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May 10, 2006

www.fitchratings.com

Appendices A. Total Active Subscribers. B. Total Active Postpaid Subscribers. C. Total Active Prepaid Subscribers. D. Total Net Active Subscriber Additions. E. Total Net Active Postpaid Subscriber

Additions. F. Total Net Active Prepaid Subscriber

Additions. G. Total Blended Monthly Average

Revenue Per User. H. Total Data Monthly Average

Revenue Per User. I. Total Monthly Churn. J. Blended Monthly Minutes of Use. K. Sales/Revenue Growth. L. Operating EBITDA Growth. M. Operating EBITDA Margin. N. Capital Spending. O. Exchange Rates.

Telecom Special Report

Global Wireless Review Statistics and Commentary

Analysts North America Michael L. Weaver +1 312 368-3156 [email protected] Bill C. Densmore +1 312 368-3125 [email protected] Marilyn Rinaldi ++1 312 368-3193 [email protected]

Europe/Middle East/Africa Michael Dunning +44 20 7417-6343 [email protected] David Shnaps +44 20 7862 4119 [email protected]

Asia/Pacific Jonathan Cornish +852 2263-9901 [email protected]

Latin America Sergio Rodriguez +5281 8335-7179 [email protected]

Introduction Wireless remains a key driving force of growth for the telecommunications industry around the world. However, growth within individual countries or even for a single operator is still greatly influenced by business strategies, the inherent competitive environment and regulatory policies. Furthermore, the developments and maturation of some markets can provide insight to potential future evolution for other markets. Thus, Fitch believes it is imperative for analysts to have the ability to compare and contrast results of operators and markets around the world to decipher trends and expectations.

This report represents the second release of Fitch Rating’s Global Wireless Review. Fitch has compiled a list of 14 operating statistics for 56 operators across 28 different countries. This information is displayed in a historical format for easier comparisons. This report also includes summary reviews of regional developments related to wireless activity that can enhance the usefulness of the statistics.

Global Statistics Overview In aggregate, wireless growth is slowing for the world. Fitch’s sample of operators grew total active subscribers by approximately 17%, or 156 million subscribers, in 2005 to a total base of more than 1 billion compared with approximately 35%, or 235 million subscribers, in 2004 to more than 900 million. In general, Latin America has shown the largest percentage of growth in Fitch’s study, increasing by 33% in 2005 compared with approximately 17% for Asia/Pacific, 15% for the United States/Canada and 9% for Europe. Of the total 156 million net subscriber additions in 2005, Asia/Pacific accounted for approximately 49% of the total, followed by Latin America at 27%, the United States/Canada at 17% and Europe at 7%. Interestingly, China’s net subscriber additions accounted for nearly 27% of the total aggregate global net subscriber additions in 2005. As would be expected, markets with lower fixed-line density as well as lower overall population penetration are producing, in general, the strongest total active subscriber growth. 2005 growth rates of some of the larger subscriber base markets in the world include the United States at approximately 16%, the U.K. at approximately 8%, Germany at approximately 11%, Brazil at approximately 14%, Mexico at approximately 22%, Japan at approximately 6%, Korea at approximately 5%, Indonesia at approximately 50% and China at approximately 21%. Fitch expects that overall aggregate subscriber growth will continue to slow for the next couple years until a potential boost from high-speed wireless data applications associated with third-generation infrastructure and handsets are more widely available.

Prepaid subscribers are continuing to grow as a percentage of the aggregate wireless subscriber base in the world. In this sample, prepaid

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subscribers represent approximately 56% of the total active subscribers in 2005 compared with approximately 52% in 2004. The highest prepaid mix percentage of subscribers compared to total active subscribers can be found in markets, such as Mexico with approximately 95%, Indonesia with approximately 95%, Brazil with approximately 82%, Argentina with approximately 71%, the U.K. with approximately 69%, China with approximately 75%, the Philippines with approximately 97% and Thailand with approximately 84%. By comparison, some of the lowest prepaid mix percentages are in markets, such as Korea with approximately 1%, Japan with approximately 2% and the United States with approximately 12%. Prepaid penetration tends to reflect the entry pricing and distribution channels of this type of service as well as the ease at which accounts can be recharged with minutes. In some markets, the combination of calling party pays (CPP) policy, high fixed-line costs and low-cost prepaid plans has spurred the growth of prepaid penetration as a substitution for relatively expensive and difficult to acquire fixed-line services. In more developed markets, such as the United States, prepaid percentage of the total active subscriber mix has grown from approximately 10% to 12% in the past year, as operators have expanded into underpenetrated customer segments, such as the youth segment, in search of additional subscriber growth.

In general, increasing prepaid penetration will put negative pressure on average revenue per user (ARPU). In addition, slowing subscriber growth has a negative effect on ARPU, as operators compete more aggressively for subscribers, in part, using pricing and value plans as differentiators. The highest ARPUs, using a common currency, in this sample of operators can be found in the markets of Ireland, Japan and the United States. In contrast, the lowest ARPUs are found in the markets of the Philippines, India, Thailand, China, Indonesia, Brazil, Columbia and Argentina, all with ARPUs under US$15 per month. Again, these lower ARPUs are associated with much higher than average prepaid subscriber mix percentages and lower fixed-line penetration, suggesting strong fixed-line substitution. Another interesting part of the ARPU analysis is in regards to data revenue. Data revenue, which is expected to grow rapidly, particularly with the availability of higher speed wireless data transmission rates, should continue to increase as a percentage of total ARPU. Data revenues have the ability to strengthen ARPUs and provide greater stability to this operational

measure over time. The highest level of data ARPU is in Japan, which is approximately US$16 per month per subscriber, or approximately 25% of total ARPU. Other markets with high data ARPU percentages when compared to total ARPU are Korea at approximately 25% and Singapore at approximately 24%. By comparison, the United States data percentage of total ARPU is approximately 10%, the U.K. is approximately 13%, and France is approximately 14%. However, the disclosure of data revenue ARPU is somewhat limited for most operators, but this should change as it becomes a more meaningful part of their business.

While higher ARPU suggests higher EBITDA margins, the reverse is not always true. While Ireland, the United States and Japan all have EBITDA margins more than 30%, some of highest margins in the study have the lowest average ARPU, such as China, Indonesia and the Philippines, which are more than 50%. This case of low ARPU and high margin is only possible where the cost of acquisition of a customer is extremely low. Generally, where subscriber growth rates are very high, the unit cost of subscriber acquisition is relatively low. In comparison, low subscriber growth rates resulting from intense competition often leads to higher customer acquisitions costs, which negatively pressures EBITDA margins. For example, the U.K. and France, where subscriber growth is in the low to mid-single digits, have experienced a compression of EBITDA margins over the past year.

Another operating statistic that provides interesting insights relates to minutes of use (MOU). However, this statistic can be a bit misleading since the existence of a CPP regulatory policy greatly influences the size of MOU statistics. For example, the United States, which does not have CPP, generates MOU per subscriber of more than 800 minutes per month on average. In the United States, originated minutes exceed terminating minutes, but it is difficult to determine the exact amount. Therefore, in order to compare the United States’ MOU with other countries, Fitch decreased the MOUs of U.S. carriers by one-third to one-half, or a range of approximately 536–400 minutes per month per subscriber. Other markets with high average MOU per subscriber include China with approximately 355 minutes per month per subscriber, India with approximately 411 minutes per month per subscriber and Singapore with approximately 370 minutes per month per subscriber. MOU levels are positively influenced by higher postpaid penetration, low-cost

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roaming and high fixed-line substitution. The United States has higher postpaid penetration as well as low-cost roaming, whereas India, China and Singapore have high fixed-line substitution. MOU grew approximately 12% in 2005 on average compared with 2004. It can be expected that MOU could continue to show steady positive growth as wireless continues to be a substitute for fixed-line services.

Data Presentation It should be noted that some data limitations are present due to semiannual reporting and the fact that not all operators disclosed information on all the operating metrics in this report.

Regional Market Reviews

North America The fourth quarter of 2005, in Fitch’s opinion, continued the earlier trends experienced by U.S. operators with youth, family and reseller plans driving strong gains in net additions as well as data revenue increases mitigating voice ARPU erosion. Net additions were an industry high of 23.6 million subscribers in 2005. Lower churn rates as well as an increased focus on the youth customer segment, wireless substitution and data services fueled the strong net additions. Churn, which was stable in 2004, decreased by approximately 40 basis points to 1.9%, as the majority of operators made significant strides in improving subscriber retention through longer term contracts, improved network quality and handset upgrades. Fitch expects aggregate churn to be relatively stable in 2006 with any improvements in postpaid churn being offset by an increasing mix of higher churn, lower economic value users. Consequently, prepaid/reseller net additions increased by 35% from a year ago to 6 million, as the percent of prepaid/reseller subscribers to the total industry subscribers rose to 13.2% compared with 11.2% from a year ago, and Fitch expects this trend to accelerate in 2006. Fitch expects retention spending to continue to rise, particularly in late 2006 and early 2007, as new high-speed downlink packet access (HSDPA)/evolution data-optimized (EV-DO) handsets become available and operators seek to upgrade subscribers to their new broadband networks due to the materially higher ARPU associated with these plans.

While total ARPU declined modestly by 1.2% in 2005, primarily due to increased penetration from family plans and lower valued youth segment plans,

data revenue showed good growth, with the average data ARPU per subscriber of $4.30, or approximately 8% of total ARPU. Fitch estimates that data revenue for 2005 grew to $8.3 billion, up 88% compared with the year-ago period due to strong increases in text messaging, picture messaging, usage of data-oriented devices (e.g., BlackBerry) and content downloads. Given the widespread nationwide deployments of wireless broadband data with code division multiple access (CDMA) EV-DO or universal mobile telecommunications system (UMTS)/HSDPA technology by the three largest operators, Fitch expects accelerated growth in total data revenues for 2006, with estimates that data revenue could approach $13.5 billion. Therefore, by the fourth quarter of 2006, data services would have an annualized run-rate of approximately $16 billion.

Total revenue grew 13.4% to $119 billion and was driven by the robust subscriber increases and strong growth in data revenue despite modest pressure on ARPU. EBITDA increased 17.6% year-over-year to $10.0 billion, as margins improved by 130 basis points. While net additions will likely decrease in 2006 as gross additions slow, relatively stable churn, improving margins and slightly declining ARPU rates should lead to at least high single-digit EBITDA growth. The slowing gross additions, along with reduced integration costs at Cingular Wireless LLC (Cingular) and Sprint Nextel Corp. (Sprint Nextel), should allow EBITDA margins to improve at a measured pace. Fitch expects that aggregate EBITDA margins for the industry should reach 33% in 2006.

Capital expenditures as a percent of total revenues was 19%, approximately the same level as 2003 and 2004, with operators continuing investment in third-generation (3G) networks, additional capacity and increased coverage. Total capital spending for 2005 was $22.9 billion. Fitch expects capital-spending levels to plateau over the next 12 months and then decline, with the expectations for continued solid subscriber growth, 3G network spending, operators’ efforts to improve network quality and greater capital investment by Sprint Nextel as part of its network integration efforts. As a result of the strong subscriber growth over the past year, operating cash flow (defined as EBITDA less capital spending), increased year-over-year by 26% to $14.3 billion. Cash flow as a percent of revenue improved slightly to 12%, a 100-basis point improvement from a year ago.

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The Canadian wireless industry posted strong and profitable growth results for 2005, which continues the solid trends demonstrated over the past couple of years. For 2005, with total revenues and ARPU increasing by 16% and 4%, respectively, from a year ago coupled with solid net additions, EBITDA increased in excess of 20% to $4.1 billion. Industry EBITDA margins were 39.2%, a 200-basis point margin expansion from 2004 and higher than any single nationwide U.S. operator. However, fourth-quarter margins were pressured with results at approximately the same level as 2004, reflecting costs associated with retention, handset upgrades and acquisition-related spending. Retention spending is expected to grow as wireless penetration deepens and wireless number portability becomes available in 2007. Fitch expects further margin improvements going forward as Canadian operators increase penetration rates. Accordingly, Rogers Wireless Inc.’s (Rogers Wireless) and TELUS Mobility’s 2006 guidance forecasts an approximately 400- and 200-basis point margin improvement, respectively.

Industry penetration rates finished the year at approximately 52%, a 5% penetration gain for 2005, and reflect the Canadian market continuing acceleration of subscriber trends with three national operators. Gross additions increased 10% from a year ago to 4.8 million subscribers, and net additions reached 1.7 million subscribers, the highest total since 2001. With penetration rates at least 15% lower than the United States, Fitch expects continued strong results for 2006, with TELUS Mobility and Rogers Wireless forecasting 1.1 million total net additions, slightly less than 2005 net additions of 1.2 million. Fitch expects the mix of prepaid/reseller additions to increase as penetration rates rise. Industry prepaid net additions were 400,000 in 2005, an 80% increase over 2004.

Fitch believes that the favorable characteristics of the Canadian wireless industry offer considerable support to Canadian operators’ credit profile, as growth, profitability and cash flow expectations should exceed the results of U.S. operators. The following factors support this rationale:

• Churn for the Canadian industry was approximately 1.7% for the latest 12 months, which is flat compared with 2004 results. As the industry prepaid mix increases, further declines in overall churn rates will be challenging. During 2005, U.S. operators closed the sizable gap on

churn but still lag the Canadian industry by 20 basis points.

• ARPU trends are very strong, with positive quarterly comparisons for every quarter over the past three years due to increased data usage, optional services, roaming revenue, pricing discipline and minute usage. With fewer competitors in the market compared with the United States, Canadian operators are not as aggressive on competitive responses, which is demonstrated by the fact that long-distance service is not typically included in Canadian subscribers’ rate plans. U.S. operators have seen relatively stable although decreasing ARPUs over this period.

• Capital spending as a percentage of revenue was 500 basis points lower than U.S. capital spending at 13% for 2005. Fitch attributes the lower capital spending to less minute usage, strength in the Canadian dollar, the roaming agreement between TELUS Corp. (TELUS) and Bell Mobility Inc. (Bell Mobility) and the lack of 3G investment, as Canadian operators have not been as aggressive as their U.S. counterparts in deploying next-generation equipment. However, Bell Mobility and TELUS deployed EV-DO networks in several markets during 2005, and Rogers Wireless will begin substantial investment in 3G networks in 2006. Fitch still expects the Canadian wireless industry to require lower capital investment (and thus, greater cash flow prospects) relative to the U.S. industry. Operating cash flow as a percentage of total revenue for Canadian operators was 26% for 2005 compared with 12% for U.S. operators.

Europe/Middle East/Africa (EMEA) High penetration of 93% by October 2005, leading to a relatively low 7.2% growth in subscribers, illustrates the mature nature of the Western European wireless sector. The high level of competition continues, with pressurized ARPUs, as well as reduced market share of the leading players. Revenues, however, have continued to grow overall at an estimated 5.9%, aided by the increasing importance of data revenues, representing approximately 17% of total European mobile revenues, an increase from 10% a year ago.

Contrasting the maturing voice market of the West, Eastern European countries have shown subscriber growth of approximately 42%. Eastern Europe, similar to Western Europe, continues to embody

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many nations with differing states of penetration, regulation and competition. Developments since the last report include changes in the ownership of wireless assets in Turkey. This has lead to increased competition and regulator vigilance, likely to threaten Turkcell Iletisim Hizmetleri A.S’ dominance, while impressive growth continues in Poland with penetration expected to reach the 100% level by 2008.

While EMEA, excluding Western Europe, continues to grow, driven by subscriber growth, intense competition in the West is driving down voice revenues. The large operators are increasingly being forced to innovate to generate revenue growth. These innovations have taken the form of bundling data networks and mobile content. Vodafone Group Plc (Vodafone), Deutsche Telekom, AG, France Telecom and Telefonica SA (Telefonica) have invested and are continuing to invest heavily to increase their data ARPUs. Agreements are being reached concerning revenue share with content owners, and 3G phones and applications are becoming more widespread by the day. By September 2005, there were 15 million subscribers to 3G services across Europe. Although these services are still and will continue to be used predominantly for voice, negating the capacity problems posed by second-generation (2G) networks, there is an increasing array of other services available. Such services include Internet access and wireless content, such as mobile TV, news and sports highlights, video telephony and downloads.

Despite increased network utilization, it has yet to be seen whether operators can generate additional revenue. New applications available over data networks include voice-over-Internet protocol (VoIP). For example, H3G SpA (H3G) recently announced a handset incorporating Skype Technologies S.A. Assuming lower cost VoIP calls, such applications will serve to reduce voice revenues. Bearing in mind the fact that network operators still generate 83% of their revenues from voice, this application of data networks is more likely to decrease wireless revenues than increase them. The use of this technology is still in infancy, but the advent of VoIP over mobile could bring yet another dynamic to the marketplace, and Fitch believes it is unlikely that mobile operators would seek to cannibalize their own revenues. In addition, it should also be noted that in the quest for value-added services over mobile data networks, the operators will increasingly be coming into competition with WiFi hotspot and WiMAX operators.

The previous two paragraphs describe some of the 3G applications available to the consumer, and while Fitch views their increased use as a benefit to the content owners and operators, it is likely that new technologies and competition are likely to make it increasingly difficult to charge a premium for their use. This is not to mention a recent KPMG L.L.P. (KPMG) study that suggests that nearly 50% of subscribers are not willing to pay more than their current phone bill for converged services (“Consumers and Convergence,” KPMG, March 2006).

Mirroring last year’s report, the intense competition continues to drive mergers and acquisitions activity. Telefonica acquired O2 plc in late 2005 and France Telecom acquired Spain’s Amena, illustrating the large players’ appetite for mobile pure plays in the developed world. Vodafone is seeking growth in emerging markets, demonstrated by its acquisition of Telsim Mobil Telekomunikasyon Hizmetleri AS in Turkey. This strategy mirrors that of Norway’s Telenor ASA and Sweden’s TeliaSonera AB, while Spain’s Telefonica is targeting the Latin American market.

Private equity participants have been able to target areas that are not so attractive to the key players. This has driven leveraged buyouts in Denmark and potentially in Portugal. The mobile businesses of these companies are considered key assets and are expected to be tough competitors in the future. In Italy, H3G has had to shelve plans for its initial public offering (IPO) due to weak investor sentiment in the European telecom sector. This illustrates the current difficulty in monetizing pure-play 3G assets at a suitable multiple to adequately reward investors. Fitch believes this largely reflects the lack of precedent in the 3G space and uncertainties over the future direction of ARPU from data services.

Regulation continues to be a significant factor, both at a national level and at the European Union (EU) level. Having achieved considerable success reducing termination costs, the EU is now turning its attention to international roaming tariffs and short-message service (SMS) termination rates. High roaming charges result from mark-ups on already high underlying wholesale charges levied by the foreign host network operator to the home network. Roaming can account for up to 10% of an operator’s revenues. The effect of this is hard to determine and depends on the country. Operators in southern Europe and emerging markets where there has been less incentive

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to drive down the wholesale cost of roaming will be more heavily affected. However, the overall effect remains to be seen, with decreased revenues per call expected to be somewhat counterbalanced by an increase in the length and number of calls made.

Other areas of note include the EU’s interest in harmonizing the use of radio spectrum across Europe. The effort in this area will, among other aims, facilitate the creation of wireless access devices that will work across national borders. These devices will access wireless broadband networks that in time could provide a viable alternative to today’s network operator’s data networks.

Despite continued regulation, strong competition and alternative technologies affecting the key wireless operators in Europe, the Rating Outlook remains Stable. The key credit factors are further consolidation, unexpected regulatory effect on key financials and the ability to achieve additional earnings out of data networks.

Asia/Pacific Signs of maturity across the Asia/Pacific mobile industry are clearly emerging, as evidenced by relatively high penetration rates (as is the case in developed markets where rates are approaching, if not already exceeded, 100%) and the obvious slowdown in subscriber net additions. For instance, average subscriber growth in the emerging markets was 15.3% in 2005, still enviable by global standards, but well down on the 30.9% reported in the prior year. At the same time, average subscriber growth in the developed markets fell to just 2.2% in 2005 from 4.8% in 2004.

Despite the easing rate of growth in mobile customer numbers, the wireless industry remains very dynamic. 3G services have been launched by most service providers in each of the developed markets, while services have at least been trialed in most emerging markets covered by Fitch. In fact, the proliferation of 3G networks/operators has been one of the key factors underpinning the present fiercely competitive environment.

Even though 3G is becoming (or is expected to be) a mass-market service, the technology is far from an unqualified success. Subscriber numbers for 3G have been rising quite rapidly on the back of competitive pricing plans and attractive incentives (including handset subsidies) relative to 2G. Even though it is

evident that non-voice service revenues are growing quickly off a low base, most operators are still highly reliant on voice traffic. Hence, recouping 3G investment costs is expected to take some time.

Nevertheless, operators are already investing (or plan to invest) in technologies beyond the basic 3G service, such as HSDPA. Furthermore, investment in other wireless technologies, such as WiMAX or Wi-Fi and Korea’s innovative wireless broadband (WiBro) and digital multimedia broadcasting (DMB) services, is also gathering momentum to meet the broadband needs of mobile users. The inevitable convergence of fixed and wireless services, as well as of telecoms and broadcasting, has stimulated investment among telcoms across the region. While this phenomenon is more characteristic today among the developed markets, it is noted that investment in fixed wireless as part of the local loop (as apposed to traditional wireline access) remains a popular choice for operators in many emerging markets.

This rapid evolution in technology has been changing the competitive landscape over the past several years. Also contributing to the more uncertain environment for telecommunication operators is the ongoing regulatory initiatives. Apart from further liberalization of the industry (including the issuance of 3G licenses), regulations, such as changes to interconnection tariffs/frameworks, number portability and spectrum allocation, are also prompting progressive shifts in competitive dynamics.

In addition to the aforementioned uncertainties, shareholder distributions are on the rise, while mergers and acquisitions (M&A) have also become more prevalent. Domestic M&A activity has recently been witnessed in Hong Kong and India, while cross-border investments have occurred in India, Indonesia, Thailand and Japan. Among the more active cross-border investors at present are government-owned Singaporean entities SingTel, ST Telemedia and Temasek as well as the Malaysian operators Telekom Malaysia and Maxis.

These event risks potentially will carry more weight in the future in light of the prevailing competitive pressures, which are manifesting themselves in tariff reductions (and ARPU decline) and/or increases in marketing and promotion expenses (including handset subsidies). Ultimately, most mobile operators, like their fixed-line counterparts, are broadly experiencing margin pressure. Regardless,

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the most prosperous mobile operators in Asia/Pacific generally still boast high EBITDA margins (in excess of 50%), robust positive free cash flow and quite conservative financial profiles.

Latin America The Latin American wireless industry outlook continues to be stable, as wireless providers benefit from the economic recovery in the region. Penetration rates are expected to continue increasing beyond their already high levels as a result of strong prepaid subscriber growth. Competition in the wireless sector remains high, although industry consolidation has somewhat rationalized the market. Technology migration to global system for mobile communications (GSM) also continues, as it is the technology of choice and most widely used in the region. Credit profiles of the main wireless operators are expected to remain stable over the medium term, with profiles being sustained by low or moderate leverage and positive free cash flow generation.

Wireless penetration is expected to increase further over the next few years as subscriber growth continues at a healthy, but slower, pace. In 2005, mobile subscriber growth rates in Latin America reached a five-year high as the region continued its recovery from the economic slowdown that began in 2002. Penetration levels for the region have rapidly grown and reached the mid 30% to low 40% range by the end of last year. By comparison, fixed-line penetration rates currently range between the high 10% and low 20% percent range. Wireless penetration levels are being driven higher by prepaid plan offerings, a CPP revenue structure, low fixed-line penetration levels, long waiting periods to get fixed-lined connections and good network coverage by wireless service providers. During 2005, prepaid subscribers accounted for more than 80% of the subscriber base and represented approximately 85% of net additions. This has negatively affected blended ARPUs over the past several years, as the aggregate subscriber base grows more with prepaid customers, which usually have lower ARPUs than postpaid customers. Prepaid users in Latin America use the phone primarily to receive calls and, to a lesser extent, make outgoing calls. Therefore, most of the ARPUs for this type of user come from interconnection fees received form incoming calls. Operators are now focusing on data and value-added services to prepaid and postpaid customers in order to enhance ARPUs.

Competition in most countries of the region remains intense, as current players try to expand market share and penetration continues to increase. Competition has caused a reduction in tariffs and is also contributing to lower ARPUs in most of the countries, a trend that is expected to continue as lower usage prepaid subscribers grow faster than higher MOU postpaid subscribers. Increased advertising and subscriber acquisition cost (SAC) associated with higher growth have negatively affected profitability of most companies over the past couple of years as they grow their subscriber bases. Fitch expects that market participants will tend to be more rational with SAC in the next few years as subscriber growth slows down, although Fitch acknowledges there is the risk that some operators could turn to more aggressive attempts to gain market share as market growth slows. While new market entrants are not anticipated to add to competition, regulators may start playing a more active role in regulating CPP tariffs, which could reduce the implicit subsidies provided by fixed to wireless services through interconnection fees and negatively affect wireless revenues.

Industry consolidation is expected to slow down following a few years of M&As, which should help stabilize the competitive landscape. Over this period of time, several players, including BellSouth Corp. (BellSouth), AT&T Wireless Services, Inc. and Cingular, exited the market and disposed of their assets to existing operators. Also, several distressed companies’ assets were sold and absorbed into other wireless operations, for example BCP and BSE into America Movil’s Americas Telecom. Still, further limited consolidation opportunities exist over the medium term, especially in Brazil. The major beneficiaries of this consolidation process have been Telefonica Moviles and America Movil. These two companies now account for more than two-thirds of total subscribers in the region. America Movil has been buying local players on an opportunistic basis and gaining a presence in countries where it does not have operations, such in Chile (Smartcom). Most recently, America Movil announced plans to acquire certain international assets from Verizon Communications Inc. in Puerto Rico and the Dominican Republic and plans jointly with Telmex to acquire a 28% share in Compañía Anóima Nacional Telefonos de Venezuela. Telefonica Moviles added six new countries in 2004 to its existing operations by acquiring operations in 10 different countries in the region from BellSouth. For the next few years, Fitch expects that America Movil will continue to pursue

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the acquisition of companies or licenses in countries in the region where it currently does not have operations. Due to expected growth in free cash flow and the potential limited size of such investments, Fitch believes this can be accomplished without jeopardizing its financial profile.

Over the past three years, GSM has been the fastest growing technology adopted by operators and subscribers in the region and is now the most used technology in Latin America. GSM surpassed time division multiple access (TDMA), which is being phased out due to its lack of an upgrade to more enhanced services. CDMA accounts for approximately 25% of subscribers and is growing at a slower pace than GSM. Few operators have started offering 3G applications, and its deployment is currently very limited. Operators with regional footprints have followed diverse paths in terms of technology for 3G applications. While America Movil has been upgrading most of its networks to GSM, Telefonica Moviles and Telecom Italia have a

mix of CDMA and GSM within the countries where they offer services.

Regional players and local incumbent wireless operators should maintain a stable credit profile over the medium term as business and competitive risks are balanced against strong financial profiles. The financial profile of the main wireless operators is sustained by low or moderate leverage and strong free cash flow generation from some business units or related business, such as America Movil’s Mexican operation, Telefonica Moviles’ Spanish operation or local fixed-line operations of incumbent local exchange carriers that also offer wireless services. Competitors with weaker financial profiles or low market shares will have a tougher time facing increased competition and growth than regional or incumbent operators. Weak operators with limited financial flexibility may also have a hard time finding the necessary funding to continue investing in their network expansion as subscriber growth continues in the region.

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Appendix A: Total Active Subscribers (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 54,144 52,292 51,442 50,350 49,132 47,579 46,781 46,310 Verizon Wireless 51,337 49,291 47,373 45,452 43,816 42,118 40,443 38,909 Sprint Nextel Corp. 44,551 42,549 40,846 39,596 37,714 35,310 33,714 32,205 T-Mobile USA, Inc. 20,302 20,302 19,243 18,271 17,314 16,295 15,394 14,302 Alltel Corporation 10,662 10,425 9,068 8,801 8,626 8,395 8,337 8,181 Total 180,995 174,859 167,972 162,470 156,602 149,697 144,669 139,907 Canada TELUS Corp. 4,521 4,286 4,148 4,017 3,936 3,750 3,614 3,490 Roger Wireless Inc. 6,168 5,952 5,708 5,583 5,518 5,301 5,125 5,074 Bell Mobility Inc. 5,441 5,231 5,108 4,962 4,925 4,708 4,599 4,481 Total 16,130 15,469 14,964 14,562 14,380 13,759 13,338 13,045

Europe U.K. Vodafone Group Plc 16,325 15,764 15,489 15,324 15,241 14,600 14,227 14,095 O2 plc 15,981 15,086 14,616 14,384 14,216 13,856 13,525 13,264 Orange SA 14,858 14,479 14,459 14,334 14,221 13,886 13,747 13,820 T-Mobile (Including Virgin Mobile) 17,100 16,314 16,055 16,117 15,725 15,157 14,899 14,343 Total 64,264 61,643 60,619 60,158 59,403 57,499 56,398 55,522 France Orange SA 22,430 21,673 21,440 21,305 21,241 20,603 20,396 20,371 Germany Vodafone Group Plc 29,165 28,259 27,720 27,223 26,935 26,092 25,474 25,012 O2 plc 9,769 8,946 8,388 7,976 7,398 6,669 6,318 5,982 T-Mobile 29,500 28,713 28,183 27,560 27,471 27,358 27,059 26,681 Total 68,434 65,918 64,291 62,759 61,804 60,119 58,851 57,675 Ireland Vodafone Group Plc 2,047 2,013 1,981 1,952 1,929 1,890 1,881 1,864 O2 plc 1,602 1,570 1,530 1,533 1,516 1,425 1,395 1,391 Total 3,649 3,583 3,511 3,485 3,445 3,315 3,276 3,255 Italy Vodafone Group Plc 18,208 17,884 17,499 17,280 17,013 16,654 16,437 16,232 Spain Vodafone Group Plc 12,923 12,418 11,840 11,472 10,909 10,452 9,956 9,705

Latin America Mexico Telcel 35,914 33,572 32,294 30,629 28,851 26,831 25,638 24,574 Telefonica Moviles 6,368 5,977 5,847 6,061 5,639 4,495 4,080 3,772 Unefon S.A. de C.V. 1,424 1,415 1,422 1,399 1,404 1,354 1,329 1,269 Total 43,706 40,964 39,563 38,089 35,894 32,680 31,047 29,615 Brazil Claro 18,659 17,401 16,201 14,292 13,657 11,985 11,114 9,957 Vivo (Telefonica Moviles and Portugal Telecom SA) 29,805 28,840 28,446 33,005 32,362 22,346 21,386 26,327 Oi (Telemar Norte Leste S.A.) 10,343 8,981 8,112 7,250 6,862 5,740 5,093 4,407 TIM Participacoes S.A. 7,513 6,943 6,490 5,943 5,656 5,161 4,803 4,455 Total 66,320 62,165 59,249 60,490 58,537 45,232 42,396 45,146 Ecuador Conecel SA 4,100 3,546 3,065 2,636 2,326 1,970 1,826 1,691 Columbia Comunicacion Celular S.A. 13,775 11,333 9,175 7,023 5,814 4,747 4,319 4,106 Argentina CTI Movil 6,967 5,804 4,915 4,091 3,587 2,573 2,016 1,616 Telefonica Moviles 8,155 7,209 6,527 5,941 3,370 2,606 2,189 1,970 Telecom Personal S.A. 6,150 5,308 4,811 4,223 3,835 3,375 3,101 2,852 Total 21,272 18,321 16,253 14,255 10,792 8,554 7,306 6,438 Peru Telefonica Moviles 3,383 3,128 2,985 2,897 2,805 1,966 1,796 1,634 Chile Telefonica Moviles 5,276 5,230 5,257 4,908 3,318 3,002 444 2,500 Venezuela Movilnet C.A. 5,188 4,004 3,599 3,191 3,106 2,747 2,821 2,779

Source: Company reports. Continued on next page.

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Appendix A: Total Active Subscribers (continued) (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04Asia/Pacific Japan Vodafone KK 15,117 14,992 14,967 15,041 15,211 15,174 15,109 15,002 NTT DoCoMo, Inc. 50,366 49,904 49,430 48,825 47,914 47,363 46,834 46,328 KDDI 24,696 24,231 23,680 23,133 22,359 21,776 21,197 20,590 Total 90,179 89,127 88,077 86,999 85,484 84,313 83,140 81,920 Korea SK Telecom Co., Ltd. 19,530 19,342 19,196 19,007 18,783 18,603 18,595 18,439 KT Freetel 12,302 12,279 12,166 12,042 11,729 11,709 11,946 11,292 LG TeleCom 6,510 6,290 6,189 6,058 6,074 5,834 5,699 5,273 Total 38,342 37,911 37,551 37,107 36,586 36,146 36,240 35,004 China China Mobile (Hong Kong) Ltd 246,652 234,875 223,781 213,874 204,292 194,382 158,637 150,256 Philippines Philippine Long Distance Telephone Co. 20,409 20,789 20,789 20,252 19,208 17,473 16,028 14,356 Globe Telecom 12,404 12,410 13,626 12,956 12,514 11,714 10,542 9,137 Total 32,813 33,199 34,415 33,208 31,722 29,187 26,570 23,493 Malaysia Telekom Malaysia Berhad 6,858 6,341 6,138 5,787 5,335 4,975 4,673 4,446 Singapore Singapore Telecommunications Ltd. 1,619 1,600 1,553 1,566 1,539 1,516 1,502 1,516 Australia SingTel Optus Pty. Limited 6,297 6,084 6,026 5,921 6,202 5,919 5,721 5,553 Telstra Corporation Limited (Semiannual) 8,572 — 8,227 — 7,983 — 7,604 — Total 14,869 — 14,253 — 14,185 — 13,325 —New Zealand Telecom Corporation of New Zealand Ltd. 1,808 1,673 1,601 1,527 1,463 1,367 1,352 1,337 India Bharti Tele-Ventures Limited 16,327 14,068 12,258 10,984 9,826 8,702 7,672 6,504 Sri Lanka Sri-Lanka Telecom Ltd. 420 — — — 284 — — —Indonesia Telkomsel 24,269 23,483 21,548 17,867 16,291 13,692 12,366 10,742 PT Indosat 14,500 12,688 12,875 10,189 9,755 8,977 7,355 6,590 PT Excelcomindo 6,978 5,865 4,345 3,266 3,791 4,166 3,495 3,256 Total 45,747 42,036 38,768 31,322 29,837 26,835 23,216 20,588 Thailand Advance Info Service PCL 16,409 16,093 15,815 15,589 15,184 14,812 14,435 13,864 Total Access Communication, PCL 8,677 8,309 8,237 8,106 7,787 7,640 7,409 6,991 Total 25,086 24,402 24,052 23,695 22,971 22,452 21,844 20,855

Source: Company reports.

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Appendix B: Total Active Postpaid Subscribers (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 46,401 45,546 44,909 43,804 42,892 41,464 40,364 40,789 Verizon Wireless 47,487 45,643 43,773 41,861 40,311 38,749 37,208 35,485 Sprint Nextel Corp. 36,710 35,954 34,760 33,815 32,887 31,758 30,779 29,637 T-Mobile USA, Inc. 17,236 17,521 16,799 16,115 15,340 14,528 13,720 12,784 Alltel Corporation — — — — — — — — Total 147,834 144,664 140,241 135,595 131,430 126,499 122,071 118,695 Canada TELUS Corp. 3,667 3,523 3,418 3,315 3,240 3,096 2,980 2,877 Roger Wireless Inc. 4,817 4,619 4,389 4,273 4,184 4,002 3,831 3719Bell Mobility Inc. 4,015 3,887 3,836 3,719 3,724 3,595 3,500 3,422 Total 12,499 12,029 11,643 11,307 11,148 10,693 10,311 10,018

Europe U.K. Vodafone Group Plc 6,301 6,211 6,041 5,976 5,944 5,840 5,691 5,779O2 plc 5,502 5,228 5,018 4,912 4,875 4,853 4,726 4,577Orange SA 4,977 4,937 4,931 4,816 4,707 4,624 4,547 4,505T-Mobile (Including Virgin Mobile) 3,400 3,120 3,090 3,078 2,997 2,940 2,858 2,743 Total 20,180 19,496 19,080 18,782 18,523 18,257 17,822 17,604France Orange SA 13,862 13,502 13,228 12,975 12,876 12,485 12,170 11,937Germany Vodafone Group Plc 13,620 13,480 13,306 13,067 12,929 12,785 12,482 12,256O2 plc 4,970 4,692 4,500 4,356 4,145 3,861 3,675 3,466T-Mobile 14,300 14,049 13,878 13,579 13,492 13,333 13,005 12,763 Total 32,890 32,221 31,684 31,002 30,566 29,979 29,162 28,485Ireland Vodafone Group Plc 547 544 535 547 540 529 527 522O2 plc 429 422 411 403 398 393 388 381 Total 976 966 946 950 938 922 915 903Italy Vodafone Group Plc 1,402 1,377 1,400 1,382 1,361 1,332 1,315 1,299Spain Vodafone Group Plc 6,281 5,961 5,683 5,392 5,018 4,703 4,381 4,173

Latin America Mexico Telcel 2,367 2,217 2,038 1,934 1,815 1,685 1,581 1,509Telefonica Moviles 320 284 255 269 301 260 218 222Unefon S.A. de C.V. 0 0 0 0 0 0 0 0 Total 2,687 2,501 2,293 2,203 2,116 1,945 1,799 1,731Brazil Claro 2,972 2,705 2,633 2,585 2,398 2,229 2,028 1,860Vivo (Telefonica Moviles and Portugal Telecom SA) 5,744 5,650 5,511 6,257 6,129 4,701 4,603 5,797Oi (Telemar Norte Leste S.A.) 1,842 1,406 1,137 1,025 953 833 749 680TIM Participacoes S.A. 1,528 1,450 1,415 1,367 1,337 1,331 1,294 1,260 Total 12,086 11,211 10,696 11,234 10,817 9,094 8,674 9,597Ecuador Conecel SA 389 324 272 232 204 171 148 124Columbia Comunicacion Celular S.A. 2,128 1,908 1,712 1,559 1,428 1,283 1,165 1,111Argentina CTI Movil 768 703 568 534 521 459 344 327Telefonica Moviles 3,119 2,897 2,741 2,501 1,240 945 733 636Telecom Personal S.A. 2,112 1,728 1,488 1,185 1,004 807 662 553 Total 5,999 5,328 4,797 4,220 2,765 2,211 1,739 1,516Peru Telefonica Moviles 579 570 548 519 497 339 318 303Chile Telefonica Moviles 892 880 851 831 484 460 444 440Venezuela Movilnet C.A. 255 238 231 223 222 215 209 205


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Appendix B: Total Active Postpaid Subscribers (continued) (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04Asia/Pacific Japan Vodafone KK 13,454 13,343 13,321 13,386 13,538 13,657 13,598 13,652NTT DoCoMo, Inc. 50,309 49,843 49,362 48,749 47,833 47,275 46,741 46,231KDDI 24,414 23,932 23,362 22,797 22,006 21,406 20,811 20,194 Total 88,177 87,118 86,045 84,932 83,377 82,338 81,150 80,077Korea SK Telecom Co., Ltd. 19,530 19,342 19,196 19,007 18,783 18,603 18,595 18,439KT Freetel 12,302 12,279 12,166 12,042 11,729 11,709 11,946 11,292LG TeleCom 6,510 6,290 6,189 6,058 6,074 5,834 5,699 5,273 Total 38,342 37,911 37,551 37,107 36,586 36,146 36,240 35,004China China Mobile (Hong Kong) Ltd 61,311 60,965 60,632 60,268 59,887 59,466 51,977 51,568Philippines Philippine Long Distance Telephone Co. 280 279 268 268 275 284 273 266Globe Telecom 594 614 644 642 631 633 654 683 Total 874 893 912 910 906 917 927 949Malaysia Telekom Malaysia Berhad 1,118 1,194 1,203 1,131 1,104 1,132 1,160 1,154Singapore Singapore Telecommunications Ltd. 1,175 1,165 1,148 1,139 1,125 1,111 1,092 1,101Australia SingTel Optus Pty. Limited 3,285 3,238 3,237 3,226 3,198 3,137 3,090 3,033Telstra Corporation Limited (Semiannual) 4,733 — 4,657 — 4,593 — 4,502 — Total 8,018 — 7,894 — 7,791 — 7,592 —New Zealand Telecom Corporation of New Zealand Ltd. 688 666 645 620 600 577 560 547India Bharti Tele-Ventures Limited 3,314 3,165 2,942 2,636 2,457 2,001 1,688 1,366Sri Lanka Sri-Lanka Telecom Ltd. — — — — — — — —Indonesia Telkomsel 1,471 1,428 1,426 1,374 1,328 1,271 1,162 1,032PT Indosat 700 607 542 603 540 484 415 382PT Excelcomindo 176 133 94 68 48 37 36 36 Total 2,347 2,168 2,062 2,045 1,916 1,792 1,613 1,450Thailand Advance Info Service PCL 2,000 2,078 2,126 2,169 2,120 2,085 2,094 2,084Total Access Communication, PCL 1,465 1,374 1,362 1,316 1,277 1,263 1,236 1,201 Total 3,465 3,452 3,488 3,485 3,397 3,347 3,330 3,285


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Appendix C: Total Active Prepaid Subscribers (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 7,743 6,746 6,533 6,546 6,240 6,109 5,782 5,484Verizon Wireless 3,850 3,648 3,600 3,591 3,505 3,369 3,235 3,424Sprint Nextel Corp. 7,841 6,595 6,086 5,781 4,827 3,552 2,935 2,568T-Mobile USA, Inc. 3,066 2,781 2,444 2,156 1,974 1,767 1,674 1,518Alltel Corporation — — — — — — — — Total 22,499 19,770 18,663 18,074 16,546 14,797 13,626 12,994Canada TELUS Corp. 854 763 730 702 696 655 634 613Roger Wireless Inc. 1,351 1,333 1,319 1,310 1,334 1,299 1,294 1,382Bell Mobility Inc. 1,426 1,344 1,272 1,243 1,201 1,113 1,099 1,059 Total 3,631 3,440 3,321 3,262 3,231 3,067 3,027 3,054

Europe U.K. Vodafone Group Plc 10,024 9,553 9,448 9,348 9,297 8,760 8,536 8,316O2 plc 10,479 9,858 9,598 9,472 9,341 9,003 8,799 8,687Orange SA 9,881 9,542 9,528 9,518 9,514 9,262 9,200 9,315T-Mobile (Including Virgin Mobile) 13,700 13,194 12,965 13,039 12,728 12,217 12,041 11,600 Total 44,084 42,147 41,539 41,376 40,880 39,242 38,576 37,918France Orange SA 8,568 8,171 8,212 8,330 8,365 8,118 8,226 8,434Germany Vodafone Group Plc 15,545 14,779 14,414 14,156 14,006 13,307 12,992 12,756O2 plc 4,799 4,254 3,888 3,620 3,253 2,808 2,643 2,516T-Mobile 15,200 14,664 14,305 13,981 13,979 14,025 14,054 13,918 Total 35,544 33,697 32,607 31,757 31,238 30,140 29,689 29,190Ireland Vodafone Group Plc 1,500 1,469 1,446 1,405 1,389 1,361 1,354 1,342O2 plc 1,173 1,148 1,119 1,130 1,118 1,032 1,007 1,010 Total 2,673 2,617 2,565 2,535 2,507 2,393 2,361 2,352Italy Vodafone Group Plc 16,806 16,507 16,099 15,898 15,652 15,322 15,122 14,933Spain Vodafone Group Plc 6,642 6,457 6,157 6,080 5,891 5,749 5,575 5,532

Latin America Mexico Telcel 33,547 31,355 30,256 28,695 27,036 25,146 24,057 23,065Telefonica Moviles 6,048 5,693 5,592 5,792 5,338 4,235 3,862 3,550Unefon S.A. de C.V. 1,424 1,415 1,422 1,399 1,404 1,354 1,329 1,269 Total 41,019 38,463 37,270 35,886 33,778 30,735 29,248 27,884Brazil Claro 15,687 14,696 13,568 11,707 11,259 9,756 9,086 8,097Vivo (Telefonica Moviles and Portugal Telecom SA) 24,061 23,190 22,935 26,748 26,233 17,645 16,783 20,530Oi (Telemar Norte Leste S.A.) 8,501 7,575 6,975 6,225 5,909 4,907 4,344 3,727TIM Participacoes S.A. 5,985 5,493 5,075 4,576 4,319 3,830 3,509 3,195 Total 54,234 50,954 48,553 49,256 47,720 36,138 33,722 35,549Ecuador Conecel SA 3,711 3,222 2,793 2,404 2,122 1,799 1,678 1,567Columbia Comunicacion Celular S.A. 11,647 9,425 7,463 5,464 4,386 3,464 3,154 2,995Argentina CTI Movil 6,199 5,101 4,347 3,557 3,066 2,114 1,672 1,289Telefonica Moviles 5,036 4,312 3,786 3,440 2,130 1,661 1,456 1,334Telecom Personal S.A. 4,038 3,580 3,323 3,038 2,831 2,568 2,439 2,299 Total 15,273 12,993 11,456 10,035 8,027 6,343 5,567 4,922Peru Telefonica Moviles 2,804 2,558 2,437 2,378 2,308 1,627 1,478 1,331Chile Telefonica Moviles 4,384 4,350 4,406 4,077 2,834 2,542 2,060Venezuela Movilnet C.A. 4,933 3,766 3,368 2,968 2,884 2,532 2,612 2,574

N.A. – Not available. Source: Company reports. Continued on next page.

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Appendix C: Total Active Prepaid Subscribers (continued) (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04Asia/Pacific Japan Vodafone KK 1,663 1,649 1,646 1,655 1,673 1,517 1,511 1,350NTT DoCoMo, Inc. 57 61 68 76 81 88 93 97KDDI 282 299 318 336 353 370 386 396 Total 2,002 2,009 2,032 2,067 2,107 1,975 1,990 1,843Korea SK Telecom Co., Ltd. — — — — — — — —KT Freetel — — — — — — — —LG TeleCom — — — — — — — — Total — — — — — — — —China China Mobile (Hong Kong) Ltd 185,341 173,910 163,149 153,606 144,405 134,916 106,660 98,688Philippines Philippine Long Distance Telephone Co. 20,129 20,510 20,521 19,984 18,933 17,189 15,755 14,090Globe Telecom 11,810 11,796 12,982 12,314 11,883 11,081 9,888 8,454 Total 31,939 32,306 33,503 32,298 30,816 28,270 25,643 22,544Malaysia Telekom Malaysia Berhad 5,740 5,147 4,935 4,656 4,231 3,843 3,513 3,292Singapore Singapore Telecommunications Ltd. 444 435 405 427 414 405 410 415Australia SingTel Optus Pty. Limited 3,012 2,846 2,789 2,695 3,004 2,782 2,631 2,520Telstra Corporation Limited (Semiannual) 3,839 — 3,570 — 3,390 — 3,102 — Total 6,851 — 6,359 — 6,394 — 5,733 —New Zealand Telecom Corporation of New Zealand Ltd. 1,120 1,007 956 907 863 790 792 790India Bharti Tele-Ventures Limited 13,013 10,903 9,316 8,348 7,370 6,701 5,984 5,138Sri Lanka Sri-Lanka Telecom Ltd. — — — — — — — —Indonesia Telkomsel 22,798 22,055 20,122 16,493 14,963 12,421 11,204 9,710PT Indosat 13,800 12,081 12,333 9,586 9,215 8,493 6,940 6,208PT Excelcomindo 6,802 5,732 4,251 3,198 3,743 4,129 3,459 3,220 Total 43,400 39,868 36,706 29,277 27,921 25,043 21,603 19,138Thailand Advance Info Service PCL 14,409 14,015 13,689 13,421 13,064 12,728 12,341 11,781Total Access Communication, PCL 7,212 6,935 6,875 6,790 6,510 6,378 6,173 5,789 Total 21,621 20,950 20,564 20,211 19,574 19,105 18,514 17,570


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Appendix D: Total Net Active Subscribers Additions (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 1,820 867 952 1,367 1,699 827 443 187 Verizon Wireless 2,046 1,918 1,921 1,636 1,698 1,674 1,535 1,387 Sprint Nextel Corp. 1,928 1,182 1,250 1,949 2,404 1,596 1,418 1,440 T-Mobile USA, Inc. 1,388 1,059 972 957 1,019 901 1,091 1,175 Alltel Corporation 147 21 54 121 139 58 155 158 Total 7,329 5,047 5,149 6,030 6,959 5,056 4,642 4,347 Canada TELUS Corp. 235 138 131 80 187 136 114 76 Roger Wireless Inc. 217 213 125 65 263 174 99 66 Bell Mobility Inc. 210 123 146 37 217 109 95 92 Total 662 474 402 182 667 419 308 234

Europe U.K. Vodafone Group Plc 561 275 165 83 641 373 132 148 O2 plc 895 470 232 168 360 331 261 211 Orange SA 379 20 125 113 335 139 (73) 171 T-Mobile (Including Virgin Mobile) 786 259 (62) 392 568 258 556 707 Total 2,621 1,024 460 756 1,904 1,101 876 1,237 France Orange SA 757 233 135 64 638 207 25 42 Germany Vodafone Group Plc 906 539 497 288 843 618 462 344 O2 plc 823 558 412 578 729 351 336 396 T-Mobile 787 530 623 89 113 299 378 348 Total 2,516 1,627 1,532 955 1,685 1,268 1,176 1,088 Ireland Vodafone Group Plc 34 32 29 23 39 9 17 (7)O2 plc 32 40 16 17 91 30 4 21 Total 66 72 45 40 130 39 21 14 Italy Vodafone Group Plc 324 385 219 267 359 217 205 380 Spain Vodafone Group Plc 505 578 368 563 457 496 251 20

Latin America Mexico Telcel 2,342 1,278 1,665 1,778 2,020 1,193 1,064 1,129 Telefonica Moviles 391 130 (214) 422 1,144 415 308 318 Unefon S.A. de C.V. 9 (7) 23 (5) 50 25 60 46 Total 2,742 1,401 1,474 2,195 3,214 1,633 1,432 1,493 Brazil Claro 1,258 1,200 1,909 635 1,672 871 1,157 436 Vivo (Telefonica Moviles and Portugal Telecom SA) 965 394 (4,559) 643 10,016 960 (4,941) 7,364 Oi (Telemar Norte Leste S.A.) 1,362 869 862 388 1,122 647 686 514 TIM Participacoes S.A. 570 453 547 287 495 358 348 227 Total 4,155 2,916 (1,241) 1,953 13,305 2,836 (2,750) 8,541 Ecuador Conecel SA 554 481 429 310 356 144 135 154 Columbia Comunicacion Celular S.A. 2,442 2,158 2,152 1,209 1,067 428 213 432 Argentina CTI Movil 1,163 889 824 504 1,014 557 400 205 Telefonica Moviles 946 682 586 2,571 764 417 219 146 Telecom Personal S.A. 842 497 588 388 460 274 249 249 Total 2,951 2,068 1,998 3,463 2,238 1,248 868 600 Peru Telefonica Moviles 255 143 88 92 839 170 162 128 Chile Telefonica Moviles 46 (27) 349 1,590 316 2,558 (2,056) 230 Venezuela Movilnet C.A. 1,184 405 408 84 360 (74) 42 98


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Appendix D: Total Net Active Subscribers Additions (continued) (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04Asia/Pacific Japan Vodafone KK 125 25 (74) (170) 37 65 107 228 NTT DoCoMo, Inc. 462 474 605 911 552 529 505 593 KDDI 464 551 547 773 583 579 606 943 Total 1,051 1,050 1,078 1,514 1,172 1,173 1,218 1,764 Korea SK Telecom Co., Ltd. 188 146 189 224 180 8 156 126 KT Freetel 23 113 124 313 20 (237) 654 850 LG TeleCom 220 101 131 (16) 240 135 426 436 Total 431 360 444 521 440 (94) 1,236 1,412 China China Mobile (Hong Kong) Ltd 11,777 11,094 9,907 9,582 9,910 35,745 8,381 8,040 Philippines Philippine Long Distance Telephone Co. (380) 0 537 1,044 1,735 1,445 1,672 1,412 Globe Telecom (6) (1,216) 670 442 800 1,172 1,405 277 Total (386) (1,216) 1,207 1,486 2,535 2,617 3,077 1,689 Malaysia Telekom Malaysia Berhad 517 203 351 452 360 302 227 109 Singapore Singapore Telecommunications Ltd. 19 47 (13) 27 23 14 (14) (23)Australia SingTel Optus Pty. Limited 213 58 105 (281) 283 198 168 188 Telstra Corporation Limited (Semiannual) 0 — 0 — 0 — 0 — Total 213 — 105 — 283 — 168 —New Zealand Telecom Corporation of New Zealand Ltd. 135 72 74 64 96 15 15 35 India Bharti Tele-Ventures Limited 2,259 1,811 1,273 1,158 1,124 1,030 1,168 1,003 Sri Lanka Sri-Lanka Telecom Ltd. — — — — — — — —Indonesia Telkomsel 786 1,935 3,681 1,576 2,599 1,326 1,624 1,153 PT Indosat 1,812 (187) 2,686 434 778 1,622 765 627 PT Excelcomindo 1,113 1,520 1,079 (525) (375) 671 239 312 Total 3,711 3,268 7,446 1,485 3,002 3,619 2,628 2,092 Thailand Advance Info Service PCL 315 278 225 405 372 377 571 625 Total Access Communication, PCL 368 72 131 321 146 231 419 440 Total 683 350 356 726 518 608 989 1,065


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Appendix E: Total Net Active Postpaid Subscribers Additions (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 838 664 953 1,063 1,208 530 380 296 Verizon Wireless 1,825 1,890 1,911 1,550 1,562 1,540 1,724 1,265 Sprint Nextel Corp. 746 669 950 1,014 1,121 979 1,051 888 T-Mobile USA, Inc. 912 716 681 775 812 808 935 —Alltel Corporation — — — — — — — — Total 4,321 3,939 4,495 4,402 4,703 3,857 4,090 2,449 Canada TELUS Corp. 143 105 104 75 145 115 104 65 Roger Wireless Inc. 203 195 117 89 208 167 134 97 Bell Mobility Inc. 127 50 117 (5) 129 95 78 69 Total 473 350 338 159 482 377 316 231

Europe

U.K. Vodafone Group Plc 90 170 64 32 104 149 (88) 200O2 plc 274 210 106 37 22 127 149 98Orange SA 40 7 114 109 83 77 42 48T-Mobile (Including Virgin Mobile) 280 30 12 81 57 82 115 59 Total 684 417 296 259 266 435 218 405France Orange SA 359 274 254 99 391 315 233 174Germany Vodafone Group Plc 141 174 239 138 144 303 226 415O2 plc 278 192 144 211 284 186 209 234T-Mobile 251 171 299 87 159 328 242 194 Total 670 537 682 436 587 817 677 843Ireland Vodafone Group Plc 3 9 (12) 6 11 3 5 (2)O2 plc 7 11 8 5 5 5 7 3 Total 10 20 (4) 11 16 8 12 1Italy Vodafone Group Plc 25 (23) 18 21 29 17 16 30Spain Vodafone Group Plc 320 277 291 374 315 323 207 9

Latin America

Mexico Telcel 150 179 104 119 130 104 72 43 Telefonica Moviles 36 29 (14) (32) 41 42 (4) (18)Unefon S.A. de C.V. — — — — — — — — Total 186 208 90 87 171 146 68 25 Brazil Claro 267 72 48 187 169 201 168 78 Vivo (Telefonica Moviles and Portugal Telecom SA) 94 139 (746) 128 1,428 98 (1,194) 1,238 Oi (Telemar Norte Leste S.A.) 436 269 112 72 120 84 69 20 TIM Participacoes S.A. 78 35 48 30 6 37 34 21 Total 875 515 (538) 417 1,723 420 (923) 1,357 Ecuador Conecel SA 65 52 40 28 33 23 24 14 Columbia Comunicacion Celular S.A. 220 196 153 131 145 118 54 (49)Argentina CTI Movil 65 135 34 13 62 115 17 (139)Telefonica Moviles 222 156 240 1,261 295 212 97 55 Telecom Personal S.A. 384 240 303 181 197 145 109 70 Total 671 531 577 1,455 554 472 223 (14)Peru Telefonica Moviles 9 22 29 22 158 21 15 4 Chile Telefonica Moviles 12 29 20 347 24 16 4 (3)Venezuela Movilnet C.A. 17 7 8 1 7 6 4 4


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Appendix E: Total Net Active Postpaid Subscribers Additions (continued) (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04Asia/Pacific Japan Vodafone KK 111 22 (65) (152) (119) 59 (54) 60 NTT DoCoMo, Inc. 466 481 613 916 559 534 509 602 KDDI 482 570 565 791 600 595 617 953 Total 1,059 1,073 1,113 1,555 1,040 1,188 1,072 1,615 Korea SK Telecom Co., Ltd. 188 146 189 224 180 8 156 126 KT Freetel 23 113 124 313 20 (237) 654 850 LG TeleCom 220 101 131 (16) 240 135 426 436 Total 431 360 444 521 440 (94) 1,236 1,412 China China Mobile (Hong Kong) Ltd 346 333 364 381 421 7,489 409 (170)Philippines Philippine Long Distance Telephone Co. 1 11 0 (7) (9) 11 7 20 Globe Telecom (20) (30) 2 11 (2) (21) (29) (2) Total (19) (19) 2 4 (11) (10) (22) 18 Malaysia Telekom Malaysia Berhad (76) (9) 72 27 (28) (28) 6 (23)Singapore Singapore Telecommunications Ltd. 10 17 9 14 14 19 (9) (24)Australia SingTel Optus Pty. Limited 47 1 11 28 61 47 57 36 Telstra Corporation Limited (Semiannual) Total 47 — 11 — 61 — 57 —New Zealand Telecom Corporation of New Zealand Ltd. 22 21 25 20 23 17 13 11 India Bharti Tele-Ventures Limited 149 224 305 180 455 314 322 376 Sri Lanka Sri-Lanka Telecom Ltd. — — — — — — — —Indonesia Telkomsel 43 2 52 46 57 109 130 25 PT Indosat 93 65 (61) 63 56 69 33 20 PT Excelcomindo 43 39 26 20 11 1 0 0 Total 179 106 17 129 124 179 163 45 Thailand Advance Info Service PCL (79) (48) (43) 48 36 (9) 11 (32)Total Access Communication, PCL 91 12 46 40 14 26 35 34 Total 12 (36) 3 88 50 17 46 2


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Appendix F: Total Net Active Prepaid Subscribers Additions (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 982 203 (1) 304 491 127 48 366 Verizon Wireless 221 28 10 86 136 134 (189) 122 Sprint Nextel Corp. 1,182 513 300 935 1,283 617 367 552 T-Mobile USA, Inc. 476 343 291 182 207 93 156 86 Alltel Corporation — — — — — — — — Total 2,861 1,087 600 1,507 2,117 971 382 1,126 Canada TELUS Corp. 92 33 27 5 42 21 10 11 Roger Wireless Inc. 14 18 8 (24) 55 7 (35) (30)Bell Mobility Inc. 83 73 29 42 88 14 17 23 Total 189 124 64 23 184 42 (8) 4

Europe U.K. Vodafone Group Plc 471 105 101 51 537 224 220 (52)O2 plc 621 260 126 131 338 204 112 113Orange SA 339 13 11 4 252 62 (115) 123T-Mobile (Including Virgin Mobile) 506 229 (74) 311 511 176 441 648 Total 1,937 607 164 497 1,638 666 658 832France Orange SA 398 (41) (119) (35) 247 (108) (208) (132)Germany Vodafone Group Plc 765 365 258 150 699 315 236 (71)O2 plc 545 366 268 367 445 165 127 162T-Mobile 536 359 324 2 (46) (29) 136 154 Total 1,846 1,090 850 519 1,098 451 499 245Ireland Vodafone Group Plc 31 23 41 17 28 6 12 (5)O2 plc 25 29 8 12 86 25 (3) 18 Total 56 52 49 29 114 31 9 13Italy Vodafone Group Plc 299 408 201 246 330 200 189 350Spain Vodafone Group Plc 185 301 77 189 142 173 44 11

Latin America Mexico Telcel 2,192 1,099 1,561 1,659 1,890 1,089 992 1,086Telefonica Moviles 355 101 (200) 454 1,103 373 312 336Unefon S.A. de C.V. 9 (7) 23 (5) 50 25 60 46 Total 2,556 1,193 1,384 2,108 3,043 1,487 1,364 1,468Brazil Claro 991 1,128 1,861 448 1,503 670 989 358Vivo (Telefonica Moviles and Portugal Telecom SA) 871 255 (3,813) 515 8,588 862 (3,747) 6,126Oi (Telemar Norte Leste S.A.) 926 600 750 316 1,002 563 617 494TIM Participacoes S.A. 492 418 499 257 489 321 314 206 Total 3,280 2,401 (703) 1,536 11,582 2,416 (1,827) 7,184Ecuador Conecel SA 489 429 389 282 323 121 111 140Columbia Comunicacion Celular S.A. 2,222 1,962 1,999 1,078 922 310 159 481Argentina CTI Movil 1,098 754 790 491 952 442 383 344Telefonica Moviles 724 526 346 1,310 469 205 122 91Telecom Personal S.A. 458 257 285 207 263 129 140 179 Total 2,280 1,537 1,421 2,008 1,684 776 645 614Peru Telefonica Moviles 246 121 59 70 681 149 147 124Chile Telefonica Moviles 34 (56) 329 1,243 292 2,542 (2,060) 233Venezuela Movilnet C.A. 1,167 398 400 83 353 (80) 38 94


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Appendix F: Total Net Active Prepaid Subscribers Additions (continued) (000s) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04Asia/Pacific Japan Vodafone KK 14 3 (9) (18) 156 6 161 168NTT DoCoMo, Inc. (4) (7) (8) (5) (7) (5) (4) (9)KDDI (18) (19) (18) (18) (17) (16) (11) (10) Total (8) (23) (35) (41) 132 (15) 146 149Korea SK Telecom Co., Ltd. — — — — — — — —KT Freetel — — — — — — — —LG TeleCom — — — — — — — — Total — — — — — — — —China China Mobile (Hong Kong) Ltd 11,431 10,761 9,543 9,201 9,489 28,256 7,972 8,210Philippines Philippine Long Distance Telephone Co. (381) (11) 537 1,051 1,744 1,434 1,665 1,392Globe Telecom 14 (1,186) 668 431 802 1,193 1,434 279 Total (367) (1,197) 1,205 1,482 2,546 2,627 3,099 1,671Malaysia Telekom Malaysia Berhad 593 212 279 425 388 330 221 132Singapore Singapore Telecommunications Ltd. 9 30 (22) 13 9 (5) (5) 1Australia SingTel Optus Pty. Limited 166 57 94 (309) 222 151 111 152Telstra Corporation Limited (Semiannual) — — — — — — — — Total 166 — 94 — 222 — 111 —New Zealand Telecom Corporation of New Zealand Ltd. 113 51 49 44 73 (2) 2 24India Bharti Tele-Ventures Limited 2,110 1,587 968 978 669 716 846 627Sri Lanka Sri-Lanka Telecom Ltd. — — — — — — — —Indonesia Telkomsel 743 1,933 3,629 1,530 2,542 1,217 1,494 1,128PT Indosat 1,719 (252) 2,747 371 722 1,553 732 607PT Excelcomindo 1,070 1,481 1,053 (545) (386) 670 239 312 Total 3,532 3,162 7,429 1,356 2,878 3,440 2,465 2,047Thailand Advance Info Service PCL 394 326 268 357 336 387 560 657Total Access Communication, PCL 277 60 85 281 132 205 383 406 Total 671 386 353 638 468 591 944 1,063


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Appendix G: Total Blended Monthly Average Revenue Per User (Local Currency and US$ Conversion) Local US$ Local US$ Local US$ Local US$Mobile/Wireless Operators 4Q05 4Q05 3Q05 3Q05 2Q05 2Q05 1Q05 1Q05United States/Canada United States (US$) Cingular Wireless LLC 48.9 — 49.7 — 50.4 — 49.6 —Verizon Wireless 49.4 — 50.1 — 49.4 — 49.0 —Sprint Nextel Corp. 61.7 — 63.1 — 63.5 — 62.9 —T-Mobile USA, Inc. 52.0 — 53.0 — 54.0 — 54.0 —Alltel Corporation 51.4 — 53.8 — 50.6 — 48.8 —Canada (C$) TELUS Corp. 63.0 51.3 64.0 52.1 61.0 49.7 58.0 47.2Roger Wireless Inc. 53.6 43.6 54.8 44.6 51.5 41.9 48.0 39.0Bell Mobility Inc. 51.0 41.5 51.0 41.5 50.0 40.7 46.0 37.5

Europe UK (GBP) Vodafone Group Plc 23.8 43.0 25.1 45.3 24.6 44.4 24.1 18.0O2 plc 23.0 41.5 23.0 41.5 23.0 41.5 22.0 39.7Orange SA 21.9 39.5 21.9 39.5 22.3 40.2 22.5 40.6T-Mobile (EUR) 28.0 33.8 29.0 35.0 28.0 33.8 26.0 31.4France (EUR) Orange SA 35.3 42.6 35.8 43.2 35.8 43.2 35.8 43.2Germany (EUR) Vodafone Group Plc 22.9 27.6 24.4 29.4 24.3 29.3 24.3 29.3O2 plc (GBP) 18.0 32.5 20.0 36.1 19.0 34.3 20.0 36.1T-Mobile 23.0 27.8 23.0 27.8 23.0 27.8 23.0 27.8Ireland (EUR) Vodafone Group Plc 50.2 60.6 53.1 64.1 51.4 62.0 49.1 59.2O2 plc (GBP) 33.0 59.6 34.0 61.4 33.0 59.6 31.0 55.9Italy (EUR) Vodafone Group Plc 27.7 33.4 29.9 36.1 30.4 36.7 29.1 35.1Spain (EUR) Vodafone Group Plc 35.3 42.6 37.7 45.5 36.2 43.7 33.3 40.2

Latin America Mexico (MXP) Telcel 193 18.0 188 17.5 186 17.4 187 17.5Telefonica Moviles 124 11.6 124 11.6 144 13.4 151 14.1Unefon S.A. de C.V. 217 20.3 208 19.4 204 19.0 221 20.6Brazil (BRL) Claro 23 9.8 24 10.2 24 10.2 26 11.1Vivo (Telefonica Moviles and Portugal Telecom SA) 29 12.3 28 11.9 29 12.3 28 11.9Oi (Telemar Norte Leste S.A.) 20 8.5 21 8.9 21 8.9 21 8.9TIM Participacoes S.A. 31 13.2 28 11.9 30 12.8 30 12.8Ecuador (US$) Conecel SA 12 — 12 — 12 — 12 —Colombia (COP) Comunicacion Celular S.A. 22,012 9.5 23,960 10.3 25,291 10.9 27,425 11.8Argentina (ARS) CTI Movil 39 13.5 39 13.5 40 13.8 41 14.2Telecom Personal S.A. 38 13.1 37 12.8 35 12.1 34 11.8Chile (CLP) Telefonica Moviles — — — — — — — —Venezuela (VEB) Movilnet C.A. 44,118 20.6 45,144 21.1 46,360 419.4 45,954 21.4


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Appendix G: Total Blended Monthly Average Revenue Per User (continued) (Local Currency and US$ Conversion) Local US$ Local US$ Local US$ Local US$Mobile/Wireless Operators 4Q04 4Q04 3Q04 3Q04 2Q04 2Q04 1Q04 1Q04United States/Canada United States (US$) Cingular Wireless LLC 49.5 — 53.6 — 54.5 — 52.2 —Verizon Wireless 50.3 — 51.6 — 50.8 — 48.0 —Sprint Nextel Corp. 63.8 — 65.3 — 65.0 — 65.5 —T-Mobile USA, Inc. 55.0 — 55.0 — 55.0 — 54.0 —Alltel Corporation 49.2 — 49.4 — 47.8 — 46.0 —Canada (C$) TELUS Corp. 61.0 49.7 62.0 50.5 59.0 48.0 57.0 46.4Roger Wireless Inc. 49.5 40.3 51.1 41.6 50.3 41.0 47.0 38.2Bell Mobility Inc. 50.0 40.7 50.0 40.7 50.0 40.7 47.0 38.3

Europe UK (GBP) Vodafone Group Plc 24.9 44.9 26.6 48.0 26.6 48.0 26.5 47.8O2 plc 22.0 39.7 24.0 43.3 24.0 43.3 23.0 41.5Orange SA 22.8 41.1 23.0 41.5 22.8 41.1 22.8 41.1T-Mobile (EUR) 27.0 32.6 30.0 36.2 31.0 37.4 31.0 37.4France (EUR) Orange SA 35.7 43.0 35.3 42.6 35.1 42.4 34.6 41.7Germany (EUR) Vodafone Group Plc 24.9 30.0 26.0 31.4 25.4 30.6 24.6 29.7O2 plc (GBP) 21.0 37.9 21.0 37.9 20.0 36.1 20.0 36.1T-Mobile 24.0 29.0 24.0 29.0 24.0 29.0 23.0 27.8Ireland (EUR) Vodafone Group Plc 50.7 61.2 51.7 62.4 49.3 59.5 48.5 58.5O2 plc (GBP) 33.0 59.6 33.0 59.6 31.0 55.9 32.0 57.8Italy (EUR) Vodafone Group Plc 30.2 36.4 30.3 36.6 30.3 36.6 29.3 35.4Spain (EUR) Vodafone Group Plc 34.2 41.3 36.7 44.3 34.1 41.1 31.0 37.4

Latin America Mexico (MXP) Telcel 191 17.8 192 17.9 190 17.7 185 17.3Telefonica Moviles 172 16.1 170 15.9 171 16.0 174 16.2Unefon S.A. de C.V. 243 22.7 238 22.2 235 21.9 246 23.0Brazil (BRL) Claro 28 11.9 28 11.9 27 11.5 29 12.3Vivo (Telefonica Moviles and Portugal Telecom SA) 31 13.2 34 14.5 34 14.5 34 14.5Oi (Telemar Norte Leste S.A.) 24 10.0 23 9.9 24 10.2 24 10.1TIM Participacoes S.A. 35 14.9 33 14.0 35 14.9 36 15.3Ecuador (US$) Conecel SA 13 — 13 — 12 — 13 —Colombia (COP) Comunicacion Celular S.A. 30,129 12.9 30,667 13.2 29,792 12.8 30,253 13.0Argentina (ARS) CTI Movil 44 15.2 44 15.2 45 15.6 47 16.2Telecom Personal S.A. 37 12.8 36 12.4 34 11.8 34 11.8Chile (CLP) Telefonica Moviles — — — — 6,711 11.6 7,672 13.2Venezuela (VEB) Movilnet C.A. 45,997 21.4 46,081 21.5 41,692 19.4 39,150 18.3


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Appendix G: Total Blended Monthly Average Revenue Per User (continued) (Local Currency and US$ Conversion) Local US$ Local US$ Local US$ Local US$Mobile/Wireless Operators 4Q05 4Q05 3Q05 3Q05 2Q05 2Q05 1Q05 1Q05Asia/Pacific Japan (JPY) Vodafone KK — — 5,918.0 53.5 6,016.0 54.4 5,951.0 53.8NTT DoCoMo, Inc. 6,920.0 62.6 6,940.0 62.8 6,970.0 63.1 6,920.0 62.6KDDI 7,090.0 62.6 7,190.0 65.0 7,050.0 63.8 6,960.0 63.0Korea (KRW) SK Telecom Co., Ltd. 45,046.0 43.7 44,672.0 43.3 44,531.0 43.2 42,530.0 41.2KT Freetel 39,519.0 38.3 38,978.0 37.8 39,071.0 37.9 37,298.0 36.2LG TeleCom 40,614.0 39.4 39,302.0 38.1 39,082.0 37.9 37,916.0 36.8China (CNY) China Mobile (Hong Kong) Ltd 91.0 11.0 90.0 10.9 90.0 10.9 89.0 10.8Philippines (PHP) Philippine Long Distance Telephone Co. 308.0 5.5 285.0 5.1 294.0 5.3 289.0 5.2Globe Telecom 268.0 4.8 259.0 4.6 244.0 4.4 250.0 4.5Malaysia (MYR) Telekom Malaysia Berhad 56.0 14.7 60.0 15.8 62.0 16.3 65.0 17.1Singapore (SGD) Singapore Telecommunications Ltd. 55.0 32.6 55.0 32.6 55.0 32.6 54.0 32.0Australia (AUD) SingTel Optus Pty. Limited 48.0 36.6 47.0 35.8 46.0 35.1 46.0 35.1Telstra Corporation Limited (Semiannual) 39.0 29.7 — 0.0 39.0 29.7 — 0.0New Zealand (NZD) Telecom Corporation of New Zealand Ltd. 34.0 23.8 34.0 23.8 35.0 24.5 36.0 25.2India (INR) Bharti Tele-Ventures Limited 470.0 10.8 476.0 11.0 493.0 11.3 504.0 11.6Indonesia (IDR) Telkomsel N.A. — 86,000.0 8.9 87,000.0 9.0 88,000.0 9.1PT Indosat 67,100.0 6.9 70,816.0 7.3 74,266.0 7.7 78,000.0 8.0PT Excelcomindo 60,000.0 6.2 65,000.0 6.7 — — — —Thailand (THB) Advance Info Service PCL 421.0 10.2 397.0 9.6 390.0 9.4 430.0 10.4Total Access Communication, PCL 437.0 10.6 411.0 10.0 422.0 10.2 428.0 10.4


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Appendix G: Total Blended Monthly Average Revenue Per User (continued) (Local Currency and US$ Conversion) Local US$ Local US$ Local US$ Local US$Mobile/Wireless Operators 4Q04 4Q04 3Q04 3Q04 2Q04 2Q04 1Q04 1Q04Asia/Pacific Japan (JPY) Vodafone KK 5,887.0 53.3 6,149.0 55.6 6,357.0 57.5 6,530.4 59.1NTT DoCoMo, Inc. 7,170.0 64.9 7,340.0 66.4 7,400.0 66.9 7,610.0 68.8KDDI 7,190.0 65.0 7,300.0 66.0 7,260.0 65.7 7,280.0 65.9Korea (KRW) SK Telecom Co., Ltd. 44,335.0 43.0 43,343.0 42.0 43,336.0 42.0 43,142.0 41.8KT Freetel 38,558.0 37.4 37,466.0 36.3 37,608.0 36.5 38,069.0 36.9LG TeleCom 38,892.0 37.7 37,412.0 36.3 37,512.0 36.4 36,152.0 35.1China (CNY) China Mobile (Hong Kong) Ltd 91.0 11.0 90.0 10.9 93.0 11.3 97.0 11.7Philippines (PHP) Philippine Long Distance Telephone Co. 328.0 5.9 329.0 5.9 380.0 6.8 383.0 6.9Globe Telecom 305.0 5.5 311.0 5.6 338.0 6.1 357.0 6.4Malaysia (MYR) Telekom Malaysia Berhad 67.0 17.6 72.0 19.0 77.0 20.3 80.0 21.1Singapore (SGD) Singapore Telecommunications Ltd. 56.0 33.2 57.0 33.8 57.0 33.8 57.0 33.8Australia (AUD) SingTel Optus Pty. Limited 48.0 36.6 48.0 36.6 48.0 36.6 50.0 38.1Telstra Corporation Limited (Semiannual) 41.0 31.2 — — 41.0 31.2 — —New Zealand (NZD) Telecom Corporation of New Zealand Ltd. 37.0 25.9 36.0 25.2 34.0 23.8 35.0 24.5India (INR) Bharti Tele-Ventures Limited 519.0 11.9 509.0 11.7 515.0 11.9 493.0 11.3Indonesia (IDR) Telkomsel 102,000.0 10.5 106,000.0 10.9 106,000.0 10.9 115,000.0 11.9PT Indosat N.A. — 86,000.0 8.9 86,000.0 8.9 100,000.0 10.3PT Excelcomindo 70,000.0 7.2 71,000.0 7.3 — — — —Thailand (THB) Advance Info Service PCL 468.0 11.3 467.0 11.3 493.0 11.9 497.0 12.0Total Access Communication, PCL 415.0 10.0 406.0 9.8 406.0 9.8 429.0 10.4

N.A. – Not available. Source: Company reports.

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Appendix H: Total Data Monthly Average Revenue Per User (Local Currency and US$ Conversion)

Local USD Local USD Local USD Local USDMobile/Wireless Operators 4Q05 4Q05 3Q05 3Q05 2Q05 2Q05 1Q05 1Q05United States/Canada United States (US$) Cingular Wireless LLC 4.7 — 4.3 — 4.2 — 3.7 —Verizon Wireless 4.9 — 4.2 — 3.5 — 3.1 —Sprint Nextel Corp. 6.0 — 5.3 — 4.3 — 4.0 —T-Mobile USA, Inc. 5.2 — 4.7 — 4.4 — 4.1 —Alltel Corporation 2.6 — 2.2 — 2.0 — 1.8 —Canada (C$) Roger Wireless Inc. 5.0 4.4 4.7 4.1 4.0 3.5 3.4 3.0

Europe

UK (GBP) O2 plc 6.5 4.8 6.3 4.7 6.0 4.5 5.7 4.2Orange SA 4.3 3.8 4.2 3.7 4.1 3.6 4.0 3.5T-Mobile (EUR) 5.3 6.4 5.5 6.7 5.0 6.1 4.4 5.3France (EUR) Orange SA 4.9 5.9 4.9 5.9 4.8 5.8 4.8 5.8Germany (EUR) O2 plc (GBP) 4.3 3.2 4.5 3.4 4.5 3.4 4.5 3.4T-Mobile 4.1 5.0 3.7 4.5 3.7 4.5 3.9 4.7

Asia/Pacific

Japan (JPY) Vodafone KK — — — — — — 1,321.9 11.1NTT DoCoMo, Inc. 1,880.0 15.8 1,880.0 15.8 1,820.0 15.3 1,830.0 15.4KDDI 1,890.0 15.9 1,890.0 15.9 1,810.0 15.2 1,780.0 15.0Korea (KRW) SK Telecom Co., Ltd. 11,367.0 11.4 11,300.0 11.3 10,418.0 10.4 9,664.0 9.7KT Freetel 6,562.0 6.6 6,425.0 6.4 6,166.0 6.2 6,092.0 6.1LG TeleCom 3,694.0 3.7 3,529.0 3.5 3,308.0 3.3 3,500.0 3.5Philippines (PHP) Philippine Long Distance Telephone Co. 153.0 3.0 140.4 2.7 144.7 2.8 139.3 2.7Globe Telecom 107.2 2.1 106.2 2.1 102.5 2.0 107.5 2.1Singapore (SGD) Singapore Telecommunications Ltd. 12.7 7.9 12.1 7.5 11.6 7.2 11.3 7.0Australia (AUD) SingTel Optus Pty. Limited 8.6 6.3 8.5 6.2 7.8 5.7 7.8 5.7Telstra Corporation Limited (Semiannual) 6.1 4.5 — — 5.8 4.3 — —New Zealand (NZD) Telecom Corporation of New Zealand Ltd. 8.1 5.0 7.7 4.7 7.6 4.6 6.6 4.0


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Appendix H: Total Data Monthly Average Revenue Per User (Local Currency and US$ Conversion)

Local USD Local USD Local USD Local USDMobile/Wireless Operators 4Q04 4Q04 3Q04 3Q04 2Q04 2Q04 1Q04 1Q04United States/Canada United States (US$) Cingular Wireless LLC 2.9 — 1.7 — 1.5 — 1.1 —Verizon Wireless 2.8 — 2.4 — 2.1 — 1.7 —Sprint Nextel Corp. 3.6 — 3.8 — 3.4 — 3.5 —T-Mobile USA, Inc. 3.6 — 3.1 — 2.8 — 2.4 —Alltel Corporation 1.5 — 1.1 — 1.0 — 0.8 —Canada (C$) Roger Wireless Inc. 3.3 2.9 2.7 2.4 2.5 2.2 — —

Europe

UK (GBP) O2 plc 5.4 4.0 5.2 3.9 4.9 3.7 4.6 3.4Orange SA 4.0 3.0 3.9 2.9 3.8 2.8 3.8 2.8T-Mobile (EUR) 4.9 5.9 5.1 6.2 5.3 6.4 5.3 6.4France (EUR) Orange SA 4.5 5.5 4.3 5.2 3.9 4.7 3.7 4.5Germany (EUR) O2 plc (GBP) 4.4 3.3 4.3 3.2 4.3 3.2 4.1 3.1T-Mobile 4.1 5.0 4.1 5.0 4.1 5.0 4.1 5.0

Asia/Pacific

Japan (JPY) Vodafone KK 1,339.9 15.3 1,391.4 16.0 1,430.2 16.4 1,472.7 16.5NTT DoCoMo, Inc. 1,820.0 11.3 1,900.0 14.5 1,950.0 12.0 1,970.0 12.4KDDI 1,720.0 14.4 1,730.0 14.5 1,720.0 14.4 1,720.0 14.4Korea (KRW) SK Telecom Co., Ltd. 9,710.0 9.7 8,375.0 8.4 7,501.0 7.5 7,116.0 7.1KT Freetel 6,886.0 6.9 6,671.0 6.7 6,310.0 6.3 6,011.0 6.0LG TeleCom 3,801.0 3.8 3,336.0 3.3 3,233.0 3.2 2,793.0 2.8Philippines (PHP) Philippine Long Distance Telephone Co. 155.1 3.0 157.9 3.1 155.8 3.0 158.2 3.1Globe Telecom 134.5 2.6 128.8 2.5 138.9 2.7 134.2 2.6Singapore (SGD) Singapore Telecommunications Ltd. 11.2 6.9 10.8 6.7 10.3 6.4 9.7 6.0Australia (AUD) SingTel Optus Pty. Limited 7.7 5.6 7.2 5.3 7.2 5.3 7.5 5.5Telstra Corporation Limited (Semiannual) 5.8 4.3 — — 5.3 3.9 — —New Zealand (NZD) Telecom Corporation of New Zealand Ltd. 6.1 3.7 5.5 3.4 3.8 2.3 3.7 2.3


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Appendix I: Total Monthly Churn (%) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 2.1 2.3 2.2 2.2 2.6 3.2 3.0 3.1Verizon Wireless 1.2 1.3 1.2 1.3 1.4 1.5 1.4 1.6Sprint Nextel Corp. 2.3 2.1 2.0 2.1 2.3 2.2 2.0 2.3T-Mobile USA, Inc. 2.9 2.9 2.8 2.8 3.1 3.0 2.8 3.0Alltel Corporation 2.2 2.4 2.0 2.1 2.2 2.3 2.0 2.4Canada TELUS Corp. 1.4 1.3 1.4 1.5 1.5 1.3 1.3 1.5Roger Wireless Inc. 2.0 1.9 1.9 2.3 2.1 2.0 2.0 2.1Bell Mobility Inc. 1.5 1.5 1.6 1.6 1.4 1.2 1.3 1.3

Europe UK Vodafone Group Plc 2.7 2.8 2.7 2.6 2.5 2.4 2.5 2.5O2 plc 2.3 2.6 N.A. 2.7 2.8 2.3 N.A. 3.0Orange SA 2.2 2.2 2.1 2.2 2.1 2.2 2.2 2.0T-Mobile 2.9 3.1 3.8 2.6 3.0 2.5 1.9 1.2France Orange SA 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.5Germany Vodafone Group Plc 1.8 1.6 1.4 1.6 1.6 1.5 1.4 1.6T-Mobile 1.7 1.6 1.3 1.4 1.6 1.5 1.4 1.3Italy Vodafone Group Plc 1.6 1.6 1.4 1.4 1.6 1.5 1.3 1.4Spain Vodafone Group Plc 1.7 1.7 1.8 1.8 1.7 1.8 2.0 2.0

Latin America Mexico Telcel 3.5 3.0 2.9 3.1 3.2 2.8 2.9 3.0Brazil Claro 2.7 2.6 2.7 2.6 3.1 2.7 3.0 2.2Vivo (Telefonica Moviles and Portugal Telecom SA) 1.9 1.9 1.7 1.5 2.0 1.9 2.1 1.7Oi (Telemar Norte Leste S.A.) 7.0 5.9 5.8 4.6 5.5 5.4 6.2 3.6TIM Participacoes S.A. 4.9 6.4 4.9 5.6 6.7 5.4 5.4 4.9Ecuador Conecel SA 3.1 2.7 3.2 2.6 3.2 4.3 3.7 3.6Colombia Comunicacion Celular S.A. 1.7 1.3 1.4 1.6 2.2 2.6 2.6 2.7Argentina CTI Movil 2.0 2.0 2.6 2.7 1.9 1.8 2.1 1.7

Asia/Pacific Japan Vodafone KK 1.5 1.6 1.7 1.9 1.8 2.0 1.9 1.9NTT DoCoMo, Inc. 0.7 0.8 0.8 1.0 1.0 1.1 1.1 1.4KDDI 1.1 1.2 1.3 1.5 1.4 1.5 1.4 1.5Korea SK Telecom Co., Ltd. 1.7 1.8 1.9 1.9 1.5 1.6 2.0 2.0KT Freetel 2.6 2.8 2.4 2.7 2.2 2.6 2.3 2.6LG TeleCom 2.7 3.0 2.9 3.7 2.5 2.7 2.9 3.3Philippines Philippine Long Distance Telephone Co. 4.0 3.7 3.4 2.7 2.7 2.4 2.0 3.3Globe Telecom 7.8 7.6 6.7 8.3 5.5 5.8 5.8 6.9Malaysia Telekom Malaysia Berhad — — 4.0 2.6 3.6 2.9 2.7 4.0Singapore Singapore Telecommunications Ltd. 0.9 1.0 1.2 1.1 1.1 1.2 1.4 2.0Australia SingTel Optus Pty. Limited 1.2 1.5 1.5 1.5 1.3 1.4 1.4 1.3Telstra Corporation Limited (Semiannual) 1.4 — 1.6 — 1.6 — 1.4 —


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Appendix J: Blended Monthly Minutes of Use Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 727 727 704 642 526 574 559 523Verizon Wireless — — — — — — — —Sprint Nextel Corp. 1,020 1,020 965 896 885 882 879 833T-Mobile USA, Inc. 985 985 960 921 907 908 885 817Alltel Corporation 626 614 593 547 534 516 490 432Canada TELUS Corp. 410 408 405 371 390 393 390 362Roger Wireless Inc. 536 508 511 454 418 397 404 362Bell Mobility Inc. 261 265 262 232 252 258 257 224

Europe UK O2 plc N.A. 144 N.A. 137 N.A. 131 N.A. 123Orange SA 144 143 144 142 144 143 143 143France Orange SA 175 173 172 169 168 164 161 156Germany O2 plc N.A. 114 N.A. 118 N.A. 120 N.A. 118Ireland O2 plc N.A. 215 N.A. 209 N.A. 203 N.A. 197

Latin America Mexico Telcel 106 99 102 104 104 96 99 97Telefonica Moviles 50 47 47 54 59 60 62 61Brazil Claro 74 81 83 86 105 102 97 91Vivo (Telefonica Moviles and Portugal Telecom SA) 74 76 79 81 86 88 92 92TIM Participacoes S.A. 84 78 79 78 84 90 87 97Ecuador Conecel SA 46 42 44 48 52 45 44 41Colombia Comunicacion Celular S.A. 116 116 119 131 133 121 106 95Argentina CTI Movil 141 145 143 149 169 161 150 147Telecom Personal S.A. 101 99 100 99 111 106 100 100Chile Telefonica Moviles N.A. N.A. N.A. N.A. N.A. N.A. 86 93Venezuela Movilnet C.A. 283 285 259 254 263 234 214 216

Asia/Pacific Japan Vodafone KK — — — — — — — —NTT DoCoMo, Inc. 151 152 149 145 153 155 152 154KDDI 159 163 159 158 167 171 169 171Korea SK Telecom Co., Ltd. 204 196 201 186 195 188 196 195KT Freetel 171 168 172 165 176 171 175 164LG TeleCom 180 170 167 156 162 151 151 143China China Mobile (Hong Kong) Ltd 355 337 338 318 313 297 301 275Singapore Singapore Telecommunications Ltd. 370 366 357 349 344 333 315 314Australia SingTel Optus Pty. Limited 144 139 133 126 131 129 127 128India Bharti Tele-Ventures Limited 411 388 383 357 344 321 309 300Thailand Advance Info Service PCL 238 233 225 159 166 164 169 175Total Access Communication, PCL 241 235 224 154 135 128 132 128


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Appendix K: Sales/Revenue Growth (Year over Year %) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 9.9 3.3 2.8 2.6 -0.9 0.4 4.3 5.7Verizon Wireless 18.0 14.0 15.0 20.0 23.0 23.0 25.0 21.2Sprint Nextel Corp. 11.0 13.0 14.0 14.4 17.5 15.2 22.7 23.8T-Mobile USA, Inc. 25.0 29.0 32.0 37.0 37.0 40.0 45.0Alltel Corporation 33.0 30.0 16.0 14.0 28.0 24.0 22.0 23.0Canada TELUS Corp. 15.9 15.7 18.4 19.0 17.7 20.5 20.1 18.9Roger Wireless Inc. 23.5 20.1 18.1 18.4 14.6 19.3 18.8 14.9Bell Mobility Inc. 9.4 10.2 10.5 9.5 12.8 12.7 15.0 18.1

Europe U.K. Vodafone Group Plc N.A. 0.2 N.A. (4.3) N.A. 18.3 N.A. N.A.O2 plc N.A. 6.0 N.A. 7.9 N.A. 19.9 N.A. 15.9 Orange SA 5.3 (0.6) 9.6 6.7 4.1 N.A. 6.9 N.A.T-Mobile 9.7 (4.3) (8.7) (12.8) (10.7) 1.5 4.5 9.4 France Orange SA 5.0 7.5 7.5 7.6 6.8 N.A. 8.7 N.A.Germany Vodafone Group Plc N.A. 3.7 N.A. 4.1 N.A. 1.3 N.A. N.A.O2 plc N.A. 23.0 N.A. 25.2 N.A. 22.0 N.A. 36.7 T-Mobile 1.0 (2.2) (2.3) (2.2) 0.1 2.4 4.1 6.3 Ireland O2 plc N.A. 15.4 N.A. 13.4 N.A. 7.7 N.A. 18.5 Italy Vodafone Group Plc N.A. 7.1 N.A. (5.0) N.A. N.A. N.A. N.A.Spain Vodafone Group Plc N.A. 26.6 N.A. 25.9 N.A. 16.8 N.A. N.A.

Latin America Mexico Telcel 25.5 21.3 20.1 22.6 27.7 25.6 29.2 30.8 Telefonica Moviles (1.7) 33.0 3.9 27.8 71.5 35.4 7.6 19.2 Unefon S.A. de C.V. (15.1) (13.3) (9.6) (0.4) (2.8) 12.2 6.2 5.4 Brazil Claro 25.0 21.3 20.1 29.8 67.9 61.6 67.8 96.0 Vivo (Telefonica Moviles and Portugal Telecom SA) 39.0 31.0 25.2 (4.8) 6.8 1.1 8.8 (9.7)Oi (Telemar Norte Leste S.A.) 23.1 22.6 32.3 35.5 37.4 61.8 68.8 69.9 TIM Participacoes S.A. 8.8 13.3 19.1 (11.9) 15.4 7.8 5.9 (3.1)Ecuador Conecel SA 61.3 68.2 67.5 53.3 69.1 63.2 65.7 109.6 Columbia Comunicacion Celular S.A. 67.7 78.4 80.8 48.3 49.7 38.6 23.3 37.5 Argentina CTI Movil 81.0 100.9 118.4 146.6 148.4 113.4 81.6 56.2 Telefonica Moviles 150.4 188.0 205.3 193.0 71.7 44.1 35.7 43.8 Telecom Personal S.A. 67.0 44.0 86.0 58.5 61.4 57.5 45.6 56.5 Peru Telefonica Moviles 30.4 53.8 48.5 47.5 (1.3) 7.1 4.6 (9.4)Chile Telefonica Moviles 96.1 181.9 N.A. N.A. N.A. N.A. 11.1 19.6 Venezuela Movilnet C.A. 87.9 34.9 36.6 42.3 35.9 52.9 45.6 36.2


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Appendix K: Sales/Revenue Growth (continued) (Year over Year %) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04Asia/Pacific Japan Vodafone KK — — — — (4.4) — (7.2) —NTT DoCoMo, Inc. 1.5 (3.6) (2.8) (1.5) (7.8) (4.1) (2.5) —KDDI 5.3 0.4 (0.8) (2.2) 0.7 7.8 4.4 —Korea SK Telecom Co., Ltd. 5.7 6.6 6.0 0.0 2.0 1.0 0.0 7.0 KT Freetel 7.9 7.8 (2.3) 13.4 1.9 11.9 16.5 19.4 LG TeleCom 11.0 12.1 6.7 7.4 7.0 42.0 49.6 48.2 China China Mobile (Hong Kong) Ltd 26.3 27.8 32.5 30.2 21.3 17.9 4.5 11.9 Philippines Philippine Long Distance Telephone Co. 5.6 8.0 (1.0) (0.1) 24.5 42.2 68.7 71.2 Globe Telecom 6.8 7.6 1.1 3.1 7.9 9.0 15.5 17.1 Malaysia Telekom Malaysia Berhad 5.2 6.6 5.4 6.0 (7.0) (3.9) 11.9 176.3 Singapore Singapore Telecommunications Ltd. 5.7 4.0 0.0 (1.4) (1.0) (0.8) 3.1 2.7 Australia SingTel Optus Pty. Limited 3.3 2.6 5.0 6.9 10.9 13.1 12.6 11.6 Telstra Corporation Limited (Semiannual) 4.6 — 8.3 7.6 9.1 8.3 3.7 6.0 New Zealand Telecom Corporation of New Zealand Ltd. 8.5 12.4 15.0 14.7 16.3 14.7 16.9 14.9 India Bharti Tele-Ventures Limited 47.9 55.4 58.9 71.3 62.1 67.3 61.1 49.7 Sri Lanka Sri-Lanka Telecom Ltd. 13.8 (12.7) 8.3 59.3 150.5 259.6 180.4 57.1 Indonesia Telkomsel — 36.4 39.8 32.5 30.0 28.2 30.6 43.5 PT Indosat (2.2) 15.9 36.5 25.1 35.4 40.0 39.8 63.5 PT Excelcomindo 29.6 18.2 14.2 9.2 8.9 9.2 16.6 34.4 Thailand Advance Info Service PCL (0.6) (6.8) (7.4) (1.5) 8.9 9.5 6.5 6.2 Total Access Communication, PCL 12.0 7.4 14.0 9.9 16.5 20.3 25.4 33.7


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Appendix L: Operating EBITDA Growth (Year over Year %) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 87.9 1.2 (10.3) (13.9) (32.3) (5.6) (2.9) (10.2)Verizon Wireless 35.8 8.0 8.8 19.2 20.0 31.5 40.3 26.7 Sprint Nextel Corp. 6.7 10.1 16.1 13.8 17.1 17.9 22.8 28.0 T-Mobile USA, Inc. — 48.0 50.8 67.9 57.5 70.9 43.1 59.7 Alltel Corporation 29.3 33.8 17.4 22.4 11.5 8.5 3.7 (2.3)Canada TELUS Corp. 14.4 27.9 28.3 36.2 49.8 31.8 42.2 38.7 Roger Wireless Inc. 33.2 30.4 32.7 27.4 35.8 19.6 29.1 28.6 Bell Mobility Inc. 13.5 8.7 5.0 9.5 19.7 33.1 44.7 19.6

Europe U.K. Vodafone Group Plc N.A. (8.2) N.A. 4.8 N.A. 8.2 N.A. N.A.O2 plc N.A. 2.9 N.A. 7.7 N.A. 20.5 N.A. 25.3Orange SA (8.9) N.A. (13.7) N.A. (3.2) N.A. N.A. N.A.T-Mobile 28.7 1.0 (11.4) (27.9) (7.1) 50.0 38.2 38.1France Orange SA (10.3) N.A. 7.1 N.A. 11.2 N.A. N.A. N.A.Germany Vodafone Group Plc N.A. 2.7 N.A. 7.6 N.A. 4.2 N.A. N.A.O2 plc N.A. 50.9 N.A. 52.6 N.A. 49.5 N.A. 346.2T-Mobile (6.5) (1.9) 2.7 2.7 4.4 0.5 0.7 (1.4)Ireland O2 plc N.A. 14.2 N.A. 11.4 N.A. 2.9 N.A. 23.5Italy Vodafone Group Plc N.A. 7.9 N.A. 31.7 N.A. N.A. N.A. N.A.Spain Vodafone Group Plc N.A. 27.4 N.A. 22.5 N.A. 10.3 N.A. N.A.

Latin America Mexico Telcel 35.9 30.2 23.0 20.5 26.8 25.0 31.3 39.0 Telefonica Moviles (35.0) 34.4 37.4 4.5 (24.6) (34.7) Unefon S.A. de C.V. (24.6) (46.0) 23.3 (9.0) 11.6 (5.4) (19.7) 3.2 Brazil Claro 54.0 (175.6) N.M. (44.2) (306.9) (97.4) (97.8) (11.4)Vivo (Telefonica Moviles and Portugal Telecom SA) 7.8 17.3 (20.1) 14.8 (8.5) 2.6 (9.1) 10.1 Oi (Telemar Norte Leste S.A.) 54.6 N.M. 571.7 555.6 64.3 650.0 (77.8) 121.1 TIM Participacoes S.A. 16.9 9.4 19.6 (4.4) 13.0 31.0 (18.5) (6.0)Ecuador Conecel SA 39.2 15.2 0.8 32.1 31.6 69.2 73.5 66.8 Columbia Comunicacion Celular S.A. 93.3 10.2 (34.9) 27.3 (8.6) 9.4 15.9 6.5 Argentina CTI Movil N.M. N.M. N.M. 77.0 (143.3) (121.2) (91.5) (24.9)Telefonica Moviles (35.0) 34.4 37.4 29.2 (67.7) 1.8 Telecom Personal S.A. (20.0) (3.0) (16.0) 10.3 (8.1) (7.0) (1.9) 18.2 Peru Telefonica Moviles 50.0 85.4 86.2 82.0 4.4 (19.3) (26.0) (35.9)Chile Telefonica Moviles 186.7 318.8 N.A. N.A. N.A. N.A. (23.5) (9.4)

EBITDA – Earnings before interest, taxes, depreciation and amortization. N.A. – Not available. N.M. – Not meaningful. Source: Company reports. Continued on next page.

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Appendix L: Operating EBITDA Growth (continued) (Year over Year %) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04Asia/Pacific Japan Vodafone KK — — — — 25.7 — 27.8 —NTT DoCoMo, Inc. (16.8) 0.1 2.5 (46.5) (10.2) 3.4 (13.0) —KDDI 5.9 (1.9) (5.1) (7.0) (3.3) 0.0 2.4 —Korea SK Telecom Co., Ltd. 2.8 4.0 27.0 (7.0) 5.0 (15.0) 27.0 (8.0)KT Freetel 13.5 12.4 27.5 30.5 14.6 1.2 (8.6) (8.8)LG TeleCom 39.7 21.5 65.2 78.3 (5.3) 10.2 (33.9) (43.5)China China Mobile (Hong Kong) Ltd 24.8 23.2 27.2 22.0 16.2 13.1 9.1 8.4 Philippines Philippine Long Distance Telephone Co. 17.4 15.9 (2.7) 9.9 (16.7) 43.2 89.2 68.2 Malaysia Telekom Malaysia Berhad 6.6 (0.5) 12.5 13.1 — — — —Australia SingTel Optus Pty. Limited (1.8) (4.3) 3.4 19.2 15.8 16.2 15.8 19.1 New Zealand Telecom Corporation of New Zealand Ltd. 1.6 (6.3) (4.3) (7.0) (4.8) (1.5) (9.1) 0.0 India Bharti Tele-Ventures Limited 60.6 70.5 58.0 76.6 56.1 71.0 120.6 96.5 Sri Lanka Sri-Lanka Telecom Ltd. (16.7) (31.3) 109.2 (383.7) 839.1 295.2 95.5 (234.2)Indonesia Telkomsel — 37.8 43.0 34.5 26.8 34.6 29.7 43.6 PT Indosat (15.6) (3.8) 36.6 25.9 1.0 45.1 15.1 117.4 PT Excelcomindo 4.7 23.3 (0.8) 3.0 5.7 (10.0) 26.5 29.3 Thailand Advance Info Service PCL (5.1) (9.5) (9.5) 1.9 17.6 6.8 14.3 20.9 Total Access Communication, PCL 16.0 6.7 13.0 2.1 9.5 28.1 27.5 46.7

EBITDA – Earnings before interest, taxes, depreciation and amortization. Source: Company reports.

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Appendix M: Operating EBITDA Margin (%) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 25.8 25.1 24.8 21.7 15.1 25.6 28.4 25.9Verizon Wireless 40.0 36.1 37.7 36.3 34.8 38.2 39.7 36.6Sprint Nextel Corp. 31.1 32.9 34.3 32.4 32.3 33.6 33.7 32.6T-Mobile USA, Inc. 28.1 30.7 29.9 24.0 15.9 26.0 25.5 18.9Alltel Corporation 33.4 37.1 35.7 35.1 34.2 36.1 35.4 32.8Canada TELUS Corp. 36.9 47.5 45.4 44.5 37.7 43.0 41.9 41.8Roger Wireless Inc. 26.7 35.7 37.9 34.1 24.7 32.9 33.7 31.7Bell Mobility Inc. 38.3 45.3 43.2 42.1 36.9 45.9 45.4 39.6

Europe U.K. Vodafone Group Plc N.A. 30.4 N.A. 34.3 N.A. 33.2 N.A. 31.1O2 plc N.A. 28.5 N.A. 31.0 N.A. 29.4 N.A. 31.1Orange SA 14.9 N.A. 12.8 N.A. 16.8 N.A. 16.1 N.A.T-Mobile 27.9 37.2 32.3 28.0 23.8 35.3 33.3 33.9France Orange SA 17.2 N.A. 19.9 N.A. 20.4 N.A. 20.0 N.A.Germany Vodafone Group Plc N.A. 46.4 N.A. 45.9 N.A. 46.9 N.A. 44.4O2 plc N.A. 22.8 N.A. 17.9 N.A. 18.6 N.A. 14.7T-Mobile 42.3 42.5 42.5 39.8 45.7 42.4 40.4 37.9Ireland O2 plc N.A. 37.5 N.A. 38.4 N.A. 37.9 N.A. 39.0Italy Vodafone Group Plc N.A. 53.9 N.A. 53.0 N.A. 53.5 N.A. 51.0Spain Vodafone Group Plc N.A. 36.6 N.A. 33.3 N.A. 36.4 N.A. 34.1

Latin America Mexico Telcel 46.1 47.2 44.7 42.1 42.5 44.0 43.7 42.9 Telefonica Moviles (13.2) (17.5) (29.9) (23.2) (16.1) (14.2) (21.7) (30.4)Unefon S.A. de C.V. 29.4 18.0 33.9 27.5 33.1 28.8 24.8 30.1 Brazil Claro (4.7) (2.0) (10.6) 6.5 (11.6) 3.2 0.3 15.2 Vivo (Telefonica Moviles and Portugal Telecom SA) 21.0 28.9 20.2 35.6 29.5 34.5 34.0 40.6 Oi (Telemar Norte Leste S.A.) 12.0 22.6 10.4 20.8 9.3 (2.4) 3.3 9.7 TIM Participacoes S.A. 37.1 34.7 39.3 37.8 34.9 35.6 29.3 38.1 Ecuador Conecel SA 24.3 24.6 22.7 31.7 28.1 36.0 37.7 36.8 Columbia Comunicacion Celular S.A. 23.3 18.0 12.2 21.8 20.2 29.1 34.0 25.4 Argentina CTI Movil 9.5 13.0 7.1 12.2 (4.8) (3.5) 1.6 16.9 Telefonica Moviles 14.5 21.7 10.7 11.9 (15.2) (1.9) 7.2 22.7 Telecom Personal S.A. 16.6 21.5 20.7 21.0 23.3 25.3 29.3 30.2 Peru Telefonica Moviles 31.9 32.2 32.9 31.5 34.8 26.7 26.3 2505.0 Chile Telefonica Moviles 42.5 38.8 32.0 25.1 28.8 24.8 22.0 25.0

EBITDA – Earnings before interest, taxes, depreciation and amortization. N.A. – Not available. Source: Continued on next page.

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Appendix M: Operating EBITDA Margin (continued) (%) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04Asia/Pacific Japan Vodafone KK — — 21.7 — 25.7 — 27.7 —NTT DoCoMo, Inc. 27.1 37.5 38.2 19.9 33.1 36.1 36.2 36.7 KDDI 22.5 21.3 24.1 19.1 22.4 21.9 25.2 20.1 Korea SK Telecom Co., Ltd. 42.7 41.6 43.7 40.8 43.9 42.7 36.4 44.3 KT Freetel 38.4 37.5 40.3 39.2 37.0 36.2 33.5 34.0 LG TeleCom 29.7 28.7 27.5 21.0 24.0 27.0 19.0 15.0 China China Mobile (Hong Kong) Ltd 54.9 54.5 54.7 54.0 55.4 56.8 57.1 57.6 Philippines Philippine Long Distance Telephone Co. 58.0 65.6 63.3 61.6 52.2 61.1 64.4 55.9 Malaysia Telekom Malaysia Berhad 45.5 45.9 47.5 46.4 44.9 49.1 44.5 43.5 Australia SingTel Optus Pty. Limited 36.6 36.7 38.1 42.3 38.6 39.3 38.6 37.9 New Zealand Telecom Corporation of New Zealand Ltd. 28.4 28.8 32.4 32.5 30.0 34.8 38.9 43.5 India Bharti Tele-Ventures Limited 36.5 36.5 34.8 34.8 33.6 33.2 35.1 32.2 Sri Lanka Sri-Lanka Telecom Ltd. (21.1) 20.4 35.4 40.4 (28.8) 25.9 18.3 (22.7)Indonesia Telkomsel — 72.6 71.5 72.6 75.4 71.9 69.9 71.5 PT Indosat 53.5 56.0 65.6 62.1 60.3 69.0 64.6 62.7 PT Excelcomindo 48.0 59.2 60.3 61.1 59.4 56.7 69.4 65.3 Thailand Advance Info Service PCL 48.9 51.1 51.3 55.0 37.0 49.7 53.1 54.0 Total Access Communication, PCL 37.6 38.1 38.0 38.1 36.8 40.0 39.2 41.1

EBITDA – Earnings before interest, taxes, depreciation and amortization. Source: Company reports.

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Appendix N: Capital Spending (% of Total Sales/Revenue) Mobile/Wireless Operators 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04United States/Canada United States Cingular Wireless LLC 33.6 15.4 25.4 11.8 21.1 16.7 20.0 14.7 Verizon Wireless 17.5 19.4 21.6 22.1 20.6 18.8 20.9 21.3 Sprint Nextel Corp. 14.5 19.7 20.1 13.9 21.0 17.6 17.0 16.9 T-Mobile USA, Inc. 20.4 15.4 22.6 10.9 19.3 19.0 33.1 25.2 Alltel Corporation 15.4 13.7 19.5 14.1 20.3 15.2 15.9 10.8 Canada TELUS Corp. 16.3 9.9 14.2 7.9 16.2 13.8 11.5 7.9 Roger Wireless Inc. 18.7 10.0 15.9 13.6 15.0 15.9 21.8 25.6 Bell Mobility Inc. 7.1 12.9 15.3 9.0 16.8 13.1 11.0 10.0

Europe U.K. O2 plc N.A. 11.5 N.A. 19.2 N.A. 17.7 N.A. N.A.Orange SA N.A. N.A. N.A. N.A. 8.6 N.A. 10.1 N.A.T-Mobile 16.2 9.2 9.8 8.7 9.2 8.2 8.5 5.1 France Orange SA N.A. N.A. N.A. N.A. 14.6 N.A. 9.5 N.A.Germany O2 plc N.A. 38.8 N.A. 32.7 N.A. 18.1 N.A. N.A.T-Mobile 6.5 4.6 3.4 6.7 4.9 4.3 7.6 5.2 Ireland O2 plc N.A. 19.6 N.A. 21.6 N.A. 16.2 N.A. N.A.

Latin America Mexico Telefonica Moviles 54.2 34.9 13.0 5.3 38.2 152.8 33.7 16.5 Unefon S.A. de C.V. 11.1 4.7 13.2 8.3 5.8 6.7 15.2 15.2 Brazil Vivo (Telefonica Moviles and Portugal Telecom SA) 26.9 16.8 19.3 20.6 27.0 25.2 18.9 5.4 Argentina Telefonica Moviles 15.5 8.3 19.9 8.1 28.3 11.4 78.1 36.0 Telecom Personal S.A. 9.9 14.1 2.1 5.7 14.4 13.8 15.5 15.9 Peru Telefonica Moviles 27.2 10.9 6.7 4.9 28.6 12.2 8.6 5.6 Chile Telefonica Moviles 40.1 25.6 25.5 9.3 42.2 29.0 — —

Asia/Pacific Japan NTT DoCoMo, Inc. 11.7 13.7 14.0 11.7 13.7 13.8 16.0 13.3 KDDI 10.3 10.3 7.7 15.9 9.2 8.0 4.1 11.8 Korea SK Telecom Co., Ltd. 25.6 16.4 11.0 3.7 29.2 17.1 15.0 4.4 KT Freetel 22.4 8.0 10.3 6.2 22.4 10.6 18.6 21.3 LG TeleCom 12.0 9.0 14.0 15.0 18.0 13.0 12.0 17.0 China China Mobile (Hong Kong) Ltd 29.4 — 11.8 — 31.7 — 15.0 —Philippines Philippine Long Distance Telephone Co. 19.2 7.1 9.4 9.4 9.9 22.8 27.4 18.6 Malaysia Telekom Malaysia Berhad 41.1 5.8 24.8 5.0 20.5 27.7 10.3 6.1 Australia SingTel Optus Pty. Limited 9.1 9.1 11.0 8.8 4.3 4.5 6.3 9.0 New Zealand Telecom Corporation of New Zealand Ltd. 14.2 9.6 9.7 8.9 19.9 7.0 17.8 8.3 India Bharti Tele-Ventures Limited 38.2 45.2 40.1 25.7 71.5 94.0 33.1 48.3 Sri Lanka Sri-Lanka Telecom Ltd. 79.3 118.3 209.9 47.2 39.9 120.8 125.6 45.1 Indonesia Telkomsel — 46.5 37.3 26.5 43.8 37.6 29.6 34.5 PT Indosat 130.8 40.1 84.8 50.3 86.5 59.3 62.5 43.0 PT Excelcomindo 161.3 135.1 80.4 47.0 73.4 83.5 65.0 70.8 Thailand Advance Info Service PCL 18.2 23.6 24.1 15.7 18.7 17.5 6.5 11.6 Total Access Communication, PCL 26.6 13.1 32.5 16.1 19.2 17.2 14.0 9.6


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Appendix O: Exchange Rates (As of Dec. 30, 2005) Abbreviation US$Canadian Dollar C$ 0.8579British Pound GBP 1.7188Euro EUR 1.1842Japanese Yen JPY 0.0085Mexican Peso MXN 0.0941Brazilian Real BRL 0.4284Columbian Peso COP 0.0040Argentine Peso ARS 0.3459Peruvian Nuevo Sol PEN 0.2919Chilean Peso CLP 0.0017Venezuelan Bolivar VEB 0.0005South-Korean Won KRW 0.0010Chinese Yuan Renminbi CNY 0.1238Philippine Peso PHP 0.0188Malaysian Ringgit MYR 0.2647Singapore Dollar SGD 0.6014Australian Dollar AUD 0.7342New Zealand Dollar NZD 0.6937Indian Rupee INR 0.0220Indonesian Rupiah IDR 0.0001Thai Baht THB 0.0244Source: xe.com

corporate finance€¦ · g. brazil at approximately 14%, mexico at approximately 22%, japan at...

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