3 Q11 Austria Mobile Operator Forecast Executive Summary

3Q.2011 Austria Mobile OperatorForecastAustria will have 14 million mobile subscriber connections in 2015 with Orangetaking 41% market shareOctober 2011

Subscriber growth is declining in Austria +6.2% industry average subscriber growth in 2Q.2011INDUSTRY AVERAGE Chart 1: Subscriber Growth (4Q08 – 2Q11), %SUBSCRIBER GROWTH INAUSTRIA’S WIRELESS MARKET IS 60%AT 6%-7% 50% The operator-wide averagesubscriber growth (YoY) was 6.2% in 40%2Q.2011, down from 8.5% in2Q.2010. 30% The largest operator, mobilkom,saw its subscriber growth (YoY) 20%decline from 7.3% in 2Q.2010 to4.2% in 2Q.2011. 10% T-Mobiles subscriber growth 0%decreased from 7.4% in 2Q.2010 to6.2% in 2Q.2011. -10% Hutchison’s subscriber growth 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11declined from 25.9% in 2Q.2010 to9.7% in 2Q.2011. mobilkom T-Mobile Orange Hutchison Industry Total Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 2

ARPU growth in Austria remains negative -7.5% industry average ARPU growth in 2Q.2011INDUSTRY AVERAGE ARPU IN Chart 2: ARPU Growth (4Q08 – 2Q11), %AUSTRIA’S MOBILE MARKETCONTINUES TO INCREASE 30% The industry average monthly ARPU 20%was US$ 29.04 in 2Q.2011, down -7.5% YoY. 10% The largest two wireless carriers inAustria continue to lower their ARPUs. 0% ARPU growth rate (YoY) at mobilkom -10%was -9.3% in 2Q.2011 (up from -11.4%in 2Q.2010). T-Mobile’s monthly ARPU -20%declined by -9.5% (YoY) to reach US$27.35 in 2Q.2011. -30% ARPU growth (YoY) at Hutchison -40%decreased to -3.8% in 2Q.2011 (down 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11from 23.2% in 2Q.2010). mobilkom T-Mobile Orange Hutchison Industry Total Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 3

Minutes of Use per Subscriber is decreasing Industry average MOU/Sub is 184 minutes per month The operator-wide average Minute of Chart 3: MOU/Sub Growth (4Q08 – 2Q11), % Use (MOU) per subscriber was 184 8% minutes per month in 2Q.2011, down -2.6% YoY. 6% MOU/Sub growth at mobilkom was - 4% 3.1% in 2Q.2011, down from -2.4% in 2% 2Q.2010. 0% MOU per subscriber at mobilkom and T-Mobile was 155 minutes and 224 -2% minutes respectively in 2Q.2011. -4% -6% -8% -10% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 mobilkom T-Mobile Industry Total Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 4

Negative EBITDA growth at mobilkom and Orange in 2Q.2011 -4.3% INDUSTRY AVERAGE EBITDA Chart 4: EBITDA Growth (4Q08 – 2Q11), % GROWTH IN 2Q.2011 70% • The industry average EBITDA growth 60% rate (YoY) in 2Q.2011 was -4.3%, up from -7.6% in 2Q.2010. 50% 40% • EBITDA growth rate (YoY) at 30% mobilkom was -11.1% in 2Q.2011 20% (down from 6.1% in 2Q.2010) and it was -4.5% at Orange Austria (down from - 10% 4.3% in 2Q.2010). 0% -10% • On the other hand, T-Mobiles EBITDA -20% growth jumped from -12.9% in 2Q.2010 -30% to 11.5% in 2Q.2011. -40% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 mobilkom T-Mobile Orange Industry Total Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 5

So what is IEMR’s Forecast? Total mobile subscriber connections in Austria to reach 14.1 million in 2015 We forecast that the number of total Chart 5: Subscribers by operator (CY09 – CY15F) wireless subscriber connections in Austria will increase from 12.2 million 6,000 in the end of 2010 to 14.1 million in the end of 2015. 5,000 Given the latest quarter numbers, our model predicts that mobilkom will 4,000 subscribers (000s) have approximately 5.7 million mobile subscriber connections in 2015. In our view, mobilkom will continue to 3,000 hold a dominant position in the Austria market with a 40.9% market 2,000 share in 2015. Our model forecasts that T-Mobile 1,000 will have 4.1 million wireless subscriber connections in 2015 (29.3% market share). 0 CY09 CY10 CY11F CY12F CY13F CY14F CY15F We expect that Hutchison will have 1.3 million mobile subscriber mobilkom T-Mobile Orange Hutchison connections in 2015 (9.3% market share). Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 6

So what is IEMR’s Forecast? The industry-average ARPU level in Austria to decrease slightly WE EXPECT THE OPERATOR-WIDE Chart 6: Average Revenue per User (ARPU) AVERAGE ARPU LEVEL TO per month (CY09 – CY13F), EUR REMAIN AT EUR 19 – EUR 20 OVER THE NEXT TWO YEARS 25 Our forecasting model does not predict major changes in the industry 20 average ARPU for the next two years. The industry average ARPU will be approximately EUR 19.60 per month in 15 2013, according to our model. We expect that Hutchison’s ARPU 10 level will be higher than those of mobilkom, T-Mobile, and Orange over the next two years. 5 0 CY09 CY10 CY11F CY12F CY13F mobilkom T-Mobile Orange Hutchison Average Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 7

So what is IEMR’s Forecast? mobilkom to enjoy the highest profitability mobilkom will be enjoying the highest Chart 7: EBITDA margins (CY09 – CY13F), % level of profitability in Austria’s wireless market during the forecast 50% period. Our model is predicting that 40% mobilkom’s EBITDA margins (calculated as EBITDA/service revenue) will remain stable at about 30% 37% from 2012 to 2013. We forecast that T-Mobile’s EBITDA 20% margin will be about 30.6% in 2013. Orange’s EBITDA margin will remain lower than those of its competitors at 10% about 27% in 2013. 0% CY09 CY10 CY11F CY12F Cy13F mobilkom T-Mobile Orange Average Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 8

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