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........................................................................ 1................................................................. 10 1............................................................... 10 2............................................................... 11 3......................................................... 12 4......................................................... 16 5.................................................... 17 6.................................................. 18 7....................................................... 22 8......................................... 23 9........................................................... 23 10....................................................... 32 11.............................................. 32 12........................................................... 32......................................................... 33................................................................. 35.............................................. I-1....................................................... II -1......................................... III -1................................................ IV -1.............................................. V -1......................................................... VI -1......................................................... VII -1 - i -

BVI BVI EBITDA BVI BVI BVI BVI BVI (BVI) CDMA - 1 -

BVI BVI BVI 333 BVI (BVI) BVI 32-2 -

(a)(b) BVI 2.25% BVI BVI (BVI) 333-3 -

GSM BVI BVI (BVI) BVI BVI (BVI) BVI BVI (BVI) BVI BVI (BVI) BVI - 4 -

BVI (BVI) BVI BVI (BVI) BVI BVI BVI (BVI) BVI BVI (BVI) - 5 -

BVI BVI (BVI) 7 7 /8% 333 396-6 -

BVI BVI (BVI) BVI BVI (BVI) BVI BVI (BVI) BVI BVI (BVI) 0.10-7 -

BVI BVI (BVI) BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI (BVI) Vodafone Vodafone Group Plc Vodafone Holdings Vodafone Holdings (Jersey) Limited Vodafone Vodafone Vodafone Holdings Vodafone Vodafone Holdings58.5-8 -

8.2766 1.001.061 1.00 7.7980 1.00-9 -

99 60 Christopher Gent BVI BVI BVI BVI BVI BVI BVI BVI 1 BVI BVI 85.73668.634 BVI 57.73450.254 28218.380-10 -

Vodafone Vodafone Holdings 58.5 7.5 BVI 75.58% 1,103.03 1,039.61 64.3% BVI 35 57 33 34 2 BVI BVI 85.73668.634 134.67 16.27126.93 844.26 102.00795.56 BVI BVI BVI BVI - 11 -

2,093 73.9% (1) (%)........................... 2,382 68.3........................... 2,152 74.2........................... 1,805 71.5........................... 4,161 75.5........................... 3,036 75.2........................... 2,901 79.7........................... 2,001 65.8........................... 2,490 78.7 (1) 3 EBITDA 54.08 50.97 13.1 56 52.77 12.7 EBITDA 128.89 121.48 6.6 EBITDA161 151.72 5.2 EBITDA 2,865EBITDA - 12 -

85.73668.634 57.73450.254 BVI31.50245.678 26.23 204.576BVI827,514,44624.7217 4.45% 30 VodafoneVodafone Vodafone Holdings VWAP 28.430024.7217 15%21.013424.7217 15% BVI VWAP 28.4300 VWAP28.430050% VWAP 21.013421.0134 VWAP 50%BVI BVI Vodafone Vodafone Holdings BVI 75.70% 23.5% 28218.380 BVI LIBOR - 13 -

LIBOR 7.7993 1.00 66.9 BVI BVI - 14 -

Vodafone - 15 -

(1) 100% (2) BVI827,514,446 Vodafone Vodafone Holdings 236,634,212 24.7217 (3) (4) Aspire Holdings Limited 66.41% (MISC) MISC 4 31.50 (a) 2476.19% (b) Vodafone Vodafone Vodafone Holdings 58.57.5 Vodafone Vodafone HoldingsVodafone Vodafone Holdings24.7217 Vodafone 30 BVI 24.7217Vodafone Vodafone Holdings 236,634,2121.27% Vodafone 7.7993=1.00 Vodafone Vodafone Holdings Vodafone Vodafone Holdings BVI Vodafone Vodafone Vodafone Holdings BVI - 16 -

Vodafone 3.27% VodafoneVodafone Vodafone Holdings Vodafone Vodafone 1933 S Vodafone Vodafone HoldingsVodafone Vodafone Holdings 5 BVI (a) (b) (c) (d) (e) BVI BVI - 17 -

BVI BVI BVI 6 7282,093 5.5% 6.9% 8.2% 6.4% 6.8% 5.5% 8.3% 9.7%6.8% 6,964 48%9,05763% 6.32810.5 82.3% - 18 -

EBITDA 2001 12 31.................... 26,081 100,331 126,412 EBITDA............ 12,889 60,270 73,159.... 5,408 28,015 (256) (a) 32,286............. (881) (b)......... (2,113) (2,113)............... (2,015) (c) (2,015)...................... 3,295 28,015 28,158 (1)...... 1.51 1.43 (a) (b) (c) 3.801% (1) Vodafone Vodafone Holdings 236,634,212 BVI827,514,446 24.7217-19 -

, 281.58 (a) (b) (c)................................................. 30,271 (1).................................. 1.54................................................. 30,173 (1).................................. 1.53................................................. 32,286 (1).................................. 1.64 (1) Vodafone Vodafone Holdings 236,634,212 BVI827,514,446 24.7217-20 -

12 31 1999 2000 2001 (1).............. 590 629 633 (%) (2)........... 5.0 9.3 15.2........................ 25,743 32,409 34,010...................... 12,725 35,633........................ 25,743 45,134 69,643 (%) (2)...................... 86.6 77.5 72.4 (3)................ 366 299 233 (4)........... 299 (5) 221 (5) 145 (1).............. 411 413 418 (%) (2)........... 1.9 3.9 6.8........................ 7,277 9,623 12,839...................... 3,255 8,089........................ 7,277 12,878 20,928 (%) (2)...................... 91.7 80.8 73.9 (3)................ 315 284 235 (4)........... 226 185 129 (1) 2001-2002 (2) 2001-2002 (3) (i) (ii) - 21 -

(4) (i) (3) (ii) (5) 10.5 11.9%9,057 234141 7 2.102.11 56 52.77 EBITDA 161 151.72-22 -

8 75.58% (a) (b) (c) (d) (e) 9 (a)(b) - 23 -

15% 15% - 24 -

523,891,000 493,771,000 519,481,000489,615,000 572,389,000 539,481,000 523,984,000493,859,000 80% 20% 15% 15% 930,339,000876,851,000 982,607,000 926,114,000 1,256,980,000-25 -

1,184,713,000 1,244,362,0001,172,820,000 900 1800 60% 40% 8,021,0007,560,000 8,301,0007,824,000-26 -

205,003,000193,217,000 95,807,00090,299,000 SIM 95% 5% 5% 5% 28,820,000 27,163,000 114,792,000-27 -

108,192,000 26,698,00025,163,000 58,296,00054,944,000 82,101,000 77,381,000 61,162,00057,646,000 (a) (b) (c) (a) (b) - 28 -

237,120,000223,487,000 33,336,00031,419,000 217,182,000204,696,000 58,823,00055,441,000 101,370,00095,542,000 200,000,000 188,501,000 14-29 -

(a) (i) (ii) (b) (c) (d) 14.25(1)(A) (D) (a) (g) (i) (ii) (iii) (a)(ii) (iv) (g) (e) (g) - 30 -

(f) (g) (i) (ii) 1% 1% 0.25% (iii) 0.04% (iv) 0.25% (v) 0.5% 14-31 -

10 88 BVI 75.58% 99 60 11 35 57 12 33 3435 57-32 -

BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI BVI 10 32-33 -

35 57 1 2 3-34 -

16 BVI75.58% - 35 -

BVI 1. 8,526 1.448 5,95469.8%1.4481.615 11.5% 11.2% 83.4% - 36 -

66.4% 52.9% 60.6% 45.9%75.3% 65.8% 79.7% 73.9%31 1321 6.32810.5 82.3% 6,9649,05730.1% 1 6.8%560 805 77.0% 62.5% 75.3% 54.3% 2. (a) BVIBVI BVI BVI BVI BVI BVI BVI BVI85.73 668.634BVI - 37 -

GSM IP (%).................. 2,382 68.3.................. 2,152 74.2.................. 1,805 71.5.................. 4,161 75.5.................. 3,036 75.2.................. 2,901 79.7.................. 2,001 65.8.................. 2,490 78.7........... 20,928 73.9.................... 69,643 72.4 (i) (ii)ebitda (iii) (iv)........... 16,261 21,643 26,081............... 15,326 20,399 24,582............... 1,965 2,615 3,151-38 -

EBITDA........... 7,418 10,048 12,889............... 6,992 9,470 12,148............... 896 1,214 1,557........... 2,632 3,776 5,408............... 2,481 3,559 5,097............... 318 456 653........... 1,921 618 3,295............... 1,811 582 3,106............... 232 75 398 EBITDA 56.00161.00 52.77 151.7270%25% 306.63 289.00 37.05 (b) BVI 85.73 668.634 EBITDA - 39 -

134.67 126.93 16.27 (c) 85.73668.634 BVI 57.73450.254 28.00218.380 24.00187.183 Vodafone Vodafone Holdings58.5 7.5 31.50245.67826.23 204.576BVI827,514,44624.7217 30Vodafone Vodafone Vodafone Holdings VWAP 28.4300 24.7217 15%21.013424.7217 15% BVI VWAP 28.4300 VWAP 28.430050% VWAP 21.0134 21.0134 VWAP 50%BVI 15-40 -

BVI LIBOR LIBOR 6.0 6.9 BVI 15-41 -

(d) 85.73 668.634 102.00795.56 134.67 16.27 126.93 DCF (i) DCF DCF DCF 102.00795.56 DCF (ii) EBITDA EBITDA - 42 -

102.00795.56 EBITDA5.2 356 ARPU EBITDA 33.3% 47.6% ARPU ARPU 129 ARPU 86ARPU EBITDA........................ 7.8 679............................... 5.5 292.... 29.5% 57.0%............................... 5.2 356.... 33.3% 47.6%........... 5.5% (21.9%) (1) (2) EBITDA ARPU - 43 -

(iii) 12 EBITDA 12................................... 30.5 1,277................................... 7.4 887................................... 12.0 995 ARPU ARPU EBITDA (i)dcf (ii) EBITDA (iii) 12 EBITDA (e) - 44 -

- 45-3. 24.7217 30 VWAP15% (i) VWAP 28.430024.7217 15% VWAP28.430050% (ii) VWAP 21.013424.7217 15% 21.0134 VWAP 50% - 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00 0 20 40 60 80 100 120 140 160 16/05/01 13/06/01 16/07/01 14/08/01 11/09/01 11/10/01 09/11/01 07/12/01 06/02/02 11/03/02 11/04/02 10/05/02 09/01/02

19.40 42.7028.10 24.20 VWAP 15% 4. (a) (b) 85.73 668.63424.00 187.183 (c) 827,514,446 30 24.7217204.576 26.23 (d) Vodafone 236,634,21224.7217-46 -

58.5 7.5 (e) 28.00 218.3803.801 LIBOR............................. 100,331 126,412................................. 94,563 119,144................................. 12,122 15,273 EBITDA............................. 60,270 73,159................................. 56,805 68,953................................. 7,282 8,839............................. 28,015 28,158................................. 26,404 26,539................................. 3,385 3,402............................. 28,015 30,271................................. 26,404 28,531................................. 3,385 3,657................................. 1.51 1.54...................................... 1.42 1.45...................................... 0.18 0.19............................. 883 2,435................................. 832 2,295................................. 107 294 1........................................ 68 30 (1)EBITDA - 47 -

............................. 111,779 139,698................................. 105,352 131,666................................. 13,505 16,879................................. 6.01 7.10...................................... 5.66 6.69...................................... 0.73 0.86 (1)............................. 29,300 69,328................................. 27,615 65,342................................. 3,540 8,376 (2)............................. (7,491) 49,016................................. (7,060) 46,198................................. (905) 5,922............................. 111,779 139,698................................. 105,352 131,666................................. 13,505 16,879 (3)........................ 20.8% 33.2%...................... 35.1% (1) (2) (3) - 48 -

EBITDA EBITDA 731.59 EBITDA602.70 21.4% 302.71 280.158.1% 1.541.51 2.0% 1,396.98 25.0% 7.10 6.0118.1% 85.73 668.634 402.96379.79 20 20.150.10 1.54 1.64 693.28 293.00136.6% 490.16-49 -

35.1% 20.8% 33.2% 24.35 8.83 EBITDA 68 30 BVIVodafone Vodafone Holdings 75.70% 24.42%24.30% (a) EBITDA (b) (c) (d) 5. - 50 -

(A) (E) (F) (G) (F) (G) (A) (i) (ii) (iii) 13 (B) (i) (ii) - 51 -

(iii) 13 (C) 13 (D) 13-52 -

(E) SIM (F) (i) (ii) (iii) (i) (ii) (iii) - 53 -

(G) (i) (ii) 1% 1% 0.25% (iii) 0.04% (iv) 0.25% (v) 0.5% - 54 -

(E).......... 114.8 108.2 0.09% 82.1 77.4 0.06% 1.00%.......... 58.3 54.9 0.05% 61.2 57.6 0.05% 1.00% (F).......... N/A N/A N/A 237.1 223.5 0.19% 0.25% (F).......... N/A N/A N/A 33.3 31.4 0.03% 0.04% (F).......... N/A N/A N/A 217.2 204.7 0.17% 0.25% (G)......... 101.4 95.5 0.08% 200.0 188.5 0.16% 0.50% (A) (D) - 55 -

(A) (D) (i)(ii) (iii) (iv) (a) (b) (c) (i) (ii) (iii) (d) (e) (f) - 56 -

(g) (h) 1 3-57 -

10,881 18,039 28.8% 4,324 14,480 83.0% 4.185,72410.3% I-1

6.8% 12 31 1999 2000 2001 (1).................................... 62,060 62,780 63,280.................................... 42,312 41,485 41,858.................................... 30,723 30,911 30,970.................................... 83,586 84,075 86,396.................................... 59,380 59,600 59,746.................................... 65,320 65,620 65,959.................................... 35,191 35,721 36,586.................................... 32,036 32,478 32,716.................................. 410,608 412,670 417,511 (1).................................... 4,687 4,840 5,199.................................... 4,402 4,851 5,199.................................... 4,826 5,157 5,651.................................... 4,441 4,770 5,118.................................... 6,588 7,174 7,804.................................... 5,098 5,638 6,039.................................... 4,137 4,647 5,033.................................... 4,703 5,015 5,424.............................. 4,912 5,312 5,724 (%) (2).................................... 5.5 7.7 10.1.................................... 6.3 8.9 10.3.................................... 6.4 8.7 10.9.................................... 4.6 6.6 7.9.................................... 7.5 9.2 10.2.................................... 7.5 10.5 11.6.................................... 6.7 10.4 11.6.................................... 6.1 9.7 12.7.............................. 6.2 8.7 10.3 I-2

12 31 1999 2000 2001 (%) (3).................................... 1.6 3.3 5.5.................................... 1.7 3.4 6.9.................................... 2.7 5.2 8.2.................................... 2.0 3.9 6.4.................................... 1.9 3.5 6.8.................................... 1.9 3.8 5.5.................................... 2.0 4.3 8.3.................................... 2.1 4.5 9.7.............................. 1.9 3.9 6.8 (1) 2001-2002 (2) (3) 2001-2002 GSM IP 1 2,093 73.9% I-3

12 31 1999 2000 2001............................. 7,277 12,878 20,928................................ 7,277 9,623 12,839............................. 3,255 8,089 (%) (1)............................ 91.7 80.8 73.9.................. 22,683 33,257 47,498 (2)....................... 315 284 235................................ 315 307 308............................. 108 101 (3)................... 226 185 129................................ 226 198 160............................. 83 71 (1) (2) i ii (3) i 2 ii 12 31 1999 2000 2001.................................... 866 1,482 2,382.................................... 638 1,121 2,152.................................... 738 1,263 1,805.................................... 1,546 2,560 4,161.................................... 1,081 1,833 3,036.................................... 1,166 2,125 2,901.................................... 601 1,232 2,001.................................... 641 1,262 2,490 I-4

12 31 1999 2000 2001 (%) (1).................................... 86.1 72.2 68.3.................................... 90.0 80.1 74.2.................................... 90.4 78.6 71.5.................................... 92.7 78.0 75.5.................................... 95.7 88.5 75.2.................................... 95.4 84.4 79.7.................................... 83.9 80.7 65.8.................................... 96.5 85.7 78.7 (1) 12 31 1999 2000 2001.................................... 2,700 3,358 5,491.................................... 2,270 2,910 4,668.................................... 2,215 3,152 3,934.................................... 4,956 6,933 9,775.................................... 3,462 4,976 6,890.................................... 3,014 5,360 7,399.................................... 1,940 3,410 4,982.................................... 2,126 3,158 4,359 (1).................................... 293 268 245.................................... 362 280 240.................................... 341 273 204.................................... 360 290 254.................................... 283 296 229.................................... 265 273 246.................................... 327 308 256.................................... 316 288 193 I-5

12 31 1999 2000 2001 (2).................................... 204 182 122.................................... 240 185 124.................................... 224 166 123.................................... 257 185 136.................................... 206 212 137.................................... 207 168 132.................................... 255 195 131.................................... 225 190 119 (1) i ii (2) i 1 ii 7.0% 7.7% 2 (1) (i) I-6

(ii) (a) GSM 0.82 11.7 13 56226.9% (ISPs) WAP GPRS WAP WAP GPRS GSM I-7

(b) IP IP IP IP12.83 (c) 172XX (2) (i) 1,28461% 12 31 1999 2000 2001......................... 866 1,292 1,991......................... 638 805 1,671......................... 738 720 476......................... 1,546 1,645 2,263......................... 1,081 1,291 1,548......................... 1,166 1,972 2,377......................... 601 1,006 1,680......................... 641 892 833....................... 7,277 9,623 12,839 I-8

(ii) 809 39% 12 31 2000 2001......................................... 190 391......................................... 316 481......................................... 543 1,329......................................... 915 1,898......................................... 542 1,488......................................... 153 524......................................... 226 321......................................... 370 1,657....................................... 3,255 8,089 3 (i) I-9

(ii) (iii) 4 1,311 20,966................... 111 186 49 230 187 204 158 186................. 4,153 1,978 2,141 2,475 2,252 2,830 978 4,159........................ 4,264 2,164 2,190 2,705 2,439 3,034 1,136 4,345 I-10

100 VPMN VPMN VPMN VPMN 24 I-11

5 6 90 152 I-12

7 GSM 90% 25722,688 3,21865% 900 1800 34 135 136 137 I-13

138 139GSM17950 17951IP 172XX 52 2002.................................... 16.7 2.0 2003.................................... 14.2 1.7 2004.................................... 12.4 1.5.................................... 43.3 5.2 8...................... 106 213 158 199 160 210 134 136................. 601 656 539 974 1,265 893 393 556.......... 931 843 325 1,629 1,407 1,235 737 1,144............... 132 146 76 286 213 242 82 80...................... 382 230 268 202 178 520 396 284........................ 2,152 2,088 1,366 3,290 3,223 3,100 1,742 2,200 9 I-14

10 10% GSM GSM CDMA GSM CDMAGSM CDMA GSM 11 I-15

II-1

(BVI)BVI (BVI)BVI (BVI) BVI (BVI)BVI (BVI) BVI (BVI)BVI (BVI) BVI (BVI)BVI BVI BVI BVI BVI BVI BVI BVI BVI 1 II-2

1 1 1 2 (a) II-3

(b) (i) 2(d) 5(a) (ii) (iii) (iv)............................................................ 8-35 3%....................... 7 3%... 4-18 3% (c) (i) II-4

2(b)(iv) 2(d) (ii) (d) (i) (ii) II-5

(e) 2(d) (f) SIM (g) (h) II-6

(i) (i) (ii) (iii) (iv) (v) (vi) SIM (j) (k) II-7

(l) (m) (n) 3(j) (o) (p) II-8

(q) 10% II-9

3 1 12 31 1999 2000 2001 (a)....................... 10,437 14,998 19,020....................... 3,051 3,972 4,152....................... 1,146 345 43................ 1,627 2,328 2,866.................. 16,261 ------------- 21,643 ------------- 26,081 -------------..................... 2,464 2,187 1,393................ 2,350 3,022 3,286......................... 3,860 4,959 5,841..................... 750 1,467 1,527................ (b) 3,437 5,049 7,107.................. 12,861 16,684 19,154 --------------- --------------- ---------------....................... 3,400 4,959 6,927............ (c) (927) (3,952)............ 5(a) (2,113).................. (d) 158 130 121................ (e) (35) (37) (22)....................... 22 42 89....................... (f) (729) (889) (394)............ (f) 1,889 253 4,608........................... (g) 32 365 (1,313)......................... 1,921 618 3,295 (a) II-10

3.3% 3% (b) (c) 12 31 1999 2000 2001 (i)................... 650 3,366 (ii)................. 277 586 927 3,952 (i) (ii) (d) SIM 12 31 1999 2000 2001 SIM..................... 673 542 735 SIM.................... (515) (412) (614 ) 158 130 121 II-11

(e) 12 31 1999 2000 2001................ 18 45 43.................... (41) (44) (75 )............................. 2 2................................. (12) (40) 8 (35) (37) (22 ) (f) (i) 12 31 1999 2000 2001 5................. 956 1,106 505........ 38 33 18................... 994 1,139 523..................... (265) (250) (129 ) 729 889 394 1999 2000 2001 12 31............. 5.00% 4.97% 3.80% 11.70% 10.98% 8.10% (ii) 12 31 1999 2000 2001................... 3,794 4,852 5,793..... 66 107 48....................... 68 114 154................... 2,464 2,187 1,393....................... 33 60 72................... 78 108 152........................ 743 599 499................... 27 53 53..................... II-12

(g) 12 31 1999 2000 2001.................. 185 657 693 5(c)......................... (217) (1,022) 620 (32) (365) 1,313 15% 33% 33% 12 31 1999 2000 2001....... 623 83 1,521........................... (378) (114) (9 )........................... (71) (102) (5 )............................. (1) (3 )......................... 131 305 548............................. (308 ).............. 141 9 117......................... (236) (403 )......................... (243) (552) (291 )....... 145................................. 1 7 1................................. (32) (365) 1,313 (h) 12 31 1999 2000 2001 0 1,000,000........ II-13

12 31 1999 2000 2001............................................................................................................... (i) 12 31 1999 2000 2001 0 1,000,000........ 5 5 5 12 31 1999 2000 2001 (i).......... 1 1 1 (ii)........................ (iii)............................ 1 1 1 2 2 2 (j) II-14

28,000,000 269,000,000 58,000,000 182,000,000 (k) II-15

12 31 1999 2000 2001............... (i) 711 716 519............... (ii) 1,548 1,108 524................... (iii) 2,464 811 96............... (iv) 705 930 1,257............... (v) 802 983 1,244................. (vi) 9 8 8............... (vii) 36 18 12................... (viii) 10 7 19................. (viii) 1................. (viii) 2 3 5... (ix) 20 6 26...... (x) 4 2............ (xi) 70 9 37........ (xii) 97 401 2,260.......... (xiii) 59 101........ (xiv) 29 115........ (xiv) 27 58 (i) GSM (ii) (iii) II-16

(iv) (v) (vi) (vii) (viii) (ix) (x) (xi) 4.88% 10.98% 3.63% 3.86% 5(h) (xii) (xiii) II-17

(xiv) (viii) 12 31 1999 2000 2001................ (i) 1,084 6,222 9,839.................... (ii) (631) (569) (795) (i) (ii) (l) 4 12 31 1999 2000 2001...................... 1,280........... 1,280............................ 1,921 618 3,295........................ 1,921 618 4,575 II-18

5 1 12 31 1999 2000 2001....................... (a) 24,867 28,061 39,499....................... (b) 2,469 4,303 10,448.................. (c) 232 1,254 634 27,568 --------------- 33,618 --------------- 50,581 ---------------........................... 96 320 442......... (d) 1,180 1,725 2,493.............. (e) 2,789....................... (f) 1,736 1,687 1,441.................... (g) 231 1,110 323......... 192 522 491....................... 1 25.............. 3,570 3,225 3,360 9,795 --------------- 8,589 --------------- 8,575 ---------------....... (h) 5,874 4,919 4,766....................... 107 328....... (i) 238 266 86......... (d) 1,074 594 418.............. (e) 3,325....................... (j) 3,986 7,788 7,182......... 1,433 2,099 2,901........................... 85 15,930 15,773 15,766 --------------- --------------- ---------------...................... (6,135) (7,184) (7,191) --------------- --------------- ---------------.............. 21,433 26,434 43,390....... (h) (10,354) (8,954) (2,922)......... (d) (8,750)............ (i) (306) (86) (k) (350) (1,055)......................... 10,773 17,044 30,663...................... (l) 10,773 17,044 30,663 II-19

(a) 1999 1 1.................... 1,140 21,646 709 23,495............................ 251 1,539 239 2,029................... 138 8,629 84 8,851............................ (90) (126) (39) (255)............................ (429) (429) 1999 12 31................. 1,439 31,259 993 33,691 ----------------- ----------------- ----------------- -----------------............................ 1,439 31,259 993 33,691 1999 1 1.................... 120 4,322 159 4,601..................... 62 3,660 138 3,860................... 650 650........................ (18) (90) (27) (135)............................ (152) (152) 1999 12 31................. 164 8,390 270 8,824 ----------------- ----------------- ----------------- ----------------- 1999 12 31................. 1,275 22,869 723 24,867 II-20

2000 1 1.................... 1,439 31,259 993 33,691............................ 223 881 338 1,442................... 253 10,326 165 10,744............................ (43) (108) (56) (207)............................ (1,455) (1,455) 2000 12 31................. 1,872 40,903 1,440 44,215 ----------------- ----------------- ----------------- -----------------............................ 1,872 40,903 1,440 44,215 2000 1 1.................... 164 8,390 270 8,824..................... 67 4,689 203 4,959................... 3,366 3,366........................ (22) (59) (45) (126)............................ (869) (869) 2000 12 31................. 209 15,517 428 16,154 ----------------- ----------------- ----------------- ----------------- 2000 12 31................. 1,663 25,386 1,012 28,061 II-21

2001 1 1.................... 1,872 40,903 1,440 44,215............................ 312 573 250 1,135................... 949 15,754 417 17,120............................ (71) (4,449) (80) (4,600)............................ (3,925) (1) (3,926)............... 774 (14,472) (747) (14,445) 2001 12 31................. 3,836 34,384 1,279 39,499 ----------------- ----------------- ----------------- ----------------- 2001................... 3,836 34,384 1,279 39,499 2001 1 1.................... 209 15,517 428 16,154..................... 112 5,474 255 5,841........................ (25) (4,392) (40) (4,457)............................ (3,925) (1) (3,926)..................... (296) (12,674) (642) (13,612) 2001 12 31................. ----------------- ----------------- ----------------- ----------------- 2001 12 31................. 3,836 34,384 1,279 39,499 12 31 1999 2000 2001........................................ 120 129 352........................................ 1,155 1,534 3,484 1,275 1,663 3,836 39,499,000,000 1,280,000,000 2,113,000,000833,000,000 II-22

422,000,000 40,332,000,000 2001 12 31................................................... 2,766.......................... 36,182................................... 1,384 40,332 665,000,000 291,000,000 243,000,000 (b) (c) 12 31 1999 2000 2001 1 1......................... 15 232 1,254 3(g)..... 217 1,022 (620 ) 12 31....................... 232 1,254 634 II-23

12 31 1999 2000 2001....... 216 921............. 294 558................................. 16 39 76 232 1,254 634 12 31 1999 2000 2001......................... 840 479 243......................... 90 551.................... 293 302 1,223 1,332 243................ (1,276) (1,928)....... (53) (596) 243 5(a) ( 2,086,000,000 378,000,000 (d) 3(k) 8 (e) 3(k) (g) (j) II-24

(f) 12 31 1999 2000 2001 30............................... 1,462 1,411 1,253 31 60............................. 132 130 121 61 90............................. 142 146 67 1,736 1,687 1,441 (g) 887,000,000 111,000,000 (e) (h) (i) 12 31 1999 2000 2001................. 2,671 1,831 185................... 90 4,200...................... 3,113 3,088 381 5,874 4,919 4,766 4,200,000,0003(k)(xi) II-25

12 31 1999 2000 2001................. 279 208.......................... 32 311 208 70,000,000 80,000,000 5.00% 10.98% 4.97% 10.27% 3.63% 5.94% 6.30% 6.06% 3.95% (ii) 12 31 1999 2000 2001 6.03% 10.30% 2001............ 1,381 1,300 2001 12 31 5.43% 6.03% 2004.................. 9,034 9,454 1,303 7.88% 2001... 149 50 2001 12 31 8% 2003.......... 1,507 681 318 II-26

12 31 1999 2000 2001 4.30% 2002... 51 21 10 2001 12 31 1.5% 2002.......... 353 184 83 2000 12 31 5.85% 7.82% 2001.......... 941 352 2001 12 31 3.86% 2004.......... 864 2001 12 31 3.86% 2004.......... 51 725............................... 13,467 12,042 3,303 (h)(i).................... (3,113) (3,088) (381) 10,354 8,954 2,922 (h)(i) 6.13% 6.20% 1.98% II-27

12 31 1999 2000 2001....... 1,655 1,859 433.. 293............................. 379 59 2,327 1,918 433 12 31 1999 2000 2001 1 (h)(i)............ 3,113 ----------------- 3,088 ----------------- 381 ----------------- 1 2......................... 4,530 3,833 1,034 2 5......................... 5,824 5,121 1,888 10,354 8,954 2,922 ----------------- ----------------- ----------------- 13,467 12,042 3,303 (h)(i) (i) 1999 12 31 1................................ 238 ----------------- 38 ----------------- 276 ----------------- 1 2......................... 220 19 239 2 5......................... 86 2 88 306 21 327 ----------------- ----------------- ----------------- 544 59 603 II-28

2000 12 31 1................................ 266 27 293 1 2......................... 86 2 88 352 29 381 2001 12 31 1................................ 86 2 88 12 31 1999 2000 2001..... 188 117 41............................... 283 200 45 471 317 86 (j) 2,494,000,000 974,000,000(e) 12 31 1999 2000 2001 1....................... 1,809 3,835 4,358 2 3......................... 745 1,229 695 4 6......................... 341 349 801 7 9......................... 318 1,478 72 10 12....................... 773 897 1,256 3,986 7,788 7,182 II-29

(k) 12 31 1999 2000 2001 1 1......................... 350........................... 1,225 4,211.................... (875) (3,506 ) 12 31....................... 350 1,055 (l) 12 31 1999 2000 2001 (i) (ii)........................ 6,600 7,684 13,906..................... 1,084 6,222 9,839........................ 7,684 13,906 23,745 ------------------ ------------------ ------------------................................................ 1,280........................ ------------------ ------------------ 1,280 ------------------ (iii)................................................ 1,799 3,089 3,138................. 1,921 618 3,295........................ (631) (569) (795 )........................ 3,089 3,138 5,638 ------------------ ------------------ ------------------............................ 10,773 17,044 30,663 II-30

(m) 1999 12 31 1...................... 44 1,406 6 1,456 1 5............... 125 691 16 832 5...................... 50 17 1 68 219 2,114 23 2,356 2000 12 31 1...................... 81 983 8 1,072 1 5............... 176 421 12 609 5...................... 79 11 2 92 336 1,415 22 1,773 2001 12 31 1...................... 77 817 8 902 1 5............... 178 112 10 300 5...................... 83 25 2 110 338 954 20 1,312 II-31

(n) 12 31 1999 2000 2001.................... 247 328 538.................... 1,355 1,825 2,022 1,602 2,153 2,560................... 4,680 3,374 3,975.................... 8,646 13,164 13,120 13,326 16,538 17,095.................... 4,927 3,702 4,513.................... 10,001 14,989 15,142 14,928 18,691 19,655 (o) 12 31 1999 2000 2001....... 200 650 950............................... 90 90 90 290 740 1,040 II-32

6 1 12 31 1999 2000 2001...... (a) 8,070 10,518 13,453 ---------------- ---------------- ----------------.................... 22 42 89.............. (958) (1,116) (533)........................ (631) (569) (795)............. (1,567) (1,643) (1,239) ---------------- ---------------- ----------------......... (111) (450) (1,249).................... (111) (450) (1,249) ---------------- ---------------- ----------------.................... (9,973) (12,483) (23,011)...... 79 37 68............... (1) (25)............... 1...... (9,895) (12,445) (22,968) ---------------- ---------------- ----------------......... (3,503) (4,020) (12,003) ---------------- ---------------- ---------------- II-33

6 ) 12 31 1999 2000 2001...... (b) 8,750.................... (b) 9,102 5,995 6,688.................... (b) (181) (192) (266).... (b) (3,236) (8,350) (12,873)............... 1,084 6,222 9,839...... 6,769 ------------- 3,675 ------------- 12,138 -------------............. 3,266 (345) 135...... 304 3,570 3,225...... 3,570 3,225 3,360 3.................. 10............. 3,570 3,215 3,360 3,570 3,225 3,360 II-34

(a) 12 31 1999 2000 2001............................. 1,889 253 4,608................................... 3,860 4,959 5,841............................. 927 3,952............................... 2,113............................... 41 44 75........................................ 743 599 499........................................ (22) (42) (89 )........................................ 729 889 394 )............................... 76 (224) (122 )...................... (1,122) (555) (198 )................. (2,021) 2,789................................... (1,238) (550) (253 )........................ 82 (879) 787............ (28) (330) 31 )............. 917 (676) (104 ) ).................. 2,418 (3,325) ).......................... 8 2,621 (1,645 )...................... 811 643 811................................... 350 705.......................... 8,070 10,518 13,453 II-35

(b) 1999 1 1............................... 10,362 505.................... 9,102 (c)...................... 220.................... (3,236).................... (181 ) 1999 12 31............................. 16,228 544 2000 1 1............................... 16,228 544.................... 5,995.................... (8,350).................... (192 ) 2000 12 31............................. 13,873 352 2001 1 1............................... 13,873 352.......................... 8,750.................... 6,688.................... (12,873).................... (266 ) 2001 12 31............................. 8,750 7,688 86 (c) 3,490,000,000 4,263,000,000 5,326,000,000 220,000,000 7 8 II-36

8,750,000,000 9 10 99 60 II-37

III-1

................. 19,020 19,020................. 4,152 4,152................. 43 43.......... 2,866 2,866.......... 26,081 26,081 ----------------- -----------------............... 1,393 1,393.......... 3,286 3,286................... 5,841 (347) (a) 5,494................... 1,527 1,527.......... 7,107 38 (b) 7,145.......... 19,154 18,845 ----------------- -----------------................. 6,927 7,236...... (2,113) 2,113 (a)............ 121 121.......... (22) (22)................. 89 89................. (394) (312) (c) (706)...... 4,608 6,718..................... (1,313) (9) (d) (1,322)................... 3,295 5,396 III-2

1 (a) (b) (c) 87.5 35% 3.57% (d) III-3

1. 2001 2000 1999................................. 73,458 46,287 25,812................................. 14,085 9,623 4,981................................. 711 2,213 4,319.......................... 12,077 6,861 3,511 100,331 ---------------- 64,984 ---------------- 38,623 ----------------............................... 5,005 5,501 3,723.......................... 13,055 8,329 6,453................................... 17,664 9,759 7,411................................... 5,325 3,991 2,256.......................... 18,270 10,578 5,140 59,319 38,158 24,983 ---------------- ---------------- ----------------............................... 41,012 26,826 13,640................. (1,525) (8,242).......................... 1,594 915 552............... (6) (5) 70............................... 857 1,006 767............................... (1,740) (824) (343).................... 41,717 26,393 6,444................................... (13,703) (8,366) (1,647).................... 28,014 18,027 4,797.......................... 1.......................... 28,015 18,027 4,797...................... (5,033) (6,916) (3,524).......................... 22,982 11,111 1,273................................... 1.51 1.25 0.40................................... 1.51 1.25 0.40 IV-1

2. 2001 2000........................... 3...................................... 73,458 46,287...................................... 14,085 9,623...................................... 711 2,213............................... 12,077 6,861 100,331 ---------------- 64,984 ----------------.................................... 5,005 5,501............................... 13,055 8,329........................................ 17,664 9,759........................................ 5,325 3,991............................... 4 18,270 10,578 59,319 38,158 ---------------- ----------------.................................... 41,012 26,826...................... 5 (1,525)............................... 6 1,594 915............................. 7 (6) (5).................................... 857 1,006.................................... 8(a) (1,740) (824)......................... 8 41,717 26,393........................................ 11(a) (13,703) (8,366)......................... 28,014 18,027............................... 1............................... 28,015 18,027........................... 31 (5,033) (6,916)............................... 22,982 11,111........................................ 13(a) 1.51 1.25........................................ 13(b) 1.51 1.25 IV-2

2001 2000................................. 28,015 18,027... 31 (239,540) 28,015 (221,513) IV-3

2001 2000.................................... 14 105,208 87,465.................................... 15 19,981 13,527............................... 17 16 46.................................... 18 77 61............................... 19 1,476 3,046.................................... 20 180 164 126,938 104,309 ---------------- ----------------........................................ 1,029 828...................... 21 503 557.................................... 22 5,728 7,252................................. 23 1,189 2,297...................... 1,571 1,289.................................... 14,970 12,204........................... 24 21,821 27,702 46,811 52,129 ---------------- ----------------.................... 25 4,531 10,471.................................... 1,458 1,005.................... 26 908 1,624...................... 21 4,136...................... 21 241 678.................................... 27 11,317 11,581...................... 10,840 8,408........................................ 11(b) 6,003 6,735 35,298 44,638 ---------------- ----------------................................. 11,513 7,491 ---------------- ----------------.................... 138,451 111,800 IV-4

2001 2000.................... 138,451 111,800 ---------------- ----------------.................... 25 (21,591) (23,134)............. 26 (812) (1,235).................................... 28 (4,237) (3,654) (26,640) (28,023) ----------------- -----------------............................... (32) (17) ----------------- -----------------.................................... 111,779 83,760........................................ 29 1,986 1,986........................................ 31 109,793 81,774 111,779 83,760 IV-5

2001 2000...................... (a) 63,890 41,401 ----------------- -----------------.................................... 867 994.................................... (2,008) (863)........................... 14.................................. (1,127) 131 ----------------- -----------------............................. (12,865) (5,952).................................... (12,865) (5,952) ----------------- -----------------.................................. (4,136)................................ (67,299).................................... (39,500) (21,964)...................... 204 264............................... (2,766) (3,881)...................... (46,198) (92,880) ----------------- -----------------................ 3,700 (57,300) ----------------- -----------------................ (c) 4 55,812......................... (c) 5,407 12,736......................... (c) (17,897) (8,130)................ (c) (2,055) (362).................... (c) 5,708...................... (128)........................... (c) 5,000............................. (55)...................... (c) 15 17............. (9,581) 65,653 ----------------- -----------------............. (5,881) 8,353...................... 27,702 19,349...................... (b) 21,821 27,702 IV-6

(a) 2001 2000.............................................. 41,717 26,393.................................................... 17,664 9,759........................................... 1,525........................................... 30................................................ 275 126......................................................... 1,737 1,346.................................................... 39 15......................................................... (857) (1,006)......................................... 1,740 824......................................................... (43) (26).................................... 4 (2)......................................................... (124) (408)....................................... 54 409........................................... 1,700.................................................... (213) (985).................................................. 1,111 54....................................... (282) (262) (.............................. (437) 14........................................... (1,696)........................................... (1,724) 1,179....................................... 2,616 1,319.................................................... 583 1,123........................................... 63,890 41,401 (b) 2001 2000............................ 3,818 6,457.................................................. 18,003 21,245 21,821 27,702 IV-7

(c) 2000 1 1........... 100,812 6,576 175........... 11,762 3,011 100,812 18,338 3,186........... 35............... 55,812 12,736 5,708 17......... (8,130).... (362) 156,624 22,944 2,859 5,708 17............. 192,369 2000 12 31......... 348,993 22,944 2,859 5,708 17 2001 1 1........... 348,993 22,944 2,859 5,708 17........... 916.... 4............... 4 5,407 5,000 15......... (17,897).... (2,055) 2001 12 31......... 348,997 10,458 1,720 5,708 5,000 32 (d) 8,679,000,000 5,555,000,0001,337,000,000 1,005,000,000 IV-8

1 (a) (b) (c) (d) 1(i) (e) 1(i) IV-9

(e) 1(i) 1(i) (f) (i) (ii) (g) (i) 1(i) IV-10

(ii) (iii) (iv)................................................................................................... 8 35 3%.............. 7 3%....................... 4 18 3% (h) 1(g) 1(i) (i) IV-11

(i) (ii) (j) (k) SIM (l) IV-12

(m) (n) (o) (p) (i) (ii) (iii) (iv) (v) (vi) (vii) SIM (q) (r) IV-13

(s) (t) (u) (v) (w) IV-14

(x) (y) 10% 10% 2 (i) 301(e) 3088 3 3% 3.33% IV-15

4 5 2001 2000 (a)........................................... 1,330 (b)........................................... 195 1,525 (a) 1,330,000,000 (b) 6 SIM 2001 2000 SIM................................................ 3,338 1,928 SIM................................................ (1,744) (1,013) 1,594 915 7 2001 2000......................................................... (39) (60)................................................ (275) (126)........................................... 165 149............................................................. 143 32 (6) (5) IV-16

8 2001 2000 (a) 5......................... 1,064 403 5......................... 4 74.................................................... 394 393......................................................... 108 -.................................................. 129 21......................................... 129 52.................................................... 1,828 943.............................. (88) (119) 1,740 824 4.57% 8.16% 5.02% 7.6% 2001 2000 (b)...................................................... 16,494 9,486......................................... 1,170 273.................................................... 39 15....................................... 217........................................................... 890 602...................................................... 5,005 5,501........................................................... 457 471.................................................... 287 335......................................................... 1,737 1,346.................................................... 25...................................................... 26 26.................................. (43) (26) IV-17

9 161 2001 2000............................................................. 2 2........................................... 8 8......................................................... 1.................................................... 3 2 14 12 543,000 382,000 2001 2000 01,000,000................................................. 9 10 1,000,0011,500,000.......................................... 1 1 2,000,0012,500,000.......................................... 1 2 2,500,0013,000,000.......................................... 2 10 339 1,500,0012,500,0001,500,0012,000,000 2001 2000........................................... 3 3.................................................... 1 1 4 4 IV-18

11 (a) 2001 2000........................................... 12,153 8,371....................... (20) 12 12,133 8,383 19(a).............................. 1,570 (17) 13,703 8,366 (i) (ii) 30% 15% 33% (b) 2001 2000....................................... 12,153 8,371................................ 455 478................... 1,405.............................................. (6,605) (3,519) 6,003 6,735 12 13 (a) 28,015,000,000 18,027,000,00018,605,371,320 14,394,312,587 IV-19

(b) 28,144,000,000 18,027,000,000 18,698,023,15914,409,503,167 (c) 2001 2000............................ 28,015 18,027........................................... 129............................ 28,144 18,027 2001 2000...................... 18,605,371,320 14,394,312,587...................................... 92,651,839 15,190,580...................... 18,698,023,159 14,409,503,167 IV-20

14 2001 1 1........................... 7,996 107,911 3,702 119,609.................................... 517 851 520 1,888........................... 2,297 29,697 2,004 33,998.................................... (216) (690) (131) (1,037).................................... (10,377) (10,377) 2001 12 31......................... 10,594 127,392 6,095 144,081 ---------------- ---------------- ---------------- ---------------- 2001 1 1........................... 315 30,885 944 32,144............................. 379 15,883 1,402 17,664................................ (55) (427) (76) (558).................................... (10,377) (10,377) 2001 12 31......................... 639 35,964 2,270 38,873 ---------------- ---------------- ---------------- ---------------- 2001 12 31......................... 9,955 91,428 3,825 105,208 2000 12 31....................... 7,681 77,026 2,758 87,465 (a) 2001 2000......................................................... 1,638 2,482......................................................... 8,247 5,103......................................................... 70 96 9,955 7,681 (b) 6,836,000,000 7,046,000,000 (c) IV-21

15 16 * 100% 5,594,840,700 100% * 2,117,790,000 (BVI) 1 1 100% 100% * 2,800,000,000 (BVI) 1 1 100% 100% * 5,247,488,000 (BVI) 1 1 100% 100% * 4,367,733,000 (BVI) 1 1 100% 100% * 643,000,000 (BVI) 1 1 100% 100% * 5,357,539,000 (BVI) 1 1 100% IV-22

16 100% * 5,404,715,000 (BVI) 1 1 100% 100% * 1,856,720,000 (BVI) 1 1 100% 100% * 4,015,276,000 (BVI) 1 1 100% 100% * 4,758,431,000 (BVI) 1 1 100% 100% * 5,772,040,000 (BVI) 1 1 100% 100% * 2,094,590,000 30,000,000 100% * Aspire Holdings Limited 78.64% 79,348,932 Aspire (BVI) Limited 1,000 100% 1,500,000 100% * * IV-23

17 2001 2000................................................ 37 37................................................ 9 9 46 46.................................................... (30) 16 46 China Motion United 30% Telecom Limited 30% 50% GSM 900/1800 18 2001 2000....................................... 77 61 19 (a) 2001 2000 1 1.................................................... 3,046 2,306................................................ 723 11 (a).................................... (1,570) 17 12 31.................................................. 1,476 3,046 IV-24

(b) 2001 2000.................................................... 4 12..................................... 171 2,102.................................................... 140 60......................................... 1,161 872 1,476 3,046 (c) 2001 2000......................................................... 1,204 989 20 2001 2000 1 1.................................................... 164 51......................................................... 55 128.................................................... (39) (15) 12 31.................................................. 180 164 21 32 IV-25

22 2001 2000 30......................................................... 5,100 6,451 3160....................................................... 443 524 6190....................................................... 185 277 5,728 7,252 23 108,000,000 998,000,000 24 2001 2000......................................................... 3,818 6,457.................................................. 18,003 21,245 21,821 27,702 IV-26

25 2001 2000.............. (a) 4,319 5,680 9,999 10,267 12,014 22,281.............. (a) 212 247 459 204 459 663.............. (b) 4,956 4,956 4,953 4,953........... (c) 5,708 5,708 5,708 5,708.................. (d) 5,000 5,000 4,531 21,591 26,122 10,471 23,134 33,605 100,000,000 113,000,000 4.36% 8.24% 6.03% 8.24% (a) 2001 12 31 1 25............ 2,617 ----------------- 212 ----------------- 2,829 ----------------- 1 2................................... 3,377 165 3,542 2 5................................... 2,233 82 2,315 5........................................... 70 70 5,680 247 5,927 ----------------- ----------------- ----------------- 8,297 459 8,756 2000 12 31 1 25............ 3,560 ----------------- 204 ----------------- 3,764 ----------------- 1 2................................... 5,071 211 5,282 2 5................................... 6,873 248 7,121 5........................................... 70 70 12,014 459 12,473 ----------------- ----------------- ----------------- 15,574 663 16,237 25 IV-27