untitled

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4 6 8 10 13 14 16 21 37 45 46 64 66 82 83 208 3

4

5

LTE 6

UPP SDR V4 ATCA 7

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2,589.6 4,360.2 3,250.2 2,732.9 941.9 259.3 83.6 447.0 50.3 24.1 207.4 91.3 517.4 2010 2009 2008 70,263.9 60,272.6 16.58% 44,293.4 4,360.2 3,324.7 31.15% 2,262.5 3,250.2 2,458.1 32.22% 1,660.2 2,732.9 2,338.5 16.87% 1,548.1 14

2010 2009 2008 941.9 3,729.3 (74.74%) 3,647.9 2010 2009 2008 84,152.4 68,342.3 23.13% 50,865.9 23,093.9 16,825.3 37.26% 14,249.5 2,866.7 1,831.3 56.54% 1,343.3 H " ZXC1" 2009 1,831,336,215 2,866,731,684 1.17 0.93 25.81% 0.63 1.15 0.90 27.78% 0.62 0.99 0.89 11.24% 0.59 14.07 14.61 0.54 11.65 15.32 15.83 0.51 12.36 11.83 13.90 2.07 10.86 12.88 15.06 2.18 11.52 0.34 1.42 76.06 1.39 8.24 6.37 29.36 5.44 1 2009 2009 2008 62,407,186 22009 2008 61,864,408 69,737,523 46,753,747 2009 2008 2009 32010 62,407,186 2009 2008 2009 15

1 2 3 4 72,459,458 3.96 - - 23,170,254-28,711,240-5,540,986 66,918,472 2.34 1 - - - - - - - - - 2 - - - - - - - - - 3 66,899,197 3.65 - - 20,873,387-27,630,873-6,757,486 60,141,711 2.10 - - - - - - - - 66,899,197 3.65 - - 20,873,387-27,630,873-6,757,486 60,141,711 2.10 4 - - - - - - - - - - - - - - - - - - - - - - - - - - - 5 5,560,261 0.31 - - 2,296,867-1,080,367 1,216,500 6,776,761 0.24 1,758,876,757 96.04 79,818,241-932,406,974 28,711,240 1,040,936,455 2,799,813,212 97.66 1 1,467,401,865 80.12 21,523,441-757,522,128 28,711,240 807,756,809 2,275,158,674 79.36 2 - - - - - - - - - 3(H ) 291,474,892 15.92 58,294,800-174,884,846-233,179,646 524,654,538 18.30 4 - - - - - - - - - 1,831,336,215 100 79,818,241-955,577,228-1,035,395,469 2,866,731,684 100.00 16

1 2010 1 21 H 58,294,800 H 2 ZXC1 2010 2 1 2010 2 12 21,523,441 3 2010 6 24 2010 1 21 H 2010 2 12 ZXC1 1,911,154,456 10 5 2010 6 23 41 2010 6 4 26,452,094 2010 6 4 2 2010 12 15 2,520,957 2010 12 14 3 494,779 247,390 742,169 320,742 45,500 137,621 412,863 263,680 131,840 395,520 309,117 45,500 131,808 395,425 342,225 81,900 130,163 390,488 342,225 81,900 130,162 390,487 302,250 68,250 117,000 351,000 292,500 68,250 112,125 336,375 287,918 68,250 109,834 329,502 292,500 73,125 109,687 329,062 69,211,522 28,188,629 21,822,688 62,845,581 1 25% 22007 2 5 3 2009 17

H / 1 2 18

1 2 7 10 10 10 2009 2010 6 18 2009 19

1965 19,853 () 1984 3 20 1,795 ()[2000]50 34% 17% 32.45% 49% 20

21

22

23

24

25

26

27

28

29

30 659,706 989,560 27,300 1.7 27,300 12,285 27,300 27,300 12,285 27,300 27,300 12,285 18,200 27,300 1 27,300 0 30.05 12,285 27,300 27,300 12,285 300,425 527,361 0 5,000 0 0 30.05 0 0 0 0 0 30.05 0 332,187

31 0 0 68.5 0 0 30.05 0 53.9 21,258 31,887 45.6 39,858 17,937 26,754 40,131 59.0 18,058 18,236 27,354 1 0 0 0 30.05 0 0 5,110 7,666 73.8 322,850 170.1 414,410 143.9 273,000 122,850 233,316 140.6 273,000 122,850 273,000 152.7 273,000 122,850 363,750 162.0 409,500 184,275 550,485 178.9 273,000 122,850 393,150 104.5 491,400 221,130 329,502 155.3 409,500 184,275 368,000 136.1 409,500 184,275 408,121 120.3 491,400 221,130 384,786 120.4 273,000 122,850 527,233 104.8 273,000 122,850 336,375 159.1 409,500 184,275 304,450 143.7 380,562 171,252 85.7 0 262,500 86.4 273,000 122,850 3,339.8 5 H

32

1 33

34

12010 3 29 2 3 4 5 27,941 12,987 12,990 22,855 8,459 85,232 35

69,141 519 0.6 22,477 26.4 33,097 38.8 29,139 34.2 85,232 100.0 36

37

38

12010329 2010 2010330 2 2010 6 29 2009 TIMOTHY ALEXANDER STEINERT 2010 6 30 39

40

41

42

43

44

45

46

47

48 70,263.9 47,335.0 32.63% 16.58% 16.52% 0.03 70,263.9 47,335.0 32.63% 16.58% 16.52% 0.03 41,990.2 25,852.9 38.43% 5.02% 0.70% 3.55 17,927.4 14,295.4 20.26% 37.15% 48.07% 5.88

10,346.3 7,186.7 30.54% 43.32% 45.68% 1.12 70,263.9 47,335.0 32.63% 16.58% 16.52% 0.03 32,197.5 21,309.7 33.82% 5.90% 4.65% 0.80 12,687.9 8,910.3 29.77% 3.87% 13.10% 7.45 10,639.0 5,870.0 44.83% 55.07% 84.05% 8.68 14,739.5 11,245.0 23.71% 50.26% 64.95% 6.79 70,263.9 47,335.0 32.63% 16.58% 16.52% 0.03 41,990.2 25,852.9 38.43% 17,927.4 14,295.4 20.26% 10,346.3 7,186.7 30.54% 84,152.4 100% 68,342.3 100% 23.13% 17,563.9 20.87% 15,319.2 22.42% 14.65% 6,523.5 7.75% 4,714.5 6.90% 38.37% 918.0 1.09% 440.3 0.64% 108.49% 1,146.7 1.36% 1,332.7 1.95% 13.96% 6,578.4 7.82% 4,906.5 7.18% 34.08% 12,103.7 14.38% 9,324.8 13.64% 29.80% 1,719.3 2.04% 2,396.4 3.51% 28.25% 49

2009 59.39% 62.08% 2.69 446.21% 486.61% 40.40 11.40% 0.36% 11.05 40.61% 37.92% 2.69 8,755.0 7,044.4 24.28% 2,410.3 2,567.9 (6.14%) 1,198.5 784.7 52.73% 883.7 629.1 40.47% 941.9 3,729.3 74.74% 3,112.6 2,301.1 35.27% 3,037.7 1,287.2 135.99% 5000 50000 98% 100% 13,395.4 5,979.7 9,691.1 10,177.0 1,220.3 6,721.7 9,363.6 1,156.0 2,609.4 223.7 50

5000 5000 60,000 100% 90% 100% 2,706.7 592.4 3,047.2 1,046.4 439.7 17,625.0 2,224.3 38,549.1 398.8 896.4 1,546.5 812.3 1,272.5 945.3 509.9 51

52

53

54 123,778 123,365 123,778 123,365 123,778 123,365 (40,181) (40,139) 83,597

55

56

57

58

59

12010 60

61

62

63

64

2010 2010 2010 65

12005 8 171.4 1,135.1 227 ( 1,503.4 ) 2008 7 25 2008 7 28 ICC 2010 7 23 132.3 876.2 2010 9 28 2(Rawalpindi Collectorate of Customs) (Zhongxing Telecom Pakistan (Pvt) Ltd)() 2,390 32,400 2007 6 2007 6 30 1.77 1,360.4 6 30 6,200 476.5 3 66

4 2009 10 11 3,061.5 3,953.7 2009 7 7,556.3 52010 8 67

300077 3,000 20% 54,049.47 47,936.70 47,936.70 2010430 68

69

% 1 7,991,671 19.98% 2 4,129,207 10.32% 3 3,678,666 9.20% 4 3,655,350 9.14% 5 2,422,890 6.06% 6 2,103,238 5.26% 7 1,737,880 4.34% 8 1,454,222 3.64% 9 1,400,000 3.50% 10 1,286,327 3.22% 70

71

800 19,000 44,000 1-31,000 /, 1-17,000 /, 2-150,000 / 0.3-50 / 20,000-100,000 /, 320-2,500 / 350-4,100 /, 40 / /( ) 42.5 / / 2.5 // 57,138.7 1.43% 28,406.4 0.71% 259 1 0.54% 555 2 1.15% 72

19, 31,000 2010 4 18 31,000 32,000 3 20,000 1 2010 4 17 115 / /( ) 30 / /( ) 3,885.93 8.08% 513.67 1.07% 22010 4 8 15,290.04 2007 4 18 2010 4 9 73

1 A1 A3 74 2006 9 8 2007 6 28 280 A2 0 8,841.17 A4 6,986.81 2007 6 28 6.6 2007 11 8 7.5 2009 6 10 2009 6 17 3.6

2009 12 30 2009 12 31 B1 0 B3 169,938.48 B2 0 B4 57,323.92 A1+B1 280 A2+B2 0 A3+B3 1 176,792.84 A4+B4 1 62,323.92 A4+B4 2.70% C 0 70% D 57,323.92 50%E 0 C+D+E 57,323.92 1, 300 70% 2TRANSAM S.A.280 2010428 3 51% 6 10.14673 2010 12 31 16.6227 2010 12 31 7 75

1 Ethiopian Telecommunications Corporation 2007430 2 GSM 3 Cell CPTYLTD. OGER TELECOMSOUTH AFRICAPTYLimited 2007920 2010127 Network Supply Agreement 76

CLSABNPBrunnei Investment Agency Philadelphia InternationalCavalryBaillie Gifford Harris Associates UOB Piper JaffryDaiwa SecuritiesYuanta Taiwan Fidelity UBS Fundamental Investment Group77 Sloane Robinson Investment Management Kylin Management Joho AsiaFront Point Management Mirae Asset Securities GICCaledonia InvestmentsInvesco

Asia Growth Investor ABDeutsche Asset Management AmericasNomura Securities Nomura Asset ManagementMacquarie Public Mutual Investment Management Level Global InvestorsAlliance Bernstein Hermes Global Equities Advisors Threadneedle Asset Management Mitsubishi UFJ Investment ServicesBaillie Gifford RCM Deutsche Bank Patrick Courval Pelargos Capital B.V (Netherlands)ISI GroupOaktree Capital Capital ResearchMorgan StanleyWaddell & Reed Financial Inc(P)Ontario Teachers Pansion PlanSumitomo Trust BankUBS Global Asset Management (Singapore) Primero Investment LimitedSimplex Asset ManagementSpinner Asset Management Ameriprise Financial Services IncTuboron PartnersCanadian NationalMoon Capital Cathay life Tiger Asia Fund Tudor Investments Corporation Genesis Investment Management, LLP Trilogy Global AdvisorsPrincipal Global Investors SingaporeMEAG Asset ManagementBGC Partners TIAA-CREF Investment Management Inc Atlantis Samsung Securities (Asia) LtdEton Park Capital Management RBS Boston CompanyAmerican CenturyHSBCGS Investment PartnersJP MorganSoros Fund Management LLC Clairvoyance CapitalDiscovery Capital Management Kim Eng Securities (HK) Ltd.Ticonderoga SecuritiesAlkeon Capital Management Sanford C. Bernstein LimitedJapaninvest (Hong Kong) Ltd.Abu Dhabi Investment AuthorityJP Morgan Asset Mgmt Ltd (Singapore)BMO AsiaPMA 78

2010 1. 79

80 5,027 8,360 670 14,057 1 1 2 1 3

81

(2011)60438556_H01 20101231 2010 (1) (2) 201012312010 2011317 82

20101231 2010 2009 1 15,383,207 14,496,808 2 123,365-3 1,289,877 779,112 4 17,563,925 15,319,215 4 3,016,569 2,870,221 5 1,389,783 1,059,829 6 449,664 355,422 7 12,103,670 9,324,800 8 14,208,039 11,388,496 65,528,099 55,593,903 9 342,706 253,760 10 567,444 383,749 10 4,972,718 2,968,629 12 917,989 440,282 13 6,523,505 4,714,533 14 1,146,739 1,332,735 15 891,290 613,773 15 1,466,504 778,375 16 655,245 643,918 50,032 10,306 1 1,090,086 608,359 18,624,258 12,748,419 84,152,357 68,342,322 83

20101231 2010 2009 18 6,578,413 4,906,503 4 3,016,569 2,870,221 2 40,139-19 10,056,477 8,484,861 20 15,441,206 13,046,804 8 2,772,669 2,519,706 21 2,744,694 2,337,628 22 3,097,927 2,398,720 23 (321,345) 77,715 24 136,302 16,966 25 2,976,325 2,213,477 91,256 92,830 26 260,693 189,664 27 1,322,817 1,939,965 48,214,142 41,095,060 28 1,719,310 2,396,393 10 4,972,718 2,968,629 29 3,755,790 3,632,681 16 89,167 3,924 30 439,232 296,769 10,976,217 9,298,396 59,190,359 50,393,456 31 2,866,732 1,831,336 32 9,070,975 6,749,899 33 (276,266) (447,235) 34 1,537,512 1,505,203 35 9,222,387 6,853,682 35 841,297 552,425 (168,765) (220,043) 23,093,872 16,825,267 1,868,126 1,123,599 24,961,998 17,948,866 84,152,357 68,342,322 83207 84

2010 2010 2009 36 70,263,874 60,272,563 36 47,335,026 40,623,339 38 1,149,077 692,933 39 8,754,968 7,044,382 40 2,410,294 2,567,928 7,091,971 5,781,583 43 1,198,477 784,726 44 315,263 737,940 41 83,597 12,560 42 497,163 11,871 42 44,123 26,002 2,589,558 2,064,163 45 2,002,149 1,391,420 45 231,506 130,841 24,094 26,744 4,360,201 3,324,742 46 883,719 629,081 3,476,482 2,695,661 3,250,247 2,458,121 226,235 237,540 47 1.17 0.93 1.15 0.90 48 41,399 8,644 3,517,881 2,704,305 3,301,525 2,486,224 216,356 218,081 85

2010 1,831,336 6,749,899 (447,235) 1,505,203 6,853,682 552,425 (220,043) 16,825,267 1,123,599 17,948,866 () - - - - 3,250,247 - - 3,250,247 226,235 3,476,482 () - - - - - - 51,278 51,278 (9,879) 41,399 - - - - 3,250,247-51,278 3,301,525 216,356 3,517,881 () 1. 79,819 3,116,945 170,969 - - - - 3,367,733 719,505 4,087,238 2. - 158,957 - - - - - 158,957-158,957 3. - - - - - - - - (2,200) (2,200) () 1. - - - 32,309 (32,309) - - - - - 2. - - - - (7,936) (552,425) - (560,361) (189,134) (749,495) 3. - - - - 841,297 841,297 - - - - 4. - - - - - - - - - - () 1. 955,577 (955,577) - - - - - - - - 2. - - - - - - - - - - 3. - - - - - - - - - - 4. - - - - - - - - - - () 1. - 751 - - - - - 751-751 2,866,732 9,070,975 (276,266) 1,537,512 9,222,387 841,297 (168,765) 23,093,872 1,868,126 24,961,998 86

2009 1,343,330 6,298,172-1,431,820 5,021,369 402,999 (248,146) 14,249,544 934,003 15,183,547 () - - - - 2,458,121 - - 2,458,121 237,540 2,695,661 () - - - - - - 28,103 28,103 (19,459) 8,644 - - - - 2,458,121-28,103 2,486,224 218,081 2,704,305 () 1. 85,007 474,037 (447,235) - - - - 111,809 22,070 133,879 2. - 299,594 - - - - - 299,594-299,594 3. - 80,000 - - - - - 80,000 (12,176) 67,824 () 1. - - - 73,383 (73,383) - - - - - 2. - - - - - (402,999) - (402,999) (38,379) (441,378) 3. - - - - (552,425) 552,425 - - - - 4. - - - - - - - - - - () 1. 402,999 (402,999) - - - - - - - - 2. - - - - - - - - - - 3. - - - - - - - - - - 4. - - - - - - - - - - () 1. - 1,095 - - - - - 1,095-1,095 1,831,336 6,749,899 (447,235) 1,505,203 6,853,682 552,425 (220,043) 16,825,267 1,123,599 17,948,866 87

2010 2010 2009 67,783,927 58,137,378 4,742,338 3,204,945 49 655,081 442,533 73,181,346 61,784,856 47,382,746 38,252,058 9,678,857 7,899,513 4,437,726 3,287,551 49 10,740,107 8,616,462 72,239,436 58,055,584 50 941,910 3,729,272-12,933 17,001 5,210 29,480 1,011 46,481 19,154 3,067,164 2,053,824 91,902 266,425 3,159,066 2,320,249 (3,112,585) (2,301,095) 88

2010 2010 2009 3,913,019 46,371 716,255 22,070 11,946,153 9,721,064 15,859,172 9,767,435 11,568,474 7,435,235 1,252,949 1,045,009 69,797 44,227 12,821,423 8,480,244 3,037,749 1,287,191 (37,797) 16,294 829,277 2,731,662 14,075,822 11,344,160 50 14,905,099 14,075,822 89

20101231 2010 2009 9,690,867 10,096,875 23,984-1,199,161 672,374 1 24,283,587 19,557,131 1 2,864,307 2,727,445 85,559 173,408 27,418 1,017,020 2 5,678,250 3,240,367 5,501,368 4,747,278 12,668,254 10,829,088 62,022,755 53,060,986 3 244,448 244,448 4 1,262,311 1,347,932 4 5,097,718 3,093,629 5 3,515,824 2,196,637 4,253,887 3,195,746 796,916 790,491 492,918 481,171 350,767 151,564 447,416 382,537 1,090,086 608,359 17,552,291 12,492,514 79,575,046 65,553,500 90

20101231 2010 2009 4,165,978 3,388,734 1 2,864,307 2,727,445 9,444,653 9,473,080 25,507,206 17,834,626 1,703,293 2,153,082 2,110,666 2,039,175 504,335 878,705 (948,244) (307,988) 97 75 8,030,437 5,662,122 7,805 33,237 109,493 88,298 1,087,589 1,204,846 54,587,615 45,175,437 728,497 1,742,512 4 5,097,718 3,093,629 3,755,790 3,632,681 66,048 1,143 439,232 296,769 10,087,285 8,766,734 64,674,900 53,942,171 2,866,732 1,831,336 9,066,202 6,745,877 (276,266) (447,235) 875,295 842,986 1,542,299 2,100,753 841,297 552,425 (15,413) (14,813) 14,900,146 11,611,329 79,575,046 65,553,500 91

2010 2010 2009 6 62,351,362 55,057,688 6 53,564,488 45,634,129 211,891 80,016 6,019,425 5,247,526 1,353,305 1,517,716 1,903,620 1,619,869 1,323,561 810,802 304,305 492,847 23,984 12,560 7 2,188,446 1,051,371 7 20,192 12,089 (116,803) 718,714 462,389 268,136 146,568 47,713 10,927 10,455 199,018 939,137 (124,070) 205,311 323,088 733,826 (600) (3,320) 322,488 730,506 92

2010 1,831,336 6,745,877 (447,235) 842,986 2,100,753 552,425 (14,813) 11,611,329 () - - - - 323,088 - - 323,088 () - - - - - - (600) (600) - - - - 323,088 - (600) 322,488 () 1. 79,819 3,116,945 170,969 - - - - 3,367,733 2. - 158,957 - - - - - 158,957 3. - - - - - - - - () 1. - - - 32,309 (32,309) - - - 2. - - - - (7,936) (552,425) - (560,361) 3. - - - - (841,297) 841,297 - - 4. - - - - - - - - () 1. 955,577 (955,577) - - - - - - 2. - - - - - - - - 3. - - - - - - - - 4. - - - - - - - - () 1. - - - - - - - - 2,866,732 9,066,202 (276,266) 875,295 1,542,299 841,297 (15,413) 14,900,146 93

2009 1,343,330 6,271,137-769,603 1,992,735 402,999 (11,493) 10,768,311 () - - - - 733,826 - - 733,826 () - - - - - - (3,320) (3,320) - - - - 733,826 - (3,320) 730,506 () 1. 85,007 474,037 (447,235) - - - - 111,809 2. - 299,594 - - - - - 299,594 3. - 80,000 - - - - - 80,000 () 1. - - - 73,383 (73,383) - - - 2. - - - - - (402,999) - (402,999) 3. - - - - (552,425) 552,425 - - 4. - - - - - - - - () 1. 402,999 (402,999) - - - - - - 2. - - - - - - - - 3. - - - - - - - - 4. - - - - - - - - () 1. - 24,108 - - - - - 24,108 1,831,336 6,745,877 (447,235) 842,986 2,100,753 552,425 (14,813) 11,611,329 94

2010 2010 2009 59,832,828 51,366,991 3,465,668 2,099,164 469,774 317,223 63,768,270 53,783,378 53,303,110 44,383,735 3,553,560 2,126,248 532,350 168,456 5,636,662 6,113,866 63,025,682 52,792,305 8 742,588 991,073-5,572 57,538 53,217 35,471-93,009 58,789 1,987,507 1,601,175 806,600 410,925 2,794,107 2,012,100 (2,701,098) (1,953,311) 95

2010 2010 2009 3,196,764 29,771 8,823,585 7,544,169 12,020,349 7,573,940 9,177,613 4,160,328 1,128,436 945,760 10,306,049 5,106,088 1,714,300 2,467,852 (58,861) (21,136) (303,071) 1,484,478 9,808,228 8,323,750 9,505,157 9,808,228 96

20101231 (1997)452 4531997106 19971118 2003 200312 2005 1120061229 19971111 4403011038528692009223 20041292004 [2004]865 [2004]38 (H )160,151,040158,766,450 1,384,590 20051228 20081231 200720071231959,521,650 104383,808,6602008 1,343,330,310 97

20101231 2008200812311,343,330,310 103402,999,0922009 1,746,329,402 200976 4,02285,050,23843,425 85,006,8131,831,336,215 2010121H58,294,800HH,1,831,336,2151,889,631,015 201021223,348,590ZXC1 35.81%41,851,410, A21,523,4411,889,631,015 1,911,154,456 20103123,239 26,452,094A 20106242009 105 955,577,2282,866,731,684 20101215763 2,520,957A 201012312,866,731,68431 2011317 98

20101231 1. 20062 38 ( ) 2. 201012 312010 3. 111231 4. 5. () 99

20101231 5. () () ( ) () 6. 20101231 100

20101231 7. 8. 9. ( ) (1) (2) (a) (b) 101

20101231 9. 102

20101231 9. 103

20101231 9. () () 104

20101231 9. ( ) 2 105

20101231 9. 10. (1) (1) (2) (3) (4)(5) (2) % 0-6 - 7-12 0-15 13-18 5-60 19-24 15-85 2-3 50-100 3 100 106

20101231 11. / 12. ( ) 107

20101231 12. () 23 9 13. 108

20101231 13. () 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% 23 14. 23 15. 109

20101231 15. (1) (2) (3) (1) (2) 3 16. 5 10 50 20 110

20101231 16. 23 17. (1) (2) (3) 18. 111

20101231 18. 19. - 112

20101231 19. 20. 113

20101231 21. (1) (2) (1) (2) 114

20101231 21. 22. 23. 115

20101231 23. 24. 1 200211 25. 26. 27. 116

20101231 27. (1) (2) (3) 28. 1) 2) 3) 117

20101231 28. / / 15-14- 118

20101231 28. 19 16 119

20101231 28. 1. - 17% - 3%5% - - - - - 200811 120

20101231 2. 2008-2010 15% 20091220081 20091220081 20099 2009383 2010 10% ( )2010 10% 2008-2010 15% 2008-201015% 2008-2010 15% 2008-2010 15% 2008-2010 15% (2007)301 22% 2008-2010 121

20101231 2. [2007]4 25% 2008-2010 [2008]29 25% 2008-2010 2008-2010 15% 2008-201015% 122

20101231 1. (%) (%) 5,000 75250847-2 4,900-73% 25% 98% 97,168 46,664 () 50,000 50,000-100% - 100% - - 5,000 76199710-8 5,000-90% 10% 100% 6,010 4,568 5,000 279285671 4,500-90% - 90% 222,430 39,789 ZTE Telecom India Private Limited 12.5 2,880 24,646 100% - 100% - - 20,000 74537900-0 4,504-76% - 76% 177,540 41,315 3,000 75860475-6 1,530-51% - 51% 326,254 80,768 3,958.3 73205874-2 3,167-80% - 80% 83,746 21,009 1,000 71869554-2 650-65% - 65% 50,698 5,780 1,000 76223980-0 510-51% - 51% 38,209 12,283 60,000 68385252-7 60,000-100% - 100% - - () 10,000 68908984-1 10,000-100% - 100% - - 3,000 68537795-0 2,400-80% - 80% 28,308 14,983 123

20101231 2. 2010 " ZTE Do BRASIL INDUSTRIA LTDA ZTE COOPERATIEF UA ZTE (UGANDA) LIMITEDZTE Azerbaijan MMCZTE IOOOZTE Nepal Pvt. Ltd.Aceland investments LimitdZTE BELGIUMZTE Austria GmbHZTE Singapore International PTE LTDZTE Hungary Kft 31% 61%,20%, 3. 2010 2009 2010 2009 6.7255 6.8314 6.6227 6.8282 9.3018 9.5399 8.8065 9.7971 0.8657 0.8813 0.8509 0.8805 10.5981 10.6955 10.2182 10.9780 0.1462 0.1417 0.1467 0.1456 3.9340 3.3890 3.9647 3.9032 0.0790 0.0843 0.0769 0.0811 0.0007 0.0006 0.0007 0.0007 124

20101231 1. 2010 2009 394 1.0000 394 308 1.0000 308 1,302 6.6227 8,623 980 6.8282 6,692 183 1.7658 323 671 1.8200 1,221 23 8.8065 203 27 9.7971 265 4,459 0.0231 103 8,922 0.0254 227 1,649 0.0873 144 2,210 0.0918 203 1,316 0.1467 193 1,504 0.1456 219 205 0.2193 45 226 0.2041 46 39 0.8509 33 19 0.8805 17 7,333 1,990 17,394 11,188 2010 2009 7,392,454 1.0000 7,392,454 5,692,778 1.0000 5,692,778 765,760 6.6227 5,071,402 835,116 6.8282 5,702,339 166,513 0.8509 141,686 71,479 0.8805 62,937 21,909 3.9647 86,863 59,475 3.9032 232,143 851,053 0.0769 65,446 772,855 0.0811 62,679 26,396 1.1345 29,946 26,700 1.2370 33,028 245,498,571 0.0007 171,849 196,945,894 0.0007 137,862 137,026 8.8065 1,206,719 129,183 9.7971 1,265,619 589,737 0.0873 51,484 1,012,570 0.0918 92,954 26,665 2.1467 57,242 7,828 1.9939 15,608 97,302 0.3940 38,337 117,649 0.5295 62,295 233,408 0.1467 34,241 855,127 0.1456 124,506 9,125 6.6214 60,420 1,782 6.5068 11,595 12,957 1.7658 22,879 2,168 1.8200 3,946 1,353 10.2182 13,825 1,673 10.9780 18,366 69,476 0.2193 15,236 100,897 0.2041 20,593 95,592 0.2169 20,734 92,715 0.2258 20,935 478,041 504,451 14,958,804 14,064,634 125

20101231 () 1. 2010 2009 204,128 1.0000 204,128 165,444 1.0000 165,444 30,479 6.6227 201,853 36,013 6.8282 245,905 1,028 9,637 407,009 420,986 15,383,207 14,496,808 20101231407,009(200912 31420,986)180,048(20091231 11,867)27,220(20091231 163,214)27,891(20091231) 171,850(20091231245,905) 20101231 1,261,936(20091231854,264) 171,850(20091231245,905) 1,090,086(20091231 608,359) 201012312,779,314(200912 312,165,395) 712 71,099(20091231) 2. / 2010 2009 123,365 - (40,139) - A- 126

20101231 3. 2010 2009 354,070 448,090 935,807 331,022 1,289,877 779,112 20101231(20091231 )2,854(20091231 2,799) 20101231339,796 (2009123117,095)2010123170,400 (20091231)20101231 (20091231) 201012315% (20091231850) 4. 0-901 2010 2009 6,242,921 1.0000 6,242,921 7,028,076 1.0000 7,028,076 868,888 6.6227 5,754,385 771,881 6.8282 5,270,558 216,816 8.8065 1,909,390 114,092 9.7971 1,117,770 1,685,706 0.0769 129,631 1,461,344 0.0811 118,515 5,240,361 0.1467 768,761 6,274,615 0.1456 913,584 2,758,837 870,712 17,563,925 15,319,215 127

20101231 4. 2010 2009 1 16,810,036 15,048,672 12 1,453,857 1,124,356 23 708,457 558,473 3 681,093 330,491 19,653,443 17,061,992 2,089,518 1,742,777 17 17,563,925 15,319,215 2010 2009 (%) (%) (%) (%) 522,638 3 522,638 100 525,596 3 525,596 100 0-6 14,088,727 71 12,513-12,800,651 75 5,828-7-12 2,721,309 14 158,268 6 2,248,021 14 151,873 7 13-18 1,000,057 5 343,247 34 715,569 4 420,038 59 19-24 453,800 2 232,676 51 408,787 2 291,077 71 2-3 708,457 4 661,721 93 206,693 1 191,690 93 3 158,455 1 158,455 100 156,675 1 156,675 100 19,130,805 97 1,566,880 8 16,536,396 97 1,217,181 7 19,653,443 100 2,089,518 11 17,061,992 100 1,742,777 10 20101231 1 243,325 243,325 100% 2 198,581 198,581 100% 3 80,732 80,732 100% 522,638 522,638 128

20101231 4. 2010 (2009:) 2010 2009 7,508,659 7,473,418 38.21% 43.80% 0-36 201012315% 11,662(2009123113,385)0.06%(2009 12310.08%) 5% 3,016,569(20091231 2,870,221) 201012312,310,844(20091231 114,678) 5. : 2010 2009 1 1,195,542 793,213 12 172,501 200,422 23 13,522 61,830 3 8,218 4,364 1,389,783 1,059,829 - - 1,389,783 1,059,829 129

20101231 5. 2010 2009 242,416 69,118 17.44% 6.52% 6. 0-36 201012315%(5%) (200912318,607) 2010 2009 (%) (%) 1 449,664 100% 355,422 100% 2010 2009 71,534 78,056 15.91% 21.96% 201012315%(5%) 2,134(20091231157) 130

20101231 7. 2010 2009 3,627,397 152,535 3,474,862 2,819,361 286,356 2,533,005 106,443 2,408 104,035 78,003 8,177 69,826 1,260,110 7,696 1,252,414 1,200,003 18,628 1,181,375 2,741,856 211,415 2,530,441 1,977,595 177,648 1,799,947 5,084,643 342,725 4,741,918 4,001,837 261,190 3,740,647 12,820,449 716,779 12,103,670 10,076,799 751,999 9,324,800 17 8. / 2010 2009 14,208,039 11,388,496 (2,772,669) (2,519,706) 11,435,370 8,868,790 () 46,715,030 45,189,806 170,973 625,992 35,108,687 35,695,024 11,435,370 8,868,790 9. 2010 2009 342,706 253,760 131

20101231 10. 2010 2009 660,873 495,919 93,429 112,170 17 567,444 383,749 4,972,718(20091231 2,968,629) 15 313 6LIBOR+1.5%LIBOR+1.8% 20%2010 12317,586,858(20091231 6,082,427)6,069,486(200912314,865,942 )23 1,517,372 (200912311,216,485) 20101231 504,380(20091231328,920) 112,169(2009123173,868) 25392,211(20091231255,052) 30 132

20101231 11. 2010 Bestel Communications Ltd 600,000 6,000,000 108,800,000 KAZNURTEL Limited Liability Company Khairushev 3,000,000 Askar 11,332,729 22,000,000 10,000,000 2,500,000 59,540,000 () 15,000,000 30,000,000 1,290,000,000 () David 1,000,000 Khidasheli 4,000,000 5,000,000 10,000,000 500,000 1,250,000 1,800,000 870,000 78924272-7 71528448-1 76828981-7 75252829-7 76346680-2 77162861-3 77987106-0 77585307-6 77412852-6 67055270-1 67843164-8 67574463-0 69727154-7 68734538-9 69042472-3 56310423-3 61869998-4 133

20101231 11. 2010 Bestel Communications Ltd 4,606 96 4,510 - - 38,416 28,610 9,806 72,157 1,710 2,866,438 163,964 2,702,474 702,373 180,376 KAZNURTEL Limited Liability Company 7,164 2,109 5,055 - - 124,176 86,573 37,603 216,591 5,744 135,621 91,808 43,813 135,459 14,483 32,554 20,897 11,657 186,002 6,512 182,529 120,254 62,275 231,156 1,556 287,088 104,274 182,814 287,693 65,143 () 31,031 94,151 (63,120) 22,465 (1,191) 68,670 37,543 31,127 160,549 673 1,254,585 132,300 1,122,285 6,771 (78,828) () 4,760 4 4,756 - (999) 981 126 855 - (1,410) 4,916-4,916 - (79) 32,593 19,587 13,006 35,356 2,925 993 622 371 - (128) 2,623 441 2,182 - (819) 5,568 4,335 1,233 5,528 (38) 533 3 530 - (340) ( ) 2010 4 21,760,000 26.67% 20% 2010 12 31 128.88 2,804,429 134

20101231 135 11. 2009 Bestel Communications Ltd 600,000 6,000,000 78924272-7 81,600,000 71528448-1 KAZNURTEL Limited Liability Company Khairushev Askar 3,000,000 11,332,729 76828981-7 11,000,000 75252829-7 10,000,000 76346680-2 2,500,000 77162861-3 20,000,000 77987106-0 () 15,000,000 77585307-6 30,000,000 77412852-6 10,000,000 WANAAG Communications Limited 100,000 1,290,000,000 67055270-1 () David Khidash eli 1,000,000 67843164-8 1,000,000 67574463-0 5,000,000 69727154-7 15,000,000 10,000,000 68734538-9

20101231 11. 2009 Bestel Communications Ltd 4,606 96 4,510 - - 35,454 27,239 8,215 55,659 2,851 341,407 119,556 221,851 465,848 116,944 KAZNURTEL Limited Liability Company 7,164 2,109 5,055 - - 103,212 71,312 31,900 185,499 4,813 105,240 72,097 33,143 109,464 6,275 19,540 14,395 5,145 33,021 273 161,771 101,051 60,720 223,588 10,783 196,622 68,524 128,098 179,236 46,267 () 34,477 96,406 (61,929) 8,035 (51,614) 40,717 10,263 30,454 97,651 (9,572) 6,956 563 6,393 1,678 (2,055) WANAAG Communications Limited 1,151 2,130 (979) - (267) 1,204,213 3,102 1,201,111 9 (65,548) () 5,734 1 5,733 - (925) 326 1,060 (734) - (895) 5,009 15 4,994 - (5) 93,479 66,410 27,069 108,174 12,070 27,510 17,429 10,081 7,869 81 12. 2010 2009 (1) 2,255 2,255 (2) 915,734 438,027 2010 (1) 917,989 440,282 (%) (%) Bestel Communications Ltd. 2,050 2,255-2,255 50.00% 50.00% - 136

20101231 12. 2010 (2) (%) (%) 1,800 2,464 478 2,942 30.00% 30.00% - 31,559 61,128 479,367 540,495 20.00% 20.00% - KAZNURTEL Limited Liability Company 3,988 2,477-2,477 49.00% 49.00% - 3,500 10,601 1,774 12,375 30.88% 30.88% - 5,000 7,531 2,426 9,957 22.73% 22.73% 4,375 4,000 2,058 2,605 4,663 40.00% 40.00% - 750 18,216 467 18,683 30.00% 30.00% - 4,500 27,694 11,830 39,524 21.62% 21.62% 1,980 () 4,500 - - - 30.00% 30.00% - 7,051 9,136 202 9,338 30.00% 30.00% - 3,500 2,077 (2,077) - 35.00% 35.00% - WANAAG Communications Limited 351 139 (139) - 45.00% 45.00% - 300,000 280,257 (18,335) 261,922 23.26% 23.26% - () 3,345 2,804 (490) 2,314 49.00% 49.00% - 1,960-779 779 49.00% 49.00% - 2,000 1,998 (31) 1,967 40.00% 40.00% - 3,000 5,414 (5,414) - 6.00% 6.00% 1,200 4000 4,033 1,170 5,203 40.00% 40.00% - 175-130 130 30.00% 30.00% - 2,000-2,000 2,000 20.00% 20.00% - 432-432 432 35.00% 35.00% - 533-533 533 61.00% 20.00% - 438,027 477,707 915,734 7,555 () 357(200912,086) 18,936(200919,379) 137

20101231 12. 2009 (1) (%) (%) Bestel Communications Ltd. 2,050 2,255-2,255 50% 50% - (2) (%) (%) 1,800 3,824 (1,360) 2,464 30% 30% 900 31,559 27,457 33,510 60,967 26.67% 26.67% - KAZNURTEL Limited Liability Company 3,988 2,477-2,477 49% 49% - 3,500 9,115 1,486 10,601 30.88% 30.88% - 2,500 6,074 1,457 7,531 22.73% 22.73% - 4,000 1,949 109 2,058 40% 40% - 750 15,428 2,788 18,216 30% 30% 450 4,500 15,313 12,381 27,694 22.5% 22.5% - () 4,500 3,398 (3,398) - 30% 30% - 7,051 14,673 (5,537) 9,136 30% 30% 2,700 3,500 2,957 (719) 2,238 35% 35% - WANAAG Communications Limited 351 139-139 45% 45% - 300,000 55,503 224,754 280,257 23.26% 23.26% - () 3,345 3,292 (488) 2,804 49% 49% - 490 79 (79) - 49% 49% - 4,500 4,500 (4,500) - 30% 30% - 2,000-1,998 1,998 40% 40% - 3,000-5,414 5,414 20% 20% - 4,000-4,033 4,033 40% 40% - 166,178 271,849 438,027 4,050 138

20101231 13. 2010 2,412,087 1,425,904 (419) (1,435) 3,836,137 2,493,902 702,868 (277,641) (10,477) 2,908,652 2,357,788 476,917 (51,861) (42,918) 2,739,926 315,721 57,961 (15,645) (3,118) 354,919 47,818 101,166 (6,920) (2,396) 139,668 7,627,316 2,764,816 (352,486) (60,344) 9,979,302 360,891 108,675 (244) (119) 469,203 1,365,534 413,151 (230,611) (3,712) 1,544,362 1,033,802 274,340 (45,577) (16,154) 1,246,411 124,115 39,311 (11,834) (1,496) 150,096 28,441 24,061 (5,096) (1,681) 45,725 2,912,783 859,538 (293,362) (23,162) 3,455,797 2,051,196 1,317,229 (175) (1,316) 3,366,934 1,128,368 289,717 (47,030) (6,765) 1,364,290 1,323,986 202,577 (6,284) (26,764) 1,493,515 191,606 18,650 (3,811) (1,622) 204,823 19,377 77,105 (1,824) (715) 93,943 4,714,533 1,905,278 (59,124) (37,182) 6,523,505 139

20101231 13. 2009 2,066,589 423,136 (77,469) (169) 2,412,087 2,142,344 507,192 (156,480) 846 2,493,902 1,963,786 468,438 (70,447) (3,989) 2,357,788 281,730 50,635 (17,344) 700 315,721 34,340 14,246 (2,371) 1,603 47,818 6,488,789 1,463,647 (324,111) (1,009) 7,627,316 320,214 74,920 (34,225) (18) 360,891 1,120,938 389,518 (145,480) 558 1,365,534 822,193 256,331 (42,791) (1,931) 1,033,802 102,951 32,745 (11,710) 129 124,115 19,417 9,324 (916) 616 28,441 2,385,713 762,838 (235,122) (646) 2,912,783 1,746,375 348,216 (43,244) (151) 2,051,196 1,021,406 117,674 (11,000) 288 1,128,368 1,141,593 212,107 (27,656) (2,058) 1,323,986 178,779 17,890 (5,634) 571 191,606 14,923 4,922 (1,455) 987 19,377 4,103,076 700,809 (88,989) (363) 4,714,533 2010859,538(2009762,838)2010 1,628,764(2009521,624) 20101231(20091231 )3,916(200912317,490) 20101231370,285(20091231 417,508) 20101231(20091231) 20101231 2,563,359(200912311,442,206) 140

20101231 13. 2009 14. 2010 (%)/ 1,000,000 90,820 5,446 (26,114) 70,152 100% 317,565 412,311 (687,683) 42,193 63,589 87,719 (127,500) 23,808 117,420 57,413 (170,262) 4,571 213,456 562,978 (152,506) 623,928-1,123-1,123 336,218 31,209 (304,559) 62,868-21,408-21,408 A10-80,894-80,894 C3-38,362-38,362 193,667 143,905 (160,140) 177,432 : 1,332,735 1,442,768 (1,628,764) 1,146,739 2009 (%)/ 1,000,000 151,726 210,052 (270,958) 90,820 90% 52,797 10,792-63,589 22,450 94,970-117,420 103,146 214,419-317,565 303,141 150,685 (117,608) 336,218 793 212,663-213,456 183,033 143,692 (133,058) 193,667 817,086 1,037,273 (521,624) 1,332,735 20101231(20091231) 141

20101231 15. 2010 344,339 59,956 (15,078) 389,217 5,032 2,227 (75) 7,184 555,335 272,239-827,574 94,504 674 (1,021) 94,157 999,210 335,096 (16,174) 1,318,132 283,304 37,948 (12,744) 308,508 2,168 1,868 (32) 4,004 34,262 11,760-46,022 59,381 3,352 (747) 61,986 379,115 54,928 (13,523) 420,520 61,035 22,008 (2,334) 80,709 2,864 359 (43) 3,180 521,073 260,479-781,552 35,123 (2,678) (274) 32,171 620,095 280,168 (2,651) 897,612 - - - - - - - - 6,322 - - 6,322 - - - - 6,322 - - 6,322 61,035 22,008 (2,334) 80,709 2,864 359 (43) 3,180 514,751 260,479-775,230 35,123 (2,678) (274) 32,171 613,773 280,168 (2,651) 891,290 142

20101231 15. 2009 () () 337,632 24,566 (17,859) 344,339 5,032 - - 5,032 480,273 75,062-555,335 94,530 - (26) 94,504 917,467 99,628 (17,885) 999,210 262,638 38,474 (17,808) 283,304 1,454 714-2,168 1,821 32,441-34,262 56,148 3,235 (2) 59,381 322,061 74,864 (17,810) 379,115 74,994 (13,908) (51) 61,035 3,578 (714) - 2,864 478,452 42,621-521,073 38,382 (3,235) (24) 35,123 595,406 24,764 (75) 620,095 - - - - - - - - 6,322 - - 6,322 - - - - 6,322 - - 6,322 74,994 (13,908) (51) 61,035 3,578 (714) - 2,864 472,130 42,621-514,751 38,382 (3,235) (24) 35,123 589,084 24,764 (75) 613,773 143

20101231 15. 201054,928(200974,864) 201012312,444(200912314,140) 20101231 497,717(20091231293,917) 2009 2010 167,672 59,572 40,195 187,049 610,703 777,082 108,330 1,279,455 2009 778,375 836,654 148,525 1,466,504 96,246 92,850 21,424 167,672 379,774 309,923 78,994 610,703 476,020 402,773 100,418 778,375 201010.6%(20096.5%) 144

20101231 16. / 2010 2009 103,176 135,080 48,458 88,284 12,231 92,439 69,452 29,428 6,985 5,704 180,796 42,450 3,235-230,912 250,533 655,245 643,918 2010 2009 (23,119) - (66,048) - - (3,924) (89,167) (3,924) 2010 2009 531,874 423,141 145

20101231 16. / 2010 2009 2010-21,348 2011 6,044 6,044 2012 14,104 14,104 2013 3,650-2013 508,076 381,645 531,874 423,141 2010 2009 302,312 491,453 716,779 751,999 170,973 625,992 215,076 157,144 43,332 38,028 24,157-1,539,413 1,670,220 3,012,042 3,734,836-25,060 115,417-440,318 - (1) 1,177,844 822,525 1,733,579 847,585 1 200811 200811 10%5%20101231 146

20101231 17. 2010 1,854,947 375,612 (32,640) (14,972) 2,182,947 1,742,777 375,612 (16,398) (12,473) 2,089,518 112,170 - (16,242) (2,499) 93,429 751,999 172,008 (199,717) (7,511) 716,779 6,322 - - - 6,322 2009 2,613,268 547,620 (232,357) (22,483) 2,906,048 () () 1,702,254 519,459 (63,354) (303,412) 1,854,947 1,526,730 519,459 - (303,412) 1,742,777 175,524 - (63,354) - 112,170 470,164 281,835 - - 751,999 6,322 - - - 6,322 2,178,740 801,294 (63,354) (303,412) 2,613,268 147

20101231 18. 2010 2009 1,199,324 1,199,324 604,000 604,000 401,427 2,658,531 457,000 3,120,487-540,000 78,630 1,100 9,687 10,000 10,000 43,000 43,000 1 7,500 7,500 12,500 12,500 2 382,527 382,527 926,208 926,208 3 270,811 1,793,500 16,795 114,678 4 461,360 461,360 - - 4 6,357 55,984 - - 4-7,000 6,578,413 4,906,503 201012312.00%-7.00%(200912311.26%-10%) 1 2 3,916 2,444 3 4 148

20101231 19. 2010 2009 7,117,633 3,239,419 2,938,844 5,245,442 10,056,477 8,484,861 10,056,477(200912318,484,861 ) 201012315% 79,294(2009123115,407) 20. 21. 6 201012315% 266,058(20091231200,556) 2010 2009 1,923,303 2,021,274 821,391 316,354 2,744,694 2,337,628 201012315% 9,965(2009123113,245) 149

20101231 22. 2010 1,933,703 9,554,656 (9,020,145) 2,468,214 32,514 428,655 (435,093) 26,076 14,087 716,403 (713,511) 16,979 10,759 343,293 (343,484) 10,568 2,993 304,490 (301,188) 6,295 208 30,769 (30,770) 207 75 15,288 (15,421) (58) 52 22,563 (22,648) (33) 1,970 270,551 (238,051) 34,470 416,446 318,678 (182,936) 552,188 2009 2,398,720 11,288,943 (10,589,736) 3,097,927 1,091,334 7,805,912 (6,963,543) 1,933,703 12,683 396,246 (376,415) 32,514 12,173 579,292 (577,378) 14,087 10,507 404,608 (404,356) 10,759 1,216 139,480 (137,703) 2,993 254 15,857 (15,903) 208 100 9,745 (9,770) 75 96 9,602 (9,646) 52 1,360 123,547 (122,937) 1,970 325,467 217,028 (126,049) 416,446 1,443,017 9,122,025 (8,166,322) 2,398,720 150

20101231 23. 2010 2009 (1,356,866) (1,122,542) 78,128 57,478 885,728 1,147,347 433,483 528,063 452,245 619,284 86,720 62,412 18,738 8,270 16,019 10,744 (49,812) (85,994) 24. (321,345) 77,715 2010 2009 97 74 136,205 16,892 25. 136,302 16,966 2010 2009 276,266 447,235 554,359 653,590 680,000-1,089,244 612,229 20,026 297,504 112,169 73,868 194,925 103,130 49,336 25,921 2,976,325 2,213,477 201012315% 703(200912311,078) 151

20101231 26. 2010 32,520 19,015 (5,918) 45,617 54,885 15,878 (25,239) 45,524 102,259 154,867 (87,574) 169,552 189,664 189,760 (118,731) 260,693 2009 33,524 12,286 (13,290) 32,520 44,792 23,043 (12,950) 54,885 92,066 72,896 (62,703) 102,259 170,382 108,225 (88,943) 189,664 27. 2010 2009 1,322,817 1,939,965 2010 2009 685,000 685,000 1,000,000 1,000,000 70,000 463,589 30,000 204,845 20,000 20,000 46,667 46,667 1 23,280 154,176 100,800 688,283 2 350 52 - - - 170 1,322,817 1,939,965 152

20101231 27. 1 2 Closed Joint Company TK Mobile Congo-Chine Telecom S.A.R.L.(51% 20101231 2010 2009 (%) 2009.4.24 2011.3.12 4% - 250,000-250,000 2009.5.11 2011.5.11 3% 30,000 198,681 30,000 198,681 2010.1.4 2011.3.12 4% - 188,000 - - 2010.1.29 2011.3.12 4% - 186,000 - - 2009.5.19 2011.5.19 3% 20,000 132,454 20,000 132,454 28. 2010 2009 - - 711,000 711,000 110,000 728,497 160,000 1,092,512 248,143 248,143 234,810 234,810 1 112,140 742,670 52,440 358,071 2 1,719,310 2,396,393 1 () 2 Closed Joint Company TK Mobile Congo-Chine Telecom S.A.R.L.(51% 153

20101231 28. 20101231 2010 2009 (%) 2009.1.20 2012.1.20 2.5% 50,000 331,135 50,000 331,135 2009.3.12 2012.3.12 2.5% 40,000 264,908 40,000 264,908 2006.10.15 2016.10.15 3% 38,640 255,901 38,640 255,901 2008.6.27 2013.5.21 3% 25,200 166,892 25,200 166,892 2008.6.27 2012.5.21 3% 23,100 152,984 23,100 152,984 29. 2010 2009 3,632,681 3,514,652 155,109 150,029 (32,000) (32,000) 3,755,790 3,632,681 20081304,000 10040 5 1.636,520 242A1 78.13/ 20082009 42.394/1 A0.922 201021223,348,590ZXC1 21,523,441 0.8%130 154

20101231 29. 4,000,000 (580,210) (38,556) 3,381,234 30. 2010 2009 31. 3,689 3,689 43,332 38,028 392,211 255,052 2010 439,232 296,769 12 3 4 66,899-20,873 (27,630) (6,757) 60,142 5,559-2,297 (1,080) 1,217 6,776 72,458-23,170 (28,710) (5,540) 66,918 1,467,403 21,524 757,522 28,710 807,756 2,275,159 291,475 58,295 174,885-233,180 524,655 1,758,878 79,819 932,407 28,710 1,040,936 2,799,814 1,831,336 79,819 955,577-1,035,396 2,866,732 155

20101231 31. 2009 - - 66,899 66,899 66,899 1,693 486 3,380 3,866 5,559 1,693 486 70,279 70,765 72,458 1,117,426 335,249 14,728 349,977 1,467,403 224,211 67,264-67,264 291,475 1,341,637 402,513 14,728 417,241 1,758,878 1,343,330 402,999 85,007 488,006 1,831,336 1 2010121H58,294,800H; [2010]046 2 201021223,348,590ZXC1 35.81%41,851,410 1,889,631,015 1,911,154,456 [2010]027 3 20106242009,105955,577,228 2,866,731,684 201060438556-H01 4 20103123,239 26,452,094 A20101215 763 25,041 2,520,957A 156

20101231 32. 2010 (1) 5,368,316 4,074,756 (955,577) 8,487,495 (1) 580,210 - (580,210) - 40,509 751-41,260 (2) 680,864 158,957 (377,601) 462,220 80,000 - - 80,000 2009 6,749,899 4,234,464 (1,913,388) 9,070,975 5,078,849 692,466 (402,999) 5,368,316 580,210 - - 580,210 39,414 1,095-40,509 599,699 299,594 (218,429) 680,864-80,000-80,000 6,298,172 1,073,155 (621,428) 6,749,899 1 2010121H25.96-2,226,004 201021223,348,590ZXC1 35.81%41,851,410-890,941 580,210 157

20101231 32. 1 201064, -364,564-20101215,20% -13,037-20106242009 105955,577 2 2010158,957 20103123,239 26,452,094 A201064-364,564-20101215 763 2,520,957A-13,037-33. 2009785,006,813 20%15,269,2902009723 35%26,452,094201064 20106242009 10564,928,143 20%2,520,95720101215 62,407,18620101231 276,266 158

20101231 34. 2010 1,505,203 32,309-1,537,512 2009 1,431,820 73,383-1,505,203 10% 50% 35. 2010 2009 6,853,682 5,021,369 3,250,247 2,458,121 32,309 73,383 * 7,936 - ** 841,297 552,425 9,222,387 6,853,682 * 20104869,737,523 2009 1,841,416,9332009 552,425201064 26,452,094 43,285,4292010624 1,867,869,027200910 3560,3612010 20097,936 159

20101231 35. ** 36. 2010 2009 69,852,300 60,070,089 411,574 202,474 70,263,874 60,272,563 2010 2009 47,071,507 40,572,026 263,519 51,313 47,335,026 40,623,339 2010 2009 41,990,133 25,852,851 39,982,316 26,035,409 17,927,439 14,295,454 13,071,519 9,654,717 9,934,728 6,923,202 7,016,254 4,881,900 69,852,300 47,071,507 60,070,089 40,572,026 2010 838,604(2009825,603) 10 160

20101231 36. 2010 2009 31,850,760 21,099,265 30,304,313 20,362,499 () 12,638,428 8,874,790 13,147,385 10,216,138 10,617,068 5,852,404 6,841,317 3,176,310 14,746,044 11,245,048 9,777,074 6,817,079 69,852,300 47,071,507 60,070,089 40,572,026 201028,705,812(2009 28,294,883)41.10% (200947.10%) 37. () 810% 38. 2010 2009 908,228 584,039 54,087 33,908 73,249 47,619 113,513 27,367 1,149,077 692,933 161

20101231 39. 2010 2009 2,761,995 2,218,638 1,718,485 1,329,842 1,043,286 768,939 559,833 594,214 348,531 352,678 309,983 236,303 261,424 187,986 114,136 101,076 1,637,295 1,254,706 40. 8,754,968 7,044,382 2010 2009 1,175,614 1,424,186 183,131 151,417 177,054 202,925 170,252 125,735 159,533 155,274 88,316 74,557 456,394 433,834 2,410,294 2,567,928 162

20101231 41. 2010 2009 83,597 12,560 42. 2010 2009 44,123 26,002 6,023 2,100 /() 6,699 (10,162) /() 440,318 (6,069) 20101231 43. 497,163 11,871 2010 2009 728,552 751,744 101,020 110,715 /() 179,428 (206,703) 142,564 69,681 248,953 280,719 44. 1,198,477 784,726 2010 2009 342,972 456,105 /() (27,709) 281,835 315,263 737,940 163

20101231 45. / 2010 2009 (1) 1,341,613 981,274 - (2) 660,536 410,146 259,290 2,002,149 1,391,420 259,290 1 3% 2 2010 2009 198,212 67,139 198,212 24,094 26,744 24,094 9,200 36,958 9,200 46. 231,506 130,841 231,506 2010 2009 809,803 873,829 73,916 (244,748) 883,719 629,081 164

20101231 46. 2010 2009 4,360,201 3,324,742 (1) 1,090,052 831,186 (484,618) (392,775) 144,850 - (8,209) (4,537) (281,659) (181,327) 206,219 338,320 (43,468) (15,449) 260,552 53,663 883,719 629,081 1 / 47. (1) (2) (3) (1) (2) 165

20101231 47. 2010 2009 () 3,250,247 2,458,121 (1) 2,769,296 2,629,037 (2) 61,864 104,606 (3) - - 2,831,160 2,733,643 1 20106955,577,228 2,866,731,684 62,407,186 2 542,77861,864,408 3 201021223,348,590ZXC1 41,851,41020101231 2009 2009 48. 2010 2009 41,399 8,644 166

20101231 49. 2010 2009 101,020 110,715 5,441,026 4,458,413 2,887,600 2,501,214 50. 2010 2009 3,476,482 2,695,661 315,263 737,940 859,538 762,838 203,453 175,282 8,042 8,832 24,094 26,744 (83,597) (12,560) 907,980 545,041 (497,163) (11,871) (11,327) (243,653) /() 85,243 (1,095) (2,751,161) (628,599) (8,604,383) (12,353,376) 7,389,338 12,621,593 158,957 299,594 (538,849) (893,099) 941,910 3,729,272 167

20101231 50. 2010 2009 17,394 11,188 14,887,705 14,064,634 14,905,099 14,075,822 1. 10,000 32.45% 32.45% 19222451-8 2. 3. 11 168

20101231 4. 27941498X H0420141-X 715233457 74323392-1 72619249-4 76678817-X 43523013-9 12391552-6 75049913-8 78390928-7 75252829-7 () 72260457-8 () 71522427-8 75048467-3 76591251-1 77878419-2 169

20101231 5. (1) 2010 2009 (%) (%) * - - 33,682 0.05 8,663 0.01 6,285 0.01 80-3,294 0.01 199-34 - 443-8 - () 10,768 0.02 37,849 0.06 () - - 514 - () 64 - - - 2,510 - - - 35 - - - 53,304 0.08 13-76,066 0.11 81,679 0.13 2010 0.11%(2009 0.13%) 170

20101231 5. (1) 2010 2009 (%) (%) * - - 67,818 0.16 376,294 0.94 475,661 1.17 144,488 0.36 192,843 0.48 2,835 0.01 14,113 0.03 3,709 0.01 3,937 0.01 25,250 0.06 21,520 0.05 80,488 0.20 87,533 0.22 50,892 0.13 47,216 0.12 59,592 0.15 58,514 0.14 29,976 0.07 35,270 0.09 () - - 1,654-9,926 0.02 8,140 0.02 () 284,604 0.71 331,639 0.82 839-698 - 27,771 0.07 12,083 0.03 14,883 0.04 17,149 0.04 * 1,578-35,774 0.09 31,472 0.08 19,849 0.05 1,144,597 2.85 1,431,411 3.52 20102.85%(2009 3.52%) * 20094 20104 200912 171

20101231 5. (1) 2010 2009 152,900-201048 52,374.20 205476 42,690.3456,999.81 (2) 2010 2010/1/1 2010/12/31 1,659 2010/1/1 2010/12/31 37 2010/1/1 2010/12/31 190 2009 2010 4/18/2010 4/17/2013 6,146 4/18/2007 4/17/2010 2,586 4/18/2007 4/17/2010 5,555 4/18/2007 4/17/2013 38,859 10/23/2008 10/22/2011 5,137 2009 4/18/2007 4/17/2010 29,961 4/18/2007 4/17/2010 35,596 10/23/2008 10/22/2011 4,631 172

20101231 5. (3) 2010 8,000 2009.8.25 2010.8.25 2009 8,000 2009.8.25 2010.8.25 (4) 2010 2009 (%) (%) () () 32,150 0.32% 40,700 0.53% (ii) (iii) 1,886(2009) 58,283(200970,188) (iv) (v) ( )32,150(2009 40,700) 5,908(200910,486) 173

20101231 6. 2010 2009-850 - 850 4,185 1,772 202 - () 1 4 () 3,500 11,609 3,774-11,662 13,385 1650 38 484 119 2,134 157 1,875-1,875-174

20101231 6. 2010 2009 725 369 272 348 4,689 4,691 11,097 4,684 554 1,139 () 409-621 625 927 378-3,157 60,000 16 79,294 15,407 291 171 12,364 3,217 92,772 85,550 327 478 2,820 2,060 4,611 2,991 19,024 418 176 176 3,482 5,198 3,646 2,560 369 - * - 786 () - 12 2,084 295 12,967 24,082 11,196 14,436 10,276 9,778 () 83,107 45,323 6,546 3,025 266,058 200,556 175

20101231 6. 2010 2009-4,644-293 () 1,158 825 () 5,851 7,481 2 2 2,954-9,965 13,245 () - 362-64 12 12-65 48 48-4 215 215 417 308 11-703 1,078 WANAAG Communications Limited - 573-8,034-8,607 176

20101231 1. 2010 2009 1,106,794 1,106,794 2010 2009 462,220 680,864 158,957 299,594 2. 200725 20073132007 A47,980,000 3,43543,182,000 90% 4,798,000 10%20081125 794 A30.05/ 105.23.8 1.42006 21.28/ 105.2 523 (1) 2 (2) 3 20% 35% 177

20101231 2. (1) (2) 3 (3) 200720082009 10% - 21.28/36.81/ 1,106,794 158,957(2009299,594) 1,058,250(2009899,293) 2008710200710 4200964200810 38,732.36 7,859.124873.236 200976 4,02285,050,238 20097 43,42585,006,813 20073132 2009312 33 178

20101231 1. 20068762,982 58,643 20082328,040 25,213 2. 20084 20089 24,912 11,319 20097 12,817 20091011 30,61539,537 20097 75,563 3. 201012317,323,976 4. 2010123166,179(200912 3166,796)()2013122018 9 2010 2009 747,546 1,240,388 14,227,386 5,833,950 14,974,932 7,074,338 76,171 18,850 179

20101231 20103172010 A 10 3 102 45%2011 201131762,407,186 20102,804,324,498 2010 2,856,004,914 1. 2010 2009 1(1) 449,170 196,676 12(2) 306,334 93,484 23(3) 233,020 61,630 3 848,653 73,864 2. 20101231 3. 180 1,837,177 425,654 3 (1) () (2) (3)

20101231 3. 181

20101231 3. 2010 ( ) 41,990,133-6,898,968 48,889,101-17,927,439 3,447,334 21,374,773 41,990,133 17,927,439 10,346,302 70,263,874 10,218,562 1,105,023 1,701,218 13,024,803 2,002,149 (9,595,994) (1,198,477) 83,597 44,123 4,360,201 (883,719) 3,476,482 36,764,820 7,898,628 9,058,794 53,722,242 30,430,115 84,152,357 10,274,691 700,294 2,531,665 13,506,650 45,683,709 59,190,359 2,277,154 972,217 561,087 3,810,458 644,563 275,193 158,820 1,078,576 188,403 80,438 46,422 315,263 182

20101231 3. 2009 () 39,982,316-4,314,626 44,296,942-13,071,519 2,904,102 15,975,621 39,982,316 13,071,519 7,218,728 60,272,563 8,814,294 1,738,784 1,358,831 11,911,909 1,391,420 (9,232,423) (784,726) 12,560 26,002 3,324,742 (629,081) 2,695,661 31,782,376 5,513,601 5,738,245 43,034,222 25,308,100 68,342,322 8,630,920 506,969 1,558,295 10,696,184 39,697,272 50,393,456 1,650,277 539,529 297,954 2,487,760 675,516 158,021 113,415 946,952 489,518 160,040 88,382 737,940 183

20101231 3. 2010 2009 32,197,530 30,404,275 () 12,687,912 13,198,605 10,639,010 6,860,602 14,739,422 9,809,081 70,263,874 60,272,563 2010 2009 7,195,011 5,240,077 () 939,248 749,818 1,565,902 1,317,425 377,909 142,402 10,078,070 7,449,722 24,609,704(200924,145,497) 184

20101231 4. 2010-15,383,207-15,383,207 123,365 - - 123,365 - - 342,706 342,706-1,289,877-1,289,877-18,131,369-18,131,369-7,989,287-7,989,287 () - 1,387,908-1,387,908-1,090,086-1,090,086 123,365 45,271,734 342,706 45,737,805 185

20101231 4. 2010 40,139-40,139-9,620,540 9,620,540-10,056,477 10,056,477-15,441,206 15,441,206-7,989,287 7,989,287 () - 2,421,966 2,421,966-3,755,790 3,755,790-392,211 392,211-3,689 3,689 2009 40,139 49,681,166 49,721,305-14,496,808-14,496,808 - - 253,760 253,760-779,112-779,112-15,702,964-15,702,964-5,838,850-5,838,850 () - 1,058,244-1,058,244-608,359-608,359 186-38,484,337 253,760 38,738,097

20101231 4. 2009-9,242,861 9,242,861-8,484,861 8,484,861-13,046,804 13,046,804-5,838,850 5,838,850 () - 1,559,887 1,559,887-3,632,681 3,632,681-255,052 255,052-3,689 3,689-42,064,685 42,064,685 38.21% 4510 187

20101231 4. 1231 2010 1 12 23 3 17,563,925 3,839,776 12,799,479 877,934 46,736-567,444 567,444 - - - - 1,389,783-1,195,542 172,501 13,522 8,218 2009 1 12 23 3 15,319,215 4,583,346 10,307,625 413,242 15,002-383,749 383,749 - - - - 1,059,829-793,213 200,422 61,830 4,364 () 188

20101231 4. 2010 1 1-2 2-3 3-123,365 - - - 123,365 14,905,099 478,108 - - - 15,383,207 342,706 - - - - 342,706-1,289,877 - - - 1,289,877 13,724,149 3,839,776 391,292 124,648 97,133 18,176,998-3,016,569 1,868,598 1,228,695 1,875,425 7,989,287 () 1,387,908 - - - - 1,387,908 - - 183,694 159,561 746,831 1,090,086 30,359,862 8,747,695 2,443,584 1,512,904 2,719,389 45,783,434 1 1-2 2-3 3-8,076,234 1,154,451 176,695 466,878 9,874,258-40,139 - - - 40,139-10,056,477 - - - 10,056,477 15,441,206 - - - - 15,441,206-3,048,068 1,921,016 1,285,960 2,079,086 8,334,130 () 2,309,797 112,169 - - - 2,421,966-32,000 32,000 4,032,000-4,096,000 - - 88,947 75,604 334,944 499,495 69,868 - - - - 69,868 17,820,871 21,365,087 3,196,414 5,570,259 2,880,908 50,833,539 189

20101231 4. 2009 1 1-2 2-3 3 14,075,822 420,986 - - - 14,496,808 253,760 - - - - 253,760-779,112 - - - 779,112 10,735,869 4,583,346 127,464 149,289 144,661 15,740,629-2,870,221 1,376,961 420,902 1,457,781 6,125,865 () 1,058,244 - - - - 1,058,244 - - 36,008 71,973 500,378 608,359 26,123,695 8,653,665 1,540,433 642,164 2,102,820 39,062,777 1 1-2 2-3 3-7,142,977 1,250,739 875,666 366,967 9,636,349-8,484,861 - - - 8,484,861 13,046,804 - - - - 13,046,804-3,070,494 1,412,716 440,090 1,704,547 6,627,847 () 1,486,019 73,868 - - - 1,559,887-32,000 32,000 32,000 4,032,000 4,128,000 - - 69,981 48,127 228,532 346,640 70,485 - - - - 70,485 14,603,308 18,804,200 2,765,436 1,395,883 6,332,046 43,900,873 190

20101231 4. 20101231 2010 2009 9,620,540 9,242,861 24,961,998 17,948,866 34,582,538 27,191,727 28% 34% 20101231LIBOR( ) 2%11.50%2010123139% (2009 55%) 0.2520102009 14,6689,895 191

20101231 4. / 2010 +3% 199,750-3% (199,750) 2009 +3% (60,243) -3% 60,243 / 2010 5% 123,964-5% (123,964) 2009 +5% 106,988-5% (106,988) 192

20101231 4. () 20101231 2010. 123,365 - - 123,365 (40,139) - - (40,139) 193

20101231 1. 2010 2009 6,751,582 1.0000 6,751,582 6,301,758 1.0000 6,301,758 1,993,012 6.6227 13,199,121 1,590,189 6.8282 10,858,129 375,275 8.8065 3,304,859 222,036 9.7971 2,175,309 1,028,025 221,935 24,283,587 19,557,131 2010 2009 1 18,947,934 15,008,812 12 2,762,847 3,567,732 23 2,363,208 1,350,116 3 1,862,034 1,015,890 25,936,023 20,942,550 1,652,436 1,385,419 24,283,587 19,557,131 2010 2009 (%) (%) (%) (%) 482,379 2 482,379 100 485,337 2 485,337 100 0-6 15,083,368 58 - - 11,763,089 56 - - 7-12 3,864,566 15 132,274 3 3,245,723 16 109,109 3 13-18 1,802,688 7 277,533 15 2,102,959 10 326,631 16 19-24 960,159 4 156,436 16 1,464,773 7 245,389 17 2-3 2,363,208 9 553,963 23 1,129,364 5 160,654 14 3 1,379,655 5 49,851 4 751,305 4 57,529 8 25,453,644 98 1,170,057 5 20,457,213 98 899,312 4 25,936,023 100 1,652,436 6 20,942,550 100 1,385,419 7 194

20101231 1. 2010 1,385,419 267,507 - (490) 1,652,436 2009 1,233,215 395,054 - (242,850) 1,385,419 2010 2009 2010 2009 11,738,548 7,606,385 45.26% 36.32% 201012315% 3,579(20091231) 2,864,307(200912312,727,445 ) 2. 2010 2009 1 5,152,767 2,448,301 12 166,324 671,281 23 264,816 111,623 3 94,343 9,162 5,678,250 3,240,367 - - 5,678,250 3,240,367 195

20101231 2. 2010 2009 4,124,601 2,402,956 72.64% 74.16% 201012315% (20091231) 3. 2010 2009 244,448 244,448 4. 2010 2009 (1) 764,790 1,011,281 555,050 410,422 57,529 73,771 196 1,262,311 1,347,932 1 2010 73,771 - (16,242) - 57,529 2009 136,888 - (63,117) - 73,771 5,097,718 (20091231 3,093,629)

20101231 5. 2010 2009 (1) 809,174 348,665 (2) 2,807,398 1,948,720 (3) 100,748 100,748 2010 (1) 3,515,824 2,196,637 (%) (%) 31,559 61,128 479,367 540,495 20% 20% - KAZNURTEL Limited Liability Company 3,998 2,477 2,477 49% 49% - () 4,500 - - - 30% 30% - 300,000 280,258 (18,337) 261,921 23.26% 23.26% - () 3,345 2,804 (490) 2,314 49% 49% - 2,000 1,998 (31) 1,967 40% 40% - 348,665 460,509 809,174-197

20101231 5. (2) (%) (%) 45,000 45,000-45,000 90% 90% 540,000 ZTE (USA) Inc. 5,395 5,395-5,395 100% 100% - 6,500 6,500-6,500 65% 65% 2,600 () 449,364 449,364-449,364 100% 100% - 11,329 11,329-11,329 51% 51% - Telrise (Cayman) Telecom Ltd. 21,165 21,165-21,165 100% 100% - 29,700 9,700 20,000 29,700 99% 99% - Congo-Chine Telecom S.A.R.L 72,835 72,835-72,835 51% 51% - 3,900 3,900-3,900 65% 65% - 31,666 31,666-31,666 80% 80% 23,750 45,489 45,489-45,489 76% 76% - ZTE (UK) Ltd. 5,285 4,531 754 5,285 100% 100% - ZTE Do Brasil LTDA 18,573 18,573 18,573 100% 100% - 36,500 36,500-36,500 73% 73% 730,000 198

20101231 5. 2010 (2) (%) (%) 41,250 41,250-41,250 80% 80% - ZTE Wistron Telecom AB 2,137 114 2,023 2,137 100% 100% - ZTE-Communication Technologies, Ltd. 6,582 6,582-6,582 100% 100% - ZTE Corporation Mexico S. DE R. L DE C.V. 41 41-41 100% 100% - 15,300 15,300-15,300 51% 51% - Zhongxing Telecom Pakistan (Private) Ltd. 5,279 5,279 5,279 0% 4,500 4,500-4,500 90% 90% - 45,000 45,000-45,000 99% 99% - 5,100 5,100-5,100 51% 51% 3,570 ZTE Holdings (Thailand) Co., Ltd. 10 5 5 10 100% 100% - ZTE (Thailand) Co., Ltd. 5,253 5,253-5,253 100% 100% - 540 540-540 54% 54% 3,564 ZTE Telecom India Private Ltd. 258,361 258,361-258,361 100% 100% - ZTE Romania S.R.L. 827 827-827 100% 100% - ZTE (Malaysia) Corporation SDN.BHD. 496 496-496 100% 100% - 10,500 10,500-10,500 70% 70% 2730 Closed Joint Stock Company TK Mobile 16,871 16,871-16,871 51% 51% - PT. ZTE Indonesia 15,276 1,654 13,622 15,276 100% 100% 6000 6000-6000 80% 80% 9000 2,100 2,100-2,100 100% 100% - 5,000 5,000-5,000 100% 100% - 600,000 600,000-600,000 100% 100% 400,000 ( ) 2,000 2,000-2,000 51% 51% - 24,000 24,000-24,000 80% 80% - () 100,000 100,000-100,000 100% 100% - 30,000 30,000-30,000 100% 100% - 6,600-6,600 6,600 55% 55% - () 500,000-500,000 500,000 100% 100% - 15,674-15,674 15,674 90% 90% - 300,000-300,000 300,000 30% - 1,948,720 858,678 2,807,398 1,715,214 199