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194.9 18.1 37.2 43.9 19.8 112.1 13

1.24 0.93 1 0.57 1 0.96 1 1 10.61 9.04 1 8.01 1 7.63 1 6.86 1 11.65% 15

34% 17% 49% 35.52% 21

28,9638 18,3153 3676% 28.34% 36.71% (387) 58

28,9638 18,3153 3676% 59

GSMCDMA 79

18,589.2 36.4%35.8%39.6% CDMAWCDMA 80

100

101

102

United Telecoms Limited 1 2006 9 8 2006 12 11 5,000 73,923,700 ( 1036.19 ) 12 3 2007 6 28 2 300 6.5 0 (A) 3 (B) 8,086.57 5,000 3,819.2 6,140.55 5,147.33 A+B) 53,151.72 3.50% C 0 70% 4 (D) 1,140.55 50% (E) 0 *(C+D+E) 1,140.55 103

104

105

106

107

108

(2009)60438556_H01 ( )( ) 200812312008 1 23 200812312008 2009319 109

20081231 2008 2007 () 1 11,480,406 6,483,170 2-123,644 3 1,578,473 1,656,258 4 9,972,495 7,098,949 4 1,658,941 153,668 5 355,887 311,362 6 757,847 689,889 7 8,978,036 7,429,503 8 7,894,010 6,540,218 42,676,095 30,486,661 9 251,148 43,464 10 612,008 581,007 10 753,568 3,142,709 11 168,433 137,019 12 4,103,076 3,038,063 13 817,086 931,090 14 589,084 224,848 15 476,020 258,991 16 400,265 352,210 19,138 33,494 8,189,826 8,742,895 50,865,921 39,229,556 20107 110

20081231 2008 2007 () 19 3,882,479 2,893,855 4 1,658,941 153,668 2 12,560 7,876 20 6,318,059 3,946,429 21 9,495,946 7,856,240 8 2,965,582 1,597,314 22 1,392,862 1,491,219 23 1,443,017 1,207,431 24 (765,040) (1,342,330) 25 22,750 41,180 27 1,553,011 1,348,465 64,281 101,695 26 170,382 126,042 28 1,782,006 1,509,569 29,996,836 20,938,653 29 1,292,547 2,085,229 10 753,568 3,142,709 30 3,514,652-31 80,000 80,000 16 5,019 56,460 32 39,752 38,097 5,685,538 5,402,495 35,682,374 26,341,148 33 1,343,330 959,522 34 6,298,172 5,807,332 35 1,431,820 1,364,758 36 5,021,369 3,831,231 36 402,999 239,880 (248,146) (65,562) 14,249,544 12,137,161 37 934,003 751,247 15,183,547 12,888,408 50,865,921 39,229,556 20107 2107 111

2008 2008 2007 () 38 44,293,427 34,777,181 38 29,492,530 23,004,541 39 415,854 280,266 5,312,516 4,395,125 2,099,715 1,777,554 15 3,994,145 3,210,433 40 1,308,254 494,371 41 419,358 789,140 42 (128,328) 115,566 43 122,666 59,437 43 19,877 24,267 1,245,393 1,000,754 44 1,098,296 906,133 44 81,146 179,153 37,154 23,927 2,262,543 1,727,734 45 350,608 276,283 1,911,935 1,451,451 1,660,199 1,252,158 251,736 199,293 46 1.24 0.93 1.20 0.92 20107 2107 112

2008 959,522 5,807,332 1,364,758 3,831,231 239,880 (65,562) 12,137,161 751,247 12,888,408 () - - - 1,660,199 - - 1,660,199 251,736 1,911,935 () - - - - - - - - - 1. - 580,210 - - - - 580,210-580,210 2. - 4,763 - - - - 4,763 1,084 5,847 3. - - - - - - - - - 4. - - - - - (182,584) (182,584) - (182,584) ()() - 584,973-1,660,199 - (182,584) 2,062,588 252,820 2,315,408 20107 113

2008 () 1. - - - - - - - - - 2. - 299,551 - - - - 299,551-299,551 3. - (9,876) - - - - (9,876) (19,984) (29,860) () 1. - - 67,062 (67,062) - - - - - 2. - - - - (239,880) - (239,880) (50,080) (289,960) 3. - - - (402,999) 402,999 - - - - 4. - - - - - - - - - () 1. 383,808 (383,808) - - - - - - - 2. - - - - - - - - - 3. - - - - - - - - - 4. - - - - - - - - - 1,343,330 6,298,172 1,431,820 5,021,369 402,999 (248,146) 14,249,544 934,003 15,183,547 20107 114

2007 959,522 5,509,664 1,331,059 2,852,652 143,928 (32,880) 10,763,945 561,892 11,325,837 () - - - 1,252,158 - - 1,252,158 199,293 1,451,451 () 1. - - - - - - - - - 2. - - - - - - - - - 3. - - - - - - - - - 4. - - - - - (32,682) (32,682) (3,647) (36,329) ()() - - - 1,252,158 - (32,682) 1,219,476 195,646 1,415,122 20107 115

2007 () 1. - - - - - - - 17,207 17,207 2. - 297,668 - - - - 297,668-297,668 3. - - - - - - - - - () 1. - - 33,699 (33,699) - - - - - 2. - - - - (143,928) - (143,928) (23,498) (167,426) 3. - - - (239,880) 239,880 - - - - 4. - - - - - - - - - () - 1. - - - - - - - - - 2. - - - - - - - - - 3. - - - - - - - - - 4. - - - - - - - - - 959,522 5,807,332 1,364,758 3,831,231 239,880 (65,562) 12,137,161 751,247 12,888,408 20107 2107 116

2008 2008 2007 45,008,874 34,078,133 3,972,631 2,649,273 47 325,759 199,881 49,307,264 36,927,287 30,430,667 24,683,459 6,160,806 4,778,567 2,515,238 1,729,913 47 6,552,640 5,646,958 45,659,351 36,838,897 48 3,647,913 88,390 15,392 26,803 89,862 34,479 52,554 18,295 157,808 79,577 1,911,923 1,777,223 233,536 60,000 2,145,459 1,837,223 (1,987,651) (1,757,646) 20107 117

2008 2008 2007 43,342 503,138-17,207 3,961,444-9,365,004 6,981,386 13,369,790 7,484,524 8,896,625 3,117,701 830,481 538,488-66,259 9,727,106 3,656,189 3,642,684 3,828,335 (268,535) 8,607 5,034,411 2,167,686 6,309,749 4,142,063 49 11,344,160 6,309,749 20107 2107 118

20081231 2008 2007 () 8,331,272 4,640,149-123,644 1,513,358 1,599,250 1 13,186,642 8,945,606 1 1,783,941 278,668 18,546 85,165 23,848 184,589 2 1,442,177 1,489,362 5,211,017 3,506,876 8,038,449 6,153,299 39,549,250 27,006,608 3 243,198 41,464 4 1,214,038 401,715 4 753,568 3,142,709 5 1,747,760 547,970 2,608,957 1,878,330 402,290 817,787 479,947 78,398 137,915 127,624 231,182 284,230 7,818,855 7,320,227 47,368,105 34,326,835 20107 119

20081231 2008 2007 () 1,273,828 2,535,673 1 1,783,941 278,668 12,560-6,901,568 3,818,010 12,582,726 8,616,400 2,408,455 472,653 1,640,192 1,502,276 596,515 516,807 (993,777) (1,056,962) 10 500 4,188,152 2,677,845 31,263 21,695 100,724 78,463 673,384 1,509,569 31,199,541 20,971,597 1,005,039 911,322 4 753,568 3,142,709 3,514,652-80,000 80,000 7,242 27,823 39,752 38,097 5,400,253 4,199,951 36,599,794 25,171,548 1,343,330 959,522 6,271,137 5,772,061 769,603 769,603 1,992,735 1,417,872 402,999 239,880 (11,493) (3,651) 10,768,311 9,155,287 47,368,105 34,326,835 20107 2107 120

2008 2008 2007 () 6 40,745,196 32,799,255 6 33,455,197 27,598,911 89,472 41,396 4,076,649 3,678,450 1,131,736 1,165,704 885,718 1,066,595 1,013,256 683,100 164,869 669,501 (136,203) 123,644 7 1,268,859 2,050,189 7 1,867 5,268 1,060,955 69,431 127,061 127,117 46,571 64,481 17,879 11,508 1,141,445 132,067 163,583 106,732 977,862 25,335 20107 2107 121

2008 959,522 5,772,061 769,603 1,417,872 239,880 (3,651) 9,155,287 () - - - 977,862 - - 977,862 () - - - - - - - 1. - 580,210 - - - - 580,210 2. - 3,123 - - - - 3,123 3. - - - - - - - 4. - - - - - (7,842) (7,842) ()() - 583,333-977,862 - (7,842) 1,553,353 20107 122

2008 () 1. - - - - - - - 2. - 299,551 - - - - 299,551 3. - - - - - - - () 1. - - - - - - - 2. - - - - (239,880) - (239,880) 3. - - - (402,999) 402,999 - - 4. - - - - - - - () 1. 383,808 (383,808) - - - - - 2. - - - - - - - 3. - - - - - - - 4. - - - - - - - 1,343,330 6,271,137 769,603 1,992,735 402,999 (11,493) 10,768,311 20107 123

2007 959,522 5,474,393 769,603 1,632,417 143,928 (1,493) 8,978,370 () - - - 25,335 - - 25,335 () 1. - - - - - - - 2. - - - - - - - 3. - - - - - - - 4. - - - - - (2,158) (2,158) ()() - - - 25,335 - (2,158) 23,177 20107 124

2007 () 1. - - - - - - - 2. - 297,668 - - - - 297,668 3. - - - - - - - () 1. - - - - - - - 2. - - - - (143,928) - (143,928) 3. - - - (239,880) 239,880 - - 4. - - - - - - - () 1. - - - - - - - 2. - - - - - - - 3. - - - - - - - 4. - - - - - - - 959,522 5,772,061 769,603 1,417,872 239,880 (3,651) 9,155,287 20107 2107 125

2008 2008 2007 39,233,345 29,194,282 3,088,258 1,986,659 213,248 158,803 42,534,851 31,339,744 31,511,180 26,772,364 1,523,431 1,884,394 149,482 132,293 4,734,886 2,538,701 37,918,979 31,327,752 4,615,872 11,992-10,146 97,900 29,534 97,900 39,680 1,302,964 1,276,510 805,114 65,151 2,108,078 1,341,661 (2,010,178) (1,301,981) 20107 126

2008 2008 2007 43,342 485,932 3,961,444-6,372,399 5,853,557 10,377,185 6,339,489 8,376,712 2,968,298 668,330 390,798 9,045,042 3,359,096 1,332,143 2,980,393 (218,452) (8,758) 3,719,385 1,681,646 4,604,365 2,922,719 8,323,750 4,604,365 20107 2107 127

20081231 (1997)452 4531997106 19971118 2003 200312 2005 1120061229 19971111 4403011015176N35868 20041292004 [2004]865 [2004]38 (H )160,151,040158,766,450 1,384,590 20051228 20081231 200720071231959,521,650 104383,808,66020082008 12311,343,330,31033 128

20081231 20062 38 ( ) 200812 312008 2008 1. 111231 2. 3. 4. 129

20081231 4. () 5. 20081231 130

20081231 5. 6. 7. 131

20081231 8. 9. 132

20081231 10. 133

20081231 11. 30 5% 3.17% 5-10 5% 9.5%-19% 5-10 5% 9.5%-19% 5-10 5% 9.5%-19% 5 5% 19% 12. 13. 134

20081231 13. 5 10 50 20 14. 135

20081231 15. ( ) (1) (2) (3) (a) (b) 136

20081231 15. 137

20081231 15. 14 138

20081231 15. () 139

20081231 15. 2 16.,, - - - 140

20081231 16. - - 3 17. 18. - - - 141

20081231 18. 19. 20. 142

20081231 21. 1 200211 () ( ) / 143

20081231 22. 1) 2) 1) 2) 144

20081231 23. 24. 1) 2) 3) / / 145

20081231 24. 15-14- 146

20081231 24. 19 147

20081231 24. - 17% - 3%5% - - - - - 200811 148

20081231 15% 10% 20050098 15% 200718%9% 50%20031120071231 15% (2005)004 12 3515% 18%9% 15% [2008]29 2008-2010 2008-2010 15% 2008-2010 15% [2007]4 25% 2008-2010 149

20081231 2007301 2008-2010 2008-2010 15% 15% 5,000 50,000 5,000 5,000 ZTE Telecom India Private Limited 12.5 20,000 3,000 3,958.3 1,000 3,110 5,500 1,000 60,000 4,900 73% 25% 98% 75250847-2 50,000 100% - 100% 5,000 90% 10% 100% 76199710-8 4,500 90% - 90% 279285671 196.8 100% - 100% 4,504 76% - 76% 74537900-0 1,530 51% - 51% 75860475-6 3,166 80% - 80% 73205874-2 650 65% - 65% 71869554-2 1,570 51% - 51% 14897470-9 4,400 75% 5% 80% 74886449-0 510 51% - 51% 76223980-0 60,000 100% - 100% 68385252-7 20089 150

20081231 1. 2008 2007 656 1.0000 656 956 1.0000 956 1,343 6.8346 9,179 790 7.3046 5,771 1,250 1.8193 2,274 369 1.9428 717 210 9.6590 2,028 56 10.6669 597 12,735 0.0268 341 9,156 0.0286 262 1,875 0.0963 181 1,750 0.1020 179 1,262 0.1402 177 1,332 0.1852 247 454 0.1958 89 305 0.2431 74 37 0.8819 33 97 0.9364 91 - - 341 666 15,299 9,560 2008 2007 6,334,308 1.0000 6,334,308 3,323,708 1.0000 3,323,708 495,904 6.8346 3,389,305 187,924 7.3046 1,372,710 27,651 0.8819 24,385 38,325 0.9364 35,888 21,340 2.8944 61,767 7,374 4.1337 30,482 2,166,164 0.0864 187,157 496,485 0.1191 59,131 28,296 1.2382 35,036 14,791 1.3257 19,608 225,974,462 0.0006 135,585 8,138,452 0.0008 6,511 88,884 9.6590 858,531 123,835 10.6669 1,320,936 1,030,179 0.0963 99,206 238,239 0.1020 24,300 5,962 1.9730 11,763 9,371 2.1870 20,494 191,818 75,556 11,328,861 6,289,324 2008 2007 132,184 1.0000 132,184 172,328 1.0000 172,328 4,062 11,958 136,246 184,286 11,480,406 6,483,170 151

20081231 1. 20081231136,246 18 200812311,535,102 73 2. / 2008 2007-123,644 12,560 7,876 3. 2008 2007 370,751 745,257 1,207,722 911,001 1,578,473 1,656,258 20081231468,824(2007 1231465,159) 200812315% (20071231) 20081231 152

20081231 4. 0-901 2008 2007 3,492,649 1.0000 3,492,649 2,728,635 1.0000 2,728,635 599,951 6.8346 4,100,425 419,704 7.3046 3,065,770 119,375 9.6590 1,153,043 38,699 10.6669 412,798 3,572,039 0.0864 308,624 2,638,900 0.1191 314,293 3,360,114 0.1402 471,088 1,271,706 0.1852 235,520 446,666 341,933 9,972,495 7,098,949 2008 2007 1 9,915,769 7,220,290 12 1,016,036 570,858 23 265,763 276,581 301,657 86,685 11,499,225 8,154,414 1,526,730 1,055,465 9,972,495 7,098,949 2008 2007 5,792,559 50% 915,130 16% 3,296,926 40% 670,836 20% 5,706,666 50% 611,600 11% 4,857,488 60% 384,629 8% 11,499,225 100% 1,526,730 27% 8,154,414 100% 1,055,465 28% 17 153

20081231 4. 2008 2007 3,454,485 2,077,764 30.04% 25.48% 200812315% 943(20071231943) 1,658,941(20071231153,668 ) 20081231868,794 (20071231: ) 18 2008 2007 5. 2,625,931 1,940,356 1 5,866,359 4,313,249 8,492,290 6,253,605 2008 2007 1 355,887 100% 311,362 100% 200812315% (20071231) 154

20081231 6. : 2008 2007 1 662,704 655,230 12 66,421 21,067 23 19,852 13,592 3 8,870-757,847 689,889 - - 757,847 689,889 2008 2007 7. 192,827 137,856 25.44% 19.98% 200812315% (20071231) 2008 2007 2,166,948 2,546,562 89,550 50,962 745,131 735,703 2,337,993 2,553,963 4,108,578 2,066,073 9,448,200 7,953,263 470,164 523,760 17 8,978,036 7,429,503 155

20081231 7. 8. / 2008 2007 7,894,010 6,540,218 (2,965,582) (1,597,314) 4,928,428 4,942,904 ( 32,018,956 20,711,738 (27,090,528) (15,768,834) 4,928,428 4,942,904 9. 2008 2007 251,148 43,464 2008 5,000 - - 5,000 3,240 - - 3,240 32,000 - - 32,000 () 1,024 - - 1,024 2,000 - - 2,000 200 - - 200-201,734-201,734 () - 3,430-3,430-2,520-2,520 43,464 207,684-251,148 156

20081231 9. 2007 5,000 - - 5,000 3,240 - - 3,240 32,000 - - 32,000 () 1,024 - - 1,024 SunTop Technologies Ltd. 24 - (24) - 2,000 - - 2,000 200 - - 200 10. 43,488 - (24) 43,464 2008 2007 787,532 762,395 (175,524) (181,388) 17 612,008 581,007 753,568(20071231 3,142,709) 157

20081231 10. () 10 313 6LIBOR+1.5% 20%20081231 23 2,833,609,000 11. 2008 2007 (1) 2,255 2,255 (2) 166,178 134,764 2008 (1) 168,433 137,019 / 1 2 3 4 5=1+2+3+4 Bestel Communications Ltd. 50% 2,050 - - - 205 - - 2,255-2,050 - - - 205-2,255 158

20081231 11. (2) / 1 2 3 4 5=1+2+3+4 30% 1,800-1,096-2,024 - - 3,824 29.4% 30,000 (1,844) 9,658 - (699) - - 27,457 KAZNURTEL Limited Liability Company 49% 1,012 - - - 1,465 - - 2,477 30.88% 3,500-1,459-5,615 - - 9,115 22.73% 2,500-782 (909) 3,574 - - 6,074 40% 4,000 - (625) - (2,051) - - 1,949 30% 1,000-2,209-14,428 - - 15,428 22.5% 4,500-7,844 (1,125) 10,813 - - 15,313 ( ) 30% 4,500 - (10) - (1,102) - - 3,398 30% 3,335 2,006 5,513-9,332 - - 14,673 35% 3,500-96 - (543) - - 2,957 WANAAG Communications Limited 45% 351-46 - (212) - - 139 23.26% 60,000 - (4,497) - (4,497) - - 55,503 () 49% 3,380 - (88) - (88) - - 3,292 49% 490 - (411) - (411) - - 79 30% 4,500 - - - - - - 4,500 128,368 162 23,072 (2,034) 37,648 - - 166,178 159

20081231 11. Bestel Communications Ltd 600,000 50% 50% 6,000,000 30% 30% 74,000,000 29.4% 29.4% KAZNURTEL Limited Liability Company 3,000,000 49% 49% 11,332,729 30.88% 30.88% 11,000,000 22.73% 22.73% 10,000,000 40% 40% 2,500,000 30% 30% 20,000,000 22.5% 22.5% () 15,000,000 30% 30% 30,000,000 30% 30% 10,000,000 35% 35% WANAAG Communications Limited 100,000 45% 45% 1,290,000,000 23.26% 23.26% () 1,000,000 49% 49% 1,000,000 49% 49% 15,000,000 30% 30% 160

20081231 11. 2008 2008 2008 2008 Bestel Communications Ltd 4,606 96 - - 45,016 32,269 57,491 6,746 166,900 81,699 218,737 21,979 KAZNURTEL Limited Liability Company 7,164 2,109 - - 97,603 68,695 239,657 4,724 98,937 72,206 97,777 6,351 16,579 11,706 62,227 (1,562) 100,426 48,989 186,970 6,441 108,632 40,122 117,728 34,864 () 68,467 78,782 37,118 (32) 59,865 10,839 220,871 18,267 8,765 318 4,224 274 WANAAG Communications Limited 1,475 2,308 890 103 242,246 3,587 - (19,331) 311 151 - (839) 4,500 - - - 6,921 270 - (180) 2007 (1) /() 1 2 3 4 5=1+2+3+4 50% 2,500 (4,465) 649-1,965 - - - Bestel Communications Ltd. 50% 2,050-135 - 205 - - 2,255 4,550 (4,465) 784-2,170 - - 2,255 161

20081231 11. (2) 1 2 3 4 5=1+2+3+4 30% 1,800-1,203-928 - - 2,728 40% 30,000 (1,844) 4,505 - (10,357) - - 17,799 30% 3,000 (3,000) (4,076) - - - - - KAZNURTEL Limited Liability Company 49% 1,012 - - - 1,465 - - 2,477 30.88% 3,500-2,794-4,156 - - 7,656 22.73% 2,500-3,548 (1,177) 3,701 - - 6,201 40% 4,000 - (142) - (1,426) - - 2,574 30% 1,000-9,608-12,219 - - 13,219 30% 4,500-4,415-4,094 - - 8,594 ( ) 30% 4,500-114 - (1,092) - - 3,408 30% 3,335-3,017-3,819 - - 7,154 35% 3,500 - (326) - (639) - - 2,861 WANAAG Communicatio ns Limited 45% 351 - - - (258) - - 93 23.26% 60,000 - - - - - - 60,000 122,998 (4,844) 24,660 (1,177) 16,610 - - 134,764 162

20081231 12. 2008 1,291,681 1,945,474 1,512,304 262,115 37,745 5,049,319 35,153 60,063 619,826 52,957 11,916 779,915 746,020 283,576 - - - 1,029,596 (2,841) (86,119) (149,153) (26,719) (6,049) (270,881) (3,424) (60,650) (19,191) (6,623) (9,272) (99,160) 2,066,589 2,142,344 1,963,786 281,730 34,340 6,488,789 250,459 922,884 642,335 93,171 15,405 1,924,254 63,491 205,868 282,619 23,762 8,949 584,689 (1,017) (74,347) (96,277) (12,443) (2,046) (186,130) (427) (11,286) (7,959) (1,539) (2,891) (24,102) 312,506 1,043,119 820,718 102,951 19,417 2,298,711 7,708 77,819 1,475 - - 87,002 1,746,375 1,021,406 1,141,593 178,779 14,923 4,103,076 1,033,514 944,771 868,494 168,944 22,340 3,038,063 163

20081231 12. 2007 1,007,029 1,774,751 1,195,875 238,044 18,875 4,234,574 58,629 357,289 274,757 45,090 21,418 757,183 228,136-75,164 - - 303,300 (1,699) (137,141) (32,007) (20,163) (2,666) (193,676) (414) (49,425) (1,485) (856) 118 (52,062) 1,291,681 1,945,474 1,512,304 262,115 37,745 5,049,319 191,732 820,411 453,671 80,211 9,689 1,555,714 58,841 208,575 206,926 25,802 6,726 506,870 (45) (97,441) (16,975) (12,560) (947) (127,968) (69) (8,661) (1,287) (282) (63) (10,362) 250,459 922,884 642,335 93,171 15,405 1,924,254 7,708 77,819 1,475 - - 87,002 1,033,514 944,771 868,494 168,944 22,340 3,038,063 807,589 876,521 740,729 157,833 9,186 2,591,858 2008123192,766(200796,478) 127,743(20071231 133,940)18 20081231247,749 (20071231173,634)235,362(20071231 8,682)(20071231 ) 20081231 1,121,607(20071231422,462) 164

20081231 13. 2008 1,000,000 471,817 161,909 482,000 151,726 73.07% 316,286 73,688 250,000 139,974-22,450-22,450 108,130 621,588 283,576 446,142 34,857 35,957 14,020 56,794 2007 931,090 915,592 1,029,596 817,086 650,000 191,818 376,999 97,000 471,817 87.51% 110,757 205,529-316,286 60,747 122,546 75,163 108,130 106,314 59,680 131,137 34,857 469,636 764,754 303,300 931,090 165

20081231 14. 2008 363,946 1,354 47,809 98,619 511,728 27,761 3,678 437,213-468,652 (54,075) - (4,749) (4,089) (62,913) 337,632 5,032 480,273 94,530 917,467 211,720 624 1,426 46,154 259,924 49,294 830 395 3,460 53,979 (11,260) - - (1,216) (12,476) 249,754 1,454 1,821 48,398 301,427 12,884-6,322 7,750 26,956 74,994 3,578 472,130 38,382 589,084 139,342 730 40,061 44,715 224,848 166

20081231 14. 2007 272,443 1,354 14,866 103,006 391,669 96,698-32,943-129,641 (5,195) - - (4,387) (9,582) 363,946 1,354 47,809 98,619 511,728 166,916 316 840 43,782 211,854 46,477 308 586 3,439 50,810 (1,673) - - (1,067) (2,740) 211,720 624 1,426 46,154 259,924 12,884-6,322 7,750 26,956 139,342 730 40,061 44,715 224,848 92,643 1,038 7,704 51,474 152,859 2008123184,1742007123198,837 18 15. 2008 2007 379,774 209,475 96,246 49,516 476,020 258,991 167

20081231 15. 2008 2007 3,994,145 3,210,433 278,430 181,481 16. / 2008 62,083 10,632 71,155 136,695 65,450 6,195 352,210 (19,735) 14,925 13,803 32,711 7,385 (1,034) 48,055 42,348 25,557 84,958 169,406 72,835 5,161 400,265 2007 7,298 34,562 51,141 87,516 53,166 5,208 238,891 54,785 (23,930) 20,014 49,179 12,284 987 113,319 62,083 10,632 71,155 136,695 65,450 6,195 352,210 2008 2007 (56,460) (27,968) 51,441 (28,492) (5,019) (56,460) 168

20081231 16. / 20081231362,606 17. 2008 1,236,853 478,818 (5,864) (7,553) 1,702,254 523,760 37,027 (90,623) - 470,164 87,002 - - - 87,002 26,956 - - - 26,956 2007 1,874,571 515,845 (96,487) (7,553) 2,286,376 522,811 714,042-1,236,853 448,662 91,765 (16,667) 523,760 87,002 - - 87,002 26,956 - - 26,956 1,085,431 805,807 (16,667) 1,874,571 169

20081231 18. 2008 96,478 - (3,712) 92,766 1 406,198 868,794 (58,035) 1,216,957 173,421 - (37,175) 136,246 2 133,940 - (6,197) 127,743 3 98,837 - (14,663) 84,174 4-868,794-868,794 5 2007 100,190 - (3,712) 96,478 1 168,997 237,201-406,198 168,997 4,424-173,421 2-133,940-133,940 3-98,837-98,837 4 1 2008123192,766(200696,478) 2 20081231136,246 131,52020071231137,158 4,72620071231 3 20081231Closed Joint Stock Company Tajik-China Mobile10,269(200712318,906) 117,474(20071231121,044) 170

20081231 18. 4 20081231Closed Joint Stock Company TK Mobile 45,799(2007123154,183) Congo-Chine Telecom S.A.R.L 38,375(2007123144,654) 520081231868,794(20071231: ) 19. 2008 2007 343,000 1.0000 343,000 808,990 1.0000 808,990 384,546 6.8346 2,628,218 276,992 7.3046 2,023,316 127,117 6.8346 868,794-7.3046-42,467 61,549 3,882,479 2,893,855 1.68%-6.56% 20. 2008 2007 3,704,089 3,946,429 2,613,970-20. 6,318,059 3,946,429 200812315% 20071231 171

20081231 21. 22. 6 200812315% 129,615(2007123188,023) 200812315% (20071231) 23. 2008 896,972 5,449,940 (5,255,578) 1,091,334 9,555 353,632 (350,504) 12,683 9,045 383,264 (380,136) 12,173 449 83,713 (82,946) 1,216 8,411 272,775 (270,679) 10,507 112 12,885 (12,743) 254 28 9,002 (8,930) 100 45 4,889 (4,838) 96 1,790 81,768 (82,198) 1,360 290,069 160,543 (125,145) 325,467 1,207,431 6,429,147 (6,193,561) 1,443,017 172

20081231 23. 2007 668,307 4,360,358 (4,131,693) 896,972 101,809 263,295 (355,549) 9,555 3,578 217,942 (212,475) 9,045 369 51,190 (51,110) 449 3,057 147,596 (142,242) 8,411 92 8,246 (8,226) 112 23 7,615 (7,610) 28 37 3,295 (3,287) 45 1,397 2,303 (1,910) 1,790 251,655 117,704 (79,290) 290,069 24. 1,026,746 4,961,602 (4,780,917) 1,207,431 2008 2007 (1,362,909) (1,804,841) 12,063 6,504 2,809 2,328 559,953 399,502 148,843 43,971 411,110 355,531 7,154 6,584 27,311 19,580 (11,421) 28,013 (765,040) (1,342,330) 173

20081231 25. 2008 2007 10-22,740 41,180 26. 2008 22,750 41,180 36,603 5,171 (8,250) 33,524 30,371 27,531 (13,110) 44,792 59,068 135,045 (102,047) 92,066 2007 126,042 167,747 (123,407) 170,382 4,035 36,603 (4,035) 36,603 31,645 10,414 (11,688) 30,371 256,152 61,793 (258,877) 59,068 291,832 108,810 (274,600) 126,042 174

20081231 27. 2008 2007 529,273 485,931 347,558 298,823 409,935 338,384 67,965 51,372 198,280 173,955 1,553,011 1,348,465 200812315% 308(20071231313) 28. 2008 2007 29 1,782,006 1,509,569 29. 2008 2007 RMB 800,000 800,000 1,400,000 1,400,000 2010 USD 50,000 341,730 50,000 365,230 2009-2010 USD 20,000 136,692 20,000 146,092 2010 6,418 111,929 2008-2010 USD 105,000 717,633 63,000 460,190 2009 1 USD 55,200 377,270 55,200 403,214 2012 2 RMB 694,810 694,810 708,143 708,143 2009-2012 3 (1,782,006) (1,509,569) 1,292,547 2,085,229 2% -11.50% 1Congo-Chine Telecom S.A.R.L. 51% 25% 175

20081231 29. 2Closed Joint Stock Company Tajik-China Mobile 34 30. 2008 2008 2007 - - 3,381,234-133,418 - - - 3,514,652-20081304,000 10040 5 1.636,520 242A 78.132008710 55.58 0.8%130 4,000,000 (580,210) (38,556) 3,381,234 176

20081231 31. 80,000 20018,000 2002 32. 2008 2007 3,689 3,689 36,063 34,408 39,752 38,097 177

20081231 33. 1,343,330,3101 2008 /() 1. 310,983 32.41% 105,202 (416,185) - - 2. 971 0.10% 394 328 1,693 0.13% 3. - - - - - - 311,954 32.51% 105,596 (415,857) 1,693 0.13% 1. 487,417 50.80% 214,152 415,857 1,117,426 83.18% 2. 160,151 16.69% 64,060-224,211 16.69% 647,568 67.49% 278,212 415,857 1,341,637 99.87% 959,522 100.00% 383,808-1,343,330 100.00% 200860438556_H01 178

20081231 33. 2007 /() 1. 310,983 32.41% - 310,983 32.41% 2. 1,281 0.13% (310) 971 0.10% 3. - - - - - 312,264 32.54% (310) 311,954 32.51% 1. 487,107 50.77% 310 487,417 50.80% 2. 160,151 16.69% - 160,151 16.69% 647,258 67.46% 310 647,568 67.49% 959,522 100.00% - 959,522 100.00% 34. 2008 5,462,657 - (383,808) 5,078,849-580,210-580,210 44,527 4,763 (9,876) 39,414 300,148 299,551-599,699 5,807,332 884,524 (393,684) 6,298,172 179

20081231 34. 2007 5,462,657 - - 5,462,657 44,527 - - 44,527 2,480 297,668-300,148 35. 2008 5,509,664 297,668-5,807,332 1,364,758 67,062-1,431,820 2007 1,331,059 33,699-1,364,758 10% 50% 180

20081231 36. 2008 2007 4,071,111 2,996,580 1,660,199 1,252,158 (67,062) (33,699) (239,880) (143,928) (402,999) (239,880) 5,021,369 3,831,231 37. 2008 2007 34,207 29,344 262,857 217,905 235,971 194,184 106,911 76,883 Congo-Chine Telecom S.A.R.L 74,089 45,609 39,080 32,211 38. 753,115 596,136 2008 2007 44,048,684 34,766,214 244,743 10,967 44,293,427 34,777,181 2008 2007 29,450,787 22,998,782 41,743 5,759 29,492,530 23,004,541 181

20081231 38. 200816,926,252(2007 14,108,829)38.21%(200740.57%) 39. 2008 2007 277,835 168,775 29,093 12,652 48,655 19,739 60,271 79,100 40. 415,854 280,266 2008 2007 690,174 328,301 (112,786) (47,536) 487,248 45,796 56,683 71,912 186,935 95,898 41. 1,308,254 494,371 2008 2007 472,954 714,042 / (53,596) 75,098 419,358 789,140 182

20081231 42. 2008 2007 (128,328) 115,566 43. 2008 2007 19,877 25,444 3,257 4,944 73,232 23,529 26,300 5,520 44. / 122,666 59,437 2008 2007 * 841,632 714,796 131,037 70,963 107,471 55,611 18,156 64,763 1,098,296 906,133 * 3% 2008 2007 47,149 103,440 33,997 75,713 81,146 179,153 183

20081231 45. 2008 2007 450,104 361,110 (99,496) (84,827) 350,608 276,283 2008 2007 2,262,543 1,727,734 1 565,636 570,152 (226,254) (310,992) 201 (1,869) (105,676) (277,864) 195,330 229,342 (135,957) (1,680) 57,328 69,194 350,608 276,283 1 / 46. 1 2 3 1 2 184

20081231 46. 2008 2007 1,660,199 1,252,158 1 1,343,330 1,343,330 36,945 13,434 2 1,380,275 1,356,764 1 20087383,808,660 1,343,330,310 2 2008 47. 2008 2007 93,623 127,117 112,786 47,536 2008 2007 3,082,261 2,314,410 2,414,955 2,232,298 185

20081231 48. 2008 2007 1,911,935 1,451,451 419,358 789,140 584,689 506,870 115,380 103,051 14,356 6,921 37,154 23,927 128,328 (115,566) 896,990 382,704 (122,666) (59,437) (48,055) (84,827) (51,441) - (1,494,937) (3,280,829) (3,193,018) (5,911,494) 4,113,114 5,983,235 299,551 297,668 / 37,175 (4,424) 3,647,913 88,390 49. 2008 2007 15,299 9,560 11,328,861 6,289,324-10,865 11,344,160 6,309,749 136,246 173,421 186

20081231 (i) (ii) (a) (b) CDMAGSM(PHS) (c) 187

20081231 1. 2008 28,963,799 9,692,563 5,637,065 44,293,427 6,947,712 1,017,539 1,107,276 9,072,527 1,098,296 (6,491,575) (1,308,254) (128,328) - 19,877 2,262,543 (350,608) 1,911,935 22,468,395 4,931,776 4,364,533 31,764,704 19,101,217 50,865,921 3,399,777 149,854 808,813 4,358,444 31,323,930 35,682,374 1,353,308 314,210 267,601 1,935,119 499,501 116,044 98,880 714,425 188

20081231 1. 2007 22,567,491 7,645,126 4,564,564 34,777,181 6,136,312 677,571 283,366 7,097,249 906,133 (5,921,110) (494,371) 115,566 784 23,483 1,727,734 (276,283) 1,451,451 16,994,523 3,965,018 4,078,282 25,037,823 14,191,733 39,229,556 2,319,950 183,649 584,934 3,088,533 23,252,615 26,341,148 1,184,153 263,014 358,056 1,805,223 403,983 89,729 123,130 616,842 2. 2008 17,466,429 10,432,933 9,311,123 7,082,942 44,293,427 29,947,902 9,779,680 7,558,069 3,580,270 50,865,921 189

20081231 2. 2007 14,686,596 9,679,371 5,484,831 4,926,383 34,777,181 27,077,530 9,653,953 1,197,665 1,300,408 39,229,556 1. 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 2. 32.41% 32.41% 19222451-8 10,000 190

20081231 3. 27941498X H0420141-X 715233457 74323392-1 72619249-4 76678817-X 43523013-9 12391552-6 18380498-2 75049913-8 78390928-7 77987106-0 76828981-7 76346680-2 71528448-1 77162861-3 77412852-6 67499255-2 76496951-6 78924272-7 77585307-6 75252829-7 76195854-3 () 72260457-8 71522427-8 75048467-3 76591251-1 77878419-2 191

20081231 4. (1) 2008 2007 8,196 7,360 132-46 3,145-845 77 93 () 20,237 7,039 39 245-1,054-1,024 23,377 30,169 1,429-9,629-51,987-115,149 50,974 20080.26%(2007 0.13%) 192

20081231 4. (2) 2008 2007 522,828 492,233 59,973 124,359 186,191 162,816 1,655 25,093 6,699 5,705 29,182 14,952 45,211 71,695 28,052 36,870 35,962 20,924 39,051 - () 361 1,503 10,894 13,698 221,104 240,901 186 924 45,132 36,114 11,303 3,137 19,597 15,093 1,263,381 1,266,017 20084.28%(2007 5.88%) (3) 2008 2007 28,535 19,018 33,143 21,418 858-62,536 40,436 193

20081231 4. (4) 2008 2007 10,021 0.18% 10,181 0.21% (i) (ii) (iii) 30~115 5. 2008 2007 3,800-4,965-8,765-943 943 6,102 194-9 19-3,924 200 54 54-129 6,706 78-23 1,672-47 - 19,467 1,630 194

20081231 5. 2008 2007 182 182-3,608 1,106-1,288 3,790 909 2,271 1,125-2,034 2,271-7 - 6-13 641 12,481-1,184-234 74-8,577 8,623 4,180 784 2,953 12 () 9-1,026-59 - 17,519 23,318 195

20081231 5. 2008 2007 13 191 3,235 4,118 129,615 88,023 597 14,918 7,482 12,612 1,296 3,642 13,500 1,734 176 176 7,122 5,254 12,216 7,055 2,723 6,342 59,006 41,367 3,012 7,530 215 1,686 2,331 1,014 249 345-422 319-243,107 196,429 4,644 4,644 577 12-10 1,644 59-2 6,865-13,730 4,727 12,087 12,087 12,087 12,087 196

20081231 5. 2008 2007 65 65 12 12 65 65 48 48 2,015 300 130 130 4-30 - 215-308 313 2,892 933 1. 20051135,000,000 36,000,00071,000,000200812 35,000,000 11,666,000 117,200,31,000 2. 20051216 36,450,000(249,121,000) 197

20081231 3. 20068762,982,000 65,944,000 20082328,040,000 28,352,000 4. 2008735,819,000 244,808,00020091172009119 5. 200812318,245,934 2008 2007 11 264,396 183,471 122 97,093 122,686 233 40,807 42,266 3 45,487 44,641 447,783 393,064 198

20081231 2008 2007 301,419 582,263 5,875,869-265,702 255,234 1 2008-11,480,406-11,480,406 - - 251,148 251,148-1,578,473-1,578,473-10,584,503-10,584,503-2,412,509-2,412,509-757,847-757,847 199-26,813,738 251,148 27,064,886

20081231 1 2008-6,957,032 6,957,032-6,318,059 6,318,059-9,495,946 9,495,946-2,412,509 2,412,509 () - 1,205,453 1,205,453 12,560-12,560-3,514,652 3,514,652-3,689 3,689 2007 12,560 29,907,340 29,919,900-6,483,170-6,483,170 123,644 - - 123,644 - - 43,464 43,464-1,656,258-1,656,258-7,679,956-7,679,956-3,296,377-3,296,377-689,889-689,889 123,644 19,805,650 43,464 19,972,758 200

20081231 1-6,488,653 6,488,653-3,946,429 3,946,429-7,856,240 7,856,240-3,296,377 3,296,377 () - 1,049,642 1,049,642 7,876-7,876-3,689 3,689 7,876 22,641,030 22,648,906 2 30.04% 4610 201

20081231 3 2008 1 1-2 2-3 3 11,344,160 136,246 - - - 11,480,406 1,578,473 - - - - 1,578,473 7,346,564 2,625,931 278,128 148,467 185,413 10,584,503 2,412,509 - - - - 2,412,509 757,847 - - - - 757,847 251,148 - - - - 251,148 23,690,701 2,762,177 278,128 148,467 185,413 27,064,886 1 1-2 2-3 3-5,664,485 1,006,024 5,000 281,523 6,957,032 2,412,509 - - - - 2,412,509 12,560 - - - - 12,560 6,318,059 - - - - 6,318,059 9,495,946 - - - - 9,495,946 1,443,017 - - - - 1,443,017 () (1,324,993) - - - - (1,324,993) 22,750 - - - - 22,750 ( ) 1,205,453 - - - - 1,205,453 - - - - 3,689 3,689 19,585,301 5,664,485 1,006,024 5,000 285,212 26,546,022 202

20081231 3 2007 1 1-2 2-3 3 6,309,749 173,421 - - - 6,483,170-123,644 - - - 123,644 1,656,258 - - - - 1,656,258 5,158,593 1,940,356 437,777 48,160 95,070 7,679,956 3,296,377 - - - - 3,296,377 689,889 - - - - 689,889 43,464 - - - - 43,464 17,154,330 2,237,421 437,777 48,160 95,070 19,972,758 1 1-2 2-3 3-4,403,424 1,095,398 221,498 768,333 6,488,653 3,296,377 - - - - 3,296,377 7,876 - - - - 7,876 3,946,429 - - - - 3,946,429 7,856,240 - - - - 7,856,240 1,027,431 - - - - 1,027,431 () (1,741,832) - - - - (1,741,832) 41,180 - - - - 41,180 ( 1,049,642 - - - - 1,049,642 - - - - 3,689 3,689 15,483,343 4,403,424 1,095,398 221,498 772,022 21,975,685 4 20081231LIBOR 203

20081231 4 2%11.50%2008123146%(2007 61%) 0.2520082007 2,9002,900 5 / 2008 +3% 26,855-3% (26,855) 2007 +5% 40,344-5% (40,344) / 2008 +5% 61,722-5% (61,722) 2007 +5% 52,502-5% (52,502) 204

20081231 1 103 1,343,330,310 1,746,329,403 1,343,330,310 402,999,093 67,263,437 H335,735,656 A 2009319 1. 2008 2007 3,380,510 1.0000 3,380,510 2,533,099 1.0000 2,533,099 1,173,369 6.8346 8,019,507 717,414 7.3046 5,240,422 164,686 9.6590 1,590,702 93,039 10.6669 992,437 195,923 179,648 13,186,642 8,945,606 2008 2007 1 11,239,738 8,327,908 12 1,939,666 928,442 23 765,127 359,657 3 475,326 217,447 14,419,857 9,833,454 1,233,215 887,848 13,186,642 8,945,606 205

20081231 1. 2008 887,848 345,367 - - 1,233,215 2007 469,228 418,620 - - 887,848 2008 2007 7,993,118 55% 780,827 10% 2,650,376 27% 610,258 23% 6,426,739 45% 452,388 7% 7,183,078 73% 277,590 4% 14,419,857 100% 1,233,215 9,833,454 100% 887,848 2008 2007 3,765,089 4,013,185 26.11% 40.81% 200812315% (20071231) 1,783,941(20071231278,668) 2. 2008 2007 1 1,082,947 679,584 12 228,207 64,419 23 28,393 487,966 3 102,630 257,393 1,442,177 1,489,362 - - 1,442,177 1,489,362 206

20081231 2. 2008 2007 1,176,885 521,020 81.60% 34.98% 200812315% (20071231) 3. 2008 2007 243,198 41,464 2008 5,000 - - 5,000 3,240 - - 3,240 () 1,024 - - 1,024 32,000 - - 32,000 200 - - 200-201,734-201,734 2007 41,464 201,734-243,198 5,000 - - 5,000 3,240 - - 3,240 SunTop Technologies Ltd. 24 - (24) - () 1,024 - - 1,024 32,000 - - 32,000 200 - - 200 41,488 - (24) 41,464 207

20081231 4. 2008 2007 1,350,926 583,103 (136,888) (181,388) 1,214,038 401,715 181,388-44,500-136,888-181,388 - - 181,388 753,568(20071231 3,142,709) 5. 2008 2007 (1) 1,768,698 577,351 (2) 92,127 83,684 (3) (113,065) (113,065) 1,747,760 547,970 208

20081231 5. 2008 (1) 45,000 45,000 - - 45,000 ZTE (USA) Inc. 5,381 5,381 5,381 3,920 3,920 3,920 () 53,200 53,200 396,164 449,364 15,698 15,698 - - 15,698 Telrise (Cayman) Telecom Ltd. 15,770 21,165 - - 21,165 29,700 29,700 - - 29,700 Congo-Chine Telecom S.A.R.L 55,800 55,800 - - 55,800 3,900 3,900 - - 3,900 45,799 45,799 - - 45,799 24,282 23,982 - - 23,982 ZTE (UK) Ltd. 4,533 5,286 - - 5,286 ZTE Do Brasil LTDA 10,058 18,573 - - 18,573 38,609 36,500 - - 36,500 41,250 41,250 11-41,261 ZTE Wistron Telecom AB 2,445 3,137 - - 3,137 ZTE-Communication Technologies, Ltd. 4,188 4,188 - - 4,188 ZTE Corporation Mexico S. DE R. L DE C.V. 41 41 - - 41 15,300 15,300 - - 15,300 Zhongxing Telecom Pakistan (Private) Ltd. 2,971 2,971 - - 2,971 13,500 13,500 - - 13,500 45,000 45,000 - - 45,000 5,100 5,100 - - 5,100 ZTE Holdings (Thailand) Co., Ltd. 10 10 - - 10 ZTE (Thailand) Co., Ltd. 2,044 5,040 - - 5,040 540 540 - - 540 ZTE Telecom India Private Ltd. 1,654 1,654 195,172-196,826 ZTE Romania S.R.L. 827 827 - - 827 ZTE (Malaysia) Corporation SDN.BHD. 496 496 - - 496 ZiMax (Cayman) Holding Ltd. 45,485 45,485 - - 45,485 11,396 11,396 - - 11,396 Closed Joint Stock Company TK Mobile 4,258 4,258 - - 4,258 PT. ZTE Indonesia 1,654 1,654 - - 1,654 6,000 6,000 - - 6,000-600 - - 600 5,000 5,000 - - 5,000 600,000-600,000-600,000 577,351 1,191,347-1,768,698 209

20081231 5. 2008 (2) /() 1 2 3 4 5=1+2+3+4 29.4% 30,000 (1,844) 9,658 - (699) - - 27,457 KAZNURTEL Limited Liability Company 49% 1,012 - - - 1,465 - - 2,477 ( ) 30% 4,500 - (10) - (1,102) - - 3,398 23.26% 60,000 - (4,497) - (4,497) - - 55,503 () 49% 3,380 - (88) - (88) - - 3,292 (3) 98,892 (1,844) 5,063 - (4,921) - - 92,127 ZTE (USA) Inc. 5,381 Telrise (Cayman) Telecom Ltd. 12,970 23,767 3,900 17,657 ZTE(UK) Ltd. 4,533 ZTE Do Brasil LTDA 10,059 4,591 ZTE Wistron Telecom AB 2,030 ZTE Corporation Mexico S. DE R. L DE C.V. 41 Zhongxing Telecom Pakistan (Private) Ltd. 2,971 9,656 ZTE Holdings (Thailand) Co., Ltd. 10 ZTE (Thailand) Co., Ltd. 205 ZTE Telecom India Private Ltd. 1,654 ZTE Romania S.R.L. 827 ZTE (Malaysia) Corporation SDN.BHD. 496 ZiMax (Cayman) Holding Ltd. 12,317 210 113,065

20081231 5. 2007 (1) 45,000 45,000 - - 45,000 ZTE (USA) Inc. 5,381 5,381 - - 5,381 3,920 3,920 - - 3,920 () 53,200 53,200 - - 53,200 15,698 15,698 - - 15,698 Telrise (Cayman) Telecom Ltd. 15,770 21,165 - - 21,165 29,700 29,700 - - 29,700 Congo-Chine Telecom S.A.R.L 55,800 55,800-55,800 3,900 3,900 - - 3,900 45,799 45,799 - - 45,799 24,282 23,982 - - 23,982 ZTE (UK) Ltd. 4,533 5,286 - - 5,286 ZTE Do Brasil LTDA 10,058 10,058 8,515-18,573 38,609 36,500 - - 36,500 41,250 41,250 - - 41,250 ZTE Wistron Telecom AB 2,445 3,137 - - 3,137 ZTE-Communication Technologies, Ltd. 4,188 4,188 - - 4,188 ZTE Corporation Mexico S. DE R. L DE C.V. 41 41 - - 41 15,300 15,300 - - 15,300 Zhongxing Telecom Pakistan (Private) 2,971 Ltd. 2,971 - - 2,971 13,500 13,500 - - 13,500 45,000 45,000 - - 45,000 5,100 5,100 - - 5,100 ZTE Holdings (Thailand) Co., Ltd. 10 10 - - 10 ZTE (Thailand) Co., Ltd. 2,044 2,044 2,996-5,040 540 540 - - 540 ZTE Telecom India Private Ltd. 1,654 1,654 - - 1,654 ZTE Romania S.R.L. 827 827 - - 827 ZTE (Malaysia) Corporation SDN.BHD. 496 496 - - 496 ZiMax (Cayman) Holding Ltd. 45,485 45,485 - - 45,485 11,396 11,396 - - 11,396 Closed Joint Stock Company TK Mobile 4,258 4,258 - - 4,258 PT. ZTE Indonesia 1,654 1,654 - - 1,654 6,000 6,000 - - 6,000 - - 600-600 - - 5,000-5,000 560,240 17,111-577,351 211

20081231 5. 2007 (2) 1 2 3 4 5=1+2+3+4 34% 30,000 (1,844) 4,505 - (10,357) - - 17,799 30% 3,000 (3,000) - - - - - - KAZNURTEL Limited Liability Company 49% 1,012 - - - 1,465 - - 2,477 ( ) 30% 4,500-114 - (1,092) - - 3,408 23.26% 60,000 - - - - - - 60,000 98,512 (4,844) 4,619 - (9,984) - - 83,684 (3) 212 ZTE (USA) Inc. 5,381 Telrise (Cayman) Telecom Ltd. 12,970 23,767 3,900 17,657 ZTE(UK) Ltd. 4,533 ZTE Do Brasil LTDA 10,059 4,591 ZTE Wistron Telecom AB 2,030 ZTE Corporation Mexico S. DE R. L DE C.V. 41 Zhongxing Telecom Pakistan (Private) Ltd. 2,971 9,656 ZTE Holdings (Thailand) Co., Ltd. 10 ZTE (Thailand) Co., Ltd. 205 ZTE Telecom India Private Ltd. 1,654 ZTE Romania S.R.L. 827 ZTE (Malaysia) Corporation SDN.BHD. 496 ZiMax (Cayman) Holding Ltd. 12,317 113,065

20081231 6. 2008 2007 40,512,666 31,870,913 232,530 928,342 40,745,196 32,799,255 2008 2007 7. 33,447,784 27,589,418 7,413 9,493 33,455,197 27,598,911 200817,193,053(2007 14,141,198)42.20%(200743.11%) 2008 2007 1,178,495 2,015,414 1,867 5,268 88,497 29,507 1,268,859 2,050,189 213

20081231 2008 11.65% 12.36% 1.24 1.20 10.86% 11.52% 1.15 1.12 2007 10.32% 10.94% 0.93 0.92 10.26% 10.88% 0.93 0.92 2008 2007 1,660,199 1,252,158 / (213,045) (120,373) - (66,251) 81,146 179,153 19,785 1,121 1,548,085 1,245,808 - - 1,548,085 1,245,808 [2008]43 1 214

20081231 215

216

217

218

219

220

221

3,274,579 1,742,683 3,693,982 222

223

224

225

226

227

228

229

230

231

232

233

234

235

236

237

238

239

240

241

242

243

244

245

246

247

248

12,162,976 9,336,214 249

250

6,002,054 251

252

253

254

(53,596) 255

256

257

258

259

260

261

262

263

264

265

266

267

268

269

17. 270

271

272

273

274

275

276

277

278

279

280

281

282

283

284

285

286

287

288

289

290

291

292

293

294

28,535 34,001 295

296

297

3,514,652 3,514,652 298

299

300

301

302

303

304

305

306

307

308

309

310

2009 3 20 311