33% America M ov il

Venezuela 6% 11% 5 1.8% 35% 5% 17.3% 31% 114 4 82% 0.4% 83% 83%

SCORING THRESHOLDS:Fav ourable 50% 25% 100 1.5% 15% 0% -5.0% 40% 0 3 80% 2.0% 60% 67%

Unfav ourable 100% 45% 250 3.0% 5% -2% -15.0% 25% (200) 5 50% -2.0% 40% 33%

CompetitionMarket Potential Growth Margins SUMMARY

Source: ML estimates“Key Stocks” are stocks covered by Merrill Lynch that offer a significant degree of exposure to a given country’s wireless market.



Matrix Trend Review

Penetration reached 34% as of 1Q05 for the 47 countries in the MerrillLynch global wireless matrix, up 1 point for the quarter and 5 points YoY.The subscriber count reached 1.65bn for these countries, or ~89% of anestimated world total of 1.85bn. Aggregate penetration reached 80% for thedeveloped country markets and 24% for emerging markets. By region,estimated 1Q05 penetration varies from 96% (Western Europe) to 20% inEmerging Asia. (Africa would be lower, but we do not track it separately.) Alldeveloped country markets now have penetration rates of 80%+ with theexception of Canada (48%), the U.S. (64%), Japan (72%) and France (75%).

� Subscriber Growth:

YoY subscriber growth was 22% for the Matrix countries – equal to theprevious quarter. Growth rates were fairly stable for the developed countries(11%, up marginally from 10% in 4Q04) and for the emerging markets (36% vs.34%).

Table 5: Subscriber Growth and Penetration by Region

Region Subscriber Growth (YoY) Penetration Penetration Increase1Q05 4Q04 1Q05 1Q05 4Q04

GEM countries 36.3% 34.2% 24.2% 1.9% 1.8% Emerging Asia 24.9% 28.3% 19.5% 0.8% 1.0% EESA 63.4% 49.6% 39.9% 3.9% 4.5% Latam 41.2% 39.7% 37.2% 1.9% 4.0%Developed countries 10.7% 10.3% 79.8% 1.4% 2.4% Asia Pac 7.3% 7.7% 76.1% 1.2% 1.3% Europe 9.6% 9.5% 96.4% 1.5% 3.3% North America 14.9% 13.5% 62.0% 1.8% 1.6%Total 22.4% 22.7% 34.4% 1.2% 1.9%


Net subscriber additions of 68mn were up from 63mn in 1Q04, but downfrom the record 93mn net additions in 4Q04. More than half of this quarter’ssubscriber additions came from the four fastest-growing markets, as highlightedin Table 6:

Table 6: Countries Accounting for More than 5% of Matrix Net Additions

Countries Net Adds(mn) % of Total Net AddsChina 14.2 21%Russia 11.2 16%U.S. 5.8 9%India 4.1 6%


In aggregate, the GEM markets accounted for 80% of matrix net adds forthe quarter. The strongest subscriber growth came from Latin America andEmerging Europe, reflecting strong growth in Russia). However, subscribergrowth in developed country markets has not slowed appreciably, with a total of13.7mn net adds, up from 11.8mn in 1Q04.

Subscriber growth and penetration rates are becoming much lessmeaningful measures of market growth, given the prevalence of subscriberswith multiple SIM cards. There are now 12 markets with penetration above100%. Looking ahead, we expect the relationship to weaken further, with thegrowth in mobile computing and telematics.

� Service Revenue Growth:

Service revenues were up 18% YoY, to US$519bn (annualized based on 4Q04ARPU and subscribers), down 1 point QoQ. All markets with 20%+ growth ratewere GEM markets (see Table 8).



Table 7: Countries with Service Revenue Growth Rate Greater than 20%

Countries YoY Service Revenue GrowthNigeria 105%

Colombia 94%Argentina 69%

India 66%Philippines 39%Venezuela 35%

Egypt 34%Russia 32%

Indonesia 29%Mexico 26%Brazil 23%

South Africa 22%


There are now four countries with declining revenues, with the addition ofTaiwan:

• Finland (-9%)• Sweden (-6%)• Taiwan (-2%)• Japan (-1%)

GEM service revenue growth declined to 24% from 26%. Developed countryservice revenue growth averaged 9%, flat Q0Q (see Table 9 and Chart 4).Service revenue growth accelerated in two regions: Latin America and NorthAmerica.

Table 8: Service Revenue Growth by Region

Region 1Q 05 4Q 04 3Q04 2Q04 1Q04GEM countries 24% 24% 25% 27% 26% Emerging Asia 20% 22% 22% 26% 23% EESA 27% 27% 32% 34% 39% Latam 34% 34% 29% 22% 22%Developed countries 9% 9% 9% 10% 11% Asia Pac 2% 0% 2% 2% 4% Europe 8% 9% 10% 10% 12% North America 15% 13% 12% 14% 13%Total 18% 19% 18% 19% 19%


Table 9: Markets with 2pt+ Service Revenue Growth Acceleration or Declines

Acceleration* Decline**Brazil

ColombiaHong KongPhilippines

South AfricaU.S.

AustriaBelgiumEgypt

FinlandFranceGreeceIndia

IndonesiaIrelandIsrael

MexicoNew Zealand

NigeriaNorwayPoland

PortugalRussia

SingaporeTaiwanTurkey


* More than 2 points higher than both the preceding quarter and the average of the three preceding quarters.

** More than 2 points lower than both the preceding quarter and the average of the three preceding quarters.



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Source: ML estimates based on country average ARPU as of the most recent quarter and average subscribers over the past year. GDP from World Bank as of year end 2002.

Chart 4: Service Revenue Growth by Region



We estimate that mobile spending averaged 1.4% of GDP for our Matrixmarkets, up marginally from 4Q04 (1.3%). This estimate is based on ourannualized service revenue estimates and IMF per-capita GDP data. It is notpurchasing-power adjusted.

� Mobile Spending vs. GDP:

We note that mobile spending is a very low percentage of GDP in some ofthe toughest, most mature markets, including: Sweden and Denmark (Table11). This is a worrisome fact, suggesting that mobile spending as a percentageof GDP could fall in other markets as they reach maturity.

Table 10: Countries with Mobile Spending Greater than 3% of GDP

Country Mobile Spending as % of GDPNigeria 6.6%

Philippines 3.9%South Africa 3.8%


Table 11: Countries with Mobile Spending Less than 1% of GDP

Country Mobile Spending as % of GDPCanada 0.8%Australia 0.8%Denmark 0.9%Sweden 0.9%


� Churn:

The average monthly churn rate was essentially flat at 2.1% in 1Q05.

� ARPU Growth:

Average revenue per user (ARPU) declined 6% YoY to US$27. Thiscompares to declines of 5%/5% in 4Q04/3Q04. Among countries with 10%+ARPU declines, developed country markets include the Netherlands (10%) andFinland (14%). As a result, Western Europe in aggregate saw ARPU decline by1% YoY in 1Q05, flat QoQ. We continue to see a wide dispersion in absoluteARPU levels:

• Switzerland (US$67), Japan (US$63), Ireland (US$58) and the US(US$54) continue to have the highest ARPU.

• Most GEM countries have ARPU in the US$10-25 range.

• Countries with ARPU below $10 include China (US$9), Russia (US$8) andthe Philippines (US$8).

Table 12: Countries with ARPU Growth Greater than 5%

Country ARPU growthColombia 12%Taiwan 12%Venezuela 9%Spain 7%


Table 13: Countries with ARPU Decline Greater than 10%

Country ARPU declineRussia 35%Nigeria 22%Indonesia 17%Malaysia 15%Poland 15%Finland 14%Brazil 13%Netherlands 10%


Note that we estimate the YoY change in ARPU and revenue per minute (RPM)based on the reporting currency, whereas the underlying data is shown in USdollars for ease of comparison. For most countries, the reporting currency is thelocal currency, although US dollars are used for some Latin American andEastern European countries (and in these cases the YOY changes are thereforealso in US dollar terms).

� Minutes of Use:

Monthly minutes of use per subscriber (MOU) grew 6% YoY to 236, a sharpslowdown from the 13% growth in 4Q04. This slowdown has been seen inmany markets.

With this issue of the Global Wireless Matrix, we have included a newmetric, per capita MOU (calculated as MOU x penetration) (Chart 28). Thismetric is a proxy for the extent of wireline substation. High-ranking countrieson this list include Hong Kong (407), the U.S. (397), Israel (324) andSingapore (273). Most developed country markets were between 100 and 200



minutes (suggesting the potential to increase voice usage by 2x to 4x to reachHong Kong or U.S. usage levels). Germany remains a low outlier on thismeasure, at only 66 minutes.

� Revenue Per Minute

Average revenue per minute dropped 12% YoY in reported currency terms toUS$0.14, varying from US$0.50 (Switzerland) to US$0.03 (China and India),with the U.S. at US$0.08, most GEM markets in the US$0.08-0.17 range, andmost of Europe between US$0.18 and US$0.30. On average, GEM countryRPM was US$0.08 vs. the developed country average of US$0.21. The biggestRPM declines were in GEM markets, but we also saw double-digit declines inCanada, Denmark, Ireland, Finland, the Netherlands and Sweden.

Table 14: Countries with RPM Declines Greater than 10%

Country RPM declineRussia 31.3%China 24.9%

Finland 22.7%Poland 21.3%India 20.6%

Colombia 18.6%Sweden 13.7%

Singapore 13.0%Ireland 12.1%

Argentina 12.1%Canada 11.6%Denmark 10.8%Turkey 8.4%


� EBITDA Margins:

EBITDA margins were down 1 pt YoY to 39%, averaging 34% in thedeveloped country markets and 43% in GEM markets. We saw steeper thanaverage declines in Europe (2pts), Japan (7pts) and Latam (5pts). Latamrepresents a special case in our view, where margins are being depressed bystrong growth.

We note that EBITDA margins are calculated on reported revenues, includingequipment sales; service margins are generally higher.

Among the 47 Matrix countries, six had margins of 50% or better, all ofthem GEM markets; nine had margins below 30%.

• The largest YoY margin gains were seen in Egypt, Poland,Switzerland, Canada, India and the Philippines

• The largest declines were seen in Finland, Argentina, Chile,Denmark, Malaysia, Colombia and Pakistan.

Table 15: Countries with EBITDA Margins Greater than 50%

Country EBITDA marginIndonesia 67%Philippines 66%

Egypt 54%Thailand 52%Russia 50%


Table 16: Countries with EBITDA Margins Lower than 30%

Country EBITDA marginArgentina 16%

Chile 19%Colombia 21%Denmark 22%Finland 24%Brazil 24%Japan 24%

Netherlands 25%Hong Kong 27%

US 30%


� Data ARPU:

Data services contributed an estimated 15% of ARPU on average, up from14% in 4Q04.

We see the greatest potential for data revenue growth in markets wheredata spending is below 10% of ARPU. These include the U.S. and Canada(both at 7%), Hong Kong (9%), Sweden (7%) and several emerging markets:India, Israel, Mexico, Taiwan, Brazil, Egypt, South Africa and Thailand.



Chart 5: EBITDA Margin by Region

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Chart 5A: EBITDA Margin YoY Change by Region

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Subscribers by Technology

We estimate that 71% of Matrix subscribers are currently on GSM/UMTSnetworks, with 10% on CDMA networks.

32G launches continue, as highlighted in Tables 19 and 20. We do not breakout 3G and 2G subs, but we do expect an acceleration of 3G subscriber growththis year as the 3G handset price premium narrows.

Note that our Matrix subscriber figures do not include fixed wireless (or limitedmobility) PAS subscribers in China due to the lack of information and morelimited comparability with full mobility subscribers.

Table 17: Subscriber by Technology as of 1Q05 Table 18: Subscriber by Technology as of 1Q05 (Continued)

Subscribers (mn) Breakdown Subscribers (mn) Breakdown

GSM CDMA TDMA Other TOTAL GSM CDMA TDMA Other GSM CDMA TDMA Other TOTAL GSM CDMA TDMA OtherArgentina 4.7 5.7 4.1 14.5 33% 39% 28% Korea 37.1 37.1 100%Australia 14.4 2.8 1.0 18.2 79% 16% 5% Malaysia 12.4 3.5 15.8 78% 22%Austria 8.1 8.1 100% Mexico 17.8 4.1 17.8 0.8 40.5 44% 10% 44% 2%Belgium 8.9 8.9 100% Netherlands 16.4 16.4 100%Brazil 41.2 21.9 6.0 69.1 60% 32% 9% New Zealand 1.9 0.9 0.6 3.4 56% 27% 17%Canada 4.8 8.2 2.3 15.3 32% 53% 15% Nigeria 10.2 10.2 100%

Chile 4.9 3.4 1.6 9.9 50% 34% 16% Norway 4.7 4.7 100%China 318.8 30.3 349.1 91% 9% Pakistan 8.4 0.5 0.8 9.7 86% 6% 8%Colombia 3.7 7.0 1.5 12.2 30% 58% 12% Philippines 32.6 0.3 2.4 35.2 92% 1% 7%Czech 10.9 10.9 100% Poland 24.4 24.4 100%Denmark 5.0 5.0 100% Portugal 10.8 10.8 100%Egypt 8.6 8.6 100% Russia 85.6 85.6 100%Finland 5.1 5.1 100% Singapore 4.0 4.0 100%France 44.9 44.9 100% South Africa 22.2 22.2 100%Germany 72.2 72.2 100% Spain 30.5 30.5 100%Greece 11.3 11.3 100% Sweden 9.8 9.8 100%Hong Kong 7.2 7.2 100% Switzerland 6.3 6.3 100%Hungary 8.8 8.8 100% Taiwan 21.1 21.1 100%India 40.4 11.7 52.2 78% 22% Thailand 22.6 3.9 1.7 28.2 80% 14% 6%Indonesia 28.1 3.4 31.5 89% 11% Turkey 36.8 36.8 100%Ireland 3.9 3.9 100% UK 63.2 63.2 100%Israel 5.1 2.2 7.3 70% 30% US 58.5 81.3 17.4 30.6 187.9 31% 43% 9% 16%Italy 60.8 3.6 64.3 94% 6% Venezuela 5.5 3.2 0.1 8.8 62% 36% 2%Japan 48.8 42.6 91.5 53% 47% TOTAL/AVG 1,195.1 207.2 64.7 175.5 1,642.7 73% 13% 4% 11%




Table 19: 3G Launches to Date

Country WCDMA/UMTS Launches CDMA2000 1xEV-DO LaunchesArgentinaAustralia Hutchison Apr 03 Telstra Nov 04

Austria MobilkomHutchisonConnect - OneT-MobileTele.ring

Apr 03May 03Dec 03May 04Feb 04

BelgiumBrazil Vesper

VivoMar 03Oct 04

CanadaChile Smartcom PCS Sep 04ChinaColombiaCzech Eurotel Aug 04Denmark Hutchison Oct 03EgyptFinland Sonera Oct 03France SFR

OrangeJun 04Sep 04

Germany T-MobileVodafoneE-PlusO2

May 04May 04Jun 04Jun 04

Greece Stet Hellas - TIMVodafoneCosmote

Jan 04Feb 04May 04

Hong Kong HutchisonHong Kong CSLSmarTone

Jan 04Dec 04Dec 04

HungaryIndiaIndonesiaIreland Vodafone May 04Israel Cellcom

Partner – OrangeJun 04Dec 04

Pelephone Sep 04

Italy HutchisonTelefonica MovilesVodafoneTelefonicaWind

Mar 03May 04May 04May 04Oct 04

Japan DoCoMoVodafone

Oct 01Dec 02

KDDI Oct 03

Table 20: 3G Launches to Date (Continued)

Country WCDMA/UMTS Launches CDMA2000 1xEV-DO LaunchesKorea SK Telecom

KTFJan 04Jan 04

SK TelecomKTF

Jan 02Aug 02

Malaysia Maxis Jun 05MexicoNetherlands Vodafone

KPNJun 04Oct 04

New Zealand Telecom New Zealand Nov 04NigeriaNorway Telenor

NetcomDec 04Feb 05

PakistanPhilippinesPoland Polkometel – PlusGSM

PTC - EraGSMSep 04Nov 04

Portugal Portugal TelecomVodafoneOptimus

Apr 04May 04Jun 04

RussiaSingapore M1

SingTelStarHub

1Q 051Q 05Apr 05

South Africa Vodacom Dec 04Spain Amena

Telefonica MovilesVodafone

Nov 04May 04May 04

Sweden HutchisonVodafoneTeliasoneraTele2

May 03Feb 04Mar 04Jun 04

Switzerland Swisscom Sep 04TaiwanThailandTurkeyUK Hutchison

T-MobileVodafoneOrangeO2

Mar 03Feb 04Apr 04Jul 04Feb 05

U.S. VerizonAlaska CommALLTEL

Oct 03Jun 04Mar 05

Venezuela Movilnet Feb 05

Source: Qualcomm, Merrill Lynch.



Close-up on Emerging Markets

GEM countries account for a minority of spending but a majority ofsubscribers and growth. We estimate that, for 1Q05, GEM countries accountfor:• 58% of Matrix subscribers (up 1 point QoQ);

• 28% of Matrix service revenues (flat QoQ); and

• 80% of Matrix net subscriber additions (up 4 points QoQ).

The global GEM proportions of net and gross additions are more difficultto estimate, but are likely above 73% and 70%. We estimate that the 47Matrix countries account for 4.8 billion people, or 75% of the world’s total of6.4bn. We estimate that the remaining countries have about 200mn subscribers– or 11% of an estimated global total of 1.85bn. Practically all of thesesubscribers are in GEM markets, so the global proportion of subscribers in GEMmarkets is likely closer to 65%.

In 1Q05, GEM revenue and subscriber growth averaged 24% and 36%respectively YoY for the 24 GEM countries included in the Matrix. Thiscompares to 26% and 38% in 4Q04.

We see continued growth in GEM markets, fuelled by1) penetration gains from a relatively low base;2) declining costs;3) income growth; and4) population growth.

Close-up on High-Penetration Markets

By 1Q05, there were 17 countries with penetration above 90%, with 15 ofthe 23 developed country markets in the Matrix on the list. Italy remains at thetop of the list, with penetration of 112%, up from 110% in 4Q04.

Virtually all of these markets are GSM markets, where multiple SIM cardscan inflate subscriber counts.

We estimate that subscriber growth averaged 9% YoY in these markets, vs.the prior-quarter average of 10%, the Matrix average of 22% and the average fordeveloped countries of 11%.

Service revenue growth decelerated to 9% YoY (flat QoQ), with ARPUgrowth essentially flat (down from 0% in 4Q04). MOU grew 5% and dataspending rose to 15% of ARPU (up 1 point QoQ). Sweden, Finland andTaiwan had YoY decline in service revenues. Of the six markets with 10%+service revenue growth in 4Q04, Hong Kong, Greece and Ireland had servicerevenue growth below 10% in 1Q05. Service revenue growth in the UK andDenmark accelerated from 9% and 2% to 11% and 10% respectively.

We note that margins are down by an average of 184bps YoY in thesemarkets – highlighting the risk that wireless markets do not necessary “agegracefully”. What is striking in Table 21 is how many markets experiencedmargin declines – and the extent of the weakness in the toughest markets.

Table 21: Penetration Leaders

Growth YoY Data % EBITDA Margin

Penetration Subs ARPU MOU Serv. Rev of ARPU Margin YoY ChgItaly 112% 12% -1% 4% 13% 15% 48% (140)Sweden 111% 8% -5% 10% -6% 7% 42% (38)Portugal 107% 5% -2% 0% 4% 10% 37% (10)Israel 107% 8% -4% 3% 4% 7% 31% 160Greece 106% 7% -1% 5% 7% 14% 35% (167)Czech 106% 11% -5% -5% 5% 17% 44% 81UK 106% 13% -4% 2% 11% 21% 30% (207)Hong Kong 105% 9% 0% 2% 8% 9% 27% (267)Norway 104% 12% -6% -1% 6% 18% 36% 21Netherlands 102% 18% -10% -5% 5% 14% 25% (202)Austria 101% 9% 1% 5% 10% 14% 32% 38Spain 100% 5% 7% 16% 13% 14% 40% (343)Finland 99% 7% -14% 10% -9% 13% 24% (1624)Ireland 97% 12% -3% 6% 9% 21% 41% (95)Singapore 94% 12% -6% 5% 4% 19% 43% 100Denmark 94% 5% 3% 16% 10% 13% 22% (190)Taiwan 93% -11% 12% 8% -2% 6% 49% 109Average 8.9% -0.8% 5.0% 8.3% 14.7% 38.1% (163)




2 Subscriber ForecastsWe have increased our 2005E-2006E global subscriber growth forecasts.Our revisions (shown in Table 22) are as follows:

• 2005E: +13% to 298mn

• 2006E: +2% to 224mn

Our principal revisions for Matrix net additions are as follows:

• 2005: Russia (+17.8mn), Brazil (+5.8mn), China (+3.0mn), Mexico(+2.7mn), Argentina (+2.0mn), Pakistan (+2.0mn), Colombia (+1.8mn),Turkey (+1.6mn), Poland (+1.4mn), Spain (+1.3mn), Egypt (+1.1mn), theU.S. (-1.7mn).

• 2006: Brazil (+4.6mn), Pakistan (+3.3mn), Colombia (+2.3mn), Mexico(+1.2mn), Egypt (+1.1mn).

We have estimated that non-matrix net additions will total 42mn/39mn forYE05/06 respectively.

We continue to believe that the risk to our subscriber forecasts is on theupside, driven by a virtuous circle of declining costs and growing global scale.In addition, we suspect that handset vendors may find it difficult to lowerproduction (barring industry consolidation). Our forecasts call for roughly flatgross subscriber additions in 2005 and 2006 (see Chart 8). While grossadditions do not equal handset sales (they exclude replacement demand, offsetby handset recycling and growth in subscribers with multiple SIM cards), thesefigures do roughly line up. If handset sales do increase in 2005 (e.g. becausevendors are reluctant to cut volumes), this suggests upside bias to one or more ofthe constituents of demand (relative to our forecasts): net adds, churn and/orreplacement. To the extent that pricing is a part of this equation, then we have acatalyst for continued subscriber growth, particularly in the GEM markets. Withvendors (notably Motorola) planning substantial price cuts this year on low-endhandsets, this dynamic is very evident. Finally, we think 2005 could be the yearwhen laptop cards become a significant part of the market.

Table 22: Forecast Revisions (millions)

Matrix Subscribers Old* New Chg%2003 1,289 1,289 0.02004 1,582 1,583 0.12005E 1,795 1,839 2.52006E 1,964 2,024 3.1

Matrix Net Subscriber Additions Old New Chg%2003 217 217 0.02004 292 293 0.32005E 213 256 20.02006E 169 185 9.5

Global Net Subscriber Additions Old New Chg%2003 255 255 0.02004 337 336 -0.32005E 263 298 13.32006E 219 224 2.3

Source: ML estimates * Old estimates adjusted for Pakistan, which is just added to the Matrix for 4Q04.

Chart 6: Global Subscribers 1998-2006E

219316

445525 567

623689 727 760

49

130

251

379

506

666

894

1112

1264

61

93

131

174

221

261

44

47

51

0

500

1000

1500

2000

2500

1998 1999 2000 2001 2002 2003 2004 2005E 2006E

Mill

ions

Matrix-Developed Countries Matrix-GEM Countries Non-Matrix Markets

319

493

740

965

1166

1420

1757

2060

2285



Chart 7: Global Net Subscriber Additions 2000-2006E Chart 8: Global Gross Subscriber Additions 2000-2006E

129

80

4257 65

38 33

88

127

127

160

228

218

152

38

43

42

39

32

19

30

0

25

50

75

100

125

150

175

200

225

250

275

300

325

350

375

2000 2001 2002 2003 2004 2005E 2006E

Mill

ions

Non-Matrix Markets

Matrix-GEM Countries

Matrix-Developed Countries

247

226

201

255

336

298

224

181 185 174 189209 194 197

123

208 219

301

452516 516

25

33

27 20

1831

83

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

2000 2001 2002 2003 2004 2005E 2006E

Mill

ions

Non-Matrix Markets

Matrix-GEM Countries

Matrix-Developed Countries

387

424411

515

694

737 733

Chart 9: Matrix Subscriber Growth 1999-2006E Chart 10: Matrix Penetration Rates 1998-2006E

67%

56%

30%

19% 20%23%

16%

10%

166%

33% 32%34%

24%

14%

51%

93%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

1999 2000 2001 2002 2003 2004 2005E 2006E

Matrix Sub Growth GEM Sub Growth

10%

14%15%

19%

23%

27%

33%

38%

40%

2%

4%

7%

10%

13%

17%

23%

28%

32%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

1998 1999 2000 2001 2002 2003 2004 2005E 2006E

Matrix Penetration Rate GEM Penetration Rate

Source: ML estimates Columns in red denote Merrill Lynch forecasts



Table 23: Subscriber Forecast by Country

(millions) ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05E ’06E ’99 ’00 ’01 ’02 ’03 ’04 ’05E ’06E ’03 ’04 ’05E ’06EArgentina 2.9 4.4 6.4 6.6 6.3 7.3 12.9 19.5 23.9 53% 46% 3% -5% 16% 77% 51% 22% 1.0 5.6 6.6 4.3Australia 5.5 7.6 10.0 12.0 13.4 15.4 17.9 19.1 19.8 38% 33% 20% 11% 16% 16% 7% 4% 2.1 2.4 1.2 0.8Austria 2.3 4.2 6.1 6.5 6.8 7.3 8.0 8.1 8.1 87% 44% 7% 4% 8% 9% 1% 0% 0.6 0.7 0.1 0.0Belgium 1.8 3.2 5.6 7.5 7.5 8.2 8.8 9.2 9.5 81% 77% 34% 0% 9% 7% 4% 3% 0.7 0.6 0.4 0.3Brazil 7.4 15.0 23.2 28.7 34.9 46.5 66.1 87.5 103.0 104% 54% 24% 21% 33% 42% 32% 18% 11.6 19.6 21.4 15.5Canada 5.3 6.9 8.7 10.7 12.0 13.5 15.1 16.5 18.1 29% 27% 23% 12% 12% 12% 9% 10% 1.5 1.6 1.4 1.6Chile 0.7 2.2 3.4 5.0 6.1 7.4 9.6 11.2 12.4 192% 59% 44% 23% 21% 29% 17% 11% 1.3 2.1 1.6 1.2China N.A. 43.2 85.3 149.9 206.6 268.7 334.8 385.1 419.3 N.A. 97% 76% 38% 30% 25% 15% 9% 62.1 66.1 50.3 34.3Colom bia 1.9 2.0 2.3 3.2 4.4 6.0 10.4 15.9 21.0 5% 15% 42% 38% 37% 73% 53% 32% 1.6 4.4 5.5 5.1Czech 1.0 2.0 4.3 7.0 8.6 9.7 10.8 11.2 11.3 103% 122% 61% 23% 14% 11% 4% 0% 1.2 1.1 0.4 0.0Denm ark 1.6 2.4 3.1 3.8 4.2 5.0 5.0 5.2 5.3 46% 31% 24% 8% 19% 1% 4% 1% 0.8 0.1 0.2 0.0Egypt 0.2 0.9 2.1 3.3 4.3 5.7 7.6 11.7 17.0 314% 145% 53% 30% 35% 32% 54% 45% 1.5 1.9 4.1 5.3Finland 3.0 3.4 3.8 4.3 4.5 4.8 4.9 5.0 5.1 14% 11% 14% 6% 5% 4% 1% 1% 0.2 0.2 0.1 0.0France 11.1 20.6 29.7 37.0 38.6 41.7 44.5 46.1 47.3 85% 44% 25% 4% 8% 7% 3% 3% 3.1 2.8 1.5 1.2Germ any 12.7 23.7 48.4 56.1 59.2 64.8 71.3 75.0 77.3 87% 105% 16% 5% 10% 10% 5% 3% 5.6 6.5 3.7 2.3Greece 2.1 3.9 5.9 8.0 9.3 10.5 11.0 11.0 11.0 89% 52% 34% 17% 12% 5% 0% 0% 1.2 0.6 0.0 0.0Hong Kong 3.0 4.0 5.4 5.3 5.7 6.6 7.0 7.2 7.3 34% 34% -2% 9% 14% 7% 2% 1% 0.8 0.5 0.1 0.1Hungary 1.1 2.3 3.1 4.8 6.9 8.0 8.7 9.0 9.2 112% 39% 55% 42% 16% 10% 4% 2% 1.1 0.8 0.3 0.2India 1.1 1.6 3.1 5.5 10.6 28.2 48.0 69.9 93.4 48% 96% 76% 94% 165% 70% 45% 34% 17.5 19.9 21.8 23.5Indones ia 1.1 2.2 3.7 6.4 11.4 18.6 30.0 41.0 51.7 105% 68% 74% 80% 63% 61% 37% 26% 7.2 11.3 11.0 10.7Ireland N.A. 1.5 2.4 3.0 3.1 3.4 3.8 3.8 3.9 N.A. 58% 23% 4% 11% 11% 2% 1% 0.4 0.4 0.1 0.1Israel 2.2 2.9 4.4 5.7 6.0 6.6 7.2 7.5 7.6 32% 53% 29% 5% 11% 8% 4% 2% 0.7 0.5 0.3 0.1Italy 20.3 30.4 41.9 51.1 53.0 57.0 63.2 65.6 67.2 50% 38% 22% 4% 8% 11% 4% 3% 4.0 6.2 2.4 1.7Japan 45.0 54.1 63.9 73.0 79.3 85.4 90.2 91.8 95.9 20% 18% 14% 9% 8% 6% 2% 5% 6.0 4.8 1.6 4.2Korea 14.0 23.4 26.8 29.0 32.3 33.6 36.6 38.1 39.1 67% 15% 8% 11% 4% 9% 4% 3% 1.2 3.0 1.5 1.0Malays ia 2.1 2.6 4.8 7.0 8.6 11.0 14.6 16.6 18.2 28% 83% 44% 24% 28% 33% 14% 10% 2.4 3.6 2.0 1.6Mexico 3.4 7.8 15.0 22.8 26.2 30.1 38.2 47.9 55.1 127% 93% 52% 15% 15% 27% 26% 15% 3.9 8.1 9.7 7.1Netherlands 3.3 6.7 10.8 12.0 12.0 13.5 16.0 16.4 16.6 103% 60% 12% 0% 12% 18% 3% 1% 1.5 2.5 0.4 0.2New Zealand 0.7 1.3 1.9 2.4 2.4 2.8 3.3 3.5 3.7 74% 52% 27% 1% 16% 16% 8% 4% 0.4 0.5 0.3 0.2Nigeria N.A. N.A. N.A. 0.4 1.5 3.2 8.2 13.8 17.4 N.A. N.A. N.A. 230% 117% 160% 68% 26% 1.7 5.0 5.6 3.6Norway 2.1 2.7 3.0 3.5 3.9 4.1 4.7 4.7 4.8 29% 13% 16% 9% 7% 13% 1% 1% 0.3 0.6 0.0 0.0Pakis tan N.A. N.A. 0.4 1.0 2.0 8.0 11.6 16.5 N.A. N.A. N.A. 128% 112% 297% 45% 42% 1.1 6.0 3.6 4.9Philippines 1.6 2.7 6.2 11.1 15.3 22.3 33.7 38.5 42.6 66% 131% 79% 38% 46% 51% 14% 11% 7.0 11.4 4.7 4.2Poland 2.0 4.0 6.8 9.8 13.8 17.4 23.1 29.0 32.1 101% 71% 46% 40% 26% 33% 26% 11% 3.6 5.7 6.0 3.1Portugal 2.9 4.7 6.7 8.6 9.6 10.5 10.8 10.8 10.9 60% 43% 29% 11% 10% 3% 0% 0% 0.9 0.3 0.0 0.1Russ ia N.A. 1.3 2.9 8.0 18.0 36.2 74.4 117.3 132.2 N.A. 119% 180% 124% 101% 106% 58% 13% 18.2 38.2 43.0 14.9Singapore 1.0 1.5 2.4 2.9 3.2 3.5 3.8 4.1 4.2 44% 66% 17% 14% 7% 10% 8% 2% 0.2 0.3 0.3 0.1South Africa 2.4 4.1 6.5 9.3 11.8 15.5 19.7 25.3 28.5 76% 57% 44% 27% 31% 27% 29% 13% 3.7 4.1 5.7 3.2Spain 7.6 15.0 24.5 29.7 33.5 37.5 39.2 41.7 43.1 99% 63% 21% 13% 12% 4% 7% 3% 4.0 1.7 2.6 1.4Sweden 4.2 5.1 6.4 7.1 8.0 8.7 9.6 9.8 9.8 23% 25% 10% 13% 9% 10% 2% 0% 0.7 0.9 0.2 0.0Switzerland 1.7 3.0 4.5 5.0 5.7 6.0 6.2 6.4 6.4 82% 46% 13% 13% 5% 4% 2% 1% 0.3 0.2 0.1 0.1Taiwan N.A. N.A. 17.9 21.6 23.9 25.1 21.5 23.5 23.8 N.A. N.A. 21% 11% 5% -14% 9% 1% 1.2 -3.6 2.0 0.3Thailand 2.0 2.4 3.6 8.0 17.5 22.1 27.0 30.6 33.1 21% 48% 121% 119% 27% 22% 13% 8% 4.7 4.9 3.6 2.5Turkey N.A. N.A. 14.7 19.0 23.3 27.9 34.7 40.9 45.7 N.A. N.A. 30% 23% 20% 24% 18% 12% 4.6 6.8 6.2 4.8UK 13.0 23.9 40.1 47.1 50.9 54.5 62.2 65.8 68.4 84% 68% 18% 8% 7% 14% 6% 4% 3.6 7.6 3.6 2.6US 69.2 86.0 109.5 128.4 140.8 158.7 182.1 200.4 216.5 24% 27% 17% 10% 13% 15% 10% 8% 18.0 23.4 18.3 16.1Venezuela 1.8 3.4 4.6 6.2 6.3 6.8 8.4 9.5 10.3 88% 36% 35% 2% 8% 23% 13% 8% 0.5 1.6 1.1 0.7TOTAL 267.8 446.0 695.7 903.9 1,072.2 1,289.4 1,582.8 1,839.3 2,024.2 66.5% 56.0% 29.9% 18.6% 20.3% 22.8% 16.2% 10.1% 217 293 256 185

Year-End Subscribers (MM) Net Additions (MM)YoY% Growth




2. Industry Metric Trends

Table 24: Subscribers

(millions) 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 4.8 5.3 5.9 6.4 6.8 6.9 7.0 6.6 6.4 6.3 6.2 6.3 6.3 6.4 6.8 7.3 8.0 9.0 10.4 12.9 14.5 Australia 7.9 8.6 9.3 10.0 11.1 11.4 11.5 12.0 12.3 12.6 12.9 13.4 13.9 14.3 14.8 15.4 15.7 16.4 17.0 17.9 18.2 Austria 4.6 5.1 5.7 6.1 6.3 6.5 6.5 6.5 6.5 6.6 6.6 6.8 6.8 6.9 7.1 7.3 7.4 7.5 7.7 8.0 8.1 Belgium 3.6 4.2 4.7 5.6 6.3 6.8 7.2 7.5 7.8 7.9 7.6 7.5 7.6 7.7 7.9 8.2 8.4 8.5 8.6 8.8 8.9 Brazil 16.6 18.5 20.3 23.2 24.5 25.8 27.1 28.7 29.5 30.6 32.0 34.9 36.0 38.0 40.9 46.5 49.5 54.5 58.6 66.1 69.1 Canada 7.2 7.6 8.0 8.7 9.2 9.6 10.0 10.7 11.0 11.3 11.5 12.0 12.2 12.4 12.8 13.5 13.7 14.0 14.4 15.1 15.3 Chile 2.4 2.7 2.9 3.4 3.8 4.2 4.5 5.0 5.3 5.5 5.7 6.1 6.3 6.6 6.9 7.4 7.8 8.4 8.9 9.6 9.9 China 52.1 61.0 74.7 85.3 100.3 116.8 130.7 149.9 161.5 176.2 190.4 206.6 221.5 234.5 250.3 268.7 290.3 305.3 320.1 334.8 349.1 Colom bia 2.0 1.7 1.9 2.3 2.6 2.7 2.9 3.2 3.5 3.9 4.1 4.4 4.6 5.2 5.5 6.0 7.0 7.6 8.4 10.4 12.2 Czech 2.2 3.4 3.7 4.3 4.7 5.4 6.1 7.0 7.4 7.8 8.1 8.6 8.8 8.9 9.2 9.7 9.9 10.1 10.2 10.8 10.9 Denmark 2.5 2.7 2.9 3.1 3.5 3.7 3.9 3.8 3.9 4.0 4.1 4.2 4.3 4.7 5.0 5.0 4.8 4.9 4.9 5.0 5.0 Egypt 1.1 1.5 1.7 2.1 2.7 2.8 3.0 3.3 3.6 3.8 3.9 4.3 4.6 5.0 5.4 5.7 6.1 6.3 6.8 7.6 8.6 Finland 3.3 3.4 3.6 3.8 3.8 4.0 4.1 4.3 4.3 4.3 4.4 4.5 4.5 4.6 4.7 4.8 4.8 4.8 4.9 4.9 5.1 France 22.6 24.3 26.2 29.7 31.3 33.1 34.6 37.0 37.3 37.8 37.8 38.6 38.9 39.4 40.1 41.7 41.9 42.2 42.9 44.5 44.9 Germany 27.6 34.2 40.7 48.4 52.8 54.7 55.3 56.1 55.8 55.8 56.9 59.2 60.1 61.3 62.6 64.8 66.1 67.6 69.2 71.3 72.2 Greece 4.3 4.8 5.4 5.9 6.4 6.9 7.4 8.0 8.2 8.5 8.9 9.3 9.7 10.4 10.9 10.5 10.6 10.8 10.9 11.0 11.3 Hong Kong 4.3 4.7 4.8 5.4 5.4 5.1 5.2 5.3 5.2 5.4 5.5 5.7 6.0 6.0 6.2 6.6 6.6 6.8 6.9 7.0 7.2 Hungary 2.6 2.9 3.0 3.1 3.4 3.8 4.1 4.8 5.4 5.9 6.3 6.9 7.1 7.3 7.6 8.0 8.1 8.2 8.4 8.7 8.8 India 1.9 2.2 2.6 3.1 3.6 4.1 4.8 5.5 6.4 7.4 8.3 10.6 13.9 17.2 22.9 28.2 33.6 37.8 43.0 48.0 52.2 Indones ia 2.5 2.7 3.2 3.7 4.2 4.7 5.3 6.4 7.0 8.1 9.6 11.4 12.4 14.0 15.8 18.6 20.7 23.3 27.0 30.0 31.5 Ireland 1.7 1.8 2.0 2.4 2.5 2.6 2.8 3.0 3.0 3.0 3.0 3.1 3.1 3.2 3.2 3.4 3.5 3.5 3.6 3.8 3.9 Is rael 3.3 3.6 3.9 4.4 4.8 5.1 5.4 5.7 5.6 5.7 5.8 6.0 6.1 6.3 6.5 6.6 6.7 6.9 7.0 7.2 7.3 Italy 32.6 35.8 38.8 41.9 44.5 46.7 49.0 51.1 51.7 52.2 53.0 53.0 54.1 54.6 55.7 57.0 57.5 58.9 60.9 63.2 64.3 Japan 56.9 59.4 61.6 63.9 66.8 69.4 71.3 73.0 75.0 76.6 78.0 79.3 81.4 83.0 84.3 85.4 87.1 88.2 89.1 90.2 91.5 Korea 26.1 26.6 26.0 26.8 26.6 28.1 28.2 29.0 30.3 30.9 32.1 32.3 32.9 33.2 33.2 33.6 35.0 36.2 36.1 36.6 37.1 Malays ia 3.2 3.7 4.3 4.8 5.4 6.0 6.6 7.0 7.4 7.4 7.8 8.6 9.0 9.9 10.3 11.0 11.7 12.4 13.1 14.6 15.8 Mexico 9.7 11.2 12.8 15.0 16.2 18.0 20.3 22.8 24.1 24.6 25.2 26.2 26.9 27.5 28.1 30.1 31.6 33.1 34.9 38.2 40.5 Netherlands 7.6 8.7 9.7 10.8 11.3 11.5 11.9 12.0 12.1 12.2 12.1 12.0 12.0 12.5 12.9 13.5 13.9 14.5 15.2 16.0 16.4 New Zealand 1.4 1.6 1.7 1.9 2.2 2.3 2.4 2.4 2.5 2.4 2.4 2.4 2.5 2.6 2.7 2.8 2.9 3.0 3.1 3.3 3.4 Nigeria N.A. N.A. N.A. N.A. N.A. 0.1 0.2 0.4 0.7 1.0 1.2 1.5 1.9 2.2 2.4 3.2 3.9 4.9 6.2 8.2 10.2 Norway 2.8 2.9 2.9 3.0 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.9 4.0 4.1 4.1 4.2 4.4 4.5 4.7 4.7 Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.4 N.A. N.A. N.A. 1.0 1.0 1.1 1.5 2.0 N.A. 5.0 6.6 8.0 9.7 Philippines 3.4 4.4 5.4 6.2 7.3 8.5 9.7 11.1 12.1 12.8 14.0 15.3 16.6 17.9 20.0 22.3 24.6 28.4 31.1 33.7 35.2 Poland 4.5 5.2 5.9 6.8 7.7 8.4 9.0 9.8 10.8 11.7 12.6 13.8 14.8 15.5 16.3 17.4 18.6 19.6 21.1 23.1 24.4 Portugal 4.9 5.2 5.8 6.7 7.1 7.6 8.1 8.6 8.8 9.0 9.2 9.6 9.7 9.8 10.2 10.5 10.3 10.3 10.5 10.8 10.8 Russ ia 1.7 1.9 2.3 2.9 3.7 5.0 6.2 8.0 9.4 11.7 14.6 18.0 21.1 25.3 30.3 36.2 42.3 49.5 59.0 74.4 85.6 Singapore 1.6 1.9 2.2 2.4 2.7 3.0 3.1 2.9 3.0 3.0 3.1 3.2 3.3 3.3 3.4 3.5 3.6 3.7 3.7 3.8 4.0 South Africa 4.7 5.3 5.9 6.5 7.6 8.0 8.4 9.3 9.8 10.4 11.0 11.8 12.6 13.3 14.2 15.5 16.3 16.9 17.9 19.7 22.2 Spain 17.5 20.0 22.4 24.5 25.5 26.4 27.8 29.7 30.7 31.4 32.4 33.5 34.6 35.3 36.2 37.5 38.1 37.3 38.1 39.2 40.0 Sweden 5.4 5.7 6.1 6.4 6.5 6.7 7.0 7.1 7.4 7.5 7.8 8.0 8.2 8.4 8.5 8.7 9.0 9.3 9.5 9.6 9.8 Switzerland 3.5 4.0 4.4 4.5 4.6 4.9 5.0 5.0 5.4 5.5 5.7 5.7 5.6 5.7 5.9 6.0 6.1 6.2 6.3 6.2 6.3 Taiwan N.A. 14.7 16.1 17.9 19.2 20.3 21.0 21.6 22.4 23.0 23.6 23.9 24.7 25.1 25.3 25.1 23.6 23.0 22.3 21.5 21.1 Thailand 2.6 2.8 3.1 3.6 4.4 5.3 6.4 8.0 9.9 12.6 15.8 17.5 18.8 19.9 21.0 22.1 23.4 24.8 25.8 27.0 28.2 Turkey N.A. N.A. N.A. 14.7 16.3 17.1 17.9 19.0 20.1 21.5 23.2 23.3 24.3 25.8 27.0 27.9 28.9 30.8 33.4 34.7 36.8 UK 27.1 30.6 34.3 40.1 42.9 44.7 45.9 47.1 47.7 48.1 49.2 50.9 50.9 51.4 52.0 54.5 55.9 57.1 59.1 62.2 63.2 US 89.7 97.0 102.4 109.5 114.5 118.4 123.9 128.4 131.9 134.6 137.5 140.8 144.2 148.1 152.3 158.7 163.2 169.5 174.2 182.1 187.9 Venezuela 3.7 3.9 4.1 4.6 4.9 5.3 5.6 6.2 6.4 6.3 6.1 6.3 6.3 6.4 6.5 6.8 7.1 7.4 7.5 8.4 8.8 TOTAL 491 559 615 696 751 801 848 904 940 978 1,021 1,072 1,116 1,162 1,217 1,289 1,350 1,418 1,489 1,583 1,652




Chart 11: Subscribers By Country As Of 1Q05 (millions)

349

188

91

86

72 69

64 63

52

45

41 40 37 37 35

31 28

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Table 25: Net Subscriber Additions

(Thousands) 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 421 519 571 498 396 95 74 (376) (223) (73) (59) 58 2 101 355 572 708 922 1,399 2,588 1,527 Aus tralia 371 635 722 744 1,025 302 180 510 267 243 323 473 544 394 483 663 260 751 537 883 295 Aus tria 332 538 577 410 236 129 52 10 (45) 117 20 143 67 105 132 261 74 118 149 354 77 Belgium 376 664 497 905 699 478 384 341 225 125 (328) (40) 57 138 169 340 164 100 131 203 76 Brazil 1,542 1,964 1,798 2,852 1,269 1,317 1,284 1,688 775 1,116 1,388 2,857 1,075 2,089 2,807 5,679 3,005 4,921 4,157 7,473 3,053 Canada 281 464 406 690 428 418 430 741 289 227 266 483 157 262 396 653 228 326 441 680 242 Chile 229 293 190 565 402 372 319 430 305 271 207 375 200 269 281 555 396 563 520 648 350 China 8,900 8,900 13,670 10,590 15,040 16,461 13,939 19,209 11,591 14,669 14,222 16,225 14,875 12,981 15,839 18,382 21,612 14,978 14,788 14,753 14,226 Colom bia 83 (359) 188 379 301 174 194 278 342 359 172 329 221 575 266 551 1,030 594 752 2,007 1,785 Czech 296 1,142 320 613 404 710 620 905 394 434 302 461 220 166 242 530 144 220 166 543 164 Denm ark 136 207 222 161 396 194 194 (27) 6 107 143 62 178 312 303 (6) (184) 84 61 98 2 Egypt 260 370 220 410 545 127 216 248 294 267 118 313 310 391 403 368 324 267 428 840 976 Finland (75) 137 169 150 74 126 100 212 22 23 61 161 6 76 45 90 19 45 63 59 180 France 2,027 1,649 1,904 3,483 1,632 1,808 1,479 2,396 313 498 (56) 833 310 483 750 1,555 256 302 644 1,643 378 Germ any 3,923 6,578 6,552 7,708 4,410 1,890 616 770 (356) 76 1,104 2,227 924 1,189 1,351 2,170 1,330 1,444 1,617 2,131 931 Greece 406 530 571 530 455 526 513 538 275 297 334 445 434 649 479 (405) 91 193 98 187 255 Hong Kong 283 391 174 513 96 (327) 36 96 (9) 196 64 242 230 34 227 342 56 139 148 119 176 Hungary 320 320 107 127 267 430 320 700 560 485 415 585 193 236 257 383 96 160 170 350 96 India 301 298 442 484 470 501 726 675 952 992 864 2,363 3,209 3,371 5,689 5,263 5,429 4,160 5,213 5,051 4,137 Indones ia 273 278 463 466 488 523 624 1,060 664 1,058 1,487 1,856 953 1,572 1,847 2,829 2,088 2,625 3,655 2,977 1,511 Ireland 158 148 135 438 110 91 182 172 33 (19) 38 66 21 83 58 189 32 44 69 218 70 Is rael 420 290 370 440 450 310 230 280 (90) 170 100 130 134 176 180 183 97 185 125 120 120 Italy 2,162 3,274 2,920 3,180 2,520 2,207 2,309 2,134 584 508 757 47 1,071 506 1,167 1,235 571 1,303 2,016 2,294 1,185 Japan 2,741 2,566 2,193 2,272 2,902 2,579 1,899 1,747 2,036 1,597 1,319 1,379 2,065 1,554 1,294 1,127 1,676 1,112 972 1,047 1,287 Korea 2,658 502 (593) 842 (262) 1,538 123 801 1,291 579 1,193 263 517 309 39 384 1,412 1,237 (94) 439 521 Malays ia 529 559 587 514 584 621 569 366 417 (4) 405 837 340 915 442 698 732 640 676 1,541 1,217 Mexico 1,913 1,479 1,601 2,216 1,236 1,785 2,288 2,505 1,247 501 678 927 710 633 615 1,936 1,554 1,522 1,736 3,322 2,332 Netherlands 895 1,046 997 1,101 568 123 476 101 34 116 (136) (39) 18 474 424 582 394 566 733 794 412 New Zealand 140 185 89 235 254 130 126 9 60 (47) (32) 45 75 75 100 130 115 83 99 168 85 Nigeria N.A. N.A. N.A. N.A. N.A. 60 112 269 270 297 202 247 437 257 270 734 761 1,001 1,242 2,046 2,046 Norway 72 112 66 105 125 133 128 104 49 90 107 81 55 72 92 51 71 160 151 176 17 Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 51 72 393 547 N.A. N.A. 1,534 1,451 1,724 Philippines 699 1,016 1,036 771 1,083 1,250 1,215 1,328 1,018 663 1,202 1,332 1,348 1,269 2,110 2,287 2,336 3,727 2,699 2,637 1,507 Poland 529 739 691 838 986 664 641 794 936 881 988 1,160 1,019 651 780 1,150 1,210 1,000 1,520 1,930 1,380 Portugal 259 262 575 896 472 425 521 526 182 167 288 338 140 99 356 347 (266) 26 264 270 (10) Russia 388 210 400 560 860 1,250 1,260 1,800 1,370 2,320 2,870 3,400 3,120 4,190 4,970 5,870 6,100 7,221 9,569 15,310 11,210 Singapore 160 252 280 280 305 236 97 (222) 133 49 81 123 68 23 66 75 100 78 87 71 178 South Africa 517 609 609 609 1,113 413 413 912 488 535 638 844 726 733 866 1,364 725 676 1,010 1,722 2,518 Spain 2,459 2,523 2,451 2,076 981 889 1,448 1,824 1,091 678 929 1,178 1,111 650 883 1,333 611 (835) 837 1,041 866 Sweden 234 375 341 348 101 173 245 114 320 166 248 205 195 169 170 163 305 250 231 118 150 Switzerland 459 498 412 36 193 226 177 (7) 354 126 148 33 (62) 83 130 155 59 114 94 (40) 73 Taiwan N.A. N.A. 1,372 1,819 1,305 1,114 674 666 790 587 593 302 833 372 165 (135) (1,510) (583) (715) (808) (400) Thailand 185 198 331 448 781 920 1,127 1,530 1,959 2,676 3,168 1,696 1,313 1,139 1,056 1,162 1,278 1,383 1,010 1,232 1,221 Turkey N.A. N.A. N.A. N.A. 1,690 760 770 1,170 1,070 1,390 1,710 120 950 1,540 1,160 920 1,000 1,900 2,600 1,330 2,062 UK 3,254 3,426 3,770 5,770 2,780 1,846 1,146 1,271 547 390 1,143 1,710 (34) 535 603 2,477 1,391 1,212 2,031 3,014 997 US 4,626 4,709 4,974 6,524 4,866 4,859 4,804 5,486 3,467 3,298 2,662 4,010 3,442 4,211 4,197 4,763 4,432 4,687 4,780 6,174 5,762 Venezuela 292 192 254 484 316 351 320 627 173 (141) (144) 223 (21) 73 55 385 303 220 106 946 374 TOTAL (MM) 46.4 50.7 55.6 65.1 55.4 51.2 45.6 56.7 36.5 39.1 42.2 51.1 43.8 46.3 55.0 70.9 62.6 61.8 70.5 92.1 69.3




Chart 12: Net Subscriber Additions By Country During 1Q05 (thousands)14

,226

11,2

10

5,76

2

4,13

7

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3

2,51

8

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Table 26: Net Monthly Churn

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 2.1% 2.0% 2.0% 1.9% 1.8% 1.8% 1.8% 1.8% 3.0% 3.0% 3.0% 3.0% 3.6% N.A. N.A. 2.2% 1.7% 2.1% 1.8% 1.9% 2.7%Australia 1.9% 1.8% 1.8% 1.7% 1.7% 1.7% 1.8% 1.9% 1.9% 1.6% 1.7% 1.7% 1.6% 1.6% 1.5% 1.6% 1.6% 1.7% 1.7% 1.6% 1.7%Austria 1.7% 1.7% 1.7% 1.7% 1.6% 1.8% 2.0% 1.8% 2.2% 1.5% 1.4% 1.8% 1.4% 1.2% 1.5% 1.6% 1.7% 1.5% 1.5% 1.6% 1.6%Belgium N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Brazil 1.4% 1.4% 1.4% 1.4% 1.5% 1.5% 1.5% 1.5% 1.6% 1.9% 1.9% 1.8% 2.0% 2.0% 2.0% 2.1% 1.8% 2.2% 2.1% 2.3% 2.0%Canada 2.0% 1.9% 1.9% 2.1% 1.8% 1.9% 2.1% 2.1% 1.9% 1.9% 2.0% 2.0% 1.8% 1.8% 1.7% 1.8% 1.7% 1.7% 1.6% 1.6% 1.8%Chile 1.6% 2.4% 1.8% 1.8% 1.5% 1.4% 1.4% 1.4% 1.4% 1.6% 1.6% 1.6% 1.7% 1.8% 1.7% 1.8% 2.1% 1.7% 1.8% 2.1% 2.0%China 0.9% 0.9% 0.7% 0.6% 0.7% 0.7% 0.9% 0.9% 0.9% 0.9% 0.9% 1.2% 1.2% 1.1% 1.1% 1.2% 1.5% 1.7% 1.7% 1.5% 1.4%Colom bia 5.1% 5.1% 1.5% 3.7% 3.0% 2.6% 1.8% 2.7% 2.5% 2.0% 1.8% 2.1% 2.4% 2.1% 2.8% 4.3% 2.6% 2.3% 2.5% 2.1% 2.2%Czech N.A. N.A. N.A. 1.3% 1.3% 1.3% 1.3% 1.3% 1.1% 0.9% 0.8% 0.9% 1.0% 1.0% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 1.1%Denmark N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.1% 2.5% 2.0% 2.3% 2.0% 1.8% 2.7% 2.7% 3.3% 3.1% 2.9% 2.8% 2.6%Egypt N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.5% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.4% 1.3% 1.3% 1.3% 1.7%Finland 1.0% 0.9% 0.9% 0.9% 1.0% 0.9% 1.0% 1.0% 1.2% 0.9% 1.0% 1.5% 1.3% 0.9% 1.9% 1.7% 3.4% 2.5% 1.8% 2.4% 3.2%France 1.8% 1.8% 1.8% 1.9% 2.0% 2.0% 2.0% 1.9% 2.0% 2.0% 2.1% 2.0% 1.8% 1.8% 1.9% 1.7% 1.7% 1.8% 1.9% 1.7% 1.7%Germany 1.1% 1.0% 1.0% 1.0% 1.1% 1.3% 1.5% 2.0% 2.0% 1.9% 1.9% 1.7% 1.6% 1.5% 1.5% 1.5% 1.4% 1.5% 1.5% 1.6% 1.5%Greece 1.7% 1.9% 1.6% 1.8% 1.5% 1.6% 1.4% 1.5% 1.9% 2.1% 2.2% 2.1% 2.0% 2.0% 2.0% 1.8% 2.0% 1.8% 1.9% 1.9% 1.9%Hong Kong 4.4% 5.8% 5.6% 5.6% 7.1% 7.6% 6.3% 6.3% 5.2% 4.3% 3.2% 3.2% 4.3% 6.3% 3.5% 5.6% 2.9% 4.9% 3.4% 3.3% 3.3%Hungary N.A. N.A. N.A. N.A. 1.3% 1.3% 1.2% 1.2% 1.5% 1.3% 1.2% 1.2% 2.2% 2.0% 1.9% 1.7% 0.8% 1.0% 1.7% 1.7% 1.3%India 3.5% 3.8% 4.1% 4.4% 4.7% 5.0% 5.4% 5.7% 4.6% 3.8% 3.6% 4.7% 6.2% 5.2% 4.7% 5.5% 5.9% 7.5% 7.5% 7.3% 6.1%Indones ia 1.8% 1.6% 1.5% 1.3% 1.0% 1.0% 1.0% 1.0% 0.9% 0.9% 1.0% 1.0% 1.0% 1.7% 1.7% 1.8% 4.4% 6.0% 7.0% 8.0% 8.4%Ireland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Is rael 0.5% 0.5% 0.5% 0.4% 0.3% 0.5% 0.6% 0.5% 0.4% 0.5% 0.8% 1.0% 1.3% 1.2% 1.0% 1.0% 1.1% 1.1% 0.9% 0.9% 1.3%Italy 1.0% 1.0% 1.0% 1.1% 1.2% 1.3% 1.3% 1.4% 1.4% 1.6% 1.6% 1.5% 1.1% 1.2% 1.4% 1.3% 1.1% 1.2% 1.2% 1.2% 1.3%Japan 2.5% 2.4% 2.2% 2.2% 2.2% 1.9% 1.9% 1.8% 1.7% 1.6% 1.6% 1.6% 1.7% 1.5% 1.6% 1.4% 1.6% 1.4% 1.4% 1.2% 1.3%Korea 3.0% 4.6% 2.2% 2.3% 2.6% 2.4% 2.2% 2.2% 2.1% 1.6% 2.2% 2.2% 1.6% 1.6% 1.7% 1.6% 2.2% 2.2% 2.1% 1.9% 2.5%Malays ia 1.7% 1.8% 1.9% 2.0% 2.0% 2.1% 2.2% 2.2% 2.5% 2.2% 2.2% 2.2% 2.0% 3.3% 3.2% 3.0% 2.7% 2.3% 2.6% 2.7% 2.4%Mexico 2.3% 2.7% 2.5% 2.7% 2.7% 2.9% 2.8% 2.7% 3.2% 3.1% 3.7% 4.0% 3.0% 3.1% 3.4% 3.2% 3.0% 2.8% 2.8% 3.1% 3.0%Netherlands 1.8% 1.6% 1.5% 1.4% 1.4% 2.1% 2.2% 1.8% 2.1% 1.9% 2.6% 2.5% 2.5% 2.4% 1.8% 1.7% 2.0% 1.9% 1.7% 1.9% 2.2%New Zealand 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.7% 1.7% 1.7% 1.7% 1.7% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Norway N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Pakis tan N.A. N.A. N.A. N.A. 1.2% 1.2% 1.2% 1.2% 0.6% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 0.5% N.A. N.A. N.A. N.A. N.A.Philippines N.A. N.A. N.A. N.A. N.A. 1.8% 2.0% 2.4% 2.7% 3.1% 3.1% 3.1% 3.3% 3.5% 3.2% 3.3% 5.0% 3.2% 4.6% 4.0% 4.0%Poland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.6% 1.5% 1.5% 1.6% 1.4% 2.1% 1.9% 2.3% 1.9% 1.9% 2.3% 2.3% 2.4%Portugal 2.2% 1.9% 1.9% 1.8% 1.7% 1.6% 1.6% 1.6% 1.7% 1.8% 1.9% 1.9% 2.1% 2.0% 2.0% 2.0% 2.0% 2.1% 2.2% 2.3% 2.3%Russ ia 2.9% 2.5% 2.2% 2.3% 2.1% 1.8% 1.9% 2.9% 2.6% 2.5% 2.8% 3.2% 3.6% 3.6% 3.7% 3.7% 3.1% 2.8% 2.3% 2.2% 2.1%Singapore 2.4% 2.4% 2.3% 2.3% 2.2% 2.2% 2.1% 5.0% 2.7% 2.4% 2.5% 2.3% 1.7% 1.6% 1.5% 1.3% 1.5% 1.3% 1.4% 1.3% 1.3%South Africa 2.0% 2.0% 2.1% 2.1% 2.1% 2.2% 2.5% 2.4% 2.3% 2.4% 2.4% 2.4% 2.4% 2.7% 3.0% 3.1% 3.2% 3.0% 3.0% 2.9% 2.8%Spain N.A. 2.3% 2.2% 2.1% 2.0% 1.6% 1.3% 1.1% 1.0% 1.0% 1.0% 1.0% 1.0% 0.8% 1.3% 1.2% 1.4% 0.7% 1.8% 1.7% 1.3%Sweden 0.7% 0.7% 0.7% 0.7% 0.8% 0.6% 0.6% 0.8% 0.9% 0.9% 1.1% 1.1% 0.9% 0.8% 1.0% 1.0% 0.7% 1.1% 0.8% 0.9% 1.0%Switzerland N.A. N.A. N.A. N.A. 4.0% 2.7% 2.6% 2.5% 2.4% 2.4% 2.3% 2.3% 2.2% 2.2% 1.2% 1.2% 1.0% 1.0% 1.0% 1.8% 0.6%Taiwan N.A. N.A. N.A. N.A. 3.4% 2.4% 1.7% 1.9% 1.9% 2.3% 2.5% 2.3% 2.6% 2.5% 2.3% 3.7% 3.5% 2.9% 3.8% 3.5% 2.5%Thailand 1.7% 2.2% 3.3% 3.6% 2.0% 1.8% 1.8% 2.0% 3.9% 5.1% 4.9% 6.0% 6.7% 5.9% 2.1% 1.4% 1.5% 1.9% 1.9% 1.9% 1.9%Turkey N.A. N.A. N.A. 0.7% 1.2% 1.2% 1.0% 1.2% 1.0% 1.1% 1.1% 1.3% 1.5% 1.3% 1.3% 1.0% 1.1% 0.8% 0.7% 0.7% 0.8%UK 2.1% 1.9% 1.8% 1.8% 1.7% 1.7% 1.9% 2.2% 2.2% 2.2% 2.1% 2.3% 2.7% 2.3% 2.7% 2.0% 2.0% 2.4% 2.3% 2.4% 2.4%US 2.5% 2.4% 2.7% 2.8% 2.7% 2.5% 2.7% 2.8% 2.7% 2.5% 2.8% 2.6% 2.4% 2.2% 2.4% 2.4% 2.4% 2.2% 2.4% 2.2% 2.0%Venezuela N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Weighted AVG 1.9% 2.0% 1.8% 1.8% 1.9% 1.8% 1.8% 1.9% 1.9% 1.8% 1.9% 2.0% 2.0% 1.9% 1.9% 1.9% 2.1% 2.1% 2.2% 2.2% 2.1%




Chart 13: Monthly Churn By Country As Of 1Q05

8.4%

6.1%

4.0%

3.3%

3.2%

3.0%

2.8%

2.7%

2.6%

2.5%

2.5%

2.4%

2.4%

2.4%

2.3%

2.2%

2.2%

2.1%

2.0%

2.0%

2.0%

1.9%

1.9%

1.8%

1.7%

1.7%

1.7%

1.6%

1.6%

1.5%

1.4%

1.3%

1.3%

1.3%

1.3%

1.3%

1.3%

1.1%

1.0%

0.8%

0.6%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Indo

nesi

a

Indi

a

Phi

lippi

nes

Hon

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ong

Fin

land

Mex

ico

Sou

th A

fric

a

Arg

entin

a

Den

mar

k

Tai

wan

Kor

ea

Pol

and

Mal

aysi

a

UK

Por

tuga

l

Net

herla

nds

Col

ombi

a

Rus

sia

Bra

zil

US

Chi

le

Tha

iland

Gre

ece

Can

ada

Fra

nce

Egy

pt

Aus

tral

ia

New

Zea

land

Aus

tria

Ger

man

y

Chi

na

Spa

in

Isra

el

Sin

gapo

re

Hun

gary

Japa

n

Italy

Cze

ch

Sw

eden

Tur

key

Sw

itzer

land

Source: ML estimates.



Table 27: YoY Subscriber Growth

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 57.4% 59.1% 56.4% 45.7% 41.2% 29.2% 18.0% 2.9% -6.3% -8.7% -10.5% -4.5% -1.1% 1.6% 8.3% 16.4% 27.6% 40.0% 53.3% 76.7% 80.1%Australia 33.7% 34.8% 35.4% 32.7% 39.4% 32.6% 24.2% 20.1% 11.4% 10.6% 11.6% 10.8% 12.9% 13.8% 14.7% 15.6% 13.0% 15.1% 15.0% 15.7% 15.7%Austria 75.5% 63.6% 55.8% 43.8% 38.5% 26.5% 14.6% 7.0% 2.3% 2.1% 1.6% 3.6% 5.3% 5.1% 6.8% 8.4% 8.4% 8.5% 8.5% 9.5% 9.4%Belgium 59.0% 89.9% 75.4% 76.6% 77.6% 61.0% 52.2% 33.8% 22.6% 15.8% 5.0% -0.2% -2.4% -2.2% 4.3% 9.4% 10.7% 10.0% 9.3% 7.3% 6.1%Brazil 96.7% 80.2% 66.5% 54.3% 47.6% 39.0% 33.1% 24.0% 20.7% 18.9% 18.4% 21.3% 21.8% 24.2% 27.9% 33.4% 37.8% 43.1% 43.1% 42.0% 39.6%Canada 28.2% 28.2% 27.4% 26.8% 27.7% 25.5% 24.5% 23.1% 20.5% 17.6% 15.2% 11.8% 10.3% 10.4% 11.3% 12.2% 12.7% 12.3% 12.3% 11.9% 11.4%Chile 108.7% 86.2% 58.3% 59.1% 60.7% 57.0% 57.7% 44.3% 37.1% 31.5% 26.8% 23.4% 20.0% 19.0% 19.6% 21.3% 23.7% 27.2% 29.6% 28.6% 26.6%China 76.3% 80.3% 98.6% 97.4% 92.5% 91.4% 75.0% 75.8% 61.0% 50.9% 45.7% 37.8% 37.1% 33.1% 31.5% 30.0% 31.1% 30.2% 27.9% 24.6% 20.2%Colom bia 12.8% -11.7% -4.3% 14.8% 24.8% 61.6% 55.8% 42.0% 38.6% 43.0% 39.4% 37.5% 30.5% 33.2% 34.1% 36.6% 52.3% 46.9% 53.5% 72.8% 72.9%Czech 100.9% 141.5% 115.8% 121.6% 110.4% 60.4% 63.3% 61.1% 55.6% 43.3% 33.6% 22.9% 19.3% 14.8% 13.5% 13.5% 12.3% 12.7% 11.5% 11.1% 11.1%Denm ark 46.4% 28.2% 28.7% 30.7% 39.4% 35.9% 32.2% 24.5% 10.5% 7.6% 5.9% 8.3% 12.7% 17.6% 20.8% 18.9% 9.8% 4.2% -0.9% 1.2% 5.1%Egypt 242.4% 222.6% 184.3% 144.8% 136.8% 86.8% 75.5% 53.4% 33.1% 36.6% 30.7% 30.4% 28.3% 29.6% 35.9% 34.6% 32.5% 27.5% 25.9% 32.4% 41.5%Finland 10.5% 10.2% 11.2% 11.3% 16.0% 15.1% 12.4% 13.6% 12.0% 9.0% 7.8% 6.3% 5.8% 7.0% 6.6% 4.8% 5.1% 4.3% 4.7% 3.9% 7.3%France 81.3% 70.9% 61.5% 44.0% 38.3% 36.3% 32.1% 24.6% 19.1% 14.1% 9.1% 4.3% 4.2% 4.2% 6.3% 8.0% 7.8% 7.3% 6.9% 6.8% 7.1%Germany 79.3% 95.7% 107.0% 104.6% 91.5% 60.2% 35.9% 15.9% 5.5% 2.0% 2.9% 5.4% 7.8% 9.8% 10.0% 9.5% 10.1% 10.3% 10.5% 10.1% 9.3%Greece 78.2% 64.7% 60.2% 52.3% 48.5% 43.1% 37.5% 34.3% 29.0% 23.5% 19.4% 17.0% 18.3% 21.8% 22.6% 12.4% 8.3% 3.4% -0.2% 5.4% 6.9%Hong Kong 32.7% 34.4% 27.6% 34.1% 27.5% 9.8% 6.6% -1.9% -3.7% 6.2% 6.7% 9.4% 14.0% 10.5% 13.3% 14.5% 11.0% 12.7% 11.0% 7.0% 8.8%Hungary 92.5% 79.5% 55.3% 38.8% 31.9% 32.2% 38.2% 55.0% 59.3% 54.1% 52.2% 42.3% 31.1% 24.3% 20.2% 15.5% 13.7% 12.3% 10.7% 9.8% 9.6%India 57.1% 91.1% 96.4% 96.2% 89.8% 86.9% 83.1% 76.3% 79.8% 82.0% 72.5% 94.4% 115.5% 132.1% 176.6% 164.6% 142.5% 119.2% 87.5% 70.4% 55.2%Indones ia 78.2% 67.5% 75.7% 67.8% 69.0% 70.9% 65.7% 73.6% 69.1% 72.9% 80.6% 79.6% 76.2% 72.6% 65.1% 63.0% 67.3% 67.3% 70.9% 60.9% 52.0%Ireland 70.5% 71.8% 64.8% 57.8% 49.6% 42.4% 41.9% 23.1% 19.1% 14.2% 8.1% 4.0% 3.5% 7.0% 7.6% 11.4% 11.7% 10.2% 10.3% 10.6% 11.6%Is rael 44.5% 50.6% 53.3% 53.1% 47.3% 44.0% 36.3% 29.0% 15.1% 11.5% 8.6% 5.5% 9.6% 9.4% 10.6% 11.3% 10.4% 10.3% 9.1% 7.9% 8.2%Italy 46.0% 47.0% 44.5% 38.0% 36.5% 30.2% 26.4% 21.9% 16.3% 11.9% 8.1% 3.7% 4.6% 4.6% 5.3% 7.5% 6.4% 7.8% 9.2% 10.9% 11.8%Japan 20.2% 19.6% 18.6% 18.1% 17.5% 16.7% 15.7% 14.3% 12.4% 10.5% 9.4% 8.7% 8.5% 8.2% 8.1% 7.6% 6.9% 6.3% 5.8% 5.6% 5.1%Korea 51.2% 47.6% 18.5% 14.6% 1.9% 5.7% 8.6% 8.2% 14.1% 9.9% 13.7% 11.5% 8.4% 7.4% 3.5% 3.9% 6.5% 9.3% 8.8% 8.9% 6.0%Malays ia 43.7% 58.8% 73.2% 83.2% 71.0% 62.0% 53.2% 44.4% 36.5% 22.4% 18.0% 23.8% 21.4% 33.9% 32.6% 27.8% 31.1% 25.5% 26.6% 32.6% 34.7%Mexico 143.6% 127.4% 104.4% 92.6% 67.3% 61.2% 58.9% 52.1% 48.2% 36.3% 24.3% 14.7% 11.7% 12.0% 11.4% 14.9% 17.6% 20.5% 24.0% 27.1% 28.2%Netherlands 96.3% 74.2% 67.8% 59.9% 48.6% 32.1% 23.4% 11.8% 6.5% 6.3% 1.0% -0.2% -0.3% 2.6% 7.3% 12.5% 15.6% 15.7% 17.6% 18.4% 18.0%New Zealand 76.5% 74.2% 55.9% 51.7% 54.7% 44.8% 44.6% 27.3% 15.1% N.A. -0.4% 1.1% 1.7% 6.7% 12.3% 15.5% 16.6% 16.5% 15.8% 16.4% 14.8%Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1579.2% 603.3% 230.3% 166.2% 113.4% 100.1% 116.6% 106.9% 128.7% 154.4% 160.1% 161.7%Norway 22.8% 19.3% 15.1% 13.2% 14.8% 14.9% 16.7% 16.1% 13.0% 11.2% 10.2% 9.2% 9.3% 8.6% 7.9% 7.0% 7.3% 9.4% 10.6% 13.5% 12.0%Pakistan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 128.5% N.A. N.A. N.A. 111.7% N.A. N.A. N.A. N.A. N.A.Philippines 92.3% 123.8% 144.9% 131.3% 115.6% 94.2% 79.5% 78.6% 66.0% 49.5% 43.2% 38.1% 37.6% 40.4% 43.4% 45.9% 48.1% 58.4% 55.2% 51.1% 42.9%Poland 83.4% 73.8% 68.6% 70.8% 72.6% 60.9% 52.9% 45.7% 39.2% 38.7% 39.8% 40.3% 37.6% 32.8% 28.6% 26.1% 25.6% 26.8% 30.0% 32.5% 31.3%Portugal 48.4% 37.9% 36.7% 42.6% 44.7% 45.6% 40.1% 29.2% 23.2% 18.5% 14.4% 11.3% 10.6% 9.7% 10.1% 9.8% 5.5% 4.7% 3.6% 2.8% 5.4%Russ ia N.A. N.A. N.A. 118.8% 119.4% 160.7% 170.1% 180.1% 152.3% 135.5% 134.0% 123.9% 124.4% 115.8% 107.4% 100.8% 100.0% 95.5% 95.0% 105.7% 102.5%Singapore 49.0% 61.7% 65.3% 66.1% 68.5% 58.5% 42.4% 17.1% 8.9% 1.9% 1.3% 13.5% 10.7% 9.7% 9.0% 7.2% 8.0% 9.6% 10.0% 9.7% 11.6%South Africa 79.4% 69.2% 61.9% 56.6% 63.1% 52.1% 43.3% 43.9% 29.3% 29.3% 30.5% 26.8% 27.9% 28.4% 28.8% 31.1% 29.3% 27.3% 26.6% 26.6% 36.4%Spain 107.2% 100.6% 84.1% 63.4% 46.0% 32.0% 24.0% 21.0% 20.6% 19.1% 16.2% 13.1% 12.7% 12.3% 11.8% 11.9% 10.0% 5.6% 5.4% 4.4% 5.0%Sweden 12.2% 25.3% 26.2% 25.3% 21.7% 16.8% 14.3% 9.8% 13.0% 12.6% 12.2% 13.3% 11.0% 10.8% 9.5% 8.7% 9.8% 10.6% 11.1% 10.4% 8.3%Switzerland 95.9% 78.8% 78.0% 46.1% 32.5% 21.7% 14.3% 13.2% 16.1% 13.3% 12.3% 13.1% 4.5% 3.7% 3.2% 5.4% 7.6% 8.0% 7.2% 3.8% 4.0%Taiwan N.A. N.A. N.A. N.A. N.A. 38.2% 30.6% 21.0% 16.9% 13.4% 12.6% 10.5% 10.3% 9.1% 7.1% 5.2% -4.5% -8.2% -11.6% -14.4% -10.6%Thailand 23.9% 29.7% 37.1% 47.7% 67.0% 88.0% 104.0% 121.1% 126.5% 137.7% 145.3% 119.4% 89.3% 58.1% 33.0% 26.8% 24.7% 24.5% 23.1% 22.2% 20.7%Turkey N.A. N.A. N.A. N.A. N.A. N.A. N.A. 30.0% 23.1% 25.7% 29.9% 22.5% 20.7% 20.1% 16.2% 19.6% 19.0% 19.3% 23.8% 24.5% 27.3%UK 82.4% 81.9% 75.6% 67.9% 58.0% 46.4% 33.6% 17.6% 11.2% 7.5% 7.3% 8.0% 6.7% 7.0% 5.7% 7.0% 9.8% 11.0% 13.7% 14.0% 13.0%US 23.8% 27.2% 27.5% 27.2% 27.7% 22.0% 21.0% 17.3% 15.2% 13.7% 11.0% 9.7% 9.3% 10.0% 10.7% 12.8% 13.1% 14.5% 14.4% 14.8% 15.2%Venezuela 73.2% 52.0% 41.9% 36.0% 33.7% 36.2% 35.5% 34.9% 29.8% 18.5% 9.2% 1.8% -1.3% 2.1% 5.4% 7.8% 12.9% 15.1% 15.7% 23.0% 23.0%Weighted AVG 51.2% 56.8% 55.8% 56.0% 52.9% 43.3% 37.8% 29.9% 25.1% 22.1% 20.4% 18.6% 18.7% 18.8% 19.2% 20.3% 21.0% 22.1% 22.4% 22.8% 22.4%




Chart 14: YoY Subscriber Growth By Country As Of 1Q0516

2%

103%

80%

73%

55%

52%

43%

41%

40%

36%

35%

31%

28%

27%

27%

23%

21%

20%

18%

16%

15%

15%

13%

12%

12%

12%

12%

11%

11%

10%

9% 9% 9% 8% 8% 7% 7% 7% 6% 6% 5% 5% 5% 5% 4%

-11%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

Nig

eria

Rus

sia

Arg

entin

a

Col

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a

Indi

a

Indo

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a

Phi

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nes

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Bra

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Mal

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Pol

and

Mex

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Tur

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Chi

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Ven

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Tha

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Chi

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Net

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Aus

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New

Zea

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Nor

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Sin

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Can

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Cze

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Hun

gary

Aus

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Ger

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Hon

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Fin

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Fra

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Gre

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Bel

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Kor

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wan




Table 28: Wireless Penetration

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 13% 14% 16% 17% 18% 18% 19% 17% 17% 17% 16% 16% 16% 17% 18% 19% 21% 23% 26% 33% 37%Australia 41% 45% 48% 52% 57% 59% 59% 62% 63% 64% 66% 68% 70% 72% 74% 78% 79% 82% 84% 89% 90%Austria 58% 64% 72% 77% 80% 81% 82% 82% 81% 82% 82% 84% 85% 86% 88% 91% 92% 93% 95% 100% 101%Belgium 35% 41% 46% 55% 62% 66% 70% 73% 76% 77% 74% 73% 74% 75% 77% 80% 82% 82% 84% 86% 86%Brazil 10% 11% 12% 14% 14% 15% 16% 17% 17% 18% 19% 20% 20% 21% 23% 26% 28% 30% 32% 36% 38%Canada 23% 24% 26% 28% 29% 30% 31% 35% 36% 36% 37% 38% 39% 40% 41% 43% 43% 44% 45% 47% 48%Chile 16% 18% 19% 23% 25% 28% 30% 32% 34% 36% 37% 39% 40% 42% 44% 47% 49% 53% 56% 60% 62%China 4% 5% 6% 7% 8% 9% 10% 12% 13% 14% 15% 16% 17% 18% 19% 21% 22% 24% 25% 26% 27%Colom bia 5% 4% 4% 5% 6% 6% 7% 7% 8% 9% 9% 10% 10% 12% 12% 13% 16% 17% 18% 23% 26%Czech 22% 33% 36% 42% 46% 53% 59% 68% 71% 76% 79% 83% 85% 87% 89% 94% 96% 98% 99% 105% 106%Denmark 47% 51% 55% 58% 66% 69% 73% 72% 72% 74% 77% 78% 81% 87% 93% 93% 89% 91% 92% 94% 94%Egypt 2% 2% 3% 3% 4% 4% 4% 5% 5% 6% 6% 6% 7% 7% 8% 8% 9% 9% 10% 11% 12%Finland 62% 65% 68% 71% 72% 75% 76% 80% 81% 81% 82% 85% 88% 89% 90% 92% 92% 93% 94% 95% 99%France 37% 40% 43% 49% 51% 54% 57% 61% 61% 61% 61% 63% 65% 66% 67% 70% 70% 70% 71% 74% 75%Germany 34% 42% 50% 59% 64% 67% 67% 68% 68% 68% 69% 72% 73% 75% 76% 79% 81% 82% 84% 87% 88%Greece 41% 46% 51% 56% 60% 65% 70% 75% 78% 80% 84% 88% 92% 98% 102% 99% 99% 101% 102% 104% 106%Hong Kong 64% 70% 72% 80% 81% 76% 76% 78% 77% 80% 81% 84% 87% 88% 91% 96% 97% 99% 101% 102% 105%Hungary 26% 29% 30% 31% 34% 38% 41% 48% 53% 58% 62% 68% 70% 72% 75% 79% 80% 81% 83% 86% 87%India 0% 0% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 1% 2% 2% 3% 3% 4% 4% 5% 5%Indones ia 1% 1% 2% 2% 2% 2% 3% 3% 3% 4% 4% 5% 6% 6% 7% 9% 9% 11% 12% 14% 14%Ireland 44% 48% 52% 63% 66% 68% 73% 77% 78% 77% 78% 79% 80% 82% 83% 87% 88% 89% 90% 96% 97%Israel 52% 56% 62% 69% 76% 80% 83% 87% 86% 88% 89% 90% 92% 95% 97% 100% 100% 103% 105% 105% 107%Italy 57% 62% 67% 73% 77% 81% 85% 89% 90% 91% 92% 92% 94% 95% 97% 99% 100% 103% 106% 110% 112%Japan 45% 47% 49% 50% 53% 55% 56% 57% 59% 60% 61% 62% 64% 65% 66% 67% 68% 69% 70% 71% 72%Korea 56% 57% 55% 57% 56% 60% 60% 61% 64% 65% 67% 68% 69% 69% 69% 70% 73% 75% 75% 76% 77%Malays ia 14% 16% 18% 20% 23% 25% 27% 29% 30% 30% 32% 35% 36% 39% 41% 43% 46% 48% 51% 56% 62%Mexico 10% 11% 13% 15% 16% 18% 20% 23% 24% 24% 25% 26% 26% 27% 27% 29% 30% 32% 33% 36% 39%Netherlands 48% 55% 61% 68% 71% 72% 75% 76% 76% 76% 76% 75% 75% 78% 81% 84% 87% 90% 95% 100% 102%New Zealand 36% 41% 44% 50% 56% 59% 62% 61% 62% 61% 60% 61% 62% 64% 66% 70% 72% 74% 76% 80% 82%Nigeria N.A. N.A. N.A. N.A. N.A. 0% 0% 0% 1% 1% 1% 1% 1% 2% 2% 2% 3% 4% 5% 6% 8%Norway 61% 64% 65% 68% 71% 73% 76% 78% 79% 82% 84% 85% 87% 89% 90% 92% 93% 96% 100% 104% 104%Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0% N.A. N.A. N.A. 1% 1% 1% 1% 1% N.A. 3% 4% 5% 6%Philippines 4% 6% 7% 8% 9% 11% 12% 14% 15% 16% 17% 19% 21% 22% 25% 27% 30% 35% 38% 41% 42%Poland 12% 13% 15% 17% 20% 22% 23% 25% 28% 30% 33% 36% 38% 40% 42% 45% 48% 51% 55% 60% 63%Portugal 49% 52% 57% 66% 71% 75% 80% 85% 87% 88% 91% 94% 97% 98% 101% 105% 102% 102% 105% 107% 107%Russ ia 1% 1% 2% 2% 3% 3% 4% 6% 6% 8% 10% 12% 15% 17% 21% 25% 29% 34% 41% 51% 59%Singapore 42% 48% 54% 61% 68% 73% 75% 69% 72% 73% 75% 78% 79% 80% 81% 83% 85% 87% 88% 90% 94%South Africa 11% 12% 14% 15% 17% 18% 19% 21% 22% 23% 25% 26% 28% 29% 31% 34% 35% 37% 39% 42% 47%Spain 45% 51% 57% 63% 65% 67% 71% 76% 78% 79% 81% 84% 87% 88% 91% 94% 96% 93% 96% 98% 100%Sweden 61% 65% 69% 73% 74% 75% 78% 79% 83% 85% 87% 90% 93% 95% 97% 99% 102% 105% 108% 109% 111%Switzerland 49% 56% 62% 62% 65% 68% 70% 70% 75% 77% 79% 80% 79% 80% 82% 84% 85% 86% 88% 87% 88%Taiwan N.A. 66% 72% 80% 86% 91% 94% 97% 100% 103% 105% 106% 110% 112% 112% 112% 105% 102% 99% 95% 93%Thailand 4% 5% 5% 6% 7% 8% 10% 13% 16% 20% 25% 28% 30% 32% 33% 35% 37% 39% 41% 43% 45%Turkey N.A. N.A. N.A. 22% 24% 25% 27% 28% 30% 32% 34% 34% 35% 37% 38% 39% 41% 43% 47% 48% 51%UK 46% 52% 58% 67% 72% 75% 77% 79% 80% 81% 83% 85% 85% 86% 87% 91% 94% 96% 99% 104% 106%US 32% 34% 36% 39% 40% 42% 43% 45% 46% 47% 48% 49% 50% 51% 52% 54% 56% 58% 59% 62% 64%Venezuela 15% 16% 17% 19% 20% 21% 23% 25% 26% 25% 24% 25% 25% 25% 25% 26% 28% 29% 29% 32% 33%Weighted AVG 12% 13% 14% 16% 17% 18% 19% 19% 21% 22% 22% 23% 24% 25% 26% 27% 29% 30% 31% 33% 34%




Chart 15: Penetration By Country As Of 1Q0511

2.5%

110.

9%

107.

3%

107.

1%

106.

3%

106.

3%

105.

6%

104.

6%

103.

8%

102.

0%

100.

6%

100.

4%

98.7

%

97.3

%

93.8

%

93.6

%

93.4

%

89.7

%

88.2

%

88.2

%

87.4

%

86.4

%

81.6

%

76.9

%

74.7

%

71.6

%

63.6

%

63.2

%

61.8

%

61.8

%

58.8

%

51.1

%

47.6

%

46.8

%

44.7

%

42.4

%

38.5

%

37.6

%

36.7

%

33.3

%

26.9

%

26.5

%

14.3

%

12.0

%

7.5%

6.4%

0%

20%

40%

60%

80%

100%

120%

Italy

Sw

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Por

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Isra

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Gre

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Cze

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Hon

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US

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n




Table 29: Average Revenue Per User

(US$) 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 46 43 41 39 35 33 33 30 12 8 8 9 10 13 13 13 14 13 14 15 13 Aus tralia 42 39 38 34 32 30 30 30 29 32 31 32 31 34 35 39 40 37 38 41 22 Aus tria 36 34 32 30 27 26 28 28 28 30 33 34 35 39 40 41 45 43 46 46 47 Belgium 34 32 23 26 32 30 30 30 28 31 34 35 37 41 40 44 46 44 44 47 47 Brazil 24 23 21 20 20 17 15 16 17 16 13 11 11 14 13 13 12 11 11 11 11 Canada 34 35 36 34 30 32 33 30 28 31 32 31 31 35 38 39 37 39 42 43 41 Chile 27 24 22 21 21 18 16 18 17 16 14 15 14 14 15 15 14 12 13 15 13 China 28 25 24 24 18 17 15 14 13 13 12 11 11 11 11 10 10 10 9 9 9 Colom bia N.A. N.A. N.A. N.A. 17 15 14 15 15 14 12 12 15 11 11 12 10 11 12 11 12 Czech 31 30 30 30 28 27 24 23 20 20 20 20 20 20 20 20 21 21 22 21 20 Denmark 32 30 28 26 27 25 26 26 24 28 30 30 29 32 32 31 33 33 33 35 35 Egypt 67 53 44 36 29 26 27 21 19 19 21 19 18 16 17 16 16 17 17 17 16 Finland 39 40 38 37 37 37 37 36 35 38 41 40 41 45 44 49 48 46 46 47 43 France 42 37 36 36 31 30 31 30 28 30 34 34 39 43 44 45 47 46 48 50 49 Germ any 41 35 32 26 22 21 22 21 21 23 26 25 26 29 30 30 30 30 31 32 31 Greece 39 35 31 28 25 24 26 23 22 25 30 29 28 31 34 36 34 36 38 37 36 Hong Kong 44 43 41 40 37 35 36 35 34 35 34 35 29 28 27 27 26 26 26 26 26 Hungary 33 30 29 27 25 23 21 21 21 20 22 22 22 22 24 25 24 25 25 25 24 India 31 30 29 28 28 26 24 22 20 18 17 16 14 12 12 11 11 11 11 12 12 Indonesia N.A. N.A. N.A. N.A. 15 14 17 16 15 15 15 14 12 13 13 12 12 11 10 11 10 Ireland N.A. N.A. N.A. N.A. N.A. 40 39 38 38 41 44 46 50 52 54 57 57 58 59 62 58 Is rael 72 68 75 60 52 49 47 42 38 37 37 35 33 36 39 37 36 36 37 36 34 Italy 31 29 27 25 24 23 24 23 22 24 28 27 28 32 33 33 34 34 35 37 36 Japan 76 76 76 73 67 66 66 64 57 59 64 64 62 62 63 67 66 63 63 62 63 Korea 33 33 34 33 31 32 33 34 30 32 34 34 32 34 34 35 34 34 35 37 39 Malays ia 37 33 31 29 28 27 26 25 23 23 22 21 21 21 20 22 21 20 19 19 18 Mexico 27 26 21 21 22 23 21 18 18 18 18 18 18 18 18 18 18 18 18 19 18 Netherlands 33 30 28 26 27 27 28 26 26 29 33 34 37 41 41 41 42 41 40 39 39 New Zealand 34 29 25 24 22 20 19 19 20 22 23 26 29 30 31 33 36 33 36 38 37 Nigeria N.A. N.A. N.A. N.A. N.A. N.A. 108 92 75 69 64 58 52 52 52 51 51 50 48 45 40 Norway 37 38 39 36 36 36 39 37 37 42 48 47 48 50 49 49 46 49 49 51 48 Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Philippines 21 20 16 17 12 11 11 11 11 13 11 11 10 9 9 10 8 8 8 8 8 Poland 32 32 32 30 28 27 27 25 N.A. 21 21 20 19 20 20 21 19 19 20 22 20 Portugal 30 31 30 29 26 26 27 26 23 25 27 26 26 29 30 29 30 32 33 33 31 Russia 73 63 53 47 35 35 35 28 23 22 23 19 16 17 17 15 13 13 13 10 8 Singapore 34 32 30 30 31 30 32 31 31 31 32 31 31 31 31 32 33 32 32 33 32 South Africa 49 44 39 33 28 28 24 17 18 19 19 21 21 22 24 26 27 27 27 27 26 Spain 34 31 30 28 28 26 27 26 25 27 30 28 30 34 35 36 37 39 43 42 42 Sweden 35 34 33 31 28 27 28 27 25 27 28 29 28 31 31 32 30 30 30 30 30 Switzerland N.A. N.A. N.A. N.A. 50 46 47 50 48 50 56 54 59 61 61 64 66 65 66 68 67 Taiwan N.A. 28 27 24 22 21 20 19 19 19 19 18 18 18 19 19 19 20 21 22 22 Thailand 30 30 27 27 25 22 20 18 18 15 12 11 12 12 11 11 12 11 11 11 11 Turkey N.A. N.A. N.A. N.A. 16 12 12 10 11 12 12 10 10 11 13 10 12 13 14 12 11 UK 42 39 36 34 31 28 30 29 29 31 34 34 35 37 38 40 43 43 44 42 42 US 55 58 58 56 55 58 58 56 55 57 58 57 55 57 58 56 55 57 57 55 54 Venezuela 42 37 37 34 28 34 32 31 26 22 18 16 16 17 16 18 17 17 19 20 18 Weighted AVG* 44 42 40 37 33 32 32 30 29 30 30 29 29 30 30 30 28 30 29 28 27

Source: ML estimates* Weighted by subscribers due to incomplete historical revenue figures for certain countries.



Chart 16: Average Revenue Per User By Country As Of 1Q05 (US$/month)67

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Table 30: YoY % Change in ARPU1

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina N.A. -32% -30% -25% -25% -24% -19% -21% -28% -16% -9% 10% 32% 35% 27% 17% 20% 7% 9% 11% -5%Aus tralia -12% -11% -10% -12% -11% -13% -11% -6% -5% -1% -2% -3% -6% -7% -6% -6% -1% -3% -1% -2% -4%Aus tria -18% -17% -14% -13% -17% -13% -8% -6% 5% 7% 4% 8% 5% 7% 5% 3% 8% 3% 6% 3% 1%Belgium -10% -8% -11% 0% 0% 1% 6% -4% -8% -1% 1% 3% 6% 6% 4% 6% 6% 1% 1% -2% -3%Brazil N.A. -30% -29% -20% -6% -8% -2% 7% -4% 6% 6% -1% -3% 0% -4% -5% -12% -18% -17% -16% -13%Canada 0% -16% 2% -4% -7% -6% -5% -8% -6% -3% -3% 1% 1% 1% 2% 3% 5% 4% 4% 4% 3%Chile N.A. 25% 14% 23% -24% -24% -27% -17% -19% -12% -12% -15% -15% -12% 5% -1% -2% -13% -12% -1% -8%China N.A. N.A. N.A. -26% -37% -33% -37% -43% -25% -25% -19% -17% -16% -13% -12% -9% -11% -9% -12% -9% -7%Colom bia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -15% -9% -14% -22% 3% -16% -13% 3% -31% -3% 9% -6% 12%Czech -22% -17% -12% -5% -8% -11% -20% -22% -35% -34% -28% -27% -20% -15% -13% -10% -3% -7% -6% -5% -5%Denm ark -1% -3% -3% -6% -11% -10% -7% -2% -4% 5% 5% 1% -2% -8% -8% -12% -4% -1% -2% 5% 3%Egypt N.A. N.A. N.A. -43% -50% -45% -30% -30% -24% -16% -8% -9% 7% 12% 7% 8% 10% 7% 5% 7% -3%Finland 11% 11% 5% 2% 1% 1% 1% 2% -1% -2% -1% -2% -3% -5% -6% 2% -1% -3% -2% -12% -14%France -13% -19% -18% -15% -19% -10% -9% -13% -7% -6% -2% -1% 15% 14% 12% 11% 2% 2% 2% 2% -1%Germ any -23% -30% -29% -39% -41% -35% -30% -15% -3% 7% 9% 5% 3% -1% -1% 0% -1% -2% -5% -2% -3%Greece -33% -28% -27% -28% -32% -23% -15% -17% -5% -2% 6% 11% 3% 0% -3% 4% 3% 9% 6% -4% -1%Hong Kong -19% -20% -23% -23% -17% -18% -14% -11% -6% -1% -4% -2% -15% -21% -21% -22% -12% -6% -5% -3% 0%Hungary -21% -23% -15% -15% -23% -25% -27% -21% -15% -13% -10% -13% -16% -5% 0% 1% 3% 0% -3% -4% 0%India 0% 0% -1% -1% -2% -8% -13% -17% -25% -28% -30% -30% -30% -34% -32% -32% -28% -12% -7% 0% 2%Indonesia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -15% -14% -19% -22% -21% -19% -18% -20% -8% -18% -22% -10% -17%Ireland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -4% 4% 3% 6% 4% 6% 4% -1% 4% 1% 0% -3%Is rael N.A. N.A. -18% -32% -28% -28% -38% -30% -27% -25% -21% -16% -12% -3% 6% 4% 7% 0% -5% -1% -4%Italy -9% -10% -14% -17% -15% -13% -5% -5% -3% -1% 4% 5% 3% 5% 2% 2% 5% 2% 0% 1% -1%Japan -8% -4% -3% -3% -2% 0% -2% -1% -5% -8% -6% -4% -2% -1% -2% -4% -5% -7% -7% -10% -6%Korea N.A. N.A. N.A. N.A. 5% 15% 13% 13% 2% -5% -5% -5% -2% 1% 0% -1% 2% -2% -1% -1% 0%Malays ia -19% -23% -25% -28% -25% -19% -15% -11% -15% -16% -18% -18% -10% -9% -7% 4% 0% -2% -3% -13% -15%Mexico -20% -18% -25% -20% -18% -15% -5% -19% -20% -20% -11% 6% 13% 16% 11% 9% 10% 8% 7% 5% -1%Netherlands -23% -21% -20% -21% -14% -2% 4% 4% 2% 1% 8% 14% 16% 15% 8% 3% -4% -8% -11% -13% -10%New Zealand -22% -25% -21% -20% -26% -23% -21% -17% -7% 1% 8% 12% 11% 8% 5% 1% 2% 0% 1% 1% -4%Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -41% -37% -31% -25% -19% -11% -2% -3% -7% -12% -22%Norway -8% 0% -1% 1% 6% -1% 1% -1% 3% 5% 3% 6% 2% 1% -2% -2% -5% -5% -7% -5% -6%Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -21% N.A. N.A. N.A. -16% N.A. N.A. N.A. N.A. N.A.Philippines N.A. N.A. N.A. N.A. -41% -32% -23% -23% -3% 6% -1% 1% -12% -26% -19% -16% -13% -12% -10% -17% -5%Poland -27% -20% -18% -18% -16% -21% -15% -15% -18% -13% -13% -12% -14% -12% -12% -8% -7% -7% -10% -8% -15%Portugal -8% 2% 3% 8% -6% -6% -8% -8% -8% -11% -11% -13% -9% -6% -2% -4% 1% 5% 1% 4% -2%Russ ia N.A. N.A. N.A. -57% -52% -45% -34% -40% -34% -35% -36% -33% -30% -24% -25% -23% -23% -26% -25% -32% -35%Singapore -6% -12% -14% -12% -5% 0% 9% 8% 3% 3% -2% -5% -3% -5% -3% 0% 2% 3% 0% 0% -6%South Africa -21% -22% -23% -27% -29% -26% -23% -15% -9% -8% -6% -5% -4% -4% -4% -2% -3% -6% -6% -7% -7%Spain -19% -16% -11% -9% -12% -9% -6% -4% -6% -2% 2% -3% -2% 1% 0% 5% 6% 9% 14% 8% 7%Sweden -3% -9% -8% -6% -9% -6% -3% -7% -6% -4% -6% -6% -8% -8% -9% -9% -6% -10% -10% -12% -5%Switzerland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -3% 0% 4% -4% 0% 3% 1% 5% 3% 1% -1% -4% -4%Taiwan N.A. N.A. N.A. N.A. N.A. -18% -19% -20% -10% -7% -5% -3% -5% -6% -2% 1% 8% 12% 13% 17% 12%Thailand 7% 11% 4% 6% -1% -14% -19% -31% -31% -37% -44% -39% -34% -23% -8% -1% -3% -5% -3% -4% -4%Turkey N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -30% 1% -4% -1% -12% -8% 13% 1% 26% 18% 4% 13% -6%UK -20% -18% -18% -18% -20% -22% -16% -13% -4% 6% 7% 7% 6% 8% 7% 9% 10% 5% 2% -3% -4%US 3% 4% 1% 2% 1% -1% -1% 0% -1% -1% 0% 0% 0% 0% 0% -1% 1% 0% -2% -1% -1%Venezuela -37% -41% -31% -32% -33% -8% -14% -9% -7% -35% -44% -48% -38% -21% -11% 12% 4% -1% 20% 14% 9%Weighted AVG* -10% -11% -12% -14% -16% -14% -13% -14% -10% -8% -6% -6% -5% -4% -4% -3% -3% -4% -5% -5% -6%

Source: ML estimates. * Weighted by subscribers due to incomplete historical revenue figures for certain countries. 1) Expressed in reported currency terms



Chart 17: YoY % Change in ARPU1 By Country As Of 1Q0512

%

12%

9%

7%

3% 3%

2%

1% 0% -0%

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-10%

0%

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20%

Col

ombi

a

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Ven

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Spa

in

Den

mar

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Can

ada

Indi

a

Aus

tria

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Hun

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Kor

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Italy

Fra

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US

Gre

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Mex

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Por

tuga

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Egy

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Bel

gium

Irel

and

Ger

man

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Aus

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New

Zea

land

Isra

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Sw

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land U

K

Tha

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Cze

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Arg

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a

Sw

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Phi

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nes

Tur

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Nor

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n

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Chi

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Net

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Bra

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Fin

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Pol

and

Mal

aysi

a

Indo

nesi

a

Nig

eria

Rus

sia

Source: ML estimates. * Weighted by subscribers due to incomplete historical revenue figures for certain countries.1) Growth calculated in Reported Currency Terms.



Table 31: Monthly Minutes Of Use

minutes/sub 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 120 127 124 124 113 111 105 101 86 88 91 101 93 104 108 116 118 122 132 139 127 Aus tralia 172 173 169 165 166 167 153 156 156 154 160 162 158 166 170 167 161 159 168 168 163 Aus tria 112 112 108 107 108 111 114 116 118 123 126 129 124 126 127 129 125 127 128 135 132 Belgium N.A. N.A. N.A. 105 97 93 87 79 74 76 71 77 145 147 150 149 150 151 150 151 149 Brazil 163 148 149 131 117 117 115 118 106 104 103 103 96 96 97 99 91 92 93 93 84 Canada 205 227 238 243 228 258 257 264 249 280 277 285 280 314 318 321 317 360 360 359 358 Chile 118 133 120 123 124 120 121 130 129 118 115 119 114 110 113 116 112 105 106 110 103 China 324 261 260 271 248 226 205 198 194 187 193 186 201 219 232 219 249 264 268 274 279 Colombia 97 102 104 115 108 87 80 88 77 75 77 83 82 82 80 87 95 106 121 133 131 Czech N.A. N.A. N.A. 159 149 138 128 99 94 88 84 85 83 84 86 84 83 80 82 82 79 Denmark 142 136 130 124 120 118 116 116 126 142 141 134 132 136 138 133 136 149 147 157 158 Egypt N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 150 165 188 172 162 167 180 151 159 167 182 179 143 Finland 197 212 215 209 207 223 221 217 212 231 228 226 218 231 235 233 234 247 254 258 258 France 166 171 161 159 195 191 191 188 188 190 191 192 199 200 193 202 218 221 202 214 224 Germany 108 105 89 76 70 70 70 71 69 74 75 73 71 73 74 74 74 74 75 76 75 Greece 87 84 86 80 74 79 80 76 80 90 98 96 88 97 107 117 113 117 121 119 118 Hong Kong 290 280 280 300 315 325 335 350 350 350 350 350 360 370 380 380 380 380 385 387 389 Hungary 192 184 175 165 155 146 135 125 121 121 116 117 102 107 112 117 109 118 119 119 114 India 172 183 195 206 217 211 204 198 191 194 208 224 249 291 300 296 295 309 321 344 357 Indones ia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Ireland N.A. N.A. N.A. N.A. N.A. 205 204 202 200 188 188 185 191 194 198 198 198 206 210 210 210 Is rael 432 416 419 379 350 337 332 316 298 298 293 286 280 291 300 290 294 297 306 302 302 Italy 113 116 121 117 110 116 114 112 111 113 114 115 110 115 116 116 117 119 122 120 122 Japan 184 182 187 183 182 178 177 177 169 169 171 170 164 165 164 161 157 156 159 154 146 Korea 232 242 244 271 278 299 295 299 280 289 285 292 284 300 295 311 300 311 306 316 298 Malays ia 219 210 201 193 195 198 202 205 202 203 202 211 215 211 209 204 189 185 198 188 177 Mexico 83 81 82 80 78 77 72 71 65 68 66 71 82 89 90 96 103 105 101 106 105 Netherlands 117 119 115 113 111 119 117 119 119 129 130 134 133 140 139 139 136 137 132 133 129 New Zealand 199 200 192 183 162 148 137 152 137 131 140 148 147 145 148 151 151 147 148 150 144 Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Norway 156 163 173 163 159 165 172 166 163 178 181 173 171 182 187 182 176 184 184 181 175 Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 241 237 N.A. N.A. N.A. N.A. N.A.Philippines N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Poland 128 128 116 108 96 100 108 101 93 92 89 82 73 77 76 77 70 71 74 75 70 Portugal 136 143 151 141 127 128 130 128 125 130 130 128 116 118 123 121 116 120 123 119 116 Russ ia 121 132 138 138 128 143 145 133 116 136 132 127 113 127 127 114 121 130 135 128 113 Singapore 231 223 255 278 301 313 303 308 290 291 291 287 277 281 274 274 278 277 283 282 291 South Africa 240 226 212 189 174 168 163 169 170 166 162 160 162 161 147 145 151 155 145 142 138 Spain 111 110 109 103 102 106 108 102 97 105 109 108 106 116 120 118 116 132 138 135 135 Sweden 107 118 115 114 112 121 123 123 118 128 122 117 111 118 117 115 112 122 121 125 123 Switzerland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 116 126 125 107 116 119 120 116 112 Taiwan N.A. 164 157 153 148 149 148 147 150 154 156 155 156 161 169 171 186 183 189 196 200 Thailand N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 240 206 194 180 173 167 156 156 158 155 152 156 157 Turkey N.A. N.A. N.A. 78 63 62 65 56 53 58 62 53 51 60 66 58 56 66 74 64 60 UK 161 151 147 141 133 126 126 125 126 129 129 131 132 138 141 142 143 146 147 149 146 US 211 232 239 259 274 320 342 358 370 425 437 456 475 526 546 550 579 614 635 623 625 Venezuela 105 103 111 104 96 91 90 88 80 74 74 73 68 71 84 84 80 77 80 82 75 Weighted AVG 187 183 182 180 178 184 183 183 182 190 193 194 197 212 217 215 225 235 239 238 236




Chart 18: Monthly Minutes Of Use (MOU) By Country As Of 1Q0562

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279

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Table 32: YoY % Change In MOU

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina -24.0% -9.0% -11.8% -8.5% -6.1% -12.8% -15.4% -18.4% -23.8% -20.2% -13.0% -0.9% 8.4% 18.0% 18.0% 15.3% 26.7% 17.0% 22.2% 19.8% 7.7%Aus tralia 10.9% 1.0% -2.2% -3.7% -3.5% -3.6% -9.1% -5.8% -6.1% -7.4% 4.5% 4.0% 1.4% 7.5% 5.8% 3.0% 1.7% -3.8% -0.9% 0.8% 1.3%Aus tria 2.3% 2.0% -1.8% -2.6% -3.4% -0.8% 6.1% 8.9% 9.7% 10.9% 10.3% 10.8% 5.0% 3.0% 1.1% 0.1% 0.9% 0.8% 0.8% 4.5% 5.1%Belgium N.A. N.A. N.A. N.A. N.A. N.A. N.A. -24.8% -23.7% -18.3% -18.4% -2.5% N.M. N.M. N.M. N.M. 3.3% 2.4% 0.0% 1.4% -0.5%Brazil -15.2% -21.9% -21.8% -28.6% -27.8% -21.0% -23.1% -10.0% -10.3% -11.1% -10.6% -12.5% -9.1% -7.3% -5.8% -3.6% -5.5% -3.7% -3.4% -6.4% -7.1%Canada 19.9% 15.9% 23.6% 14.2% 10.9% 13.6% 7.9% 8.4% 9.4% 8.5% 7.8% 8.1% 12.2% 12.1% 14.7% 12.5% 13.4% 14.6% 13.4% 11.8% 12.8%Chile 85.3% 14.1% -18.0% -5.3% 4.7% -9.3% 1.0% 5.5% 4.3% -2.2% -4.7% -8.4% -11.6% -6.7% -2.0% -2.9% -1.9% -4.7% -6.4% -5.1% -7.6%China N.A. N.A. N.A. -26.0% -23.3% -13.4% -20.9% -26.9% -21.7% -17.3% -5.8% -5.8% 3.4% 17.3% 19.9% 17.2% 24.2% 20.1% 15.7% 25.1% 11.7%Colom bia 3.5% 19.7% 31.2% 24.4% 11.4% -15.1% -23.1% -23.5% -28.9% -13.7% -4.2% -5.7% 6.2% 9.2% 4.4% 4.8% 16.5% 29.3% 51.3% 52.9% 37.9%Czech N.A. N.A. N.A. N.A. N.A. N.A. N.A. -37.6% -36.7% -36.4% -34.0% -13.9% -11.3% -3.9% 2.3% -1.9% -0.8% -4.8% -4.5% -2.4% -5.0%Denm ark -4.1% -8.1% -12.2% -16.2% -15.5% -13.2% -10.8% -6.5% 5.1% 20.4% 21.4% 15.6% 4.8% -4.4% -2.2% -0.5% 3.0% 9.4% 6.7% 17.3% 16.1%Egypt N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 8.0% 1.2% -4.3% -12.2% -1.9% 0.0% 1.1% 18.5% -10.1%Finland 7.5% 14.3% 11.2% 6.8% 5.1% 5.3% 2.8% 3.6% 2.6% 3.7% 3.3% 4.3% 2.4% -0.2% 2.9% 2.8% 7.7% 6.9% 8.1% 11.0% 10.0%France 2.4% 4.7% -1.7% -3.5% 17.2% 11.7% 18.6% 18.5% -3.3% -0.4% 0.4% 2.1% 5.5% 5.1% 0.9% 5.2% 9.5% 10.6% 4.5% 6.2% 2.9%Germ any -8.4% -10.4% -23.8% -34.3% -35.0% -33.4% -21.0% -7.5% -1.5% 5.4% 6.4% 3.0% 2.8% -0.7% -1.4% 1.5% 3.6% 1.1% 2.1% 2.7% 2.0%Greece -19.3% -16.6% -11.3% -13.9% -14.8% -6.2% -6.9% -5.1% 7.8% 13.2% 22.2% 26.8% 10.9% 8.6% 9.0% 21.2% 27.5% 20.0% 13.2% 2.2% 4.7%Hong Kong -12.1% -9.7% -3.4% 3.4% 8.6% 16.1% 19.6% 16.7% 11.1% 7.7% 4.5% 0.0% 2.9% 5.7% 8.6% 8.6% 5.6% 2.7% 1.3% 1.8% 2.3%Hungary N.A. -16.7% -16.7% -17.5% -19.3% -20.7% -22.9% -24.2% -21.9% -17.1% -13.7% -6.4% -15.6% -12.0% -3.5% 0.1% 6.4% 10.3% 6.0% 1.8% 4.7%India 89.0% 64.7% 47.9% 35.6% 26.2% 14.9% 4.9% -4.0% -12.0% -7.8% 2.0% 13.4% 30.4% 50.0% 44.2% 32.1% 18.5% 6.2% 7.0% 16.2% 21.0%Indones ia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Ireland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -8.1% -7.6% -8.3% -4.3% 3.2% 5.3% 7.0% 3.7% 6.2% 6.1% 6.1% 6.1%Israel N.A. N.A. -8.5% -15.5% -19.0% -18.9% -20.8% -16.6% -14.7% -11.5% -11.7% -9.6% -6.0% -2.5% 2.5% 1.5% 4.9% 2.2% 1.7% 4.3% 2.9%Italy -7.2% -1.2% 1.9% -1.9% -2.1% 0.0% -5.8% -4.3% 0.5% -2.8% 0.0% 2.3% -1.1% 2.0% 1.4% 0.9% 6.7% 3.6% 5.2% 3.8% 4.4%Japan 7.3% 1.4% 3.6% 0.4% -0.8% -2.2% -5.6% -3.3% -7.3% -4.9% -3.0% -3.7% -3.0% -2.8% -4.0% -5.2% -4.0% -5.4% -3.2% -4.7% -7.2%Korea N.A. N.A. N.A. 8.9% 19.8% 23.5% 21.0% 10.4% 0.9% -3.3% -3.1% -2.5% 1.2% 3.8% 3.2% 6.7% 5.7% 3.7% 3.9% 1.7% -0.7%Malays ia 2.5% -3.8% -9.6% -14.9% -10.8% -5.7% 0.2% 6.3% 3.5% 2.6% 0.2% 2.9% 6.3% 4.1% 3.1% -3.6% -12.1% -12.2% -5.3% -7.8% -6.4%Mexico 10.0% 6.2% 4.2% 6.9% -5.7% -4.5% -12.0% -11.4% -16.0% -12.0% -8.7% 0.0% 25.0% 31.1% 36.4% 34.6% 25.6% 17.7% 12.4% 11.3% 2.1%Netherlands -4.3% -2.0% -4.8% -4.7% -5.2% 0.1% 1.2% 5.8% 7.5% 8.3% 11.2% 12.5% 12.1% 8.4% 6.9% 3.4% 2.0% -2.1% -5.0% -3.9% -5.2%New Zealand -15.3% -10.2% -13.4% -15.9% -18.9% -26.4% -28.7% -17.2% -15.3% -11.3% 1.8% -2.2% 7.7% 10.9% 6.3% 1.9% 2.6% 1.5% -0.5% -0.9% -4.9%Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Norway -1.8% 1.3% 3.7% 4.4% 1.9% 1.3% -1.0% 1.6% 2.4% 8.1% 5.5% 4.5% 4.9% 2.2% 3.4% 5.0% 3.2% 0.8% -2.0% -0.6% -0.5%Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Philippines N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Poland -20.9% -15.4% -18.5% -23.3% -24.6% -21.6% -6.9% -6.1% -3.8% -8.1% -17.9% -18.6% -21.4% -16.7% -14.1% -7.0% -4.5% -7.6% -2.8% -1.5% 1.0%Portugal 4.9% 6.9% 11.7% 6.1% -6.7% -10.3% -13.7% -9.3% -1.6% 1.2% -0.1% 0.5% -7.2% -9.0% -5.6% -5.6% 0.3% 2.0% -0.3% -1.7% 0.1%Russ ia N.A. N.A. N.A. -7.0% 5.8% 8.9% 5.5% -3.6% -9.3% -5.1% -9.1% -4.5% -2.8% -6.9% -3.7% -10.0% 7.2% 2.6% 5.7% 12.0% -7.0%Singapore 39.0% 26.9% 37.7% 44.4% 30.6% 40.2% 18.5% 10.7% -3.7% -6.9% -3.7% -6.8% -4.5% -3.4% -5.9% -4.7% 0.3% -1.3% 3.1% 3.0% 4.7%South Africa -14.6% -15.8% -17.2% -23.5% -27.6% -25.4% -23.0% -10.7% -2.1% -1.5% -0.7% -5.2% -4.7% -3.1% -9.4% -9.1% -6.7% -3.5% -1.4% -2.3% -8.5%Spain -11.2% -10.6% -8.4% -10.1% -8.1% -3.6% -0.9% -1.7% -4.5% -1.0% 0.9% 5.7% 8.9% 10.3% 10.1% 10.0% 9.0% 14.1% 15.0% 13.8% 16.4%Sweden 2.5% 8.0% 1.3% -0.3% 4.6% 1.9% 6.7% 7.8% 5.5% 5.9% -0.3% -5.3% -6.4% -7.5% -4.3% -1.1% 1.6% 3.2% 3.2% 8.8% 9.6%Switzerland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.0% -5.7% -3.9% 8.3% -3.4%Taiwan N.A. N.A. N.A. N.A. N.A. -9.1% -5.3% -3.4% 0.7% 3.2% 5.1% 5.3% 4.5% 5.1% 8.5% 10.3% 19.3% 13.4% 11.5% 14.2% 7.5%Thailand N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -27.9% -19.1% -20.0% -13.7% -8.5% -7.2% -2.5% 0.3% -0.5%Turkey N.A. N.A. N.A. N.A. N.A. N.A. N.A. -28.8% -16.0% -7.0% -4.6% -5.0% -3.6% 4.2% 6.5% 8.7% 11.0% 9.7% 12.0% 11.0% 5.7%UK -5.1% -11.7% -11.5% -18.7% -17.1% -16.5% -14.5% -11.3% -5.0% 2.2% 2.6% 5.1% 4.6% 7.1% 9.1% 8.2% 8.4% 5.9% 4.1% 4.9% 1.6%US N.A. N.A. N.A. 20.1% 29.7% 38.2% 43.3% 38.7% 35.1% 32.5% 27.8% 27.4% 28.4% 24.0% 24.8% 20.6% 21.9% 16.8% 16.2% 13.2% 7.9%Venezuela N.A. -21.6% -8.2% -15.4% -8.2% -11.9% -18.7% -15.6% -17.0% -18.7% -17.8% -16.9% -14.4% -4.5% 13.5% 14.9% 17.4% 9.4% -4.8% -2.3% -6.7%Weighted AVG -1.6% -7.8% -12.4% -14.3% -10.1% -0.8% -1.4% -6.4% -5.9% -1.0% 4.4% 5.4% 7.3% 12.2% 13.5% 11.5% 14.3% 11.2% 10.4% 12.7% 6.3%




Chart 19: YoY % Change In MOU By Country As Of 1Q05

38%

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Table 33: Revenue Per Minute

US$/minute 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 0.38 0.34 0.33 0.31 0.31 0.30 0.31 0.30 0.14 0.09 0.09 0.09 0.11 0.12 0.12 0.12 0.12 0.11 0.10 0.11 0.10 Aus tralia 0.24 0.22 0.22 0.20 0.18 0.17 0.18 0.18 0.17 0.19 0.18 0.18 0.18 0.18 0.18 0.20 0.22 0.20 0.20 0.21 0.12 Aus tria 0.29 0.28 0.27 0.26 0.23 0.21 0.22 0.21 0.21 0.22 0.23 0.23 0.25 0.28 0.28 0.28 0.32 0.30 0.32 0.30 0.31 Belgium N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.22 0.24 0.23 0.25 0.26 0.25 0.25 0.26 0.26 Brazil 0.15 0.16 0.14 0.15 0.17 0.14 0.13 0.14 0.15 0.15 0.12 0.11 0.11 0.14 0.13 0.13 0.12 0.11 0.11 0.12 0.12 Canada 0.17 0.15 0.15 0.14 0.13 0.12 0.13 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.12 0.12 0.11 0.10 0.11 0.11 0.11 Chile 0.23 0.18 0.19 0.17 0.17 0.15 0.13 0.14 0.13 0.14 0.12 0.12 0.12 0.13 0.13 0.13 0.12 0.12 0.12 0.13 0.12 China 0.09 0.10 0.09 0.09 0.07 0.07 0.07 0.07 0.07 0.07 0.06 0.06 0.05 0.05 0.04 0.04 0.04 0.03 0.03 0.03 0.03 Colombia N.A. N.A. N.A. N.A. 0.16 0.17 0.18 0.17 0.19 0.18 0.16 0.14 0.18 0.14 0.13 0.14 0.11 0.10 0.10 0.08 0.09 Czech N.A. N.A. N.A. 0.19 0.19 0.20 0.17 0.21 0.19 0.20 0.21 0.21 0.21 0.21 0.20 0.20 0.21 0.22 0.23 0.22 0.22 Denm ark 0.21 0.20 0.20 0.19 0.20 0.19 0.20 0.20 0.17 0.17 0.19 0.20 0.20 0.21 0.20 0.20 0.21 0.20 0.20 0.20 0.19 Egypt N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.12 0.11 0.11 0.11 0.11 0.09 0.09 0.10 0.10 0.10 0.09 0.09 0.11 Finland 0.18 0.17 0.16 0.16 0.16 0.15 0.15 0.15 0.14 0.15 0.16 0.16 0.17 0.17 0.16 0.18 0.18 0.16 0.16 0.16 0.15 France 0.25 0.21 0.21 0.22 0.15 0.15 0.15 0.15 0.14 0.15 0.16 0.16 0.18 0.19 0.20 0.20 0.19 0.18 0.21 0.20 0.19 Germ any 0.35 0.30 0.33 0.30 0.28 0.26 0.27 0.26 0.26 0.27 0.30 0.29 0.30 0.33 0.34 0.34 0.33 0.34 0.34 0.35 0.33 Greece 0.42 0.38 0.33 0.32 0.29 0.27 0.28 0.26 0.25 0.24 0.27 0.26 0.28 0.28 0.27 0.26 0.26 0.27 0.27 0.27 0.26 Hong Kong 0.15 0.15 0.15 0.13 0.12 0.11 0.11 0.10 0.10 0.10 0.10 0.10 0.08 0.07 0.07 0.07 0.06 0.06 0.06 0.06 0.06 Hungary 0.17 0.17 0.16 0.16 0.16 0.16 0.15 0.17 0.16 0.15 0.17 0.17 0.19 0.18 0.19 0.19 0.19 0.19 0.19 0.18 0.19 India 0.18 0.16 0.15 0.14 0.13 0.12 0.12 0.11 0.11 0.09 0.08 0.07 0.06 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03 Indonesia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Ireland N.A. N.A. N.A. N.A. N.A. 0.18 0.17 0.17 0.17 0.19 0.20 0.21 0.21 0.23 0.22 0.23 0.24 0.22 0.23 0.23 0.22 Is rael 0.17 0.16 0.18 0.16 0.15 0.15 0.14 0.13 0.12 0.12 0.12 0.12 0.11 0.12 0.12 0.12 0.11 0.11 0.11 0.11 0.11 Italy 0.26 0.24 0.21 0.20 0.20 0.19 0.20 0.19 0.18 0.20 0.22 0.21 0.23 0.24 0.25 0.25 0.25 0.25 0.25 0.26 0.25 Japan 0.40 0.40 0.38 0.36 0.32 0.32 0.31 0.30 0.27 0.29 0.30 0.30 0.30 0.29 0.29 0.32 0.32 0.30 0.30 0.31 0.32 Korea 0.14 0.13 0.13 0.12 0.11 0.10 0.11 0.11 0.10 0.10 0.11 0.11 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.11 Malays ia 0.17 0.16 0.15 0.15 0.14 0.13 0.13 0.12 0.11 0.11 0.10 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.08 0.09 0.09 Mexico 0.33 0.32 0.25 0.27 0.28 0.29 0.30 0.26 0.28 0.26 0.26 0.24 0.21 0.20 0.19 0.18 0.17 0.17 0.17 0.17 0.16 Netherlands 0.28 0.25 0.23 0.22 0.23 0.21 0.22 0.20 0.20 0.21 0.24 0.23 0.25 0.27 0.26 0.27 0.27 0.26 0.26 0.26 0.26 New Zealand 0.17 0.14 0.13 0.13 0.13 0.13 0.14 0.12 0.14 0.16 0.16 0.17 0.18 0.19 0.19 0.20 0.22 0.20 0.22 0.22 0.22 Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Norway 0.22 0.22 0.20 0.20 0.20 0.19 0.20 0.19 0.20 0.21 0.23 0.23 0.23 0.23 0.22 0.22 0.22 0.22 0.22 0.23 0.23 Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Philippines N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Poland 0.25 0.25 0.27 0.28 0.29 0.27 0.25 0.24 N.A. 0.21 0.22 0.22 0.23 0.22 0.23 0.23 0.23 0.23 0.23 0.25 0.22 Portugal 0.22 0.21 0.19 0.20 0.19 0.19 0.19 0.19 0.17 0.18 0.19 0.18 0.20 0.22 0.22 0.22 0.24 0.24 0.24 0.25 0.24 Russ ia 0.60 0.48 0.38 0.34 0.27 0.24 0.24 0.21 0.19 0.16 0.16 0.14 0.13 0.12 0.12 0.11 0.09 0.09 0.08 0.07 0.06 Singapore 0.14 0.14 0.11 0.10 0.10 0.09 0.10 0.09 0.09 0.10 0.10 0.09 0.10 0.09 0.10 0.10 0.10 0.10 0.09 0.09 0.09 South Africa 0.20 0.19 0.18 0.17 0.16 0.16 0.15 0.10 0.10 0.11 0.12 0.13 0.12 0.13 0.15 0.17 0.17 0.16 0.18 0.18 0.18 Spain 0.29 0.27 0.25 0.25 0.24 0.22 0.22 0.23 0.23 0.23 0.25 0.23 0.25 0.26 0.26 0.26 0.28 0.26 0.27 0.27 0.27 Sweden 0.32 0.28 0.28 0.26 0.24 0.22 0.22 0.21 0.20 0.20 0.21 0.23 0.23 0.25 0.25 0.26 0.25 0.23 0.23 0.22 0.23 Switzerland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.45 0.43 0.43 0.52 0.48 0.47 0.47 0.49 0.50 Taiwan N.A. 0.17 0.17 0.16 0.15 0.13 0.13 0.13 0.12 0.12 0.12 0.11 0.11 0.11 0.11 0.10 0.10 0.11 0.11 0.11 0.10 Thailand N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.07 0.07 0.06 0.06 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 Turkey N.A. N.A. N.A. N.A. 0.25 0.19 0.19 0.19 0.21 0.19 0.17 0.17 0.17 0.16 0.18 0.16 0.19 0.18 0.17 0.16 0.17 UK 0.25 0.25 0.24 0.23 0.21 0.20 0.21 0.20 0.20 0.21 0.22 0.22 0.22 0.22 0.22 0.23 0.25 0.24 0.24 0.23 0.23 US 0.25 0.23 0.22 0.21 0.19 0.17 0.16 0.15 0.14 0.13 0.12 0.12 0.11 0.10 0.10 0.10 0.09 0.09 0.09 0.08 0.08 Venezuela 0.40 0.36 0.33 0.33 0.29 0.37 0.35 0.35 0.32 0.28 0.23 0.20 0.21 0.21 0.16 0.18 0.18 0.19 0.20 0.22 0.21 Weighted AVG * 0.25 0.23 0.22 0.21 0.20 0.18 0.18 0.17 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.15 0.14 0.14 0.14 0.14

Source: ML estimates.* Weighted by subscribers due to incomplete historical revenue figures for certain countries. Revenue figure used in calculation excludes any reported revenues from data services.



Chart 20: Revenue Per Minute (RPM) By Country As Of 1Q05 (US$/minute)0.

50

0.33

0.32

0.31

0.27

0.26

0.26

0.26

0.25

0.24

0.23

0.23

0.23

0.22

0.22

0.22

0.22

0.21

0.19

0.19

0.19

0.18

0.17

0.16

0.15

0.12

0.12

0.12

0.11

0.11

0.11

0.11

0.10

0.10

0.09

0.09

0.09

0.08

0.07

0.06

0.06

0.03

0.03

0.00

0.10

0.20

0.30

0.40

0.50

0.60

Sw

itzer

land

Ger

man

y

Japa

n

Aus

tria

Spa

in

Net

herla

nds

Bel

gium

Gre

ece

Italy

Por

tuga

l

UK

Sw

eden

Nor

way

New

Zea

land

Pol

and

Irel

and

Cze

ch

Ven

ezue

la

Den

mar

k

Fra

nce

Hun

gary

Sou

th A

fric

a

Tur

key

Mex

ico

Fin

land

Chi

le

Bra

zil

Aus

tral

ia

Kor

ea

Can

ada

Egy

pt

Isra

el

Arg

entin

a

Tai

wan

Sin

gapo

re

Col

ombi

a

Mal

aysi

a

US

Tha

iland

Rus

sia

Hon

g K

ong

Indi

a

Chi

na

Source: ML estimates.* Weighted by subscribers due to incomplete historical revenue figures for certain countries. Revenue figure used in calculation excludes any reported revenues from data services.



Table 34: YoY % Change in RPM1

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina N.A. -24.9% -20.5% -17.6% -20.0% -13.4% -4.4% -3.7% -5.2% 4.9% 4.1% 11.0% 21.4% 14.2% 7.6% 1.2% -5.0% -8.6% -10.5% -7.0% -12.1%Australia -21.6% -13.7% -10.1% -10.8% -10.6% -12.7% -6.1% -2.7% -2.2% 3.8% -9.2% -10.8% -11.4% -17.0% -14.9% -11.1% -5.0% -0.8% -0.5% -2.8% -5.3%Austria -26.6% -25.0% -19.9% -11.7% -16.0% -14.1% -14.2% -14.5% -4.9% -4.4% -5.9% -3.8% -1.0% 2.7% 4.0% 1.6% 7.2% 1.9% 5.0% -2.6% -6.8%Belgium N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.8% -3.6% 0.0% -6.2% -2.9%Brazil N.A. -10.4% -9.3% 11.9% 29.9% 16.0% 25.7% 17.8% 6.2% 17.7% 17.7% 12.0% 6.1% 6.6% 1.1% -2.8% -7.6% -16.3% -15.5% -12.2% -8.1%Canada -21.3% -17.8% -21.6% -13.9% -14.5% -16.3% -11.0% -14.7% -14.5% -11.4% -11.1% -7.9% -8.5% -8.9% -9.9% -7.6% -9.2% -9.8% -10.4% -10.3% -11.6%Chile N.A. 9.6% 39.1% 29.5% -27.7% -16.6% -27.9% -21.4% -22.8% -9.8% -8.2% -7.6% -4.1% -5.4% 7.3% 2.3% 0.3% -8.4% -6.4% 4.0% 0.1%China N.A. N.A. N.A. 0.5% -18.3% -22.6% -19.7% -22.5% -5.4% -10.4% -16.8% -14.7% -21.5% -29.0% -29.1% -25.2% -32.0% -29.3% -30.6% -35.7% -24.9%Colom bia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 18.9% 5.3% -9.9% -17.8% -2.6% -22.8% -16.3% -1.7% -41.1% -25.3% -27.6% -38.7% -18.6%Czech N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.7% -9.1% -8.3% 6.2% -16.7% -10.0% -11.7% -15.6% -9.5% -6.6% -6.2% -4.1% -6.2% -1.0%Denm ark -5.4% 2.6% 6.7% 9.6% 3.4% 2.3% 3.2% 4.5% -9.9% -13.9% -15.0% -13.9% -7.8% -4.4% -6.7% -12.7% -9.0% -10.8% -9.9% -11.5% -10.8%Egypt N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -1.2% 10.4% 10.4% 22.3% 11.0% 7.6% 5.1% -9.1% 7.2%Finland 0.8% -5.1% -5.9% -5.4% -4.2% -6.3% -3.7% -3.5% -5.3% -5.0% -4.4% -6.0% -5.7% -6.4% -8.7% -0.7% -8.1% -9.5% -10.3% -20.9% -22.7%France -17.6% -25.4% -19.7% -14.0% -32.6% -21.7% -25.9% -29.6% -8.9% -8.7% -4.1% -4.3% 7.6% 6.6% 8.6% 2.6% -8.8% -9.6% -4.8% -5.1% -5.6%Germ any -22.5% -28.3% -16.0% -17.3% -14.2% -6.0% -13.4% -10.5% -3.8% -1.9% -1.6% -2.6% -3.7% -1.2% -0.8% -3.3% -5.4% -3.6% -7.1% -4.7% -5.4%Greece -21.4% -20.4% -21.3% -21.6% -25.6% -21.6% -13.3% -14.5% -12.8% -14.3% -13.1% -12.1% -7.3% -8.1% -12.1% -15.7% -19.2% -9.7% -7.2% -5.8% -5.7%Hong Kong -8.4% -10.9% -20.2% -25.5% -23.2% -29.3% -28.2% -23.8% -15.8% -8.3% -8.3% -2.1% -17.0% -28.9% -33.1% -34.2% -23.4% -11.0% -7.5% -6.0% -3.2%Hungary N.A. -7.0% 1.5% 3.6% -4.1% -5.5% -4.9% 4.1% 1.5% -4.3% -5.5% -16.5% -1.0% 4.6% 1.3% -1.5% -8.5% -10.1% -9.7% -5.3% -4.6%India -46.9% -39.4% -32.8% -27.1% -22.1% -19.5% -17.4% -15.8% -15.0% -24.0% -32.6% -38.9% -48.0% -56.3% -53.5% -48.6% -39.7% -18.1% -16.7% -18.5% -20.6%Indones ia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Ireland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -0.4% 6.3% 9.3% 3.6% -4.5% -4.2% -9.4% -4.5% -9.0% -5.4% -5.6% -12.1%Is rael N.A. N.A. -10.1% -19.0% -10.7% -10.9% -21.7% -16.2% -18.3% -19.2% -14.9% -12.0% -8.4% -1.3% 3.7% 2.4% 2.7% -3.4% -7.5% -6.7% -8.1%Italy -5.2% -11.2% -18.2% -17.3% -15.8% -13.9% -1.7% -2.4% -6.3% -0.5% 1.4% -0.5% 0.7% -1.1% -2.9% -2.0% -4.1% -2.4% -6.3% -3.5% -6.3%Japan -16.7% -9.3% -12.8% -11.9% -11.2% -8.5% -5.6% -5.1% -4.6% -7.0% -6.9% -4.2% -2.4% -4.0% -4.0% -2.9% -4.8% -4.3% -4.6% -5.8% -0.1%Korea N.A. N.A. N.A. N.A. -14.6% -7.8% -7.2% 1.2% -1.7% -4.8% -4.9% -6.0% -6.6% -5.9% -7.2% -12.0% -6.7% -7.7% -8.0% -4.9% -3.4%Malays ia -21.0% -20.1% -17.7% -15.6% -15.8% -14.6% -15.8% -17.2% -20.1% -21.1% -21.7% -24.1% -20.6% -18.2% -14.8% -1.6% 7.5% 8.2% -1.3% -5.4% -9.6%Mexico -26.9% -22.8% -27.9% -25.0% -13.2% -10.5% 8.3% -8.4% -5.0% -9.4% -3.3% 3.9% -12.2% -14.8% -21.7% -21.5% -14.4% -9.9% -6.2% -6.9% -5.5%Netherlands -21.6% -21.7% -18.9% -18.5% -10.7% -5.4% -0.7% -4.6% -7.7% -8.6% -3.8% 0.1% 1.0% 4.4% -2.1% -3.0% -8.7% -8.5% -8.9% -11.8% -7.2%New Zealand -8.9% -17.4% -10.9% -6.5% -10.2% 2.8% 9.1% -1.6% 8.1% 12.0% 4.2% 12.4% 0.2% -4.7% -3.1% -3.8% -3.1% -4.4% -2.5% -2.7% -2.5%Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Norway -14.1% -4.4% -7.4% -5.7% 0.6% -5.5% -0.9% -6.7% -2.3% -4.5% -4.6% -1.1% -6.1% -4.5% -8.3% -10.0% -8.6% -7.3% -4.6% -4.1% -6.2%Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Philippines N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Poland -8.0% -5.5% 0.6% 7.3% 11.9% 1.3% -9.0% -9.8% -23.1% -13.9% -3.9% -2.7% 6.8% 2.0% -1.3% -7.3% -5.2% -1.3% -7.4% -6.0% -21.3%Portugal -14.3% -7.4% -11.5% -2.7% -3.6% 1.0% 4.8% 0.4% -6.9% -12.1% -12.7% -15.1% -3.6% 1.7% 3.5% 0.7% -0.3% 2.1% 0.0% 3.6% -3.9%Russ ia N.A. N.A. N.A. -54.2% -54.9% -50.2% -38.1% -38.1% -28.5% -34.0% -31.3% -32.4% -31.1% -22.2% -27.2% -19.3% -31.6% -30.1% -30.7% -40.8% -31.3%Singapore -33.7% -32.0% -39.8% -41.9% -30.4% -31.5% -12.3% -5.8% 3.2% 7.5% -1.1% -1.0% -3.5% -5.9% -0.5% 2.1% -0.3% 1.3% -5.9% -6.7% -13.0%South Africa -8.2% -8.0% -7.7% -6.7% -4.5% -3.1% -1.6% -6.2% -7.4% -6.1% -5.0% 0.6% 0.4% -1.3% 4.8% 5.9% 1.9% -4.0% -5.6% -4.9% 1.3%Spain -11.8% -10.2% -6.8% -4.1% -8.9% -9.9% -8.8% -4.6% -2.9% -1.8% -0.9% -8.9% -11.3% -8.8% -9.7% -5.8% -3.2% -5.8% -1.8% -6.9% -9.4%Sweden -5.9% -17.3% -10.8% -7.7% -15.9% -9.2% -11.4% -14.7% -12.2% -10.1% -7.0% -2.8% -2.5% -2.1% -4.9% -8.5% -8.8% -13.8% -14.0% -20.1% -13.7%Switzerland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -2.3% 3.7% -0.8% -15.0% -2.0%Taiwan N.A. N.A. N.A. N.A. N.A. -11.9% -15.6% -18.2% -10.3% -9.0% -9.1% -6.5% -10.9% -11.7% -10.9% -10.4% -10.5% -2.5% 1.1% 1.6% 2.6%Thailand N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -10.5% -6.1% 13.4% 13.6% 5.9% 2.4% -0.4% -5.1% -4.1%Turkey N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -17.0% -2.5% -9.3% -8.2% -19.8% -12.7% 4.7% -9.3% 13.3% 7.8% -7.6% 0.4% -10.6%UK -18.1% -10.3% -11.1% -4.5% -7.6% -12.1% -7.7% -8.6% -4.8% -1.6% -0.5% -1.5% -3.1% -2.0% -4.1% -2.3% -1.2% -2.7% -4.5% -10.3% -8.4%US N.A. N.A. N.A. -19.5% -22.7% -25.7% -28.1% -29.4% -26.6% -25.0% -22.5% -19.8% -21.1% -18.5% -18.4% -17.9% -18.3% -15.7% -16.4% -13.5% -8.4%Venezuela N.A. -25.1% -25.3% -19.7% -27.3% 4.4% 5.3% 7.0% 8.6% -24.4% -35.7% -43.5% -34.8% -25.5% -27.8% -7.8% -14.1% -11.2% 23.2% 20.3% 17.3%Weighted AVG* -16.1% -15.0% -14.1% -11.1% -14.5% -14.3% -12.6% -13.6% -9.2% -9.0% -9.6% -9.3% -11.2% -12.4% -12.7% -12.1% -14.3% -13.1% -14.1% -15.8% -12.3%

Source: ML Estimates.* Weighted by subscribers due to incomplete historical revenue figures for certain countries. Revenue figure used in calculation excludes any reported revenues from data services.1) In reported currency terms.



Chart 21: YoY % Change in RPM1 By Country As Of 1Q05 (In Reported Currency Terms)17

%

7%

3%

1%

0% -0%

-1%

-2%

-2%

-3%

-3%

-3%

-4%

-4%

-5%

-5%

-5%

-5%

-6%

-6%

-6%

-6%

-7%

-7%

-8%

-8%

-8%

-8%

-9%

-10%

-11%

-11%

-12%

-12%

-12%

-13%

-14%

-19%

-21%

-21%

-23%

-25%

-31%

-40%

-30%

-20%

-10%

0%

10%

20%

Ven

ezue

la

Egy

pt

Tai

wan

Sou

th A

fric

a

Chi

le

Japa

n

Cze

ch

Sw

itzer

land

New

Zea

land

Bel

gium

Hon

g K

ong

Kor

ea

Por

tuga

l

Tha

iland

Hun

gary

Aus

tral

ia

Ger

man

y

Mex

ico

Fra

nce

Gre

ece

Nor

way Italy

Aus

tria

Net

herla

nds

Isra

el

Bra

zil

UK

US

Spa

in

Mal

aysi

a

Tur

key

Den

mar

k

Can

ada

Arg

entin

a

Irel

and

Sin

gapo

re

Sw

eden

Col

ombi

a

Indi

a

Pol

and

Fin

land

Chi

na

Rus

sia

Source: ML estimates.* Weighted by subscribers due to incomplete historical revenue figures for certain countries. Revenue figure used in calculation excludes any reported revenues from data services.1) Figures in Reported Currency Terms.



Table 35: EBITDA Margins

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 36% 23% 19% 31% 27% 29% 32% 33% 39% 34% 41% 41% 40% 40% 39% 34% 29% 21% 15% 10% 16%Australia 33% 34% 36% 37% 36% 37% 38% 38% 38% 39% 39% 38% 38% 39% 38% 38% 39% 39% 39% 39% 40%Austria 16% 12% 21% 18% 27% 24% 27% 26% 36% 35% 29% 26% 37% 34% 33% 28% 32% 29% 31% 26% 32%Belgium 27% 28% 31% 31% 36% 36% 38% 37% 42% 43% 46% 45% 43% 43% 41% 39% 45% 44% 41% 45% 43%Brazil 16% 17% 19% 19% 34% 32% 33% 33% 38% 38% 38% 28% 33% 28% 29% 22% 28% 19% 20% 16% 24%Canada 25% 27% 26% 16% 25% 27% 30% 21% 28% 30% 33% 25% 34% 35% 37% 29% 37% 40% 41% 33% 40%Chile 38% 37% 34% 24% 31% 28% 37% 34% 33% 35% 34% 32% 34% 34% 33% 33% 28% 28% 30% 33% 28%China 53% 54% 53% 54% 55% 55% 54% 54% 55% 57% 57% 57% 53% 51% 51% 49% 50% 49% 48% 45% 47%Colom bia N.A. N.A. N.A. 17% 19% 18% 27% 13% 18% 31% 33% 37% 33% 36% 37% 33% 25% 34% 29% 20% 21%Czech N.A. N.A. N.A. 35% N.A. 47% N.A. 31% 38% 42% 44% 46% 45% 46% 44% 42% 43% 45% 44% 44% 44%Denmark 20% 22% 11% 16% 12% 18% 18% 14% 10% 13% 21% 25% 23% 20% 25% 29% 24% 24% 24% 15% 22%Egypt 35% 44% 44% 41% 46% 48% 45% 49% 50% 48% 51% 52% 53% 54% 48% 50% 46% 51% 52% 52% 54%Finland 40% 38% 34% 37% 38% 39% 40% 39% 38% 39% 42% 36% 41% 39% 41% 39% 40% 38% 42% 34% 24%France 25% 26% 17% 14% 28% 34% 32% 32% 35% 36% 39% 36% 40% 42% 43% 36% 43% 43% 43% 39% 43%Germany 21% 19% 17% 23% 25% 34% 37% 37% 37% 39% 39% 36% 36% 39% 39% 39% 37% 39% 40% 40% 37%Greece 34% 27% 35% 36% 39% 39% 40% 40% 39% 39% 39% 36% 36% 36% 38% 36% 37% 38% 39% 34% 35%Hong Kong 15% 14% 11% 7% 17% 18% 21% 21% 28% 28% 27% 28% 31% 30% 32% 32% 30% 29% 29% 28% 27%Hungary N.A. N.A. 42% 38% 32% 42% 45% 35% 36% 37% 43% 38% 42% 38% 37% 33% 41% 41% 36% 37% 38%India 29% 28% 28% 27% 27% 29% 31% 33% 35% 37% 21% 28% 24% 27% 32% 37% 32% 35% 34% 33% 35%Indones ia 61% 62% 64% 66% 66% 66% 65% 71% 66% 65% 63% 61% 67% 66% 65% 69% 65% 67% 67% 67% 67%Ireland N.A. N.A. N.A. N.A. N.A. 35% 36% 36% 36% 40% 42% 42% 42% 39% 42% 42% 42% 42% 42% 41% 41%Israel N.A. N.A. 1% 2% 15% 28% 28% 29% 30% 29% 30% 26% 23% 32% 30% 30% 29% 30% 30% 30% 31%Italy 48% 48% 47% 47% 42% 40% 41% 38% 43% 43% 48% 43% 46% 48% 51% 46% 49% 49% 50% 45% 48%Japan 24% 26% 26% 24% 24% 26% 26% 28% 28% 33% 33% 31% 30% 33% 33% 31% 33% 33% 32% 31% 24%Korea 22% 22% 35% 37% 45% 39% 48% 38% 45% 43% 40% 38% 43% 44% 44% 41% 37% 33% 38% 38% 37%Malays ia 33% 32% 31% 30% 31% 31% 33% 33% 37% 36% 35% 22% 40% 41% 45% 49% 49% 51% 51% 35% 48%Mexico 29% 34% 29% 29% 31% 30% 32% 28% 31% 36% 35% 31% 35% 38% 36% 32% 33% 34% 35% 32% 31%Netherlands 31% 28% 19% 19% 13% 13% 11% 21% 27% 26% 26% 27% 27% 31% 30% 29% 27% 29% 30% 28% 25%New Zealand 31% 32% 33% 37% 41% 43% 35% 39% 43% 47% 42% 42% 43% 43% 42% 42% 42% 42% 39% 41% 41%Nigeria N.A. N.A. N.A. N.A. N.A. N.A. -77% -15% -1% 9% 18% 28% 38% 41% 44% 48% 51% 51% 51% 51% 50%Norway 32% 31% 37% 32% 35% 35% 39% 33% 39% 41% 44% 36% 42% 39% 41% 37% 36% 34% 36% 36% 36%Pakis tan N.A. N.A. N.A. N.A. 0% 0% 0% 47% 0% 0% 0% 66% 67% 66% 55% 52% 55% 52% 50% 44% N.A.Philippines 24% 19% 41% 48% 46% 48% 44% 46% 51% 50% 50% 53% 58% 57% 58% 67% 63% 66% 66% 66% 66%Poland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 34% 36% 35% 32% 33% 35% 40% 34% 34% 40% 39% 37% 41%Portugal 34% 34% 31% 24% 29% 29% 31% 30% 32% 31% 35% 33% 33% 35% 36% 35% 37% 39% 42% 35% 37%Russ ia 35% 33% 31% 28% 43% 39% 47% 44% 47% 46% 49% 41% 47% 49% 51% 50% 52% 53% 54% 44% 50%Singapore 42% 42% 37% 36% 36% 34% 34% 32% 32% 35% 37% 38% 42% 41% 43% 43% 42% 42% 42% 43% 43%South Africa 35% 34% 33% 34% 34% 34% 34% 33% 34% 33% 31% 31% 31% 31% 31% 32% 32% 32% 32% 32% 35%Spain 20% 23% 27% 24% 34% 38% 43% 40% 43% 44% 44% 42% 46% 44% 45% 40% 44% 43% 44% 39% 40%Sweden 41% 32% 42% 44% 47% 46% 50% 47% 47% 47% 50% 48% 45% 47% 46% 42% 42% 41% 45% 41% 42%Switzerland 37% 27% 31% 28% 36% 34% 31% 30% 33% 34% 35% 32% 40% 42% 39% 39% 38% 39% 40% 38% 42%Taiwan N.A. N.A. N.A. N.A. 38% 40% 47% 47% 52% 49% 45% 43% 44% 45% 45% 42% 48% 50% 49% 48% 49%Thailand 41% 48% 62% 51% 30% 43% 39% 42% 39% 44% 38% 46% 54% 54% 54% 53% 56% 54% 52% 52% 52%Turkey N.A. N.A. N.A. 19% 10% 29% 25% 20% 28% 25% 30% 29% 32% 24% 30% 32% 34% 43% 40% 35% 33%UK 22% 19% 21% 19% 22% 24% 24% 27% 29% 30% 29% 29% 33% 32% 31% 29% 33% 32% 33% 30% 30%US 24% 27% 26% 19% 24% 27% 26% 23% 27% 30% 28% 27% 30% 32% 31% 28% 30% 32% 31% 28% 30%Venezuela N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 13% 16% 15% 15% 39% 26% 32% 25% 30% 33% 31% 24% 31%Weighted AVG * 30% 30% 31% 29% 33% 35% 36% 35% 38% 40% 40% 39% 40% 41% 41% 39% 40% 41% 41% 38% 39%

Source: ML estimates.* Weighted by subscribers due to incomplete historical revenue figures for certain countries.



Chart 22: EBITDA Margins By Country As Of 1Q05

67%

66%

54%

52%

50%

50%

49%

48%

48%

47%

44%

43%

43%

43%

42%

42%

41%

41%

41%

40%

40%

40%

38%

37%

37%

37%

36%

35%

35%

35%

33%

32%

31%

31%

31%

30%

30%

28%

27%

25%

24%

24%

24%

22%

21%

16%

0%

10%

20%

30%

40%

50%

60%

70%

Indo

nesi

a

Phi

lippi

nes

Egy

pt

Tha

iland

Rus

sia

Nig

eria

Tai

wan

Mal

aysi

a

Italy

Chi

na

Cze

ch

Sin

gapo

re

Fra

nce

Bel

gium

Sw

itzer

land

Sw

eden

Irel

and

New

Zea

land

Pol

and

Spa

in

Aus

tral

ia

Can

ada

Hun

gary

Ger

man

y

Por

tuga

l

Kor

ea

Nor

way

Sou

th A

fric

a

Gre

ece

Indi

a

Tur

key

Aus

tria

Mex

ico

Ven

ezue

la

Isra

el

UK

US

Chi

le

Hon

g K

ong

Net

herla

nds

Japa

n

Bra

zil

Fin

land

Den

mar

k

Col

ombi

a

Arg

entin

a

Source: ML estimates. * Weighted by subscribers due to incomplete historical revenue figures for certain countries.



Table 36: YoY Margin Expansion (basis points)

Bas is Points 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina (1,243) (1,665) (1,751) (1,019) (904) 566 1,316 187 1,205 537 840 886 65 589 (141) (746) (1,038) (1,939) (2,475) (2,445) (1,274)

Australia (400) (137) 174 319 339 248 155 105 207 215 104 (54) (26) 7 (92) 59 58 (16) 148 98 129

Austria 36 (221) 1,063 687 1,111 1,166 607 807 873 1,169 270 67 70 (167) 403 179 (453) (485) (194) (184) 38

Belgium 436 346 485 473 883 789 699 649 606 635 773 745 82 17 (506) (623) 170 120 29 667 (144)

Brazil (1,684) (21) 284 1,449 1,877 1,461 1,462 1,401 316 577 440 (449) (418) (957) (806) (688) (586) (853) (948) (588) (347)

Canada (514) (41) (974) (1,005) 72 69 439 583 306 278 284 310 600 448 429 418 239 518 345 400 328

Chile (744) (50) 344 32 (707) (954) 257 972 149 756 (300) (124) 122 (97) (41) 86 (575) (588) (358) (66) (46)

China N.A. N.A. N.A. 267 217 154 107 17 67 160 201 220 (223) (583) (526) (741) (353) (173) (293) (411) (301)

Colombia N.A. N.A. N.A. N.A. N.A. N.A. N.A. (440) (80) 1,290 661 2,385 1,470 515 394 (367) (736) (200) (806) (1,288) (445)

Czech N.A. N.A. N.A. N.A. N.A. N.A. N.A. (421) N.A. (475) N.A. 1,471 711 314 38 (351) (149) (85) 36 148 81

Denmark N.A. N.A. N.A. N.A. (841) (347) 652 (283) (155) (511) 324 1,096 1,266 690 410 441 67 428 (93) (1,441) (190)

Egypt 1,580 1,170 390 670 1,120 420 162 822 397 24 598 228 247 526 (309) (114) (690) (240) 357 128 874

Finland (235) (353) (1,179) (402) (222) 85 662 203 56 8 116 (337) 310 37 (43) 322 (140) (109) 120 (476) (1,624)

France N.A. N.A. N.A. N.A. 300 791 1,548 1,813 696 205 662 428 443 565 404 (39) 346 159 (15) 271 (15)

Germany (1,244) (1,364) (1,658) (685) 414 1,498 1,997 1,363 1,169 470 197 (88) (85) 1 62 334 62 43 26 109 60

Greece N.A. N.A. N.A. N.A. 425 1,140 473 442 39 10 (129) (440) (314) (229) (45) 44 79 209 91 (265) (167)

Hong Kong (1,232) (1,145) (998) (746) 156 393 960 1,374 1,135 986 608 697 264 206 460 395 (82) (74) (276) (343) (267)

Hungary N.A. N.A. N.A. N.A. N.A. N.A. 250 (340) 456 (443) (200) 320 512 33 (533) (469) (97) 319 (80) 361 (301)

India 847 595 344 92 (160) 82 325 568 810 808 (995) (498) (1,100) (1,000) 1,100 900 820 800 153 (440) 260

Indonesia N.A. 2,248 1,928 712 477 338 50 464 48 (68) (138) (997) 100 66 187 781 (187) 144 154 (163) 152

Ireland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 560 578 596 640 (156) 43 60 40 310 (23) (82) (95)

Israel N.A. N.A. N.A. N.A. N.A. N.A. 2,650 2,675 1,575 125 250 (250) (738) 300 - 350 600 (200) (20) 5 160

Italy 217 221 222 187 (565) (726) (564) (918) 64 312 653 551 384 494 332 259 265 37 (151) (58) (140)

Japan 128 (175) (169) 15 9 57 43 355 353 673 668 285 215 44 41 42 260 (77) (148) (1) (816)

Korea N.A. N.A. N.A. N.A. 2,361 1,709 1,216 67 (80) 482 (729) (1) (146) 40 349 345 (648) (1,116) (574) (268) 44

Malaysia 635 288 (92) (463) (165) (136) 243 362 564 559 183 (1,106) 318 467 971 2,630 837 973 629 (1,336) (51)

Mexico N.A. N.A. N.A. N.A. 171 (425) 246 (46) 59 616 370 285 412 185 23 73 (289) (407) (97) 32 (160)

Netherlands 195 263 (692) (870) (1,820) (1,446) (830) 128 1,433 1,266 1,550 649 30 486 350 190 12 (155) 49 (137) (202)

New Zealand 127 238 259 630 1,072 1,096 239 270 196 376 729 309 (59) (340) (70) (71) (113) (164) (252) (50) (71)

Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9,545 4,303 3,830 3,208 2,585 1,963 1,340 1,005 670 285 (100)

Norw ay N.A. N.A. N.A. N.A. 239 407 276 36 371 617 423 365 331 (172) (302) 67 (589) (504) (502) (111) 21

Pakistan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. - - - 1,850 6,680 6,600 5,490 (1,400) (1,190) (1,390) (530) (820) N.A.

Philippines N.A. N.A. N.A. N.A. 2,232 2,880 335 (241) 484 247 612 756 733 669 796 1,368 518 903 761 (108) 247

Poland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. (148) (86) 413 252 89 540 (9) 222 677

Portugal 62 (117) 95 (664) (492) (543) (31) 559 241 219 369 326 146 367 172 140 397 396 561 84 (10)

Russia N.A. N.A. N.A. N.A. 808 600 1,544 1,507 405 730 202 (226) (12) 292 210 841 543 416 284 (573) (188)

Singapore (206) (302) (402) (543) (598) (732) (330) (419) (429) 36 316 645 1,028 626 523 524 46 143 (14) (88) 100

South Af rica 430 276 114 8 (104) (38) 28 (62) 17 (88) (239) (158) (245) (148) (5) 48 109 99 87 56 277

Spain (746) (351) (116) 265 1,373 1,497 1,675 1,636 921 551 76 254 274 41 111 (281) (221) (114) (71) (21) (343)

Sw eden 554 (889) (536) 197 580 1,389 833 215 (40) 66 (17) 126 (133) 12 (357) (601) (322) (599) (155) (83) (38)

Sw itzerland N.A. N.A. N.A. N.A. (101) 640 27 181 (311) 52 447 200 727 774 379 645 (214) (294) 130 (60) 369

Taiw an N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1,357 902 (174) (378) (804) (445) 9 (112) 467 465 396 565 109

Thailand (43) 1,008 2,195 689 (1,121) (504) (2,301) (882) 904 44 (76) 333 1,474 1,041 1,596 701 241 (7) (210) (110) (450)

Turkey N.A. N.A. N.A. N.A. N.A. N.A. N.A. 75 1,785 (420) 443 930 435 (45) 68 210 203 1,853 946 346 (98)

UK 1,359 676 309 17 (19) 494 349 785 643 616 492 213 391 232 145 24 (10) 14 225 51 (207)

US 298 162 (87) 131 (27) 70 51 391 323 211 246 478 292 228 219 46 (73) 58 70 (29) (4)

Venezuela N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2,599 995 1,722 1,042 (966) 696 (161) (108) 114

Weighted AVG* 288 189 149 108 296 517 568 624 544 444 376 315 214 72 104 40 (2) 48 (23) (123) (117)




Chart 23: YoY EBITDA Margin Expansion (basis points) By Country As Of 1Q05

874

677

369

328

277

260

247

160

152

129

114

109

100

81 60 44 38 21 -4

-10

-15

-38

-46

-51

-71

-95

-98

-100

-140

-144

-160

-167

-188

-190

-202

-207

-267

-301

-301

-343

-347

-445

-450

-816

-127

4

-162

4

-2000

-1500

-1000

-500

0

500

1000

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Pol

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Can

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Indi

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Italy

Bel

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Mex

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Gre

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Hon

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land




Table 37: Percentage of ARPU From Data

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Aus tralia 1% 2% 3% 4% 5% 5% 6% 6% 7% 8% 9% 10% 12% 12% 13% 13% 13% 14% 13% 13% 14%Austria 8% 8% 9% 9% 10% 10% 10% 10% 11% 10% 10% 11% 11% 11% 11% 12% 11% 11% 11% 12% 14%Belgium 0% 1% 2% 5% 6% 7% 8% 8% 11% 12% 12% 13% 14% 15% 15% 15% 16% 16% 16% 16% 16%Brazil N.A. N.A. N.A. N.A. 0% 1% 1% 1% 2% 2% 2% 2% 2% 3% 3% 3% 3% 4% 4% 5% 6%Canada N.A. N.A. N.A. N.A. 1% 1% 1% 1% 1% 1% 1% 2% 2% 2% 3% 3% 4% 4% 5% 7% 7%Chile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.China N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1% 1% 2% 3% 4% 5% 6% 6% 7% 10% 12% 14% 18% 19%Colom bia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Czech N.A. N.A. N.A. N.A. N.A. N.A. 10% 11% 12% 12% 12% 12% 12% 12% 13% 13% 16% 16% 16% 16% 17%Denmark 8% 8% 9% 9% 9% 9% 9% 10% 10% 11% 11% 11% 12% 12% 12% 12% 13% 13% 13% 13% 13%Egypt N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4% 4% 3% 4% 4% 5% 5% 5% 5% 4% 3% 4% 6%Finland 10% 10% 10% 11% 11% 12% 12% 12% 12% 11% 12% 12% 12% 12% 12% 12% 12% 12% 13% 13% 13%France 2% 3% 4% 4% 5% 5% 7% 8% 9% 9% 9% 10% 10% 11% 11% 12% 13% 12% 13% 13% 14%Germany 7% 9% 10% 11% 12% 12% 12% 13% 14% 15% 15% 17% 17% 16% 17% 18% 18% 17% 17% 18% 18%Greece 5% 7% 7% 10% 12% 12% 12% 12% 13% 13% 12% 12% 13% 13% 13% 13% 14% 14% 13% 13% 14%Hong Kong N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0% N.A. N.A. N.A. 5% 8% 8% 8% 8% 9% 9% 9%Hungary N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 7% 9% 9% 10% 11% 11% 11% 12% 13% 12% 12% 12% 13%India N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2% 2% 3% 3% 3% 3% 3% 4% 5% 7% 9% 9%Indones ia N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10% 10% 10% 12% 13% 16% 18% 18% 19% 20% 22% 21% 22% 27%Ireland N.A. N.A. N.A. N.A. N.A. 8% 9% 11% 12% 12% 14% 16% 17% 16% 18% 21% 17% 22% 19% 21% 21%Israel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 5% 6% 6% 6% 7% 7% 6% 7% 7% 8% 7% 8% 7%Italy 4% 4% 5% 6% 7% 7% 8% 9% 11% 9% 10% 11% 12% 12% 12% 13% 14% 13% 14% 14% 15%Japan 3% 5% 7% 10% 13% 15% 16% 17% 18% 19% 20% 20% 22% 23% 24% 24% 25% 25% 25% 24% 25%Korea 1% 3% 3% 4% 4% 4% 4% 5% 6% 7% 8% 9% 10% 10% 12% 13% 12% 13% 14% 15% 16%Malays ia 1% 1% 1% 1% 1% 1% 2% 2% 4% 5% 6% 7% 10% 11% 11% 14% 14% 14% 14% 14% 15%Mexico N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1% 2% 3% 4% 5% 5% 5% 6% 6% 7% 7%Netherlands 3% 3% 4% 5% 5% 6% 6% 7% 7% 8% 8% 8% 9% 10% 10% 11% 12% 12% 13% 13% 14%New Zealand 2% 2% 2% 3% 3% 4% 4% 4% 5% 5% 6% 6% 7% 7% 8% 9% 10% 10% 12% 12% 13%Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Norway 9% 8% 9% 9% 11% 11% 12% 13% 14% 12% 14% 15% 16% 16% 17% 18% 17% 17% 17% 18% 18%Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Philippines 10% 13% 15% 17% 23% 24% 25% 29% 36% 37% 37% 37% 35% 37% 35% 35% 40% 41% 44% 36% 36%Poland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10% 10% 9% 10% 12% 13% 12% 15% 15% 14% 13% 15% 20%Portugal 2% 3% 4% 5% 6% 6% 6% 6% 6% 7% 7% 8% 8% 8% 8% 8% 9% 8% 9% 10% 10%Russ ia N.A. N.A. N.A. N.A. 1% 1% 1% 1% 3% 4% 4% 5% 7% 8% 10% 10% 12% 11% 12% 13% 14%Singapore 3% 4% 5% 7% 7% 8% 10% 10% 10% 11% 12% 13% 15% 15% 15% 15% 16% 17% 18% 18% 19%South Africa 0% 1% 1% 2% 2% 3% 3% 3% 3% 3% 3% 3% 3% 3% 4% 4% 4% 4% 5% 5% 5%Spain 4% 5% 6% 8% 9% 10% 10% 10% 11% 11% 11% 11% 12% 12% 12% 12% 13% 13% 12% 14% 14%Sweden 1% 2% 2% 3% 4% 4% 4% 5% 5% 5% 6% 6% 6% 6% 6% 6% 7% 7% 7% 7% 7%Switzerland N.A. N.A. N.A. N.A. N.A. N.A. 9% 10% 12% 12% 12% 12% 11% 11% 11% 12% 16% 14% 15% 16% 17%Taiwan N.A. N.A. 2% 2% 3% 3% 3% 4% 3% 3% 4% 4% 4% 4% 4% 4% 4% 5% 5% 5% 6%Thailand 0% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 1% 3% 2% 2% 2% 3% 2% 2% 3% 3%Turkey N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10% 10% 12% 12% 11% 11% 14% 12% 11% 11% 15% 12%UK 3% 4% 4% 6% 8% 9% 10% 13% 13% 14% 14% 15% 17% 16% 16% 18% 19% 18% 19% 20% 21%US N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1% 2% 3% 3% 4% 4% 6% 7%Venezuela N.A. N.A. N.A. N.A. N.A. N.A. 1% 1% 3% 5% 7% 10% 12% 14% 14% 15% 15% 16% 16% 12% 15%Weighted AVG * 4% 5% 6% 7% 8% 8% 9% 8% 8% 9% 9% 10% 10% 9% 10% 11% 11% 12% 13% 14% 15%

Source: ML estimates.* Weighted by subscribers due to incomplete historical revenue figures for certain countries. Average calculation excludes countries for which data is not available.



Chart 24: Percentage of ARPU From Data By Country As Of 1Q05

36%

27%

25%

21%

21%

20%

19%

19%

18%

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13%

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7%

6% 6% 6%

5%

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0%

5%

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30%

35%

40%

Phi

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and

UK

Pol

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Ger

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Italy

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ia

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Fin

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Tur

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Source: ML estimates.* Weighted by subscribers due to incomplete historical revenue figures for certain countries. Average calculation excludes countries for which data is not available.



Table 38: Estimated Annualized Service Revenues (US$bn)

US$bn 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 2.558 2.639 2.733 2.847 2.756 2.689 2.724 2.466 0.960 0.635 0.615 0.705 0.790 0.987 1.031 1.134 1.283 1.360 1.601 2.096 2.143Australia 3.890 3.872 4.017 3.900 3.989 4.000 4.088 4.308 4.275 4.723 4.767 5.065 5.137 5.782 6.142 7.071 7.468 7.129 7.697 8.632 4.750Austria 1.882 1.952 2.057 2.108 2.034 1.965 2.115 2.076 2.212 2.311 2.597 2.747 2.832 3.186 3.263 3.461 3.836 3.772 4.063 4.365 4.439Belgium 1.391 1.516 1.577 1.591 2.214 2.334 2.516 2.627 2.631 2.924 3.132 3.133 3.332 3.761 3.762 4.221 4.540 4.505 4.602 4.954 4.987Brazil 4.636 4.856 4.985 5.105 5.788 5.053 4.723 5.440 5.770 5.856 4.847 4.482 4.656 6.012 6.253 6.859 6.715 6.740 7.310 8.600 8.688Canada 2.869 3.078 3.339 3.377 3.267 3.614 3.832 3.752 3.662 4.171 4.316 4.326 4.452 5.157 5.797 6.175 6.050 6.425 7.214 7.679 7.545Chile 0.743 0.724 0.743 0.803 0.899 0.870 0.852 1.001 1.018 1.030 0.962 1.059 1.049 1.086 1.206 1.267 1.265 1.190 1.356 1.614 1.492China 16.227 17.010 19.360 22.961 19.793 21.899 22.428 22.950 24.855 25.710 26.756 27.062 28.857 30.069 31.247 32.134 33.547 35.864 35.411 36.976 38.142Colombia N.A. N.A. N.A. N.A. 0.496 0.473 0.482 0.552 0.587 0.606 0.587 0.593 0.813 0.674 0.685 0.827 0.806 0.973 1.127 1.268 1.564Czech 0.773 1.025 1.273 1.421 1.532 1.642 1.654 1.788 1.744 1.800 1.889 2.000 2.060 2.148 2.171 2.238 2.437 2.557 2.728 2.689 2.653Denmark 0.947 0.929 0.953 0.937 1.062 1.092 1.172 1.225 1.009 1.225 1.327 1.384 1.400 1.597 1.621 1.743 1.863 1.814 1.888 2.050 2.146Egypt 0.800 0.841 0.841 0.839 0.840 0.860 0.940 0.810 0.766 0.826 0.971 0.959 0.939 0.933 1.052 1.051 1.153 1.236 1.365 1.453 1.560Finland 1.551 1.609 1.569 1.558 1.604 1.632 1.664 1.656 1.600 1.763 1.846 1.869 1.915 2.100 2.061 2.304 2.359 2.287 2.307 2.522 2.244France 10.871 10.454 10.757 12.024 11.730 11.769 12.792 12.895 13.199 14.140 16.068 16.302 19.533 21.247 22.280 23.451 25.025 25.276 26.733 28.107 28.179Germany 12.520 12.873 14.373 13.944 13.626 13.368 14.133 14.229 13.919 15.507 17.486 17.753 18.848 21.024 22.104 22.979 23.559 23.871 25.443 26.816 26.248Greece 1.911 1.892 1.917 1.930 1.766 1.866 2.144 2.009 2.074 2.557 3.152 2.894 3.144 3.616 3.933 4.063 4.222 4.550 5.040 4.874 4.743Hong Kong 2.178 2.312 2.365 2.440 2.375 2.243 2.198 2.216 2.161 2.247 2.243 2.344 2.061 1.987 1.982 2.076 2.035 2.092 2.104 2.185 2.206Hungary 0.962 0.996 1.007 0.977 0.965 0.986 0.998 1.126 1.267 1.383 1.591 1.751 1.845 1.906 2.112 2.313 2.321 2.419 2.523 2.549 2.547India 0.637 0.726 0.830 0.971 1.129 1.200 1.277 1.369 1.445 1.494 1.565 1.804 2.115 2.310 2.891 3.497 4.047 4.914 5.420 6.318 6.926Indonesia N.A. N.A. N.A. N.A. 0.726 0.736 1.021 1.147 1.175 1.354 1.589 1.809 1.731 2.051 2.331 2.504 2.775 2.812 3.084 3.717 3.586Ireland N.A. N.A. N.A. N.A. N.A. 1.238 1.266 1.301 1.320 1.436 1.593 1.623 1.765 1.942 2.043 2.204 2.359 2.367 2.501 2.679 2.690Israel 2.660 2.811 3.382 2.988 2.887 2.955 2.935 2.764 2.556 2.523 2.557 2.487 2.412 2.678 2.994 2.871 2.869 2.942 3.125 3.071 2.978Italy 11.568 12.066 11.860 12.107 12.223 12.256 13.122 13.448 13.570 15.085 17.392 16.718 17.665 20.546 21.624 22.582 23.522 23.677 25.910 27.724 27.789Japan 50.467 53.174 55.026 54.660 52.718 54.274 55.614 55.281 50.371 54.033 59.005 59.942 59.893 61.069 63.292 68.348 68.056 65.949 66.690 67.107 68.692Korea 9.775 10.370 10.584 10.496 9.545 10.346 10.757 11.272 9.713 11.211 12.373 12.825 12.259 12.827 13.291 13.524 13.472 14.241 14.501 15.767 16.607Malaysia 1.269 1.371 1.489 1.573 1.689 1.843 1.988 2.071 2.019 2.002 1.961 2.056 2.215 2.326 2.428 2.769 2.860 2.916 2.961 3.133 3.241Mexico 2.825 3.213 3.001 3.571 4.064 4.648 4.938 4.778 5.107 5.123 5.264 5.477 5.631 5.945 6.143 6.257 6.821 7.112 7.542 8.240 8.551Netherlands 2.867 2.985 3.052 3.173 3.168 3.353 3.520 3.383 3.790 4.201 4.893 4.943 5.295 6.096 6.234 6.611 6.872 6.878 7.025 7.362 7.585New Zealand N.A. N.A. N.A. N.A. N.A. N.A. 0.546 0.565 0.592 0.660 0.682 0.765 0.859 0.913 0.976 1.103 1.253 1.187 1.337 1.469 1.490Nigeria N.A. N.A. N.A. N.A. N.A. N.A. 0.150 0.338 0.518 0.714 0.845 0.924 1.045 1.255 1.412 1.714 2.164 2.650 3.189 3.878 4.429Norw ay 1.210 1.291 1.356 1.288 1.349 1.404 1.585 1.536 1.334 1.561 1.808 1.771 1.816 1.949 1.901 1.885 2.044 2.184 2.288 2.448 2.380Pakistan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Philippines 0.775 0.947 0.955 1.183 0.951 1.083 1.227 1.389 1.527 1.869 1.767 1.979 1.835 1.872 2.031 2.415 2.357 2.540 2.851 3.075 3.270

Poland 1.620 1.854 2.107 2.267 2.470 2.646 2.872 2.795 N.A. 2.828 3.113 3.218 3.305 3.580 3.855 4.145 4.047 4.407 4.857 5.882 5.617Portugal 1.729 1.854 2.001 2.179 2.174 2.292 2.541 2.584 2.439 2.633 2.964 3.011 3.113 3.217 3.528 3.612 3.701 3.771 4.024 4.204 4.021Russia 1.312 1.367 1.342 1.456 1.387 1.807 2.355 2.417 2.434 2.839 3.555 3.704 3.816 4.714 5.614 5.803 5.914 6.900 8.200 7.940 7.829Singapore 0.630 0.666 0.738 0.836 0.973 1.033 1.176 1.111 1.077 1.133 1.184 1.173 1.233 1.220 1.257 1.303 1.390 1.402 1.423 1.484 1.504

South Af rica 2.596 2.642 2.605 2.457 2.406 2.594 2.408 1.833 2.102 2.357 2.496 2.834 3.009 3.410 3.895 4.568 5.217 5.333 5.630 6.100 6.648Spain 6.534 7.015 7.557 7.814 8.203 7.968 8.903 8.540 9.047 10.097 11.675 11.207 12.125 14.020 15.237 15.598 16.308 16.757 19.295 19.196 19.352Sw eden 2.209 2.257 2.324 2.293 1.982 2.003 2.160 2.107 2.081 2.336 2.430 2.549 2.612 2.991 3.044 3.167 3.037 3.079 3.223 3.270 3.038

Sw itzerland N.A. N.A. N.A. N.A. 2.725 2.605 2.810 3.026 2.993 3.287 3.743 3.690 3.839 4.070 4.147 4.279 4.464 4.544 4.746 4.918 4.880Taiw an N.A. 4.935 5.053 4.978 4.948 4.884 4.988 4.978 4.955 5.230 5.377 5.192 5.274 5.436 5.709 5.602 5.685 5.676 5.836 5.703 5.568Thailand 0.909 0.967 0.949 1.083 1.190 1.280 1.434 1.559 1.895 2.056 1.992 2.232 2.573 2.678 2.709 2.925 3.160 3.175 3.259 3.450 3.671Turkey N.A. N.A. N.A. N.A. 2.915 2.364 2.611 2.314 2.566 2.965 3.211 2.892 2.741 3.284 4.274 3.441 4.112 4.628 5.379 4.815 4.892UK 12.859 13.670 14.109 15.364 15.132 14.528 15.824 16.161 16.177 17.301 19.553 20.011 20.098 21.065 21.649 23.651 26.030 26.900 27.727 28.037 29.435US 54.546 61.133 65.593 66.182 69.381 74.784 78.867 78.498 79.806 85.748 88.816 88.587 87.926 94.054 98.739 97.937 99.093 106.925 110.687 110.863 114.349Venezuela 1.787 1.681 1.781 1.787 1.606 2.086 2.092 2.203 1.972 1.673 1.338 1.197 1.216 1.319 1.230 1.432 1.401 1.496 1.708 1.951 1.886TOTAL (US$ bn) 237.5 257.6 271.6 279.5 284.7 296.6 312.4 313.9 308.3 335.2 359.9 363.0 373.1 402.1 423.2 441.1 455.5 471.4 494.9 513.2 519.2

Source: ML estimates based on country average ARPU as of the most recent quarter and average subscribers over the past year.



Chart 25: Estimated Annualized Service Revenues By Country As Of 1Q05 (US$bn)11

4.3

68.7

38.1

29.4

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Table 39: YoY % Change In Estimated Service Revenues

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Argentina 1.8% 8.2% 10.6% 13.6% 7.7% 1.9% -0.3% -13.4% -29.1% -22.6% -18.2% 1.6% 27.8% 35.1% 33.3% 31.2% 46.8% 43.1% 60.6% 84.4% 69.1%Australia 19.1% 19.5% 21.2% 18.1% 21.7% 18.0% 13.5% 15.2% 9.3% 10.3% 9.4% 7.8% 5.2% 5.3% 7.0% 8.8% 12.8% 10.8% 13.5% 13.2% 11.6%Austria 53.4% 45.8% 41.7% 28.1% 16.5% 11.3% 7.2% 2.2% 12.8% 10.6% 9.9% 16.3% 4.6% 11.3% 9.8% 5.8% 16.3% 11.6% 14.7% 15.8% 10.3%Belgium 51.6% 60.3% 61.7% 41.1% 71.6% 70.1% 66.3% 71.2% 23.2% 17.8% 11.4% 4.9% 3.5% 3.9% 5.0% 13.1% 17.0% 12.9% 12.7% 7.8% 4.7%Brazil N.A. 31.3% 22.5% 27.6% 42.0% 32.0% 32.9% 37.7% 17.7% 26.5% 25.8% 18.7% 18.4% 22.7% 21.1% 23.6% 19.6% 14.5% 18.8% 19.2% 23.0%Canada 21.5% 22.1% 23.8% 24.9% 21.5% 21.2% 21.1% 15.7% 14.4% 15.1% 12.1% 13.5% 15.5% 13.9% 16.2% 18.1% 17.9% 18.4% 16.1% 16.5% 15.2%Chile N.A. 145.3% 94.7% 94.7% 21.0% 20.1% 14.6% 24.7% 13.2% 18.4% 12.9% 5.8% 3.1% 5.4% 25.4% 19.6% 20.5% 9.6% 12.5% 27.4% 18.0%China N.A. N.A. N.A. 47.2% 22.0% 28.7% 15.8% -0.1% 25.6% 17.4% 19.3% 17.8% 16.0% 16.9% 16.7% 18.7% 16.3% 19.3% 13.3% 15.1% 13.7%Colom bia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 18.5% 28.1% 21.8% 7.4% 38.4% 11.2% 16.8% 39.5% -0.8% 44.3% 64.5% 53.3% 93.9%Czech 57.3% 84.9% 100.7% 107.5% 98.0% 60.3% 29.9% 25.8% 3.5% -1.3% -0.9% -7.3% -3.4% -0.7% -0.4% 1.9% 9.5% 5.1% 5.8% 5.3% 5.4%Denm ark 44.1% 32.7% 24.2% 22.3% 20.2% 25.8% 24.9% 27.0% -0.3% 6.2% 2.2% 0.7% 13.3% 5.3% 6.8% 5.9% 14.5% 7.3% 7.4% 8.0% 9.7%Egypt N.A. N.A. N.A. 49.0% 19.1% 14.8% 25.7% 14.6% 8.4% 13.3% 22.6% 18.7% 38.0% 44.9% 42.6% 45.9% 46.2% 39.0% 32.5% 38.5% 33.5%Finland 84.5% 21.3% 14.5% 10.1% 11.5% 12.1% 10.6% 10.2% 3.4% 1.6% -0.8% -0.8% -2.2% -3.8% -2.4% 3.5% 5.8% 2.7% 3.1% 0.5% -9.3%France 58.4% 41.6% 35.8% 28.9% 16.3% 24.5% 24.0% 11.2% 16.7% 13.0% 12.4% 11.2% 21.0% 21.3% 21.2% 20.8% 10.0% 12.2% 10.5% 10.0% 7.3%Germany 39.9% 32.0% 42.9% 25.3% 17.3% 14.8% 2.5% 5.8% 5.9% 9.1% 10.7% 9.7% 10.7% 9.5% 10.5% 8.7% 7.3% 7.1% 6.0% 7.2% 6.2%Greece 23.0% 22.5% 18.8% 12.0% -0.4% 9.0% 16.6% 8.0% 21.8% 28.9% 31.5% 26.6% 23.9% 14.2% 9.0% 17.9% 15.2% 18.6% 18.1% 10.2% 7.1%Hong Kong 7.5% 7.5% 0.8% 0.9% 9.1% -3.0% -7.1% -9.2% -9.0% 0.2% 2.0% 5.8% -4.7% -11.6% -11.6% -11.4% -1.3% 5.3% 6.2% 5.2% 8.4%Hungary 59.8% 43.6% 40.6% 25.1% 4.6% -1.0% -0.8% 15.7% 34.0% 35.7% 37.5% 27.4% 18.5% 20.5% 21.5% 19.4% 14.0% 13.5% 8.3% 5.9% 9.6%India 53.3% 73.4% 92.7% 94.0% 89.4% 74.1% 60.2% 44.9% 33.4% 29.5% 24.4% 31.8% 44.0% 48.4% 72.9% 83.8% 80.9% 103.2% 87.5% 78.1% 65.8%Indones ia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 46.0% 47.2% 43.4% 41.2% 40.3% 40.4% 38.5% 30.7% 51.3% 37.1% 32.3% 48.5% 29.2%Ireland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9.1% 12.5% 9.7% 9.3% 9.2% 12.1% 14.0% 14.7% 14.9% 12.7% 11.6% 8.6%Israel N.A. N.A. 25.1% 4.9% 8.6% 5.1% -13.2% -7.5% -11.5% -14.6% -12.9% -10.0% -5.6% 6.2% 17.1% 15.5% 19.0% 9.9% 4.4% 7.0% 3.8%Italy 34.7% 32.5% 24.6% 16.8% 13.9% 12.3% 15.3% 15.2% 14.7% 15.8% 18.6% 9.3% 6.8% 10.0% 8.6% 13.4% 14.3% 8.7% 10.4% 12.7% 12.6%Japan 10.7% 15.4% 15.2% 15.1% 15.2% 17.4% 14.4% 13.9% 7.2% 3.0% 3.9% 4.6% 6.9% 6.8% 5.8% 4.0% 2.0% -1.1% -1.5% -4.6% -1.3%Korea N.A. N.A. N.A. N.A. 10.5% 16.8% 18.0% 19.1% 5.6% 5.5% 6.4% 7.4% 14.8% 8.9% 5.5% 2.0% 7.4% 6.7% 7.2% 7.8% 7.4%Malays ia 10.6% 16.8% 24.1% 28.5% 33.1% 34.4% 33.5% 31.6% 19.5% 8.6% -1.4% -0.7% 9.7% 16.2% 23.8% 34.7% 29.1% 25.4% 21.9% 13.1% 13.3%Mexico 89.9% 92.3% 61.2% 58.6% 46.2% 40.2% 52.4% 26.0% 19.8% 13.1% 15.8% 26.3% 28.1% 29.9% 24.3% 23.4% 27.6% 28.5% 30.4% 32.2% 25.9%Netherlands 54.2% 45.5% 36.0% 29.8% 19.1% 24.2% 20.3% 10.6% 23.7% 17.8% 24.3% 28.5% 14.6% 17.2% 11.3% 12.3% 11.4% 6.4% 3.8% 2.3% 5.2%New Zealand 37.3% 32.3% 29.2% 22.9% 13.5% 14.8% 14.3% 11.8% 12.2% 11.9% 11.3% 12.8% 12.3% 12.7% 15.4% 14.7% 19.0% 17.0% 17.8% 16.7% 11.4%Nigeria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 461.9% 173.0% 101.6% 75.8% 67.2% 85.6% 107.0% 111.1% 125.8% 126.2% 104.7%Norway 15.1% 21.1% 16.0% 15.4% 20.4% 13.6% 17.4% 14.8% -0.8% -0.7% -4.5% -5.3% 7.8% 6.7% 2.4% 0.6% 10.1% 9.8% 12.8% 18.7% 5.9%Pakis tan N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Philippines N.A. N.A. N.A. N.A. 31.5% 38.8% 42.5% 37.3% 66.1% 65.9% 44.6% 41.9% 21.1% 2.3% 14.9% 22.1% 28.4% 35.7% 40.4% 27.3% 38.7%Poland 39.0% 42.5% 40.2% 39.7% 44.9% 32.1% 32.8% 26.2% 16.6% 21.5% 20.7% 23.3% 19.6% 19.4% 14.8% 16.6% 17.5% 16.9% 16.0% 20.4% 12.1%Portugal 41.1% 45.7% 41.4% 50.4% 35.6% 36.7% 32.4% 22.9% 15.9% 8.0% 4.3% 2.5% 4.7% -1.3% 4.0% 0.7% 2.0% 10.5% 5.1% 6.9% 3.5%Russ ia N.A. N.A. N.A. -16.0% 5.7% 32.2% 75.5% 66.0% 75.5% 57.1% 51.0% 53.3% 56.8% 66.0% 57.9% 56.7% 55.0% 46.4% 46.0% 36.8% 32.4%Singapore 37.3% 37.6% 40.9% 46.5% 59.4% 63.4% 63.0% 39.2% 15.9% 8.8% -0.6% 2.0% 9.0% 4.7% 6.2% 8.5% 9.4% 11.6% 9.9% 9.7% 4.1%South Africa 40.0% 35.9% 27.9% 15.5% 12.8% 15.7% 13.6% 21.6% 23.6% 19.6% 22.4% 22.6% 22.2% 23.1% 23.6% 26.9% 25.9% 20.6% 19.2% 18.4% 22.4%Spain 64.9% 70.2% 71.2% 57.8% 35.4% 25.6% 22.8% 13.3% 14.0% 19.2% 17.3% 15.4% 9.9% 12.1% 14.0% 16.9% 15.4% 12.7% 16.7% 13.0% 13.1%Sweden 14.2% 8.1% 16.1% 18.1% 1.5% 4.6% 5.8% -1.8% 12.6% 11.4% 6.2% 3.8% 2.8% 3.3% 2.3% 3.4% -0.1% -2.9% -2.6% -5.2% -5.8%Switzerland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11.2% 14.7% 17.2% 8.2% 4.4% 4.0% 2.2% 3.2% 6.3% 7.0% 5.1% 4.1% 3.3%Taiwan N.A. N.A. N.A. N.A. N.A. 10.7% 8.9% 1.1% 6.8% 7.4% 7.2% 8.2% 4.6% 3.4% 6.3% 6.8% 7.9% 4.4% 2.2% 1.3% -2.1%Thailand 30.3% 40.4% 39.4% 50.9% 55.8% 52.7% 58.9% 46.7% 53.9% 47.5% 36.0% 39.9% 33.2% 32.5% 32.6% 28.2% 21.6% 18.6% 20.3% 18.0% 16.2%Turkey N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -12.0% 25.4% 23.0% 24.9% 6.8% 10.8% 33.1% 19.0% 50.0% 40.9% 25.9% 39.9% 19.0%UK 46.7% 49.8% 45.6% 39.9% 29.8% 16.6% 16.0% 7.7% 8.9% 14.6% 15.2% 14.1% 8.4% 10.6% 6.5% 8.8% 14.5% 13.7% 13.5% 8.5% 10.8%US 26.0% 28.9% 27.2% 26.8% 27.2% 22.3% 20.2% 18.6% 15.0% 14.7% 12.6% 12.9% 10.2% 9.7% 11.2% 10.6% 12.7% 13.7% 12.1% 13.2% 15.4%Venezuela 12.9% -5.1% 0.4% -5.7% -10.1% 24.0% 17.5% 23.3% 22.8% -19.8% -36.0% -45.7% -38.3% -21.2% -8.1% 19.6% 15.2% 13.4% 38.9% 36.3% 34.6%Weighted AVG* 34.1% 34.6% 32.6% 31.1% 23.7% 22.5% 19.4% 14.1% 16.1% 15.4% 15.8% 14.9% 14.2% 14.9% 16.2% 17.6% 18.7% 19.1% 18.0% 18.6% 17.6%




Chart 26: YoY % Change In Estimated Service Revenues By Country As Of 1Q0510

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Chart 27: Mobile Spending As A Percentage OF GDP As Of 1Q056.

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Chart 28: Minutes of Use per Capita As Of 1Q0540

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3. Country Table Index

� Argentina ............................................................................................58

� Australia..............................................................................................60

� Austria.................................................................................................62

� Belgium...............................................................................................64

� Brazil ...................................................................................................66

� Canada ................................................................................................68

� Chile ....................................................................................................70

� China ...................................................................................................72

� Colombia.............................................................................................74

� Czech Republic ..................................................................................76

� Denmark..............................................................................................78

� Egypt ...................................................................................................80

� Finland ................................................................................................82

� France .................................................................................................84

� Germany..............................................................................................86

� Greece.................................................................................................88

� Hong Kong..........................................................................................90

� Hungary...............................................................................................92

� India.....................................................................................................94

� Indonesia ............................................................................................96

� Ireland .................................................................................................98

� Israel..................................................................................................100

� Italy....................................................................................................102

� Japan.................................................................................................104

� Korea................................................................................................. 106

� Malaysia............................................................................................ 108

� Mexico .............................................................................................. 110

� Netherlands...................................................................................... 112

� New Zealand..................................................................................... 114

� Nigeria .............................................................................................. 116

� Norway.............................................................................................. 118

� Pakistan............................................................................................ 120

� Philippines ....................................................................................... 122

� Poland............................................................................................... 124

� Portugal ............................................................................................ 126

� Russia............................................................................................... 128

� Singapore ......................................................................................... 130

� South Africa ..................................................................................... 132

� Spain................................................................................................. 134

� Sweden ............................................................................................. 136

� Switzerland....................................................................................... 138

� Taiwan .............................................................................................. 140

� Thailand............................................................................................ 142

� Turkey............................................................................................... 144

� United Kingdom............................................................................... 146

� United States.................................................................................... 148

� Venezuela ......................................................................................... 150



Table 40: Argentina

ARGENTINA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 13.3% 14.4% 15.9% 17.2% 18.2% 18.4% 18.6% 17.5% 16.8% 16.6% 16.4% 16.5% 16.4% 16.6% 17.5% 18.9% 20.7% 23.0% 26.5% 33.0% 36.7%Increase (%) 1.1% 1.1% 1.5% 1.3% 1.0% 0.2% 0.2% -1.1% -0.6% -0.2% -0.2% 0.1% -0.1% 0.2% 0.9% 1.4% 1.8% 2.3% 3.5% 6.5% 3.7%

Subscribers (000)

Telecom Personal 1,469 1,643 1,848 2,058 2,163 2,180 2,194 2,136 2,108 2,116 2,152 2,191 2,235 2,254 2,425 2,603 2,852 3,101 3,375 3,835 4,223Unifon (TEM) 1,221 1,371 1,564 1,757 1,851 1,860 1,869 1,769 1,696 1,660 1,600 1,617 1,547 1,608 1,689 1,824 1,970 2,189 2,606 3,370 6,155

Movicom (BLS) 1,286 1,415 1,546 1,608 1,683 1,732 1,732 1,588 1,509 1,392 1,338 1,320 1,325 1,336 1,391 1,487 1,596 1,650 1,800 2,150 N.A.CTI (AMX) 839 905 947 981 1,102 1,121 1,172 1,099 1,055 1,127 1,146 1,166 1,190 1,200 1,248 1,411 1,615 2,015 2,573 3,587 4,091

Total Subscribers 4,815 5,334 5,905 6,403 6,799 6,894 6,967 6,592 6,368 6,295 6,236 6,294 6,297 6,398 6,753 7,325 8,033 8,955 10,354 12,942 14,469

% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 73.8% 76.4% 76.2% 74.2% 74.4% 70.8%YoY Subscriber Grow th 57.4% 59.1% 56.4% 45.7% 41.2% 29.2% 18.0% 2.9% -6.3% -8.7% -10.5% -4.5% -1.1% 1.6% 8.3% 16.4% 27.6% 40.0% 53.3% 76.7% 80.1%

Market Share (%)Telecom Personal 30.5% 30.8% 31.3% 32.1% 31.8% 31.6% 31.5% 32.4% 33.1% 33.6% 34.5% 34.8% 35.5% 35.2% 35.9% 35.5% 35.5% 34.6% 32.6% 29.6% 29.2%

Unifon (TEM) 25.4% 25.7% 26.5% 27.4% 27.2% 27.0% 26.8% 26.8% 26.6% 26.4% 25.7% 25.7% 24.6% 25.1% 25.0% 24.9% 24.5% 24.4% 25.2% 26.0% 42.5%

Movicom (BLS) 26.7% 26.5% 26.2% 25.1% 24.8% 25.1% 24.9% 24.1% 23.7% 22.1% 21.5% 21.0% 21.0% 20.9% 20.6% 20.3% 19.9% 18.4% 17.4% 16.6% N.A.CTI (AMX) 17.4% 17.0% 16.0% 15.3% 16.2% 16.3% 16.8% 16.7% 16.6% 17.9% 18.4% 18.5% 18.9% 18.8% 18.5% 19.3% 20.1% 22.5% 24.9% 27.7% 28.3%

Total Market Share 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%Net Subscriber Adds (000)

Telecom Personal 157 174 205 210 105 17 14 (58) (28) 8 36 39 44 19 171 178 249 249 274 460 388

Unifon (TEM) 170 150 193 192 94 9 9 (100) (73) (36) (60) 17 (70) 61 81 135 146 219 417 764 2,785Movicom (BLS) 65 129 131 62 75 49 0 (145) (78) (117) (54) (18) 5 11 55 96 109 54 150 350 (2,150)

CTI (AMX) 29 66 42 34 121 19 51 (73) (44) 72 19 21 23 10 48 163 204 400 558 1,014 504Total Net Adds 421 519 571 498 396 95 74 (376) (223) (73) (59) 58 2 101 355 572 708 922 1,399 2,588 1,527

YoY Net Adds Grow th 124.2% 76.1% 35.2% -19.4% -6.1% -81.8% -87.1% N.M. N.M. N.M. N.M. N.M. N.M. N.M. N.M. 881.1% N.M. 810.9% 294.1% 352.4% 115.7%

Market Share of Net Adds (%)Telecom Personal 37% 33% 36% 42% 27% 18% 19% N.M. N.M. N.M. N.M. 67% N.M. 19% 48% 31% 35% 27% 20% 18% 25%

Unifon (TEM) 40% 29% 34% 39% 24% 10% 12% N.M. N.M. N.M. N.M. 29% N.M. 60% 23% 24% 21% 24% 30% 30% 182%Movicom (BLS) 15% 25% 23% 12% 19% 52% 0% N.M. N.M. N.M. N.M. -32% N.M. 11% 15% 17% 15% 6% 11% 14% -141%

CTI (AMX) 7% 13% 7% 7% 31% 20% 69% N.M. N.M. N.M. N.M. 36% N.M. 10% 14% 28% 29% 43% 40% 39% 33%

Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%Monthly Churn (%)

Telecom Personal 1.4% 1.0% 1.1% 0.9% 0.9% 1.2% 1.2% 1.2% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Unifon (TEM) 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Movicom (BLS) 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.2% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

CTI (AMX) 3.6% 3.6% 3.9% 3.7% 3.1% 2.3% 2.2% 1.8% N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2.2% 1.7% 2.1% 1.8% 1.9% 2.7%Country Average Churn* 2.1% 2.0% 2.0% 1.9% 1.8% 1.8% 1.8% 1.8% 3.0% 3.0% 3.0% 3.0% 3.6% N.A. N.A. 2.2% 1.7% 2.1% 1.8% 1.9% 2.7%

Source: ML estimates and company reports. * Country averages are weighted by market share, but they are ML estimates when information is either incomplete or missing.



Table 41: Argentina (Continued)

ARGENTINA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - ARG$Telecom Personal 43.00 42.00 38.00 35.00 30.00 28.00 28.00 26.00 22.00 24.00 26.00 28.00 28.00 31.00 32.00 32.00 34.00 34.00 36.00 37.00 34.00

Unifon (TEM) 47.54 40.51 34.75 29.63 31.88 31.74 31.74 28.51 24.70 26.94 29.19 31.43 32.74 35.31 37.82 41.67 41.25 41.67 45.00 50.00 38.00

Movicom (BLS) 49.69 48.48 46.43 47.76 39.58 36.38 36.38 34.00 27.55 30.05 32.55 37.64 36.55 41.46 41.46 42.00 41.00 40.47 41.92 43.93 N.A.CTI (AMX) 45.00 42.00 45.00 46.00 42.00 38.00 38.00 36.00 28.50 31.09 33.68 41.00 39.00 45.00 44.00 45.00 47.00 45.00 44.00 44.00 41.00

Country Average ARPU* 46.30 43.34 40.53 38.54 34.80 32.73 32.75 30.31 25.13 27.39 29.65 33.32 33.05 36.90 37.65 38.91 39.76 39.46 41.19 43.48 37.66YoY ARPU Grow th N.A. -31.6% -29.9% -24.6% -24.8% -24.5% -19.2% -21.4% -27.8% -16.3% -9.5% 10.0% 31.5% 34.7% 27.0% 16.8% 20.3% 6.9% 9.4% 11.4% -5.3%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Monthly MOU (minutes)Telecom Personal 110 128 123 113 101 98 93 89 76 80 83 90 84 91 94 97 100 100 106 111 99

Unifon (TEM) 126 121 114 111 99 96 96 89 76 80 83 90 84 91 97 106 107 113 124 128 132Movicom (BLS) 139 141 136 147 136 134 134 124 105 105 109 118 110 119 125 133 136 140 150 156 N.A.

CTI (AMX) 102 111 124 134 124 122 99 112 95 95 99 115 104 129 131 145 147 150 161 169 149

Country Average MOU* 120 127 124 124 113 111 105 101 86 88 91 101 93 104 108 116 118 122 132 139 127YoY Monthly MOU Grow th -24.0% -9.0% -11.8% -8.5% -6.1% -12.8% -15.4% -18.4% -23.8% -20.2% -13.0% -0.9% 8.4% 18.0% 18.0% 15.3% 26.7% 17.0% 22.2% 19.8% 7.7%

Revenue Per Minute - ARG$Telecom Personal 0.39 0.33 0.31 0.31 0.30 0.29 0.30 0.29 0.29 0.30 0.31 0.31 0.33 0.34 0.34 0.33 0.34 0.34 0.34 0.33 0.34

Unifon (TEM) 0.38 0.33 0.30 0.27 0.32 0.33 0.33 0.32 0.32 0.34 0.35 0.35 0.39 0.39 0.39 0.39 0.39 0.37 0.36 0.39 0.29

Movicom (BLS) 0.36 0.34 0.34 0.32 0.29 0.27 0.27 0.28 0.26 0.29 0.30 0.32 0.33 0.35 0.33 0.31 0.28 0.27 0.26 0.26 N.A.CTI (AMX) 0.44 0.38 0.36 0.34 0.34 0.31 0.38 0.32 0.30 0.33 0.34 0.36 0.38 0.35 0.34 0.31 0.32 0.30 0.27 0.26 0.28

Country Average RPM* 0.38 0.34 0.33 0.31 0.31 0.30 0.31 0.30 0.29 0.31 0.32 0.33 0.35 0.35 0.35 0.34 0.34 0.32 0.31 0.31 0.30YoY RPM Grow th N.A. -24.9% -20.5% -17.6% -20.0% -13.4% -4.4% -3.7% -5.2% 4.9% 4.1% 11.0% 21.4% 14.2% 7.6% 1.2% -5.0% -8.6% -10.5% -7.0% -12.1%

Total Est Serv. Rev (ARG$ bn) 0.640 0.660 0.683 0.712 0.689 0.672 0.681 0.616 0.488 0.520 0.557 0.626 0.624 0.703 0.743 0.822 0.916 1.006 1.193 1.519 1.549

YoY Estimated Service Revenues Grow th 1.8% 8.2% 10.6% 13.6% 7.7% 1.9% -0.3% -13.4% -29.1% -22.6% -18.2% 1.6% 27.8% 35.1% 33.3% 31.2% 46.8% 43.1% 60.6% 84.4% 69.1%EBITDA Margin (%)

Telecom Personal 35.4% 38.0% 42.4% 43.6% 38.2% 42.0% 38.7% 39.6% 50.8% 48.5% 48.0% 55.0% 52.0% 55.0% 55.0% 50.0% 41.7% 39.9% 36.3% 34.8% 27.3%Unifon (TEM) 36.7% 5.7% -8.1% 15.7% 13.7% 13.7% 25.0% 24.2% 24.2% 16.3% 31.1% 26.7% 32.0% 30.1% 27.9% 19.6% 22.7% 7.2% -1.9% -12.5% 11.9%

Movicom (BLS) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 31.5% 33.3% 33.3% 30.3% 27.6% 26.4% 24.0% 23.1% N.A.

CTI (AMX) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 36.6% 35.2% 33.8% 31.3% 27.1% 16.8% 1.7% -3.6% -4.8% 12.2%Country AVG EBITDA Margin* 35.9% 23.3% 19.2% 30.8% 26.9% 29.0% 32.4% 32.6% 39.0% 34.3% 40.8% 41.5% 39.6% 40.2% 39.4% 34.0% 29.2% 20.8% 14.6% 9.6% 16.5%




Table 42: Australia

Australia 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 41.5% 44.7% 48.3% 52.0% 57.2% 58.6% 59.3% 61.8% 63.0% 64.1% 65.5% 67.8% 70.4% 72.2% 74.4% 77.6% 78.6% 82.1% 84.5% 88.5% 89.7%Increase (%) 1.8% 3.2% 3.6% 3.7% 5.1% 1.4% 0.8% 2.5% 1.2% 1.1% 1.5% 2.2% 2.6% 1.8% 2.3% 3.1% 1.0% 3.5% 2.4% 4.1% 1.2%

Subscribers (000)

Telstra 3,897 4,125 4,430 4,728 5,005 5,213 5,450 5,715 5,790 5,942 6,020 6,098 6,338 6,569 6,720 6,985 7,169 7,604 7,665 7,983 8,059Optus 2,592 2,860 3,053 3,391 3,666 3,887 3,878 4,018 4,160 4,208 4,342 4,537 4,722 4,832 5,073 5,365 5,553 5,721 5,919 6,202 6,302

Vodafone 1,440 1,564 1,734 1,734 2,110 2,126 2,085 2,121 2,147 2,167 2,266 2,454 2,564 2,593 2,627 2,676 2,486 2,498 2,649 2,805 2,845Hutchison N.A. 12 39 75 102 130 123 192 217 240 252 264 273 297 355 412 490 626 753 879 958


% Pre-Paid Subscribers 30.4% 31.7% 33.9% 34.4% 25.6% 27.8% 27.7% 29.8% 31.3% 32.4% 33.8% 35.8% 37.7% 38.8% 40.1% 41.5% 42.5% 43.5% 44.0% 45.0% 44.6%YoY Subscriber Grow th 33.7% 34.8% 35.4% 32.7% 39.4% 32.6% 24.2% 20.1% 11.4% 10.6% 11.6% 10.8% 12.9% 13.8% 14.7% 15.6% 13.0% 15.1% 15.0% 15.7% 15.7%

Market Share (%)Telstra 49.1% 48.2% 47.7% 47.1% 45.3% 45.9% 47.2% 47.4% 47.0% 47.3% 46.7% 45.7% 45.6% 46.0% 45.5% 45.2% 45.7% 46.2% 45.1% 44.7% 44.4%

Optus 32.7% 33.4% 32.9% 33.8% 33.2% 34.2% 33.6% 33.4% 33.8% 33.5% 33.7% 34.0% 34.0% 33.8% 34.3% 34.8% 35.4% 34.8% 34.8% 34.7% 34.7%

Vodafone 18.2% 18.3% 18.7% 17.3% 19.1% 18.7% 18.1% 17.6% 17.4% 17.3% 17.6% 18.4% 18.5% 18.1% 17.8% 17.3% 15.8% 15.2% 15.6% 15.7% 15.7%Hutchison N.A. 0.1% 0.4% 0.7% 0.9% 1.1% 1.1% 1.6% 1.8% 1.9% 2.0% 2.0% 2.0% 2.1% 2.4% 2.7% 3.1% 3.8% 4.4% 4.9% 5.3%


Telstra 128 228 305 298 277 208 237 265 75 152 78 78 240 231 151 265 184 435 61 318 76

Optus 133 268 193 338 276 221 (9) 140 142 48 134 195 185 110 241 292 188 168 198 283 100Vodafone 110 124 170 0 376 16 (41) 36 25 20 99 188 110 29 34 49 (190) 12 151 156 40

Hutchison N.A. 12 27 36 27 27 (7) 69 25 23 12 12 9 24 57 57 78 136 127 126 79Total Net Adds 371 635 722 744 1,025 302 180 510 267 243 323 473 544 394 483 663 260 751 537 883 295

YoY Net Adds Grow th -16.5% 49.9% 43.5% 6.2% 176.2% -52.5% -75.1% -31.4% -73.9% -19.3% 79.2% -7.4% 103.8% 62.0% 49.8% 40.3% -52.2% 90.5% 11.1% 33.1% 13.4%

Market Share of Net Adds (%)Telstra 35% 36% 42% 40% 27% 69% 132% 52% 28% 62% 24% 16% 44% 59% 31% 40% 71% 58% 11% 36% 26%

Optus 36% 42% 27% 45% 27% 73% -5% 27% 53% 20% 42% 41% 34% 28% 50% 44% 72% 22% 37% 32% 34%Vodafone 30% 20% 24% 0% 37% 5% -23% 7% 9% 8% 31% 40% 20% 7% 7% 7% -73% 2% 28% 18% 14%

Hutchison 0% 2% 4% 5% 3% 9% -4% 14% 9% 9% 4% 2% 2% 6% 12% 9% 30% 18% 24% 14% 27%


Telstra 1.5% 1.5% 1.4% 1.4% 1.4% 1.4% 1.2% 1.2% 1.2% 1.2% 1.3% 1.4% 1.3% 1.2% 1.0% 1.3% 1.3% 1.7% 1.7% 1.7% 1.7%Optus 2.0% 1.9% 1.8% 1.7% 1.5% 1.5% 2.0% 2.2% 2.2% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.3% 1.5%

Vodafone 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 2.9% 2.9% 2.9% 2.8% 2.8% 2.8% 2.5% 2.2% 2.0%

Hutchison N.A. N.A. 0.1% 0.1% 3.6% 5.0% 3.6% 3.6% 2.3% 2.3% 2.3% 2.0% 1.9% 1.5% 1.2% 1.0% 1.1% 1.2% 1.3% 1.3% 1.3%Country Average Churn* 1.9% 1.8% 1.8% 1.7% 1.7% 1.7% 1.8% 1.9% 1.9% 1.6% 1.7% 1.7% 1.6% 1.6% 1.5% 1.6% 1.6% 1.7% 1.7% 1.6% 1.7%




Table 43: Australia (Continued)

Australia 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - AUDTelstra 69.65 71.47 71.32 68.61 65.89 65.39 64.53 64.97 59.21 60.94 59.19 58.23 53.96 54.96 54.94 56.51 52.05 51.45 53.02 53.21 49.59

Optus 60.00 58.08 56.83 54.84 50.54 48.10 48.77 51.93 50.62 51.86 54.35 58.26 50.98 50.87 51.42 51.93 49.83 48.25 48.22 48.18 46.00

Vodafone 70.00 68.00 66.00 63.00 59.00 56.00 55.00 56.00 57.33 56.67 55.75 54.00 52.75 50.58 48.92 48.25 48.92 50.08 51.17 51.17 48.60Hutchison N.A. N.A. 70.00 75.02 77.87 59.45 109.53 87.81 76.53 68.49 66.97 63.92 65.86 78.32 87.84 91.14 99.79 93.79 90.66 99.07 91.44

Country AVG Monthly ARPU 66.56 66.36 65.52 62.95 59.51 57.65 57.99 59.40 56.29 57.31 57.11 57.58 52.96 53.27 53.45 54.41 52.26 51.74 52.73 53.40 50.40YoY ARPU Grow th -12.2% -11.0% -10.3% -11.9% -10.6% -13.1% -11.5% -5.6% -5.4% -0.6% -1.5% -3.1% -5.9% -7.1% -6.4% -5.5% -1.3% -2.9% -1.4% -1.9% -3.6%

Country AVG Data as % of Revenue 1.0% 2.0% 2.5% 3.5% 4.5% 5.1% 5.9% 6.3% 7.3% 8.3% 9.3% 10.3% 11.5% 11.9% 12.7% 13.1% 13.4% 13.5% 12.7% 13.3% 13.9%

Monthly MOU (minutes)Telstra 192 196 190 186 182 176 148 150 138 138 142 146 138 142 148 150 146 143 147 147 136

Optus 163 160 160 160 160 160 160 161 180 176 190 191 191 208 209 196 181 179 194 193 185Vodafone 136 136 136 136 136 136 136 137 137 137 138 137 137 137 139 141 143 144 155 155 165

Hutchison N.A. N.A. N.A. N.A. 512 484 464 434 352 312 296 276 258 250 249 249 240 240 230 225 235

Country Average MOU* 172 173 169 165 166 167 153 156 156 154 160 162 158 166 170 167 161 159 168 168 163YoY Monthly MOU Grow th 10.9% 1.0% -2.2% -3.7% -3.5% -3.6% -9.1% -5.8% -6.1% -7.4% 4.5% 4.0% 1.4% 7.5% 5.8% 3.0% 1.7% -3.8% -0.9% 0.8% 1.3%

Revenue Per Minute - AUDTelstra 0.36 0.36 0.37 0.36 0.35 0.35 0.41 0.41 0.40 0.41 0.38 0.36 0.35 0.35 0.33 0.33 0.31 0.31 0.32 0.32 0.32

Optus 0.36 0.36 0.35 0.33 0.30 0.28 0.28 0.30 0.26 0.27 0.26 0.27 0.23 0.21 0.21 0.23 0.23 0.23 0.21 0.21 0.21

Vodafone 0.51 0.49 0.47 0.45 0.41 0.39 0.38 0.38 0.38 0.37 0.36 0.35 0.34 0.32 0.31 0.30 0.30 0.30 0.29 0.29 0.25Hutchison N.A. N.A. N.A. N.A. 0.15 0.11 0.22 0.19 0.20 0.21 0.21 0.21 0.24 0.29 0.32 0.34 0.38 0.35 0.35 0.39 0.34

Country Average RPM* 0.38 0.38 0.38 0.37 0.34 0.33 0.36 0.36 0.33 0.34 0.32 0.32 0.30 0.28 0.28 0.28 0.28 0.28 0.27 0.28 0.27YoY RPM Grow th -21.6% -13.7% -10.1% -10.8% -10.6% -12.7% -6.1% -2.7% -2.2% 3.8% -9.2% -10.8% -11.4% -17.0% -14.9% -11.1% -5.0% -0.8% -0.5% -2.8% -5.3%

Total Market Estimated Revenues 1.546 1.642 1.754 1.824 1.882 1.938 1.991 2.101 2.057 2.138 2.179 2.266 2.165 2.252 2.330 2.466 2.441 2.495 2.645 2.792 2.724

YoY Estimated Service Revenues Grow th 19.1% 19.5% 21.2% 18.1% 21.7% 18.0% 13.5% 15.2% 9.3% 10.3% 9.4% 7.8% 5.2% 5.3% 7.0% 8.8% 12.8% 10.8% 13.5% 13.2% 11.6%EBITDA Margin (%)

Telstra 39.0% 42.0% 47.0% 49.0% 50.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%Optus 32.0% 32.0% 31.0% 31.0% 30.0% 32.0% 33.0% 34.0% 35.0% 36.0% 38.2% 35.6% 35.5% 37.6% 38.3% 36.9% 37.9% 38.6% 39.3% 38.6% 41.0%

Vodafone 18.5% 19.0% 19.5% 20.0% 20.5% 21.0% 21.5% 22.5% 23.5% 25.0% 25.5% 26.0% 26.5% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0%

Hutchison N.A. N.A. N.A. N.A. -50.0% -45.0% -30.0% -29.0% -29.0% -29.0% -72.0% -86.0% -56.0% -51.0% -96.4% -75.2% -55.6% -45.3% -23.8% -17.2% -10.6%Country Average Margin* 33.0% 34.4% 36.3% 37.0% 36.4% 36.9% 37.8% 38.1% 38.5% 39.0% 38.8% 37.5% 38.2% 39.1% 37.9% 38.1% 38.8% 38.9% 39.4% 39.1% 40.1%




Table 44: Austria

AUSTRIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 57.7% 64.4% 71.6% 76.8% 79.7% 81.3% 81.9% 82.0% 81.3% 81.7% 82.0% 83.7% 84.6% 86.0% 87.6% 90.9% 91.8% 93.3% 95.2% 99.6% 100.6%Increase (%) 4.2% 6.7% 7.2% 5.1% 2.9% 1.6% 0.6% 0.1% -0.6% 0.4% 0.2% 1.8% 0.9% 1.3% 1.7% 3.3% 0.9% 1.5% 1.9% 4.4% 1.0%

Subscribers (000)

Mobilkom (Telekom Austria) 2,366 2,586 2,802 2,805 2,834 2,859 2,810 2,850 2,842 2,894 2,937 3,001 3,027 3,066 3,097 3,163 3,171 3,170 3,192 3,274 3,296T Mobile 1,585 1,693 1,900 2,041 2,078 2,089 2,093 2,102 1,985 1,995 2,011 2,036 2,027 2,042 2,033 2,031 2,012 2,015 2,004 2,042 2,041

Connect Austria 620 830 984 1,150 1,252 1,312 1,363 1,301 1,377 1,429 1,378 1,378 1,377 1,380 1,413 1,480 1,460 1,487 1,527 1,587 1,600tele.ring N.A. N.A. N.A. 100 168 201 247 270 274 276 288 342 393 440 518 634 727 777 842 904 917

Drei N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 14 26 66 99 210 240

Total Subscribers 4,571 5,109 5,686 6,096 6,332 6,461 6,513 6,523 6,478 6,594 6,614 6,757 6,824 6,928 7,061 7,322 7,396 7,514 7,663 8,017 8,094% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 47.2% 46.9% 46.4% 45.9% 45.5% 44.7% 43.8% 43.7%

YoY Subscriber Grow th 75.5% 63.6% 55.8% 43.8% 38.5% 26.5% 14.6% 7.0% 2.3% 2.1% 1.6% 3.6% 5.3% 5.1% 6.8% 8.4% 8.4% 8.5% 8.5% 9.5% 9.4%Market Share (%)

Mobilkom (Telekom Austria) 51.8% 50.6% 49.3% 46.0% 44.8% 44.3% 43.1% 43.7% 43.9% 43.9% 44.4% 44.4% 44.4% 44.3% 43.9% 43.2% 42.9% 42.2% 41.7% 40.8% 40.7%

T Mobile 34.7% 33.1% 33.4% 33.5% 32.8% 32.3% 32.1% 32.2% 30.6% 30.3% 30.4% 30.1% 29.7% 29.5% 28.8% 27.7% 27.2% 26.8% 26.2% 25.5% 25.2%Connect Austria 13.6% 16.2% 17.3% 18.9% 19.8% 20.3% 20.9% 19.9% 21.3% 21.7% 20.8% 20.4% 20.2% 19.9% 20.0% 20.2% 19.7% 19.8% 19.9% 19.8% 19.8%

tele.ring N.A. N.A. N.A. 1.6% 2.7% 3.1% 3.8% 4.1% 4.2% 4.2% 4.4% 5.1% 5.8% 6.4% 7.3% 8.7% 9.8% 10.3% 11.0% 11.3% 11.3%Drei N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.2% 0.4% 0.9% 1.3% 2.6% 3.0%

Total Market Share 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Net Subscriber Adds (000)Mobilkom (Telekom Austria) 107 220 216 3 29 25 (49) 40 (8) 52 43 64 26 40 30 67 8 (1) 22 82 22

T Mobile 85 108 207 141 37 11 4 9 (117) 10 16 25 (9) 15 (9) (2) (19) 3 (11) 38 (1)Connect Austria 140 210 154 166 102 60 51 (62) 76 53 (51) 0 (1) 3 33 67 (20) 27 40 60 13

tele.ring N.A. N.A. N.A. 100 68 33 46 23 4 2 12 54 51 47 78 116 93 50 65 63 13

Drei N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 14 12 40 33 111 30Total Net Adds 332 538 577 410 236 129 52 10 (45) 117 20 143 67 105 132 261 74 118 149 354 77

YoY Net Adds Grow th -0.6% 3.9% 9.6% -30.5% -28.9% -76.0% -91.0% -97.6% N.M. -9.7% -62.0% 1344.4% N.M. -10.2% 570.7% 82.7% 10.6% 12.9% 12.5% 35.6% 4.1%Market Share of Net Adds (%)

Mobilkom (Telekom Austria) 32% 41% 37% 1% 12% 19% -94% 403% N.M. 45% 218% 45% 39% 38% 23% 25% 11% -1% 15% 23% 28%

T Mobile 26% 20% 36% 34% 16% 9% 8% 91% N.M. 9% 81% 17% -13% 14% -7% -1% -26% 3% -7% 11% -1%Connect Austria 42% 39% 27% 40% 43% 47% 98% -626% N.M. 45% -260% 0% -1% 3% 25% 26% -27% 23% 27% 17% 17%

tele.ring 0% 0% 0% 24% 29% 26% 88% 232% N.M. 2% 61% 38% 76% 45% 59% 44% 126% 42% 44% 18% 17%Drei 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 5% 16% 33% 22% 31% 39%

Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Mobilkom (Telekom Austria) 1.9% 1.9% 1.9% 1.9% 1.6% 2.0% 2.4% 2.1% 1.3% 1.4% 1.3% 1.7% 1.3% 1.0% 1.3% 1.3% 1.5% 1.3% 1.3% 1.5% 1.5%

T Mobile 1.4% 1.4% 1.4% 1.4% 1.6% 1.6% 1.6% 1.5% 3.6% 1.8% 1.7% 2.0% 1.6% 1.6% 1.7% 1.9% 2.0% 1.8% 1.7% 1.8% 1.9%Connect Austria N.A. N.A. N.A. 1.8% 1.8% 1.8% 1.8% 1.8% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

tele.ring N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Drei N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 1.7% 1.7% 1.7% 1.7% 1.6% 1.8% 2.0% 1.8% 2.2% 1.5% 1.4% 1.8% 1.4% 1.2% 1.5% 1.6% 1.7% 1.5% 1.5% 1.6% 1.6%




Table 45: Austria (Continued)

AUSTRIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EURMobilkom (Telekom Austria) 37.00 36.00 36.00 35.00 32.70 33.60 35.90 34.00 34.40 36.00 36.50 36.20 35.20 37.50 37.50 37.20 35.60 36.80 39.20 36.80 35.50

T Mobile 36.00 34.00 32.00 30.00 27.00 28.00 28.00 29.00 28.00 30.00 31.00 31.00 30.00 31.00 32.00 31.00 35.00 33.00 34.00 33.00 34.00

Connect Austria 34.36 35.38 35.72 34.54 28.74 27.79 29.83 29.10 29.01 27.71 28.96 31.19 30.81 31.19 31.30 32.42 32.01 30.86 32.92 28.72 33.00tele.ring N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 38.97 38.97 38.97 38.97 38.97 42.60 44.55 38.73 45.67 44.25 44.59 42.37 39.87

Drei N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 59.70 62.00 62.00 62.18

Country AVG Monthly ARPU 36.30 35.24 34.62 33.21 29.97 30.51 31.94 31.30 31.49 32.51 33.37 33.75 32.99 34.65 35.19 34.64 35.72 35.57 37.47 35.52 35.91YoY ARPU Grow th -18.0% -16.6% -13.9% -12.8% -17.4% -13.4% -7.7% -5.8% 5.0% 6.5% 4.5% 7.8% 4.8% 6.6% 5.5% 2.6% 8.3% 2.7% 6.5% 2.5% 0.6%

Country AVG Data as % of Revenue 8.5% 8.2% 8.6% 8.9% 10.1% 9.7% 9.8% 10.1% 10.7% 10.1% 10.3% 11.0% 11.4% 10.8% 10.6% 11.8% 11.5% 10.8% 11.2% 12.5% 13.8%Monthly MOU (minutes)

Mobilkom (Telekom Austria) 107 107 103 102 103 106 109 111 113 118 121 123 119 122 123 125 119 122 123 133 127

T Mobile 119 119 114 113 114 117 121 123 126 130 134 137 132 133 133 135 135 136 136 138 140Connect Austria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

tele.ring N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Drei N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* 112 112 108 107 108 111 114 116 118 123 126 129 124 126 127 129 125 127 128 135 132

YoY Monthly MOU Grow th 2.3% 2.0% -1.8% -2.6% -3.4% -0.8% 6.1% 8.9% 9.7% 10.9% 10.3% 10.8% 5.0% 3.0% 1.1% 0.1% 0.9% 0.8% 0.8% 4.5% 5.1%Revenue Per Minute - EUR

Mobilkom (Telekom Austria) 0.32 0.31 0.32 0.31 0.29 0.29 0.30 0.28 0.27 0.28 0.27 0.26 0.26 0.27 0.27 0.26 0.26 0.27 0.28 0.24 0.23

T Mobile 0.28 0.27 0.26 0.24 0.21 0.22 0.21 0.21 0.20 0.21 0.21 0.20 0.20 0.21 0.22 0.20 0.24 0.22 0.23 0.22 0.22Connect Austria N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

tele.ring N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Drei N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average RPM* 0.30 0.29 0.29 0.28 0.25 0.25 0.25 0.24 0.24 0.24 0.24 0.23 0.24 0.24 0.25 0.24 0.25 0.25 0.26 0.23 0.24

YoY RPM Grow th -26.6% -25.0% -19.9% -11.7% -16.0% -14.1% -14.2% -14.5% -4.9% -4.4% -5.9% -3.8% -1.0% 2.7% 4.0% 1.6% 7.2% 1.9% 5.0% -2.6% -6.8%Total Market Estimated Revenues 0.480 0.512 0.560 0.577 0.559 0.569 0.601 0.590 0.631 0.630 0.660 0.686 0.660 0.701 0.725 0.726 0.767 0.783 0.831 0.841 0.846


Mobilkom (Telekom Austria) 36.6% 23.5% 33.7% 23.9% 41.0% 33.2% 39.3% 28.6% 44.1% 36.5% 38.0% 23.6% 40.5% 35.3% 36.6% 27.7% 42.0% 34.9% 36.7% 28.1% 39.5%

T Mobile 8.5% 10.2% 14.0% 17.5% 22.9% 21.9% 22.4% 31.8% 30.3% 38.3% 20.3% 31.8% 34.8% 28.6% 28.9% 31.5% 23.4% 24.3% 29.9% 31.5% 27.9%Connect Austria -42.9% -21.1% -4.2% 2.2% 3.0% 5.0% 7.0% 9.0% 27.0% 28.3% 23.9% 24.0% 30.7% 36.9% 32.7% 32.7% 26.6% 23.0% 25.3% 23.4% 27.0%

tele.ring N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4.2% 2.2% 14.6% 8.7% 24.6% 28.0% 29.8% 18.6% 35.2%Drei N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average Margin* 16.1% 11.9% 20.6% 17.5% 27.2% 23.5% 26.6% 25.6% 35.9% 35.2% 29.3% 26.3% 36.6% 33.5% 33.4% 28.1% 32.1% 28.7% 31.4% 26.2% 32.4%




Table 46 Belgium

BELGIUM 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 34.9% 41.3% 46.2% 55.0% 61.8% 66.4% 70.1% 73.4% 75.5% 76.8% 73.6% 73.2% 73.7% 75.0% 76.7% 79.9% 81.5% 82.5% 83.7% 85.7% 86.4%Increase (%) 3.7% 6.5% 4.8% 8.8% 6.8% 4.6% 3.7% 3.3% 2.1% 1.3% -3.2% -0.4% 0.5% 1.3% 1.6% 3.3% 1.6% 1.0% 1.2% 1.9% 0.7%

Subscribers (000)

Proximus 2,300 2,750 2,878 3,277 3,662 3,843 3,893 3,981 4,115 4,155 4,188 4,070 4,080 4,159 4,207 4,349 4,365 4,382 4,352 4,321 4,280Mobistar (Orange) 1,120 1,235 1,450 1,800 1,933 2,150 2,400 2,547 2,583 2,611 2,220 2,305 2,359 2,418 2,508 2,615 2,647 2,662 2,743 2,846 2,849

Base 144 243 397 552 733 813 897 1,003 1,058 1,115 1,145 1,138 1,131 1,131 1,162 1,253 1,369 1,437 1,517 1,647 1,761Total Subscribers 3,564 4,228 4,725 5,629 6,328 6,806 7,190 7,531 7,756 7,881 7,553 7,513 7,570 7,708 7,877 8,217 8,381 8,481 8,612 8,814 8,890

% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 64.7% 64.3% 64.9% 65.2% 65.1% 65.0% 65.2% 65.0%

YoY Subscriber Grow th 59.0% 89.9% 75.4% 76.6% 77.6% 61.0% 52.2% 33.8% 22.6% 15.8% 5.0% -0.2% -2.4% -2.2% 4.3% 9.4% 10.7% 10.0% 9.3% 7.3% 6.1%Market Share (%)

Proximus 64.5% 65.0% 60.9% 58.2% 57.9% 56.5% 54.1% 52.9% 53.1% 52.7% 55.4% 54.2% 53.9% 54.0% 53.4% 52.9% 52.1% 51.7% 50.5% 49.0% 48.1%Mobistar (Orange) 31.4% 29.2% 30.7% 32.0% 30.5% 31.6% 33.4% 33.8% 33.3% 33.1% 29.4% 30.7% 31.2% 31.4% 31.8% 31.8% 31.6% 31.4% 31.9% 32.3% 32.0%

Base 4.0% 5.7% 8.4% 9.8% 11.6% 11.9% 12.5% 13.3% 13.6% 14.1% 15.2% 15.1% 14.9% 14.7% 14.8% 15.2% 16.3% 16.9% 17.6% 18.7% 19.8%


Proximus 233 450 128 400 385 181 50 88 134 40 33 (118) 10 79 48 142 16 17 (31) (31) (41)Mobistar (Orange) 80 115 215 350 133 217 250 147 36 28 (391) 85 54 59 90 107 32 15 81 103 3

Base 63 99 154 155 181 80 84 106 55 57 30 (7) (7) 0 31 91 116 68 80 130 114

Total Net Adds 376 664 497 905 699 478 384 341 225 125 (328) (40) 57 138 169 340 164 100 131 203 76YoY Net Adds Grow th -22.3% N.M. 6.3% 83.1% 85.9% -28.0% -22.7% -62.3% -67.8% -73.8% N.M. N.M. -74.5% 10.1% N.M. N.M. 186.4% -27.3% -22.8% -40.4% -53.7%

Market Share of Net Adds (%)Proximus 62% 68% 26% 44% 55% 38% 13% 26% 60% 32% N.M. N.M. 17% 57% 28% 42% 10% 17% -23% -15% -54%

Mobistar (Orange) 21% 17% 43% 39% 19% 45% 65% 43% 16% 22% N.M. N.M. 95% 43% 53% 31% 19% 15% 62% 51% 4%

Base 17% 15% 31% 17% 26% 17% 22% 31% 24% 46% N.M. N.M. -12% 0% 18% 27% 71% 68% 61% 64% 150%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Proximus N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Mobistar (Orange) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Base 1.9% 1.9% 1.9% 1.9% 2.0% 2.0% 1.6% 1.6% 1.1% 0.8% 1.8% 1.9% 1.8% 1.5% 1.8% 1.8% 1.3% 1.8% 1.8% 1.3% 1.3%Country Average Churn* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.




Table 47: Belgium (Continued)

BELGIUM 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EUR Proximus N.A. N.A. N.A. N.A. 40.62 39.66 40.28 40.22 38.96 38.60 38.64 38.73 39.50 40.00 40.00 40.50 40.88 41.00 41.00 41.00 40.50

Mobistar (Orange) 35.00 34.00 32.00 29.00 28.50 29.00 28.00 28.30 27.50 31.70 33.00 34.00 31.91 35.91 34.81 35.86 35.12 35.12 35.12 35.12 35.12

Base N.A. N.A. na 25.00 25.00 23.00 22.00 21.00 19.00 22.00 21.00 21.00 21.00 22.00 22.00 25.00 25.00 24.00 24.00 24.00 24.00Country AVG ARPU 35.00 34.00 25.12 28.06 35.11 34.30 33.90 33.63 32.42 33.96 34.31 34.59 34.37 36.08 35.69 36.66 36.47 36.28 36.13 35.93 35.51

YoY ARPU Grow th -10.3% -8.1% -11.1% 0.0% 0.3% 0.9% 5.9% -3.9% -7.7% -1.0% 1.2% 2.9% 6.0% 6.2% 4.0% 6.0% 6.1% 0.6% 1.2% -2.0% -2.6%


Proximus N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 164 164 166 166 165 165 166 166 163Mobistar (Orange) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Base N.A. N.A. N.A. 105 97 93 87 79 74 76 71 77 76 86 92 90 101 108 104 112 115

Country Average MOU* N.A. N.A. N.A. 105 97 93 87 79 74 76 71 77 145 147 150 149 150 151 150 151 149YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. -24.8% -23.7% -18.3% -18.4% -2.5% N.M. N.M. N.M. N.M. 3.3% 2.4% 0.0% 1.4% -0.5%

Revenue Per Minute - EURProximus N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.21 0.21 0.20 0.20 0.21 0.21 0.21 0.21 0.21

Mobistar (Orange) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Base N.A. N.A. N.A. 0.22 0.24 0.23 0.23 0.24 0.22 0.24 0.25 0.23 0.23 0.22 0.20 0.24 0.21 0.19 0.20 0.18 0.18Country Average RPM* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.20 0.21 0.20 0.21 0.20 0.20 0.20 0.20 0.20

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.8% -3.6% 0.0% -6.2% -2.9%Total Market Estimated Revenues 0.354 0.397 0.430 0.436 0.608 0.676 0.715 0.746 0.750 0.797 0.796 0.783 0.776 0.828 0.835 0.885 0.908 0.935 0.941 0.954 0.951

YoY Estimated Service Revenues Grow th 51.6% 60.3% 61.7% 41.1% 71.6% 70.1% 66.3% 71.2% 23.2% 17.8% 11.4% 4.9% 3.5% 3.9% 5.0% 13.1% 17.0% 12.9% 12.7% 7.8% 4.7%

EBITDA Margin (%)Proximus 35.0% 35.5% 36.0% 36.5% 44.5% 45.5% 47.5% 47.1% 48.5% 49.5% 51.0% 50.2% 51.0% 51.0% 48.5% 48.5% 51.0% 52.0% 48.1% 50.7% 48.0%

Mobistar (Orange) 11.2% 12.8% 21.0% 21.0% 20.0% 20.0% 22.5% 22.5% 31.9% 31.9% 35.7% 35.7% 40.8% 40.4% 40.0% 37.1% 41.4% 41.8% 41.9% 41.8% 39.8%Base -357.1% -200.0% -151.5% -111.1% -40.6% -32.9% -22.8% -33.3% 12.5% 5.0% -3.8% 0.0% 18.2% 18.3% 13.6% 8.2% 30.4% 24.0% 18.5% 37.7% 36.9%





Table 48: Brazil

BRAZIL 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration (%) 9.8% 11.0% 12.0% 13.7% 14.4% 15.1% 15.8% 16.8% 17.2% 17.8% 18.5% 19.9% 20.4% 21.5% 23.0% 26.1% 27.6% 30.2% 32.3% 36.2% 37.6%Increase (%) 0.9% 1.1% 1.0% 1.7% 0.7% 0.7% 0.7% 0.9% 0.4% 0.6% 0.7% 1.4% 0.5% 1.1% 1.5% 3.1% 1.5% 2.6% 2.1% 3.9% 1.4%

Subscribers (000)

Vivo (PT/Telefonica) 7,765 8,537 9,314 10,644 11,800 12,494 13,207 13,984 14,537 15,213 15,859 16,810 16,949 17,521 18,470 20,656 21,875 23,515 24,645 26,542 26,957Telecom Italia Mobile 2,969 3,208 3,527 3,880 4,068 4,218 4,397 4,534 4,723 4,797 4,900 5,335 5,637 6,279 7,124 8,304 9,123 10,417 11,724 13,588 14,650

Claro (AMX) 4,554 4,983 5,291 5,887 6,207 6,472 6,775 7,076 7,228 7,444 7,507 7,853 7,955 8,370 8,757 9,521 9,957 11,115 11,985 13,657 14,292Oi (Tele Norte Leste) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 502 1,401 1,722 2,236 2,849 3,893 4,408 5,093 5,740 6,863 7,250

Others 1,287 1,809 2,203 2,777 2,382 2,590 2,679 3,152 3,032 3,182 3,256 3,482 3,692 3,638 3,651 4,156 4,172 4,316 4,519 5,436 5,990

Total Subscribers 16,574 18,538 20,336 23,188 24,457 25,775 27,058 28,746 29,521 30,636 32,024 34,881 35,956 38,044 40,851 46,530 49,535 54,456 58,613 66,086 69,139% Pre-Paid N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 68.5% 69.5% 70.5% 71.6% 72.0% 73.1% 75.5% 77.1% 78.4% 79.0% 79.9% 79.7%


Vivo (PT/Telefonica) 46.8% 46.1% 45.8% 45.9% 48.2% 48.5% 48.8% 48.6% 49.2% 49.7% 49.5% 48.2% 47.1% 46.1% 45.2% 44.4% 44.2% 43.2% 42.0% 40.2% 39.0%

Telecom Italia Mobile 17.9% 17.3% 17.3% 16.7% 16.6% 16.4% 16.2% 15.8% 16.0% 15.7% 15.3% 15.3% 15.7% 16.5% 17.4% 17.8% 18.4% 19.1% 20.0% 20.6% 21.2%Claro (AMX) 27.5% 26.9% 26.0% 25.4% 25.4% 25.1% 25.0% 24.6% 24.5% 24.3% 23.4% 22.5% 22.1% 22.0% 21.4% 20.5% 20.1% 20.4% 20.4% 20.7% 20.7%

Oi (Tele Norte Leste) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.6% 4.0% 4.8% 5.9% 7.0% 8.4% 8.9% 9.4% 9.8% 10.4% 10.5%Others 7.8% 9.8% 10.8% 12.0% 9.7% 10.1% 9.9% 11.0% 10.3% 10.4% 10.2% 10.0% 10.3% 9.6% 8.9% 8.9% 8.4% 7.9% 7.7% 8.2% 8.7%


Net Subscriber Adds (000)Vivo (PT/Telefonica) 666 773 777 1,329 1,157 694 713 776 553 676 646 951 140 572 949 2,186 1,219 1,640 1,130 1,897 415

Telecom Italia Mobile 267 239 319 353 188 150 179 137 189 74 103 435 302 642 845 1,180 819 1,294 1,307 1,864 1,062Claro (AMX) 393 429 308 596 320 265 303 301 152 217 63 346 102 415 387 764 436 1,158 870 1,672 635

Oi (Tele Norte Leste) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 502 899 321 514 613 1,044 515 685 647 1,123 387

Others 216 523 394 574 (395) 209 89 473 (120) 150 74 226 210 (54) 13 505 16 144 203 917 554Total Net Adds 1,542 1,964 1,798 2,852 1,269 1,317 1,284 1,688 775 1,116 1,388 2,857 1,075 2,089 2,807 5,679 3,005 4,921 4,157 7,473 3,053

YoY Net Adds Grow th 45.5% 5.5% -6.5% 1.1% -17.7% -32.9% -28.6% -40.8% -38.9% -15.3% 8.1% 69.3% 38.7% 87.2% 102.3% 98.8% 179.7% 135.6% 48.1% 31.6% 1.6%Market Share of Net Adds (%)

Vivo (PT/Telefonica) 43% 39% 43% 47% 91% 53% 56% 46% 71% 61% 47% 33% 13% 27% 34% 38% 41% 33% 27% 25% 14%

Telecom Italia Mobile 17% 12% 18% 12% 15% 11% 14% 8% 24% 7% 7% 15% 28% 31% 30% 21% 27% 26% 31% 25% 35%Claro (AMX) 25% 22% 17% 21% 25% 20% 24% 18% 20% 19% 5% 12% 9% 20% 14% 13% 15% 24% 21% 22% 21%

Oi (Tele Norte Leste) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 36% 31% 30% 25% 22% 18% 17% 14% 16% 15% 13%Others 14% 27% 22% 20% -31% 16% 7% 28% -15% 13% 5% 8% 20% -3% 0% 9% 1% 3% 5% 12% 18%


Monthly Churn (%)Vivo (PT/Telefonica) 1.3% 1.3% 1.3% 1.3% 1.4% 1.4% 1.4% 1.4% 1.4% 1.8% 1.8% 1.6% 2.1% 2.1% 1.9% 2.2% 1.6% 2.0% 1.8% 2.0% 1.7%

Telecom Italia Mobile 1.8% 1.8% 1.8% 1.8% 1.3% 1.3% 1.3% 1.5% 1.7% 2.0% 1.8% 2.1% 1.5% 1.9% 1.8% 1.5% 1.6% 1.8% 1.8% 2.2% 1.9%Claro (AMX) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.8% 1.9% 2.3% 2.2% 2.1% 2.2% 2.2% 2.9% 2.2% 3.0% 2.7% 3.1% 2.6%

Oi (Tele Norte Leste) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.0% 0.0% 0.7% 0.7% 2.7% 0.9% 1.2% 2.1% 1.8% 1.8% 1.5%

Others 1.5% 1.5% 1.5% 1.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.2% 2.3% 2.6% 2.1% 2.7% 2.0% 2.5% 2.5% 2.7% 2.5% 2.7% 3.0%Country Average Churn* 1.4% 1.4% 1.4% 1.4% 1.5% 1.5% 1.5% 1.5% 1.6% 1.9% 1.9% 1.8% 2.0% 2.0% 2.0% 2.1% 1.8% 2.2% 2.1% 2.3% 2.0%




Table 49: Brazil (Continued)

BRAZIL 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - R$Vivo (PT/Telefonica) 54.55 50.92 46.26 44.18 46.70 42.46 42.29 42.45 39.87 42.00 41.00 41.00 37.00 41.24 39.90 38.50 33.40 33.31 32.09 31.11 28.78

Telecom Italia Mobile 52.31 46.01 42.99 41.07 41.80 39.34 38.64 40.14 40.00 41.00 42.00 42.00 46.75 47.65 46.29 46.00 40.00 38.50 37.90 37.70 35.70

Claro (AMX) 17.40 17.33 17.64 19.51 26.76 26.97 26.94 36.05 35.88 35.09 34.97 36.00 33.70 34.20 31.36 30.40 29.00 27.00 28.00 28.00 26.00Oi (Tele Norte Leste) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 36.00 32.00 33.00 33.00 29.00 27.00 24.00 23.90 22.90 23.50 21.10

Others 46.80 56.11 51.23 46.73 46.62 45.26 42.90 42.33 43.44 45.36 46.56 45.14 43.17 42.84 43.62 45.87 43.21 43.55 39.51 38.85 35.65

Country AVG* 43.34 41.55 38.78 37.70 40.82 38.34 37.91 40.50 39.28 40.51 40.23 40.08 38.24 40.42 38.64 37.88 33.72 32.95 32.09 31.67 29.46YoY ARPU Grow th N.A. -30.0% -29.1% -20.1% -5.8% -7.7% -2.2% 7.4% -3.8% 5.7% 6.1% -1.0% -2.6% -0.2% -3.9% -5.5% -11.8% -18.5% -17.0% -16.4% -12.6%

Data as % of ARPU N.A. N.A. N.A. N.A. 0.5% 0.8% 1.1% 1.3% 1.5% 1.7% 1.9% 2.2% 2.5% 2.7% 2.8% 3.1% 3.4% 3.8% 4.4% 4.8% 5.6%Monthly MOU (minutes)

Vivo (PT/Telefonica) N.A. N.A. N.A. 122 112 113 112 114 103 103 104 104 97 100 103 103 85 90 87 86 82

Telecom Italia Mobile 159 136 140 143 127 121 117 125 112 101 105 106 104 99 99 100 107 96 102 97 92Claro (AMX) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 94 96 86 85 82 91 91 97 102 105 86

Oi (Tele Norte Leste) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Others 174 171 164 148 127 125 124 122 110 108 111 109 101 95 94 97 85 85 83 83 72


YoY Monthly MOU Grow th -15.2% -21.9% -21.8% -28.6% -27.8% -21.0% -23.1% -10.0% -10.3% -11.1% -10.6% -12.5% -9.1% -7.3% -5.8% -3.6% -5.5% -3.7% -3.4% -6.4% -7.1%Revenue Per Minute - R$

Vivo (PT/Telefonica) N.A. N.A. N.A. 0.36 0.41 0.37 0.37 0.37 0.38 0.40 0.38 0.38 0.37 0.40 0.37 0.36 0.38 0.35 0.35 0.34 0.33

Telecom Italia Mobile 0.33 0.34 0.31 0.29 0.33 0.32 0.33 0.32 0.35 0.40 0.39 0.39 0.44 0.47 0.46 0.45 0.36 0.39 0.35 0.37 0.36Claro (AMX) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.37 0.37 0.38 0.39 0.37 0.33 0.31 0.27 0.26 0.25 0.29

Oi (Tele Norte Leste) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Others 0.27 0.33 0.31 0.32 0.36 0.36 0.34 0.34 0.39 0.42 0.42 0.41 0.42 0.44 0.45 0.46 0.49 0.50 0.45 0.45 0.47


YoY RPM Grow th N.A. -10.4% -9.3% 11.9% 29.9% 16.0% 25.7% 17.8% 6.2% 17.7% 17.7% 12.0% 6.1% 6.6% 1.1% -2.8% -7.6% -16.3% -15.5% -12.2% -8.1%Total Est Serv. Rev (R$ bn) 2.055 2.188 2.262 2.461 2.917 2.889 3.005 3.390 3.433 3.656 3.781 4.022 4.063 4.486 4.580 4.972 4.859 5.139 5.442 5.924 5.975

YoY Estimated Service Revenues Grow th N.A. 31.3% 22.5% 27.6% 42.0% 32.0% 32.9% 37.7% 17.7% 26.5% 25.8% 18.7% 18.4% 22.7% 21.1% 23.6% 19.6% 14.5% 18.8% 19.2% 23.0%EBITDA Margin (%)

Vivo (PT/Telefonica) 33.7% 36.1% 34.7% 28.3% 38.5% 32.9% 35.0% 33.2% 39.5% 40.2% 41.8% 36.3% 40.7% 35.7% 40.5% 33.8% 40.4% 32.7% 32.7% 28.6% 37.9%

Telecom Italia Mobile 27.0% 20.6% 22.2% 30.2% 39.9% 41.0% 43.9% 40.0% 44.6% 45.1% 45.3% 24.2% 21.8% 8.6% 6.4% 10.0% 16.0% 13.8% 19.4% 17.5% 17.2%Claro (AMX) -25.0% -20.0% -15.0% -8.1% 24.5% 24.3% 24.8% 26.6% 31.9% 30.4% 36.9% 26.2% 33.7% 28.9% 26.3% 9.4% 15.2% 0.3% 3.2% -11.6% 6.5%

Oi (Tele Norte Leste) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -115.3% -44.0% 3.7% 5.9% 20.2% -2.0% 9.7% 3.3% -3.1% 9.3% 20.8%Others 25.5% 24.3% 24.6% 24.1% 31.5% 30.1% 27.6% 35.5% 31.8% 30.3% 30.3% 31.0% 31.7% 35.9% 33.9% 33.5% 34.3% 29.3% 26.4% 23.9% 25.3%

Country AVG EBITDA Margin* 15.7% 17.2% 18.5% 18.9% 34.5% 31.8% 33.1% 32.9% 37.7% 37.6% 37.5% 28.4% 33.5% 28.0% 29.5% 21.5% 27.6% 19.5% 20.0% 15.6% 24.1%




Table 50: Canada

Canada 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 22.9% 24.3% 25.5% 27.6% 28.9% 30.1% 31.4% 34.7% 35.5% 36.2% 37.0% 38.4% 38.8% 39.6% 40.8% 42.8% 43.4% 44.1% 45.4% 47.1% 47.6%Increase (%) 0.8% 1.4% 1.2% 2.1% 1.3% 1.2% 1.3% 3.3% 0.9% 0.7% 0.8% 1.5% 0.4% 0.8% 1.2% 2.0% 0.6% 0.7% 1.3% 1.7% 0.5%

Subscribers (000)

Bell Mobility 2,224 2,409 2,550 2,770 2,878 3,029 3,180 3,454 3,537 3,625 3,683 3,898 3,968 4,099 4,223 4,412 4,504 4,599 4,708 4,925 4,962Rogers Wireless (incl. Microcell) 2,861 3,029 3,162 3,451 3,612 3,784 3,970 4,259 4,354 4,375 4,474 4,594 4,602 4,618 4,777 5,068 5,138 5,169 5,351 5,609 5,682

Telus Mobility 1,780 1,887 2,003 2,160 2,263 2,339 2,417 2,578 2,668 2,771 2,865 2,996 3,062 3,165 3,266 3,424 3,500 3,614 3,750 3,936 4,017MTS 146 154 159 169 175 185 192 206 211 218 225 234 236 242 247 256 260 267 274 286 291

Other Bell Af f iliates 156 153 163 177 227 236 244 247 263 270 279 287 296 303 309 316 302 307 313 319 321

Total Subscribers 7,167 7,631 8,037 8,728 9,155 9,573 10,003 10,744 11,033 11,260 11,525 12,008 12,164 12,426 12,822 13,475 13,704 13,955 14,396 15,076 15,272% Pre-Paid Subscribers 21.7% 22.5% 23.3% 26.7% 23.0% 23.9% 24.4% 25.6% 25.8% 24.6% 24.8% 24.9% 24.8% 24.3% 24.4% 24.1% 23.6% 22.7% 22.3% 22.8% 22.7%


Bell Mobility 31.0% 31.6% 31.7% 31.7% 31.4% 31.6% 31.8% 32.1% 32.1% 32.2% 32.0% 32.5% 32.6% 33.0% 32.9% 32.7% 32.9% 33.0% 32.7% 32.7% 32.5%

Rogers Wireless (incl. Microcell) 39.9% 39.7% 39.3% 39.5% 39.5% 39.5% 39.7% 39.6% 39.5% 38.9% 38.8% 38.3% 37.8% 37.2% 37.3% 37.6% 37.5% 37.0% 37.2% 37.2% 37.2%Telus Mobility 24.8% 24.7% 24.9% 24.7% 24.7% 24.4% 24.2% 24.0% 24.2% 24.6% 24.9% 24.9% 25.2% 25.5% 25.5% 25.4% 25.5% 25.9% 26.0% 26.1% 26.3%

MTS 2.0% 2.0% 2.0% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 2.0% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9%Other Bell Af f iliates 2.2% 2.0% 2.0% 2.0% 2.5% 2.5% 2.4% 2.3% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.3% 2.2% 2.2% 2.2% 2.1% 2.1%


Net Subscriber Adds (000) Bell Mobility 1,926 185 141 220 108 151 151 274 83 88 58 215 70 131 124 189 92 95 109 217 82

Rogers Wireless (incl. Microcell) 121 168 133 289 161 172 185 289 96 21 99 120 9 15 160 290 71 106 181 259 72Telus Mobility 85 107 116 157 103 76 78 161 90 103 94 131 67 103 101 158 76 114 136 186 80

MTS 2 8 6 10 6 9 7 14 5 7 7 9 2 6 6 8 4 7 7 12 5

Other Bell Af f iliates (1,852) (3) 10 14 50 9 8 3 16 8 9 8 9 7 7 7 (15) 5 7 6 2Total Net Adds 281 464 406 690 428 418 430 741 289 227 266 483 157 262 396 653 228 326 441 680 242

YoY Net Adds Grow th 3.0% 27.6% 14.3% 19.8% 52.2% -10.0% 5.8% 7.4% -32.5% -45.7% -38.2% -34.9% -45.8% 15.4% 49.2% 35.3% 45.8% 24.8% 11.1% 4.1% 5.9%Market Share of Net Adds (%)

Bell Mobility 685% 40% 35% 32% 25% 36% 35% 37% 29% 39% 22% 45% 45% 50% 31% 29% 40% 29% 25% 32% 34%

Rogers Wireless (incl. Microcell) 43% 36% 33% 42% 38% 41% 43% 39% 33% 9% 37% 25% 6% 6% 40% 44% 31% 32% 41% 38% 30%Telus Mobility 30% 23% 29% 23% 24% 18% 18% 22% 31% 45% 35% 27% 43% 39% 25% 24% 33% 35% 31% 27% 33%

MTS 1% 2% 1% 1% 1% 2% 2% 2% 2% 3% 3% 2% 1% 2% 1% 1% 2% 2% 2% 2% 2%Other Bell Af f iliates -659% -1% 3% 2% 12% 2% 2% 0% 5% 3% 3% 2% 6% 3% 2% 1% -6% 2% 1% 1% 1%


Monthly Churn (%) Bell Mobility 2.0% 1.5% 1.4% 1.7% 1.3% 1.4% 1.5% 1.7% 1.5% 1.5% 1.7% 1.7% 1.4% 1.4% 1.4% 1.4% 1.3% 1.3% 1.2% 1.4% 1.6%


MTS 1.5% 1.4% 1.4% 1.4% 1.4% 1.3% 1.4% 1.5% 1.6% 1.7% 1.7% 1.7% 1.6% 1.6% 1.6% 1.6% 1.5% 1.5% 1.5% 1.5% 1.4%

Other Bell Af f iliates 2.0% 1.5% 1.4% 1.7% 1.3% 1.4% 1.5% 1.7% 1.5% 1.5% 1.7% 1.7% 1.4% 1.4% 1.4% 1.4% 1.3% 1.3% 1.2% 1.4% 1.6%Country Average Churn 2.0% 1.9% 1.9% 2.1% 1.8% 1.9% 2.1% 2.1% 1.9% 1.9% 2.0% 2.0% 1.8% 1.8% 1.7% 1.8% 1.7% 1.7% 1.6% 1.6% 1.8%

Source: ML estimates and company reports. * Country averages are weighted by market share, but they are ML estimates when information is either incomplete or missing. *2Q04 Rogers Wireless net subscriber adds did not include the -74.8Kadjustment of inactive prepaid subs for Microcell.



Table 51: Canada (Continued)

Canada 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly Service ARPU (incl. Data) Bell Mobility 44.00 45.00 49.00 48.00 44.00 46.00 49.00 46.00 43.00 46.00 47.00 47.00 45.00 48.00 50.00 50.00 47.00 50.00 50.00 50.00 46.00

Rogers Wireless (incl. Microcell) 47.20 49.25 49.87 47.84 43.62 46.08 46.55 43.79 40.68 43.22 45.09 43.07 42.13 44.40 47.27 45.34 44.07 47.66 50.27 49.13 47.95

Telus Mobility 60.87 62.07 62.16 59.99 57.97 57.60 61.58 56.52 52.73 55.58 58.43 55.80 54.16 56.35 59.86 58.58 57.04 58.62 62.11 60.57 58.30MTS 55.99 59.48 56.58 58.03 51.89 54.48 53.20 52.37 49.48 52.46 55.02 52.27 52.03 55.11 58.76 55.14 54.31 56.86 59.31 55.85 55.25

Other Bell Af f iliates 44.00 45.00 49.00 48.00 44.00 46.00 49.00 46.00 43.00 46.00 47.00 47.00 45.00 48.00 50.00 50.00 47.00 50.00 50.00 50.00 46.00

Country AVG Monthly ARPU 49.71 51.20 52.77 51.10 47.45 49.03 51.15 47.77 44.56 47.40 49.25 47.79 46.36 48.93 51.66 50.52 48.60 51.50 53.43 52.55 50.14YoY ARPU Grow th 0.2% -15.7% 1.9% -3.7% -6.7% -6.1% -5.1% -7.7% -5.6% -2.9% -2.7% 0.9% 1.2% 0.9% 2.2% 2.6% 4.7% 4.5% 3.7% 4.1% 3.1%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. 0.7% 0.7% 0.9% 1.0% 1.0% 1.2% 1.4% 1.6% 2.3% 2.2% 2.8% 3.2% 3.9% 4.0% 4.5% 6.7% 7.1%Monthly MOU per Sub (minutes)

Bell Mobility 145 156 168 173 161 190 184 190 181 205 206 212 201 236 230 240 223 271 265 276 250

Rogers Wireless (incl. Microcell) 229 265 278 284 265 316 314 324 311 338 330 344 333 373 371 365 379 426 432 418 454Telus Mobility 253 268 276 279 265 265 272 276 250 299 297 302 315 342 367 373 362 390 393 390 371

MTS 145 156 168 173 161 190 184 190 181 205 206 212 201 236 230 240 223 271 265 276 250Other Bell Af f iliates 145 156 168 173 161 190 184 190 181 205 206 212 201 236 230 240 223 271 265 276 250


YoY Monthly MOU Grow th 19.9% 15.9% 23.6% 14.2% 10.9% 13.6% 7.9% 8.4% 9.4% 8.5% 7.8% 8.1% 12.2% 12.1% 14.7% 12.5% 13.4% 14.6% 13.4% 11.8% 12.8%Revenue Per Minute - CAD

Bell Mobility 0.30 0.29 0.29 0.28 0.27 0.24 0.27 0.24 0.24 0.22 0.23 0.22 0.22 0.20 0.22 0.21 0.21 0.18 0.19 0.18 0.18

Rogers Wireless (incl. Microcell) 0.21 0.19 0.18 0.17 0.16 0.15 0.15 0.13 0.13 0.13 0.13 0.12 0.12 0.12 0.12 0.12 0.11 0.11 0.11 0.11 0.10Telus Mobility 0.24 0.23 0.23 0.22 0.22 0.22 0.23 0.20 0.21 0.19 0.20 0.18 0.17 0.16 0.16 0.16 0.16 0.15 0.16 0.16 0.16

MTS 0.39 0.38 0.34 0.34 0.32 0.29 0.29 0.28 0.27 0.26 0.27 0.25 0.26 0.23 0.26 0.23 0.24 0.21 0.22 0.20 0.22Other Bell Af f iliates 0.30 0.29 0.29 0.28 0.27 0.24 0.27 0.24 0.24 0.22 0.23 0.22 0.22 0.20 0.22 0.21 0.21 0.18 0.19 0.18 0.18


YoY RPM Grow th -21.3% -17.8% -21.6% -13.9% -14.5% -16.3% -11.0% -14.7% -14.5% -11.4% -11.1% -7.9% -8.5% -8.9% -9.9% -7.6% -9.2% -9.8% -10.4% -10.3% -11.6%Total Est Serv. Rev (CAD bn) 1.048 1.136 1.240 1.285 1.273 1.377 1.502 1.487 1.456 1.585 1.683 1.687 1.681 1.805 1.957 1.993 1.982 2.136 2.272 2.323 2.282


Bell Mobility 36.6% 39.7% 42.5% 35.4% 41.3% 40.7% 42.5% 31.8% 35.3% 37.6% 38.4% 26.0% 39.7% 36.1% 38.9% 34.8% 40.2% 45.4% 45.9% 36.9% 42.1%


MTS 45.7% 44.4% 44.0% 42.0% 39.8% 37.9% 36.4% 33.7% 30.9% 50.2% 53.3% 52.5% 52.6% 52.3% 53.4% 49.3% 54.1% 52.5% 53.0% 53.0% 53.0%Other Bell Af f iliates 36.6% 39.7% 42.5% 35.4% 41.3% 40.7% 42.5% 31.8% 35.3% 37.6% 38.4% 26.0% 39.7% 36.1% 38.9% 34.8% 40.2% 45.4% 45.9% 36.9% 42.1%

Country Average Margin 24.6% 26.7% 25.7% 15.7% 25.3% 27.4% 30.0% 21.5% 28.4% 30.2% 32.9% 24.6% 34.4% 34.6% 37.2% 28.8% 36.8% 39.8% 40.6% 32.8% 40.0%




Table 52: Chile

CHILE 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05

Penetration 15.9% 17.8% 19.0% 22.6% 25.2% 27.5% 29.5% 32.2% 34.1% 35.7% 37.0% 39.3% 40.4% 42.0% 43.7% 47.1% 49.2% 52.6% 55.7% 59.7% 61.8%

Increase (%) 1.5% 1.9% 1.2% 3.7% 2.6% 2.3% 2.0% 2.7% 1.9% 1.6% 1.2% 2.3% 1.2% 1.6% 1.7% 3.4% 2.2% 3.4% 3.1% 4.1% 2.1%

Subscribers (000)

TEM (CHL) 1,205 1,225 1,154 1,225 1,295 1,400 1,470 1,554 1,651 1,710 1,761 1,849 1,884 1,944 2,031 2,270 2,500 2,739 3,002 3,318 4,907

TIM (CHL) - Entel 784 977 1,118 1,274 1,409 1,583 1,766 1,939 2,024 2,088 2,161 2,293 2,373 2,456 2,532 2,684 2,751 2,922 3,056 3,265 3,395

Bellsouth (CHL) 403 482 602 691 757 800 827 860 939 1,020 1,023 1,032 1,063 1,161 1,238 1,301 1,350 1,403 1,451 1,430

Endesa (CHL) - Smartcom N.A. N.A. N.A. 250 380 430 469 609 653 720 800 947 1,001 1,028 1,069 1,170 1,220 1,320 1,395 1,539 1,600


% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 80.6% 81.4% 82.5% 82.9% 83.4% 82.2%

YoY Subscriber Grow th 108.7% 86.2% 58.3% 59.1% 60.7% 57.0% 57.7% 44.3% 37.1% 31.5% 26.8% 23.4% 20.0% 19.0% 19.6% 21.3% 23.7% 27.2% 29.6% 28.6% 26.6%

Market Share (%)

TEM (CHL) 50.4% 45.6% 40.2% 35.6% 33.7% 33.2% 32.4% 31.3% 31.3% 30.9% 30.7% 30.2% 29.8% 29.5% 29.6% 30.6% 32.0% 32.7% 33.7% 34.7% 49.6%

TIM (CHL) - Entel 32.8% 36.4% 38.9% 37.0% 36.7% 37.6% 39.0% 39.1% 38.4% 37.7% 37.6% 37.5% 37.5% 37.3% 36.9% 36.1% 35.2% 34.9% 34.3% 34.2% 34.3%

Bellsouth (CHL) 16.9% 18.0% 20.9% 20.1% 19.7% 19.0% 18.2% 17.3% 17.8% 18.4% 17.8% 16.9% 16.8% 17.6% 18.0% 17.5% 17.3% 16.7% 16.3% 15.0%

Endesa (CHL) - Smartcom N.A. N.A. N.A. 7.3% 9.9% 10.2% 10.3% 12.3% 12.4% 13.0% 13.9% 15.5% 15.8% 15.6% 15.6% 15.8% 15.6% 15.7% 15.7% 16.1% 16.2%


Net Subscriber Adds (000)

TEM (CHL) 51 20 (70) 70 71 105 70 84 97 59 51 88 35 61 87 239 230 239 263 316 1,589

TIM (CHL) - Entel 127 194 141 156 135 174 183 173 85 64 73 132 80 83 76 152 67 171 134 209 130

Bellsouth (CHL) 51 79 120 89 66 43 27 33 79 81 3 9 31 98 77 63 49 53 47 (21)

Endesa (CHL) - Smartcom N.A. N.A. N.A. N.A. 130 50 39 140 44 67 80 147 55 27 41 101 50 100 75 144 61

Total Net Adds 229 293 190 565 402 372 319 430 305 271 207 375 200 269 281 555 396 563 520 648 350

YoY Net Adds Grow th -43.6% -0.9% -49.2% 63.3% 75.4% 26.9% 67.6% -24.0% -24.0% -27.0% -35.1% -12.7% -34.5% -0.9% 35.5% 47.9% 98.2% 109.5% 85.3% 16.8% -11.7%

Market Share of Net Adds (%)

TEM (CHL) 22% 7% -37% 12% 18% 28% 22% 19% 32% 22% 25% 23% 17% 23% 31% 43% 58% 42% 51% 49% 454%

TIM (CHL) - Entel 56% 66% 74% 28% 34% 47% 57% 40% 28% 24% 35% 35% 40% 31% 27% 27% 17% 30% 26% 32% 37%

Bellsouth (CHL) 22% 27% 63% 16% 16% 12% 8% 8% 26% 30% 1% 2% 15% 36% 27% 11% 12% 9% 9% -3% 0%

Endesa (CHL) - Smartcom N.A. N.A. N.A. N.A. 32% 13% 12% 33% 14% 25% 39% 39% 27% 10% 15% 18% 13% 18% 14% 22% 17%


Monthly Churn (%)

TEM (CHL) 1.5% 2.2% N.A. N.A. N.A. N.A. N.A. N.A. 1.7% 1.7% 1.8% 1.9% 2.4% 2.4% 2.3% 2.4% 2.3% 2.2% 2.3% 2.6% 2.4%

TIM (CHL) - Entel 1.8% 2.6% 1.8% 1.8% 1.5% 1.4% 1.4% 1.4% 1.4% 1.5% 1.4% 1.4% 1.2% 1.3% 1.3% 1.2% 2.0% 1.2% 1.4% 1.6% 1.4%

Bellsouth (CHL) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Endesa (CHL) - Smartcom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average Churn* 1.6% 2.4% 1.8% 1.8% 1.5% 1.4% 1.4% 1.4% 1.4% 1.6% 1.6% 1.6% 1.7% 1.8% 1.7% 1.8% 2.1% 1.7% 1.8% 2.1% 2.0%




Table 53: Chile (Continued)

CHILE 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05

Monthly ARPU - USD

TEM (CHL) 24.70 20.60 20.10 21.20 19.20 16.70 14.10 15.90 14.90 14.00 12.00 12.30 12.13 12.40 13.10 15.00 12.54 10.55 11.17 12.50 11.00

TIM (CHL) - Entel 31.02 27.78 24.54 21.18 21.85 19.16 18.00 18.91 17.95 17.44 16.00 16.94 15.58 15.30 16.40 14.57 15.00 13.83 14.94 16.68 15.36

Bellsouth (CHL) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A N.A N.A N.A N.A

Endesa (CHL) - Smartcom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A N.A N.A N.A N.A

Country Average ARPU* 27.19 23.79 22.28 21.19 20.58 18.01 16.23 17.57 16.58 15.89 14.20 14.87 14.06 14.02 14.93 14.77 13.83 12.24 13.08 14.58 12.78

YoY ARPU Grow th N.A. 25.0% 14.1% 22.7% -24.3% -24.3% -27.2% -17.1% -19.4% -11.8% -12.5% -15.4% -15.2% -11.8% 5.1% -0.7% -1.6% -12.7% -12.4% -1.3% -7.5%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Monthly MOU (minutes)

TEM (CHL) 89 121 100 100 100 98 96 94 101 94 94 97 94 93 95 97 93 86 87 91 88

TIM (CHL) - Entel 163 147 141 146 146 140 142 159 152 137 133 137 130 123 128 132 129 122 124 129 125




YoY Monthly MOU Grow th 85.3% 14.1% -18.0% -5.3% 4.7% -9.3% 1.0% 5.5% 4.3% -2.2% -4.7% -8.4% -11.6% -6.7% -2.0% -2.9% -1.9% -4.7% -6.4% -5.1% -7.6%

Revenue Per Minute - USD

TEM (CHL) 0.28 0.17 0.20 0.21 0.19 0.17 0.15 0.17 0.15 0.15 0.13 0.13 0.13 0.13 0.14 0.15 0.13 0.12 0.13 0.14 0.12

TIM (CHL) - Entel 0.19 0.19 0.17 0.15 0.15 0.14 0.13 0.12 0.12 0.13 0.12 0.12 0.12 0.12 0.13 0.11 0.12 0.11 0.12 0.13 0.12




YoY RPM Grow th N.A. 9.6% 39.1% 29.5% -27.7% -16.6% -27.9% -21.4% -22.8% -9.8% -8.2% -7.6% -4.1% -5.4% 7.3% 2.3% 0.3% -8.4% -6.4% 4.0% 0.1%


YoY Estimated Service Revenues Grow th N.A. 145.3% 94.7% 94.7% 21.0% 20.1% 14.6% 24.7% 13.2% 18.4% 12.9% 5.8% 3.1% 5.4% 25.4% 19.6% 20.5% 9.6% 12.5% 27.4% 18.0%

EBITDA Margin (%)

TEM (CHL) 45.1% 43.8% 39.2% 14.0% 27.0% 24.0% 38.0% 29.0% 29.0% 32.7% 31.8% 30.0% 34.0% 34.0% 32.0% 29.9% 25.0% 25.0% 24.8% 28.9% 25.4%

TIM (CHL) - Entel 28.3% 28.7% 28.7% 45.0% 47.0% 42.0% 46.5% 48.0% 47.0% 48.0% 46.0% 45.0% 45.0% 45.0% 45.0% 47.0% 41.0% 41.0% 44.3% 46.3% 24.7%







Table 54: China

CHINA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration (%) 4.1% 4.8% 5.9% 6.7% 7.9% 9.2% 10.3% 11.7% 12.6% 13.8% 14.8% 16.1% 17.2% 18.2% 19.4% 20.8% 22.4% 23.5% 24.6% 25.8% 26.9%Increase (%) 0.7% 0.7% 1.1% 0.8% 1.2% 1.3% 1.1% 1.5% 0.9% 1.1% 1.1% 1.2% 1.1% 1.0% 1.2% 1.4% 1.6% 1.1% 1.1% 1.1% 1.1%

Subscribers (000)

China Mobile (HK) 18,082 21,637 23,939 45,134 51,630 58,908 64,413 69,643 74,590 80,302 111,446 117,676 123,806 129,087 135,001 141,616 150,256 185,468 194,380 204,292 213,874China Unicom (HK) 5,914 7,628 10,199 12,770 16,250 20,200 23,756 27,033 30,786 34,067 38,424 59,716 64,904 69,641 75,260 91,516 97,286 102,513 107,411 112,081 116,414

Unlisted and other adjustments 28,104 31,735 40,532 27,356 32,420 37,653 42,531 53,233 56,124 61,800 40,521 29,224 32,781 35,744 40,050 35,561 42,763 17,302 18,280 18,451 18,762Total Subscribers 52,100 61,000 74,670 85,260 100,300 116,761 130,700 149,909 161,500 176,169 190,391 206,616 221,491 234,472 250,311 268,693 290,305 305,283 320,071 334,824 349,050

% Pre-Paid Subscribers N.A. N.A. N.A. 49.6% 54.2% 58.7% 62.0% 66.3% 68.1% 70.4% 63.8% 65.1% 60.5% 60.9% 61.8% 62.9% 61.5% 62.4% 60.9% 61.7% 62.3%


China Mobile (HK) 34.7% 35.5% 32.1% 52.9% 51.5% 50.5% 49.3% 46.5% 46.2% 45.6% 58.5% 57.0% 55.9% 55.1% 53.9% 52.7% 51.8% 60.8% 60.7% 61.0% 61.3%China Unicom (HK) 11.4% 12.5% 13.7% 15.0% 16.2% 17.3% 18.2% 18.0% 19.1% 19.3% 20.2% 28.9% 29.3% 29.7% 30.1% 34.1% 33.5% 33.6% 33.6% 33.5% 33.4%

Unlisted and other adjustments 53.9% 52.0% 54.3% 32.1% 32.3% 32.2% 32.5% 35.5% 34.8% 35.1% 21.3% 14.1% 14.8% 15.2% 16.0% 13.2% 14.7% 5.7% 5.7% 5.5% 5.4%


China Mobile (HK) 2,461 3,555 2,302 21,195 6,496 7,278 5,505 5,231 4,947 5,712 31,144 6,230 6,130 5,281 5,914 6,615 8,640 35,212 8,912 9,912 9,582China Unicom (HK) 1,714 1,714 2,571 2,571 3,480 3,950 3,556 3,277 3,753 3,281 4,357 21,292 5,188 4,737 5,619 16,256 5,770 5,227 4,898 4,670 4,333

Unlisted and other adjustments 4,725 3,631 8,797 (13,176) 5,064 5,233 4,878 10,702 2,891 5,676 (21,279) (11,297) 3,557 2,963 4,306 (4,489) 7,202 (25,461) 978 171 311

Total Net Adds 8,900 8,900 13,670 10,590 15,040 16,461 13,939 19,209 11,591 14,669 14,222 16,225 14,875 12,981 15,839 18,382 21,612 14,978 14,788 14,753 14,226YoY Net Adds Grow th -61.3% 107.9% 263.1% 88.9% 69.0% 85.0% 2.0% 81.4% -22.9% -10.9% 2.0% -15.5% 28.3% -11.5% 11.4% 13.3% 45.3% 15.4% -6.6% -19.7% -34.2%

Market Share of Net Adds (%)China Mobile (HK) 28% 40% 17% 200% 43% 44% 39% 27% 43% 39% 219% 38% 41% 41% 37% 36% 40% 235% 60% 67% 67%

China Unicom (HK) 19% 19% 19% 24% 23% 24% 26% 17% 32% 22% 31% 131% 35% 36% 35% 88% 27% 35% 33% 32% 30%

Unlisted and other adjustments 53% 41% 64% -124% 34% 32% 35% 56% 25% 39% -150% -70% 24% 23% 27% -24% 33% -170% 7% 1% 2%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)China Mobile (HK) 0.9% 0.9% 0.7% 0.5% 0.5% 0.5% 0.8% 0.8% 0.6% 0.6% 0.7% 1.0% 1.0% 0.9% 0.9% 0.9% 1.1% 1.4% 1.4% 1.4% 1.3%

China Unicom (HK) 0.8% 0.8% 0.8% 0.8% 1.3% 1.3% 1.3% 1.3% 1.5% 1.5% 1.5% 1.6% 1.6% 1.5% 1.5% 1.7% 2.2% 2.2% 2.2% 1.8% 1.6%

Unlisted and other adjustments N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 0.9% 0.9% 0.7% 0.6% 0.7% 0.7% 0.9% 0.9% 0.9% 0.9% 0.9% 1.2% 1.2% 1.1% 1.1% 1.2% 1.5% 1.7% 1.7% 1.5% 1.4%




Table 55: China (Continued)

CHINA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - RMBChina Mobile (HK) 265.50 232.00 226.50 221.00 162.00 155.00 141.00 127.00 125.00 120.00 113.00 104.64 103.94 103.00 101.00 101.00 96.26 96.00 90.00 91.00 89.00

China Unicom (HK) 141.50 138.00 127.50 117.00 100.00 93.00 81.70 76.30 74.00 69.75 64.99 72.90 71.86 68.46 67.03 61.10 61.80 59.48 56.42 53.80 54.60

Unlisted and other adjustments N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country AVG Monthly ARPU 234.94 207.50 196.92 198.06 147.16 139.17 125.02 112.82 110.10 105.03 100.69 93.95 92.91 90.90 88.84 85.34 82.72 83.00 78.05 77.82 76.88

YoY ARPU Grow th N.A. N.A. N.A. -25.6% -37.4% -32.9% -36.5% -43.0% -25.2% -24.5% -19.5% -16.7% -15.6% -13.5% -11.8% -9.2% -11.0% -8.7% -12.1% -8.8% -7.1%

Country AVG Data as % of ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.6% 1.0% 1.9% 2.7% 4.0% 4.8% 5.6% 6.2% 7.3% 9.7% 12.2% 14.2% 18.2% 18.5%Monthly MOU (minutes)

China Mobile (HK) 324 281 290 299 274 249 222 213 210 202 209 209 209 231 248 232 275 290 299 309 318China Unicom (HK) N.A. 205 188 171 166 160 160 159 156 153 148 142 185 198 203 198 210 216 213 209 206

Unlisted and other adjustments N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* 324 261 260 271 248 226 205 198 194 187 193 186 201 219 232 219 249 264 268 274 279YoY Monthly MOU Grow th N.A. N.A. N.A. -26.0% -23.3% -13.4% -20.9% -26.9% -21.7% -17.3% -5.8% -5.8% 3.4% 17.3% 19.9% 17.2% 24.2% 20.1% 15.7% 25.1% 11.7%

Revenue Per Minute - RMBChina Mobile (HK) 0.82 0.83 0.78 0.74 0.59 0.62 0.64 0.59 0.59 0.58 0.52 0.48 0.47 0.42 0.38 0.39 0.31 0.29 0.26 0.23 0.22

China Unicom (HK) N.A. 0.67 0.68 0.68 0.60 0.58 0.51 0.48 0.47 0.45 0.43 0.49 0.37 0.33 0.32 0.30 0.27 0.25 0.23 0.22 0.23

Unlisted and other adjustments N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average RPM* 0.73 0.79 0.76 0.73 0.59 0.62 0.61 0.57 0.56 0.55 0.51 0.48 0.44 0.39 0.36 0.36 0.30 0.28 0.25 0.23 0.22

YoY RPM Grow th N.A. N.A. N.A. 0.5% -18.3% -22.6% -19.7% -22.5% -5.4% -10.4% -16.8% -14.7% -21.5% -29.0% -29.1% -25.2% -32.0% -29.3% -30.6% -35.7% -24.9%Total Est Serv. Rev (RMB bn) 33.585 35.202 40.075 47.515 40.960 45.312 46.407 47.489 51.429 53.198 55.363 55.951 59.662 62.167 64.604 66.437 69.358 74.149 73.213 76.447 78.860

YoY Estimated Service Revenues Grow th N.A. N.A. N.A. 47.2% 22.0% 28.7% 15.8% -0.1% 25.6% 17.4% 19.3% 17.8% 16.0% 16.9% 16.7% 18.7% 16.3% 19.3% 13.3% 15.1% 13.7%

EBITDA Margin (%)China Mobile (HK) 54.5% 56.0% 56.0% 56.0% 57.0% 58.0% 58.0% 58.0% 58.0% 60.1% 59.1% 60.4% 59.5% 58.5% 59.2% 57.0% 57.6% 56.6% 55.9% 53.5% 54.0%

China Unicom (HK) 46.5% 47.0% 47.4% 47.8% 47.4% 47.0% 45.0% 45.0% 49.0% 49.0% 49.0% 49.0% 41.0% 37.0% 37.0% 37.0% 37.2% 35.9% 34.6% 29.6% 33.0%Unlisted and other adjustments N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.





Table 56: Colombia

COLOMBIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 4.9% 4.0% 4.4% 5.3% 6.0% 6.4% 6.8% 7.4% 8.2% 9.0% 9.3% 10.0% 10.5% 11.7% 12.2% 13.4% 15.6% 16.8% 18.4% 22.7% 26.5%Increase (%) 0.2% -0.9% 0.4% 0.9% 0.7% 0.4% 0.4% 0.6% 0.8% 0.8% 0.3% 0.7% 0.4% 1.2% 0.5% 1.2% 2.2% 1.2% 1.6% 4.3% 3.8%

Subscribers (000)

Comcel (AMX) 958 967 1,052 1,226 1,414 1,537 1,781 2,078 2,292 2,579 2,802 3,058 3,048 3,518 3,644 3,674 4,106 4,319 4,746 5,814 7,022TEM Colombia 1,092 724 827 1,032 1,144 1,195 1,144 1,126 1,254 1,327 1,276 1,348 1,580 1,684 1,824 1,915 2,289 2,528 2,671 3,297 3,699

Colombia Movil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 430 653 795 976 1,290 1,464Total Subscribers 2,049 1,690 1,878 2,257 2,558 2,731 2,926 3,204 3,546 3,905 4,077 4,407 4,628 5,202 5,468 6,019 7,048 7,642 8,394 10,401 12,185

% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 68.4% 68.2% 69.2% 70.4% 73.9% 76.4%

YoY Subscriber Grow th 12.8% -11.7% -4.3% 14.8% 24.8% 61.6% 55.8% 42.0% 38.6% 43.0% 39.4% 37.5% 30.5% 33.2% 34.1% 36.6% 52.3% 46.9% 53.5% 72.8% 72.9%Market Share (%)

Comcel (AMX) 46.7% 57.2% 56.0% 54.3% 55.3% 56.3% 60.9% 64.9% 64.6% 66.0% 68.7% 69.4% 65.9% 67.6% 66.6% 61.0% 58.3% 56.5% 56.5% 55.9% 57.6%TEM Colombia 53.3% 42.8% 44.0% 45.7% 44.7% 43.7% 39.1% 35.1% 35.4% 34.0% 31.3% 30.6% 34.1% 32.4% 33.4% 31.8% 32.5% 33.1% 31.8% 31.7% 30.4%

Colombia Movil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 7.1% 9.3% 10.4% 11.6% 12.4% 12.0%


Comcel (AMX) 42 9 85 174 188 123 244 297 214 287 223 257 (11) 471 126 30 432 213 427 1,068 1,208TEM Colombia 41 (368) 103 205 113 50 (50) (18) 128 73 (51) 73 232 104 140 91 374 239 143 626 402

Colombia Movil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 430 224 141 182 313 175

Total Net Adds 83 (359) 188 379 301 174 194 278 342 359 172 329 221 575 266 551 1,030 594 752 2,007 1,785YoY Net Adds Grow th N.M. N.M. 288.2% N.M. 262.9% N.M. 3.4% -26.5% 13.7% 106.9% -11.5% 18.4% -35.4% 59.9% 54.6% 67.2% 366.4% 3.3% 182.6% 264.5% 73.3%

Market Share of Net Adds (%)Comcel (AMX) 51% N.M. 45% 46% 63% 71% 126% 107% 63% 80% 130% 78% -5% 82% 47% 5% 42% 36% 57% 53% 68%

TEM Colombia 49% N.M. 55% 54% 37% 29% -26% -7% 37% 20% -30% 22% 105% 18% 53% 17% 36% 40% 19% 31% 23%

Colombia Movil 0% N.A. 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 78% 22% 24% 24% 16% 10%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Comcel (AMX) 5.1% 5.1% 1.5% 3.7% 3.0% 2.6% 1.8% 2.7% 2.5% 2.0% 1.8% 2.1% 2.4% 2.1% 2.8% 4.3% 2.7% 2.6% 2.6% 2.2% 1.6%

TEM Colombia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.0% 2.4% 3.1% 2.5% 2.8%

Colombia Movil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.2% 0.5% 0.6% 0.5% 1.7%Country Average Churn* 5.1% 5.1% 1.5% 3.7% 3.0% 2.6% 1.8% 2.7% 2.5% 2.0% 1.8% 2.1% 2.4% 2.1% 2.8% 4.3% 2.6% 2.3% 2.5% 2.1% 2.2%




Table 57: Colombia (Continued)

COLOMBIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - USDComcel (AMX) N.A. N.A. N.A. N.A. 17.16 14.91 14.19 15.01 14.50 13.56 12.25 11.64 15.00 11.43 10.70 12.00 10.29 11.04 11.71 11.24 11.54

TEM Colombia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Colombia Movil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average ARPU* N.A. N.A. N.A. N.A. 17.16 14.91 14.19 15.01 14.50 13.56 12.25 11.64 15.00 11.43 10.70 12.00 10.29 11.04 11.71 11.24 11.54

YoY ARPU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -15.5% -9.1% -13.7% -22.4% 3.4% -15.7% -12.6% 3.1% -31.4% -3.4% 9.4% -6.3% 12.2%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly MOU (minutes)

Comcel (AMX) 97 102 104 115 108 87 80 88 77 75 77 83 82 82 80 87 95 106 121 133 131TEM Colombia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Colombia Movil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* 97 102 104 115 108 87 80 88 77 75 77 83 82 82 80 87 95 106 121 133 131YoY Monthly MOU Grow th 3.5% 19.7% 31.2% 24.4% 11.4% -15.1% -23.1% -23.5% -28.9% -13.7% -4.2% -5.7% 6.2% 9.2% 4.4% 4.8% 16.5% 29.3% 51.3% 52.9% 37.9%

Revenue Per Minute - USDComcel (AMX) N.A. N.A. N.A. N.A. 0.16 0.17 0.18 0.17 0.19 0.18 0.16 0.14 0.18 0.14 0.13 0.14 0.11 0.10 0.10 0.08 0.09

TEM Colombia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Colombia Movil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average RPM* N.A. N.A. N.A. N.A. 0.16 0.17 0.18 0.17 0.19 0.18 0.16 0.14 0.18 0.14 0.13 0.14 0.11 0.10 0.10 0.08 0.09

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 18.9% 5.3% -9.9% -17.8% -2.6% -22.8% -16.3% -1.7% -41.1% -25.3% -27.6% -38.7% -18.6%Total Market Estimated Revenues N.A. N.A. N.A. N.A. 0.124 0.118 0.120 0.138 0.147 0.152 0.147 0.148 0.203 0.169 0.171 0.207 0.202 0.243 0.282 0.317 0.391

YoY Estimated Service Revenues Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 18.5% 28.1% 21.8% 7.4% 38.4% 11.2% 16.8% 39.5% -0.8% 44.3% 64.5% 53.3% 93.9%

EBITDA Margin (%)Comcel (AMX) N.A. N.A. N.A. 17.3% 18.8% 18.0% 26.6% 12.9% 18.0% 30.9% 33.2% 36.7% 32.7% 36.0% 37.2% 33.1% 25.3% 34.0% 29.1% 20.2% 21.8%

TEM Colombia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 19.7%Colombia Movil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average Margin* N.A. N.A. N.A. 17.3% 18.8% 18.0% 26.6% 12.9% 18.0% 30.9% 33.2% 36.7% 32.7% 36.0% 37.2% 33.1% 25.3% 34.0% 29.1% 20.2% 20.9%




Table 58: Czech Republic

CZECH 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 21.8% 32.9% 36.0% 42.0% 45.9% 52.8% 58.8% 67.6% 71.4% 75.6% 78.5% 83.0% 85.2% 86.8% 89.1% 94.3% 95.7% 97.8% 99.4% 104.7% 106.3%Increase (%) 2.9% 11.1% 3.1% 6.0% 3.9% 6.9% 6.0% 8.8% 3.8% 4.2% 2.9% 4.5% 2.1% 1.6% 2.3% 5.1% 1.4% 2.1% 1.6% 5.3% 1.6%

Subscribers (000)

Eurotel 1,088 2,000 2,090 2,171 2,300 2,655 2,925 3,240 3,411 3,567 3,700 3,891 3,951 3,993 4,050 4,215 4,283 4,320 4,362 4,591 4,664T Mobil (DT) 1,158 1,388 1,618 1,850 2,000 2,240 2,450 2,850 2,956 3,150 3,250 3,510 3,550 3,607 3,691 3,947 3,980 4,075 4,130 4,360 4,390

Oskar/ Cesky Mobil 0 0 0 300 425 540 680 870 987 1,071 1,140 1,150 1,271 1,338 1,438 1,547 1,590 1,678 1,747 1,831 1,892Total Subscribers 2,246 3,388 3,708 4,321 4,725 5,435 6,055 6,960 7,354 7,788 8,090 8,551 8,772 8,938 9,179 9,709 9,853 10,073 10,239 10,782 10,946

% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 75.0% 75.0% 76.0% 77.0% 77.0% 77.0% 78.0% 73.0% 73.0% 77.0%


Eurotel 48.4% 59.0% 56.4% 50.2% 48.7% 48.9% 48.3% 46.6% 46.4% 45.8% 45.7% 45.5% 45.0% 44.7% 44.1% 43.4% 43.5% 42.9% 42.6% 42.6% 42.6%T Mobil (DT) 51.6% 41.0% 43.6% 42.8% 42.3% 41.2% 40.5% 40.9% 40.2% 40.4% 40.2% 41.0% 40.5% 40.4% 40.2% 40.7% 40.4% 40.5% 40.3% 40.4% 40.1%

Oskar/ Cesky Mobil N.A. N.A. N.A. 6.9% 9.0% 9.9% 11.2% 12.5% 13.4% 13.8% 14.1% 13.4% 14.5% 15.0% 15.7% 15.9% 16.1% 16.7% 17.1% 17.0% 17.3%


Eurotel 13 912 90 81 129 355 270 315 171 156 133 191 60 42 57 165 68 37 42 229 73T Mobil (DT) 283 230 230 232 150 240 210 400 106 194 100 260 40 57 84 256 33 95 55 230 30

Oskar/ Cesky Mobil N.A. N.A. N.A. 300 125 115 140 190 117 84 69 10 121 67 101 109 43 88 69 84 61

Total Net Adds 296 1,142 320 613 404 710 620 905 394 434 302 461 220 166 242 530 144 220 166 543 164YoY Net Adds Grow th 89.7% 300.7% 1.6% 164.2% 36.5% -37.8% 93.8% 47.6% -2.5% -38.8% -51.3% -49.0% -44.1% -61.8% -19.9% 14.8% -34.6% 32.6% -31.3% 2.5% 13.9%

Market Share of Net Adds (%)Eurotel 4% 80% 28% 13% 32% 50% 44% 35% 43% 36% 44% 41% 27% 25% 24% 31% 47% 17% 25% 42% 45%

T Mobil (DT) 96% 20% 72% 38% 37% 34% 34% 44% 27% 45% 33% 56% 18% 34% 35% 48% 23% 43% 33% 42% 18%

Oskar/ Cesky Mobil 0% 0% 0% 49% 31% 16% 23% 21% 30% 19% 23% 2% 55% 40% 42% 21% 30% 40% 42% 15% 37%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Eurotel N.A. N.A. N.A. 1.3% 1.3% 1.3% 1.3% 1.3% 1.1% 0.9% 0.8% 0.8% 0.8% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 1.1%

T Mobil (DT) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.8% N.A. 0.9% 1.2% 1.1% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 1.1%

Oskar/ Cesky Mobil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.2%Country Average Churn* N.A. N.A. N.A. 1.3% 1.3% 1.3% 1.3% 1.3% 1.1% 0.9% 0.8% 0.9% 1.0% 1.0% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 1.1%




Table 59: Czech Republic (Continued)

CZECH 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - CZKEurotel N.A. N.A. N.A. N.A. N.A. N.A. 841.00 800.00 620.00 610.00 613.00 615.00 578.00 560.00 535.00 530.00 503.00 509.00 506.00 504.00 460.00

T Mobil (DT) 1115.25 1100.50 1085.75 1071.00 1024.50 978.00 931.50 885.00 725.00 700.00 650.00 600.00 487.00 489.00 512.00 512.00 487.00 465.00 474.00 470.00 470.00

Oskar/ Cesky Mobil N.A. N.A. N.A. N.A. N.A. N.A. 780.00 770.00 680.00 620.00 590.00 570.00 536.80 683.00 660.00 645.00 643.00 642.00 633.00 630.00 625.00Country AVG Monthly ARPU 1115.25 1100.50 1085.75 1071.00 1024.50 978.00 870.77 831.06 670.26 647.78 624.62 602.79 535.20 549.75 545.34 541.01 519.13 513.36 514.76 511.65 492.53

YoY ARPU Grow th -22.0% -17.3% -11.7% -5.2% -8.1% -11.1% -19.8% -22.4% -34.6% -33.8% -28.3% -27.5% -20.1% -15.1% -12.7% -10.2% -3.0% -6.6% -5.6% -5.4% -5.1%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. 10.0% 11.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 13.0% 13.0% 15.9% 15.9% 15.6% 15.8% 16.6%Monthly MOU (minutes)

Eurotel N.A. N.A. N.A. 159 149 138 128 117 108 99 94 94 88 89 90 89 87 82 86 86 79T Mobil (DT) N.A. N.A. N.A. N.A. N.A. N.A. N.A. 79 78 75 73 76 76 77 80 77 77 76 77 76 76

Oskar/ Cesky Mobil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 90 90 90 87 86 86 85 85 84

Country Average MOU* N.A. N.A. N.A. 159 149 138 128 99 94 88 84 85 83 84 86 84 83 80 82 82 79YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. -37.6% -36.7% -36.4% -34.0% -13.9% -11.3% -3.9% 2.3% -1.9% -0.8% -4.8% -4.5% -2.4% -5.0%

Revenue Per Minute - CZKEurotel N.A. N.A. N.A. N.A. N.A. N.A. 5.87 6.02 5.05 5.36 5.67 5.68 5.71 5.54 5.11 5.15 5.01 5.38 5.14 5.10 5.05

T Mobil (DT) N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11.20 9.29 9.33 8.90 7.89 6.41 5.59 5.55 5.78 5.06 4.89 4.92 4.95 4.82

Oskar/ Cesky Mobil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 5.96 7.59 6.45 6.52 6.56 6.53 6.52 6.47 6.50Country Average RPM* N.A. N.A. N.A. 6.74 6.90 7.09 6.15 7.45 6.27 6.50 6.53 6.21 5.64 5.74 5.51 5.62 5.27 5.38 5.28 5.27 5.22

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.7% -9.1% -8.3% 6.2% -16.7% -10.0% -11.7% -15.6% -9.5% -6.6% -6.2% -4.1% -6.2% -1.0%Total Est Serv. Rev (CZK bn) 7.019 9.300 11.557 12.899 13.901 14.905 15.008 16.224 14.391 14.713 14.877 15.047 13.907 14.603 14.819 15.328 15.233 15.344 15.684 16.133 16.053

YoY Estimated Service Revenues Grow th 57.3% 84.9% 100.7% 107.5% 98.0% 60.3% 29.9% 25.8% 3.5% -1.3% -0.9% -7.3% -3.4% -0.7% -0.4% 1.9% 9.5% 5.1% 5.8% 5.3% 5.4%

EBITDA Margin (%)Eurotel N.A. N.A. N.A. 35.4% N.A. 47.2% N.A. 44.1% 48.0% 49.7% 52.9% 47.6% 51.7% 51.8% 49.3% 50.2% 50.0% 50.2% 48.0% 46.3% 46.5%

T Mobil (DT) N.A. N.A. N.A. N.A. N.A. N.A. N.A. 36.1% N.A. 46.2% N.A. 44.0% 45.0% 44.4% 45.1% 37.7% 41.0% 44.3% 45.9% 45.0% 45.5%Oskar/ Cesky Mobil N.A. N.A. N.A. N.A. N.A. N.A. N.A. -33.0% 2.0% 7.3% 13.4% N.A. 22.7% 30.3% 26.1% 33.0% 31.0% 31.9% 31.5% 35.0% 35.0%

Country AVG EBITDA Margin* N.A. N.A. N.A. 35.4% N.A. 47.2% N.A. 31.2% 37.7% 42.5% 43.6% 45.9% 44.8% 45.6% 44.0% 42.4% 43.3% 44.7% 44.3% 43.9% 44.1%




Table 60: Denmark

DENMARK 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 47.3% 51.1% 55.3% 58.3% 65.7% 69.3% 72.9% 72.3% 72.3% 74.2% 76.9% 78.1% 81.3% 87.1% 92.8% 92.6% 89.1% 90.7% 91.8% 93.6% 93.6%Increase (%) 2.5% 3.9% 4.2% 3.0% 7.4% 3.6% 3.6% -0.6% 0.0% 1.9% 2.7% 1.2% 3.2% 5.8% 5.6% -0.1% -3.5% 1.5% 1.1% 1.8% 0.0%

Subscribers (000)

TDC Mobil 1,089 1,193 1,268 1,400 1,743 1,866 1,916 1,896 1,873 1,868 1,935 1,975 2,076 2,258 2,409 2,471 2,421 2,392 2,362 2,407 2,429Sonofon (Telenor) 836 852 902 875 876 891 1,012 1,038 1,059 1,092 1,143 1,258 1,360 1,406 1,505 1,429 1,313 1,347 1,397 1,419 1,376

Orange Denmark 395 453 479 517 534 567 593 623 597 585 574 509 511 546 585 576 558 605 637 0 0Telia Denmark 179 208 279 297 331 354 351 288 322 413 449 421 394 443 457 472 470 467 462 1,115 1,100

Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2 4 39 53 68 106


YoY Subscriber Grow th 46.4% 28.2% 28.7% 30.7% 39.4% 35.9% 32.2% 24.5% 10.5% 7.6% 5.9% 8.3% 12.7% 17.6% 20.8% 18.9% 9.8% 4.2% -0.9% 1.2% 5.1%Market Share (%)

TDC Mobil 43.6% 44.1% 43.3% 45.3% 50.0% 50.7% 49.5% 49.3% 48.6% 47.2% 47.2% 47.4% 47.8% 48.5% 48.6% 49.9% 50.8% 49.3% 48.1% 48.1% 48.5%

Sonofon (Telenor) 33.5% 31.5% 30.8% 28.3% 25.1% 24.2% 26.1% 27.0% 27.5% 27.6% 27.9% 30.2% 31.3% 30.2% 30.4% 28.9% 27.5% 27.8% 28.4% 28.3% 27.5%Orange Denmark 15.8% 16.7% 16.4% 16.7% 15.3% 15.4% 15.3% 16.2% 15.5% 14.8% 14.0% 12.2% 11.8% 11.7% 11.8% 11.6% 11.7% 12.5% 13.0% N.A. N.A.

Telia Denmark 7.2% 7.7% 9.5% 9.6% 9.5% 9.6% 9.1% 7.5% 8.4% 10.4% 10.9% 10.1% 9.1% 9.5% 9.2% 9.5% 9.9% 9.6% 9.4% 22.3% 22.0%Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.1% 0.8% 1.1% 1.4% 2.1%


Net Subscriber Adds (000)TDC Mobil 52 104 75 132 343 123 50 (20) (23) (5) 67 40 101 182 151 62 (50) (29) (30) 45 22

Sonofon (Telenor) (10) 16 50 (27) 1 15 121 26 21 33 51 115 102 46 99 (76) (116) 34 50 22 (43)Orange Denmark 85 58 26 38 18 33 26 30 (26) (12) (11) (65) 2 35 39 (9) (18) 47 32 (637) 0

Telia Denmark 9 29 71 18 34 23 (3) (63) 34 91 36 (28) (27) 49 14 15 (2) (3) (5) 653 (15)

Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2 2 35 14 15 38Total Net Adds 136 207 222 161 396 194 194 (27) 6 107 143 62 178 312 303 (6) (184) 84 61 98 2

YoY Net Adds Grow th 60.0% -48.8% 35.4% 82.4% 190.8% -6.3% -12.6% N.M. -98.5% -44.8% -26.3% -329.6% 2866.7% 191.6% 111.9% N.M. N.M. -73.0% -79.9% N.M. N.M.Market Share of Net Adds (%)

TDC Mobil 38% 50% 34% 82% 87% 63% 26% N.M. -383% -5% 47% 65% 57% 58% 50% N.M. N.M. -34% -49% 46% 1253%

Sonofon (Telenor) -7% 8% 23% -17% 0% 8% 62% N.M. 350% 31% 36% 185% 57% 15% 33% N.M. N.M. 40% 82% 22% -2450%Orange Denmark 63% 28% 12% 23% 4% 17% 13% N.M. -433% -11% -8% -105% 1% 11% 13% N.M. N.M. 56% 53% -650% 0%

Telia Denmark 7% 14% 32% 11% 9% 12% -2% N.M. 567% 85% 25% -45% -15% 16% 5% N.M. N.M. -4% -8% 667% -855%Three 0% 0% 0% 0% 0% 0% 0% N.M. 0% 0% 0% 0% 0% 0% 0% N.M. N.M. 42% 23% 15% 2151%


Monthly Churn (%)TDC Mobil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.1% 2.5% 2.0% 2.3% 2.0% 1.8% 2.7% 2.7% 3.3% 3.1% 2.9% 2.8% 2.6%

Sonofon (Telenor) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Orange Denmark N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Telia Denmark N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.1% 2.5% 2.0% 2.3% 2.0% 1.8% 2.7% 2.7% 3.3% 3.1% 2.9% 2.8% 2.6%




Table 61: Denmark (Continued)

DENMARK 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - DKKTDC Mobil 232.00 228.00 224.00 220.00 201.00 195.00 193.00 200.00 189.33 218.35 207.54 208.39 183.15 184.96 170.00 167.00 169.00 180.00 180.00 189.00 183.00

Sonofon (Telenor) 300.70 295.51 290.33 285.15 260.52 252.74 250.15 259.22 269.00 275.00 269.00 246.00 231.00 234.00 256.00 228.47 215.80 209.66 194.17 187.65 196.00

Orange Denmark 197.59 183.05 183.63 175.92 162.92 173.52 171.56 176.75 176.17 184.59 232.44 234.41 229.32 254.76 238.28 215.82 212.38 251.74 251.42 0.00 0.00Telia Denmark 164.95 172.14 162.84 129.86 273.00 280.00 303.00 289.00 172.00 186.00 185.00 182.00 183.00 192.00 216.00 205.00 245.00 264.00 270.00 245.00 233.00

Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 364.00 327.60 327.61 325.67

Country AVG Monthly ARPU 244.74 237.44 232.00 222.42 216.97 213.86 214.62 218.89 207.75 225.61 225.69 220.27 203.56 208.64 208.42 193.98 194.49 206.76 203.35 202.96 200.55YoY ARPU Grow th -1.3% -2.7% -3.3% -5.8% -11.3% -9.9% -7.5% -1.6% -4.2% 5.5% 5.2% 0.6% -2.0% -7.5% -7.7% -11.9% -4.5% -0.9% -2.4% 4.6% 3.1%


TDC Mobil 142 136 130 124 120 118 116 116 116 136 137 129 126 126 130 121 128 142 146 143 142

Sonofon (Telenor) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 156 166 160 153 147 152 149 150 147 157 139 151 153Orange Denmark N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Telia Denmark N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 87 107 107 100 114 134 142 149 147 157 176 192 199Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


YoY Monthly MOU Grow th -4.1% -8.1% -12.2% -16.2% -15.5% -13.2% -10.8% -6.5% 5.1% 20.4% 21.4% 15.6% 4.8% -4.4% -2.2% -0.5% 3.0% 9.4% 6.7% 17.3% 16.1%Revenue Per Minute - DKK

TDC Mobil 1.63 1.68 1.72 1.77 1.68 1.65 1.66 1.55 1.46 1.43 1.34 1.43 1.29 1.30 1.16 1.22 1.17 1.12 1.09 1.17 1.14

Sonofon (Telenor) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.72 1.66 1.68 1.61 1.57 1.54 1.72 1.52 1.47 1.34 1.40 1.24 1.28Orange Denmark N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Telia Denmark N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.77 1.55 1.54 1.62 1.40 1.22 1.26 1.13 1.35 1.35 1.21 1.07 0.98Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


YoY RPM Grow th -5.4% 2.6% 6.7% 9.6% 3.4% 2.3% 3.2% 4.5% -9.9% -13.9% -15.0% -13.9% -7.8% -4.4% -6.7% -12.7% -9.0% -10.8% -9.9% -11.5% -10.8%Total Market Estimated Revenues 1.785 1.854 1.961 2.007 2.146 2.332 2.450 2.549 2.140 2.478 2.504 2.567 2.424 2.609 2.674 2.718 2.775 2.800 2.871 2.935 3.044

YoY Estimated Service Revenues Grow th 44.1% 32.7% 24.2% 22.3% 20.2% 25.8% 24.9% 27.0% -0.3% 6.2% 2.2% 0.7% 13.3% 5.3% 6.8% 5.9% 14.5% 7.3% 7.4% 8.0% 9.7%EBITDA Margin (%)

TDC Mobil 31.5% 38.3% 35.2% 35.2% 24.1% 26.2% 31.8% 29.0% 27.9% 30.5% 34.4% 32.4% 27.8% 27.3% 32.1% 32.7% 30.1% 34.3% 33.0% 27.9% 31.0%

Sonofon (Telenor) 24.0% 24.0% 21.0% 23.1% 22.0% 25.5% 25.9% 29.3% 27.7% 29.9% 28.9% 30.5% 26.6% 27.0% 29.2% 25.1% 24.4% 19.3% 20.4% 1.6% 21.2%Orange Denmark N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -33.9% 2.0% 7.6% 7.6% 13.0% 13.0% 12.0% 37.0% 12.0% 15.0% 16.0% 0.0% 0.0%

Telia Denmark -64.5% -81.4% -129.4% -91.2% -78.7% -40.8% -82.6% -144.1% -66.0% -92.5% -39.9% -9.0% -1.2% -29.0% -8.5% 12.1% 3.0% 1.0% 1.6% 2.4% 2.3%Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.





Table 62: Egypt

EGYPT 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 1.8% 2.4% 2.7% 3.1% 3.8% 4.0% 4.3% 4.7% 5.2% 5.5% 5.7% 6.2% 6.6% 7.1% 7.7% 8.2% 8.6% 8.9% 9.5% 10.6% 12.0%Increase (%) 0.4% 0.6% 0.3% 0.4% 0.8% 0.2% 0.3% 0.4% 0.5% 0.4% 0.2% 0.5% 0.4% 0.5% 0.5% 0.5% 0.4% 0.3% 0.6% 1.1% 1.3%

Subscribers (000)

ECMS (MobiNil) 680 850 1,020 1,230 1,470 1,620 1,750 1,860 1,960 2,110 2,130 2,280 2,440 2,560 2,784 2,991 3,155 3,292 3,550 4,020 4,430Vod (EGP) - Click GSM 450 650 700 900 1,205 1,183 1,269 1,407 1,601 1,718 1,816 1,979 2,129 2,400 2,579 2,740 2,900 3,030 3,200 3,570 4,136

Total Subscribers 1,130 1,500 1,720 2,130 2,675 2,803 3,019 3,267 3,561 3,828 3,946 4,259 4,569 4,960 5,363 5,731 6,055 6,322 6,750 7,590 8,566% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 80.0% 79.0% 79.0% 78.0% 77.0% 76.0% 79.0% 80.0% 82.4%


Market Share (%)ECMS (MobiNil) 60.2% 56.7% 59.3% 57.7% 54.9% 57.8% 58.0% 56.9% 55.0% 55.1% 54.0% 53.5% 53.4% 51.6% 51.9% 52.2% 52.1% 52.1% 52.6% 53.0% 51.7%

Vod (EGP) - Click GSM 39.8% 43.3% 40.7% 42.3% 45.1% 42.2% 42.0% 43.1% 45.0% 44.9% 46.0% 46.5% 46.6% 48.4% 48.1% 47.8% 47.9% 47.9% 47.4% 47.0% 48.3%Total Market Share 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


ECMS (MobiNil) 140 170 170 210 240 150 130 110 100 150 20 150 160 120 224 207 164 137 258 470 410Vod (EGP) - Click GSM 120 200 50 200 305 (23) 86 138 194 117 98 163 150 271 179 161 160 130 170 370 566

Total Net Adds 260 370 220 410 545 127 216 248 294 267 118 313 310 391 403 368 324 267 428 840 976YoY Net Adds Grow th 116.7% 174.1% 57.1% 54.7% 109.8% -65.6% -1.6% -39.5% -46.1% 109.9% -45.5% 26.2% 5.4% 46.4% 241.5% 17.6% 4.5% -31.7% 6.2% 128.3% 201.2%


ECMS (MobiNil) 54% 46% 77% 51% 44% 118% 60% 44% 34% 56% 17% 48% 52% 31% 56% 56% 51% 51% 60% 56% 42%Vod (EGP) - Click GSM 46% 54% 23% 49% 56% -18% 40% 56% 66% 44% 83% 52% 48% 69% 44% 44% 49% 49% 40% 44% 58%


ECMS (MobiNil) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.5% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.3% 1.3% 1.3% 1.3% 1.7%

Vod (EGP) - Click GSM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.5% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.4% 1.3% 1.3% 1.3% 1.7%Country Average Churn N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.5% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.4% 1.3% 1.3% 1.3% 1.7%




Table 63: Egypt (Continued)

EGYPT 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EGPECMS (MobiNil) 228.00 185.00 151.00 141.00 113.00 102.00 105.00 99.00 88.00 87.00 100.00 90.00 99.00 101.00 116.00 100.00 104.00 106.00 114.00 105.00 95.00

Vod (EGP) - Click GSM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 84.00 84.00 92.00 90.00 84.00 91.00 90.00 94.00 97.30 99.80 102.00 103.00 101.70

Country Average ARPU 228.00 185.00 151.00 141.00 113.00 102.00 105.00 99.00 86.24 85.65 96.36 90.00 92.02 96.25 103.46 97.12 100.79 103.03 108.28 104.06 98.20YoY ARPU Grow th N.A. N.A. N.A. -42.9% -50.4% -44.9% -30.5% -29.8% -23.7% -16.0% -8.2% -9.1% 6.7% 12.4% 7.4% 7.9% 9.5% 7.0% 4.7% 7.1% -2.6%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4.0% 4.0% 3.0% 4.0% 4.0% 4.5% 4.5% 4.5% 4.5% 4.0% 3.0% 4.0% 5.5%Monthly MOU (minutes)

ECMS (MobiNil) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 150 165 188 172 162 167 180 151 159 167 182 179 143

Vod (EGP) - Click GSM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average MOU* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 150 165 188 172 162 167 180 151 159 167 182 179 143

YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 8.0% 1.2% -4.3% -12.2% -1.9% 0.0% 1.1% 18.5% -10.1%Revenue Per Minute - EGP

ECMS (MobiNil) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.56 0.51 0.52 0.50 0.59 0.58 0.62 0.63 0.62 0.61 0.61 0.56 0.63Vod (EGP) - Click GSM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average RPM* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.55 0.50 0.50 0.50 0.55 0.55 0.55 0.61 0.61 0.59 0.58 0.56 0.65

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -1.2% 10.4% 10.4% 22.3% 11.0% 7.6% 5.1% -9.1% 7.2%Total Est Serv. Rev (EGP bn) 0.684 0.730 0.729 0.814 0.815 0.838 0.917 0.933 0.883 0.949 1.124 1.108 1.219 1.376 1.602 1.616 1.782 1.913 2.123 2.238 2.380

YoY Estimated Service Revenues Grow th N.A. N.A. N.A. 49.0% 19.1% 14.8% 25.7% 14.6% 8.4% 13.3% 22.6% 18.7% 38.0% 44.9% 42.6% 45.9% 46.2% 39.0% 32.5% 38.5% 33.5%EBITDA Margin (%)

ECMS (MobiNil) 35.0% 43.9% 43.8% 41.1% 46.2% 48.1% 42.1% 47.3% 49.5% 53.5% 54.3% 53.0% 53.2% 53.6% 53.7% 54.0% 49.0% 50.1% 49.7% 48.5% 51.2%

Vod (EGP) - Click GSM N.A. N.A. N.A. N.A. N.A. N.A. 50.0% 52.0% 51.0% 42.0% 48.0% 50.0% 52.0% 53.6% 42.5% 46.6% 42.2% 52.4% 54.3% 55.4% 58.0%Country AVG EBITDA Margin* 35.0% 43.9% 43.8% 41.1% 46.2% 48.1% 45.4% 49.3% 50.2% 48.3% 51.4% 51.6% 52.6% 53.6% 48.3% 50.5% 45.7% 51.2% 51.9% 51.7% 54.5%




Table 64: Finland

FINLAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 62.5% 65.0% 68.2% 71.0% 72.3% 74.6% 76.4% 80.3% 80.6% 80.9% 82.0% 84.9% 87.7% 89.2% 90.0% 91.7% 92.1% 93.0% 94.2% 95.3% 98.7%Increase (%) -1.5% 2.5% 3.1% 2.8% 1.3% 2.3% 1.8% 3.9% 0.3% 0.3% 1.1% 2.9% 2.8% 1.5% 0.9% 1.7% 0.4% 0.9% 1.2% 1.1% 3.5%

Subscribers (000)

Sonera 2,160 2,236 2,294 2,365 2,404 2,463 2,495 2,510 2,490 2,533 2,538 2,525 2,496 2,529 2,536 2,605 2,755 2,848 2,882 2,874 2,973Radiolinja 1,106 1,154 1,189 1,246 1,255 1,282 1,295 1,356 1,349 1,289 1,301 1,342 1,348 1,357 1,375 1,374 1,319 1,331 1,369 1,384 1,438

Telia 38 51 127 149 154 167 186 239 245 235 247 300 383 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.DNA N.A. N.A. N.A. N.A. 20 48 83 166 209 259 291 371 317 734 754 775 700 640 631 683 710


% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%YoY Subscriber Grow th 10.5% 10.2% 11.2% 11.3% 16.0% 15.1% 12.4% 13.6% 12.0% 9.0% 7.8% 6.3% 5.8% 7.0% 6.6% 4.8% 5.1% 4.3% 4.7% 3.9% 7.3%

Market Share (%)Sonera 65.4% 65.0% 63.5% 62.9% 62.7% 62.2% 61.5% 58.8% 58.0% 58.7% 58.0% 55.6% 54.9% 54.7% 54.4% 54.8% 57.7% 59.1% 59.0% 58.2% 58.0%

Radiolinja 33.5% 33.5% 32.9% 33.1% 32.8% 32.4% 31.9% 31.7% 31.4% 29.9% 29.7% 29.6% 29.7% 29.4% 29.5% 28.9% 27.6% 27.6% 28.0% 28.0% 28.1%

Telia 1.2% 1.5% 3.5% 4.0% 4.0% 4.2% 4.6% 5.6% 5.7% 5.4% 5.6% 6.6% 8.4% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.DNA N.A. N.A. N.A. N.A. 0.5% 1.2% 2.0% 3.9% 4.9% 6.0% 6.6% 8.2% 7.0% 15.9% 16.2% 16.3% 14.7% 13.3% 12.9% 13.8% 13.9%


Sonera 24 76 58 71 39 59 32 15 (20) 43 5 (13) (29) 33 7 69 150 93 34 (8) 99

Radiolinja (104) 48 35 57 10 26 14 61 (7) (60) 12 41 6 9 18 (1) (55) 12 38 15 54Telia 5 13 76 22 5 13 19 53 6 (10) 12 53 83 (383) N.A. N.A. N.A. N.A. N.A. N.A. N.A.

DNA N.A. N.A. N.A. N.A. 20 28 35 83 43 50 32 80 (54) 417 20 21 (75) (60) (9) 52 27Total Net Adds (75) 137 169 150 74 126 100 212 22 23 61 161 6 76 45 90 19 45 63 59 180

YoY Net Adds Grow th N.M. 3.8% 37.4% 12.6% N.M. -8.0% -41.0% 41.4% -70.2% -81.9% -38.6% -24.0% -72.7% 233.3% -26.7% -44.3% 224.2% -40.8% 40.5% -34.2% 827.6%

Market Share of Net Adds (%)Sonera N.M. 55% 34% 47% 53% 47% 32% 7% -91% 188% 8% -8% -483% 43% 16% 77% 771% 207% 54% -14% 55%

Radiolinja N.M. 35% 21% 38% 13% 21% 14% 29% -32% -263% 20% 25% 100% 12% 40% -1% -283% 27% 60% 25% 30%Telia N.M. 9% 45% 15% 7% 10% 19% 25% 27% -44% 20% 33% 1383% -504% N.A. N.A. N.A. N.A. N.A. N.A. N.A.

DNA N.A. N.A. N.A. N.A. 27% 22% 35% 39% 195% 219% 52% 50% -900% 549% 45% 24% -388% -133% -14% 88% 15%


Sonera 0.8% 0.8% 0.8% 0.8% 0.9% 0.8% 0.8% 0.8% 1.0% 0.9% 0.9% 1.4% 1.3% 0.9% 1.8% 1.7% 3.1% 2.6% 1.8% 2.2% 2.8%Radiolinja 1.2% 1.0% 1.0% 1.0% 1.2% 1.2% 1.3% 1.4% 1.5% 1.1% 1.2% 1.8% 1.2% 1.1% 2.0% 1.9% 4.0% 2.5% 1.8% 3.0% 3.9%

Telia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

DNA N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 1.0% 0.9% 0.9% 0.9% 1.0% 0.9% 1.0% 1.0% 1.2% 0.9% 1.0% 1.5% 1.3% 0.9% 1.9% 1.7% 3.4% 2.5% 1.8% 2.4% 3.2%




Table 65: Finland (Continued)

FINLAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EURSonera 39.00 42.00 41.00 39.00 39.50 42.00 40.70 39.60 39.30 41.00 40.30 39.30 38.80 38.40 36.90 39.60 38.10 38.30 38.20 35.30 31.90

Radiolinja 41.50 42.70 42.40 42.20 42.20 43.70 44.00 43.50 41.40 43.50 43.00 41.30 38.40 41.70 42.50 43.60 38.60 38.20 37.50 37.80 34.60

Telia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.DNA N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country AVG ARPU 39.85 42.24 41.48 40.10 40.43 42.58 41.83 40.97 40.04 41.84 41.22 39.99 38.66 39.55 38.87 40.98 38.26 38.27 37.97 36.11 32.78

YoY ARPU Grow th 10.7% 10.8% 5.3% 1.9% 1.5% 0.8% 0.8% 2.2% -1.0% -1.7% -1.5% -2.4% -3.4% -5.5% -5.7% 2.5% -1.0% -3.2% -2.3% -11.9% -14.3%Country AVG Data as % of Revenue 10.2% 9.7% 10.2% 10.5% 10.8% 11.6% 11.8% 12.4% 12.4% 11.3% 11.7% 12.0% 12.4% 12.3% 12.0% 12.3% 12.3% 12.3% 12.6% 12.7% 13.0%

Monthly MOU (minutes)Sonera 202 217 220 217 214 231 229 226 220 238 235 235 222 234 236 237 236 249 258 267 265

Radiolinja 188 202 205 195 194 208 205 200 198 217 214 209 209 225 232 225 231 242 245 240 243

Telia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.DNA N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average MOU* 197 212 215 209 207 223 221 217 212 231 228 226 218 231 235 233 234 247 254 258 258

YoY Monthly MOU Grow th 7.5% 14.3% 11.2% 6.8% 5.1% 5.3% 2.8% 3.6% 2.6% 3.7% 3.3% 4.3% 2.4% -0.2% 2.9% 2.8% 7.7% 6.9% 8.1% 11.0% 10.0%Revenue Per Minute - EUR

Sonera 0.17 0.18 0.17 0.16 0.17 0.16 0.16 0.15 0.16 0.15 0.15 0.15 0.15 0.14 0.14 0.15 0.14 0.14 0.13 0.12 0.11

Radiolinja 0.20 0.19 0.18 0.19 0.19 0.19 0.19 0.19 0.18 0.18 0.18 0.17 0.16 0.16 0.16 0.17 0.15 0.14 0.13 0.14 0.12Telia N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

DNA N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average RPM* 0.18 0.18 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.16 0.16 0.16 0.16 0.15 0.15 0.15 0.14 0.14 0.13 0.12 0.11YoY RPM Grow th 0.8% -5.1% -5.9% -5.4% -4.2% -6.3% -3.7% -3.5% -5.3% -5.0% -4.4% -6.0% -5.7% -6.4% -8.7% -0.7% -8.1% -9.5% -10.3% -20.9% -22.7%

Total Market Estimated Revenues 0.395 0.422 0.428 0.427 0.441 0.473 0.473 0.470 0.456 0.480 0.469 0.467 0.446 0.462 0.458 0.483 0.472 0.475 0.472 0.486 0.428YoY Estimated Service Revenues Grow th 84.5% 21.3% 14.5% 10.1% 11.5% 12.1% 10.6% 10.2% 3.4% 1.6% -0.8% -0.8% -2.2% -3.8% -2.4% 3.5% 5.8% 2.7% 3.1% 0.5% -9.3%

EBITDA Margin (%)

Sonera 50.0% 47.0% 44.4% 50.2% 49.7% 51.9% 51.5% 46.1% 51.1% 51.3% 52.7% 47.0% 50.5% 46.4% 49.4% 42.5% 41.2% 44.4% 47.2% 37.1% 21.7%Radiolinja 30.0% 29.7% 27.5% 28.0% 25.1% 27.1% 32.6% 47.2% 29.9% 29.0% 30.3% 23.2% 24.0% 26.0% 25.8% 33.0% 37.0% 25.0% 32.0% 29.0% 27.5%

Telia -256.3% -171.4% -99.1% -87.7% -50.0% -64.7% -54.3% -75.0% -48.1% -40.2% -14.5% 1.0% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.DNA N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.





Table 66: France

FRANCE 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 37.4% 40.1% 43.2% 48.8% 51.5% 54.4% 56.7% 60.6% 60.7% 61.5% 61.3% 62.6% 65.1% 65.9% 67.1% 69.6% 70.0% 70.4% 71.4% 74.1% 74.7%Increase (%) 3.3% 2.7% 3.1% 5.7% 2.6% 2.9% 2.3% 3.8% 0.1% 0.8% -0.2% 1.4% 2.5% 0.7% 1.2% 2.5% 0.4% 0.4% 1.0% 2.7% 0.6%

Subscribers (000)

Orange France 10,926 11,683 12,572 14,311 15,089 15,926 16,601 17,823 18,277 18,625 18,795 19,216 19,231 19,368 19,617 20,329 20,371 20,396 20,603 21,241 21,305SFR (Cegetel-V ivendi) 8,070 8,641 9,169 10,160 10,616 11,224 11,751 12,555 12,759 12,987 13,149 13,547 13,711 13,914 14,189 14,724 14,828 14,942 15,159 15,819 16,033

Bouygues 3,650 3,971 4,458 5,211 5,609 5,972 6,249 6,619 6,274 6,196 5,808 5,823 5,953 6,096 6,322 6,630 6,740 6,904 7,123 7,468 7,568Total Subscribers 22,646 24,295 26,199 29,682 31,314 33,122 34,601 36,997 37,310 37,808 37,752 38,585 38,895 39,378 40,128 41,683 41,939 42,241 42,885 44,528 44,906



Orange France 48.2% 48.1% 48.0% 48.2% 48.2% 48.1% 48.0% 48.2% 49.0% 49.3% 49.8% 49.8% 49.4% 49.2% 48.9% 48.8% 48.6% 48.3% 48.0% 47.7% 47.4%SFR (Cegetel-V ivendi) 35.6% 35.6% 35.0% 34.2% 33.9% 33.9% 34.0% 33.9% 34.2% 34.3% 34.8% 35.1% 35.3% 35.3% 35.4% 35.3% 35.4% 35.4% 35.3% 35.5% 35.7%

Bouygues 16.1% 16.3% 17.0% 17.6% 17.9% 18.0% 18.1% 17.9% 16.8% 16.4% 15.4% 15.1% 15.3% 15.5% 15.8% 15.9% 16.1% 16.3% 16.6% 16.8% 16.9%


Orange France 875 757 889 1,739 778 837 675 1,222 454 348 170 421 15 137 249 712 42 25 207 638 64SFR (Cegetel-V ivendi) 735 571 528 991 456 608 527 804 204 228 162 398 164 203 275 535 104 114 217 660 214

Bouygues 417 321 487 753 398 363 277 370 (345) (78) (388) 15 130 143 226 308 110 164 220 345 100

Total Net Adds 2,027 1,649 1,904 3,483 1,632 1,808 1,479 2,396 313 498 (56) 833 310 483 750 1,555 256 302 644 1,643 378YoY Net Adds Grow th 50.1% -4.5% -5.1% -20.8% -19.5% 9.6% -22.3% -31.2% -80.8% -72.5% N.M. -65.2% -1.0% -3.1% N.M. 86.6% -17.4% -37.4% -14.1% 5.6% 47.7%

Market Share of Net Adds (%)Orange France 43% 46% 47% 50% 48% 46% 46% 51% 145% 70% N.M. 50% 5% 28% 33% 46% 16% 8% 32% 39% 17%

SFR (Cegetel-V ivendi) 36% 35% 28% 28% 28% 34% 36% 34% 65% 46% N.M. 48% 53% 42% 37% 34% 41% 38% 34% 40% 57%

Bouygues 21% 19% 26% 22% 24% 20% 19% 15% -110% -16% N.M. 2% 42% 30% 30% 20% 43% 54% 34% 21% 26%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Orange France 1.8% 1.8% 1.8% 1.9% 1.9% 1.9% 1.9% 1.7% 1.9% 1.8% 2.0% 1.8% 1.5% 1.6% 1.7% 1.4% 1.5% 1.7% 1.8% 1.4% 1.4%

SFR (Cegetel-V ivendi) 1.8% 1.8% 1.8% 1.8% 2.0% 2.0% 2.0% 2.0% 2.0% 2.2% 2.0% 2.0% 2.0% 1.8% 1.9% 1.9% 1.6% 1.6% 1.8% 1.8% 1.8%

Bouygues 1.8% 1.8% 1.8% 1.8% 2.2% 2.2% 2.2% 2.2% 2.4% 2.4% 2.6% 2.6% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.4% 2.4% 2.4%Country Average Churn* 1.8% 1.8% 1.8% 1.9% 2.0% 2.0% 2.0% 1.9% 2.0% 2.0% 2.1% 2.0% 1.8% 1.8% 1.9% 1.7% 1.7% 1.8% 1.9% 1.7% 1.7%




Table 67: France (Continued)

FRANCE 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EUROrange France 41.98 34.35 34.12 35.50 32.00 32.83 33.67 32.25 30.83 30.67 32.75 31.19 32.90 33.71 35.78 34.98 34.21 35.45 36.87 35.94 35.00

SFR (Cegetel-V ivendi) 45.80 45.50 45.30 45.30 37.32 37.32 37.32 36.55 33.15 35.25 35.25 35.25 38.78 39.51 39.51 39.51 39.88 39.88 40.04 39.60 38.52

Bouygues 38.00 38.00 38.00 38.00 36.00 36.00 35.73 35.03 33.01 35.21 39.04 40.29 44.53 45.65 47.19 41.36 42.90 44.11 45.87 42.57 41.14Country AVG ARPU 42.70 38.91 38.69 39.29 34.52 34.92 35.28 34.21 31.99 32.99 34.59 33.99 36.75 37.61 38.90 37.59 37.61 38.43 39.48 38.35 37.29

YoY ARPU Grow th -13.5% -19.4% -18.1% -15.0% -19.2% -10.3% -8.8% -12.9% -7.3% -5.5% -2.0% -0.6% 14.9% 14.0% 12.5% 10.6% 2.3% 2.2% 1.5% 2.0% -0.8%


Orange France 158 155 151 148 144 140 140 138 139 142 145 146 150 151 147 155 170 171 159 171 174SFR (Cegetel-V ivendi) 159 174 151 148 251 244 244 240 240 240 240 240 237 238 228 237 253 255 232 244 259

Bouygues 209 209 209 209 226 226 226 224 227 229 232 232 267 267 258 268 282 294 262 276 289

Country Average MOU* 166 171 161 159 195 191 191 188 188 190 191 192 199 200 193 202 218 221 202 214 224YoY Monthly MOU Grow th 2.4% 4.7% -1.7% -3.5% 17.2% 11.7% 18.6% 18.5% -3.3% -0.4% 0.4% 2.1% 5.5% 5.1% 0.9% 5.2% 9.5% 10.6% 4.5% 6.2% 2.9%

Revenue Per Minute - EUROrange France 0.26 0.22 0.22 0.24 0.22 0.23 0.23 0.22 0.20 0.20 0.21 0.19 0.20 0.20 0.22 0.20 0.18 0.18 0.20 0.18 0.17

SFR (Cegetel-V ivendi) 0.27 0.25 0.28 0.29 0.14 0.14 0.14 0.14 0.13 0.13 0.13 0.13 0.15 0.15 0.16 0.15 0.14 0.14 0.15 0.14 0.13

Bouygues 0.18 0.18 0.17 0.17 0.15 0.15 0.14 0.14 0.13 0.14 0.15 0.16 0.15 0.15 0.16 0.13 0.13 0.12 0.14 0.13 0.12Country Average RPM* 0.25 0.22 0.23 0.24 0.17 0.17 0.17 0.17 0.15 0.16 0.16 0.16 0.17 0.17 0.18 0.16 0.15 0.15 0.17 0.16 0.14

YoY RPM Grow th -17.6% -25.4% -19.7% -14.0% -32.6% -21.7% -25.9% -29.6% -8.9% -8.7% -4.1% -4.3% 7.6% 6.6% 8.6% 2.6% -8.8% -9.6% -4.8% -5.1% -5.6%Total Market Estimated Revenues 2.771 2.740 2.931 3.294 3.223 3.410 3.633 3.663 3.762 3.853 4.082 4.072 4.551 4.676 4.947 4.919 5.004 5.244 5.468 5.413 5.371


EBITDA Margin (%)Orange France 32.5% 32.5% 25.8% 19.0% 35.2% 35.2% 30.0% 28.0% 36.1% 36.1% 38.6% 37.4% 45.6% 45.6% 46.0% 35.9% 47.7% 47.9% 45.0% 42.1% 47.7%

SFR (Cegetel-V ivendi) 25.7% 27.6% 9.3% 11.0% 30.0% 41.6% 41.6% 41.6% 37.8% 40.0% 40.0% 40.0% 37.0% 41.0% 41.0% 40.0% 43.0% 41.7% 41.7% 40.7% 43.0%Bouygues 4.0% 4.3% 5.6% 5.2% 7.7% 17.2% 19.7% 24.5% 28.8% 28.3% 35.9% 23.8% 28.1% 31.5% 36.3% 26.6% 31.0% 33.7% 37.4% 24.1% 31.0%





Table 68: Germany

GERMANY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 33.7% 41.7% 49.7% 59.0% 64.4% 66.7% 67.5% 68.4% 68.0% 68.1% 69.5% 72.2% 73.3% 74.8% 76.4% 79.1% 80.7% 82.5% 84.5% 87.1% 88.2%Increase (%) 4.8% 8.0% 8.0% 9.4% 5.4% 2.3% 0.8% 0.9% -0.4% 0.1% 1.4% 2.7% 1.1% 1.5% 1.7% 2.7% 1.6% 1.8% 2.0% 2.6% 1.1%

Subscribers (000)

T-Mobile 10,900 13,400 16,100 19,141 20,858 22,082 22,555 23,081 23,038 23,261 23,798 24,582 24,885 25,258 25,628 26,333 26,681 27,059 27,358 27,471 27,560D2 Vodafone 11,100 13,902 16,527 19,394 20,975 21,727 21,853 21,890 21,489 21,388 21,810 22,732 22,940 23,261 23,780 24,668 25,012 25,474 26,092 26,935 27,223

E-Plus 4,360 5,032 5,661 6,661 7,279 7,534 7,536 7,481 7,334 7,093 7,034 7,269 7,446 7,716 7,964 8,206 8,448 8,716 9,065 9,511 9,651O2 1,224 1,828 2,426 3,226 3,720 3,379 3,394 3,656 3,891 4,086 4,290 4,576 4,812 5,037 5,251 5,586 5,982 6,318 6,669 7,398 7,812


% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 52.2% 51.7% 51.4% 50.9% 50.6% 50.3% 50.5% 50.3%YoY Subscriber Grow th 79.3% 95.7% 107.0% 104.6% 91.5% 60.2% 35.9% 15.9% 5.5% 2.0% 2.9% 5.4% 7.8% 9.8% 10.0% 9.5% 10.1% 10.3% 10.5% 10.1% 9.3%

Market Share (%) T-Mobile 39.5% 39.2% 39.5% 39.5% 39.5% 40.4% 40.8% 41.1% 41.3% 41.7% 41.8% 41.6% 41.4% 41.2% 40.9% 40.6% 40.4% 40.0% 39.5% 38.5% 38.1%

D2 Vodafone 40.2% 40.7% 40.6% 40.1% 39.7% 39.7% 39.5% 39.0% 38.5% 38.3% 38.3% 38.4% 38.2% 38.0% 38.0% 38.1% 37.8% 37.7% 37.7% 37.8% 37.7%

E-Plus 15.8% 14.7% 13.9% 13.8% 13.8% 13.8% 13.6% 13.3% 13.2% 12.7% 12.4% 12.3% 12.4% 12.6% 12.7% 12.7% 12.8% 12.9% 13.1% 13.3% 13.4%O2 4.4% 5.4% 6.0% 6.7% 7.0% 6.2% 6.1% 6.5% 7.0% 7.3% 7.5% 7.7% 8.0% 8.2% 8.4% 8.6% 9.0% 9.4% 9.6% 10.4% 10.8%


T-Mobile 1,668 2,500 2,700 3,041 1,717 1,224 473 526 (43) 223 537 784 303 373 370 705 348 378 299 113 89

D2 Vodafone 1,400 2,802 2,625 2,867 1,581 752 126 37 (401) (101) 422 922 208 321 519 888 344 462 618 843 288E-Plus 581 672 629 1,000 618 255 2 (55) (147) (241) (59) 235 177 270 248 242 242 268 349 446 140

O2 274 604 598 800 494 (341) 15 262 235 195 204 286 236 225 214 335 396 336 351 729 414Total Net Adds 3,923 6,578 6,552 7,708 4,410 1,890 616 770 (356) 76 1,104 2,227 924 1,189 1,351 2,170 1,330 1,444 1,617 2,131 931

YoY Net Adds Grow th 43.6% 217.2% 197.1% 92.9% 12.4% -71.3% -90.6% -90.0% N.M. -96.0% 79.4% 189.2% N.M. 1469.1% 22.3% -2.6% 43.9% 21.4% 19.7% -1.8% -30.0%

Market Share of Net Adds (%)T-Mobile 43% 38% 41% 39% 39% 65% 77% 68% N.M. 294% 49% 35% 33% 31% 27% 32% 26% 26% 18% 5% 10%

D2 Vodafone 36% 43% 40% 37% 36% 40% 20% 5% N.M. -134% 38% 41% 23% 27% 38% 41% 26% 32% 38% 40% 31%E-Plus 15% 10% 10% 13% 14% 13% 0% -7% N.M. -318% -5% 11% 19% 23% 18% 11% 18% 19% 22% 21% 15%

O2 7% 9% 9% 10% 11% -18% 2% 34% N.M. 257% 18% 13% 26% 19% 16% 15% 30% 23% 22% 34% 44%


T-Mobile 1.0% 1.0% 1.0% 1.0% 0.8% 1.1% 1.5% 1.8% 1.6% 1.5% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.3% 1.4% 1.5% 1.6% 1.4%D2 Vodafone 1.2% 1.1% 0.9% 0.9% 0.9% 1.1% 1.3% 2.3% 2.3% 2.2% 2.3% 2.0% 1.8% 1.8% 1.6% 1.6% 1.5% 1.5% 1.5% 1.5% 1.5%

E-Plus 1.2% 1.2% 1.4% 1.3% 2.9% 1.7% 1.8% 2.1% 2.3% 2.5% 2.2% 1.8% 1.8% 1.5% 1.4% 1.8% 1.8% 1.7% 1.6% 1.8% 1.9%

O2 0.6% 0.7% 0.8% 0.7% 0.8% 2.3% 2.3% 2.3% 2.3% 2.1% 2.4% 1.8% 1.3% 1.3% 1.4% 1.4% 1.4% 1.3% 1.3% 1.3% 1.3%Country Average Churn* 1.1% 1.0% 1.0% 1.0% 1.1% 1.3% 1.5% 2.0% 2.0% 1.9% 1.9% 1.7% 1.6% 1.5% 1.5% 1.5% 1.4% 1.5% 1.5% 1.6% 1.5%




Table 69: Germany (Continued)

GERMANY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EURT-Mobile 42.00 36.00 34.00 30.00 24.70 24.00 24.00 24.00 23.00 25.00 26.00 24.00 23.40 24.30 25.30 24.00 23.00 24.00 24.00 24.00 23.00

D2 Vodafone 46.58 40.60 40.58 30.00 26.00 24.67 25.67 24.67 24.33 26.00 27.47 26.13 24.90 25.90 27.20 25.77 24.60 25.40 26.00 24.87 23.40

E-Plus 30.00 28.00 24.00 22.00 20.00 21.00 22.00 21.00 22.00 24.00 25.00 25.00 23.00 24.00 25.00 24.00 21.00 22.00 22.00 22.00 20.00O2 32.33 31.00 27.00 25.00 22.50 24.00 26.00 29.00 27.00 28.00 29.00 29.00 28.00 30.00 31.00 31.00 30.00 31.00 32.00 31.00 28.00

Country AVG ARPU 41.52 36.43 34.86 28.57 24.41 23.85 24.51 24.19 23.66 25.48 26.66 25.33 24.29 25.34 26.46 25.28 23.98 24.92 25.26 24.79 23.29YoY ARPU Grow th -23.4% -29.8% -29.2% -39.1% -41.2% -34.5% -29.7% -15.3% -3.1% 6.8% 8.8% 4.7% 2.7% -0.5% -0.8% -0.2% -1.3% -1.6% -4.5% -1.9% -2.9%


Monthly MOU (minutes)T-Mobile 115 110 90 75 70 70 70 70 66 71 71 66 67 71 72 68 64 66 68 68 67

D2 Vodafone 115 110 90 75 70 70 70 70 70 70 70 70 67 66 64 68 72 71 71 72 73E-Plus 75 83 80 77 62 64 65 68 69 77 81 79 73 79 79 78 74 76 77 76 71

O2 99 96 94 91 88 86 84 83 83 106 108 112 110 114 116 120 122 120 118 118 116

Country Average MOU* 108 105 89 76 70 70 70 71 69 74 75 73 71 73 74 74 74 74 75 76 75YoY Monthly MOU Grow th -8.4% -10.4% -23.8% -34.3% -35.0% -33.4% -21.0% -7.5% -1.5% 5.4% 6.4% 3.0% 2.8% -0.7% -1.4% 1.5% 3.6% 1.1% 2.1% 2.7% 2.0%

Revenue Per Minute - EURT-Mobile 0.35 0.31 0.35 0.37 0.32 0.31 0.31 0.31 0.30 0.30 0.31 0.31 0.29 0.29 0.29 0.29 0.29 0.30 0.29 0.29 0.28

D2 Vodafone 0.36 0.33 0.40 0.35 0.32 0.30 0.32 0.30 0.30 0.31 0.33 0.31 0.31 0.33 0.35 0.31 0.28 0.30 0.30 0.28 0.26

E-Plus 0.37 0.31 0.27 0.25 0.28 0.29 0.29 0.27 0.27 0.26 0.27 0.27 0.26 0.26 0.27 0.26 0.24 0.24 0.24 0.24 0.24O2 0.31 0.30 0.27 0.25 0.23 0.25 0.27 0.30 0.28 0.22 0.22 0.21 0.20 0.22 0.22 0.21 0.20 0.20 0.22 0.20 0.19

Country Average RPM* 0.36 0.32 0.35 0.33 0.31 0.30 0.31 0.30 0.29 0.29 0.30 0.29 0.28 0.29 0.30 0.28 0.27 0.28 0.28 0.27 0.25YoY RPM Grow th -22.5% -28.3% -16.0% -17.3% -14.2% -6.0% -13.4% -10.5% -3.8% -1.9% -1.6% -2.6% -3.7% -1.2% -0.8% -3.3% -5.4% -3.6% -7.1% -4.7% -5.4%



T-Mobile 17.7% 19.0% 19.0% 23.9% 27.0% 36.0% 39.9% 40.3% 40.9% 41.8% 41.5% 39.0% 40.8% 41.7% 43.2% 43.9% 37.9% 40.4% 42.4% 45.7% 39.8%D2 Vodafone 35.0% 30.0% 30.0% 39.0% 39.0% 45.3% 45.3% 44.3% 44.3% 45.7% 46.6% 40.9% 40.8% 45.5% 45.6% 44.5% 44.4% 46.9% 46.9% 45.7% 46.2%

E-Plus 15.2% 11.8% 7.6% 1.8% -2.1% 19.9% 29.7% 29.5% 27.9% 30.1% 28.4% 30.2% 27.1% 23.5% 25.1% 25.5% 27.0% 27.2% 26.3% 26.9% 21.1%

O2 -50.0% -45.0% -65.0% -32.0% -6.4% -20.7% -22.0% -15.0% -8.0% -1.0% 1.5% 4.0% 5.0% 15.1% 15.1% 14.8% 14.7% 18.6% 18.6% 18.4% 19.0%Country Average Margin* 21.3% 19.0% 16.9% 23.2% 25.4% 34.0% 36.8% 36.8% 37.1% 38.7% 38.8% 35.9% 36.2% 38.7% 39.4% 39.3% 36.9% 39.1% 39.7% 40.4% 37.5%




Table 70: Greece

GREECE 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 40.6% 45.6% 51.0% 55.9% 60.2% 65.1% 70.0% 75.0% 77.6% 80.4% 83.5% 87.7% 91.8% 97.9% 102.4% 98.6% 99.4% 101.2% 102.2% 103.9% 106.3%Increase (%) 3.8% 5.0% 5.4% 5.0% 4.3% 5.0% 4.8% 5.1% 2.6% 2.8% 3.1% 4.2% 4.1% 6.1% 4.5% -3.8% 0.9% 1.8% 0.9% 1.7% 2.4%

Subscribers (000)

Vodafone Panafon 1,773 1,901 2,060 2,226 2,340 2,508 2,696 2,885 2,966 3,040 3,133 3,219 3,383 3,629 3,783 3,785 3,678 3,663 3,726 3,845 3,996Stet Hellas 1,278 1,415 1,580 1,645 1,762 1,887 1,990 2,135 2,198 2,284 2,357 2,514 2,581 2,672 2,752 2,403 2,445 2,467 2,414 2,324 2,276

Cosmote 1,250 1,515 1,762 2,061 2,285 2,518 2,740 2,944 3,075 3,212 3,368 3,506 3,641 3,857 4,052 3,917 4,023 4,076 4,091 4,151 4,231Q-Telecom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 12 76 144 240 290 367 417 550 623 721 793


% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 67.0% 67.7% 67.9% 65.9% 66.5% 66.0% 65.7% 65.9%YoY Subscriber Grow th 78.2% 64.7% 60.2% 52.3% 48.5% 43.1% 37.5% 34.3% 29.0% 23.5% 19.4% 17.0% 18.3% 21.8% 22.6% 12.4% 8.3% 3.4% -0.2% 5.4% 6.9%

Market Share (%)Vodafone Panafon 41.2% 39.4% 38.1% 37.5% 36.6% 36.3% 36.3% 36.2% 36.0% 35.6% 35.3% 34.6% 34.7% 34.9% 34.8% 36.1% 34.8% 34.1% 34.3% 34.8% 35.4%

Stet Hellas 29.7% 29.3% 29.2% 27.7% 27.6% 27.3% 26.8% 26.8% 26.7% 26.8% 26.6% 27.0% 26.5% 25.7% 25.3% 22.9% 23.1% 22.9% 22.2% 21.0% 20.2%

Cosmote 29.1% 31.4% 32.6% 34.7% 35.8% 36.4% 36.9% 37.0% 37.3% 37.6% 38.0% 37.6% 37.3% 37.1% 37.3% 37.4% 38.1% 37.9% 37.7% 37.6% 37.5%Q-Telecom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.1% 0.8% 1.5% 2.3% 2.7% 3.5% 3.9% 5.1% 5.7% 6.5% 7.0%


Vodafone Panafon 109 128 159 166 114 168 188 189 81 74 93 86 164 246 154 2 (107) (15) 63 119 151

Stet Hellas 95 137 165 65 117 125 103 145 63 86 73 157 67 91 80 (350) 42 22 (53) (90) (48)Cosmote 202 265 247 299 224 233 222 204 131 137 156 138 135 216 195 (135) 106 53 15 60 80

Q-Telecom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 12 64 68 96 50 77 50 134 73 98 72Total Net Adds 406 530 571 530 455 526 513 538 275 297 334 445 434 649 479 (405) 91 193 98 187 255

YoY Net Adds Grow th 13.7% 1.9% 30.3% 1.2% 12.1% -0.8% -10.2% 1.5% -39.6% -43.5% -34.9% -17.3% 57.7% 118.5% 43.3% N.M. -78.9% -70.2% -79.4% N.M. 179.6%

Market Share of Net Adds (%)Vodafone Panafon 27% 24% 28% 31% 25% 32% 37% 35% 29% 25% 28% 19% 38% 38% 32% N.M. -117% -8% 64% 63% 59%

Stet Hellas 23% 26% 29% 12% 26% 24% 20% 27% 23% 29% 22% 35% 15% 14% 17% N.M. 46% 11% -54% -48% -19%Cosmote 50% 50% 43% 56% 49% 44% 43% 38% 48% 46% 47% 31% 31% 33% 41% N.M. 116% 27% 15% 32% 31%

Q-Telecom 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 4% 14% 16% 15% 10% N.M. 55% 69% 74% 52% 28%


Vodafone Panafon 2.3% 2.6% 1.9% 1.6% 1.6% 1.2% 1.1% 0.9% 1.5% 1.9% 2.2% 2.0% 2.0% 2.1% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9%Stet Hellas 1.9% 2.0% 2.1% 2.3% 1.7% 2.4% 1.7% 2.2% 2.6% 2.7% 2.8% 2.7% 2.1% 1.8% 2.7% 2.7% 2.7% 2.0% 2.0% 2.0% 2.0%

Cosmote 0.8% 0.8% 0.8% 1.5% 1.3% 1.3% 1.4% 1.7% 1.8% 1.8% 1.8% 1.8% 2.0% 2.0% 1.7% 1.2% 1.6% 1.6% 1.8% 1.8% 1.8%

Q-Telecom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 1.7% 1.9% 1.6% 1.8% 1.5% 1.6% 1.4% 1.5% 1.9% 2.1% 2.2% 2.1% 2.0% 2.0% 2.0% 1.8% 2.0% 1.8% 1.9% 1.9% 1.9%




Table 71: Greece (Continued)

GREECE 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EURPanafon Vodafone 42.00 37.90 37.90 32.40 29.20 29.80 30.80 25.80 26.40 28.59 33.79 30.80 28.52 29.84 31.66 34.40 28.10 33.00 33.00 33.00 29.00

Stet Hellas 35.00 32.00 29.00 28.20 20.04 22.85 25.00 22.00 21.30 23.50 25.00 25.00 22.80 23.80 26.19 22.60 25.47 26.50 27.60 27.10 25.40

Cosmote 41.00 38.00 34.00 32.00 30.00 29.80 30.20 29.00 28.00 29.20 32.00 30.00 27.50 28.50 31.10 31.10 29.20 31.40 34.90 28.40 28.60Q-Telecom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 20.00 20.00 19.00 20.00 20.00 20.00 15.00 15.00 15.00 15.00 14.00

Country AVG ARPU 39.63 36.20 34.02 31.10 26.96 27.90 29.02 25.96 25.64 27.46 30.76 28.85 26.48 27.56 29.76 29.95 27.39 29.98 31.48 28.85 27.07YoY ARPU Grow th -32.9% -28.3% -26.8% -28.2% -32.0% -22.9% -14.7% -16.5% -4.9% -1.6% 6.0% 11.1% 3.3% 0.4% -3.2% 3.8% 3.4% 8.8% 5.8% -3.7% -1.2%


Monthly MOU (minutes)Panafon Vodafone 88 84 91 76 70 76 80 69 82 92 103 99 92 105 112 119 120 123 125 125 126

Stet Hellas 81 76 72 73 65 68 68 66 68 78 80 83 75 80 90 99 100 103 106 109 108Cosmote 91 93 94 90 85 91 90 90 86 96 107 104 96 105 118 131 121 130 139 133 130

Q-Telecom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 68 68 60 58 58 58 44 44 44 44 43

Country Average MOU* 87 84 86 80 74 79 80 76 80 90 98 96 88 97 107 117 113 117 121 119 118YoY Monthly MOU Grow th -19.3% -16.6% -11.3% -13.9% -14.8% -6.2% -6.9% -5.1% 7.8% 13.2% 22.2% 26.8% 10.9% 8.6% 9.0% 21.2% 27.5% 20.0% 13.2% 2.2% 4.7%

Revenue Per Minute - EURPanafon Vodafone 0.45 0.42 0.39 0.39 0.37 0.35 0.34 0.33 0.28 0.27 0.29 0.27 0.27 0.25 0.25 0.25 0.20 0.23 0.23 0.23 0.20

Stet Hellas 0.41 0.40 0.37 0.35 0.27 0.30 0.32 0.29 0.27 0.26 0.28 0.27 0.27 0.26 0.26 0.20 0.22 0.22 0.22 0.21 0.20

Cosmote 0.42 0.37 0.33 0.32 0.31 0.29 0.29 0.28 0.28 0.27 0.26 0.25 0.25 0.23 0.23 0.21 0.21 0.21 0.22 0.19 0.19Q-Telecom 0.24 0.24 0.25 0.28 0.28 0.28 0.27 0.27 0.27 0.27 0.26



YoY Estimated Service Revenues Grow th 23.0% 22.5% 18.8% 12.0% -0.4% 9.0% 16.6% 8.0% 21.8% 28.9% 31.5% 26.6% 23.9% 14.2% 9.0% 17.9% 15.2% 18.6% 18.1% 10.2% 7.1%EBITDA Margin (%)

Panafon Vodafone 42.0% 40.0% 43.1% 46.0% 42.0% 42.0% 43.2% 43.5% 42.5% 40.5% 38.9% 37.4% 38.6% 37.1% 39.2% 38.9% 41.2% 43.2% 44.7% 36.0% 36.0%Stet Hellas 25.0% 25.2% 25.0% 28.0% 32.2% 32.2% 33.9% 32.5% 32.5% 33.5% 35.0% 32.5% 33.4% 34.0% 35.9% 32.8% 26.9% 30.2% 33.3% 24.4% 26.6%

Cosmote 33.0% 13.0% 35.0% 31.0% 40.0% 40.0% 41.0% 42.6% 40.2% 40.7% 41.7% 41.2% 41.1% 40.9% 42.1% 40.1% 41.3% 42.5% 41.0% 39.8% 42.2%

Q-Telecom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -182.0% -170.0% -120.0% -19.3% -10.0% -10.0% 8.1% 14.6% 14.8% 14.9% 14.9%Country Average Margin* 34.3% 27.2% 35.2% 35.8% 38.6% 38.6% 39.9% 40.2% 39.0% 38.7% 38.6% 35.8% 35.8% 36.4% 38.2% 36.3% 36.6% 38.5% 39.1% 33.6% 34.9%




Table 72: Hong Kong

HONG KONG 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration (%) 64.2% 70.0% 72.3% 79.7% 81.1% 76.1% 76.5% 77.7% 77.4% 80.1% 80.9% 84.3% 87.5% 88.2% 91.5% 96.1% 97.3% 99.0% 101.1% 102.3% 104.6%

Increase (%) 4.1% 5.7% 2.4% 7.4% 1.3% -4.9% 0.3% 1.2% -0.3% 2.7% 0.8% 3.4% 3.2% 0.7% 3.3% 4.6% 1.2% 1.7% 2.2% 1.2% 2.3%

Subscribers (000)

CSL 958 995 1,017 1,000 1,024 1,072 1,120 1,142 1,030 1,025 1,021 1,009 1,133 1,083 1,000 1,091 1,078 1,063 1,057 1,056 1,052

Hutchison 1,343 1,511 1,492 1,600 1,743 1,866 1,719 1,760 1,749 1,745 1,750 1,724 1,579 1,522 1,550 1,653 1,714 1,806 1,905 1,918 1,994

SmarTone 790 772 750 876 840 980 990 1,000 1,020 984 968 952 970 980 1,020 1,043 1,050 1,065 1,040 1,033 1,058

New World 550 620 630 720 620 412 443 428 442 555 592 704 760 829 977 1,081 1,092 1,144 1,180 1,218 1,243

Sunday 202 297 330 410 435 485 520 551 562 570 571 603 626 650 670 660 660 659 670 684 705

People 430 470 619 745 785 305 364 371 440 560 601 753 907 944 1,018 1,049 1,039 1,035 1,067 1,130 1,163


% Pre-Paid Subscribers N.A. N.A. 16.5% 22.0% 22.1% 16.4% 17.2% 19.0% 19.0% 22.1% 23.2% 26.8% 29.8% 29.4% 30.6% 33.0% 32.3% 32.9% 34.3% 35.0% 0.0%

YoY Subscriber Grow th 32.7% 34.4% 27.6% 34.1% 27.5% 9.8% 6.6% -1.9% -3.7% 6.2% 6.7% 9.4% 14.0% 10.5% 13.3% 14.5% 11.0% 12.7% 11.0% 7.0% 8.8%

Market Share (%)

CSL 22.4% 21.3% 21.0% 18.7% 18.8% 20.9% 21.7% 21.7% 19.6% 18.8% 18.6% 17.6% 19.0% 18.0% 16.0% 16.6% 16.3% 15.7% 15.3% 15.0% 14.6%

Hutchison 31.4% 32.4% 30.8% 29.9% 32.0% 36.4% 33.3% 33.5% 33.4% 32.1% 31.8% 30.0% 26.4% 25.3% 24.9% 25.1% 25.8% 26.7% 27.5% 27.2% 27.6%

SmarTone 18.5% 16.5% 15.5% 16.4% 15.4% 19.1% 19.2% 19.0% 19.5% 18.1% 17.6% 16.6% 16.2% 16.3% 16.4% 15.9% 15.8% 15.7% 15.0% 14.7% 14.7%

New World 12.9% 13.3% 13.0% 13.5% 11.4% 8.0% 8.6% 8.1% 8.4% 10.2% 10.8% 12.3% 12.7% 13.8% 15.7% 16.4% 16.5% 16.9% 17.1% 17.3% 17.2%

Sunday 4.7% 6.4% 6.8% 7.7% 8.0% 9.5% 10.1% 10.5% 10.7% 10.5% 10.4% 10.5% 10.5% 10.8% 10.7% 10.0% 10.0% 9.7% 9.7% 9.7% 9.8%

People 10.1% 10.1% 12.8% 13.9% 14.4% 6.0% 7.1% 7.1% 8.4% 10.3% 10.9% 13.1% 15.2% 15.7% 16.3% 16.0% 15.7% 15.3% 15.4% 16.1% 16.1%



CSL 16 37 22 (17) 24 48 48 22 (112) (5) (4) (12) 124 (50) (83) 91 (13) (15) (6) (1) (4)

Hutchison 147 168 (19) 108 143 123 (147) 41 (11) (4) 5 (26) (145) (57) 28 103 61 92 99 12 77

SmarTone 65 (18) (22) 126 (36) 140 10 10 20 (36) (16) (16) 18 10 40 23 7 15 (25) (7) 25

New World 40 70 10 90 (100) (208) 31 (15) 14 113 37 112 56 69 148 104 11 52 37 38 24

Sunday (85) 95 33 80 25 50 35 31 11 8 1 32 23 24 20 (10) 0 (1) 11 14 21

People 100 40 149 126 40 (480) 59 7 69 120 41 152 154 37 74 31 (10) (4) 32 63 33

Total Net Adds 283 391 174 513 96 (327) 36 96 (9) 196 64 242 230 34 227 342 56 139 148 119 176

YoY Net Adds Grow th 13.2% 56.6% -46.3% 160.4% -66.1% N.M. -79.0% -81.4% N.M. N.M. 75.4% 153.4% N.M. -82.9% 253.9% 41.1% -75.5% 313.8% -34.9% -65.1% 212.2%


CSL 6% 9% 13% -3% 25% N.M. 132% 23% N.M. -3% -6% -5% 54% -148% -37% 27% -23% -11% -4% -1% -2%

Hutchison 52% 43% -11% 21% 149% N.M. -402% 42% N.M. -2% 8% -11% -63% -169% 12% 30% 109% 66% 67% 10% 44%

SmarTone 23% -5% -13% 25% -38% N.M. 27% 10% N.M. -18% -25% -7% 8% 30% 18% 7% 12% 11% -17% -6% 14%

New World 14% 18% 6% 18% -104% N.M. 85% -16% N.M. 58% 58% 46% 24% 205% 65% 30% 19% 37% 25% 32% 14%

Sunday -30% 24% 19% 16% 26% N.M. 96% 32% N.M. 4% 2% 13% 10% 71% 9% -3% 0% -1% 7% 12% 12%

People 35% 10% 86% 25% 42% N.M. 162% 7% N.M. 61% 64% 63% 67% 110% 33% 9% -18% -3% 22% 53% 19%


Monthly Churn (%)

CSL N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Hutchison N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

SmarTone 4.0% 5.7% 5.5% 5.5% 5.2% 6.0% 5.5% 5.5% 4.5% 3.0% 2.5% 2.5% 3.5% 3.0% 2.6% 2.6% 2.4% 2.4% 2.6% 2.4% 2.4%

New World N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Sunday 6.0% 6.0% 6.0% 6.0% 10.7% 10.7% 7.8% 7.8% 6.5% 6.5% 4.4% 4.4% 5.5% 5.5% 4.4% 4.4% 3.6% 3.6% 4.2% 4.0% 4.0%

People N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.9% 3.9% 3.8% N.A. 3.4% 3.7% 3.7% 3.7%





Table 73: Hong Kong (Continued)

HONG KONG 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - HKDCSL 376.00 376.00 376.00 376.00 361.00 361.00 361.00 361.00 348.07 367.88 347.83 350.57 333.05 316.39 320.00 320.00 288.70 297.20 297.20 303.14 304.60


SmarTone 322.11 312.48 289.37 270.81 226.11 213.19 220.00 220.00 220.00 212.00 214.00 222.00 210.90 203.00 205.00 207.00 216.00 216.00 210.00 228.00 228.00New World N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Sunday 265.00 265.00 240.00 240.00 225.00 215.00 210.00 205.00 207.00 210.00 210.00 215.00 204.25 196.00 203.00 203.00 182.00 182.00 181.00 180.00 180.00People N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 133.73 126.35 113.15 105.42 104.09 105.75 105.30 102.21 96.19

Country AVG Monthly ARPU 342.68 336.27 323.61 311.30 285.98 275.99 278.07 276.72 267.70 273.51 266.48 270.95 228.56 215.56 210.44 210.66 200.23 202.87 199.82 203.50 201.22

YoY ARPU Grow th -19.5% -19.6% -23.0% -22.9% -16.5% -17.9% -14.1% -11.1% -6.4% -0.9% -4.2% -2.1% -14.6% -21.2% -21.0% -22.3% -12.4% -5.9% -5.0% -3.4% 0.5%Country AVG Data as % of ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.4% N.A. N.A. N.A. 5.0% 8.0% 8.1% 7.7% 7.7% 9.2% 9.0% 9.0%

Monthly MOU (minutes)CSL N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


SmarTone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.New World N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Sunday N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.People N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


YoY Monthly MOU Grow th -12.1% -9.7% -3.4% 3.4% 8.6% 16.1% 19.6% 16.7% 11.1% 7.7% 4.5% 0.0% 2.9% 5.7% 8.6% 8.6% 5.6% 2.7% 1.3% 1.8% 2.3%Revenue Per Minute - HKD

CSL N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Hutchison N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

SmarTone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

New World N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Sunday N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

People N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average RPM* 1.18 1.20 1.16 1.04 0.91 0.85 0.83 0.79 0.76 0.78 0.76 0.77 0.63 0.55 0.51 0.51 0.49 0.49 0.47 0.48 0.47

YoY RPM Grow th -8.4% -10.9% -20.2% -25.5% -23.2% -29.3% -28.2% -23.8% -15.8% -8.3% -8.3% -2.1% -17.0% -28.9% -33.1% -34.2% -23.4% -11.0% -7.5% -6.0% -3.2%

Total Est Serv. Rev (HKD bn) 4.247 4.508 4.613 4.758 4.632 4.375 4.286 4.320 4.214 4.382 4.374 4.571 4.018 3.875 3.865 4.048 3.967 4.079 4.104 4.261 4.302YoY Est Ser. Rev Grow th 7.5% 7.5% 0.8% 0.9% 9.1% -3.0% -7.1% -9.2% -9.0% 0.2% 2.0% 5.8% -4.7% -11.6% -11.6% -11.4% -1.3% 5.3% 6.2% 5.2% 8.4%

EBITDA Margin (%)

CSL 24.0% 24.0% 24.0% 24.0% 29.0% 29.0% 29.0% 29.0% 34.0% 34.0% 32.0% 32.0% 29.8% 29.8% 38.2% 38.2% 32.7% 32.7% 33.0% 33.0% 33.0%Hutchison N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

SmarTone 10.8% 11.0% 2.6% -5.2% 7.0% 12.0% 18.0% 18.0% 29.0% 29.0% 27.0% 27.0% 26.0% 26.0% 29.0% 29.0% 26.0% 26.0% 27.0% 25.0% 25.0%New World N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Sunday -11.0% -11.0% -8.0% -8.0% 6.0% 6.0% 9.0% 9.0% 15.0% 15.0% 18.0% 22.0% 27.0% 23.0% 25.0% 25.0% 26.0% 26.0% 20.0% 20.0% 20.0%

People N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 39.0% 39.0% 32.0% 32.0% 33.0% 31.0% 32.0% 32.0% 28.0%Country AVG EBITDA Margin* 15.0% 14.1% 11.3% 7.1% 16.6% 18.0% 20.9% 20.8% 28.0% 27.9% 27.0% 27.8% 30.6% 29.9% 31.6% 31.7% 29.8% 29.2% 28.8% 28.3% 27.1%




Table 74: Hungary

HUNGARY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 25.7% 28.9% 30.0% 31.2% 33.9% 38.2% 41.4% 48.4% 53.5% 58.3% 62.4% 68.2% 70.1% 72.4% 75.0% 78.8% 79.7% 81.3% 83.0% 86.4% 87.4%Increase (%) 3.2% 3.2% 1.1% 1.3% 2.7% 4.3% 3.2% 7.0% 5.1% 4.8% 4.1% 5.8% 1.9% 2.3% 2.5% 3.8% 1.0% 1.6% 1.7% 3.5% 0.9%

Subscribers (000)

DT (HUN) - T-Mobile 1,488 1,670 1,727 1,783 1,840 2,040 2,170 2,550 2,750 3,000 3,140 3,426 3,420 3,519 3,590 3,776 3,840 3,910 3,990 4,030 4,051Telenor (HUN) - Pannon GSM 1,083 1,220 1,270 1,320 1,370 1,550 1,690 1,950 2,090 2,255 2,450 2,627 2,712 2,715 2,773 2,847 2,820 2,810 2,790 2,960 3,012

Vodafone (HUN) N.A. N.A. N.A. 20 180 230 280 340 560 630 710 832 946 1,080 1,208 1,331 1,390 1,490 1,600 1,740 1,763Total Subscribers 2,570 2,890 2,997 3,123 3,390 3,820 4,140 4,840 5,400 5,885 6,300 6,885 7,078 7,314 7,571 7,954 8,050 8,210 8,380 8,730 8,826

% Pre-Paid Subscribers 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 80.4% 80.4% 80.6% 80.2% 79.8% 79.3% 80.0% 81.0% 81.0%


DT (HUN) - T-Mobile 57.9% 57.8% 57.6% 57.1% 54.3% 53.4% 52.4% 52.7% 50.9% 51.0% 49.8% 49.8% 48.3% 48.1% 47.4% 47.5% 47.7% 47.6% 47.6% 46.2% 45.9%

Telenor (HUN) - Pannon GSM 42.1% 42.2% 42.4% 42.3% 40.4% 40.6% 40.8% 40.3% 38.7% 38.3% 38.9% 38.2% 38.3% 37.1% 36.6% 35.8% 35.0% 34.2% 33.3% 33.9% 34.1%Vodafone (HUN) N.A. N.A. N.A. 0.6% 5.3% 6.0% 6.8% 7.0% 10.4% 10.7% 11.3% 12.1% 13.4% 14.8% 16.0% 16.7% 17.3% 18.1% 19.1% 19.9% 20.0%


DT (HUN) - T-Mobile 183 183 57 57 57 200 130 380 200 250 140 286 (6) 99 71 186 64 70 80 40 21

Telenor (HUN) - Pannon GSM 138 138 50 50 50 180 140 260 140 165 195 177 85 3 58 74 (27) (10) (20) 170 52Vodafone (HUN) N.A. N.A. N.A. 20 160 50 50 60 220 70 80 122 114 134 128 123 59 100 110 140 23

Total Net Adds 320 320 107 127 267 430 320 700 560 485 415 585 193 236 257 383 96 160 170 350 96YoY Net Adds Grow th 16.4% 16.4% -66.7% -60.4% -16.7% 34.4% 200.0% 452.6% 110.0% 12.8% 29.7% -16.4% -65.5% -51.3% -38.1% -34.5% -50.3% -32.2% -33.9% -8.6% -0.3%


DT (HUN) - T-Mobile 57% 57% 53% 45% 21% 47% 41% 54% 36% 52% 34% 49% -3% 42% 28% 49% 67% 44% 47% 11% 22%Telenor (HUN) - Pannon GSM 43% 43% 47% 39% 19% 42% 44% 37% 25% 34% 47% 30% 44% 1% 23% 19% -28% -6% -12% 49% 55%

Vodafone (HUN) 0% 0% 0% 16% 60% 12% 16% 9% 39% 14% 19% 21% 59% 57% 50% 32% 61% 63% 65% 40% 24%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)

DT (HUN) - T-Mobile N.A. N.A. N.A. N.A. 1.3% 1.3% 1.2% 1.2% 1.5% 1.3% 1.2% 1.2% 2.2% 2.0% 1.9% 1.7% 0.8% 1.0% 1.7% 1.7% 1.3%Telenor (HUN) - Pannon GSM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Vodafone (HUN) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn N.A. N.A. N.A. N.A. 1.3% 1.3% 1.2% 1.2% 1.5% 1.3% 1.2% 1.2% 2.2% 2.0% 1.9% 1.7% 0.8% 1.0% 1.7% 1.7% 1.3%

HUNGARY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05




Table 75: Hungary (Continued)

HUNGARY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - HUFDT (HUN) - T-Mobile 9,146 8,694 8,574 8,016 7,077 6,521 6,288 6,323 6,030 5,652 5,647 5,487 5,059 5,203 5,422 5,205 4,800 4,923 4,963 4,909 4,653

Telenor (HUN) - Pannon GSM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 5,705 5,340 5,705 N.A. 4,876 4,991 5,389 5,513 5,071 5,297 5,487 5,233 5,200

Vodafone (HUN) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4,858 4,960 5,032 5,129 5,183 5,213 5,213 5,187 Country Average ARPU 8,688 8,260 8,145 7,616 6,723 6,195 5,973 6,007 5,729 5,370 5,365 5,213 4,978 5,073 5,336 5,286 4,952 5,098 5,185 5,079 4,946

YoY ARPU Grow th -20.6% -22.5% -15.4% -14.6% -22.6% -25.0% -26.7% -21.1% -14.8% -13.3% -10.2% -13.2% -16.1% -5.5% -0.5% 1.4% 3.0% 0.5% -2.9% -4.0% -0.1%

Country AVG Data as % of ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 7.0% 8.5% 9.2% 9.9% 10.6% 10.8% 10.8% 12.4% 12.5% 12.0% 12.1% 12.1% 12.5%Monthly MOU (minutes)

DT (HUN) - T-Mobile 192 184 175 165 155 146 135 125 121 121 120 117 103 110 112 118 107 115 118 118 113Telenor (HUN) - Pannon GSM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 112 N.A. 101 102 113 116 111 121 121 121 115

Vodafone (HUN) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* 192 184 175 165 155 146 135 125 121 121 116 117 102 107 112 117 109 118 119 119 114YoY Monthly MOU Grow th N.A. -16.7% -16.7% -17.5% -19.3% -20.7% -22.9% -24.2% -21.9% -17.1% -13.7% -6.4% -15.6% -12.0% -3.5% 0.1% 6.4% 10.3% 6.0% 1.8% 4.7%

Revenue Per Minute - HUFDT (HUN) - T-Mobile 47.63 47.25 48.99 48.58 45.66 44.66 46.57 50.58 46.35 42.74 42.64 42.30 43.91 42.29 43.18 38.64 39.25 37.67 36.97 36.57 36.03

Telenor (HUN) - Pannon GSM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 50.94 N.A. 48.28 48.93 47.69 47.53 45.68 43.78 45.35 43.25 45.22

Vodafone (HUN) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average RPM* 45.25 44.89 46.54 46.16 43.38 42.43 44.25 48.05 44.03 40.61 41.80 40.13 43.58 42.48 42.33 39.53 39.86 38.18 38.23 37.43 38.01

YoY RPM Grow th N.A. -7.0% 1.5% 3.6% -4.1% -5.5% -4.9% 4.1% 1.5% -4.3% -5.5% -16.5% -1.0% 4.6% 1.3% -1.5% -8.5% -10.1% -9.7% -5.3% -4.6%Total Est Serv. Rev (HUF bn) 62.8 67.6 71.9 69.9 65.7 67.0 71.3 80.9 88.0 90.9 98.1 103.1 104.3 109.5 119.1 123.1 118.9 124.3 129.0 130.4 130.3

YoY Estimated Service Revenues Grow th 59.8% 43.6% 40.6% 25.1% 4.6% -1.0% -0.8% 15.7% 34.0% 35.7% 37.5% 27.4% 18.5% 20.5% 21.5% 19.4% 14.0% 13.5% 8.3% 5.9% 9.6%

EBITDA Margin (%)DT (HUN) - T-Mobile N.A. N.A. 42.0% 38.0% 31.9% 41.7% 44.5% 34.6% 35.6% 37.1% 42.5% 37.8% 43.0% 35.9% 38.0% 33.2% 41.8% 41.5% 36.0% 38.8% 38.5%

Telenor (HUN) - Pannon GSM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 37.6% 37.5% N.A. N.A. 39.8% 39.8% 36.1% 33.0% 39.0% 39.8% 36.9% 33.9% 36.4%Vodafone (HUN) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country AVG EBITDA Margin* N.A. N.A. 42.0% 38.0% 31.9% 41.7% 44.5% 34.6% 36.5% 37.3% 42.5% 37.8% 41.6% 37.6% 37.2% 33.1% 40.6% 40.8% 36.4% 36.7% 37.6%




Table 76: India

INDIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 0.2% 0.2% 0.3% 0.3% 0.4% 0.4% 0.5% 0.5% 0.6% 0.7% 0.8% 1.0% 1.3% 1.7% 2.2% 2.7% 3.2% 3.6% 4.1% 4.6% 5.0%

Increase (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.3% 0.3% 0.5% 0.5% 0.5% 0.4% 0.5% 0.5% 0.4%

Subscribers (000)

Reliance Infocomm N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 958 1,821 4,183 5,571 6,474 7,298 8,101 9,116 9,330

Hutchison 446 479 528 617 710 832 1,010 1,122 1,268 1,510 1,789 2,024 2,164 2,619 3,223 4,117 5,148 5,771 6,371 7,180 7,798

BTVL 357 407 481 555 686 806 983 1,109 1,351 1,607 2,293 2,775 3,071 3,751 4,617 5,501 6,504 7,672 8,702 9,826 10,984

BSNL N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 17 26 30 790 2,256 3,193 4,011 4,764 5,254 5,794 7,956 8,917 9,856

Others 1,082 1,296 1,615 1,935 2,182 2,440 2,811 3,248 3,795 4,280 4,174 5,061 5,410 5,846 6,885 8,229 10,231 11,236 11,854 12,997 14,204


% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 63.0% 64.0% 66.0% 70.0% 76.0% 81.0% 83.0% 82.0% 79.0% 78.0% 77.0% 75.0% 76.0%


Market Share (%)

Reliance Infocomm N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 6.9% 10.6% 18.3% 19.8% 19.3% 19.3% 18.8% 19.0% 17.9%

Hutchison 23.6% 22.0% 20.1% 19.9% 19.8% 20.4% 21.0% 20.5% 19.7% 20.3% 21.6% 19.0% 15.6% 15.2% 14.1% 14.6% 15.3% 15.3% 14.8% 14.9% 14.9%

BTVL 18.9% 18.7% 18.3% 17.9% 19.2% 19.8% 20.5% 20.2% 21.0% 21.6% 27.7% 26.1% 22.2% 21.8% 20.1% 19.5% 19.4% 20.3% 20.2% 20.5% 21.1%

BSNL N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.3% 0.4% 0.4% 7.4% 16.3% 18.5% 17.5% 16.9% 15.6% 15.3% 18.5% 18.6% 18.9%

Others 57.4% 59.4% 61.5% 62.3% 61.0% 59.8% 58.5% 59.3% 59.0% 57.7% 50.4% 47.5% 39.0% 33.9% 30.0% 29.2% 30.4% 29.7% 27.6% 27.1% 27.2%



Reliance Infocomm N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 863 2,362 1,388 903 824 803 1,015 214

Hutchison 61 34 49 89 93 122 178 112 146 242 278 236 140 455 604 894 1,031 623 600 809 618

BTVL 74 51 74 74 130 120 178 126 242 256 686 481 296 680 866 884 1,003 1,168 1,030 1,124 1,158

BSNL N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9 4 759 1,466 937 818 753 490 540 2,162 961 939

Others 166 213 319 321 247 259 371 437 547 485 (105) 887 349 436 1,039 1,344 2,002 1,005 618 1,143 1,207

Total Net Adds 301 298 442 484 470 501 726 675 952 992 864 2,363 3,209 3,371 5,689 5,263 5,429 4,160 5,213 5,051 4,137

YoY Net Adds Grow th 133% N.M. 128% 95% 56% 68% 64% 39% 103% 98% 19% 250% 237% 240% 559% 123% 69% 23% -8% -4% -24%


Reliance Infocomm N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 26% 42% 26% 17% 20% 15% 20% 5%

Hutchison 20% 11% 11% 18% 20% 24% 25% 17% 15% 24% 32% 10% 4% 13% 11% 17% 19% 15% 12% 16% 15%

BTVL 24% 17% 17% 15% 28% 24% 24% 19% 25% 26% 79% 20% 9% 20% 15% 17% 18% 28% 20% 22% 28%

BSNL N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1% 1% 32% 46% 28% 14% 14% 9% 13% 41% 19% 23%

Others 55% 72% 72% 66% 53% 52% 51% 65% 57% 49% -12% 38% 11% 13% 18% 26% 37% 24% 12% 23% 29%


Monthly Churn (%)

Reliance Infocomm N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


BTVL 3.5% 3.8% 4.1% 4.4% 4.7% 5.0% 5.4% 5.7% 4.6% 3.8% 3.6% 4.7% 6.2% 5.2% 4.7% 5.5% 5.9% 7.5% 7.5% 7.3% 6.1%

BSNL N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Others N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.





Table 77: India (Continued)

INDIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - INR



BTVL 1335.00 1329.25 1323.50 1317.75 1312.00 1229.50 1147.00 1064.50 982.00 880.00 807.00 762.00 687.00 582.00 546.00 519.00 493.00 515.00 509.00 519.00 504.00



Country Average ARPU* 1335.00 1329.25 1323.50 1317.75 1312.00 1229.50 1147.00 1064.50 982.00 880.00 807.00 762.00 687.00 582.00 546.00 519.00 493.00 515.00 509.00 519.00 504.00

YoY ARPU Grow th 0.4% -0.2% -0.7% -1.2% -1.7% -7.5% -13.3% -17.3% -25.2% -28.4% -29.6% -30.1% -30.0% -33.9% -32.3% -31.9% -28.2% -11.5% -6.8% 0.0% 2.2%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2.1% 2.3% 3.2% 3.1% 2.9% 3.1% 3.4% 3.6% 4.6% 7.4% 8.5% 9.4%




BTVL 172 183 195 206 217 211 204 198 191 194 208 224 249 291 300 296 295 309 321 344 357




YoY Monthly MOU Grow th 89.0% 64.7% 47.9% 35.6% 26.2% 14.9% 4.9% -4.0% -12.0% -7.8% 2.0% 13.4% 30.4% 50.0% 44.2% 32.1% 18.5% 6.2% 7.0% 16.2% 21.0%

Revenue Per Minute - INR



BTVL 7.76 7.25 6.80 6.40 6.05 5.84 5.62 5.39 5.14 4.44 3.79 3.29 2.67 1.94 1.76 1.69 1.61 1.59 1.47 1.38 1.28




YoY RPM Grow th -46.9% -39.4% -32.8% -27.1% -22.1% -19.5% -17.4% -15.8% -15.0% -24.0% -32.6% -38.9% -48.0% -56.3% -53.5% -48.6% -39.7% -18.1% -16.7% -18.5% -20.6%



EBITDA Margin (%)



BTVL 28.5% 28.1% 27.7% 27.3% 26.9% 28.9% 31.0% 33.0% 35.0% 37.0% 21.0% 28.0% 24.0% 27.0% 32.0% 37.0% 32.2% 35.0% 33.5% 32.6% 34.8%







Table 78: Indonesia

INDONESIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 1.2% 1.3% 1.5% 1.7% 2.0% 2.2% 2.5% 3.0% 3.3% 3.8% 4.5% 5.3% 5.7% 6.4% 7.2% 8.5% 9.4% 10.6% 12.3% 13.7% 14.3%Increase (%) 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.3% 0.5% 0.3% 0.5% 0.7% 0.8% 0.4% 0.7% 0.8% 1.3% 0.9% 1.2% 1.7% 1.4% 0.7%

Subscribers (000)

Telkomsel 1,121 1,226 1,450 1,683 1,931 2,181 2,563 3,230 3,733 4,200 4,996 6,011 6,600 7,714 8,793 9,589 10,743 12,366 13,692 16,291 17,867Satelindo + IM3 751 823 954 1,055 1,225 1,413 1,500 1,918 2,065 2,386 2,781 3,583 3,896 4,312 5,029 5,962 6,590 7,355 8,977 9,755 10,189

Excelcomindo 468 551 645 765 851 925 1,100 1,080 1,090 1,370 1,673 1,700 1,750 1,800 1,850 2,950 3,256 3,494 4,200 3,800 3,300Komselindo 54 65 72 76 56 61 50 39 38 45 41 39 39 45 45 45 45 45 45 45 45

Metrosel 42 49 56 63 69 75 67 73 79 63 60 73 73 63 63 63 63 63 63 63 63

Mobisel 14 13 14 15 13 12 11 10 9 8 8 10 10 8 8 8 8 8 8 8 8Telesera 7 7 7 8 8 9 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10

Total Subscribers 2,457 2,735 3,199 3,665 4,153 4,675 5,300 6,360 7,024 8,082 9,569 11,425 12,378 13,951 15,798 18,627 20,715 23,341 26,995 29,972 31,482% Pre-Paid Subscribers 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.7% 84.6% 86.0% 87.8% 89.8% 90.3% 91.0% 91.7% N.A. N.A. N.A. N.A. N.A. N.A.


Market Share (%)Telkomsel 45.6% 44.8% 45.3% 45.9% 46.5% 46.6% 48.4% 50.8% 53.1% 52.0% 52.2% 52.6% 53.3% 55.3% 55.7% 51.5% 51.9% 53.0% 50.7% 54.4% 56.8%

Satelindo + IM3 30.6% 30.1% 29.8% 28.8% 29.5% 30.2% 28.3% 30.2% 29.4% 29.5% 29.1% 31.4% 31.5% 30.9% 31.8% 32.0% 31.8% 31.5% 33.3% 32.5% 32.4%Excelcomindo 19.0% 20.2% 20.2% 20.9% 20.5% 19.8% 20.7% 17.0% 15.5% 17.0% 17.5% 14.9% 14.1% 12.9% 11.7% 15.8% 15.7% 15.0% 15.6% 12.7% 10.5%

Komselindo 2.2% 2.4% 2.3% 2.1% 1.3% 1.3% 0.9% 0.6% 0.5% 0.6% 0.4% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1%

Metrosel 1.7% 1.8% 1.8% 1.7% 1.7% 1.6% 1.3% 1.1% 1.1% 0.8% 0.6% 0.6% 0.6% 0.4% 0.4% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2%Mobisel 0.6% 0.5% 0.4% 0.4% 0.3% 0.3% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Telesera 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0%Total Market Share 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


Telkomsel 96 105 224 234 247 250 382 667 503 467 796 1,014 590 1,113 1,079 796 1,154 1,623 1,326 2,599 1,576Satelindo + IM3 72 72 131 101 170 188 87 418 147 321 395 801 313 416 717 933 628 764 1,623 778 435

Excelcomindo 85 83 93 120 86 74 175 (20) 10 280 303 27 50 50 50 1,100 306 238 706 (400) (500)Komselindo 17 11 7 4 (20) 5 (11) (11) (1) 7 (4) (1) 0 6 0 0 0 0 0 0 0

Metrosel 1 7 7 7 6 6 (8) 6 6 (16) (3) 13 0 (10) 0 0 0 0 0 0 0

Mobisel 1 (1) 0 1 (2) (1) (1) (1) (1) (1) (1) 2 0 (1) (0) 0 0 0 0 0 0Telesera 1 0 0 0 0 1 1 0 0 (1) 0 0 0 (0) 0 0 0 0 0 0 0

Total Net Adds 273 278 463 466 488 523 624 1,060 664 1,058 1,487 1,856 953 1,572 1,847 2,829 2,088 2,625 3,655 2,977 1,511YoY Net Adds Grow th -12.6% 9.5% 146.5% 28.3% 79.0% 87.9% 34.7% 127.6% 35.9% 102.4% 138.2% 75.1% 43.6% 48.6% 24.2% 52.4% 119.0% 67.0% 97.9% 5.2% -27.6%


Telkomsel 35% 38% 48% 50% 51% 48% 61% 63% 76% 44% 54% 55% 62% 71% 58% 28% 55% 62% 36% 87% 104%Satelindo + IM3 26% 26% 28% 22% 35% 36% 14% 39% 22% 30% 27% 43% 33% 26% 39% 33% 30% 29% 44% 26% 29%

Excelcomindo 31% 30% 20% 26% 18% 14% 28% -2% 2% 26% 20% 1% 5% 3% 3% 39% 15% 9% 19% -13% -33%Komselindo 6% 4% 1% 1% -4% 1% -2% -1% 0% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Metrosel 0% 3% 2% 1% 1% 1% -1% 1% 1% -2% 0% 1% 0% -1% 0% 0% 0% 0% 0% 0% 0%

Mobisel 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%Telesera 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%


Telkomsel 1.9% 1.8% 1.6% 1.4% 1.0% 1.0% 1.0% 1.0% 0.8% 0.8% 0.8% 0.8% 0.8% 1.0% 1.0% 1.0% 4.0% 6.0% 7.0% 8.0% 8.0%

Satelindo + IM3 1.6% 1.4% 1.3% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.0% 1.3% 1.3% 1.3% 3.0% 3.0% 3.0% 5.0% 6.0% 7.0% 8.0% 9.0%Excelcomindo N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Komselindo N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Metrosel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Mobisel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Telesera N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 1.8% 1.6% 1.5% 1.3% 1.0% 1.0% 1.0% 1.0% 0.9% 0.9% 1.0% 1.0% 1.0% 1.7% 1.7% 1.8% 4.4% 6.0% 7.0% 8.0% 8.4%




Table 79: Indonesia (Continued)

INDONESIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - IDRTelkomsel N.A. N.A. N.A. N.A. 166,255 166,073 174,695 174,544 148,200 148,142 148,323 136,508 117,112 117,479 115,922 110,436 104,173 96,501 92,639 102,000 88,000

Satelindo + IM3 N.A. N.A. N.A. N.A. 153,589 146,280 150,376 146,012 118,374 115,202 109,114 115,073 93,886 95,761 100,565 89,540 91,432 78,807 76,613 75,030 71,975

Excelcomindo N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Komselindo N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Metrosel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Mobisel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Telesera N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country AVG Monthly ARPU N.A. N.A. N.A. N.A. 161,338 158,291 165,717 163,914 137,577 136,209 134,302 128,503 108,491 109,692 110,335 102,424 99,329 89,902 86,293 91,899 82,180 YoY ARPU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -14.7% -13.9% -19.0% -21.6% -21.1% -19.5% -17.8% -20.3% -8.4% -18.0% -21.8% -10.3% -17.3%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4% 10.3% 10.3% 12.5% 13.3% 16.3% 17.9% 18.4% 19.3% 19.6% 21.5% 21.1% 21.8% 27.4%Monthly MOU (minutes)

Telkomsel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Satelindo + IM3 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Excelcomindo N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


Mobisel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Telesera N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Revenue Per Minute - IDR

Telkomsel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Satelindo + IM3 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Excelcomindo N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


Mobisel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Telesera N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average RPM* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Total Est Serv. Rev (IDR bn) N.A. N.A. N.A. N.A. 1,892 2,096 2,480 2,867 2,762 3,086 3,556 4,047 3,874 4,332 4,923 5,289 5,862 5,941 6,515 7,853 7,575

YoY Estimated Service Revenues Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 46.0% 47.2% 43.4% 41.2% 40.3% 40.4% 38.5% 30.7% 51.3% 37.1% 32.3% 48.5% 29.2%EBITDA Margin (%)

Telkomsel 66.3% 67.5% 68.8% 70.0% 69.0% 69.0% 67.0% 76.0% 69.0% 67.8% 68.0% 65.7% 71.4% 70.4% 70.0% 77.2% 71.5% 69.9% 71.9% 75.4% 72.6%

Satelindo + IM3 52.5% 55.0% 57.5% 60.0% 60.0% 61.0% 61.0% 62.0% 60.5% 60.5% 55.1% 52.6% 59.5% 57.6% 57.0% 54.8% 54.8% 62.8% 59.1% 53.0% 56.3%Excelcomindo N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


Mobisel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Telesera N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country AVG EBITDA Margin* 60.7% 62.5% 64.3% 66.1% 65.5% 65.9% 64.8% 70.8% 66.0% 65.2% 63.4% 60.8% 67.0% 65.8% 65.3% 68.6% 65.1% 67.3% 66.8% 67.0% 66.6%




Table 80: Ireland

IRELAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 44.4% 48.2% 51.7% 63.1% 65.8% 68.0% 72.6% 76.9% 77.6% 76.9% 77.7% 79.2% 79.6% 81.5% 82.8% 87.4% 88.0% 89.0% 90.5% 95.8% 97.3%Increase (%) 4.1% 3.8% 3.4% 11.4% 2.7% 2.2% 4.6% 4.3% 0.7% -0.7% 0.8% 1.5% 0.4% 1.9% 1.3% 4.6% 0.6% 0.9% 1.5% 5.3% 1.5%

Subscribers (000)

Vodafone Ireland 1,049 1,100 1,200 1,410 1,520 1,571 1,611 1,701 1,704 1,704 1,705 1,729 1,740 1,765 1,803 1,871 1,864 1,881 1,890 1,929 1,952O2 Ireland 628 725 760 988 973 998 1,105 1,162 1,180 1,161 1,198 1,240 1,255 1,272 1,274 1,370 1,391 1,395 1,425 1,516 1,526

Meteor N.A. N.A. N.A. N.A. 15 30 65 90 102 102 102 102 97 138 156 181 199 222 252 340 377Total Subscribers 1,677 1,825 1,960 2,398 2,508 2,599 2,781 2,953 2,986 2,967 3,005 3,071 3,092 3,175 3,233 3,422 3,454 3,498 3,567 3,785 3,855



Vodafone Ireland 62.6% 60.3% 61.2% 58.8% 60.6% 60.5% 57.9% 57.6% 57.1% 57.4% 56.7% 56.3% 56.3% 55.6% 55.8% 54.7% 54.0% 53.8% 53.0% 51.0% 50.6%O2 Ireland 37.4% 39.7% 38.8% 41.2% 38.8% 38.4% 39.7% 39.3% 39.5% 39.1% 39.9% 40.4% 40.6% 40.1% 39.4% 40.0% 40.3% 39.9% 40.0% 40.1% 39.6%

Meteor 0.0% 0.0% 0.0% 0.0% 0.6% 1.2% 2.3% 3.0% 3.4% 3.4% 3.4% 3.3% 3.1% 4.3% 4.8% 5.3% 5.8% 6.3% 7.1% 9.0% 9.8%


Vodafone Ireland 101 51 100 210 110 51 40 90 3 0 1 24 11 25 38 68 (7) 17 9 39 23O2 Ireland 57 97 35 228 (15) 25 107 57 18 (19) 37 42 15 17 2 96 21 4 30 91 10

Meteor N.A. N.A. N.A. N.A. 15 15 35 25 12 0 0 0 (5) 41 18 25 18 23 30 88 37

Total Net Adds 158 148 135 438 110 91 182 172 33 (19) 38 66 21 83 58 189 32 44 69 218 70YoY Net Adds Grow th N.A. 88.3% 5.9% 32.7% -30.2% -38.6% 35.0% -60.7% -70.0% N.M. -79.1% -61.6% -36.4% N.M. 52.6% 185.8% 54.3% -46.9% 18.1% 15.6% 116.0%

Market Share of Net Adds (%)Vodafone Ireland 64% 34% 74% 48% 100% 56% 22% 52% 9% N.M. 3% 36% 52% 30% 66% 36% -22% 39% 13% 18% 33%

O2 Ireland 36% 66% 26% 52% -14% 27% 59% 33% 55% N.M. 97% 64% 71% 20% 3% 51% 65% 9% 44% 42% 14%

Meteor N.A. N.A. N.A. N.A. 14% 17% 19% 15% 36% N.M. 0% 0% -24% 49% 31% 13% 57% 52% 43% 40% 53%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Vodafone Ireland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

O2 Ireland N.A. N.A. N.A. N.A. N.A. 3.2% 3.2% 3.2% 3.2% 2.6% 2.6% 2.6% 2.6% 2.5% 2.5% 2.5% 2.2% 2.3% 2.3% 2.3% 2.3%

Meteor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.




Table 81: Ireland (Continued)

IRELAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EURVodafone Ireland N.A. N.A. N.A. N.A. N.A. 45.32 43.86 42.67 44.06 45.04 44.50 47.50 48.00 48.20 48.30 49.50 48.00 51.20 49.97 50.00 47.00

O2 Ireland N.A. N.A. N.A. N.A. N.A. 50.00 45.00 45.00 44.00 45.00 47.00 45.00 45.00 45.00 49.00 47.00 45.00 46.00 49.09 48.00 45.00

Meteor N.A. N.A. N.A. N.A. N.A. 32.33 30.14 29.73 29.87 30.54 31.03 31.37 31.54 31.61 33.00 33.00 31.00 32.00 32.00 32.00 30.38Country AVG ARPU N.A. N.A. N.A. N.A. N.A. 46.59 43.99 43.19 43.55 44.53 45.04 45.95 46.27 46.20 47.84 47.63 45.81 47.91 48.35 47.58 44.58

YoY ARPU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -4.4% 4.0% 3.2% 6.2% 3.8% 6.2% 3.6% -1.0% 3.7% 1.1% -0.1% -2.7%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. 7.8% 9.0% 10.5% 11.5% 11.7% 14.1% 15.7% 17.4% 16.1% 18.4% 21.1% 17.4% 21.8% 19.0% 20.9% 20.9%Monthly MOU (minutes)

Vodafone Ireland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.O2 Ireland N.A. N.A. N.A. N.A. N.A. 205 204 202 200 188 188 185 191 194 198 198 198 206 210 210 210

Meteor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* N.A. N.A. N.A. N.A. N.A. 205 204 202 200 188 188 185 191 194 198 198 198 206 210 210 210YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -8.1% -7.6% -8.3% -4.3% 3.2% 5.3% 7.0% 3.7% 6.2% 6.1% 6.1% 6.1%

Revenue Per Minute - EURVodafone Ireland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

O2 Ireland N.A. N.A. N.A. N.A. N.A. 0.23 0.20 0.20 0.20 0.21 0.21 0.21 0.19 0.19 0.20 0.19 0.19 0.17 0.19 0.18 0.17

Meteor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average RPM* N.A. N.A. N.A. N.A. N.A. 0.21 0.19 0.19 0.19 0.21 0.21 0.21 0.20 0.20 0.20 0.19 0.19 0.18 0.19 0.18 0.17

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -0.4% 6.3% 9.3% 3.6% -4.5% -4.2% -9.4% -4.5% -9.0% -5.4% -5.6% -12.1%Total Market Estimated Revenues N.A. N.A. N.A. N.A. N.A. 0.359 0.360 0.370 0.376 0.391 0.405 0.405 0.411 0.427 0.454 0.462 0.472 0.491 0.511 0.516 0.513

YoY Estimated Service Revenues Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9.1% 12.5% 9.7% 9.3% 9.2% 12.1% 14.0% 14.7% 14.9% 12.7% 11.6% 8.6%

EBITDA Margin (%)Vodafone Ireland N.A. N.A. N.A. N.A. N.A. 38.6% 38.6% 38.6% 38.6% 45.5% 47.2% 44.9% 44.9% 38.4% 44.0% 44.5% 44.8% 45.0% 45.0% 44.0% 44.0%

O2 Ireland N.A. N.A. N.A. N.A. N.A. 29.0% 32.2% 31.3% 31.1% 33.0% 34.0% 37.0% 37.8% 39.6% 39.6% 39.0% 39.0% 37.9% 37.9% 38.0% 38.0%Meteor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average Margin* N.A. N.A. N.A. N.A. N.A. 34.8% 36.0% 35.6% 35.5% 40.4% 41.8% 41.6% 41.9% 38.9% 42.2% 42.2% 42.3% 42.0% 41.9% 41.4% 41.4%




Table 82: Israel

ISRAEL 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 51.8% 56.2% 62.0% 69.0% 75.7% 80.1% 83.1% 87.2% 85.5% 87.6% 88.7% 90.3% 92.3% 94.7% 97.4% 99.7% 100.4% 103.2% 105.1% 105.3% 107.1%Increase (%) 6.4% 4.4% 5.8% 6.9% 6.7% 4.4% 3.1% 4.1% -1.7% 2.1% 1.1% 1.6% 2.0% 2.4% 2.7% 2.3% 0.7% 2.8% 1.9% 0.2% 1.8%

Subscribers (000)

Cellcom 1,510 1,610 1,740 1,850 2,040 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,150 2,200 2,260 2,300 2,320 2,400 2,420 2,450 2,490Pelephone 1,170 1,290 1,400 1,530 1,620 1,700 1,760 1,860 1,620 1,680 1,710 1,760 1,790 1,870 1,910 1,990 2,000 2,073 2,110 2,130 2,180

Partner 430 500 630 830 1,000 1,150 1,300 1,460 1,600 1,700 1,760 1,840 1,894 1,950 2,030 2,103 2,170 2,202 2,270 2,340 2,370MIRS 170 170 170 170 170 190 210 230 240 250 260 260 260 250 250 240 240 240 240 240 240


% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.YoY Subscriber Grow th 44.5% 50.6% 53.3% 53.1% 47.3% 44.0% 36.3% 29.0% 15.1% 11.5% 8.6% 5.5% 9.6% 9.4% 10.6% 11.3% 10.4% 10.3% 9.1% 7.9% 8.2%

Market Share (%)Cellcom 46.0% 45.1% 44.2% 42.2% 42.2% 40.9% 39.1% 37.2% 37.8% 36.6% 36.0% 35.2% 35.3% 35.1% 35.0% 34.7% 34.5% 34.7% 34.4% 34.2% 34.2%

Pelephone 35.7% 36.1% 35.5% 34.9% 33.5% 33.1% 32.8% 32.9% 29.1% 29.3% 29.3% 29.5% 29.4% 29.8% 29.6% 30.0% 29.7% 30.0% 30.0% 29.7% 29.9%

Partner 13.1% 14.0% 16.0% 18.9% 20.7% 22.4% 24.2% 25.8% 28.8% 29.7% 30.2% 30.9% 31.1% 31.1% 31.5% 31.7% 32.2% 31.8% 32.2% 32.7% 32.6%MIRS 5.2% 4.8% 4.3% 3.9% 3.5% 3.7% 3.9% 4.1% 4.3% 4.4% 4.5% 4.4% 4.3% 4.0% 3.9% 3.6% 3.6% 3.5% 3.4% 3.4% 3.3%


Cellcom 270 100 130 110 190 60 0 0 0 0 0 0 50 50 60 40 20 80 20 30 40

Pelephone 80 120 110 130 90 80 60 100 (240) 60 30 50 30 80 40 80 10 73 37 20 50Partner 70 70 130 200 170 150 150 160 140 100 60 80 54 56 80 73 67 32 68 70 30

MIRS 0 0 0 0 0 20 20 20 10 10 10 0 0 (10) 0 (10) 0 0 0 0 0Total Net Adds 420 290 370 440 450 310 230 280 (90) 170 100 130 134 176 180 183 97 185 125 120 120

YoY Net Adds Grow th 320.0% 190.0% 85.0% 51.7% 7.1% 6.9% -37.8% -36.4% N.M. -45.2% -56.5% -53.6% N.M. 3.5% 80.0% 40.8% -27.6% 5.1% -30.6% -34.4% 23.7%

Market Share of Net Adds (%)Cellcom 64% 34% 35% 25% 42% 19% 0% 0% N.M. 0% 0% 0% 37% 28% 33% 22% 21% 43% 16% 25% 33%

Pelephone 19% 41% 30% 30% 20% 26% 26% 36% N.M. 35% 30% 38% 22% 45% 22% 44% 10% 39% 30% 17% 42%Partner 17% 24% 35% 45% 38% 48% 65% 57% N.M. 59% 60% 62% 40% 32% 44% 40% 69% 17% 54% 58% 25%

MIRS 0% 0% 0% 0% 0% 6% 9% 7% N.M. 6% 10% 0% 0% -6% 0% -5% 0% 0% 0% 0% 0%


Cellcom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.4%Pelephone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.2%

Partner 0.5% 0.5% 0.5% 0.4% 0.3% 0.5% 0.6% 0.5% 0.4% 0.5% 0.8% 1.0% 1.3% 1.2% 1.0% 1.0% 1.1% 1.1% 0.9% 0.9% 1.3%

MIRS N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn 0.5% 0.5% 0.5% 0.4% 0.3% 0.5% 0.6% 0.5% 0.4% 0.5% 0.8% 1.0% 1.3% 1.2% 1.0% 1.0% 1.1% 1.1% 0.9% 0.9% 1.3%




Table 83: Israel (Continued)

ISRAEL 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - USDCellcom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 41.83 43.90 45.45 42.53 45.96 N.A. N.A. N.A. 35.94

Pelephone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 33.12 36.14 37.67 36.20 34.30 34.73 34.60 33.26 33.41

Partner 76.00 72.00 79.00 63.00 55.00 52.00 49.00 44.00 40.00 39.20 38.80 37.00 35.10 38.00 41.30 38.50 37.67 37.83 39.29 37.95 36.18MIRS N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average ARPU 72.20 68.40 75.05 59.85 52.25 49.40 46.55 41.80 38.00 37.24 36.86 35.15 33.35 36.10 39.24 36.58 35.78 35.94 37.32 36.05 34.37YoY ARPU Grow th N.A. N.A. -17.7% -31.5% -27.6% -27.8% -38.0% -30.2% -27.3% -24.6% -20.8% -15.9% -12.3% -3.1% 6.4% 4.1% 7.3% -0.4% -4.9% -1.4% -4.0%

Country AVG Data as % of ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4.9% 6.1% 6.0% 6.4% 7.0% 6.9% 6.2% 6.6% 6.6% 7.9% 7.4% 8.0% 7.1%

Monthly MOU (minutes)Cellcom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 325

Pelephone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 327 N.A. N.A. N.A. 318 334 330 328 324 332 334 331 330Partner 411 396 399 361 333 321 316 301 284 284 279 272 267 277 286 276 280 283 291 288 288

MIRS N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* 432 416 419 379 350 337 332 316 298 298 293 286 280 291 300 290 294 297 306 302 302YoY Monthly MOU Grow th N.A. N.A. -8.5% -15.5% -19.0% -18.9% -20.8% -16.6% -14.7% -11.5% -11.7% -9.6% -6.0% -2.5% 2.5% 1.5% 4.9% 2.2% 1.7% 4.3% 2.9%

Revenue Per Minute - USDCellcom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.10

Pelephone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.10 0.11 0.11 0.11 0.11 0.10 0.10 0.10 0.09

Partner 0.18 0.18 0.20 0.17 0.17 0.16 0.16 0.15 0.13 0.13 0.13 0.13 0.12 0.13 0.14 0.13 0.13 0.12 0.13 0.12 0.12MIRS N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average RPM* 0.17 0.16 0.18 0.16 0.15 0.15 0.14 0.13 0.12 0.12 0.12 0.12 0.11 0.12 0.12 0.12 0.11 0.11 0.11 0.11 0.11YoY RPM Grow th N.A. N.A. -10.1% -19.0% -10.7% -10.9% -21.7% -16.2% -18.3% -19.2% -14.9% -12.0% -8.4% -1.3% 3.7% 2.4% 2.7% -3.4% -7.5% -6.7% -8.1%


YoY Estimated Service Revenues Grow th N.A. N.A. 25.1% 4.9% 8.6% 5.1% -13.2% -7.5% -11.5% -14.6% -12.9% -10.0% -5.6% 6.2% 17.1% 15.5% 19.0% 9.9% 4.4% 7.0% 3.8%EBITDA Margin (%)

Cellcom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 33.8% N.A. N.A. N.A. 31.3% N.A. N.A. N.A. N.A. N.A. N.A. N.A. 36.0%Pelephone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 23.2% N.A. N.A. 20.0% 22.8% 27.3% 26.5% 27.2% 27.2% 27.1% 29.9% 24.0%

Partner N.A. N.A. 0.8% 1.4% 11.7% 22.2% 22.0% 22.8% 24.3% 26.9% 27.3% 24.3% 25.4% 32.3% 32.8% 31.5% 30.2% 32.0% 32.5% 29.2% 31.8%

MIRS N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Margin N.A. N.A. 1.0% 1.8% 14.6% 27.8% 27.5% 28.5% 30.4% 29.0% 30.0% 26.0% 23.0% 32.0% 30.0% 29.5% 29.0% 30.0% 29.8% 29.6% 30.6%




Table 84: Italy

ITALY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 56.6% 62.3% 67.4% 72.9% 77.3% 81.2% 85.2% 88.9% 90.0% 90.9% 92.2% 92.3% 94.3% 95.2% 97.2% 99.4% 100.4% 102.8% 106.3% 110.3% 112.5%Increase (%) 3.7% 5.7% 5.1% 5.5% 4.4% 3.9% 4.0% 3.7% 1.0% 0.9% 1.3% 0.1% 1.9% 0.9% 2.1% 2.2% 1.0% 2.3% 3.6% 4.0% 2.1%

Subscribers (000)

TIM 19,211 20,504 20,605 21,601 22,015 22,649 23,266 23,950 24,083 24,207 24,553 25,302 25,657 25,606 26,051 26,076 26,036 26,011 26,203 26,259 26,186OPI Vodafone 11,222 12,527 13,591 14,920 15,686 16,209 16,651 17,431 17,702 17,970 18,311 19,000 19,411 19,589 19,980 20,641 21,135 21,402 21,685 22,152 22,500

Wind 2,124 2,800 4,000 4,760 5,700 6,500 7,400 7,900 8,000 8,130 8,200 8,695 9,000 9,200 9,400 9,900 9,900 10,600 11,300 12,100 12,100Blu N.A. N.A. 555 650 1,050 1,300 1,650 1,820 1,900 1,886 1,886 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 180 310 360 477 838 1,680 2,650 3,560



TIM 59.0% 57.2% 53.2% 51.5% 49.5% 48.5% 47.5% 46.9% 46.6% 46.4% 46.4% 47.7% 47.5% 46.9% 46.7% 45.8% 45.2% 44.2% 43.0% 41.6% 40.7%

OPI Vodafone 34.5% 35.0% 35.1% 35.6% 35.3% 34.7% 34.0% 34.1% 34.3% 34.4% 34.6% 35.9% 35.9% 35.9% 35.8% 36.2% 36.7% 36.4% 35.6% 35.1% 35.0%Wind 6.5% 7.8% 10.3% 11.4% 12.8% 13.9% 15.1% 15.5% 15.5% 15.6% 15.5% 16.4% 16.6% 16.9% 16.9% 17.4% 17.2% 18.0% 18.6% 19.2% 18.8%

Blu N.A. N.A. 1.4% 1.6% 2.4% 2.8% 3.4% 3.6% 3.7% 3.6% 3.6% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.3% 0.6% 0.6% 0.8% 1.4% 2.8% 4.2% 5.5%


Net Subscriber Adds (000)TIM 684 1,293 101 996 414 634 617 684 133 124 346 749 355 (51) 445 25 (40) (25) 192 56 (73)

OPI Vodafone 804 1,305 1,064 1,329 766 523 442 780 271 268 341 689 411 177 392 660 494 267 283 467 348Wind 674 676 1,200 760 940 800 900 500 100 130 70 495 305 200 200 500 0 700 700 800 0

Blu N.A. N.A. 555 95 400 250 350 170 80 (14) 0 (1,886) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 180 130 50 117 361 842 971 910Total Net Adds 2,162 3,274 2,920 3,180 2,520 2,207 2,309 2,134 584 508 757 47 1,071 506 1,167 1,235 571 1,303 2,016 2,294 1,185

YoY Net Adds Grow th 7.9% 57.5% 20.1% -11.2% 16.6% -32.6% -20.9% -32.9% -76.8% -77.0% -67.2% -97.8% 83.4% -0.3% 54.1% 2517.0% -46.7% 157.5% 72.8% 85.7% 107.4%Market Share of Net Adds (%)

TIM 32% 39% 3% 31% 16% 29% 27% 32% 23% 24% 46% 39% 33% -10% 38% 2% -7% -2% 10% 2% -6%

OPI Vodafone 37% 40% 36% 42% 30% 24% 19% 37% 46% 53% 45% 36% 38% 35% 34% 53% 87% 21% 14% 20% 29%Wind 31% 21% 41% 24% 37% 36% 39% 23% 17% 26% 9% 26% 28% 40% 17% 40% 0% 54% 35% 35% 0%

Blu 0% 0% 19% 3% 16% 11% 15% 8% 14% -3% 0% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 36% 11% 4% 20% 28% 42% 42% 77%


Monthly Churn (%)TIM 1.0% 1.0% 1.0% 1.1% 1.2% 1.3% 1.3% 1.3% 1.2% 1.6% 1.7% 1.5% 0.9% 1.0% 1.3% 1.2% 0.9% 1.0% 1.1% 1.1% 1.1%

OPI Vodafone 1.1% 1.0% 1.0% 1.1% 1.2% 1.3% 1.4% 1.6% 1.7% 1.6% 1.5% 1.5% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%Wind N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Blu N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 1.0% 1.0% 1.0% 1.1% 1.2% 1.3% 1.3% 1.4% 1.4% 1.6% 1.6% 1.5% 1.1% 1.2% 1.4% 1.3% 1.1% 1.2% 1.2% 1.2% 1.3%




Table 85: Italy (Continued)

ITALY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EURTIM 31.77 31.72 29.10 28.40 27.20 27.80 28.40 27.50 26.20 27.80 29.50 28.60 26.90 28.40 29.10 28.40 28.00 29.10 29.90 29.00 28.10

OPI Vodafone 31.67 31.12 30.58 28.00 27.67 29.00 29.67 28.00 28.33 28.67 29.83 28.90 28.30 30.10 31.00 30.20 29.30 30.27 30.27 30.10 29.30

Wind 24.00 23.00 22.00 21.00 20.00 19.00 19.00 17.40 17.40 19.00 21.50 21.00 20.00 21.40 22.10 21.50 21.50 22.00 21.40 20.80 18.60Blu N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 78.00 78.00 60.00 42.00 50.47 48.43 43.80 39.00

Country AVG ARPU 31.23 30.83 28.88 27.40 26.42 26.97 27.38 26.06 25.54 26.69 28.33 27.46 26.25 27.99 28.87 28.05 27.48 28.55 28.96 28.44 27.34YoY ARPU Grow th -8.8% -9.6% -14.4% -17.2% -15.4% -12.5% -5.2% -4.9% -3.3% -1.0% 3.5% 5.4% 2.8% 4.9% 1.9% 2.2% 4.7% 2.0% 0.3% 1.4% -0.5%


TIM 113 117 119 118 114 119 120 119 118 121 123 124 116 123 124 124 124 128 131 130 125

OPI Vodafone 113 115 125 116 116 124 119 116 114 115 116 116 114 118 119 119 121 123 126 125 136Wind N.A. N.A. N.A. N.A. 82 87 85 84 83 84 85 85 82 87 88 88 90 91 93 92 91

Blu N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


YoY Monthly MOU Grow th -7.2% -1.2% 1.9% -1.9% -2.1% 0.0% -5.8% -4.3% 0.5% -2.8% 0.0% 2.3% -1.1% 2.0% 1.4% 0.9% 6.7% 3.6% 5.2% 3.8% 4.4%Revenue Per Minute - EUR

TIM 0.27 0.26 0.23 0.23 0.22 0.22 0.22 0.21 0.20 0.21 0.22 0.21 0.20 0.21 0.21 0.20 0.20 0.20 0.20 0.19 0.19

OPI Vodafone 0.27 0.26 0.23 0.23 0.22 0.22 0.23 0.22 0.22 0.22 0.23 0.22 0.22 0.22 0.23 0.22 0.21 0.21 0.20 0.20 0.18Wind N.A. N.A. N.A. N.A. 0.24 0.22 0.20 0.19 0.19 0.20 0.22 0.22 0.21 0.22 0.22 0.22 0.21 0.21 0.20 0.20 0.18

Blu N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


YoY RPM Grow th -5.2% -11.2% -18.2% -17.3% -15.8% -13.9% -1.7% -2.4% -6.3% -0.5% 1.4% -0.5% 0.7% -1.1% -2.9% -2.0% -4.1% -2.4% -6.3% -3.5% -6.3%Total Market Estimated Revenues 2.949 3.162 3.231 3.316 3.359 3.551 3.727 3.820 3.854 4.111 4.419 4.175 4.115 4.521 4.801 4.736 4.704 4.912 5.299 5.339 5.296


TIM 49.1% 49.1% 48.0% 48.5% 52.9% 49.9% 51.8% 45.7% 53.2% 49.1% 53.5% 43.6% 52.5% 52.1% 57.1% 49.4% 56.0% 53.7% 56.0% 49.6% 54.8%

OPI Vodafone 45.0% 45.0% 45.0% 45.0% 49.0% 49.0% 49.0% 42.0% 42.0% 49.0% 49.6% 49.3% 49.3% 54.4% 54.4% 50.8% 51.1% 53.4% 53.4% 50.5% 50.5%Wind N.A. N.A. N.A. N.A. -20.0% -15.0% -10.0% 5.0% 12.0% 14.0% 26.0% 30.0% 23.0% 25.0% 27.0% 27.0% 26.5% 27.0% 27.0% 27.0% 27.0%

Blu N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.





Table 86: Japan

JAPAN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 44.9% 46.8% 48.6% 50.3% 52.6% 54.6% 56.1% 57.3% 59.0% 60.2% 61.2% 62.2% 63.8% 65.0% 66.0% 66.9% 68.2% 69.0% 69.9% 70.6% 71.6%

Increase (%) 2.2% 2.0% 1.7% 1.7% 2.3% 2.0% 1.5% 1.3% 1.6% 1.3% 1.0% 1.0% 1.6% 1.2% 1.0% 0.8% 1.4% 0.8% 0.9% 0.7% 1.0%

Subscribers (000)

NTT DoCoMo 29,358 30,934 32,639 34,218 36,026 37,521 38,647 39,849 41,011 41,701 42,412 43,134 44,149 44,673 45,380 45,735 46,328 46,834 47,363 47,914 48,825

KDDI (au) 10,125 10,236 10,202 10,480 10,986 11,509 11,798 11,908 12,214 12,692 13,054 13,468 14,049 14,674 15,262 15,977 16,959 17,591 18,189 18,759 19,542

Vodafone 8,166 8,749 9,108 9,468 9,978 10,518 11,100 11,617 12,232 12,670 13,001 13,323 13,963 14,440 14,591 14,774 15,002 15,109 15,174 15,211 15,041

KDDI (Tu-ka) 3,494 3,691 3,789 3,840 3,954 4,042 4,020 3,941 3,891 3,885 3,864 3,849 3,783 3,740 3,699 3,670 3,632 3,606 3,588 3,600 3,590

WILLCOM (PHS) 3,293 3,325 3,299 3,232 3,123 3,027 2,953 2,951 2,942 2,947 2,953 2,969 2,975 2,959 2,938 2,914 2,897 2,913 2,926 2,956 3,032

NTT DoCoMo (PHS) 1,443 1,513 1,623 1,728 1,812 1,866 1,891 1,910 1,922 1,896 1,829 1,761 1,688 1,709 1,666 1,627 1,592 1,537 1,460 1,392 1,314

Astel (PHS) 974 971 951 916 907 881 855 834 834 853 851 838 798 767 718 683 647 579 442 355 131




Market Share (%)

NTT DoCoMo 51.6% 52.1% 53.0% 53.6% 53.9% 54.1% 54.2% 54.6% 54.6% 54.4% 54.4% 54.4% 54.2% 53.8% 53.9% 53.6% 53.2% 53.1% 53.1% 53.1% 53.4%

KDDI (au) 17.8% 17.2% 16.6% 16.4% 16.4% 16.6% 16.6% 16.3% 16.3% 16.6% 16.7% 17.0% 17.3% 17.7% 18.1% 18.7% 19.5% 20.0% 20.4% 20.8% 21.4%

Vodafone 14.4% 14.7% 14.8% 14.8% 14.9% 15.2% 15.6% 15.9% 16.3% 16.5% 16.7% 16.8% 17.2% 17.4% 17.3% 17.3% 17.2% 17.1% 17.0% 16.9% 16.4%

KDDI (Tu-ka) 6.1% 6.2% 6.1% 6.0% 5.9% 5.8% 5.6% 5.4% 5.2% 5.1% 5.0% 4.9% 4.6% 4.5% 4.4% 4.3% 4.2% 4.1% 4.0% 4.0% 3.9%

WILLCOM (PHS) 5.8% 5.6% 5.4% 5.1% 4.7% 4.4% 4.1% 4.0% 3.9% 3.8% 3.8% 3.7% 3.7% 3.6% 3.5% 3.4% 3.3% 3.3% 3.3% 3.3% 3.3%

NTT DoCoMo (PHS) 2.5% 2.5% 2.6% 2.7% 2.7% 2.7% 2.7% 2.6% 2.6% 2.5% 2.3% 2.2% 2.1% 2.1% 2.0% 1.9% 1.8% 1.7% 1.6% 1.5% 1.4%

Astel (PHS) 1.7% 1.6% 1.5% 1.4% 1.4% 1.3% 1.2% 1.1% 1.1% 1.1% 1.1% 1.1% 1.0% 0.9% 0.9% 0.8% 0.7% 0.7% 0.5% 0.4% 0.1%



NTT DoCoMo 1,721 1,576 1,705 1,579 1,808 1,495 1,126 1,202 1,162 690 711 722 1,015 524 708 355 593 505 529 552 911

KDDI (au) 229 111 (34) 278 506 523 289 110 306 478 362 414 581 624 589 715 982 632 598 570 783

Vodafone 503 583 359 360 510 540 582 517 615 438 332 322 641 477 151 183 228 106 65 37 (170)

KDDI (Tu-ka) 213 197 98 51 114 88 (22) (79) (50) (6) (21) (15) (66) (44) (41) (29) (38) (25) (19) 12 (10)

WILLCOM (PHS) (6) 32 (26) (67) (109) (96) (74) (2) (9) 6 5 16 7 (17) (21) (24) (17) 16 13 31 75

NTT DoCoMo (PHS) 68 70 110 105 84 54 25 19 12 (26) (67) (68) (73) 21 (43) (39) (35) (55) (77) (68) (78)

Astel (PHS) 12 (3) (20) (35) (9) (25) (27) (20) (0) 19 (3) (13) (40) (32) (49) (34) (37) (68) (137) (87) (225)

Total Net Adds 2,741 2,566 2,193 2,272 2,902 2,579 1,899 1,747 2,036 1,597 1,319 1,379 2,065 1,554 1,294 1,127 1,676 1,112 972 1,047 1,287

YoY Net Adds Grow th 17.7% 7.3% -2.2% 4.7% 5.9% 0.5% -13.4% -23.1% -29.8% -38.1% -30.5% -21.1% 1.4% -2.7% -1.9% -18.3% -18.8% -28.4% -24.9% -7.1% -23.2%


NTT DoCoMo 63% 61% 78% 69% 62% 58% 59% 69% 57% 43% 54% 52% 49% 34% 55% 31% 35% 45% 54% 53% 71%

KDDI (au) 8% 4% -2% 12% 17% 20% 15% 6% 15% 30% 27% 30% 28% 40% 45% 63% 59% 57% 61% 54% 61%

Vodafone 18% 23% 16% 16% 18% 21% 31% 30% 30% 27% 25% 23% 31% 31% 12% 16% 14% 10% 7% 4% -13%

KDDI (Tu-ka) 8% 8% 4% 2% 4% 3% -1% -5% -2% 0% -2% -1% -3% -3% -3% -3% -2% -2% -2% 1% -1%

WILLCOM (PHS) 0% 1% -1% -3% -4% -4% -4% 0% 0% 0% 0% 1% 0% -1% -2% -2% -1% 1% 1% 3% 6%

NTT DoCoMo (PHS) 2% 3% 5% 5% 3% 2% 1% 1% 1% -2% -5% -5% -4% 1% -3% -3% -2% -5% -8% -6% -6%

Astel (PHS) 0% 0% -1% -2% 0% -1% -1% -1% 0% 1% 0% -1% -2% -2% -4% -3% -2% -6% -14% -8% -17%


Monthly Churn (%)

NTT DoCoMo 1.6% 1.6% 1.5% 1.4% 1.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.3% 1.2% 1.2% 1.1% 1.4% 1.1% 1.1% 1.0% 1.0%

KDDI (au) 3.5% 3.3% 3.1% 3.2% 3.2% 2.7% 2.6% 2.5% 2.5% 2.0% 1.8% 1.7% 1.8% 1.6% 1.5% 1.4% 1.5% 1.4% 1.5% 1.4% 1.5%

Vodafone 3.0% 2.9% 2.8% 2.5% 2.6% 2.3% 2.2% 2.1% 2.0% 1.9% 2.0% 2.0% 1.9% 1.9% 2.1% 1.8% 1.9% 1.9% 2.0% 1.8% 1.9%

KDDI (Tu-ka) 3.4% 3.3% 3.3% 3.3% 3.3% 3.2% 3.2% 3.1% 2.8% 2.6% 2.4% 2.2% 2.6% 2.5% 2.5% 2.2% 2.2% 2.1% 2.0% 1.9% 1.5%

WILLCOM (PHS) 4.0% 3.7% 3.7% 3.7% 3.7% 3.6% 3.6% 2.9% 2.8% 2.7% 2.7% 2.5% 2.7% 2.8% 2.6% 2.4% 2.6% 2.5% 2.2% N.A. N.A.

NTT DoCoMo (PHS) 4.5% 4.1% 4.1% 3.5% 3.5% 3.5% 3.5% 3.5% 3.7% 3.3% 3.5% 3.4% 3.6% 3.8% 3.5% 3.3% 3.4% 3.4% 3.2% 3.1% 3.2%

Astel (PHS) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A N.A N.A N.A N.A N.A N.A. N.A.

Average Churn 2.5% 2.4% 2.2% 2.2% 2.2% 1.9% 1.9% 1.8% 1.7% 1.6% 1.6% 1.6% 1.7% 1.5% 1.6% 1.4% 1.6% 1.4% 1.4% 1.2% 1.3%




Table 87: Japan (Continued)

JAPAN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly Service ARPU (incl. Data)

NTT DoCoMo 8,560 8,720 8,800 8,600 8,500 8,770 8,570 8,540 8,020 8,150 8,165 8,200 7,990 8,055 8,110 7,955 7,610 7,400 7,340 7,170 6,920

KDDI (au) 8,350 8,300 8,400 8,100 8,000 8,500 8,450 8,080 7,740 7,560 7,660 7,640 7,420 7,480 7,540 7,490 7,280 7,260 7,300 7,190 6,960

Vodafone 8,000 7,800 7,600 7,700 7,950 7,800 7,800 7,600 7,450 7,290 7,420 7,276 7,085 6,980 6,710 6,640 6,345 6,200 6,355 6,150 5,895

KDDI (Tu-ka) 7,200 6,700 6,700 6,140 6,140 6,200 6,100 5,750 5,350 5,370 5,370 5,360 5,220 5,150 5,050 5,020 4,840 4,690 4,570 4,460 4,160

WILLCOM (PHS) 6,300 6,250 6,050 5,950 5,750 5,500 5,350 5,300 5,100 5,100 5,060 4,990 4,890 4,880 4,800 4,730 4,590 4,430 4,430 N.A N.A.

NTT DoCoMo (PHS) 4,460 4,290 4,290 4,110 4,110 3,950 3,840 3,740 3,640 3,600 3,480 3,500 3,430 3,460 3,440 3,430 3,400 3,330 3,370 3,370 3,350

Astel (PHS) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Weighted AVG ARPU 8,116 8,126 8,151 7,972 7,941 8,148 8,025 7,901 7,511 7,533 7,584 7,581 7,394 7,421 7,416 7,313 7,030 6,883 6,890 6,598 6,589

YoY ARPU Grow th -8.0% -3.7% -3.3% -2.7% -2.2% 0.3% -1.5% -0.9% -5.4% -7.6% -5.5% -4.0% -1.6% -1.5% -2.2% -3.5% -4.9% -7.3% -7.1% -9.8% -6.3%



NTT DoCoMo 177 186 195 190 188 182 181 180 169 169 171 169 162 162 161 157 154 152 155 153 145

KDDI (au) 206 189 189 185 185 187 187 185 181 182 184 184 177 178 179 178 171 169 171 167 158

Vodafone 180 160 163 164 167 171 165 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

KDDI (Tu-ka) 163 160 160 155 155 151 151 146 146 152 152 155 149 150 150 145 135 133 129 124 116

WILLCOM (PHS) 230 235 230 220 220 190 190 179 179 179 179 178 174 189 195 198 192 201 228 N.A. N.A.

NTT DoCoMo (PHS) 127 124 124 126 126 125 122 121 117 117 115 116 116 110 101 95 91 85 82 81 79



YoY Monthly MOU Grow th 7.3% 1.4% 3.6% 0.4% -0.8% -2.2% -5.6% -3.3% -7.3% -4.9% -3.0% -3.7% -3.0% -2.8% -4.0% -5.2% -4.0% -5.4% -3.2% -4.7% -7.2%

Revenue Per Minute - JPY

NTT DoCoMo 46.77 44.30 41.34 39.88 38.66 40.11 39.01 38.67 38.05 38.58 37.75 38.05 37.78 37.75 37.48 37.96 36.62 35.86 35.10 34.97 35.10

KDDI (au) 39.81 42.70 42.80 40.65 39.57 40.91 40.44 38.86 37.62 35.88 35.49 35.00 35.31 33.31 32.96 32.64 32.51 32.78 32.57 32.75 32.78

Vodafone 43.06 46.56 43.56 42.68 42.51 39.47 40.61 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

KDDI (Tu-ka) 44.17 41.88 41.88 39.61 39.61 41.06 40.40 39.38 36.64 35.33 35.33 34.58 35.03 34.33 33.67 34.62 35.85 35.26 35.43 35.97 35.86

WILLCOM (PHS) 27.39 25.66 24.86 24.88 22.95 24.26 22.24 21.91 19.37 28.49 28.27 28.03 28.10 25.82 24.62 23.89 23.91 22.04 19.43 N.A. N.A.

NTT DoCoMo (PHS) 35.12 34.60 34.60 32.62 32.62 31.60 31.48 30.91 31.11 30.77 30.26 30.17 29.57 31.45 34.06 36.11 37.36 39.18 41.10 41.60 42.41



YoY RPM Grow th -16.7% -9.3% -12.8% -11.9% -11.2% -8.5% -5.6% -5.1% -4.6% -7.0% -6.9% -4.2% -2.4% -4.0% -4.0% -2.9% -4.8% -4.3% -4.6% -5.8% -0.1%

Total Market Estimated Revenues 1,350.9 1,417.2 1,479.8 1,500.7 1,556.4 1,664.0 1,692.9 1,709.9 1,668.0 1,713.9 1,758.8 1,788.8 1,782.9 1,829.8 1,860.2 1,860.8 1,818.4 1,809.1 1,832.5 1,774.8 1,795.4

YoY Estimated Service Revenues Grow th 10.7% 15.4% 15.2% 15.1% 15.2% 17.4% 14.4% 13.9% 7.2% 3.0% 3.9% 4.6% 6.9% 6.8% 5.8% 4.0% 2.0% -1.1% -1.5% -4.6% -1.3%

EBITDA Margin (%)

NTT DoCoMo 27.7% 31.1% 31.2% 30.6% 30.6% 32.6% 32.6% 32.4% 32.4% 41.2% 41.2% 35.2% 35.2% 37.3% 37.3% 34.9% 38.9% 36.5% 36.7% 36.3% 24.9%

KDDI (au) 19.3% 17.3% 17.3% 13.3% 13.3% 18.0% 18.0% 18.0% 18.0% 12.9% 12.9% 20.0% 14.4% 25.8% 25.5% 23.7% 21.1% 26.9% 22.3% 22.9% 19.9%

Vodafone 25.5% 22.5% 22.5% 18.5% 18.5% 19.6% 19.6% 24.2% 24.2% 30.7% 30.7% 29.3% 29.3% 30.9% 30.9% 27.7% 27.7% 28.6% 28.6% 26.2% 26.2%

KDDI (Tu-ka) 15.8% 17.2% 17.2% 14.0% 14.0% 13.4% 13.4% 22.0% 22.0% 17.9% 17.9% 20.8% 27.4% 25.6% 24.8% 26.8% 25.8% 29.0% 30.4% 25.8% 30.4%

WILLCOM (PHS) 14.0% 16.9% 16.9% 22.9% 22.9% 16.7% 16.7% 28.3% 28.3% 30.0% 30.0% 32.9% 33.3% 31.8% 33.2% 35.3% 33.3% 27.8% 28.9% 30.7% 30.7%

NTT DoCoMo (PHS) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


Weighted AVG Margin 24.2% 25.6% 25.7% 24.3% 24.3% 26.1% 26.2% 27.8% 27.9% 32.9% 32.8% 30.7% 30.0% 33.3% 33.3% 31.1% 32.6% 32.5% 31.8% 31.1% 24.4%




Table 88: Korea

KOREA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 55.8% 56.8% 55.4% 57.0% 56.4% 59.5% 59.7% 61.3% 63.9% 65.0% 67.4% 67.9% 68.9% 69.4% 69.4% 70.1% 72.9% 75.4% 75.1% 75.9% 76.9%Increase (%) 5.6% 1.0% -1.4% 1.7% -0.7% 3.2% 0.2% 1.6% 2.6% 1.1% 2.4% 0.4% 1.0% 0.5% 0.0% 0.7% 2.8% 2.4% -0.3% 0.8% 1.0%

Subscribers (000)

SK Telecom 11,230 11,552 11,073 10,935 10,855 10,908 11,157 11,867 16,001 16,463 16,997 17,220 17,628 17,857 18,019 18,313 18,439 18,595 18,603 18,783 19,007Shinsegi Telecom 3,609 3,751 3,571 3,518 3,252 3,057 3,205 3,312 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

KTF 7,720 7,660 7,774 8,416 8,614 9,694 9,505 9,562 9,953 10,132 10,378 10,333 10,375 10,488 10,448 10,442 11,292 11,946 11,709 11,729 12,042LG Telecom 3,508 3,605 3,557 3,948 3,834 4,435 4,349 4,276 4,355 4,292 4,705 4,790 4,857 4,824 4,741 4,837 5,273 5,699 5,834 6,074 6,058



Market Share (%)SK Telecom 43.1% 43.5% 42.6% 40.8% 40.9% 38.8% 39.5% 40.9% 52.8% 53.3% 53.0% 53.2% 53.6% 53.8% 54.3% 54.5% 52.7% 51.3% 51.5% 51.3% 51.2%

Shinsegi Telecom 13.8% 14.1% 13.7% 13.1% 12.2% 10.9% 11.4% 11.4% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

KTF 29.6% 28.8% 29.9% 31.4% 32.4% 34.5% 33.7% 33.0% 32.8% 32.8% 32.4% 31.9% 31.6% 31.6% 31.5% 31.1% 32.3% 33.0% 32.4% 32.1% 32.5%LG Telecom 13.5% 13.6% 13.7% 14.7% 14.4% 15.8% 15.4% 14.7% 14.4% 13.9% 14.7% 14.8% 14.8% 14.5% 14.3% 14.4% 15.1% 15.7% 16.1% 16.6% 16.3%


SK Telecom 1,153 322 (479) (138) (80) 53 249 710 822 462 534 223 408 229 162 294 126 157 8 180 224

Shinsegi Telecom 371 142 (180) (53) (266) (195) 148 107 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.KTF 711 (60) 114 642 198 1,080 (189) 57 391 179 246 (45) 42 113 (40) (6) 850 655 (237) 20 313

LG Telecom 423 97 (48) 391 (114) 601 (86) (73) 79 (63) 413 85 67 (33) (83) 96 437 426 135 240 (16)Total Net Adds 2,658 502 (593) 842 (262) 1,538 123 801 1,291 579 1,193 263 517 309 39 384 1,412 1,237 (94) 439 521

YoY Net Adds Grow th -18.1% -34.1% N.M. -43.2% N.M. 206.5% -120.8% -4.9% -593.7% -62.4% 867.4% -67.2% -60.0% -46.6% -96.8% 46.0% 173.1% 300.0% N.M. 14.5% -63.1%

Market Share of Net Adds (%)SK Telecom 43% 64% N.M. -16% N.M. 3% 202% 89% 64% 80% 45% 85% 79% 74% 418% 77% 9% 13% N.M. 41% 43%

Shinsegi Telecom 14% 28% N.M. -6% N.M. -13% 120% 13% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0%KTF 27% -12% N.M. 76% N.M. 70% -153% 7% 30% 31% 21% -17% 8% 37% -102% -2% 60% 53% N.M. 4% 60%

LG Telecom 16% 19% N.M. 46% N.M. 39% -69% -9% 6% -11% 35% 32% 13% -11% -216% 25% 31% 34% N.M. 55% -3%

Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% N.M. 100% 100%Monthly Churn (%)

SK Telecom 2.5% 3.3% 1.3% 0.9% 1.3% 0.8% 1.4% 1.0% 1.5% 1.1% 1.5% 1.4% 1.0% 1.3% 1.4% 1.2% 2.0% 2.0% 1.6% 1.5% 1.9%Shinsegi Telecom 2.6% 4.6% 2.3% 2.0% 3.2% 2.3% 2.2% 2.0% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

KTF 3.7% 5.6% 3.0% 3.5% 3.6% 3.3% 2.7% 3.2% 2.8% 2.1% 2.8% 3.0% 2.4% 1.7% 1.9% 2.0% 1.9% 2.3% 2.6% 2.2% 2.7%

LG Telecom 3.4% 6.3% 3.4% 3.7% 3.5% 4.5% 2.9% 3.4% 2.6% 2.4% 3.5% 3.1% 1.8% 2.3% 2.7% 2.7% 3.3% 2.9% 2.7% 2.5% 3.7%Country Average Churn* 3.0% 4.6% 2.2% 2.3% 2.6% 2.4% 2.2% 2.2% 2.1% 1.6% 2.2% 2.2% 1.6% 1.6% 1.7% 1.6% 2.2% 2.2% 2.1% 1.9% 2.5%




Table 89: Korea (Continued)

KOREA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - KRWSK Telecom 42,506 41,419 41,592 43,200 42,814 46,231 47,795 48,897 42,310 43,466 44,176 45,881 42,894 44,803 44,805 45,590 43,143 43,336 43,343 44,336 42,557

Shinsegi Telecom 37,161 38,335 37,619 37,620 37,925 42,000 43,988 44,193 N.A. N.A. N.A. N.A. N.A N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

KTF 31,986 28,175 33,247 35,276 36,630 40,371 38,729 40,818 38,524 38,005 37,965 39,508 36,734 38,345 37,563 37,414 36,453 37,608 37,466 38,034 36,828 LG Telecom 30,217 37,695 32,830 33,384 33,162 36,575 35,298 35,495 31,713 32,028 32,062 31,297 28,502 29,784 30,200 31,984 33,170 33,421 33,816 35,246 34,658

Country Average ARPU* 36,997 36,660 37,348 38,536 38,816 42,224 42,382 43,723 39,544 40,085 40,390 41,685 38,822 40,577 40,441 41,089 39,483 39,889 39,902 40,807 39,408 YoY ARPU Grow th N.A. N.A. N.A. N.A. 4.9% 15.2% 13.5% 13.5% 1.9% -5.1% -4.7% -4.7% -1.8% 1.2% 0.1% -1.4% 1.7% -1.7% -1.3% -0.7% -0.2%


Monthly MOU (minutes)SK Telecom 252 262 264 289 292 325 320 328 295 308 306 313 297 317 310 319 295 308 302 313 292

Shinsegi Telecom 219 217 224 261 277 290 290 300 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.KTF 216 233 232 262 272 288 286 286 279 285 279 285 286 300 294 322 330 335 331 336 316

LG Telecom 216 226 225 250 251 268 252 248 229 229 225 229 227 240 240 260 253 273 271 290 279

Country Average MOU* 232 242 244 271 278 299 295 299 280 289 285 292 284 300 295 311 300 311 306 316 298YoY Monthly MOU Grow th N.A. N.A. N.A. 8.9% 19.8% 23.5% 21.0% 10.4% 0.9% -3.3% -3.1% -2.5% 1.2% 3.8% 3.2% 6.7% 5.7% 3.7% 3.9% 1.7% -0.7%

Revenue Per Minute - KRWSK Telecom 167.10 154.48 152.90 145.14 141.74 137.22 143.21 141.63 134.22 131.10 132.63 132.26 128.17 124.35 124.38 119.40 122.57 116.12 115.84 110.56 112.55

Shinsegi Telecom 167.67 172.85 164.07 139.91 131.94 139.13 144.96 147.24 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

KTF 145.64 116.21 137.43 128.31 129.37 134.03 128.76 134.85 130.05 124.50 126.46 127.29 117.41 116.94 116.04 104.44 100.95 103.41 102.43 102.43 105.68LG Telecom 139.43 161.61 140.80 128.84 127.17 131.29 134.87 136.58 130.25 130.98 133.25 127.65 117.08 115.54 117.00 114.71 122.22 114.33 115.54 113.52 115.58

Country Average RPM* 157.77 146.94 148.29 137.08 134.68 135.50 137.56 138.66 132.41 128.99 130.85 130.37 123.72 121.33 121.40 114.67 115.41 111.95 111.73 109.04 111.44YoY RPM Grow th N.A. N.A. N.A. N.A. -14.6% -7.8% -7.2% 1.2% -1.7% -4.8% -4.9% -6.0% -6.6% -5.9% -7.2% -12.0% -6.7% -7.7% -8.0% -4.9% -3.4%

Total Est Serv. Rev (KRW bn) 2,746 2,891 2,947 3,059 3,035 3,377 3,478 3,642 3,205 3,563 3,702 3,914 3,680 3,879 3,906 3,993 3,950 4,138 4,186 4,303 4,244

YoY Estimated Service Revenues Grow th N.A. N.A. N.A. N.A. 10.5% 16.8% 18.0% 19.1% 5.6% 5.5% 6.4% 7.4% 14.8% 8.9% 5.5% 2.0% 7.4% 6.7% 7.2% 7.8% 7.4%EBITDA Margin (%)

SK Telecom 32.3% 34.9% 53.5% 56.1% 57.0% 49.2% 60.0% 46.5% 50.0% 49.0% 48.9% 42.6% 48.8% 48.7% 49.2% 46.5% 44.3% 36.4% 42.6% 43.9% 40.8%Shinsegi Telecom 2.5% 43.7% 6.5% 31.5% 42.3% 39.7% 32.2% 18.8% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

KTF 15.0% -2.0% 33.0% 30.0% 33.9% 29.2% 42.9% 35.0% 39.0% 36.2% 38.6% 34.3% 38.7% 40.4% 39.3% 36.3% 34.0% 33.5% 36.2% 37.0% 39.2%

LG Telecom 22.4% 5.7% 13.6% 3.2% 40.5% 32.6% 37.4% 32.9% 37.2% 39.4% 13.1% 26.4% 31.8% 33.2% 33.3% 30.3% 15.2% 19.0% 27.2% 23.8% 21.0%Country Average Margin* 21.7% 21.5% 35.4% 36.9% 45.3% 38.6% 47.6% 37.6% 44.5% 43.5% 40.3% 37.6% 43.1% 43.9% 43.8% 41.0% 36.6% 32.7% 38.1% 38.3% 37.0%




Table 90: Malaysia

MALAYSIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration (%) 13.6% 15.8% 18.2% 20.3% 22.6% 25.1% 27.3% 28.7% 30.3% 30.1% 31.6% 34.8% 35.9% 39.4% 40.9% 43.2% 46.1% 48.4% 50.8% 56.5% 61.8%Increase (%) 2.2% 2.3% 2.4% 2.1% 2.3% 2.5% 2.2% 1.4% 1.6% -0.2% 1.5% 3.2% 1.2% 3.5% 1.5% 2.3% 2.9% 2.3% 2.4% 5.7% 5.3%

Subscribers (000)

Maxis 895 1,080 1,265 1,450 1,661 1,872 2,125 2,295 2,487 2,768 2,927 3,097 3,246 3,867 4,045 4,464 4,878 5,122 5,275 6,020 6,566Celcom 1,697 1,965 2,260 2,483 2,721 3,021 3,307 3,493 3,618 3,319 3,395 3,711 3,904 4,055 4,210 4,337 4,446 4,673 4,975 5,335 5,787

DiGi.Com 566 673 779 885 1,020 1,130 1,160 1,170 1,270 1,284 1,454 1,805 1,803 1,946 2,055 2,207 2,416 2,585 2,806 3,242 3,461Total Subscribers 3,158 3,717 4,304 4,818 5,402 6,023 6,592 6,958 7,375 7,371 7,776 8,613 8,953 9,868 10,310 11,008 11,740 12,380 13,056 14,597 15,814

% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 70.7% 73.7% 75.9% 77.4% 78.8% 79.5% 80.5% 82.6% 83.5%


Maxis 28.3% 29.1% 29.4% 30.1% 30.8% 31.1% 32.2% 33.0% 33.7% 37.6% 37.6% 36.0% 36.3% 39.2% 39.2% 40.6% 41.6% 41.4% 40.4% 41.2% 41.5%Celcom 53.7% 52.9% 52.5% 51.5% 50.4% 50.2% 50.2% 50.2% 49.1% 45.0% 43.7% 43.1% 43.6% 41.1% 40.8% 39.4% 37.9% 37.7% 38.1% 36.5% 36.6%

DiGi.Com 17.9% 18.1% 18.1% 18.4% 18.9% 18.8% 17.6% 16.8% 17.2% 17.4% 18.7% 21.0% 20.1% 19.7% 19.9% 20.0% 20.6% 20.9% 21.5% 22.2% 21.9%


Maxis 185 185 185 185 211 211 253 170 192 281 159 170 149 621 178 419 414 244 153 745 546Celcom 238 268 295 223 238 300 286 186 125 (299) 76 316 193 151 155 127 109 227 302 360 452

DiGi.Com 106 106 106 106 135 110 30 10 100 14 170 351 (2) 143 109 152 209 169 221 436 219

Total Net Adds 529 559 587 514 584 621 569 366 417 (4) 405 837 340 915 442 698 732 640 676 1,541 1,217YoY Net Adds Grow th 267.0% 287.9% 307.0% 256.9% 10.5% 11.1% -3.1% -28.9% -28.6% N.M. -28.8% 128.9% -18.5% N.M. 9.1% -16.6% 115.3% -30.1% 52.9% 120.8% 66.3%

Market Share of Net Adds (%)Maxis 35% 33% 32% 36% 36% 34% 44% 46% 46% N.M. 39% 20% 44% 68% 40% 60% 57% 38% 23% 48% 45%

Celcom 45% 48% 50% 43% 41% 48% 50% 51% 30% N.M. 19% 38% 57% 17% 35% 18% 15% 35% 45% 23% 37%

DiGi.Com 20% 19% 18% 21% 23% 18% 5% 3% 24% N.M. 42% 42% -1% 16% 25% 22% 29% 26% 33% 28% 18%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Maxis 2.2% 2.2% 2.2% 2.2% 1.7% 1.7% 1.7% 1.7% 2.3% 1.6% 1.6% 1.5% 1.5% 2.3% 2.3% 2.2% 1.9% 2.1% 2.3% 2.5% 2.5%

Celcom 1.7% 1.8% 1.9% 2.0% 2.1% 2.3% 2.4% 2.3% 2.4% 2.4% 2.5% 2.5% 2.1% 4.5% 4.1% 4.0% 3.7% 2.4% 2.9% 3.0% 2.3%

DiGi.Com 1.3% 1.4% 1.4% 1.5% 1.9% 2.2% 2.6% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.8% 2.7% 2.5% 2.5% 2.5% 2.5%Country Average Churn* 1.7% 1.8% 1.9% 2.0% 2.0% 2.1% 2.2% 2.2% 2.5% 2.2% 2.2% 2.2% 2.0% 3.3% 3.2% 3.0% 2.7% 2.3% 2.6% 2.7% 2.4%




Table 91: Malaysia (Continued)

MALAYSIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - MYRMaxis 145.37 136.02 126.96 117.35 114.32 111.91 108.11 104.34 96.98 98.38 97.21 97.52 98.00 94.69 94.25 92.00 87.00 84.00 85.07 81.58 76.09

Celcom 156.38 138.93 127.70 117.76 111.43 108.48 106.02 102.47 91.33 82.56 73.12 68.00 73.00 69.43 66.28 81.00 80.00 77.00 68.29 65.97 64.64

DiGi.Com 76.00 74.00 73.00 72.00 71.00 69.00 67.00 65.00 68.00 68.00 72.00 72.00 62.00 64.05 61.00 65.00 64.00 61.00 62.00 63.00 56.00Country AVG Monthly ARPU 138.85 126.34 117.58 109.23 104.69 102.14 99.83 96.79 89.21 85.97 81.98 79.45 79.85 78.27 76.20 82.25 79.62 76.56 73.72 71.75 67.50

YoY ARPU Grow th -18.8% -22.9% -25.3% -28.0% -24.6% -19.1% -15.1% -11.4% -14.8% -15.8% -17.9% -17.9% -10.5% -9.0% -7.0% 3.5% -0.3% -2.2% -3.3% -12.8% -15.2%

Country AVG Data as % of ARPU 1.0% 1.0% 1.1% 1.2% 1.3% 1.5% 1.6% 1.8% 4.3% 5.3% 6.0% 6.6% 9.7% 11.4% 11.2% 14.4% 14.4% 14.0% 14.2% 14.4% 14.5%Monthly MOU (minutes)

Maxis 259 246 233 220 225 231 238 244 234 233 235 239 253 246 242 235 216 212 212 200 184Celcom 223 214 206 198 199 200 202 203 203 203 202 201 201 195 192 186 171 168 N.A. N.A. N.A.

DiGi.Com 141 139 137 135 136 136 137 137 137 137 137 185 177 175 177 176 167 164 170 166 163

Country Average MOU* 219 210 201 193 195 198 202 205 202 203 202 211 215 211 209 204 189 185 198 188 177YoY Monthly MOU Grow th 2.5% -3.8% -9.6% -14.9% -10.8% -5.7% 0.2% 6.3% 3.5% 2.6% 0.2% 2.9% 6.3% 4.1% 3.1% -3.6% -12.1% -12.2% -5.3% -7.8% -6.4%

Revenue Per Minute - MYRMaxis 0.55 0.55 0.54 0.52 0.50 0.47 0.44 0.42 0.40 0.40 0.39 0.38 0.35 0.34 0.34 0.34 0.35 0.34 0.35 0.36 0.36

Celcom 0.69 0.64 0.61 0.59 0.55 0.54 0.52 0.50 0.43 0.39 0.34 0.32 0.33 0.32 0.31 0.37 0.40 0.39 N.A. N.A. N.A.

DiGi.Com 0.54 0.53 0.53 0.53 0.52 0.50 0.48 0.47 0.47 0.46 0.50 0.36 0.32 0.31 0.30 0.32 0.33 0.32 0.31 0.32 0.29Country Average RPM* 0.63 0.60 0.58 0.56 0.53 0.51 0.49 0.46 0.42 0.40 0.38 0.35 0.34 0.33 0.32 0.35 0.36 0.36 0.32 0.33 0.33

YoY RPM Grow th -21.0% -20.1% -17.7% -15.6% -15.8% -14.6% -15.8% -17.2% -20.1% -21.1% -21.7% -24.1% -20.6% -18.2% -14.8% -1.6% 7.5% 8.2% -1.3% -5.4% -9.6%Total Est Serv. Rev (MYR bn) 1.205 1.303 1.415 1.495 1.605 1.751 1.889 1.967 1.918 1.901 1.863 1.953 2.104 2.210 2.306 2.630 2.717 2.770 2.813 2.976 3.079

YoY Estimated Service Revenues Grow th 10.6% 16.8% 24.1% 28.5% 33.1% 34.4% 33.5% 31.6% 19.5% 8.6% -1.4% -0.7% 9.7% 16.2% 23.8% 34.7% 29.1% 25.4% 21.9% 13.1% 13.3%

EBITDA Margin (%)Maxis 47.7% 46.5% 45.2% 43.8% 43.0% 44.2% 45.3% 46.3% 52.4% 45.7% 45.5% 45.0% 48.0% 47.2% 52.0% 53.4% 55.0% 60.8% 57.4% 52.7% 56.9%

Celcom 27.1% 25.1% 22.6% 20.4% 23.4% 21.1% 25.2% 24.0% 27.3% 28.9% 26.4% -6.7% 33.0% 38.0% 41.0% 46.0% 43.6% 44.5% 49.1% 10.1% 40.6%DiGi.Com 28.0% 30.0% 32.0% 33.0% 34.0% 35.0% 35.0% 36.0% 35.0% 36.0% 35.0% 43.0% 42.0% 35.4% 39.0% 44.0% 45.0% 42.6% 43.3% 44.2% 44.0%





Table 92: Mexico

MEXICO 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 9.9% 11.4% 12.9% 15.1% 16.3% 18.1% 20.3% 22.7% 23.9% 24.3% 24.8% 25.7% 26.3% 26.8% 27.3% 29.1% 30.5% 31.8% 33.4% 36.4% 38.5%Increase (%) 1.9% 1.5% 1.6% 2.2% 1.2% 1.7% 2.2% 2.4% 1.2% 0.4% 0.6% 0.8% 0.6% 0.5% 0.5% 1.8% 1.4% 1.4% 1.6% 3.1% 2.1%

Subscribers (000)

Telcel (AMX) 6,495 7,637 8,900 10,462 11,714 13,186 14,976 16,965 17,898 18,764 19,351 20,067 20,752 21,307 22,125 23,444 24,574 25,637 26,831 28,851 30,629Iusacell 1,534 1,553 1,539 1,681 1,768 1,642 1,697 1,855 1,995 2,199 2,176 2,081 2,036 1,954 1,498 1,276 1,292 1,332 1,383 1,460 1,550

Telefonica Moviles 1,573 1,845 2,130 2,527 2,228 2,458 2,703 2,768 2,846 2,212 2,254 2,418 2,430 2,539 2,730 3,455 3,772 4,081 4,495 5,639 6,061Unefon 2 12 40 108 248 404 548 821 894 930 967 1,080 1,102 1,124 1,151 1,223 1,269 1,329 1,354 1,404 1,399

Nextel Intl 97 133 172 218 273 326 380 400 423 452 487 517 553 581 616 658 703 753 805 835 883



Telcel (AMX) 67.0% 68.3% 69.6% 69.8% 72.2% 73.2% 73.8% 74.4% 74.4% 76.4% 76.7% 76.7% 77.2% 77.5% 78.7% 78.0% 77.7% 77.4% 77.0% 75.5% 75.6%

Iusacell 15.8% 13.9% 12.0% 11.2% 10.9% 9.1% 8.4% 8.1% 8.3% 9.0% 8.6% 8.0% 7.6% 7.1% 5.3% 4.2% 4.1% 4.0% 4.0% 3.8% 3.8%Telefonica Moviles 16.2% 16.5% 16.7% 16.8% 13.7% 13.6% 13.3% 12.1% 11.8% 9.0% 8.9% 9.2% 9.0% 9.2% 9.7% 11.5% 11.9% 12.3% 12.9% 14.8% 15.0%

Unefon 0.0% 0.1% 0.3% 0.7% 1.5% 2.2% 2.7% 3.6% 3.7% 3.8% 3.8% 4.1% 4.1% 4.1% 4.1% 4.1% 4.0% 4.0% 3.9% 3.7% 3.5%Nextel Intl 1.0% 1.2% 1.3% 1.5% 1.7% 1.8% 1.9% 1.8% 1.8% 1.8% 1.9% 2.0% 2.1% 2.1% 2.2% 2.2% 2.2% 2.3% 2.3% 2.2% 2.2%


Net Subscriber Adds (000)Telcel (AMX) 1,223 1,142 1,263 1,562 1,252 1,472 1,790 1,989 933 866 587 716 685 555 818 1,319 1,130 1,063 1,194 2,020 1,778

Iusacell 211 19 (14) 143 87 (126) 55 158 140 204 (23) (95) (45) (82) (456) (222) 16 40 51 77 90Telefonica Moviles 380 272 285 397 (299) 230 245 65 78 (634) 42 164 12 109 191 725 317 309 414 1,144 422

Unefon 2 10 28 68 141 156 144 274 73 36 36 113 22 22 27 72 46 60 25 50 (5)

Nextel Intl 97 36 39 46 55 53 54 20 23 29 35 30 36 28 35 42 45 50 52 31 47Total Net Adds 1,913 1,479 1,601 2,216 1,236 1,785 2,288 2,505 1,247 501 678 927 710 633 615 1,936 1,554 1,522 1,736 3,322 2,332

YoY Net Adds Grow th 243.2% 58.3% 19.7% 44.4% -35.4% 20.7% 42.9% 13.1% 0.9% -71.9% -70.4% -63.0% -43.1% 26.2% -9.3% 108.8% 118.9% 140.6% 182.3% 71.6% 50.1%Market Share of Net Adds (%)

Telcel (AMX) 64% 77% 79% 71% 101% 82% 78% 79% 75% 173% 87% 77% 97% 88% 133% 68% 73% 70% 69% 61% 76%

Iusacell 11% 1% -1% 6% 7% -7% 2% 6% 11% 41% -3% -10% -6% -13% -74% -11% 1% 3% 3% 2% 4%Telefonica Moviles 20% 18% 18% 18% -24% 13% 11% 3% 6% -126% 6% 18% 2% 17% 31% 37% 20% 20% 24% 34% 18%

Unefon 0% 1% 2% 3% 11% 9% 6% 11% 6% 7% 5% 12% 3% 3% 4% 4% 3% 4% 1% 2% 0%Nextel Intl 5% 2% 2% 2% 4% 3% 2% 1% 2% 6% 5% 3% 5% 4% 6% 2% 3% 3% 3% 1% 2%


Monthly Churn (%)Telcel (AMX) 2.2% 2.3% 2.4% 2.5% 2.6% 2.8% 2.6% 2.6% 3.0% 3.0% 3.7% 4.1% 3.0% 3.1% 3.0% 3.2% 3.0% 2.9% 2.8% 3.2% 3.1%

Iusacell 2.6% 4.7% 3.4% 4.0% 3.4% 3.7% 4.4% 3.9% 2.7% 2.8% 3.0% 3.0% 3.4% 3.8% 9.7% 5.2% 4.5% N.A. N.A. N.A. N.A.Telefonica Moviles N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4.5% 4.5% 4.5% 4.5% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Unefon N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%

Nextel Intl N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2.9% 2.8% 2.6% 2.2% 2.1% 2.2% 2.1% 1.9% 1.9% 1.7% 1.7% 1.8% 1.8%Country Average Churn* 2.3% 2.7% 2.5% 2.7% 2.7% 2.9% 2.8% 2.7% 3.2% 3.1% 3.7% 4.0% 3.0% 3.1% 3.4% 3.2% 3.0% 2.8% 2.8% 3.1% 3.0%




Table 93: Mexico (Continued)

MEXICO 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - MXNTelcel (AMX) 272.55 268.42 215.28 222.88 214.04 214.08 187.57 160.11 155.17 154.00 157.00 160.00 165.00 173.00 178.00 178.00 185.00 190.00 192.00 191.00 187.00

Iusacell 277.95 268.61 275.00 278.00 265.00 282.00 281.00 241.00 221.00 186.00 182.00 180.00 178.00 180.00 198.96 232.62 285.60 278.06 298.62 321.74 322.65

Telefonica Moviles 146.87 126.82 135.42 125.21 123.51 115.97 113.90 100.27 86.92 99.50 178.61 176.29 211.14 205.00 184.00 185.00 174.00 171.00 172.00 172.00 151.00Unefon N.A. N.A. N.A. N.A. N.A. 324.17 328.92 267.30 245.92 267.39 285.01 298.16 256.00 253.00 251.00 258.00 246.00 235.00 238.00 243.00 221.00

Nextel Intl N.A. N.A. N.A. N.A. N.A. N.A. 714.37 681.51 682.22 721.30 755.74 864.21 803.21 828.67 858.83 855.70 857.01 890.10 855.00 859.01 849.55

Country AVG Monthly ARPU 252.82 244.77 209.06 212.37 206.94 209.26 199.24 172.43 165.20 166.69 177.55 182.72 187.02 193.57 197.60 199.22 205.19 208.92 210.73 209.72 202.41YoY ARPU Grow th -19.6% -18.0% -24.9% -19.8% -18.1% -14.5% -4.7% -18.8% -20.2% -20.3% -10.9% 6.0% 13.2% 16.1% 11.3% 9.0% 9.7% 7.9% 6.6% 5.3% -1.4%

Country AVG Data as % of ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.0% 2.0% 3.0% 3.8% 5.0% 5.0% 5.0% 5.5% 6.0% 6.5% 7.0%Monthly MOU (minutes)

Telcel (AMX) 89 85 82 80 78 77 72 67 63 67 67 72 74 79 81 89 97 99 96 104 104

Iusacell 69 71 83 89 80 88 88 80 69 62 58 62 61 65 67 67 N.A. N.A. N.A. N.A. N.A.Telefonica Moviles 69 71 83 75 75 70 65 90 79 80 N.A. N.A. 87 80 70 66 61 62 60 59 54

Unefon N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 150 149 153 146 139 141 144 131Nextel Intl N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 426 451 455 437 446 463 445 447 442


YoY Monthly MOU Grow th 10.0% 6.2% 4.2% 6.9% -5.7% -4.5% -12.0% -11.4% -16.0% -12.0% -8.7% 0.0% 25.0% 31.1% 36.4% 34.6% 25.6% 17.7% 12.4% 11.3% 2.1%Revenue Per Minute - MXN

Telcel (AMX) 3.06 3.16 2.63 2.79 2.74 2.78 2.61 2.39 2.47 2.30 2.32 2.18 2.16 2.10 2.09 1.90 1.81 1.81 1.88 1.72 1.67

Iusacell 4.03 3.78 3.31 3.12 3.31 3.20 3.19 3.01 3.20 3.00 3.14 2.90 2.92 2.77 2.97 3.47 N.A. N.A. N.A. N.A. N.A.Telefonica Moviles 2.13 1.79 1.63 1.67 1.65 1.66 1.75 1.11 1.10 1.24 N.A. N.A. 2.43 2.56 2.63 2.80 2.85 2.76 2.87 2.92 2.80

Unefon N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.69 1.69 1.69 1.69 1.69 1.69 1.69 1.69Nextel Intl N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.89 1.84 1.89 1.96 1.92 1.92 1.92 1.92 1.92


YoY RPM Grow th -26.9% -22.8% -27.9% -25.0% -13.2% -10.5% 8.3% -8.4% -5.0% -9.4% -3.3% 3.9% -12.2% -14.8% -21.7% -21.5% -14.4% -9.9% -6.2% -6.9% -5.5%Total Est Serv. Rev (MXN bn) 6.632 7.666 7.513 8.848 9.693 10.750 11.452 11.151 11.613 12.155 13.261 14.087 14.878 15.789 16.487 17.384 18.980 20.289 21.495 22.982 23.898


Telcel (AMX) 30.0% 34.6% 28.0% 30.5% 35.6% 35.7% 36.4% 34.6% 35.6% 40.2% 39.3% 38.7% 40.4% 43.3% 44.2% 42.8% 42.9% 43.7% 44.0% 42.5% 42.1%

Iusacell 31.9% 35.2% 34.5% 30.6% 34.0% 31.6% 45.9% 32.8% 32.1% 32.3% 36.5% 28.8% 33.9% 37.3% 17.0% 17.0% 17.2% 14.0% 13.7% 6.3% 20.0%Telefonica Moviles 21.8% 30.0% 30.0% 25.0% 12.8% 6.7% 7.2% -2.4% 11.2% 9.6% 7.2% -29.0% -3.9% -7.2% -23.3% -36.5% -30.4% -21.7% -14.2% -16.1% -23.3%

Unefon N.A. N.A. N.A. -102.8% -63.4% -35.8% -6.4% -5.2% 9.5% 23.2% 20.7% 22.6% 29.5% 31.9% 32.7% 27.1% 29.0% 23.7% 27.7% 30.8% 26.3%Nextel Intl N.A. N.A. N.A. N.A. N.A. N.A. 8.0% 13.0% 28.0% 28.0% 30.0% 40.0% 39.7% 40.8% 36.5% 33.5% 43.6% 41.9% 40.9% 44.5% 41.9%





Table 94: Netherlands

NETHERLANDS 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 48.3% 54.9% 61.1% 68.0% 71.5% 72.2% 75.1% 75.7% 75.8% 76.5% 75.6% 75.3% 75.3% 78.2% 80.8% 84.4% 86.7% 90.2% 94.7% 99.5% 102.0%Increase (%) 5.6% 6.5% 6.2% 6.9% 3.5% 0.7% 2.9% 0.6% 0.1% 0.7% -0.9% -0.2% 0.0% 2.9% 2.6% 3.6% 2.4% 3.4% 4.5% 4.9% 2.5%

Subscribers (000)

KPN Mobile 3,786 4,219 4,585 4,845 4,970 5,133 5,206 5,225 5,178 5,188 5,044 5,034 4,908 4,919 5,038 5,205 5,269 5,406 5,773 6,076 6,290Vodafone 2,450 2,683 2,984 3,180 3,281 3,323 3,223 3,232 3,270 3,264 3,271 3,283 3,275 3,320 3,358 3,403 3,402 3,457 3,541 3,671 3,793

Telfort 500 650 750 900 920 835 1,278 1,301 1,255 1,282 1,291 1,246 1,196 1,529 1,560 1,600 1,700 1,850 2,000 2,300 2,400Ben (T-Mobile) 420 500 560 850 948 1,030 1,090 1,176 1,231 1,318 1,429 1,436 1,626 1,690 1,840 1,987 2,109 2,224 2,253 2,261 2,222

Dutchtone (Orange) 480 630 800 1,005 1,229 1,150 1,150 1,114 1,148 1,146 1,027 1,024 1,037 1,057 1,144 1,326 1,435 1,544 1,648 1,701 1,716


YoY Subscriber Grow th 96.3% 74.2% 67.8% 59.9% 48.6% 32.1% 23.4% 11.8% 6.5% 6.3% 1.0% -0.2% -0.3% 2.6% 7.3% 12.5% 15.6% 15.7% 17.6% 18.4% 18.0%Market Share (%)

KPN Mobile 49.6% 48.6% 47.4% 44.9% 43.8% 44.7% 43.6% 43.4% 42.9% 42.5% 41.8% 41.9% 40.8% 39.3% 38.9% 38.5% 37.9% 37.3% 37.9% 38.0% 38.3%

Vodafone 32.1% 30.9% 30.8% 29.5% 28.9% 29.0% 27.0% 26.8% 27.1% 26.8% 27.1% 27.3% 27.2% 26.5% 25.9% 25.2% 24.5% 23.9% 23.3% 22.9% 23.1%Telfort 6.5% 7.5% 7.7% 8.3% 8.1% 7.3% 10.7% 10.8% 10.4% 10.5% 10.7% 10.4% 9.9% 12.2% 12.1% 11.8% 12.2% 12.8% 13.1% 14.4% 14.6%

Ben (T-Mobile) 5.5% 5.8% 5.8% 7.9% 8.4% 9.0% 9.1% 9.8% 10.2% 10.8% 11.8% 11.9% 13.5% 13.5% 14.2% 14.7% 15.2% 15.4% 14.8% 14.1% 13.5%Dutchtone (Orange) 6.3% 7.3% 8.3% 9.3% 10.8% 10.0% 9.6% 9.2% 9.5% 9.4% 8.5% 8.5% 8.6% 8.4% 8.8% 9.8% 10.3% 10.7% 10.8% 10.6% 10.5%


Net Subscriber Adds (000)KPN Mobile 307 433 366 260 125 163 73 19 (47) 10 (144) (10) (126) 11 119 167 64 137 367 303 214

Vodafone 271 233 301 196 101 42 (100) 9 38 (6) 7 12 (9) 45 38 46 (1) 55 83 130 122Telfort 50 150 100 150 20 (85) 443 23 (46) 27 9 (45) (50) 333 31 40 100 150 150 300 100

Ben (T-Mobile) 120 80 60 290 98 82 60 86 55 87 111 7 190 64 150 147 122 115 29 8 (39)

Dutchtone (Orange) 147 150 170 205 224 (79) 0 (36) 34 (2) (119) (3) 13 20 87 182 109 109 104 53 15Total Net Adds 895 1,046 997 1,101 568 123 476 101 34 116 (136) (39) 18 474 424 582 394 566 733 794 412

YoY Net Adds Grow th 57.3% -4.5% 27.5% 13.0% -36.5% -88.2% -52.3% -90.8% -94.0% -5.5% N.M. N.M. -46.3% 307.4% N.M. N.M. 2057.4% 19.5% 72.8% 36.6% 4.6%Market Share of Net Adds (%)

KPN Mobile 34% 41% 37% 24% 22% 133% 15% 19% -138% 9% N.M. N.M. -690% 2% 28% 29% 16% 24% 50% 38% 52%

Vodafone 30% 22% 30% 18% 18% 34% -21% 9% 112% -5% N.M. N.M. -48% 10% 9% 8% 0% 10% 11% 16% 30%Telfort 6% 14% 10% 14% 4% -69% 93% 23% -135% 23% N.M. N.M. -274% 70% 7% 7% 25% 26% 20% 38% 24%

Ben (T-Mobile) 13% 8% 6% 26% 17% 67% 13% 85% 162% 75% N.M. N.M. 1040% 14% 35% 25% 31% 20% 4% 1% -9%Dutchtone (Orange) 16% 14% 17% 19% 39% -64% 0% -36% 100% -2% N.M. N.M. 71% 4% 21% 31% 28% 19% 14% 7% 4%


Monthly Churn (%)KPN Mobile 1.7% 1.6% 1.5% 1.4% 1.4% 1.6% 1.8% 1.6% 1.8% 1.6% 2.8% 2.6% 2.8% 2.0% 1.3% 1.0% 1.6% 1.3% 0.8% 0.9% 1.4%

Vodafone 1.9% 1.7% 1.5% 1.5% 1.5% 2.8% 2.8% 2.1% 2.1% 2.1% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.1% 2.1%Telfort N.A. N.A. N.A. N.A. N.A. 2.3% 2.3% 2.3% 2.3% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8%

Ben (T-Mobile) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.3% 2.1% 2.7% 3.2% 2.2% 4.2% 2.1% 2.1% 2.3% 2.1% 2.3% 3.0% 3.7%

Dutchtone (Orange) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 1.8% 1.6% 1.5% 1.4% 1.4% 2.1% 2.2% 1.8% 2.1% 1.9% 2.6% 2.5% 2.5% 2.4% 1.8% 1.7% 2.0% 1.9% 1.7% 1.9% 2.2%




Table 95: Netherlands (Continued)

NETHERLANDS 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EURKPN Mobile 35.00 33.00 31.00 29.00 30.00 32.00 33.00 30.00 31.00 33.00 36.00 36.00 36.00 39.00 40.00 36.00 33.00 34.00 33.00 30.00 28.00

Vodafone 34.00 32.50 31.00 30.50 30.00 30.50 31.00 32.00 33.00 35.52 36.89 35.35 36.71 37.40 38.40 39.30 39.50 39.30 37.70 37.10 39.70

Telfort 25.00 23.00 22.00 17.00 17.00 25.00 23.00 19.00 23.00 22.00 23.00 23.00 25.00 25.00 19.81 19.94 22.02 21.77 18.28 16.12 17.63Ben (T-Mobile) N.A. N.A. N.A. N.A. 35.00 35.00 34.00 32.00 28.00 30.00 32.00 33.00 34.00 39.00 38.00 37.00 35.00 37.00 37.00 36.00 35.00

Dutchtone (Orange) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 24.76 26.45 29.45 30.88 32.02 34.10 34.80 33.08 29.69 29.43 29.13 27.74 24.36

Country AVG ARPU 33.89 31.96 30.19 28.32 29.29 31.25 31.32 29.50 29.81 31.58 33.82 33.68 34.49 36.45 36.41 34.79 33.21 33.68 32.33 30.24 29.75YoY ARPU Grow th -22.7% -20.9% -20.3% -20.7% -13.6% -2.2% 3.7% 4.1% 1.8% 1.0% 8.0% 14.2% 15.7% 15.4% 7.7% 3.3% -3.7% -7.6% -11.2% -13.1% -10.4%


KPN Mobile 117 122 117 112 108 117 109 114 113 121 121 128 126 136 131 130 125 127 117 120 112

Vodafone 110 108 106 105 105 112 117 115 115 127 127 127 126 126 129 129 128 128 128 129 129Telfort N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Ben (T-Mobile) 153 155 150 146 144 154 152 154 154 167 167 172 170 180 178 178 176 176 176 176 176Dutchtone (Orange) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


YoY Monthly MOU Grow th -4.3% -2.0% -4.8% -4.7% -5.2% 0.1% 1.2% 5.8% 7.5% 8.3% 11.2% 12.5% 12.1% 8.4% 6.9% 3.4% 2.0% -2.1% -5.0% -3.9% -5.2%Revenue Per Minute - EUR

KPN Mobile 0.30 0.27 0.26 0.25 0.26 0.26 0.29 0.25 0.26 0.26 0.28 0.26 0.26 0.26 0.28 0.25 0.23 0.24 0.25 0.22 0.22

Vodafone 0.30 0.29 0.28 0.28 0.27 0.26 0.25 0.26 0.27 0.26 0.27 0.26 0.27 0.27 0.27 0.27 0.27 0.27 0.26 0.25 0.27Telfort N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Ben (T-Mobile) N.A. N.A. N.A. N.A. 0.24 0.23 0.22 0.21 0.18 0.18 0.19 0.19 0.18 0.19 0.19 0.18 0.17 0.18 0.18 0.18 0.17Dutchtone (Orange) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


YoY RPM Grow th -21.6% -21.7% -18.9% -18.5% -10.7% -5.4% -0.7% -4.6% -7.7% -8.6% -3.8% 0.1% 1.0% 4.4% -2.1% -3.0% -8.7% -8.5% -8.9% -11.8% -7.2%Total Market Estimated Revenues 0.731 0.782 0.831 0.869 0.871 0.972 1.000 0.961 1.076 1.145 1.243 1.235 1.234 1.342 1.384 1.387 1.374 1.427 1.437 1.418 1.446


KPN Mobile 33.3% 29.9% 32.2% 41.4% 42.3% 41.8% 42.1% 44.6% 42.3% 43.0% 45.0% 44.2% 44.1% 44.8% 46.9% 43.3% 44.0% 39.8% 39.4% 37.6% 34.8%

Vodafone 27.3% 24.3% 21.9% 31.8% 32.2% 30.6% 31.3% 36.6% 36.6% 39.2% 39.2% 37.5% 35.5% 35.0% 35.0% 33.0% 33.0% 39.0% 39.0% 33.5% 33.5%Telfort N.A. N.A. -71.4% -64.0% -50.0% -75.0% -49.0% -3.0% 5.0% -9.0% -5.4% 6.5% 8.0% 5.0% 6.0% 7.0% 8.0% 10.0% 11.0% 11.0% 10.0%

Ben (T-Mobile) N.A. N.A. N.A. -64.0% -53.0% -30.5% -22.3% 1.7% -7.8% -11.5% -14.0% -11.7% -14.8% 15.1% 4.0% 12.8% 1.2% 13.9% 21.5% 17.8% 10.2%Dutchtone (Orange) N.A. N.A. N.A. N.A. -61.0% -61.0% -90.0% -90.0% -7.0% -7.0% -10.0% -10.0% 11.3% 15.0% 13.7% 14.0% 15.6% 15.6% 15.6% 15.6% 15.0%





Table 96: New Zealand

New Zealand 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 36.4% 41.2% 43.5% 49.5% 56.1% 59.4% 61.9% 61.3% 62.1% 60.7% 59.8% 60.8% 62.5% 64.2% 66.5% 69.5% 72.2% 74.0% 76.2% 80.1% 81.6%Increase (%) 3.6% 4.8% 2.3% 6.0% 6.6% 3.3% 2.5% -0.6% 0.7% -1.3% -0.9% 1.0% 1.7% 1.7% 2.3% 3.0% 2.6% 1.9% 2.2% 3.9% 1.5%

Subscribers (000)

TCNZ 922 980 1,031 1,151 1,269 1,298 1,337 1,379 1,388 1,308 1,248 1,229 1,235 1,250 1,270 1,302 1,337 1,352 1,367 1,463 1,488Vodafone 473 600 638 753 889 990 1,077 1,044 1,095 1,128 1,156 1,220 1,289 1,349 1,429 1,527 1,607 1,675 1,759 1,831 1,891


YoY Subscriber Grow th 76.5% 74.2% 55.9% 51.7% 54.7% 44.8% 44.6% 27.3% 15.1% 6.5% -0.4% 1.1% 1.7% 6.7% 12.3% 15.5% 16.6% 16.5% 15.8% 16.4% 14.8%

Market Share (%)TCNZ 66.1% 62.0% 61.8% 60.5% 58.8% 56.7% 55.4% 56.9% 55.9% 53.7% 51.9% 50.2% 48.9% 48.1% 47.1% 46.0% 45.4% 44.7% 43.7% 44.4% 44.0%

Vodafone 33.9% 38.0% 38.2% 39.5% 41.2% 43.3% 44.6% 43.1% 44.1% 46.3% 48.1% 49.8% 51.1% 51.9% 52.9% 54.0% 54.6% 55.3% 56.3% 55.6% 56.0%Total Market Share 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


TCNZ 64 58 51 120 118 29 39 42 9 (80) (60) (19) 6 15 20 32 35 15 15 96 25Vodafone 76 127 38 115 136 101 87 (33) 51 33 28 64 69 60 80 98 80 68 84 72 60

Total Net Adds 140 185 89 235 254 130 126 9 60 (47) (32) 45 75 75 100 130 115 83 99 168 85YoY Net Adds Grow th 99.2% 58.2% -45.6% 27.6% 81.9% -29.9% 41.6% -96.2% -76.4% N.M. N.M. 400.0% 25.0% N.M. N.M. 188.9% 53.3% 10.7% -1.0% 29.2% -26.1%


TCNZ 46% 31% 57% 51% 46% 22% 31% 467% 15% N.M. N.M. -42% 8% 20% 20% 25% 30% 18% 15% 57% 29%Vodafone 54% 69% 43% 49% 54% 78% 69% -367% 85% N.M. N.M. 142% 92% 80% 80% 75% 70% 82% 85% 43% 71%


TCNZ 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7%

Vodafone 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%Country Average Churn* 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.7% 1.7% 1.7% 1.7% 1.7% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%




Table 97: New Zealand (Continued)

New Zealand 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - NZDTCNZ 59.68 56.16 53.90 53.10 46.80 45.00 43.40 43.90 42.70 43.60 45.60 50.70 49.30 48.50 49.20 50.50 50.80 48.20 50.90 52.30 50.40

Vodafone 86.21 71.58 65.43 62.54 56.64 51.09 49.35 50.92 53.00 53.50 54.33 54.83 55.25 55.50 55.42 55.33 56.00 55.67 55.08 54.25 52.75

Country Average ARPU* 68.68 62.02 58.31 56.84 50.85 47.64 46.05 46.92 47.24 48.18 49.80 52.76 52.34 52.13 52.49 53.11 53.64 52.33 53.25 53.38 51.72YoY ARPU Grow th -21.7% -24.5% -21.4% -20.0% -26.0% -23.2% -21.0% -17.4% -7.1% 1.2% 8.1% 12.4% 10.8% 8.2% 5.4% 0.7% 2.5% 0.4% 1.5% 0.5% -3.6%


TCNZ 201 202 194 185 164 148 137 152 137 133 144 157 150 140 146 150 148 142 145 150 142

Vodafone 196 197 189 180 159 148 137 152 137 129 135 140 145 150 151 152 154 152 150 150 145Country Average MOU* 199 200 192 183 162 148 137 152 137 131 140 148 147 145 148 151 151 147 148 150 144

YoY Monthly MOU Grow th -15.3% -10.2% -13.4% -15.9% -18.9% -26.4% -28.7% -17.2% -15.3% -11.3% 1.8% -2.2% 7.7% 10.9% 6.3% 1.9% 2.6% 1.5% -0.5% -0.9% -4.9%Revenue Per Minute - NZD

TCNZ 0.29 0.27 0.27 0.28 0.28 0.30 0.31 0.28 0.30 0.32 0.31 0.31 0.31 0.33 0.32 0.32 0.32 0.31 0.31 0.31 0.31Vodafone 0.43 0.35 0.33 0.33 0.34 0.33 0.34 0.31 0.36 0.38 0.37 0.36 0.34 0.33 0.33 0.32 0.32 0.32 0.32 0.31 0.31


YoY RPM Grow th -8.9% -17.4% -10.9% -6.5% -10.2% 2.8% 9.1% -1.6% 8.1% 12.0% 4.2% 12.4% 0.2% -4.7% -3.1% -3.8% -3.1% -4.4% -2.5% -2.7% -2.5%Total Market Estimated Revenues 0.273 0.277 0.284 0.305 0.310 0.318 0.325 0.340 0.348 0.356 0.362 0.384 0.390 0.401 0.417 0.440 0.464 0.469 0.492 0.514 0.518


TCNZ 33.2% 33.2% 33.2% 38.0% 45.3% 46.7% 30.9% 38.0% 44.6% 49.9% 40.6% 39.8% 40.6% 41.5% 37.6% 37.8% 37.8% 37.5% 31.3% 36.4% 36.0%

Vodafone 26.0% 30.0% 31.5% 34.5% 36.0% 38.0% 40.0% 41.0% 42.0% 43.0% 44.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0%Country Average Margin* 30.8% 32.0% 32.6% 36.6% 41.5% 42.9% 34.9% 39.3% 43.4% 46.7% 42.2% 42.4% 42.9% 43.3% 41.5% 41.7% 41.7% 41.7% 39.0% 41.2% 41.0%




Table 98: Nigeria

NIGERIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration (%) N.A. N.A. N.A. N.A. N.A. 0.0% 0.1% 0.3% 0.6% 0.8% 0.9% 1.1% 1.5% 1.6% 1.8% 2.4% 2.9% 3.7% 4.6% 6.1% 7.5%Increase (%) N.A. N.A. N.A. N.A. N.A. N.A. 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.3% 0.2% 0.2% 0.5% 0.6% 0.7% 0.9% 1.5% 1.4%

Subscribers (000)

MTN N.A. N.A. N.A. N.A. N.A. N.A. 50 172 327 467 609 795 1,037 1,209 1,381 1,650 1,966 2,176 2,587 3,553 4,519VMobile N.A. N.A. N.A. N.A. N.A. N.A. 60 201 309 461 518 569 762 838 931 1,016 1,100 1,403 1,706 2,083 2,459

Nitel N.A. N.A. N.A. N.A. N.A. 60 62 68 75 80 83 92 94 103 108 129 150 295 480 713 946Globacom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 360 700 1,043 1,385 1,855 2,325

Total Subscribers N.A. N.A. N.A. N.A. N.A. 60 172 441 711 1,008 1,210 1,456 1,893 2,150 2,420 3,155 3,916 4,917 6,158 8,204 10,249

% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 99.5% 99.2% 99.0% 99.1% 98.9% 99.0% 99.1% 99.3% 99.4%YoY Subscriber Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1579.2% 603.3% 230.3% 166.2% 113.4% 100.1% 116.6% 106.9% 128.7% 154.4% 160.1% 161.7%

Market Share (%)MTN N.A. N.A. N.A. N.A. N.A. N.A. 29.1% 39.0% 46.0% 46.4% 50.3% 54.6% 54.8% 56.2% 57.1% 52.3% 50.2% 44.3% 42.0% 43.3% 44.1%

VMobile N.A. N.A. N.A. N.A. N.A. N.A. 34.9% 45.6% 43.5% 45.7% 42.8% 39.1% 40.3% 39.0% 38.5% 32.2% 28.1% 28.5% 27.7% 25.4% 24.0%

Nitel N.A. N.A. N.A. N.A. N.A. 100.0% 36.0% 15.4% 10.5% 7.9% 6.9% 6.3% 5.0% 4.8% 4.5% 4.1% 3.8% 6.0% 7.8% 8.7% 9.2%Globacom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11.4% 17.9% 21.2% 22.5% 22.6% 22.7%

Total Market Share N.A. N.A. N.A. N.A. N.A. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%Net Subscriber Adds (000)

MTN N.A. N.A. N.A. N.A. N.A. N.A. 50 122 155 140 142 186 242 172 172 269 316 210 411 966 966

VMobile N.A. N.A. N.A. N.A. N.A. N.A. 60 141 108 152 57 52 193 76 93 85 85 303 303 377 377Nitel N.A. N.A. N.A. N.A. N.A. 60 2 6 7 5 3 9 2 9 5 21 21 145 185 233 233

Globacom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 360 340 343 343 470 470Total Net Adds N.A. N.A. N.A. N.A. N.A. 60 112 269 270 297 202 247 437 257 270 734 761 1,001 1,242 2,046 2,046

YoY Net Adds Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 394.2% 80.5% -8.3% 61.7% -13.3% 33.5% 197.6% 74.4% 289.0% 359.9% 178.5% 168.6%

Market Share of Net Adds (%)MTN N.A. N.A. N.A. N.A. N.A. N.A. 45% 45% 57% 47% 70% 75% 55% 67% 64% 37% 42% 21% 33% 47% 47%

VMobile N.A. N.A. N.A. N.A. N.A. N.A. 54% 52% 40% 51% 28% 21% 44% 30% 34% 12% 11% 30% 24% 18% 18%Nitel N.A. N.A. N.A. N.A. N.A. 100% 2% 2% 3% 2% 1% 4% 0% 3% 2% 3% 3% 14% 15% 11% 11%

Globacom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 49% 45% 34% 28% 23% 23%

Total Market Share of Net Adds N.A. N.A. N.A. N.A. N.A. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%Monthly Churn (%)

MTN N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.VMobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Nitel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Globacom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.




Table 99: Nigeria (Continued)

NIGERIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - USDMTN N.A. N.A. N.A. N.A. N.A. N.A. 108.00 92.00 75.00 69.25 63.50 57.75 52.00 51.75 51.50 51.25 51.00 50.00 48.00 45.00 40.00

VMobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Nitel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Globacom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country AVG Monthly ARPU N.A. N.A. N.A. N.A. N.A. N.A. 108.00 92.00 75.00 69.25 63.50 57.75 52.00 51.75 51.50 51.25 51.00 50.00 48.00 45.00 40.00YoY ARPU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -41.2% -37.2% -30.7% -25.3% -18.9% -11.3% -1.9% -3.4% -6.8% -12.2% -21.6%

Country AVG Data as % of ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Monthly MOU (minutes)MTN N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

VMobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Nitel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Globacom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Revenue Per Minute - USDMTN N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

VMobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Nitel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Globacom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average RPM* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Total Est Serv. Rev (USD bn) N.A. N.A. N.A. N.A. N.A. N.A. 0.038 0.085 0.130 0.179 0.211 0.231 0.261 0.314 0.353 0.429 0.541 0.662 0.797 0.969 1.107

YoY Est Ser. Rev Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 461.9% 173.0% 101.6% 75.8% 67.2% 85.6% 107.0% 111.1% 125.8% 126.2% 104.7%EBITDA Margin (%)

MTN N.A. N.A. N.A. N.A. N.A. N.A. -77.0% -15.0% -0.7% 8.9% 18.5% 28.0% 37.6% 41.0% 44.3% 47.7% 51.0% 51.0% 51.0% 50.5% 50.0%VMobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Nitel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Globacom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country AVG EBITDA Margin* N.A. N.A. N.A. N.A. N.A. N.A. -77.0% -15.0% -0.7% 8.9% 18.5% 28.0% 37.6% 41.0% 44.3% 47.7% 51.0% 51.0% 51.0% 50.5% 50.0%




Table 100: Norway

NORWAY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 61.5% 64.0% 65.5% 67.8% 70.5% 73.4% 76.1% 78.4% 79.4% 82.1% 83.5% 85.3% 87.0% 88.5% 90.5% 91.5% 93.0% 96.5% 99.7% 103.5% 103.8%Increase (%) 1.6% 2.5% 1.5% 2.4% 2.7% 2.9% 2.8% 2.2% 1.0% 2.8% 1.4% 1.8% 1.7% 1.5% 2.0% 1.0% 1.5% 3.4% 3.2% 3.8% 0.3%

Subscribers (000)

Telenor Mobil 2,012 2,103 2,134 2,199 2,229 2,313 2,409 2,457 2,504 2,590 2,679 2,688 2,693 2,727 2,806 2,851 2,905 2,978 3,089 3,172 3,191Netcom (TeliaSonera) 754 775 810 850 945 994 1,026 1,082 1,084 1,088 1,106 1,178 1,228 1,266 1,279 1,285 1,302 1,389 1,429 1,522 1,520



Market Share (%)Telenor Mobil 72.7% 73.1% 72.5% 72.1% 70.2% 69.9% 70.1% 69.4% 69.8% 70.4% 70.8% 69.5% 68.7% 68.3% 68.7% 68.9% 69.1% 68.2% 68.4% 67.6% 67.7%

Netcom (TeliaSonera) 27.3% 26.9% 27.5% 27.9% 29.8% 30.1% 29.9% 30.6% 30.2% 29.6% 29.2% 30.5% 31.3% 31.7% 31.3% 31.1% 30.9% 31.8% 31.6% 32.4% 32.3%Total Market Share 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


Telenor Mobil 61 91 31 65 30 84 96 48 47 86 89 9 5 34 79 45 54 73 111 83 19Netcom (TeliaSonera) 11 21 35 40 95 49 32 56 2 4 18 72 50 38 13 6 17 87 40 93 (2)

Total Net Adds 72 112 66 105 125 133 128 104 49 90 107 81 55 72 92 51 71 160 151 176 17YoY Net Adds Grow th -53.8% -30.0% -54.5% -23.4% 73.6% 18.8% 93.9% -1.0% -60.8% -32.3% -16.4% -22.1% 12.2% -20.0% -14.0% -37.0% 29.1% 122.2% 64.1% 245.1% -76.1%


Telenor Mobil 85% 81% 47% 62% 24% 63% 75% 46% 96% 96% 83% 11% 9% 47% 86% 88% 76% 46% 74% 47% 112%Netcom (TeliaSonera) 15% 19% 53% 38% 76% 37% 25% 54% 4% 4% 17% 89% 91% 53% 14% 12% 24% 54% 26% 53% -12%


Telenor Mobil N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Netcom (TeliaSonera) N.A. N.A. 2.4% 2.4% 2.6% 2.4% 2.8% 2.2% 2.5% 2.3% 2.7% 2.6% 2.2% 2.3% 2.3% 2.3% 1.6% 1.0% 1.3% 1.2% 1.4%Country Average Churn* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.




Table 101: Norway (Continued)

NORWAY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - NKRTelenor Mobil 309.00 347.00 355.00 340.00 333.00 337.00 357.00 331.00 334.00 351.00 359.00 340.00 330.00 346.00 354.00 326.00 315.00 332.00 328.00 318.00 297.00

Netcom (TeliaSonera) 289.00 301.00 327.00 308.00 292.00 317.00 341.00 317.00 326.00 338.00 377.00 358.00 353.00 365.00 368.00 368.00 334.00 343.00 350.00 329.00 314.00

Country AVG ARPU 303.55 334.61 347.30 331.08 320.79 330.99 352.22 326.72 331.58 347.15 364.26 345.48 337.20 352.02 358.38 339.05 320.88 335.50 334.96 321.57 302.49YoY ARPU Grow th -8.3% 0.0% -1.0% 1.1% 5.7% -1.1% 1.4% -1.3% 3.4% 4.9% 3.4% 5.7% 1.7% 1.4% -1.6% -1.9% -4.8% -4.7% -6.5% -5.2% -5.7%


Telenor Mobil 166 170 184 174 171 175 182 177 171 185 186 178 178 190 195 189 179 187 187 182 175

Netcom (TeliaSonera) 130 143 145 136 131 141 147 141 144 162 169 163 155 165 170 167 170 176 176 179 176Country Average MOU* 156 163 173 163 159 165 172 166 163 178 181 173 171 182 187 182 176 184 184 181 175

YoY Monthly MOU Grow th -1.8% 1.3% 3.7% 4.4% 1.9% 1.3% -1.0% 1.6% 2.4% 8.1% 5.5% 4.5% 4.9% 2.2% 3.4% 5.0% 3.2% 0.8% -2.0% -0.6% -0.5%Revenue Per Minute - NKR

Telenor Mobil 1.70 1.88 1.76 1.77 1.74 1.72 1.74 1.63 1.70 1.67 1.66 1.62 1.55 1.54 1.49 1.40 1.45 1.45 1.44 1.42 1.37Netcom (TeliaSonera) 2.22 1.94 2.05 2.04 1.98 1.98 2.02 1.96 1.92 1.82 1.92 1.87 1.91 1.86 1.82 1.85 1.65 1.64 1.67 1.54 1.50


YoY RPM Grow th -14.1% -4.4% -7.4% -5.7% 0.6% -5.5% -0.9% -6.7% -2.3% -4.5% -4.6% -1.1% -6.1% -4.5% -8.3% -10.0% -8.6% -7.3% -4.6% -4.1% -6.2%Total Market Estimated Revenues 2.486 2.833 3.033 2.976 2.994 3.218 3.562 3.418 2.972 3.196 3.401 3.236 3.204 3.412 3.481 3.256 3.528 3.745 3.925 3.865 3.738

YoY Estimated Service Revenues Grow th 15.1% 21.1% 16.0% 15.4% 20.4% 13.6% 17.4% 14.8% -0.8% -0.7% -4.5% -5.3% 7.8% 6.7% 2.4% 0.6% 10.1% 9.8% 12.8% 18.7% 5.9%EBITDA Margin (%)

Telenor Mobil 34.1% 31.7% 40.0% 34.1% 36.2% 36.5% 41.1% 34.0% 40.0% 40.0% 44.1% 38.0% 41.5% 37.0% 40.8% 36.8% 35.7% 36.6% 36.7% 37.8% 35.3%

Netcom (TeliaSonera) 28.0% 28.0% 27.8% 28.0% 31.6% 30.7% 35.4% 29.9% 35.2% 43.2% 42.5% 32.8% 42.6% 44.0% 40.2% 37.7% 36.5% 29.0% 33.3% 32.2% 38.0%Country Average Margin* 32.4% 30.7% 36.6% 32.4% 34.8% 34.8% 39.4% 32.8% 38.5% 40.9% 43.6% 36.4% 41.9% 39.2% 40.6% 37.1% 36.0% 34.2% 35.6% 36.0% 36.2%




Table 102: Pakistan

PAKISTAN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration (%) N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.3% N.A. N.A. N.A. 0.7% 0.7% 0.7% 1.0% 1.4% N.A. 3.3% 4.3% 5.3% 6.4%Increase (%) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.0% 0.0% 0.3% 0.4% N.A. N.A. 1.0% 1.0% 1.1%

Subscribers (000)

Mobilink N.A. N.A. N.A. N.A. N.A. N.A. N.A. 417 N.A. N.A. N.A. 952 1,003 1,076 1,469 2,016 N.A. 3,216 4,005 5,037 6,019Ufone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 801 1,476 1,894 2,148

Paktel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 470 611 506 772Instaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 536 465 571 544

Telenor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 250

Total Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. 417 N.A. N.A. N.A. 952 1,003 1,076 1,469 2,016 N.A. 5,023 6,557 8,008 9,733% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100.0% 100.0% 100.0% 100.0%

YoY Subscriber Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 128.5% N.A. N.A. N.A. 111.7% N.A. N.A. N.A. N.A. N.A.Market Share (%)

Mobilink N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100.0% N.A. N.A. N.A. 100.0% 100.0% 100.0% 100.0% 100.0% N.A. 64.0% 61.1% 62.9% 61.8%

Ufone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 16.0% 22.5% 23.6% 22.1%Paktel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9.4% 9.3% 6.3% 7.9%

Instaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.7% 7.1% 7.1% 5.6%Telenor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2.6%

Total Market Share N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100.0% N.A. N.A. N.A. 100.0% 100.0% 100.0% 100.0% 100.0% N.A. 100.0% 100.0% 100.0% 100.0%

Net Subscriber Adds (000)Mobilink N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 51 72 393 547 N.A. 3,216 789 1,032 982

Ufone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 801 675 418 254Paktel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 470 141 (105) 266

Instaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 536 (71) 106 (27)

Telenor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 250Total Net Adds N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 51 72 393 547 N.A. N.A. 1,534 1,451 1,724

YoY Net Adds Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Market Share of Net Adds (%)

Mobilink N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100% 100% 100% 100% N.A. N.A. 51% 71% 57%

Ufone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 44% 29% 15%Paktel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9% -7% 15%

Instaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -5% 7% -2%Telenor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0% 0% 14%

Total Market Share of Net Adds N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100% 100% 100% 100% N.A. N.A. 100% 100% 100%

Monthly Churn (%)Mobilink N.A. N.A. N.A. N.A. 1.2% 1.2% 1.2% 1.2% 0.6% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.6% 0.7% N.A.

Ufone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Paktel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Instaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Telenor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* N.A. N.A. N.A. N.A. 1.2% 1.2% 1.2% 1.2% 0.6% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 0.5% N.A. N.A. N.A. N.A. N.A.




Table 103: Pakistan (Continued)

PAKISTAN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - PKRMobilink N.A. N.A. N.A. N.A. 21.00 21.00 21.00 21.00 16.50 16.50 16.50 16.50 14.00 13.90 14.10 13.90 13.00 12.60 12.20 11.60 N.A.

Ufone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Paktel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Instaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Telenor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country AVG Monthly ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. 21.00 N.A. N.A. N.A. 16.50 14.00 13.90 14.10 13.90 N.A. N.A. N.A. N.A. N.A.YoY ARPU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -21.4% N.A. N.A. N.A. -15.8% N.A. N.A. N.A. N.A. N.A.

Country AVG Data as % of ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly MOU (minutes)

Mobilink N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 241 237 N.A. N.A. 179 173 N.A.


Instaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Telenor N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 241 237 N.A. N.A. N.A. N.A. N.A.

YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Revenue Per Minute - PKR

Mobilink N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.06 0.06 N.A. N.A. N.A. N.A. N.A.



Country Average RPM* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.06 0.06 N.A. N.A. N.A. N.A. N.A.

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Total Est Serv. Rev (PKR bn) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.041 0.043 0.054 0.073 N.A. N.A. N.A. N.A. N.A.

YoY Est Ser. Rev Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.EBITDA Margin (%)

Mobilink N.A. N.A. N.A. N.A. 47.2% 47.2% 47.2% 47.2% 65.7% 65.7% 65.7% 65.7% 66.8% 66.0% 54.9% 51.7% 54.9% 52.1% 49.6% 43.5% N.A.



Country AVG EBITDA Margin* N.A. N.A. N.A. N.A. 0.0% 0.0% 0.0% 47.2% 0.0% 0.0% 0.0% 65.7% 66.8% 66.0% 54.9% 51.7% 54.9% 52.1% 49.6% 43.5% N.A.




Table 104: Philippines

PHILIPPINES 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 4.4% 5.7% 7.0% 8.0% 9.3% 10.9% 12.4% 14.0% 15.2% 16.0% 17.4% 19.0% 20.6% 22.1% 24.6% 27.3% 28.8% 34.5% 37.7% 40.7% 42.4%Increase (%) 0.9% 1.3% 1.3% 0.9% 1.4% 1.6% 1.5% 1.6% 1.2% 0.8% 1.4% 1.6% 1.6% 1.5% 2.5% 2.7% 1.5% 5.7% 3.2% 3.1% 1.7%

Subscribers (000)

Globe 1,248 1,699 2,124 2,563 2,926 3,441 4,021 4,588 4,999 5,436 5,960 6,572 7,110 7,272 8,082 8,860 9,137 10,542 11,714 12,514 12,955Smart 1,366 1,838 2,420 2,858 3,492 3,982 4,327 4,894 5,274 5,494 6,123 6,800 7,390 8,143 9,011 10,080 11,185 12,475 13,281 14,596 15,510

Piltel 483 576 605 657 744 989 1,279 1,475 1,703 1,709 1,757 1,800 1,979 2,220 2,540 2,867 3,171 3,554 4,189 4,612 4,742Others 282 282 282 123 123 123 123 121 121 121 121 121 163 275 388 500 1,150 1,800 1,885 1,983 2,005



Market Share (%)Globe 36.9% 38.7% 39.1% 41.3% 40.2% 40.3% 41.2% 41.4% 41.3% 42.6% 42.7% 43.0% 42.7% 40.6% 40.4% 39.7% 37.1% 37.2% 37.7% 37.1% 36.8%

Smart 40.4% 41.8% 44.6% 46.1% 47.9% 46.7% 44.4% 44.2% 43.6% 43.1% 43.9% 44.5% 44.4% 45.5% 45.0% 45.2% 45.4% 44.0% 42.7% 43.3% 44.0%

Piltel 14.3% 13.1% 11.1% 10.6% 10.2% 11.6% 13.1% 13.3% 14.1% 13.4% 12.6% 11.8% 11.9% 12.4% 12.7% 12.9% 12.9% 12.5% 13.5% 13.7% 13.5%Others 8.4% 6.4% 5.2% 2.0% 1.7% 1.4% 1.3% 1.1% 1.0% 0.9% 0.9% 0.8% 1.0% 1.5% 1.9% 2.2% 4.7% 6.3% 6.1% 5.9% 5.7%


Globe 331 451 425 440 362 515 580 568 410 437 524 612 538 162 810 778 277 1,404 1,172 800 441

Smart 341 472 582 438 634 490 345 567 380 220 629 677 590 754 868 1,069 1,105 1,289 806 1,315 914Piltel 26 92 29 52 87 245 290 196 228 6 48 43 179 242 320 327 304 383 635 423 130

Others 0 0 0 (159) 0 0 0 (2) 0 0 0 0 42 113 113 113 650 650 85 99 22Total Net Adds 699 1,016 1,036 771 1,083 1,250 1,215 1,328 1,018 663 1,202 1,332 1,348 1,269 2,110 2,287 2,336 3,727 2,699 2,637 1,507

YoY Net Adds Grow th 383.6% 390.7% 309.6% 66.3% 55.0% 23.0% 17.3% 72.4% -6.0% -46.9% -1.1% 0.3% 32.4% 91.5% 75.6% 71.6% 73.3% 193.6% 27.9% 15.3% -35.5%

Market Share of Net Adds (%)Globe 47% 44% 41% 57% 33% 41% 48% 43% 40% 66% 44% 46% 40% 13% 38% 34% 12% 38% 43% 30% 29%

Smart 49% 46% 56% 57% 58% 39% 28% 43% 37% 33% 52% 51% 44% 59% 41% 47% 47% 35% 30% 50% 61%Piltel 4% 9% 3% 7% 8% 20% 24% 15% 22% 1% 4% 3% 13% 19% 15% 14% 13% 10% 24% 16% 9%

Others 0% 0% 0% -21% 0% 0% 0% 0% 0% 0% 0% 0% 3% 9% 5% 5% 28% 17% 3% 4% 1%


Globe 1.1% 1.4% 1.5% 1.1% 2.5% 2.3% 2.1% 2.1% 2.1% 2.3% 2.3% 2.3% 3.3% 3.9% 3.8% 3.8% 7.2% 6.1% 6.1% 5.5% 5.5%Smart N.A. 0.2% 1.3% 0.4% 0.6% 1.3% 2.0% 2.6% 3.3% 3.8% 3.8% 3.8% 3.2% 3.1% 2.6% 2.9% 3.2% 0.8% 3.2% 2.7% 2.7%

Piltel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Others N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* N.A. N.A. N.A. N.A. N.A. 1.8% 2.0% 2.4% 2.7% 3.1% 3.1% 3.1% 3.3% 3.5% 3.2% 3.3% 5.0% 3.2% 4.6% 4.0% 4.0%




Table 105: Philippines (Continued)

PHILIPPINES 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - PesoGlobe 759.12 683.02 561.41 568.82 596.78 634.65 554.23 559.54 546.89 685.13 536.72 586.52 549.11 512.77 510.93 524.07 471.88 434.92 434.92 422.00 422.00

Smart 1187.00 1056.00 914.00 911.00 567.00 567.00 592.00 589.00 575.00 579.00 597.88 575.00 439.65 422.62 413.70 459.72 397.58 391.30 391.30 395.00 395.00

Piltel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Others N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country AVG Monthly ARPU 982.77 876.85 749.22 749.22 580.57 598.36 573.81 574.75 561.32 631.78 567.71 580.66 493.32 465.15 459.67 489.82 430.99 411.28 411.74 407.46 407.29YoY ARPU Grow th N.A. N.A. N.A. N.A. -40.9% -31.8% -23.4% -23.3% -3.3% 5.6% -1.1% 1.0% -12.1% -26.4% -19.0% -15.6% -12.6% -11.6% -10.4% -16.8% -5.5%

Country AVG Data as % of ARPU 10.3% 12.6% 15.0% 17.2% 22.8% 24.1% 25.4% 29.2% 36.4% 37.3% 37.3% 37.5% 35.4% 36.8% 35.2% 35.5% 39.8% 41.1% 43.8% 35.6% 36.0%

Monthly MOU (minutes)Globe N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Smart N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Piltel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


Country Average MOU* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Revenue Per Minute - PesoGlobe N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Smart N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Piltel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Others N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average RPM* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Total Est Serv. Rev (Peso bn) 8.934 10.227 11.044 13.074 11.746 14.199 15.738 17.956 19.512 23.555 22.754 25.480 23.631 24.108 26.154 31.099 30.353 32.705 36.710 39.590 42.104

YoY Estimated Service Revenues Grow th N.A. N.A. N.A. N.A. 31.5% 38.8% 42.5% 37.3% 66.1% 65.9% 44.6% 41.9% 21.1% 2.3% 14.9% 22.1% 28.4% 35.7% 40.4% 27.3% 38.7%EBITDA Margin (%)

Globe 40.2% 31.5% 39.1% 46.2% 44.0% 43.2% 45.3% 45.7% 49.1% 50.2% 50.2% 56.0% 59.9% 57.0% 56.0% 57.0% 60.6% 60.7% 64.6% 64.9% 65.0%Smart 8.3% 7.6% 42.5% 49.7% 47.4% 51.9% 43.2% 45.6% 52.2% 50.5% 50.5% 50.5% 56.2% 57.1% 60.4% 75.5% 65.3% 70.6% 67.1% 66.5% 66.3%

Piltel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Others N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Margin* 23.5% 19.1% 40.9% 48.1% 45.9% 47.9% 44.2% 45.6% 50.7% 50.4% 50.4% 53.2% 58.0% 57.0% 58.3% 66.9% 63.2% 66.1% 65.9% 65.8% 65.7%




Table 106: Poland

POLAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 11.6% 13.5% 15.3% 17.4% 20.0% 21.7% 23.4% 25.4% 27.8% 30.1% 32.7% 35.7% 38.3% 40.0% 42.0% 45.0% 48.1% 50.7% 54.6% 59.6% 63.2%Increase (%) 1.4% 1.9% 1.8% 2.2% 2.5% 1.7% 1.7% 2.1% 2.4% 2.3% 2.6% 3.0% 2.6% 1.7% 2.0% 3.0% 3.1% 2.6% 3.9% 5.0% 3.6%

Subscribers (000)

PTC 2,000 2,250 2,500 2,800 3,090 3,320 3,500 3,690 3,970 4,240 4,550 4,770 5,240 5,600 5,810 6,210 6,860 7,520 8,050 8,580 9,060Polkomtel 1,750 2,000 2,220 2,460 2,890 3,045 3,200 3,360 3,630 3,850 4,090 4,550 4,840 4,790 5,090 5,490 5,740 6,000 6,490 7,040 7,360

Centertel (FT) 732 971 1,192 1,490 1,756 2,035 2,341 2,785 3,171 3,562 4,000 4,480 4,739 5,080 5,350 5,700 6,010 6,090 6,590 7,440 8,020Total Subscribers 4,482 5,221 5,912 6,750 7,736 8,400 9,041 9,835 10,771 11,652 12,640 13,800 14,819 15,470 16,250 17,400 18,610 19,610 21,130 23,060 24,440



PTC 44.6% 43.1% 42.3% 41.5% 39.9% 39.5% 38.7% 37.5% 36.9% 36.4% 36.0% 34.6% 35.4% 36.2% 35.8% 35.7% 36.9% 38.3% 38.1% 37.2% 37.1%Polkomtel 39.0% 38.3% 37.6% 36.4% 37.4% 36.3% 35.4% 34.2% 33.7% 33.0% 32.4% 33.0% 32.7% 31.0% 31.3% 31.6% 30.8% 30.6% 30.7% 30.5% 30.1%

Centertel (FT) 16.3% 18.6% 20.2% 22.1% 22.7% 24.2% 25.9% 28.3% 29.4% 30.6% 31.6% 32.5% 32.0% 32.8% 32.9% 32.8% 32.3% 31.1% 31.2% 32.3% 32.8%


PTC 250 250 250 300 290 230 180 190 280 270 310 220 470 360 210 400 650 660 530 530 480Polkomtel 230 250 220 240 430 155 155 160 270 220 240 460 290 (50) 300 400 250 260 490 550 320

Centertel (FT) 49 239 221 298 266 279 306 444 386 391 438 480 259 341 270 350 310 80 500 850 580

Total Net Adds 529 739 691 838 986 664 641 794 936 881 988 1,160 1,019 651 780 1,150 1,210 1,000 1,520 1,930 1,380YoY Net Adds Grow th 11.6% 32.0% 37.6% 87.5% 86.4% -10.1% -7.2% -5.3% -5.1% 32.7% 54.1% 46.1% 8.9% -26.1% -21.1% -0.9% 18.7% 53.6% 94.9% 67.8% 14.0%

Market Share of Net Adds (%)PTC 47% 34% 36% 36% 29% 35% 28% 24% 30% 31% 31% 19% 46% 55% 27% 35% 54% 66% 35% 27% 35%

Polkomtel 43% 34% 32% 29% 44% 23% 24% 20% 29% 25% 24% 40% 28% -8% 38% 35% 21% 26% 32% 28% 23%

Centertel (FT) 9% 32% 32% 36% 27% 42% 48% 56% 41% 44% 44% 41% 25% 52% 35% 30% 26% 8% 33% 44% 42%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)PTC N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.2% 1.3% 1.4% 1.5% 1.2% 1.5% 2.0% 2.0% 1.6% 1.2% 2.5% 2.5% 2.5%

Polkomtel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.7% 1.4% 1.6% 1.6% 1.3% 3.3% 1.2% 2.0% 1.6% 1.8% 2.0% 2.0% 2.3%

Centertel (FT) 0.8% 0.8% 1.0% 0.9% 2.2% 2.6% 2.6% 2.3% 2.0% 1.8% 1.7% 1.7% 1.6% 1.7% 2.5% 2.8% 2.5% 2.9% 2.2% 2.2% 2.5%Country Average Churn N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.6% 1.5% 1.5% 1.6% 1.4% 2.1% 1.9% 2.3% 1.9% 1.9% 2.3% 2.3% 2.4%




Table 107: Poland (Continued)

POLAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - PLNPTC N.A. N.A. N.A. 119.00 102.20 101.50 103.70 98.40 90.20 91.40 93.60 87.10 79.00 80.00 79.00 78.00 69.00 71.00 66.60 64.20 58.80

Polkomtel N.A. N.A. N.A. N.A. 119.00 117.00 119.00 111.00 101.00 100.00 99.80 100.00 82.40 85.00 86.60 85.50 75.00 76.00 75.30 75.40 63.70

Centertel (FT) 128.00 128.00 123.00 108.00 100.00 79.00 85.00 80.00 72.00 74.00 77.00 70.00 66.80 71.00 73.00 72.70 70.00 72.00 74.50 78.10 59.50Country AVG Monthly ARPU 128.00 128.00 123.00 115.18 107.98 101.67 104.27 97.49 88.48 88.92 90.35 85.80 76.21 78.59 79.41 78.63 71.17 72.84 71.74 72.10 60.51

YoY ARPU Grow th -27.3% -20.0% -18.0% -17.7% -15.6% -20.6% -15.2% -15.4% -18.1% -12.5% -13.3% -12.0% -13.9% -11.6% -12.1% -8.4% -6.6% -7.3% -9.7% -8.3% -15.0%

Country AVG Data as % of ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9.7% 9.5% 9.0% 10.0% 12.0% 13.0% 12.2% 15.3% 14.7% 14.4% 12.5% 14.5% 20.3%Monthly MOU (minutes)

PTC N.A. N.A. N.A. N.A. 105 113 111 107 98 97 96 90 78 82 81 80 72 76 74 72 69Polkomtel N.A. N.A. N.A. N.A. N.A. N.A. 127 118 107 105 104 97 84 89 87 86 78 80 78 76 72

Centertel (FT) 121 121 110 102 82 80 79 73 70 72 65 60 56 60 61 64 59 56 71 79 70

Country Average MOU* 128 128 116 108 96 100 108 101 93 92 89 82 73 77 76 77 70 71 74 75 70YoY Monthly MOU Grow th -20.9% -15.4% -18.5% -23.3% -24.6% -21.6% -6.9% -6.1% -3.8% -8.1% -17.9% -18.6% -21.4% -16.7% -14.1% -7.0% -4.5% -7.6% -2.8% -1.5% 1.0%

Revenue Per Minute - PLNPTC N.A. N.A. N.A. N.A. 0.98 0.90 0.93 0.92 0.92 0.94 0.97 0.97 1.01 0.98 0.98 0.98 0.96 0.93 0.90 0.89 0.85

Polkomtel N.A. N.A. N.A. N.A. N.A. N.A. 0.94 0.94 0.94 0.86 0.96 1.03 0.98 0.96 0.99 0.99 0.96 0.95 0.97 0.99 0.88

Centertel (FT) 1.06 1.06 1.12 1.06 1.22 0.99 1.08 1.10 0.93 0.94 1.08 1.05 1.05 1.03 1.05 0.96 1.01 1.10 0.91 0.85 0.68Country Average RPM* 1.00 1.00 1.06 1.07 1.12 1.01 0.96 0.96 0.86 0.87 0.92 0.94 0.92 0.89 0.91 0.87 0.87 0.88 0.84 0.82 0.69

YoY RPM Grow th -8.0% -5.5% 0.6% 7.3% 11.9% 1.3% -9.0% -9.8% -23.1% -13.9% -3.9% -2.7% 6.8% 2.0% -1.3% -7.3% -5.2% -1.3% -7.4% -6.0% -21.3%Total Est Serv. Rev (PLN bn) 1.620 1.863 2.054 2.188 2.346 2.461 2.728 2.760 2.735 2.991 3.292 3.403 3.272 3.571 3.778 3.969 3.844 4.176 4.384 4.779 4.311


EBITDA Margin (%)PTC N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 42.3% 42.7% 37.1% 38.0% 30.0% 35.8% 44.8% 38.5% 36.7% 47.9% 46.6% 43.0% 43.0%

Polkomtel N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 41.4% 42.3% 40.9% 39.0% 36.6% 39.4% 43.9% 34.7% 35.1% 35.5% 33.5% 32.0% 38.7%Centertel (FT) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 16.5% 20.8% 27.8% 18.3% 32.4% 30.0% 29.6% 29.8% 29.3% 36.0% 36.5% 33.8% 39.6%

Country Average Margin N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 34.4% 35.9% 35.4% 31.9% 32.9% 35.0% 39.5% 34.5% 33.8% 40.4% 39.4% 36.7% 40.6%




Table 108: Portugal

PORTUGAL 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 49.2% 51.7% 57.4% 66.2% 70.7% 74.8% 79.8% 84.8% 86.5% 88.0% 90.8% 94.1% 96.8% 97.8% 101.3% 104.7% 102.0% 102.2% 104.8% 107.5% 107.3%Increase (%) 2.5% 2.5% 5.6% 8.8% 4.6% 4.1% 5.0% 5.0% 1.7% 1.5% 2.7% 3.3% 2.7% 1.0% 3.5% 3.4% -2.7% 0.2% 2.6% 2.6% -0.1%

Subscribers (000)

TMN 2,218 2,334 2,595 2,939 3,146 3,347 3,622 3,905 3,982 4,070 4,205 4,426 4,474 4,505 4,691 4,887 4,923 4,872 4,941 5,053 5,087Telecel Vodafone 1,795 1,857 2,020 2,315 2,479 2,564 2,669 2,787 2,838 2,887 2,977 3,037 3,085 3,129 3,243 3,332 3,248 3,320 3,488 3,637 3,586

Optimus 918 1,002 1,153 1,410 1,511 1,650 1,791 1,916 1,970 2,000 2,063 2,120 2,164 2,188 2,244 2,306 2,088 2,093 2,120 2,129 2,136Total Subscribers 4,931 5,193 5,768 6,664 7,136 7,561 8,082 8,608 8,790 8,957 9,245 9,583 9,723 9,822 10,178 10,525 10,259 10,285 10,549 10,819 10,809



TMN 45.0% 44.9% 45.0% 44.1% 44.1% 44.3% 44.8% 45.4% 45.3% 45.4% 45.5% 46.2% 46.0% 45.9% 46.1% 46.4% 48.0% 47.4% 46.8% 46.7% 47.1%Telecel Vodafone 36.4% 35.8% 35.0% 34.7% 34.7% 33.9% 33.0% 32.4% 32.3% 32.2% 32.2% 31.7% 31.7% 31.9% 31.9% 31.7% 31.7% 32.3% 33.1% 33.6% 33.2%

Optimus 18.6% 19.3% 20.0% 21.2% 21.2% 21.8% 22.2% 22.3% 22.4% 22.3% 22.3% 22.1% 22.3% 22.3% 22.0% 21.9% 20.4% 20.4% 20.1% 19.7% 19.8%


TMN 103 116 261 344 207 201 275 283 77 88 135 221 48 31 186 196 36 (51) 69 112 34Telecel Vodafone 55 62 163 295 164 85 105 118 51 49 90 60 48 44 114 89 (84) 72 168 149 (51)

Optimus 101 84 151 257 101 139 141 125 54 30 63 57 44 24 56 62 (218) 5 27 9 7

Total Net Adds 259 262 575 896 472 425 521 526 182 167 288 338 140 99 356 347 (266) 26 264 270 (10)YoY Net Adds Grow th -36.3% -40.7% 26.4% 98.2% 82.2% 62.2% -9.4% -41.3% -61.4% -60.8% -44.7% -35.7% -23.3% -40.4% 23.5% 2.6% N.M. -73.8% -25.8% -22.2% N.M.

Market Share of Net Adds (%)TMN 40% 44% 45% 38% 44% 47% 53% 54% 42% 53% 47% 65% 34% 31% 52% 56% N.M. -196% 26% 41% N.M.

Telecel Vodafone 21% 24% 28% 33% 35% 20% 20% 22% 28% 29% 31% 18% 34% 45% 32% 26% N.M. 277% 64% 55% N.M.

Optimus 39% 32% 26% 29% 21% 33% 27% 24% 30% 18% 22% 17% 32% 24% 16% 18% N.M. 19% 10% 3% N.M.Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)TMN 2.0% 1.9% 1.8% 1.7% 1.6% 1.4% 1.3% 1.3% 1.5% 1.6% 1.7% 1.7% 2.1% 2.0% 1.9% 2.0% 1.9% 2.0% 2.2% 2.3% 2.3%

Telecel Vodafone 2.5% 1.9% 1.9% 1.9% 1.9% 1.8% 2.1% 2.1% 2.0% 2.0% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.2% 2.2%

Optimus N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 2.2% 1.9% 1.9% 1.8% 1.7% 1.6% 1.6% 1.6% 1.7% 1.8% 1.9% 1.9% 2.1% 2.0% 2.0% 2.0% 2.0% 2.1% 2.2% 2.3% 2.3%




Table 109: Portugal (Continued)

PORTUGAL 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EURTMN 29.10 30.00 32.00 32.10 29.00 30.40 31.20 29.60 27.10 27.00 27.60 26.30 24.10 25.20 26.90 24.60 23.10 24.50 25.50 24.30 22.60

Telecel Vodafone 31.80 33.80 34.20 33.30 29.20 30.40 30.59 29.79 27.24 27.37 28.10 26.60 26.20 27.30 27.60 26.00 26.60 30.20 29.20 28.00 26.00

Optimus 31.90 33.30 33.90 29.70 27.40 28.20 29.40 28.50 23.50 25.30 24.80 22.71 20.70 21.80 24.50 22.40 22.90 24.50 26.10 23.70 22.20Country AVG ARPU 30.60 32.00 33.15 32.01 28.73 29.92 30.60 29.42 26.34 26.74 27.14 25.60 24.01 25.11 26.59 24.56 24.17 26.34 26.84 25.43 23.65

YoY ARPU Grow th -8.3% 2.0% 3.0% 7.6% -6.1% -6.5% -7.7% -8.1% -8.3% -10.6% -11.3% -13.0% -8.8% -6.1% -2.0% -4.1% 0.7% 4.9% 0.9% 3.5% -2.1%


TMN 127 136 148 140 132 127 125 124 128 131 132 131 118 122 128 125 116 122 125 120 117Telecel Vodafone 148 154 161 150 127 134 145 141 132 139 138 136 123 124 127 126 121 125 125 122 121

Optimus 135 138 141 126 117 121 120 115 109 113 116 111 101 102 108 106 109 110 113 111 109

Country Average MOU* 136 143 151 141 127 128 130 128 125 130 130 128 116 118 123 121 116 120 123 119 116YoY Monthly MOU Grow th 4.9% 6.9% 11.7% 6.1% -6.7% -10.3% -13.7% -9.3% -1.6% 1.2% -0.1% 0.5% -7.2% -9.0% -5.6% -5.6% 0.3% 2.0% -0.3% -1.7% 0.1%

Revenue Per Minute - EURTMN 0.22 0.21 0.21 0.22 0.21 0.22 0.23 0.22 0.20 0.19 0.19 0.19 0.19 0.19 0.19 0.18 0.18 0.18 0.18 0.18 0.17

Telecel Vodafone 0.21 0.21 0.20 0.21 0.22 0.22 0.20 0.20 0.20 0.19 0.19 0.18 0.20 0.20 0.20 0.19 0.20 0.23 0.22 0.21 0.20

Optimus 0.23 0.23 0.23 0.22 0.22 0.22 0.23 0.23 0.20 0.21 0.19 0.18 0.19 0.20 0.21 0.19 0.19 0.20 0.21 0.19 0.18Country Average RPM* 0.22 0.22 0.21 0.22 0.21 0.22 0.22 0.22 0.20 0.19 0.19 0.18 0.19 0.20 0.20 0.19 0.19 0.20 0.20 0.19 0.18

YoY RPM Grow th -14.3% -7.4% -11.5% -2.7% -3.6% 1.0% 4.8% 0.4% -6.9% -12.1% -12.7% -15.1% -3.6% 1.7% 3.5% 0.7% -0.3% 2.1% 0.0% 3.6% -3.9%Total Market Estimated Revenues 0.441 0.486 0.545 0.597 0.598 0.664 0.722 0.734 0.693 0.718 0.753 0.752 0.725 0.708 0.783 0.758 0.740 0.782 0.823 0.810 0.766

YoY Estimated Service Revenues Grow th 41.1% 45.7% 41.4% 50.4% 35.6% 36.7% 32.4% 22.9% 15.9% 8.0% 4.3% 2.5% 4.7% -1.3% 4.0% 0.7% 2.0% 10.5% 5.1% 6.9% 3.5%

EBITDA Margin (%)TMN 37.4% 39.6% 34.5% 36.3% 37.2% 37.1% 40.8% 38.9% 41.8% 38.6% 43.9% 44.4% 43.7% 44.5% 46.1% 46.6% 47.3% 47.9% 53.3% 44.1% 45.1%

Telecel Vodafone 41.4% 37.7% 37.9% 21.6% 30.1% 29.0% 29.4% 28.5% 27.9% 30.0% 31.6% 28.4% 26.0% 28.0% 29.0% 27.0% 29.0% 29.2% 31.1% 30.0% 30.0%Optimus 12.8% 15.3% 11.8% 3.8% 11.8% 11.7% 12.9% 13.7% 17.1% 17.0% 19.7% 16.7% 21.9% 24.0% 26.2% 20.0% 26.2% 32.0% 33.0% 24.0% 30.0%





Table 110: Russia

RUSSIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 1.2% 1.3% 1.6% 2.0% 2.6% 3.4% 4.3% 5.5% 6.5% 8.1% 10.0% 12.4% 14.5% 17.4% 20.8% 24.8% 29.0% 34.0% 40.5% 51.1% 58.8%Increase (%) 0.3% 0.1% 0.3% 0.4% 0.6% 0.9% 0.9% 1.2% 0.9% 1.6% 2.0% 2.3% 2.1% 2.9% 3.4% 4.0% 4.2% 5.0% 6.6% 10.5% 7.7%

Subscribers (000)

MTS 540 640 890 1,190 1,420 1,860 2,350 2,660 3,050 4,370 5,450 6,690 7,600 9,320 11,450 13,490 15,500 18,152 20,840 26,540 30,250VimpelCom 500 580 680 830 980 1,190 1,480 2,110 2,660 3,280 4,030 5,150 6,190 7,460 9,260 11,400 13,370 16,304 19,870 25,690 29,620

Megaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2,290 2,940 3,580 4,260 5,340 6,350 7,730 9,022 11,460 13,600 15,640Others 660 690 740 850 1,330 1,930 2,410 3,270 3,700 4,080 2,830 3,220 3,750 4,270 4,230 4,910 5,650 5,993 6,870 8,520 10,050


% Pre-Paid Subscribers 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 63.4% 65.0% 68.9% 76.9% 80.1% 82.9% 85.0% 88.0% 90.5%YoY Subscriber Grow th N.A. N.A. N.A. 118.8% 119.4% 160.7% 170.1% 180.1% 152.3% 135.5% 134.0% 123.9% 124.4% 115.8% 107.4% 100.8% 100.0% 95.5% 95.0% 105.7% 102.5%

Market Share (%)MTS 31.8% 33.5% 38.5% 41.5% 38.1% 37.3% 37.7% 33.1% 32.4% 37.3% 37.3% 37.2% 36.0% 36.8% 37.8% 37.3% 36.7% 36.7% 35.3% 35.7% 35.4%

VimpelCom 29.4% 30.4% 29.4% 28.9% 26.3% 23.9% 23.7% 26.2% 28.3% 28.0% 27.6% 28.6% 29.3% 29.5% 30.6% 31.5% 31.6% 33.0% 33.7% 34.6% 34.6%

Megaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 15.7% 16.3% 17.0% 16.8% 17.6% 17.6% 18.3% 18.2% 19.4% 18.3% 18.3%Others 38.8% 36.1% 32.0% 29.6% 35.7% 38.8% 38.6% 40.7% 39.3% 34.8% 19.4% 17.9% 17.8% 16.9% 14.0% 13.6% 13.4% 12.1% 11.6% 11.5% 11.7%


MTS 240 100 250 300 230 440 490 310 390 1,320 1,080 1,240 910 1,720 2,130 2,040 2,010 2,652 2,688 5,700 3,710

VimpelCom 128 80 100 150 150 210 290 630 550 620 750 1,120 1,040 1,270 1,800 2,140 1,970 2,934 3,566 5,820 3,930Megaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 650 640 680 1,080 1,010 1,380 1,292 2,438 2,140 2,040

Others 20 30 50 110 480 600 480 860 430 380 (1,250) 390 530 520 (40) 680 740 343 877 1,650 1,530Total Net Adds 388 210 400 560 860 1,250 1,260 1,800 1,370 2,320 2,870 3,400 3,120 4,190 4,970 5,870 6,100 7,221 9,569 15,310 11,210

YoY Net Adds Grow th N.A. N.A. N.A. N.A. 121.6% 495.2% 215.0% 221.4% 59.3% 85.6% 127.8% 88.9% 127.7% 80.6% 73.2% 72.6% 95.5% 72.3% 92.5% 160.8% 83.8%

Market Share of Net Adds (%)MTS 62% 48% 63% 54% 27% 35% 39% 17% 28% 57% 38% 36% 29% 41% 43% 35% 33% 37% 28% 37% 33%

VimpelCom 33% 38% 25% 27% 17% 17% 23% 35% 40% 27% 26% 33% 33% 30% 36% 36% 32% 41% 37% 38% 35%Megaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 19% 21% 16% 22% 17% 23% 18% 25% 14% 18%

Others 5% 14% 13% 20% 56% 48% 38% 48% 31% 16% -44% 11% 17% 12% -1% 12% 12% 5% 9% 11% 14%


MTS 2.8% 2.1% 1.7% 1.9% 2.0% 1.6% 1.8% 3.5% 3.3% 2.6% 2.8% 3.4% 3.9% 3.7% 4.1% 4.2% 3.3% 2.6% 2.2% 2.1% 2.2%VimpelCom 2.9% 2.9% 2.9% 2.9% 2.2% 2.2% 2.2% 2.1% 1.9% 2.3% 2.8% 2.9% 3.2% 3.5% 3.2% 3.2% 2.9% 3.1% 2.4% 2.3% 2.0%

Megaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Others N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 2.9% 2.5% 2.2% 2.3% 2.1% 1.8% 1.9% 2.9% 2.6% 2.5% 2.8% 3.2% 3.6% 3.6% 3.7% 3.7% 3.1% 2.8% 2.3% 2.2% 2.1%




Table 111: Russia (Continued)

RUSSIA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - USDMTS 100.00 85.00 66.00 57.00 40.00 38.80 39.00 31.70 26.60 25.00 24.50 21.20 18.50 18.70 18.80 16.30 14.10 14.10 14.40 11.20 9.10

VimpelCom 43.00 39.00 36.00 32.30 27.80 28.00 28.60 23.80 19.40 18.90 19.80 16.00 13.50 14.70 14.40 12.50 10.80 10.80 10.70 8.60 7.20

Megaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Others N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average ARPU 72.60 63.13 53.01 46.85 35.02 34.59 34.98 28.21 23.25 22.38 22.50 18.94 16.26 16.92 16.83 14.56 12.57 12.54 12.59 9.92 8.16YoY ARPU Grow th N.A. N.A. N.A. -57.5% -51.8% -45.2% -34.0% -39.8% -33.6% -35.3% -35.7% -32.9% -30.1% -24.4% -25.2% -23.1% -22.7% -25.9% -25.2% -31.9% -35.1%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. 1.0% 1.0% 1.0% 1.0% 3.3% 4.2% 3.9% 4.9% 7.4% 8.3% 9.9% 10.1% 12.2% 11.2% 11.9% 12.6% 13.6%

Monthly MOU (minutes)MTS 152 173 175 167 152 166 167 154 142 167 175 175 148 162 159 140 147 160 168 164 138

VimpelCom 88 86 89 97 94 108 111 107 87 95 97 89 88 100 104 97 91 96 99 91 87Megaphone 79 77 80 87 85 97 100 96 83 90 92 85 83 95 99 92 N.A. N.A. N.A. N.A. N.A.


Country Average MOU* 121 132 138 138 128 143 145 133 116 136 132 127 113 127 127 114 121 130 135 128 113YoY Monthly MOU Grow th N.A. N.A. N.A. -7.0% 5.8% 8.9% 5.5% -3.6% -9.3% -5.1% -9.1% -4.5% -2.8% -6.9% -3.7% -10.0% 7.2% 2.6% 5.7% 12.0% -7.0%

Revenue Per Minute - USDMTS 0.66 0.49 0.38 0.34 0.26 0.23 0.23 0.20 0.18 0.14 0.13 0.11 0.12 0.11 0.11 0.11 0.09 0.08 0.08 0.06 0.06

VimpelCom 0.49 0.45 0.40 0.33 0.29 0.26 0.26 0.22 0.22 0.19 0.20 0.17 0.14 0.13 0.12 0.11 0.10 0.10 0.09 0.08 0.07

Megaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Others N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average RPM* 0.60 0.48 0.38 0.34 0.27 0.24 0.24 0.21 0.19 0.16 0.16 0.14 0.13 0.12 0.12 0.11 0.09 0.09 0.08 0.07 0.06YoY RPM Grow th N.A. N.A. N.A. -54.2% -54.9% -50.2% -38.1% -38.1% -28.5% -34.0% -31.3% -32.4% -31.1% -22.2% -27.2% -19.3% -31.6% -30.1% -30.7% -40.8% -31.3%


YoY Estimated Service Revenues Grow th N.A. N.A. N.A. -16.0% 5.7% 32.2% 75.5% 66.0% 75.5% 57.1% 51.0% 53.3% 56.8% 66.0% 57.9% 56.7% 55.0% 46.4% 46.0% 36.8% 32.4%EBITDA Margin (%)

MTS 50.8% 45.9% 41.0% 35.8% 47.9% 40.2% 54.1% 52.4% 49.9% 50.7% 50.8% 44.6% 48.5% 52.0% 54.2% 53.0% 55.1% 56.8% 58.4% 45.5% 51.7%VimpelCom 17.0% 19.0% 19.0% 18.0% 35.0% 37.4% 35.5% 32.4% 43.0% 40.7% 46.4% 37.0% 44.2% 46.0% 47.1% 45.8% 48.4% 49.8% 49.1% 42.4% 48.5%

Megaphone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Others N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Margin 34.6% 33.1% 31.5% 28.5% 42.6% 39.1% 46.9% 43.6% 46.7% 46.4% 48.9% 41.3% 46.6% 49.3% 51.0% 49.7% 52.0% 53.5% 53.9% 44.0% 50.1%




Table 112: Singapore

Singapore 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 41.6% 47.6% 54.2% 60.7% 67.8% 73.0% 74.8% 68.9% 71.5% 72.7% 74.6% 77.6% 79.2% 79.8% 81.1% 82.7% 84.9% 86.6% 88.4% 89.9% 93.8%Increase (%) 3.8% 6.0% 6.6% 6.5% 7.0% 5.2% 1.8% -5.9% 2.6% 1.2% 1.9% 2.9% 1.6% 0.5% 1.4% 1.6% 2.2% 1.6% 1.9% 1.5% 4.0%

Subscribers (000)

SingTel 1,058 1,154 1,250 1,400 1,536 1,636 1,683 1,404 1,493 1,495 1,514 1,555 1,548 1,530 1,518 1,534 1,516 1,502 1,515 1,539 1,566Mobile One 572 728 763 801 882 925 960 982 1,000 1,010 1,020 1,049 1,067 1,059 1,066 1,068 1,106 1,124 1,143 1,162 1,192

Starhub N.A. N.A. 150 241 329 423 437 472 499 536 588 641 698 747 818 875 955 1,029 1,084 1,112 1,233Total Subscribers 1,631 1,883 2,163 2,442 2,747 2,984 3,080 2,859 2,992 3,041 3,122 3,245 3,313 3,336 3,402 3,477 3,577 3,655 3,742 3,813 3,991



SingTel 64.9% 61.3% 57.8% 57.3% 55.9% 54.8% 54.6% 49.1% 49.9% 49.2% 48.5% 47.9% 46.7% 45.9% 44.6% 44.1% 42.4% 41.1% 40.5% 40.4% 39.2%Mobile One 35.1% 38.7% 35.3% 32.8% 32.1% 31.0% 31.2% 34.4% 33.4% 33.2% 32.7% 32.3% 32.2% 31.7% 31.3% 30.7% 30.9% 30.8% 30.5% 30.5% 29.9%

Starhub N.A. N.A. 6.9% 9.9% 12.0% 14.2% 14.2% 16.5% 16.7% 17.6% 18.8% 19.7% 21.1% 22.4% 24.0% 25.2% 26.7% 28.2% 29.0% 29.2% 30.9%


SingTel 79 96 96 150 136 100 47 (279) 89 2 19 41 (7) (18) (12) 16 (18) (14) 13 24 27Mobile One 81 156 34 38 81 43 35 22 18 10 10 29 18 (8) 7 2 38 18 19 19 30

Starhub N.A. N.A. 150 91 88 93 15 35 26 37 52 53 57 49 71 57 80 74 55 28 121

Total Net Adds 160 252 280 280 305 236 97 (222) 133 49 81 123 68 23 66 75 100 78 87 71 178YoY Net Adds Grow th 114.5% 263.2% 94.1% 72.3% 90.5% -6.1% -65.5% N.M. -56.5% -79.2% -16.2% N.M. -48.6% -53.3% -18.3% -39.1% 46.5% 238.7% 31.6% -5.2% 77.9%

Market Share of Net Adds (%)SingTel 49% 38% 34% 54% 45% 42% 49% N.M. 67% 4% 23% 33% -10% -78% -18% 21% -18% -18% 15% 34% 15%

Mobile One 51% 62% 12% 14% 27% 18% 36% N.M. 14% 20% 12% 24% 26% -35% 11% 3% 38% 23% 22% 27% 17%

Starhub N.A. 0% 54% 33% 29% 39% 15% N.M. 20% 76% 64% 43% 84% 213% 108% 76% 80% 95% 63% 39% 68%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)SingTel 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 7.9% 3.5% 3.0% 3.0% 3.0% 1.6% 1.6% 1.6% 1.1% 2.0% 1.4% 1.2% 1.1% 1.1%

Mobile One 3.0% 3.0% 3.0% 3.0% 3.1% 3.2% 2.9% 2.7% 2.4% 2.2% 2.5% 2.1% 2.2% 2.0% 1.6% 1.6% 1.3% 1.3% 1.9% 1.7% 1.7%

Starhub N.A. 0.2% 0.8% 1.3% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1%Country Average Churn* 2.4% 2.4% 2.3% 2.3% 2.2% 2.2% 2.1% 5.0% 2.7% 2.4% 2.5% 2.3% 1.7% 1.6% 1.5% 1.3% 1.5% 1.3% 1.4% 1.3% 1.3%




Table 113: Singapore (Continued)

Singapore 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - SGDSingTel 58.00 58.00 58.00 58.00 58.00 58.00 58.00 58.00 58.00 58.00 57.00 55.00 55.00 53.00 56.00 56.00 57.00 57.00 57.00 56.00 54.00

Mobile One 56.42 48.69 44.72 44.77 51.50 51.27 51.04 50.81 50.39 51.31 52.00 50.43 49.30 49.38 49.69 49.30 49.92 48.73 48.82 48.36 46.86

Starhub N.A. 50.00 49.00 49.00 48.00 48.00 68.40 66.71 62.78 61.25 60.66 58.41 62.25 60.58 57.85 57.85 60.11 58.71 57.05 58.35 55.64Country Average ARPU* 57.45 54.40 52.69 52.77 54.71 54.50 57.31 56.97 56.25 56.35 56.05 54.20 54.69 53.55 54.47 54.41 55.64 54.94 54.52 54.36 52.37

YoY ARPU Grow th -6.4% -11.5% -13.9% -11.6% -4.8% 0.2% 8.8% 8.0% 2.8% 3.4% -2.2% -4.9% -2.8% -5.0% -2.8% 0.4% 1.7% 2.6% 0.1% -0.1% -5.9%


SingTel 250 250 250 250 250 250 250 248 246 243 240 234 226 229 230 236 240 241 257 256 266Mobile One 195 180 179 203 245 256 228 225 225 229 229 222 214 219 218 216 226 233 236 234 239

Starhub N.A. 688 688 688 688 678 668 658 552 542 532 522 486 476 430 410 399 379 369 368 374

Country Average MOU* 231 223 255 278 301 313 303 308 290 291 291 287 277 281 274 274 278 277 283 282 291YoY Monthly MOU Grow th 39.0% 26.9% 37.7% 44.4% 30.6% 40.2% 18.5% 10.7% -3.7% -6.9% -3.7% -6.8% -4.5% -3.4% -5.9% -4.7% 0.3% -1.3% 3.1% 3.0% 4.7%

Revenue Per Minute - SGDSingTel 0.23 0.22 0.22 0.22 0.22 0.21 0.21 0.21 0.21 0.21 0.21 0.20 0.20 0.19 0.20 0.20 0.20 0.19 0.18 0.17 0.16

Mobile One 0.28 0.26 0.24 0.21 0.19 0.18 0.20 0.20 0.20 0.20 0.20 0.20 0.19 0.19 0.20 0.19 0.18 0.17 0.17 0.17 0.16

Starhub N.A. N.A. N.A. N.A. N.A. N.A. 0.09 0.09 0.10 0.10 0.10 0.10 0.11 0.11 0.12 0.12 0.13 0.13 0.13 0.13 0.12Country Average RPM* 0.24 0.23 0.20 0.18 0.17 0.16 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.16 0.17 0.17 0.17 0.16 0.16 0.16 0.15

YoY RPM Grow th -33.7% -32.0% -39.8% -41.9% -30.4% -31.5% -12.3% -5.8% 3.2% 7.5% -1.1% -1.0% -3.5% -5.9% -0.5% 2.1% -0.3% 1.3% -5.9% -6.7% -13.0%Total Market Estimated Revenues 0.267 0.287 0.320 0.364 0.426 0.468 0.521 0.508 0.494 0.510 0.518 0.518 0.538 0.534 0.551 0.561 0.589 0.596 0.605 0.616 0.613

YoY Estimated Service Revenues Grow th 37.3% 37.6% 40.9% 46.5% 59.4% 63.4% 63.0% 39.2% 15.9% 8.8% -0.6% 2.0% 9.0% 4.7% 6.2% 8.5% 9.4% 11.6% 9.9% 9.7% 4.1%

EBITDA Margin (%)SingTel 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%

Mobile One 27.1% 28.4% 30.2% 31.3% 36.2% 35.9% 35.7% 35.4% 35.2% 41.0% 40.1% 41.1% 41.5% 37.0% 41.6% 44.3% 41.1% 40.7% 39.9% 39.1% 41.0%Starhub N.A. -30.0% -30.0% -30.0% -30.0% -30.0% -30.0% -30.0% -30.0% -20.0% 0.0% 5.0% 25.0% 28.0% 30.0% 31.0% 32.0% 33.0% 34.5% 36.0% 37.5%





Table 114: South Africa

SOUTH AFRICA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration (%) 10.8% 12.1% 13.5% 14.9% 17.4% 18.2% 19.1% 21.1% 22.2% 23.3% 24.6% 26.3% 27.8% 29.3% 31.1% 33.9% 35.3% 36.7% 38.7% 41.8% 46.8%Increase (%) 1.2% 1.4% 1.4% 1.4% 2.5% 0.9% 0.9% 2.0% 1.0% 1.1% 1.3% 1.8% 1.5% 1.5% 1.8% 2.8% 1.4% 1.3% 2.0% 3.1% 5.0%

Subscribers (000)

Vodacom 2,500 2,848 3,197 3,545 4,397 4,645 4,893 5,272 5,651 5,880 6,167 6,415 6,598 6,857 7,185 7,662 7,989 8,319 9,089 9,772 11,825MTN (M-Cell) 2,162 2,423 2,683 2,944 3,205 3,370 3,535 3,928 3,877 4,060 4,284 4,526 4,723 5,016 5,360 6,050 6,270 6,495 6,878 7,719 8,001

Cell C N.A. N.A. N.A. N.A. N.A. N.A. N.A. 140 300 423 550 905 1,250 1,430 1,625 1,822 2,000 2,121 1,978 2,176 2,359Total Subscribers 4,662 5,271 5,880 6,489 7,602 8,015 8,428 9,340 9,828 10,363 11,001 11,845 12,571 13,304 14,170 15,534 16,259 16,935 17,945 19,667 22,185



Vodacom 53.6% 54.0% 54.4% 54.6% 57.8% 58.0% 58.1% 56.4% 57.5% 56.7% 56.1% 54.2% 52.5% 51.5% 50.7% 49.3% 49.1% 49.1% 50.6% 49.7% 53.3%MTN (M-Cell) 46.4% 46.0% 45.6% 45.4% 42.2% 42.0% 41.9% 42.1% 39.4% 39.2% 38.9% 38.2% 37.6% 37.7% 37.8% 38.9% 38.6% 38.4% 38.3% 39.2% 36.1%

Cell C N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.5% 3.1% 4.1% 5.0% 7.6% 9.9% 10.8% 11.5% 11.7% 12.3% 12.5% 11.0% 11.1% 10.6%


Vodacom 244 348 349 348 852 248 248 379 379 229 287 248 183 259 328 477 327 330 770 683 2,053MTN (M-Cell) 273 261 260 261 261 165 165 393 (51) 183 224 242 197 293 344 690 220 225 383 841 282

Cell C N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 160 123 127 355 345 180 195 197 178 121 (143) 198 183

Total Net Adds 517 609 609 609 1,113 413 413 912 488 535 638 844 726 733 866 1,364 725 676 1,010 1,722 2,518YoY Net Adds Grow th 111.7% 18.0% 18.0% 18.5% 115.3% -32.2% -32.2% 49.8% -56.2% 29.5% 54.6% -7.4% 48.7% 37.1% 35.7% 61.5% -0.1% -7.8% 16.6% 26.3% 247.1%

Market Share of Net Adds (%)Vodacom 47% 57% 57% 57% 77% 60% 60% 42% 78% 43% 45% 29% 25% 35% 38% 35% 45% 49% 76% 40% 82%

MTN (M-Cell) 53% 43% 43% 43% 23% 40% 40% 43% -10% 34% 35% 29% 27% 40% 40% 51% 30% 33% 38% 49% 11%

Cell C N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 33% 23% 20% 42% 48% 25% 22% 14% 25% 18% -14% 11% 7%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Vodacom 1.8% 1.8% 1.9% 1.9% 1.9% 2.1% 2.6% 2.5% 2.3% 2.4% 2.6% 2.5% 2.5% 2.8% 3.0% 3.1% 3.0% 2.8% 2.8% 2.8% 2.6%

MTN (M-Cell) 2.2% 2.3% 2.3% 2.4% 2.4% 2.4% 2.4% 2.3% 2.5% 2.6% 2.3% 2.3% 2.3% 2.6% 2.9% 3.0% 3.1% 3.0% 3.0% 2.9% 3.0%

Cell C 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.2% 1.2% 1.2% 1.8% 2.4% 2.9% 3.3% 3.6% 4.0% 3.8% 3.7% 3.5% 3.4%Country Average Churn* 2.0% 2.0% 2.1% 2.1% 2.1% 2.2% 2.5% 2.4% 2.3% 2.4% 2.4% 2.4% 2.4% 2.7% 3.0% 3.1% 3.2% 3.0% 3.0% 2.9% 2.8%




Table 115: South Africa (Continued)

SOUTH AFRICA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - ZARVodacom 342.77 320.64 298.69 254.01 228.00 223.00 218.00 216.00 213.00 212.25 211.50 210.75 210.00 209.50 209.00 208.00 204.00 202.00 199.00 197.00 186.00

MTN (M-Cell) 302.00 283.75 265.50 247.25 229.00 224.00 219.00 215.00 208.00 209.00 210.00 208.00 206.00 206.50 207.00 208.00 203.00 189.00 187.00 187.00 184.00

Cell C N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100.00 105.00 110.00 115.00 116.60 117.18 117.77 118.36 114.00 119.00 119.50 120.00 128.00Country AVG Monthly ARPU 323.86 303.68 283.54 250.94 228.42 223.42 218.42 212.34 207.58 206.60 205.84 202.39 199.21 198.44 197.78 197.49 192.54 186.62 185.64 184.56 179.11

YoY ARPU Grow th -21.3% -21.8% -22.6% -27.4% -29.5% -26.4% -23.0% -15.4% -9.1% -7.5% -5.8% -4.7% -4.0% -3.9% -3.9% -2.4% -3.3% -6.0% -6.1% -6.5% -7.0%

Country AVG Data as % of ARPU 0.4% 0.9% 1.3% 1.8% 2.4% 2.7% 2.9% 2.8% 2.6% 2.7% 2.8% 2.8% 2.9% 3.1% 3.8% 4.1% 4.4% 4.5% 4.6% 4.7% 4.8%Monthly MOU (minutes)

Vodacom 256 241 225 193 175 170 164 173 175 171 167 167 171 169 154 152 159 168 155 152 144MTN (M-Cell) 221 209 197 184 172 167 162 169 168 166 163 162 164 163 150 149 155 154 143 141 140

Cell C N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 90 95 99 104 109 114 105 104 109 108 106 104 102

Country Average MOU* 240 226 212 189 174 168 163 169 170 166 162 160 162 161 147 145 151 155 145 142 138YoY Monthly MOU Grow th -14.6% -15.8% -17.2% -23.5% -27.6% -25.4% -23.0% -10.7% -2.1% -1.5% -0.7% -5.2% -4.7% -3.1% -9.4% -9.1% -6.7% -3.5% -1.4% -2.3% -8.5%

Revenue Per Minute - ZARVodacom 1.33 1.32 1.31 1.29 1.28 1.28 1.29 1.21 1.18 1.21 1.23 1.23 1.19 1.20 1.29 1.30 1.22 1.14 1.22 1.23 1.22

MTN (M-Cell) 1.36 1.35 1.33 1.31 1.30 1.30 1.31 1.23 1.20 1.23 1.25 1.25 1.21 1.22 1.32 1.33 1.24 1.16 1.24 1.26 1.25

Cell C N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.11 1.11 1.11 1.10 1.06 1.02 1.12 1.13 1.05 1.09 1.11 1.14 1.23Country Average RPM* 1.35 1.33 1.32 1.30 1.29 1.29 1.30 1.22 1.19 1.21 1.23 1.23 1.19 1.20 1.29 1.30 1.22 1.15 1.22 1.24 1.23

YoY RPM Grow th -8.2% -8.0% -7.7% -6.7% -4.5% -3.1% -1.6% -6.2% -7.4% -6.1% -5.0% 0.6% 0.4% -1.3% 4.8% 5.9% 1.9% -4.0% -5.6% -4.9% 1.3%Total Est Serv. Rev (ZAR bn) 4.278 4.525 4.743 4.656 4.828 5.234 5.387 5.659 5.968 6.257 6.596 6.936 7.296 7.702 8.151 8.799 9.182 9.292 9.713 10.416 11.235

YoY Est Ser. Rev Grow th 40.0% 35.9% 27.9% 15.5% 12.8% 15.7% 13.6% 21.6% 23.6% 19.6% 22.4% 22.6% 22.2% 23.1% 23.6% 26.9% 25.9% 20.6% 19.2% 18.4% 22.4%

EBITDA Margin (%)Vodacom 35.1% 34.7% 34.2% 33.8% 33.3% 33.7% 34.0% 34.3% 34.9% 34.7% 33.0% 33.5% 33.9% 33.7% 33.4% 33.9% 34.3% 33.0% 31.7% 31.9% 35.9%

MTN (M-Cell) 34.0% 33.3% 32.6% 33.3% 33.9% 33.7% 33.4% 32.2% 32.0% 30.0% 29.0% 28.3% 27.6% 28.1% 28.5% 29.2% 29.9% 31.4% 32.8% 33.0% 34.0%Cell C N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.





Table 116: Spain

SPAIN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 44.7% 51.2% 57.4% 62.7% 65.1% 67.4% 71.0% 75.6% 78.4% 78.7% 81.1% 84.0% 86.8% 88.5% 90.7% 94.0% 95.6% 93.5% 95.6% 98.2% 100.4%Increase (%) 6.3% 6.4% 6.2% 5.3% 2.5% 2.2% 3.7% 4.6% 2.7% 0.4% 2.3% 3.0% 2.8% 1.6% 2.2% 3.3% 1.5% -2.1% 2.1% 2.6% 2.2%

Subscribers (000)

Telefonica Moviles 10,260 11,451 12,801 13,669 14,246 14,853 15,621 16,793 17,315 17,624 18,127 18,412 18,694 18,877 19,108 19,661 19,939 18,639 18,697 18,977 19,077Vodafone 5,628 6,260 6,536 7,125 7,148 7,279 7,450 7,636 7,905 7,999 8,225 8,658 9,096 9,184 9,399 9,685 9,705 9,956 10,452 10,909 11,472

Amena 1,575 2,275 3,100 3,719 4,100 4,250 4,760 5,225 5,525 5,800 6,000 6,460 6,851 7,230 7,667 8,161 8,474 8,688 8,971 9,275 N.A.Total Subscribers 17,463 19,986 22,437 24,513 25,494 26,383 27,831 29,654 30,745 31,423 32,352 33,530 34,641 35,291 36,174 37,507 38,118 37,283 38,120 39,161 40,027



Telefonica Moviles 58.8% 57.3% 57.1% 55.8% 55.9% 56.3% 56.1% 56.6% 56.3% 56.1% 56.0% 54.9% 54.0% 53.5% 52.8% 52.4% 52.3% 50.0% 49.0% 48.5% 47.7%Vodafone 32.2% 31.3% 29.1% 29.1% 28.0% 27.6% 26.8% 25.8% 25.7% 25.5% 25.4% 25.8% 26.3% 26.0% 26.0% 25.8% 25.5% 26.7% 27.4% 27.9% 28.7%

Amena 9.0% 11.4% 13.8% 15.2% 16.1% 16.1% 17.1% 17.6% 18.0% 18.5% 18.5% 19.3% 19.8% 20.5% 21.2% 21.8% 22.2% 23.3% 23.5% 23.7% N.A.


Telefonica Moviles 1,208 1,191 1,350 868 577 607 768 1,172 522 309 503 285 282 183 231 553 278 (1,300) 58 280 100Vodafone 690 632 276 589 23 132 170 187 269 94 226 433 438 88 215 286 20 251 496 457 563

Amena 561 700 825 619 381 150 510 465 300 275 200 460 391 379 437 494 313 214 283 304 N.A.

Total Net Adds 2,459 2,523 2,451 2,076 981 889 1,448 1,824 1,091 678 929 1,178 1,111 650 883 1,333 611 (835) 837 1,041 866YoY Net Adds Grow th 180.7% 64.2% 10.2% -26.3% -60.1% -64.8% -40.9% -12.2% 11.2% -23.8% -35.8% -35.4% 1.9% -4.1% -5.0% 13.2% -45.0% -228.5% -5.2% -21.9% 41.7%

Market Share of Net Adds (%)Telefonica Moviles 49% 47% 55% 42% 59% 68% 53% 64% 48% 46% 54% 24% 25% 28% 26% 41% 45% 156% 7% 27% 12%

Vodafone 28% 25% 11% 28% 2% 15% 12% 10% 25% 14% 24% 37% 39% 14% 24% 21% 3% -30% 59% 44% 65%

Amena 23% 28% 34% 30% 39% 17% 35% 25% 28% 41% 22% 39% 35% 58% 49% 37% 51% -26% 34% 29% N.A.Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Telefonica Moviles N.A. 2.3% 2.2% 2.1% 2.0% 1.6% 1.3% 1.1% 1.0% 1.0% 1.0% 1.0% 1.0% 0.8% 1.0% 0.9% 1.1% N.M. 1.7% 1.7% 1.7%

Vodafone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2.0% 2.0% 2.0% 2.0% 2.0% 1.8% 1.8%

Amena N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* N.A. 2.3% 2.2% 2.1% 2.0% 1.6% 1.3% 1.1% 1.0% 1.0% 1.0% 1.0% 1.0% 0.8% 1.3% 1.2% 1.4% 0.7% 1.8% 1.7% 1.3%




Table 117: Spain (Continued)

SPAIN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - EURTelefonica Moviles 36.12 34.17 34.03 31.00 30.81 30.54 31.36 29.45 28.00 28.80 31.10 28.20 27.60 29.50 31.40 30.10 29.50 33.00 35.00 33.40 32.90

Vodafone 32.50 32.00 31.50 31.00 31.00 30.75 30.75 30.75 30.92 32.20 31.00 30.00 29.80 31.80 31.00 30.40 32.50 35.70 36.70 34.20 33.00

Amena 27.75 27.50 27.25 27.00 27.00 26.50 26.50 26.00 27.00 27.50 30.00 27.00 26.00 28.00 29.00 28.30 26.70 27.70 33.07 27.60 N.A.Country AVG ARPU 34.20 32.73 32.36 30.39 30.25 29.95 30.37 29.18 28.57 29.43 30.87 28.43 27.86 29.79 30.79 29.79 29.64 32.49 35.01 32.25 31.67

YoY ARPU Grow th -18.8% -16.4% -10.6% -8.6% -11.5% -8.5% -6.2% -4.0% -5.6% -1.7% 1.7% -2.5% -2.5% 1.2% -0.3% 4.8% 6.4% 9.0% 13.7% 8.3% 6.9%


Telefonica Moviles 111 110 109 103 102 106 108 102 97 105 109 108 106 116 120 118 116 132 138 135 135Vodafone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Amena N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* 111 110 109 103 102 106 108 102 97 105 109 108 106 116 120 118 116 132 138 135 135YoY Monthly MOU Grow th -11.2% -10.6% -8.4% -10.1% -8.1% -3.6% -0.9% -1.7% -4.5% -1.0% 0.9% 5.7% 8.9% 10.3% 10.1% 10.0% 9.0% 14.1% 15.0% 13.8% 16.4%

Revenue Per Minute - EURTelefonica Moviles 0.31 0.29 0.29 0.27 0.27 0.25 0.26 0.26 0.25 0.24 0.25 0.23 0.23 0.22 0.23 0.22 0.22 0.22 0.22 0.21 0.21

Vodafone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Amena N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average RPM* 0.30 0.28 0.28 0.27 0.27 0.25 0.25 0.26 0.26 0.25 0.25 0.23 0.23 0.23 0.23 0.22 0.22 0.21 0.22 0.21 0.20

YoY RPM Grow th -11.8% -10.2% -6.8% -4.1% -8.9% -9.9% -8.8% -4.6% -2.9% -1.8% -0.9% -8.9% -11.3% -8.8% -9.7% -5.8% -3.2% -5.8% -1.8% -6.9% -9.4%Total Market Estimated Revenues 1.666 1.839 2.059 2.140 2.254 2.309 2.529 2.426 2.570 2.751 2.966 2.799 2.825 3.085 3.383 3.272 3.261 3.477 3.946 3.697 3.688


EBITDA Margin (%)Telefonica Moviles 36.4% 36.8% 38.9% 31.0% 44.9% 48.3% 55.2% 47.0% 49.8% 53.2% 52.5% 50.7% 55.1% 53.2% 54.6% 48.0% 53.3% 52.2% 53.2% 46.9% 47.6%

Vodafone 24.0% 22.0% 22.0% 24.0% 26.0% 33.0% 35.0% 36.5% 38.0% 35.0% 37.0% 36.5% 37.0% 38.6% 38.6% 34.1% 34.1% 36.3% 36.3% 35.3% 35.3%Amena -100.0% -40.0% -15.0% -5.0% 9.0% 13.0% 17.0% 22.0% 29.0% 28.0% 28.0% 26.8% 32.0% 28.5% 29.5% 26.0% 31.5% 31.7% 35.6% 28.9% N.A.





Table 118: Sweden

SWEDEN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 60.6% 64.8% 68.6% 72.6% 73.6% 75.5% 78.2% 79.4% 82.9% 85.4% 87.4% 89.7% 93.0% 94.9% 96.9% 98.8% 102.3% 105.2% 107.8% 109.2% 110.9%Increase (%) 2.6% 4.2% 3.8% 3.9% 1.1% 1.9% 2.7% 1.2% 3.5% 2.6% 2.0% 2.3% 3.3% 1.9% 2.0% 1.9% 3.5% 2.9% 2.7% 1.4% 1.7%

Subscribers (000)

Telia 2,786 2,985 3,174 3,305 3,319 3,394 3,478 3,513 3,550 3,571 3,629 3,692 3,773 3,798 3,879 3,969 4,148 4,262 4,402 4,383 4,406Tele 2 1,696 1,816 1,952 2,132 2,200 2,271 2,400 2,442 2,671 2,757 2,900 3,000 3,100 3,225 3,275 3,300 3,400 3,400 3,400 3,450 3,500

Vodafone 885 941 957 994 1,013 1,040 1,072 1,109 1,163 1,222 1,269 1,311 1,325 1,343 1,380 1,422 1,438 1,479 1,530 1,574 1,541Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1 3 9 19 114 155 198 308


% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 57.2% 57.6% 58.7% 59.3% 59.1% 59.7% 59.2% 58.8%YoY Subscriber Grow th 12.2% 25.3% 26.2% 25.3% 21.7% 16.8% 14.3% 9.8% 13.0% 12.6% 12.2% 13.3% 11.0% 10.8% 9.5% 8.7% 9.8% 10.6% 11.1% 10.4% 8.3%

Market Share (%)Telia 51.9% 52.0% 52.2% 51.4% 50.8% 50.6% 50.0% 49.7% 48.1% 47.3% 46.5% 46.1% 46.0% 45.4% 45.4% 45.6% 46.1% 46.0% 46.4% 45.6% 45.2%

Tele 2 31.6% 31.6% 32.1% 33.2% 33.7% 33.9% 34.5% 34.6% 36.2% 36.5% 37.2% 37.5% 37.8% 38.5% 38.4% 37.9% 37.8% 36.7% 35.8% 35.9% 35.9%

Vodafone 16.5% 16.4% 15.7% 15.5% 15.5% 15.5% 15.4% 15.7% 15.8% 16.2% 16.3% 16.4% 16.2% 16.1% 16.2% 16.3% 16.0% 16.0% 16.1% 16.4% 15.8%Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.0% 0.0% 0.1% 0.2% 1.2% 1.6% 2.1% 3.2%


Telia 140 199 189 131 14 75 84 35 37 21 58 63 81 25 81 90 179 114 140 (19) 23

Tele 2 55 120 136 180 68 71 129 42 229 86 143 100 100 125 50 25 100 0 0 50 50Vodafone 39 56 16 37 19 27 32 37 54 59 47 42 14 18 37 42 16 41 51 44 (33)

Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1 2 6 10 95 40 43 110Total Net Adds 234 375 341 348 101 173 245 114 320 166 248 205 195 169 170 163 305 250 231 118 150

YoY Net Adds Grow th -61.5% N.M. 43.9% 10.8% -56.8% -53.9% -28.2% -67.2% 216.8% -4.0% 1.2% 79.8% -39.1% 1.9% -31.5% -20.6% 56.6% 48.1% 36.0% -27.2% -50.8%

Market Share of Net Adds (%)Telia 60% 53% 55% 38% 14% 43% 34% 31% 12% 13% 23% 31% 42% 15% 48% 55% 59% 46% 61% -16% 15%

Tele 2 24% 32% 40% 52% 67% 41% 53% 37% 72% 52% 58% 49% 51% 74% 29% 15% 33% 0% 0% 42% 33%Vodafone 17% 15% 5% 11% 19% 16% 13% 32% 17% 36% 19% 20% 7% 11% 22% 26% 5% 16% 22% 37% -22%

Three 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1% 1% 4% 3% 38% 17% 37% 73%


Telia 0.7% 0.7% 0.7% 0.7% 0.8% 0.6% 0.6% 0.8% 0.9% 0.9% 1.1% 1.1% 0.9% 0.8% 1.0% 1.0% 0.7% 1.1% 0.8% 0.9% 1.0%Tele 2 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Vodafone N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 0.7% 0.7% 0.7% 0.7% 0.8% 0.6% 0.6% 0.8% 0.9% 0.9% 1.1% 1.1% 0.9% 0.8% 1.0% 1.0% 0.7% 1.1% 0.8% 0.9% 1.0%




Table 119: Sweden (Continued)

SWEDEN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - SEKTelia 314.00 306.00 304.00 303.00 273.00 280.00 303.00 289.00 262.00 283.00 293.00 281.00 237.00 263.00 270.00 252.00 225.00 230.00 234.00 220.00 205.00

Tele 2 209.00 213.00 233.00 220.00 201.00 210.00 213.00 203.00 182.00 194.00 200.00 187.00 168.00 178.00 178.00 164.00 156.00 161.00 166.00 144.00 146.00

Vodafone 442.00 449.00 449.00 479.00 436.00 455.00 452.00 437.00 410.00 420.00 411.00 394.00 396.00 384.00 381.00 378.00 366.00 354.00 341.00 328.00 366.00Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country AVG ARPU 301.93 300.02 304.03 302.69 274.03 283.43 294.90 282.51 256.37 272.67 277.62 264.27 236.61 249.66 252.64 239.20 221.46 224.40 226.77 210.20 209.40YoY ARPU Grow th -2.6% -8.9% -7.7% -6.1% -9.2% -5.5% -3.0% -6.7% -6.4% -3.8% -5.9% -6.5% -7.7% -8.4% -9.0% -9.5% -6.4% -10.1% -10.2% -12.1% -5.4%


Monthly MOU (minutes)Telia 117 126 123 124 119 130 131 129 121 139 135 127 121 132 131 129 125 136 132 132 126

Tele 2 78 91 87 79 83 85 96 99 100 97 95 89 83 89 87 84 83 92 93 104 106Vodafone 132 148 145 157 152 169 156 156 151 165 149 150 146 150 150 150 147 151 151 154 154

Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* 107 118 115 114 112 121 123 123 118 128 122 117 111 118 117 115 112 122 121 125 123YoY Monthly MOU Grow th 2.5% 8.0% 1.3% -0.3% 4.6% 1.9% 6.7% 7.8% 5.5% 5.9% -0.3% -5.3% -6.4% -7.5% -4.3% -1.1% 1.6% 3.2% 3.2% 8.8% 9.6%

Revenue Per Minute - SEKTelia 2.66 2.38 2.42 2.37 2.20 2.07 2.22 2.15 2.06 1.93 2.04 2.08 1.84 1.87 1.94 1.84 1.67 1.57 1.65 1.55 1.51

Tele 2 2.65 2.30 2.61 2.70 2.32 2.37 2.11 1.94 1.73 1.90 1.98 1.98 1.90 1.88 1.92 1.84 1.75 1.63 1.66 1.29 1.28

Vodafone 3.32 2.98 3.03 2.96 2.75 2.58 2.75 2.66 2.57 2.42 2.59 2.47 2.55 2.41 2.39 2.37 2.32 2.18 2.10 1.98 2.21Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A N.A N.A



YoY Estimated Service Revenues Grow th 14.2% 8.1% 16.1% 18.1% 1.5% 4.6% 5.8% -1.8% 12.6% 11.4% 6.2% 3.8% 2.8% 3.3% 2.3% 3.4% -0.1% -2.9% -2.6% -5.2% -5.8%EBITDA Margin (%)

Telia 40.5% 29.5% 40.6% 40.9% 44.7% 43.0% 46.3% 43.6% 41.6% 40.8% 46.7% 46.7% 44.3% 49.2% 45.5% 40.5% 40.9% 40.7% 47.3% 40.9% 41.4%Tele 2 N.A. N.A. N.A. 50.0% 53.0% 53.0% 58.0% 53.0% 55.0% 56.2% 56.3% 53.0% 49.8% 50.0% 52.6% 47.6% 46.8% 44.1% 46.0% 43.8% 44.8%

Vodafone 43.0% 41.6% 45.5% 44.1% 41.1% 42.2% 44.6% 42.0% 42.3% 44.0% 44.6% 39.4% 37.0% 34.0% 34.0% 32.0% 34.0% 35.1% 35.0% 35.1% 35.0%

Three N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Margin* 41.1% 32.4% 41.8% 44.4% 46.9% 46.3% 50.1% 46.6% 46.5% 46.9% 49.9% 47.8% 45.2% 47.1% 46.4% 41.8% 42.0% 41.1% 44.8% 41.0% 41.6%




Table 120: Switzerland

SWITZERLAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 49.0% 55.9% 61.7% 62.2% 64.8% 68.0% 70.4% 70.3% 75.3% 77.1% 79.1% 79.6% 78.8% 79.9% 81.8% 83.9% 84.8% 86.4% 87.7% 87.2% 88.2%Increase (%) 6.4% 7.0% 5.8% 0.5% 2.6% 3.2% 2.5% -0.1% 5.0% 1.8% 2.1% 0.5% -0.8% 1.2% 1.8% 2.2% 0.8% 1.6% 1.3% -0.5% 1.0%

Subscribers (000)

Sw isscom 2,456 2,729 2,976 3,068 3,310 3,427 3,511 3,373 3,429 3,488 3,542 3,605 3,634 3,675 3,736 3,815 3,838 3,898 3,945 3,908 3,983Orange 450 600 750 800 811 859 881 925 956 988 1,040 963 988 1,003 1,055 1,085 1,104 1,116 1,126 1,137 1,126

Sunrise / TDC Sw itzerland 600 675 690 584 524 585 656 743 1,010 1,045 1,087 1,134 1,018 1,045 1,062 1,108 1,125 1,167 1,204 1,190 1,199Total Subscribers 3,506 4,004 4,416 4,452 4,645 4,871 5,048 5,041 5,395 5,521 5,669 5,702 5,640 5,723 5,853 6,008 6,067 6,181 6,275 6,235 6,308



Sw isscom 70.1% 68.2% 67.4% 68.9% 71.3% 70.4% 69.6% 66.9% 63.6% 63.2% 62.5% 63.2% 64.4% 64.2% 63.8% 63.5% 63.3% 63.1% 62.9% 62.7% 63.1%Orange 12.8% 15.0% 17.0% 18.0% 17.5% 17.6% 17.5% 18.3% 17.7% 17.9% 18.3% 16.9% 17.5% 17.5% 18.0% 18.1% 18.2% 18.1% 17.9% 18.2% 17.9%

Sunrise / TDC Sw itzerland 17.1% 16.9% 15.6% 13.1% 11.3% 12.0% 13.0% 14.7% 18.7% 18.9% 19.2% 19.9% 18.0% 18.3% 18.1% 18.4% 18.5% 18.9% 19.2% 19.1% 19.0%


Sw isscom 174 273 247 92 242 117 84 (138) 56 59 54 63 29 41 61 79 23 60 47 (37) 75Orange 150 150 150 50 11 48 22 44 31 32 52 (77) 25 15 52 30 19 12 10 11 (11)

Sunrise / TDC Sw itzerland 135 75 15 (106) (60) 61 71 87 267 35 42 47 (116) 27 17 46 17 42 37 (14) 9

Total Net Adds 459 498 412 36 193 226 177 (7) 354 126 148 33 (62) 83 130 155 59 114 94 (40) 73YoY Net Adds Grow th 289.0% 10.7% 71.0% -93.6% -58.0% -54.6% -57.0% N.M. 83.4% -44.2% -16.4% N.M. N.M. -34.1% -12.2% 369.7% N.M. 37.3% -27.7% N.M. 23.7%

Market Share of Net Adds (%)Sw isscom 38% 55% 60% 256% 125% 52% 47% N.M. 16% 47% 36% 191% N.M. 49% 47% 51% 39% 53% 50% N.M. 103%

Orange 33% 30% 36% 139% 6% 21% 12% N.M. 9% 25% 35% -233% N.M. 18% 40% 19% 32% 11% 11% N.M. -15%

Sunrise / TDC Sw itzerland 29% 15% 4% -294% -31% 27% 40% N.M. 75% 28% 28% 142% N.M. 33% 13% 30% 29% 37% 39% N.M. 12%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Sw isscom 2.2% 2.2% 2.2% 2.2% 1.8% 1.8% 1.8% 1.8% 1.8% 1.4% 1.4% 1.4% 1.3% 1.2% 1.2% 1.2% 1.0% 1.0% 1.0% 1.8% 0.6%

Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Sunrise / TDC Sw itzerland N.A. N.A. N.A. N.A. 4.0% 2.7% 2.6% 2.5% 2.4% 2.4% 2.3% 2.3% 2.2% 2.2% N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* N.A. N.A. N.A. N.A. 4.0% 2.7% 2.6% 2.5% 2.4% 2.4% 2.3% 2.3% 2.2% 2.2% 1.2% 1.2% 1.0% 1.0% 1.0% 1.8% 0.6%




Table 121: Switzerland (Continued)

SWITZERLAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU Sw isscom N.A. N.A. N.A. N.A. 84.00 83.00 83.00 84.00 83.00 85.00 90.00 84.00 79.00 80.00 82.00 81.00 79.00 82.00 83.00 78.00 77.00

Orange N.A. N.A. N.A. N.A. 85.75 75.65 77.95 74.01 74.67 78.32 82.27 84.00 88.70 89.90 92.00 92.00 90.90 87.40 85.60 87.00 86.33

Sunrise / TDC Sw itzerland N.A. N.A. N.A. N.A. 71.25 67.42 65.18 86.20 76.41 63.82 60.45 60.00 75.90 81.36 81.57 81.67 84.37 82.19 81.50 80.00 77.51Country AVG ARPU N.A. N.A. N.A. N.A. 82.87 79.83 79.80 82.49 80.29 79.80 82.92 79.23 80.14 81.98 83.72 83.11 82.16 83.01 83.18 80.02 78.76

YoY ARPU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -3.1% 0.0% 3.9% -4.0% -0.2% 2.7% 1.0% 4.9% 2.5% 1.3% -0.7% -3.7% -4.1%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. 9.4% 9.6% 11.6% 11.7% 11.8% 12.4% 11.5% 11.4% 11.4% 11.8% 15.6% 14.3% 14.9% 15.7% 16.7%Monthly MOU (minutes)

Sw isscom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 116 126 125 107 116 119 120 116 112Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Sunrise / TDC Sw itzerland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 116 126 125 107 116 119 120 116 112YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.0% -5.7% -3.9% 8.3% -3.4%

Revenue Per Minute - CHFSw isscom N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.61 0.56 0.58 0.67 0.58 0.59 0.59 0.57 0.57

Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Sunrise / TDC Sw itzerland N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average RPM* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.61 0.58 0.59 0.68 0.60 0.60 0.59 0.58 0.59

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -2.3% 3.7% -0.8% -15.0% -2.0%Total Market Estimated Revenues N.A. N.A. N.A. N.A. 1.131 1.140 1.187 1.248 1.257 1.307 1.392 1.351 1.312 1.359 1.423 1.395 1.395 1.454 1.495 1.452 1.441

YoY Estimated Service Revenues Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11.2% 14.7% 17.2% 8.2% 4.4% 4.0% 2.2% 3.2% 6.3% 7.0% 5.1% 4.1% 3.3%

EBITDA Margin (%)Sw isscom 51.3% 37.9% 42.2% 39.4% 49.9% 46.1% 45.9% 46.6% 48.8% 49.2% 49.8% 44.3% 51.8% 52.1% 46.6% 44.9% 45.0% 46.1% 47.0% 43.4% 49.0%

Orange N.A. N.A. N.A. N.A. 10.7% 10.7% -8.0% -8.0% 6.8% 6.8% 9.0% 9.0% 18.4% 23.1% 28.0% 33.0% 28.5% 29.3% 32.5% 32.5% 32.5%Sunrise / TDC Sw itzerland N.A. N.A. N.A. N.A. -11.9% -4.3% 2.0% 4.0% 4.0% 10.7% 13.0% 14.0% 20.0% 25.0% 23.5% 23.1% 24.0% 25.2% 25.9% 26.3% 26.6%





Table 122: Taiwan

TAIWAN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration (%) N.A. 66.4% 72.5% 80.5% 86.2% 91.1% 94.0% 96.8% 100.3% 102.8% 105.3% 106.5% 110.0% 111.6% 112.3% 111.6% 104.8% 102.1% 98.9% 95.3% 93.4%Increase (%) N.A. N.A. 6.1% 8.0% 5.8% 4.9% 2.9% 2.8% 3.4% 2.5% 2.5% 1.2% 3.5% 1.6% 0.7% -0.7% -6.8% -2.7% -3.2% -3.6% -1.9%

Subscribers (000)

Chunghw a Telecom N.A. 3,832 4,190 4,662 5,010 5,448 5,917 6,233 6,537 6,940 7,186 7,422 7,619 7,765 7,963 8,050 8,079 8,084 8,283 8,191 8,166Taiw an Cellular Corp N.A. 5,363 5,852 6,293 6,602 6,940 6,979 7,191 7,456 7,652 8,239 8,837 9,399 9,601 9,434 9,162 8,319 8,062 7,472 6,842 6,625

Far Eastone N.A. 5,488 6,013 6,919 7,567 7,905 8,071 8,208 8,430 8,419 8,178 7,647 7,720 7,745 7,879 7,929 7,232 6,901 6,577 6,491 6,333Total Subscribers N.A. 14,683 16,055 17,874 19,179 20,293 20,967 21,633 22,423 23,010 23,603 23,905 24,738 25,110 25,275 25,141 23,630 23,047 22,332 21,524 21,124

% Pre-Paid Subscribers N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 35.0% 34.9% 35.4% 35.6% 24.4% 24.0% 20.0% 17.4% 15.7%

YoY Subscriber Grow th N.A. N.A. N.A. N.A. N.A. 38.2% 30.6% 21.0% 16.9% 13.4% 12.6% 10.5% 10.3% 9.1% 7.1% 5.2% -4.5% -8.2% -11.6% -14.4% -10.6%Market Share (%)

Chunghw a Telecom N.A. 26.1% 26.1% 26.1% 26.1% 26.8% 28.2% 28.8% 29.2% 30.2% 30.4% 31.0% 30.8% 30.9% 31.5% 32.0% 34.2% 35.1% 37.1% 38.1% 38.7%Taiw an Cellular Corp N.A. 36.5% 36.4% 35.2% 34.4% 34.2% 33.3% 33.2% 33.3% 33.3% 34.9% 37.0% 38.0% 38.2% 37.3% 36.4% 35.2% 35.0% 33.5% 31.8% 31.4%

Far Eastone N.A. 37.4% 37.5% 38.7% 39.5% 39.0% 38.5% 37.9% 37.6% 36.6% 34.6% 32.0% 31.2% 30.8% 31.2% 31.5% 30.6% 29.9% 29.5% 30.2% 30.0%

Total Market Share N.A. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%Net Subscriber Adds (000)

Chunghw a Telecom N.A. N.A. 358 472 348 438 469 316 303 403 247 235 198 145 198 87 30 5 199 (92) (25)Taiw an Cellular Corp N.A. N.A. 489 441 309 338 39 213 264 196 587 598 562 201 (167) (272) (843) (257) (590) (630) (217)

Far Eastone N.A. N.A. 525 906 648 338 166 137 222 (11) (241) (531) 73 25 134 50 (697) (331) (324) (86) (158)

Total Net Adds N.A. N.A. 1,372 1,819 1,305 1,114 674 666 790 587 593 302 833 372 165 (135) (1,510) (583) (715) (808) (400)YoY Net Adds Grow th N.A. N.A. N.A. N.A. N.A. N.A. -50.9% -63.4% -39.5% -47.3% -12.1% -54.6% 5.4% -36.7% -72.1% N.M. N.M. N.M. N.M. N.M. N.M.

Market Share of Net Adds (%)Chunghw a Telecom N.A. N.A. 26% 26% 27% 39% 70% 48% 38% 69% 42% 78% 24% 39% 120% N.M. N.M. N.M. N.M. N.M. N.M.

Taiw an Cellular Corp N.A. N.A. 36% 24% 24% 30% 6% 32% 33% 33% 99% 198% 68% 54% -101% N.M. N.M. N.M. N.M. N.M. N.M.

Far Eastone N.A. N.A. 38% 50% 50% 30% 25% 21% 28% -2% -41% -176% 9% 7% 81% N.M. N.M. N.M. N.M. N.M. N.M.Total Market Share of Net Adds N.A. N.A. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Chunghw a Telecom N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.5% 1.3% 1.7% 1.1% 1.5% 1.5% 1.4% 1.0% 2.0% 2.0% 2.0% 2.1% 2.1% 1.4%

Taiw an Cellular Corp N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 6.1% 4.3% 3.9% 5.2% 4.9% 2.9%

Far Eastone N.A. N.A. N.A. N.A. 3.4% 2.4% 1.7% 2.3% 2.5% 2.8% 3.8% 3.1% 3.7% 3.6% 3.5% 2.5% 4.2% 2.9% 4.2% 3.6% 3.5%Country Average Churn* N.A. N.A. N.A. N.A. 3.4% 2.4% 1.7% 1.9% 1.9% 2.3% 2.5% 2.3% 2.6% 2.5% 2.3% 3.7% 3.5% 2.9% 3.8% 3.5% 2.5%




Table 123: Taiwan (Continued)

TAIWAN 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - NT$Chunghw a Telecom N.A. 1028.95 937.08 900.79 811.46 898.86 870.20 813.21 779.41 776.12 768.79 710.11 699.02 709.09 721.70 678.00 703.90 715.00 732.00 698.00 658.00

Taiw an Cellular Corp N.A. 921.47 866.73 815.00 777.85 759.31 765.13 687.13 691.33 678.18 646.02 584.16 553.57 543.63 577.83 566.68 579.55 609.64 667.20 707.51 742.00

Far Eastone N.A. 689.61 794.72 745.85 635.31 537.56 508.67 499.96 528.82 556.21 580.08 613.76 626.94 642.23 662.75 676.84 730.64 778.72 823.62 845.62 872.00Country AVG Monthly ARPU N.A. 862.86 858.12 810.61 730.39 710.40 696.06 652.44 655.91 663.09 660.55 632.73 621.26 625.21 649.62 637.07 668.31 697.22 737.30 745.54 748.50

YoY ARPU Grow th N.A. N.A. N.A. N.A. N.A. -17.7% -18.9% -19.5% -10.2% -6.7% -5.1% -3.0% -5.3% -5.7% -1.7% 0.7% 7.6% 11.5% 13.5% 17.0% 12.0%

Country AVG Data as % of ARPU N.A. N.A. 1.5% 2.0% 2.5% 2.8% 3.0% 3.8% 2.9% 3.3% 3.6% 3.7% 3.6% 3.7% 4.0% 4.2% 4.4% 4.6% 4.6% 4.9% 5.8%Monthly MOU (minutes)

Chunghw a Telecom N.A. 209 200 193 182 201 197 190 188 185 182 173 169 170 181 180 180 185 190 178 178Taiw an Cellular Corp N.A. 179 170 166 168 162 156 150 144 148 148 141 133 135 138 141 150 154 163 186 189

Far EasTone N.A. 117 114 113 109 101 106 113 124 133 141 155 172 186 195 197 236 214 217 228 241

Country Average MOU* N.A. 164 157 153 148 149 148 147 150 154 156 155 156 161 169 171 186 183 189 196 200YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. -9.1% -5.3% -3.4% 0.7% 3.2% 5.1% 5.3% 4.5% 5.1% 8.5% 10.3% 19.3% 13.4% 11.5% 14.2% 7.5%

Revenue Per Minute - NT$Chunghw a Telecom N.A. 4.93 4.68 4.67 4.46 4.48 4.41 4.28 4.08 4.12 4.14 4.01 4.03 4.08 3.89 3.68 3.78 3.74 3.73 3.78 3.54

Taiw an Cellular Corp N.A. 5.14 5.10 4.91 4.63 4.68 4.91 4.57 4.79 4.59 4.35 4.15 4.03 3.89 4.05 3.85 3.70 3.77 3.91 3.63 3.69

Far EasTone N.A. 5.90 6.88 6.47 5.67 5.17 4.64 4.27 4.09 4.01 3.91 3.76 3.46 3.28 3.19 3.22 2.92 3.42 3.56 3.46 3.33Country Average RPM* N.A. 5.27 5.39 5.21 4.80 4.64 4.55 4.26 4.30 4.23 4.13 3.98 3.83 3.73 3.69 3.57 3.43 3.64 3.73 3.62 3.52

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. -11.9% -15.6% -18.2% -10.3% -9.0% -9.1% -6.5% -10.9% -11.7% -10.9% -10.4% -10.5% -2.5% 1.1% 1.6% 2.6%Total Est Serv. Rev (NT$ bn) N.A. 38.009 39.566 41.255 40.595 42.062 43.080 41.691 43.345 45.190 46.186 45.090 45.331 46.748 49.097 48.177 48.891 48.816 50.187 49.044 47.883

YoY Est Ser. Rev Grow th N.A. N.A. N.A. N.A. N.A. 10.7% 8.9% 1.1% 6.8% 7.4% 7.2% 8.2% 4.6% 3.4% 6.3% 6.8% 7.9% 4.4% 2.2% 1.3% -2.1%

EBITDA Margin (%)Chunghw a Telecom N.A. N.A. N.A. N.A 45.5% 45.0% 53.8% 45.7% 59.7% 58.5% 55.9% 46.5% 52.1% 56.6% 55.4% 46.2% 54.8% 56.1% 57.0% 53.6% 55.2%

Taiw an Cellular Corp N.A. N.A. N.A. 36.6% 42.7% 42.2% 42.0% 52.6% 47.0% 42.0% 33.0% 44.0% 36.8% 33.8% 35.5% 38.9% 44.5% 44.8% 43.5% 43.2% 47.8%Far EasTone N.A. N.A. N.A. 22.0% 23.8% 31.2% 41.3% 42.0% 44.0% 43.5% 40.8% 37.5% 40.1% 43.0% 43.0% 41.3% 45.0% 47.3% 46.1% 46.6% 45.0%

Country AVG EBITDA Margin* N.A. N.A. N.A. N.A. 38.2% 40.5% 46.7% 47.3% 51.7% 49.5% 45.0% 43.5% 43.7% 45.0% 45.1% 42.4% 48.4% 49.7% 49.0% 48.0% 49.4%




Table 124: Thailand

THAILAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 4.2% 4.5% 5.1% 5.8% 7.0% 8.4% 10.2% 12.6% 15.7% 19.9% 24.9% 27.6% 29.7% 31.5% 33.2% 35.0% 37.1% 39.2% 40.8% 42.8% 44.7%Increase (%) 0.3% 0.3% 0.5% 0.7% 1.2% 1.4% 1.8% 2.4% 3.1% 4.2% 5.0% 2.7% 2.1% 1.8% 1.7% 1.8% 2.0% 2.2% 1.6% 2.0% 1.9%

Subscribers (000)

AIS 1,336 1,481 1,657 1,977 2,431 3,029 3,813 4,813 6,162 7,454 9,365 10,373 11,535 12,263 12,709 13,239 13,864 14,435 14,812 15,184 15,517TAC 1,150 1,197 1,325 1,403 1,710 2,012 2,300 2,738 3,226 4,252 5,130 5,455 5,626 5,899 6,257 6,550 6,991 7,409 7,640 7,786 8,107

DPC 134 140 167 216 237 256 311 390 397 382 387 289 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.TA Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. 13 128 500 874 1,336 1,602 1,626 1,690 1,825 1,993 2,340 2,742 3,380 3,918

Hutchison CAT N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3 16 205 409 454 500 500 575 605

Thai Mobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100 100 100 100 100 100 100 100Total Subscribers 2,620 2,818 3,149 3,597 4,377 5,297 6,424 7,954 9,913 12,589 15,757 17,453 18,766 19,905 20,961 22,124 23,401 24,784 25,794 27,026 28,247


Market Share (%)

AIS 51.0% 52.6% 52.6% 55.0% 55.5% 57.2% 59.4% 60.5% 62.2% 59.2% 59.4% 59.4% 61.5% 61.6% 60.6% 59.8% 59.2% 58.2% 57.4% 56.2% 54.9%TAC 43.9% 42.5% 42.1% 39.0% 39.1% 38.0% 35.8% 34.4% 32.5% 33.8% 32.6% 31.3% 30.0% 29.6% 29.8% 29.6% 29.9% 29.9% 29.6% 28.8% 28.7%

DPC 5.1% 5.0% 5.3% 6.0% 5.4% 4.8% 4.8% 4.9% 4.0% 3.0% 2.5% 1.7% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.TA Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.2% 1.3% 4.0% 5.5% 7.7% 8.5% 8.2% 8.1% 8.2% 8.5% 9.4% 10.6% 12.5% 13.9%

Hutchison CAT N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.0% 0.1% 1.0% 1.8% 1.9% 2.0% 1.9% 2.1% 2.1%

Thai Mobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4%Total Market Share 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Net Subscriber Adds (000)AIS 106 145 176 320 453 599 784 1,000 1,349 1,293 1,910 1,008 1,162 728 446 530 625 571 377 372 333

TAC 76 47 128 78 306 302 288 437 488 1,026 879 325 171 274 357 294 440 419 231 146 320

DPC 4 6 27 49 21 19 55 79 7 (15) 5 (98) (289) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.TA Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. 13 115 372 374 462 266 24 64 135 168 348 401 639 538

Hutchison CAT N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3 13 189 203 45 46 0 75 30Thai Mobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100 0 0 0 0 0 0 0

Total Net Adds 185 198 331 448 781 920 1,127 1,530 1,959 2,676 3,168 1,696 1,313 1,139 1,056 1,162 1,278 1,383 1,010 1,232 1,221

YoY Net Adds Grow th 87.9% 242.0% 169.0% 222.6% 321.7% 365.3% 240.6% 241.7% 151.0% 190.9% 181.1% 10.9% -33.0% -57.4% -66.7% -31.5% -2.7% 21.5% -4.4% 6.0% -4.4%Market Share of Net Adds (%)

AIS 57% 73% 53% 72% 58% 65% 70% 65% 69% 48% 60% 59% 88% 64% 42% 46% 49% 41% 37% 30% 27%TAC 41% 24% 39% 17% 39% 33% 26% 29% 25% 38% 28% 19% 13% 24% 34% 25% 34% 30% 23% 12% 26%

DPC 2% 3% 8% 11% 3% 2% 5% 5% 0% -1% 0% -6% -22% 0% 0% 0% 0% 0% 0% 0% 0%

TA Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1% 6% 14% 12% 27% 20% 2% 6% 12% 13% 25% 40% 52% 44%Hutchison CAT N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0% 1% 18% 18% 4% 3% 0% 6% 2%

Thai Mobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9% 0% 0% 0% 0% 0% 0% 0%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)

AIS 1.3% 1.3% 1.3% 1.3% 1.5% 1.5% 1.5% 1.8% 2.0% 2.2% 2.6% 2.7% 2.9% 2.8% 2.1% 1.4% 1.5% 1.9% 1.9% 1.9% 1.9%TAC 1.3% 1.3% 1.3% 1.3% 1.5% 1.5% 1.5% 2.0% 7.6% 9.8% 8.7% 12.1% 14.4% 12.4% N.A. N.A. N.A. N.A. N.A. N.A. N.A.

DPC 10.0% 20.0% 40.0% 40.0% 10.0% 8.0% 8.0% 5.0% 4.0% 7.8% 9.4% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.TA Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Hutchison CAT N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Thai Mobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 1.7% 2.2% 3.3% 3.6% 2.0% 1.8% 1.8% 2.0% 3.9% 5.1% 4.9% 6.0% 6.7% 5.9% 2.1% 1.4% 1.5% 1.9% 1.9% 1.9% 1.9%




Table 125: Thailand (Continued)

THAILAND 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - BtAIS 1,214 1,238 1,226 1,237 1,211 1,064 910 771 762 647 531 516 542 516 484 498 512 497 477 471 486

TAC 1,040 1,068 981 1,046 986 892 884 815 718 582 429 389 408 417 427 444 456 423 418 433 429

DPC N.A. N.A. N.A. 1,210 1,150 1,050 964 1,035 1,290 923 995 980 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.TA Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 515 585 537 492 456 443 393 428 476 478

Hutchison CAT N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Thai Mobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country AVG Monthly ARPU 1,134 1,162 1,117 1,161 1,120 998 903 799 769 633 508 484 506 488 467 478 489 464 454 460 468

YoY ARPU Grow th 6.6% 10.7% 4.4% 5.8% -1.2% -14.1% -19.1% -31.2% -31.3% -36.6% -43.8% -39.4% -34.3% -22.9% -8.0% -1.2% -3.3% -4.8% -2.8% -3.8% -4.3%Country AVG Data as % of Revenue 0.3% 0.3% 0.3% 0.3% 0.5% 0.5% 0.7% 0.9% 0.9% 0.9% 0.9% 0.9% 2.8% 2.3% 2.2% 1.7% 2.6% 2.5% 2.3% 2.8% 2.9%

Monthly MOU (minutes)AIS N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 240 216 221 210 198 189 169 170 175 170 164 166 159

TAC N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 189 145 124 121 121 129 127 125 126 128 135 154

DPC N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.TA Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Hutchison CAT N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Thai Mobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 240 206 194 180 173 167 156 156 158 155 152 156 157

YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -27.9% -19.1% -20.0% -13.7% -8.5% -7.2% -2.5% 0.3% -0.5%Revenue Per Minute - Bt

AIS N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.15 2.96 2.38 2.43 2.64 2.65 2.79 2.88 2.84 2.85 2.85 2.73 2.94TAC N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.05 2.93 3.10 3.29 3.36 3.24 3.42 3.54 3.25 3.16 3.10 2.70

DPC N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

TA Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Hutchison CAT N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Thai Mobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average RPM* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.18 3.04 2.59 2.66 2.84 2.85 2.94 3.02 3.01 2.92 2.92 2.87 2.89

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -10.5% -6.1% 13.4% 13.6% 5.9% 2.4% -0.4% -5.1% -4.1%

Total Est Serv. Rev (Bt bn) 8.596 9.480 9.999 11.746 13.394 14.480 15.884 17.235 20.614 21.365 21.596 24.106 27.467 28.298 28.632 30.912 33.397 33.551 34.444 36.464 38.799YoY Estimated Service Revenues Grow th 30.3% 40.4% 39.4% 50.9% 55.8% 52.7% 58.9% 46.7% 53.9% 47.5% 36.0% 39.9% 33.2% 32.5% 32.6% 28.2% 21.6% 18.6% 20.3% 18.0% 16.2%

EBITDA Margin (%)

AIS 39.7% 44.4% 71.4% 54.1% 17.5% 49.3% 44.2% 48.2% 40.9% 52.3% 39.0% 53.5% 60.9% 61.4% 61.8% 58.3% 63.0% 61.2% 58.7% 58.4% 59.6%TAC 43.0% 53.2% 50.3% 52.3% 49.1% 39.6% 33.1% 35.9% 39.0% 36.4% 39.2% 32.6% 39.2% 39.0% 38.9% 41.1% 42.8% 40.0% 39.3% 38.1% 36.6%

DPC N.A. N.A. N.A. 16.3% 20.8% 1.4% 19.2% 14.0% 10.4% -43.0% 8.8% 8.8% 8.8% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.TA Orange N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Hutchison CAT N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Thai Mobile N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country AVG EBITDA Margin* 41.2% 48.3% 62.0% 51.1% 30.0% 43.3% 39.0% 42.3% 39.0% 43.7% 38.3% 45.6% 53.8% 54.1% 54.2% 52.6% 56.2% 54.0% 52.1% 51.5% 51.7%




Table 126: Turkey

TURKEY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration N.A. N.A. N.A. 22.3% 24.4% 25.5% 26.6% 28.2% 29.7% 31.7% 34.1% 34.1% 34.7% 36.8% 38.3% 39.5% 40.7% 43.2% 46.7% 48.4% 51.1%Increase (%) N.A. N.A. N.A. N.A. 2.2% 1.1% 1.1% 1.7% 1.4% 2.0% 2.5% 0.0% 0.6% 2.1% 1.5% 1.2% 1.2% 2.5% 3.5% 1.7% 2.7%

Subscribers (000)

Turkcell 6,560 7,660 8,760 10,100 10,940 11,300 11,770 12,240 12,750 13,800 14,850 15,700 16,300 17,210 18,180 19,000 19,700 20,900 22,300 23,400 24,300Telsim N.A. N.A. N.A. 4,550 5,300 5,500 5,700 6,300 6,500 6,570 6,870 5,930 5,730 5,430 5,000 4,700 5,000 5,200 5,850 6,510 7,292

Avea (TIM) N.A. N.A. N.A. 0 100 300 400 500 860 1,130 1,490 1,700 2,250 3,180 3,800 4,200 4,200 4,700 5,250 4,820 5,200Total Subscribers N.A. N.A. N.A. 14,650 16,340 17,100 17,870 19,040 20,110 21,500 23,210 23,330 24,280 25,820 26,980 27,900 28,900 30,800 33,400 34,730 36,792

% Pre-Paid Subscribers N.A. N.A. N.A. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 71.0% 72.0% 74.0% 75.0% 75.0% 76.0% 78.0% 80.0% 75.0%

YoY Subscriber Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. 30.0% 23.1% 25.7% 29.9% 22.5% 20.7% 20.1% 16.2% 19.6% 19.0% 19.3% 23.8% 24.5% 27.3%Market Share (%)

Turkcell N.A. N.A. N.A. 68.9% 67.0% 66.1% 65.9% 64.3% 63.4% 64.2% 64.0% 67.3% 67.1% 66.7% 67.4% 68.1% 68.2% 67.9% 66.8% 67.4% 66.0%Telsim N.A. N.A. N.A. 31.1% 32.4% 32.2% 31.9% 33.1% 32.3% 30.6% 29.6% 25.4% 23.6% 21.0% 18.5% 16.8% 17.3% 16.9% 17.5% 18.7% 19.8%

Avea (TIM) N.A. N.A. N.A. N.A. 0.6% 1.8% 2.2% 2.6% 4.3% 5.3% 6.4% 7.3% 9.3% 12.3% 14.1% 15.1% 14.5% 15.3% 15.7% 13.9% 14.1%

Total Market Share N.A. N.A. N.A. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%Net Subscriber Adds (000)

Turkcell 1,100 1,100 1,100 1,340 840 360 470 470 510 1,050 1,050 850 600 910 970 820 700 1,200 1,400 1,100 900Telsim N.A. N.A. N.A. N.A. 750 200 200 600 200 70 300 (940) (200) (300) (430) (300) 300 200 650 660 782

Avea (TIM) N.A. N.A. N.A. N.A. 100 200 100 100 360 270 360 210 550 930 620 400 0 500 550 (430) 380

Total Net Adds N.A. N.A. N.A. N.A. 1,690 760 770 1,170 1,070 1,390 1,710 120 950 1,540 1,160 920 1,000 1,900 2,600 1,330 2,062YoY Net Adds Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -36.7% 82.9% 122.1% -89.7% -11.2% 10.8% -32.2% 666.7% 5.3% 23.4% 124.1% 44.6% 106.2%

Market Share of Net Adds (%)Turkcell N.A. N.A. N.A. N.A. 50% 47% 61% 40% 48% 76% 61% 708% 63% 59% 84% 89% 70% 63% 54% 83% 44%

Telsim N.A. N.A. N.A. N.A. 44% 26% 26% 51% 19% 5% 18% -783% -21% -19% -37% -33% 30% 11% 25% 50% 38%

Avea (TIM) N.A. N.A. N.A. N.A. 6% 26% 13% 9% 34% 19% 21% 175% 58% 60% 53% 43% 0% 26% 21% -32% 18%Total Market Share of Net Adds N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)Turkcell N.A. N.A. N.A. 0.7% 1.2% 1.2% 1.0% 1.2% 1.0% 1.1% 1.1% 1.3% 1.5% 1.3% 1.3% 1.0% 1.1% 0.8% 0.7% 0.7% 0.8%

Telsim N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Avea (TIM) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn N.A. N.A. N.A. 0.7% 1.2% 1.2% 1.0% 1.2% 1.0% 1.1% 1.1% 1.3% 1.5% 1.3% 1.3% 1.0% 1.1% 0.8% 0.7% 0.7% 0.8%




Table 127: Turkey (Continued)

TURKEY 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - USDTurkcell N.A. N.A. N.A. 20.50 16.50 12.40 13.10 11.00 11.50 12.50 12.60 10.90 10.10 11.50 14.20 11.00 12.70 13.60 14.70 12.40 12.00


Avea (TIM) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average ARPU N.A. N.A. N.A. N.A. 15.68 11.78 12.45 10.45 10.93 11.88 11.97 10.36 9.60 10.93 13.49 10.45 12.07 12.92 13.97 11.78 11.40

YoY ARPU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -30.3% 0.8% -3.8% -0.9% -12.2% -8.0% 12.7% 0.9% 25.7% 18.3% 3.5% 12.7% -5.5%

Country AVG Data as % of ARPU N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0% 10.0% 12.0% 12.0% 11.0% 11.0% 14.0% 12.0% 11.0% 11.0% 15.0% 12.0%Monthly MOU (minutes)

Turkcell N.A. N.A. N.A. 82 66 65 68 56 53 58 62 53 51 60 66 58 56 66 74 64 60Telsim N.A. N.A. N.A. 70 56 55 58 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Avea (TIM) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* N.A. N.A. N.A. 78 63 62 65 56 53 58 62 53 51 60 66 58 56 66 74 64 60YoY Monthly MOU Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. -28.8% -16.0% -7.0% -4.6% -5.0% -3.6% 4.2% 6.5% 8.7% 11.0% 9.7% 12.0% 11.0% 5.7%

Revenue Per Minute - USDTurkcell N.A. N.A. N.A. 0.25 0.25 0.19 0.19 0.20 0.22 0.20 0.18 0.18 0.17 0.17 0.19 0.16 0.20 0.18 0.18 0.17 0.18


Avea (TIM) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average RPM* N.A. N.A. N.A. N.A. 0.25 0.19 0.19 0.19 0.21 0.19 0.17 0.17 0.17 0.16 0.18 0.16 0.19 0.18 0.17 0.16 0.17

YoY RPM Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -17.0% -2.5% -9.3% -8.2% -19.8% -12.7% 4.7% -9.3% 13.3% 7.8% -7.6% 0.4% -10.6%Total Est Serv. Rev (USD bn) N.A. N.A. N.A. N.A. 0.729 0.591 0.653 0.579 0.642 0.741 0.803 0.723 0.685 0.821 1.068 0.860 1.028 1.157 1.345 1.204 1.223

YoY Estimated Service Revenues Grow th N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -12.0% 25.4% 23.0% 24.9% 6.8% 10.8% 33.1% 19.0% 50.0% 40.9% 25.9% 39.9% 19.0%

EBITDA Margin (%)Turkcell N.A. N.A. N.A. 25.8% 12.9% 32.0% 33.5% 26.8% 36.7% 32.8% 39.4% 39.2% 42.5% 32.2% 40.3% 42.0% 45.2% 56.9% 49.6% 43.7% 43.9%

Telsim N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Avea (TIM) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average Margin N.A. N.A. N.A. 19.4% 9.7% 28.8% 25.1% 20.1% 27.5% 24.6% 29.6% 29.4% 31.9% 24.2% 30.2% 31.5% 33.9% 42.7% 39.7% 35.0% 32.9%




Table 128: United Kingdom

UNITED KINGDOM 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 45.8% 51.5% 57.8% 67.5% 72.1% 75.2% 77.1% 79.2% 80.1% 80.7% 82.6% 85.5% 85.3% 86.2% 87.2% 91.3% 93.6% 95.5% 98.9% 103.9% 105.6%Increase (%) 5.5% 5.7% 6.3% 9.7% 4.6% 3.1% 1.9% 2.1% 0.9% 0.6% 1.9% 2.9% -0.1% 0.9% 1.0% 4.1% 2.3% 2.0% 3.4% 5.0% 1.7%

Subscribers (000)

Vodafone UK 8,791 9,360 10,240 11,663 12,279 12,548 12,799 13,164 13,186 13,009 12,957 13,224 13,300 13,313 13,483 13,947 14,095 14,227 14,600 15,241 15,324O2 7,404 8,066 8,736 10,286 10,589 10,890 10,968 11,075 11,084 11,171 11,449 11,952 12,050 12,308 12,623 13,053 13,264 13,525 13,856 14,216 14,364

Orange 5,973 7,168 8,268 9,828 11,032 11,861 12,178 12,484 12,671 12,802 13,060 13,312 13,313 13,258 13,371 13,649 13,820 13,747 13,886 14,221 14,334T-Mobile (One2One) 4,967 5,967 7,087 8,324 8,981 9,428 9,928 10,421 10,750 11,099 11,758 12,446 12,212 12,500 12,386 13,636 14,343 14,899 15,207 15,726 16,117

3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 25 56 175 230 384 720 1,600 2,759 3,021



Vodafone UK 32.4% 30.6% 29.8% 29.1% 28.6% 28.1% 27.9% 27.9% 27.6% 27.1% 26.3% 26.0% 26.1% 25.9% 25.9% 25.6% 25.2% 24.9% 24.7% 24.5% 24.3%

O2 27.3% 26.4% 25.4% 25.7% 24.7% 24.3% 23.9% 23.5% 23.2% 23.2% 23.3% 23.5% 23.7% 23.9% 24.3% 23.9% 23.7% 23.7% 23.4% 22.9% 22.7%Orange 22.0% 23.5% 24.1% 24.5% 25.7% 26.5% 26.5% 26.5% 26.6% 26.6% 26.5% 26.1% 26.2% 25.8% 25.7% 25.0% 24.7% 24.1% 23.5% 22.9% 22.7%

T-Mobile (One2One) 18.3% 19.5% 20.6% 20.8% 20.9% 21.1% 21.6% 22.1% 22.5% 23.1% 23.9% 24.4% 24.0% 24.3% 23.8% 25.0% 25.7% 26.1% 25.7% 25.3% 25.5%3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.0% 0.1% 0.3% 0.4% 0.7% 1.3% 2.7% 4.4% 4.8%


Net Subscriber Adds (000)Vodafone UK 854 569 880 1,423 616 269 251 365 22 (177) (52) 267 76 13 170 464 148 132 373 641 83

O2 458 662 670 1,550 303 301 78 107 9 87 278 503 98 258 315 430 211 261 331 360 148Orange 1,081 1,195 1,100 1,560 1,204 829 317 306 187 131 258 252 1 (55) 113 278 171 (73) 139 335 113

T-Mobile (One2One) 861 1,000 1,120 1,237 657 447 500 493 329 349 659 688 (234) 288 (114) 1,250 707 556 308 519 391

3 (Hutchison) 0 0 0 0 0 0 0 0 0 0 0 0 25 31 119 55 154 336 880 1,159 262Total Net Adds 3,254 3,426 3,770 5,770 2,780 1,846 1,146 1,271 547 390 1,143 1,710 (34) 535 603 2,477 1,391 1,212 2,031 3,014 997

YoY Net Adds Grow th 73.3% 78.5% 37.1% 33.2% -14.6% -46.1% -69.6% -78.0% -80.3% -78.9% -0.3% 34.5% N.M. 37.2% -47.2% 44.9% N.M. 126.5% 236.8% 21.7% -28.3%Market Share of Net Adds (%)

Vodafone UK 26% 17% 23% 25% 22% 15% 22% 29% 4% -45% -5% 16% N.M. 2% 28% 19% 11% 11% 18% 21% 8%

O2 14% 19% 18% 27% 11% 16% 7% 8% 2% 22% 24% 29% N.M. 48% 52% 17% 15% 22% 16% 12% 15%Orange 33% 35% 29% 27% 43% 45% 28% 24% 34% 34% 23% 15% N.M. -10% 19% 11% 12% -6% 7% 11% 11%

T-Mobile (One2One) 26% 29% 30% 21% 24% 24% 44% 39% 60% 89% 58% 40% N.M. 54% -19% 50% 51% 46% 15% 17% 39%3 (Hutchison) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% N.M. 6% 20% 2% 11% 28% 43% 38% 26%


Monthly Churn (%)Vodafone UK 2.4% 2.2% 2.0% 2.0% 2.1% 2.1% 2.2% 2.4% 2.4% 2.4% 2.5% 2.5% 2.5% 2.5% 2.4% 2.4% 2.5% 2.5% 2.5% 2.5% 2.5%

O2 2.5% 2.4% 2.3% 2.2% 2.2% 2.1% 2.6% 2.7% 2.7% 2.6% 2.4% 2.4% 2.5% 2.4% 2.3% 2.3% 2.5% 2.5% 2.6% 2.6% 2.7%Orange 1.2% 1.1% 1.1% 1.1% 1.1% 1.0% 1.2% 1.2% 1.6% 1.6% 1.6% 1.5% 1.6% 1.9% 1.9% 2.2% 2.0% 2.7% 1.9% 1.9% 2.2%

T-Mobile (One2One) N.A. N.A. N.A. 1.7% 1.5% 1.7% 1.7% 2.7% 2.0% 2.1% 1.9% 2.7% 4.2% 2.2% 4.2% 1.0% 1.2% 1.9% 2.5% 3.0% 2.6%

3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* 2.1% 1.9% 1.8% 1.8% 1.7% 1.7% 1.9% 2.2% 2.2% 2.2% 2.1% 2.3% 2.7% 2.3% 2.7% 2.0% 2.0% 2.4% 2.3% 2.4% 2.4%




Table 129: United Kingdom (Continued)

UNITED KINGDOM 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - GBPVodafone UK 25.42 25.25 25.12 25.00 23.67 23.00 23.33 23.00 23.00 23.40 24.83 24.37 24.60 25.03 25.17 26.33 26.50 26.60 26.63 24.90 24.10

O2 27.67 26.08 24.50 22.92 21.33 19.00 20.00 19.00 19.00 20.00 21.00 21.00 20.00 22.00 23.00 23.00 23.00 24.00 24.00 23.00 23.00

Orange 26.84 26.66 24.66 22.66 20.67 19.75 20.75 20.92 20.67 21.67 22.50 22.00 21.72 22.80 23.40 22.42 22.38 23.13 23.40 21.70 21.10T-Mobile (One2One) 24.45 23.35 22.10 21.52 17.50 16.25 16.88 16.88 17.50 18.00 18.42 18.46 18.75 20.35 21.66 21.63 21.09 20.67 20.17 18.78 18.04

3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 45.00 45.00 45.00 45.00 44.00 39.00 36.80 40.30

Country AVG ARPU 26.17 25.43 24.23 23.17 21.03 19.74 20.45 20.15 20.21 20.90 21.79 21.52 21.35 22.62 23.42 23.46 23.39 23.82 23.93 22.71 22.40YoY ARPU Grow th -19.8% -17.8% -18.5% -18.4% -19.6% -22.4% -15.6% -13.0% -3.9% 5.9% 6.5% 6.8% 5.6% 8.2% 7.5% 9.0% 9.6% 5.3% 2.2% -3.2% -4.3%


Vodafone UK 152 146 141 141 136 135 135 139 142 146 150 153 155 156 156 160 161 162 162 169 169

O2 126 120 131 129 126 115 113 100 102 104 106 108 110 119 123 124 126 135 139 139 135Orange 172 159 159 154 144 133 137 139 136 141 140 140 139 145 144 140 143 145 144 144 135

T-Mobile (One2One) 214 191 164 138 125 117 114 116 121 119 118 120 122 130 140 142 142 142 142 142 1423 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


YoY Monthly MOU Grow th -5.1% -11.7% -11.5% -18.7% -17.1% -16.5% -14.5% -11.3% -5.0% 2.2% 2.6% 5.1% 4.6% 7.1% 9.1% 8.2% 8.4% 5.9% 4.1% 4.9% 1.6%Revenue Per Minute - GBP

Vodafone UK 0.16 0.17 0.17 0.17 0.16 0.16 0.16 0.15 0.14 0.14 0.14 0.14 0.13 0.14 0.14 0.14 0.13 0.14 0.14 0.12 0.11

O2 0.22 0.21 0.18 0.17 0.16 0.15 0.16 0.16 0.16 0.17 0.17 0.16 0.15 0.15 0.15 0.15 0.14 0.14 0.13 0.12 0.12Orange 0.15 0.16 0.15 0.14 0.13 0.13 0.13 0.13 0.13 0.13 0.14 0.13 0.13 0.13 0.14 0.13 0.13 0.13 0.13 0.12 0.13

T-Mobile (One2One) 0.11 0.12 0.13 0.14 0.13 0.13 0.13 0.13 0.13 0.13 0.14 0.13 0.13 0.13 0.13 0.13 0.12 0.12 0.12 0.11 0.113 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


YoY RPM Grow th -18.1% -10.3% -11.1% -4.5% -7.6% -12.1% -7.7% -8.6% -4.8% -1.6% -0.5% -1.5% -3.1% -2.0% -4.1% -2.3% -1.2% -2.7% -4.5% -10.3% -8.4%Total Market Estimated Revenues 2.003 2.201 2.360 2.588 2.601 2.565 2.738 2.788 2.831 2.941 3.155 3.182 3.068 3.253 3.360 3.462 3.514 3.699 3.812 3.755 3.892


Vodafone UK 32.0% 30.0% 30.0% 30.5% 31.0% 31.0% 31.0% 37.0% 37.0% 37.0% 37.0% 39.0% 40.2% 36.4% 36.4% 31.3% 31.3% 33.3% 33.3% 31.0% 31.0%

O2 21.0% 19.0% 24.0% 21.0% 19.2% 24.0% 24.0% 24.7% 24.7% 25.5% 27.1% 28.4% 29.0% 29.2% 29.2% 31.1% 31.1% 28.5% 28.5% 30.1% 30.1%Orange 23.0% 18.3% 23.0% 25.0% 23.2% 21.3% 24.0% 24.0% 29.6% 30.0% 30.3% 30.9% 33.6% 37.0% 32.6% 31.4% 33.7% 33.7% 34.3% 34.3% 33.0%

T-Mobile (One2One) 7.2% 1.0% 1.0% -7.0% 13.0% 16.4% 16.3% 19.4% 21.6% 25.5% 21.5% 16.5% 26.8% 25.2% 23.9% 22.8% 33.9% 33.3% 35.3% 23.8% 28.0%3 (Hutchison) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.





Table 130: United States

USA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 31.9% 34.4% 36.2% 38.6% 40.3% 41.5% 43.4% 44.8% 45.9% 46.8% 47.7% 48.7% 49.8% 51.0% 52.3% 54.4% 55.7% 57.7% 59.2% 61.8% 63.6%

Increase (%) 1.1% 2.5% 1.8% 2.4% 1.7% 1.3% 1.8% 1.5% 1.1% 0.8% 0.9% 1.0% 1.1% 1.2% 1.3% 2.1% 1.4% 2.0% 1.5% 2.5% 1.8%

Subscribers (000)Verizon Wireless 24,011 24,774 25,551 26,774 27,122 27,930 28,682 29,398 29,584 30,307 31,521 32,491 33,324 34,619 36,026 37,558 38,909 40,444 42,118 43,816 45,452

Cingular Wireless 17,294 18,143 18,867 19,681 20,535 21,218 21,279 21,596 21,830 22,183 22,076 21,925 22,114 22,640 23,385 24,027 24,618 25,044 25,701 49,109 50,369AT&T Wireless (AWE) 9,987 11,700 12,631 15,163 15,748 16,416 17,120 18,047 19,536 19,953 20,154 20,859 21,142 21,493 21,855 21,980 21,692 21,737 21,902 N.A. N.A.

Sprint PCS (PCS) 6,560 7,443 8,348 9,543 10,355 11,198 12,441 13,555 14,280 14,588 14,510 14,760 14,930 15,290 15,474 15,867 16,281 16,877 17,306 17,738 18,283

Nextel Communications (NXTL) 5,056 5,617 6,157 6,678 7,199 7,684 8,166 8,667 9,167 9,636 10,116 10,612 11,092 11,683 12,329 12,882 13,356 13,902 14,452 15,047 15,543T-Mobile USA 2,941 3,293 3,871 4,787 5,498 5,953 6,325 6,993 7,502 8,027 8,899 9,916 10,837 11,443 12,113 13,128 14,302 15,394 16,295 17,314 18,271

Others 23,868 26,066 26,940 26,852 28,078 27,999 29,853 30,119 30,001 29,867 30,209 30,204 30,770 30,898 31,081 33,280 33,996 36,069 36,474 39,116 39,984Total Subscribers 89,717 97,036 102,365 109,478 114,535 118,398 123,866 128,375 131,899 134,561 137,485 140,767 144,209 148,066 152,263 158,722 163,154 169,467 174,248 182,140 187,902

% Pre-Paid Subscribers N.A. N.A. N.A. N.A. 6.9% 6.5% 6.3% 5.8% 5.7% 5.4% 5.6% 5.8% 6.2% 6.3% 6.2% 6.7% 7.2% 7.3% 7.6% 8.2% 8.6%


Verizon Wireless 26.8% 25.5% 25.0% 24.5% 23.7% 23.6% 23.2% 22.9% 22.4% 22.5% 22.9% 23.1% 23.1% 23.4% 23.7% 23.7% 23.8% 23.9% 24.2% 24.1% 24.2%Cingular Wireless 19.3% 18.7% 18.4% 18.0% 17.9% 17.9% 17.2% 16.8% 16.6% 16.5% 16.1% 15.6% 15.3% 15.3% 15.4% 15.1% 15.1% 14.8% 14.7% 27.0% 26.8%

AT&T Wireless (AWE) 11.1% 12.1% 12.3% 13.9% 13.7% 13.9% 13.8% 14.1% 14.8% 14.8% 14.7% 14.8% 14.7% 14.5% 14.4% 13.8% 13.3% 12.8% 12.6% N.A. N.A.

Sprint PCS (PCS) 7.3% 7.7% 8.2% 8.7% 9.0% 9.5% 10.0% 10.6% 10.8% 10.8% 10.6% 10.5% 10.4% 10.3% 10.2% 10.0% 10.0% 10.0% 9.9% 9.7% 9.7%Nextel Communications (NXTL) 5.6% 5.8% 6.0% 6.1% 6.3% 6.5% 6.6% 6.8% 7.0% 7.2% 7.4% 7.5% 7.7% 7.9% 8.1% 8.1% 8.2% 8.2% 8.3% 8.3% 8.3%

T-Mobile USA 3.3% 3.4% 3.8% 4.4% 4.8% 5.0% 5.1% 5.4% 5.7% 6.0% 6.5% 7.0% 7.5% 7.7% 8.0% 8.3% 8.8% 9.1% 9.4% 9.5% 9.7%Others 26.6% 26.9% 26.3% 24.5% 24.5% 23.6% 24.1% 23.5% 22.7% 22.2% 22.0% 21.5% 21.3% 20.9% 20.4% 21.0% 20.8% 21.3% 20.9% 21.5% 21.3%


Net Subscriber Adds (000)Verizon Wireless 874 800 806 1,223 518 808 752 715 118 723 803 970 833 1,295 1,407 1,496 1,387 1,535 1,674 1,698 1,636

Cingular Wireless 695 849 723 814 866 701 95 325 234 353 (107) (121) 189 540 745 642 554 428 657 1,757 1,419AT&T Wireless (AWE) 418 532 750 865 585 668 748 927 650 417 201 705 257 446 229 128 (367) 15 170 N.A. N.A.

Sprint PCS (PCS) 831 883 839 1,195 812 843 1,243 1,114 725 308 (78) 250 199 360 184 390 414 505 429 526 518

Nextel Communications (NXTL) 540 561 540 521 520 486 481 501 502 471 480 503 480 591 646 553 474 546 550 595 496T-Mobile USA 483 376 578 706 593 454 373 667 509 453 872 1,017 921 606 670 1,015 1,174 1,092 901 1,019 957

Others 785 709 737 1,199 972 899 1,112 1,237 729 574 491 686 563 373 316 539 796 566 399 579 736Total Net Adds 4,626 4,709 4,974 6,524 4,866 4,859 4,804 5,486 3,467 3,298 2,662 4,010 3,442 4,211 4,197 4,763 4,432 4,687 4,780 6,174 5,762

YoY Net Adds Grow th 33.3% 32.5% 62.5% 26.3% 5.2% 3.2% -3.4% -15.9% -28.8% -32.1% -44.6% -26.9% -0.7% 27.7% 57.7% 18.8% 28.8% 11.3% 13.9% 29.6% 30.0%

Market Share of Net Adds (%)Verizon Wireless 19% 17% 16% 19% 11% 17% 16% 13% 3% 22% 30% 24% 24% 31% 34% 31% 31% 33% 35% 28% 28%

Cingular Wireless 15% 18% 15% 12% 18% 14% 2% 6% 7% 11% -4% -3% 5% 13% 18% 13% 12% 9% 14% 28% 25%AT&T Wireless (AWE) 9% 11% 15% 13% 12% 14% 16% 17% 19% 13% 8% 18% 7% 11% 5% 3% -8% 0% 4% N.A. N.A.

Sprint PCS (PCS) 18% 19% 17% 18% 17% 17% 26% 20% 21% 9% -3% 6% 6% 9% 4% 8% 9% 11% 9% 9% 9%

Nextel Communications (NXTL) 12% 12% 11% 8% 11% 10% 10% 9% 14% 14% 18% 13% 14% 14% 15% 12% 11% 12% 12% 10% 9%T-Mobile USA 10% 8% 12% 11% 12% 9% 8% 12% 15% 14% 33% 25% 27% 14% 16% 21% 26% 23% 19% 17% 17%

Others 17% 15% 15% 18% 20% 18% 23% 23% 21% 17% 18% 17% 16% 9% 8% 11% 18% 12% 8% 9% 13%Total Market Share of Net Adds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Monthly Churn (%)

Verizon Wireless 2.2% 2.1% 2.5% 2.8% 2.8% 2.3% 2.2% 2.7% 2.6% 2.3% 2.3% 2.1% 2.1% 1.7% 1.9% 1.7% 1.6% 1.5% 1.5% 1.4% 1.3%Cingular Wireless 2.7% 2.6% 2.6% 2.9% 2.7% 2.6% 3.1% 3.1% 2.9% 2.7% 3.0% 2.7% 2.6% 2.5% 2.8% 2.8% 2.7% 2.7% 2.8% 2.6% 2.2%

AT&T Wireless (AWE) 2.9% 2.7% 2.9% 2.9% 3.0% 2.9% 3.1% 2.7% 2.6% 2.4% 2.9% 2.4% 2.3% 2.2% 2.7% 3.3% 3.7% 3.4% 3.7% N.A. N.A.Sprint PCS (PCS) 3.0% 2.6% 3.0% 2.8% 2.5% 2.2% 2.6% 3.0% 3.0% 2.9% 3.8% 3.5% 3.1% 2.4% 2.7% 2.7% 2.9% 2.3% 2.7% 2.7% 2.5%

Nextel Communications (NXTL) 2.0% 2.0% 2.0% 2.2% 2.5% 2.3% 2.1% 2.2% 2.1% 2.1% 2.0% 2.1% 1.9% 1.6% 1.4% 1.5% 1.7% 1.6% 1.5% 1.5% 1.5%

T-Mobile USA 3.1% 3.5% 4.7% 3.9% 3.2% 3.5% 5.1% 4.8% 4.4% 4.1% 4.2% 3.5% 3.0% 3.0% 3.3% 3.2% 3.0% 2.8% 3.0% 3.1% 2.8%Others 2.3% 2.2% 2.4% 2.4% 2.3% 2.2% 2.4% 2.4% 2.4% 2.2% 2.5% 2.5% 2.4% 2.1% 2.4% 2.3% 2.1% 1.9% 2.2% 2.1% 2.0%

Average Churn 2.5% 2.4% 2.7% 2.8% 2.7% 2.5% 2.7% 2.8% 2.7% 2.5% 2.8% 2.6% 2.4% 2.2% 2.4% 2.4% 2.4% 2.2% 2.4% 2.2% 2.0%




Table 131: United States (Continued)

USA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU -USD

Verizon Wireless 43.74 47.59 48.44 46.72 46.15 49.34 49.39 46.41 45.81 48.66 49.57 49.23 47.20 49.22 50.03 48.85 48.04 50.80 51.58 50.32 49.03

Cingular Wireless 52.25 54.54 54.17 51.38 51.48 53.55 54.31 52.25 51.11 52.76 52.81 51.84 50.76 53.12 52.43 49.03 47.95 50.32 49.78 49.67 49.59

AT&T Wireless (AWE) 67.20 71.50 68.50 66.10 62.20 63.80 63.60 61.00 58.60 60.40 61.60 60.00 58.70 60.60 61.20 58.70 56.60 58.80 57.40 N.A. N.A.

Sprint PCS (PCS) 57.00 59.00 61.00 60.00 60.00 61.00 62.00 62.00 60.00 63.00 63.21 62.00 58.50 62.00 63.00 62.00 61.00 62.00 63.00 62.00 61.00

Nextel Communications (NXTL) 72.00 74.00 75.00 73.00 71.00 73.00 70.00 69.00 68.00 71.00 71.00 69.00 67.00 69.00 71.00 70.00 69.00 70.00 69.00 68.00 67.00

T-Mobile USA 50.81 51.77 51.08 48.63 50.00 49.00 49.00 49.00 48.00 49.00 50.00 50.00 50.00 53.01 53.82 53.00 54.00 55.00 55.00 55.00 54.00


Weighted AVG ARPU 55.11 58.06 58.44 56.39 55.38 57.68 57.97 56.24 54.56 57.15 57.88 56.51 54.51 56.95 57.85 56.03 54.95 56.83 56.94 55.23 54.37

YoY ARPU Grow th 2.7% 4.0% 1.2% 1.7% 0.5% -0.6% -0.8% -0.3% -1.5% -0.9% -0.2% 0.5% -0.1% -0.4% 0.0% -0.8% 0.8% -0.2% -1.6% -1.4% -1.1%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 1.4% 2.0% 2.7% 3.1% 3.8% 4.4% 5.5% 6.5%


Verizon Wireless 170 195 195 200 220 262 274 282 294 343 367 389 402 450 481 489 531 559 590 606 610

Cingular Wireless 200 215 225 230 257 299 321 352 355 398 399 406 405 445 456 475 488 523 537 526 508

AT&T Wireless (AWE) 325 359 348 366 353 383 389 400 430 482 484 507 509 551 553 551 563 600 616 N.A. N.A.

Sprint PCS (PCS) 360 400 420 420 420 480 540 540 570 660 660 660 720 810 840 840 900 945 960 960 960

Nextel Communications (NXTL) 440 480 480 480 510 580 580 590 590 650 650 640 650 720 740 740 750 780 790 795 820

T-Mobile USA 557 469 423 432 450 504 612 585 550 600 625 660 710 745 778 795 817 885 908 907 921

Others 159 170 190 224 237 283 296 313 312 362 383 407 427 474 492 509 538 592 608 622 629


YoY Monthly MOU Grow th N.A. N.A. N.A. 20.1% 29.7% 38.2% 43.3% 38.7% 35.1% 32.5% 27.8% 27.4% 28.4% 24.0% 24.8% 20.6% 21.9% 16.8% 16.2% 13.2% 7.9%

Revenue Per Minute - USD

Verizon Wireless 0.26 0.24 0.25 0.23 0.21 0.19 0.18 0.16 0.16 0.14 0.14 0.13 0.12 0.11 0.10 0.10 0.09 0.09 0.09 0.08 0.08

Cingular Wireless 0.26 0.25 0.24 0.22 0.20 0.18 0.17 0.15 0.14 0.13 0.13 0.13 0.13 0.12 0.11 0.10 0.10 0.10 0.09 0.09 0.10

AT&T Wireless (AWE) 0.21 0.20 0.20 0.18 0.18 0.17 0.16 0.15 0.14 0.13 0.13 0.12 0.12 0.11 0.11 0.11 0.10 0.10 0.09 N.A. N.A.

Sprint PCS (PCS) 0.16 0.15 0.15 0.14 0.14 0.13 0.11 0.11 0.11 0.10 0.10 0.09 0.08 0.08 0.08 0.07 0.07 0.07 0.07 0.06 0.06

Nextel Communications (NXTL) 0.16 0.15 0.16 0.15 0.14 0.13 0.12 0.12 0.12 0.11 0.11 0.11 0.10 0.10 0.10 0.09 0.09 0.09 0.09 0.09 0.08

T-Mobile USA 0.09 0.11 0.12 0.11 0.11 0.10 0.08 0.08 0.09 0.08 0.08 0.08 0.07 0.07 0.07 0.07 0.07 0.06 0.06 0.06 0.06



YoY RPM Grow th N.A. N.A. N.A. -19.5% -22.7% -25.7% -28.1% -29.4% -26.6% -25.0% -22.5% -19.8% -21.1% -18.5% -18.4% -17.9% -18.3% -15.7% -16.4% -13.5% -8.4%



EBITDA Margin (%)

Verizon Wireless 33.6% 34.8% 36.0% 29.9% 34.8% 35.7% 36.1% 31.7% 35.1% 35.3% 35.8% 36.1% 35.0% 35.4% 35.7% 35.6% 36.6% 39.7% 38.2% 34.8% 36.3%

Cingular Wireless 32.1% 33.2% 32.7% 26.3% 29.0% 34.5% 33.1% 28.5% 31.1% 31.0% 28.6% 26.5% 33.1% 32.6% 24.9% 23.0% 28.2% 30.0% 24.3% 20.5% 23.0%

AT&T Wireless (AWE) 19.7% 22.6% 18.7% 12.8% 24.5% 25.3% 22.9% 18.7% 22.7% 26.1% 26.3% 22.6% 28.1% 28.5% 29.5% 21.1% 23.7% 26.9% 27.0% N.A. N.A.

Sprint PCS (PCS) -14.8% 0.7% 7.1% 1.1% 12.3% 21.7% 15.2% 13.3% 22.5% 25.3% 23.1% 23.9% 25.7% 28.0% 27.3% 26.3% 26.6% 29.6% 28.8% 28.1% 28.5%

Nextel Communications (NXTL) 23.3% 24.9% 27.3% 27.4% 22.0% 28.0% 29.1% 28.6% 29.9% 37.9% 38.5% 38.0% 38.2% 39.3% 39.1% 39.2% 38.8% 38.2% 38.9% 37.2% 36.7%

T-Mobile USA -16.4% -9.3% -32.6% -35.7% -15.1% -14.2% -13.1% -6.0% 5.4% 11.9% 6.7% 7.5% 17.2% 25.1% 20.8% 13.9% 18.9% 25.5% 26.0% 15.9% 24.0%

Others 30.4% 32.1% 30.9% 22.0% 24.8% 27.0% 26.7% 22.7% 28.5% 29.2% 28.3% 27.2% 28.6% 31.3% 32.5% 29.6% 28.5% 31.2% 31.3% 29.1% 29.9%Weighted AVG Margin 24.4% 26.7% 25.5% 18.8% 24.2% 27.4% 26.0% 22.7% 27.4% 29.6% 28.5% 27.5% 30.3% 31.8% 30.7% 27.9% 29.6% 32.4% 31.4% 27.7% 29.6%




Table 132: Venezuela

VENEZUELA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Penetration 15.3% 16.1% 17.0% 18.9% 20.1% 21.5% 22.7% 25.1% 25.6% 24.9% 24.3% 25.0% 24.8% 25.0% 25.1% 26.4% 27.8% 28.6% 28.8% 32.3% 33.3%Increase (%) 1.1% 0.7% 1.0% 1.9% 1.2% 1.3% 1.2% 2.4% 0.6% -0.7% -0.7% 0.8% -0.2% 0.2% 0.1% 1.4% 1.4% 0.7% 0.3% 3.5% 1.0%

Subscribers (000)

Movilnet (CANTV) 1,362 1,444 1,587 1,706 1,820 1,968 2,086 2,462 2,512 2,512 2,518 2,561 2,490 2,451 2,454 2,681 2,779 2,821 2,747 3,106 3,191TEM 2,328 2,440 2,551 2,662 2,773 2,884 2,995 3,106 3,156 3,003 2,806 2,861 2,877 2,894 2,889 2,927 3,079 3,231 3,383 3,826 4,055

Digitel (Telecom Italia) N.A. N.A. N.A. 253 344 435 526 667 740 753 799 894 918 1,003 1,058 1,153 1,192 1,200 1,210 1,350 1,400Others (Infonet and Digicel) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 30 40 50 52 77 91 109 127 130 140


% Pre-Paid Subscribers 92.3% 93.1% 94.7% 95.5% 95.8% 96.2% 96.4% 96.7% 96.8% 96.8% 96.8% 96.8% 97.0% 97.0% 97.1% 97.1% 97.1% 97.2% 97.1% 97.4% 97.5%YoY Subscriber Grow th 73.2% 52.0% 41.9% 36.0% 33.7% 36.2% 35.5% 34.9% 29.8% 18.5% 9.2% 1.8% -1.3% 2.1% 5.4% 7.8% 12.9% 15.1% 15.7% 23.0% 23.0%

Market Share (%)Movilnet (CANTV) 36.9% 37.2% 38.3% 36.9% 36.9% 37.2% 37.2% 39.5% 39.2% 40.1% 41.1% 40.4% 39.4% 38.3% 38.0% 39.2% 38.9% 38.3% 36.8% 36.9% 36.3%

TEM 63.1% 62.8% 61.7% 57.6% 56.2% 54.5% 53.4% 49.8% 49.3% 47.9% 45.8% 45.1% 45.5% 45.2% 44.8% 42.8% 43.1% 43.9% 45.3% 45.5% 46.2%

Digitel (Telecom Italia) N.A. N.A. N.A. 5.5% 7.0% 8.2% 9.4% 10.7% 11.5% 12.0% 13.0% 14.1% 14.5% 15.7% 16.4% 16.9% 16.7% 16.3% 16.2% 16.0% 15.9%Others (Infonet and Digicel) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.5% 0.6% 0.8% 0.8% 1.1% 1.3% 1.5% 1.7% 1.5% 1.6%


Movilnet (CANTV) 181 81 143 119 114 149 118 375 50 (0) 6 43 (71) (39) 3 227 98 42 (74) 360 85

TEM 111 111 111 111 111 111 111 111 50 (153) (197) 55 16 17 (5) 38 152 152 152 443 229Digitel (Telecom Italia) N.A. N.A. N.A. 253 91 91 91 141 73 13 46 95 24 85 55 95 39 8 10 140 50

Others (Infonet and Digicel) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 30 10 10 2 25 14 18 18 3 10Total Net Adds 292 192 254 484 316 351 320 627 173 (141) (144) 223 (21) 73 55 385 303 220 106 946 374

YoY Net Adds Grow th -9.9% -54.7% -29.7% 0.3% 8.0% 82.3% 26.0% 29.7% -45.1% N.M. N.M. -64.4% N.M. N.M. N.M. 72.4% N.M. 203.6% 92.6% 145.4% 23.5%

Market Share of Net Adds (%)Movilnet (CANTV) 62% 42% 56% 25% 36% 42% 37% 60% 29% N.M. N.M. 19% 340% -54% 6% 59% 32% 19% -70% 38% 23%

TEM 38% 58% 44% 23% 35% 32% 35% 18% 29% N.M. N.M. 25% -76% 23% -9% 10% 50% 69% 144% 47% 61%Digitel (Telecom Italia) N.A. N.A. N.A. 52% 29% 26% 28% 22% 42% N.M. N.M. 43% -115% 117% 100% 25% 13% 4% 9% 15% 13%

Others (Infonet and Digicel) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 13% -48% 14% 3% 7% 5% 8% 17% 0% 3%


Movilnet (CANTV) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.TEM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Digitel (Telecom Italia) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Others (Infonet and Digicel) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country Average Churn* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.




Table 133: Venezuela (Continued)

VENEZUELA 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05Monthly ARPU - USDMovilnet (CANTV) 42.00 37.00 37.00 34.00 28.00 34.00 32.00 31.00 26.00 22.00 18.00 16.00 16.00 17.28 18.00 21.00 19.00 19.00 22.00 23.00 21.00

TEM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A N.A. N.A. N.A. N.A. N.A.

Digitel (Telecom Italia) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11.19 10.87 11.36 12.94 12.85 14.68 12.05Others (Infonet and Digicel) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country AVG Monthly ARPU 42.00 37.00 37.00 34.00 28.00 34.00 32.00 31.00 26.00 22.00 18.00 16.00 16.00 17.28 15.95 17.95 16.71 17.19 19.20 20.48 18.27YoY ARPU Grow th -37.3% -41.3% -31.5% -32.0% -33.3% -8.1% -13.5% -8.8% -7.1% -35.3% -43.8% -48.4% -38.5% -21.5% -11.4% 12.2% 4.4% -0.5% 20.4% 14.1% 9.4%

Country AVG Data as % of Revenue N.A. N.A. N.A. N.A. N.A. N.A. 1.0% 1.0% 3.0% 5.0% 7.0% 10.0% 12.0% 14.0% 14.0% 15.0% 15.0% 16.0% 16.2% 12.4% 15.0%

Monthly MOU (minutes)Movilnet (CANTV) 105 103 111 104 96 91 90 88 80 74 74 73 68 71 84 84 80 77 80 82 75

TEM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Digitel (Telecom Italia) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Others (Infonet and Digicel) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average MOU* 105 103 111 104 96 91 90 88 80 74 74 73 68 71 84 84 80 77 80 82 75YoY Monthly MOU Grow th N.A. -21.6% -8.2% -15.4% -8.2% -11.9% -18.7% -15.6% -17.0% -18.7% -17.8% -16.9% -14.4% -4.5% 13.5% 14.9% 17.4% 9.4% -4.8% -2.3% -6.7%

Revenue Per Minute - USDMovilnet (CANTV) 0.40 0.36 0.33 0.33 0.29 0.37 0.35 0.35 0.32 0.28 0.23 0.20 0.21 0.21 0.18 0.21 0.20 0.21 0.23 0.25 0.24

TEM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Digitel (Telecom Italia) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Others (Infonet and Digicel) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Country Average RPM* 0.40 0.36 0.33 0.33 0.29 0.37 0.35 0.35 0.32 0.28 0.23 0.20 0.21 0.21 0.16 0.18 0.18 0.19 0.20 0.22 0.21YoY RPM Grow th N.A. -25.1% -25.3% -19.7% -27.3% 4.4% 5.3% 7.0% 8.6% -24.4% -35.7% -43.5% -34.8% -25.5% -27.8% -7.8% -14.1% -11.2% 23.2% 20.3% 17.3%

Total Est Serv. Rev (USD bn) 0.447 0.420 0.445 0.447 0.401 0.521 0.523 0.551 0.493 0.418 0.335 0.299 0.304 0.330 0.307 0.358 0.350 0.374 0.427 0.488 0.471

YoY Estimated Service Revenues Grow th 12.9% -5.1% 0.4% -5.7% -10.1% 24.0% 17.5% 23.3% 22.8% -19.8% -36.0% -45.7% -38.3% -21.2% -8.1% 19.6% 15.2% 13.4% 38.9% 36.3% 34.6%EBITDA Margin (%)

Movilnet (CANTV) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.TEM N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Digitel (Telecom Italia) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 13.4% 15.7% 15.2% 14.6% 39.4% 25.6% 32.4% 25.0% 29.7% 32.6% 30.8% 23.9% 30.9%

Others (Infonet and Digicel) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Country AVG EBITDA Margin* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 13.4% 15.7% 15.2% 14.6% 39.4% 25.6% 32.4% 25.0% 29.7% 32.6% 30.8% 23.9% 30.9%




4. Our MethodologyWe have compiled basic operating metrics for mobile operators, public andprivate, in 47 countries globally. In doing so, we have tried to make the data ascomparable as possible on a global basis, but it is worth noting that mostcompanies in Asia and Europe release figures on a semi-annual basis; therefore,we have made estimates as needed to obtain some of the quarterly figurespresented. Still, we believe the results lead us to derive a fair picture of theglobal industry’s key trends and of its players, thus enhancing our analysis. Weusually present a given country’s financial metrics in local currency in order topresent the true operating trends, net of currency translation effects.

While reading this report, it is important to keep in mind that, despite our bestefforts to compile and standardize the data, some important issues remain. Inparticular, it is worth noting that mobile operators often have different ways ofdefining metrics. Below, we explain how we define the data, and highlightwhere we have made adjustments.

Global Forecasts: Adjusting for Excluded MarketsThere are 24 GEM countries in our Matrix (out of 47 total Matrix countries),including the following:

• Asia: China, India, Indonesia, Korea, Malaysia, Pakistan, Philippines,Taiwan and Thailand

• Europe: Czech, Hungary, Poland, Russia and Turkey

• Latin America: Argentina, Brazil, Chile, Colombia, Mexico andVenezuela

• Africa/Middle East: Egypt, Israel, Nigeria and South Africa.

Of the 1.7bn population not included in our Matrix, Africa and Central/WesternAsia each account for about 35%. Just over 1.0bn of this excluded population isaccounted for by 22 countries with populations of more than 20mn. The largestof these are Bangladesh (141mn), Vietnam (82mn), Ethiopia (71mn), Congo(58mn), Iran (57mn), Myanmar (50mn) and Ukraine (47mn).

Churn, Subscribers, and SIM CardsThe Churn Rate measures the number of subscribers that are disconnected froma network in a given month and is expressed as a percentage of a company’saverage subscriber base for the period. Companies employ varying definitions ofchurn and also have widely differing policies to determine when to cut offinactive subscribers and to remove them from their reported subscriber base. Inessence, operators have different ways of defining subscribers.

To improve comparability, some of the operators with a presence in multiplecountries have restated subscriber figures to remove “inactive” subscribers fromtheir reported figures. Despite this, there is still no standard definition for an“active subscriber”. Furthermore, as it becomes more prevalent for people tosubscribe to multiple mobile service operators, many companies report thenumber of SIM Cards (Subscriber Identity Module) in use rather than thenumber of subscribers. Thus, subscribers and the penetration rate may beoverstated in some countries where this occurs. Despite these discrepancies, wehave not made any adjustments to the reported subscriber figures on theassumption that these figures are used as the basis for calculating a givencompany’s other metrics, such as ARPU and MOU.

RevenuesTotal Gross Revenues include revenues from services, equipment andaccessories but exclude taxes. At times, we also refer to Service Revenues,which are generally defined as Total Gross Revenues, less equipment andaccessory revenues. Revenues also include interconnection charges to othercarriers, fixed and mobile, to terminate traffic on a mobile carrier’s network. Incountries where the calling party pays (CPP) applies, interconnection canrepresent about 20% of total revenues.

ARPUThe monthly Average Revenue Per User is calculated by dividing Servicerevenues by the average subscriber base during the quarter. Service revenuesinclude monthly service charges and usage fees, roaming, long distance, andsubscriptions to mobile data services. Some operators also include non-servicerevenues (e.g. equipment sales) in their ARPU calculation, while others excluderevenues from roaming by non-subscribers or from incoming traffic.

MOUThe Minutes of Use per month per average user is calculated by dividing totalminutes of use on the operator’s network by the average subscriber base duringthe quarter. It is measured in minutes and usually excludes traffic related toMobile Data services. We include both incoming and outgoing minutes in ourMOU figures, although some carriers disclose only outgoing traffic (e.g.Australia, New Zealand, Finland). In these cases, we gross up the reportedoutgoing-only MOU figure by assuming that incoming traffic is one third oftotal traffic, consistent with traffic patterns in other countries.

We also note that MOU figures are potentially somewhat overstated in countriesthat do not employ the calling party pays system (Canada, China, Hong Kong,India, Singapore, US) relative to other countries who do as a result of the doublecounting of on-net mobile-to-mobile minutes. The double counting occursbecause the same minute is billed to both the caller and the receiver. For somemarkets in Europe, for example, we estimate that on-net mobile-to-mobile traffic



can constitute approximately 20% of MOU—thereby suggesting that MOUs innon-CPP countries may be overstated by about that amount.

RPMWe calculate Revenue Per Minute by dividing monthly voice-only ARPU byMOU. This RPM figure is not usually disclosed by operators, but we calculate itbecause we believe it is a good proxy for pricing. RPM also allows us tocompare effective prices between operators and between countries as well as tolook at the trend over time, especially as more traffic migrates from fixed tomobile networks. Given elasticity of demand, it is important to note that a highRPM does not necessarily reflect profit maximization. Furthermore, a high RPMmay signal a risk that additional investment in network capacity may be neededshould competition or regulation drive pricing down.

Percentage of Service Revenues from DataOperators in several regions now report this figure, but we believe the criteriaused to define revenues from data may vary from operator to operator. We havecompiled the available data without making any adjustments.

EBITDA MarginWe calculate the EBITDA Margin by dividing Total EBITDA by TotalRevenues. Some may prefer to calculate the margin on only Service Revenues(i.e. excluding Equipment sales from the denominator), presumably to obtain abetter picture of the profitability of the core business. However, few operatorsoutside the US disclose the margin on Service Revenues.

Country-Specific Comments

Australia – MOUOperators disclose only outgoing traffic, and we therefore gross up the reportedfigure by assuming that outgoing represents 50% of total traffic although someargue that it could be as high as 60% based on anecdotal evidence and theexperience in Finland.

Finland – MOUOperators disclose only outgoing traffic, and we therefore gross up the reportedfigure by assuming that outgoing represents 65% of total traffic.

France – ARPUUnlike in other countries that employ the calling party pays system, there is nointerconnection fee levied by wireless carriers for terminating incoming mobile-to-mobile voice traffic on their networks. As a result, French ARPU levels aresomewhat lower than they otherwise would be, everything else being equal, andwe estimate that this interconnection revenue generates roughly 7-15% of ARPUfor wireless carriers in other European countries.

Nigeria1Q05 data are estimated.

Korea – MOUOperators report both incoming and outgoing MOU, while KTF also reports anMOU-equivalent for its data traffic. For comparability purposes, we sum bothincoming and outgoing, but we exclude any reported data component of MOU.We note that in Korea outgoing traffic is roughly 50% of total traffic, althoughthe mix may differ in other countries due to pricing differences, particularly asthey pertain to fixed-to-mobile termination fees.

New Zealand – MOUAs in Australia, operators disclose only outgoing traffic, and we therefore grossup the reported figure by assuming that outgoing represents 50% of total trafficalthough some argue that it could be as high as 60% based on anecdotalevidence and the experience in Finland.

Singapore – ARPU / RevenueSingTel and M1 exclude international calls made from mobiles in their reportedmobile revenue. However, both operators include international calls frommobiles in their ARPU. We have used the reported ARPU to estimate totalmobile revenue (including international calls) for M1 and SingTel to bring theminto line with StarHub, which reports both ARPU and mobile revenue includinginternational calls.

Thailand – MOUBecause mobile operators currently do not get compensation for terminatingincoming traffic on their networks, they disclose only outgoing traffic, and wetherefore gross up the reported figure by assuming that outgoing represents 50%of total traffic.

Company-Specific Comments

Orange UKPrior to 1 October 2002, incoming call revenues arising from customers whohave left Orange UK and transferred to one of the other UK networks, but whohave kept their Orange numbers (Mobile Number Portability or “MNP”), wereincluded in the calculation of Orange UK’s overall and contract ARPU. Witheffect from 1 October 2002, these revenues have been excluded from thecalculation of Orange UK’s recurring network revenues, and hence also from theoverall and contract ARPU.



Polkomtel (Poland)We have adjusted the company’s reported MOU figures downwards by a factorof approximately 35% to remove unused billed minutes and the double-countingof on-net mobile-to-mobile traffic. This adjustment is meant to make the figuresmore directly comparable to both domestic and global market peers.

Rogers CommunicationsRogers Communications’ 2Q04 net subscriber additions do not include the74.8K negative adjustment for inactive prepaid subscribers for Microcell. In4Q04, Rogers, conformed subscriber accounting policies for Microcell, which itacquired on November 9. Effective November 9, the deactivation of Microcellprepaid subscribers is recognized after 180 days of no usage (increased from 120days to conform to Rogers’ prepaid churn definition). According to thecompany, approximately 44K additional prepaid subscribers would havechurned under Microcell’s churn definition. In addition, Rogers changed itspostpaid disconnect policy in December, so that disconnecting customers arerequired to pay for one month after they give notice. This resulted in a 15.9Kone-time boost to subscriber count.

Telefonica MovilesTEM’s reported ARPU differs somewhat from global peers in that it includesnon-cash “revenue” from traffic promotions, and it excludes incoming roaming.The net result may be to slightly understate TEM’s ARPU compared to peers.

Vodafone UKDuring the period from 1 October 2002 to 31 March 2003, Vodafone UKoperated under interim commercial terms with one of its service providers. Finalterms were agreed in April 2003. Recognizing revenues and costs on aconsistent basis during the interim period to the bases before and after thisperiod would result in additional service revenues and costs of £74 million. Forconsistency and comparability purposes, these revenues have been included inthe calculation of non-voice services as a percentage of service revenues. Theimpact of the inclusion of these amounts has been to decrease UK non-voiceservices as a percentage of service revenues for the months of December 2002and March 2003 from 16.1% and 15.3% to 16.0% and 15.2%, respectively.

Prior to Q4 FY March 2002, monthly and annual data percentages for the UKand Italy were slightly overstated compared to other Group operators due to theexclusion of certain distributor discounts on prepay top-up cards from prepaycustomer revenues. The impact on these operators of the alignment to theGroup’s methodology of basing prepay customer revenues on the face value oftop-up cards has been to reduce the December 2001 reported annual total datapercentages for the UK and Italy from 10.1% and 8.2% to 10.1% and 7.9%,respectively and the December 2001 monthly total data percentages from 12.9%and 11.1% to 12.7% and 10.7%, respectively.



5. Global Telecom Research TeamGlobal Coordinator Glen Campbell [email protected] (1) 416-369-7651

Asia – Pacific Alistair Scott [email protected] (852) 2161-7055Patrick Russel [email protected] (61) 3 9659-2740Daniel Baker (Aus/NZ/Sing) [email protected] (61) 3 9659-2520Alice Bennett (Aus/NZ/Sing) [email protected] (61) 3 9659-2377Verdi Budiman (Thai, Indo, Phil) [email protected] (62-21) 515-8588Simon Cheung, CFA [email protected] (852) 2536-3732Brett Hucker (Aus/NZ/Sing) [email protected] (61) 3 9659-2202John Kim (Kr) [email protected] (822) 3707-0465Wendy Liu (China, HK, Taiwan) [email protected] (852) 2536-3043Ridzuan Mohamed (Mal) [email protected] (60) 3 2615-1340Pisut Ngamvijitvong (Thai) [email protected] (622) 305-9202Reena Verma (India) [email protected] (9122) 5632-8667Murad Ansar (Pak) [email protected] (92-21) 262 0154

Canada Glen Campbell [email protected] (1) 416 369-7651Chris Li, CFA [email protected] (1) 416 369-8781Flora Chen, CFA [email protected] (1) 416 369-7588

EESA Stephen Pettyfer, CFA [email protected] (44) 20 7996-2486Tom Chadwick (Cz, Ru) [email protected] (44) 20 7996-2043Meloy Horn (South Africa) [email protected] (27) 11 305-5172

Europe Laura Mills (N. Europe) [email protected] (44) 20 7996-4544Jesús Romero (S. Europe) [email protected] (44) 20 7996-1556Graham Ruck [email protected] (44) 20 7996-1356Benjamin Billiard [email protected] (44) 20 7996-3716Argiro Papadopoulou [email protected] (44) 20 7996-0787Naomi O'Brien [email protected] (44) 20 7996-2659

Japan Yasumasa Goda [email protected] (813) 3213-6268

Latin America Whitney Johnson [email protected] (1) 212 449-0695Mauricio Fernandes [email protected] (55) 11 2188-4236Jonathan Groberg [email protected] (1) 212-449-9487

US David Janazzo [email protected] (1) 212 449-7196Michael Funk [email protected] (1) 212 449-7223Adam Ilkowitz [email protected] (1) 212 449-8161

Fixed Income Linda Bui (Asia) [email protected] (852) 2536-3741Nicholas Elfner (Canada) [email protected] (1) 416 369-3995Jason Carley (Europe) [email protected] (44) 20 7995-8543Hiroshi Uchino (Japan) [email protected] (813) 3213-8123Stuart Rossmiller, CFA (US) [email protected] (1) 212 449-3946Bess Oransky (US) [email protected] (1) 212-449-7078Sundar Varadarajan (US) [email protected] (1) 212 449-3058

Marketing Jackie Burka (NY) [email protected] (1) 212 449-6082Specialists Jan-Willem Brand (LON) [email protected] (44) 20 7996-1835

John Stuart (LON) [email protected] (44) 20 7996-0157Gary Mui (HK) [email protected] (852) 2536-3582

Analyst Certification

I, Glen Campbell, hereby certify that the views expressed in this research reportaccurately reflect my personal views about the subject securities and issuers. Ialso certify that no part of my compensation was, is, or will be, directly orindirectly, related to the specific recommendations or view expressed in thisresearch report.



Important Disclosures

Investment Rating Distribution: Telecommunications Group (as of 31 March 2005)Coverage Universe Count Percent Inv. Banking Relationships* Count PercentBuy 50 39.68% Buy 17 34.00%Neutral 65 51.59% Neutral 28 43.08%Sell 11 8.73% Sell 4 36.36%

Investment Rating Distribution: Global Group (as of 31 March 2005)Coverage Universe Count Percent Inv. Banking Relationships* Count PercentBuy 1060 39.91% Buy 368 34.72%Neutral 1379 51.92% Neutral 403 29.22%Sell 217 8.17% Sell 44 20.28%

* Companies in respect of which MLPF&S or an affiliate has received compensation for investment banking services within the past 12 months.

FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low, B -Medium, and C - High. INVESTMENT RATINGS, indicators of expected total return (price appreciation plus yield) within the 12-month period from the date of the initial rating, are: 1 - Buy (10% or more for Low andMedium Volatility Risk Securities - 20% or more for High Volatility Risk securities); 2 - Neutral (0-10% for Low and Medium Volatility Risk securities - 0-20% for High Volatility Risk securities); 3 - Sell (negative return); and6 - No Rating. INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure); 8 - same/lower (dividend not considered to be secure); and 9 - pays no cash dividend.

The analyst(s) responsible for covering the securities in this report receive compensation based upon, among other factors, the overall profitability of Merrill Lynch, including profits derived from investment bankingrevenues.

Copyright 2005 Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). All rights reserved. Any unauthorized use or disclosure is prohibited. This report has been prepared and issued by MLPF&S and/or one of its affiliatesand has been approved for publication in the United Kingdom by Merrill Lynch Pierce, Fenner & Smith Limited, which is authorized and regulated by the Financial Services Authority; has been considered and distributed in Australia byMerrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), licensed under the Australian Corporations Act, AFSL No 235132; has been considered and distributed in Japan by Merrill Lynch Japan Securities Co, Ltd, a registeredsecurities dealer under the Securities and Exchange Law in Japan; is distributed in Hong Kong by Merrill Lynch (Asia Pacific) Ltd, which is regulated by the Hong Kong SFC; and is distributed in Singapore by Merrill Lynch InternationalBank Ltd (Merchant Bank) and Merrill Lynch (Singapore) Pte Ltd (Company Registration No. 198602883D), which are regulated by the Monetary Authority of Singapore. The information herein was obtained from various sources; we donot guarantee its accuracy or completeness.

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