The Mobile Internet Report Key Themes*

Top Wireless-Related Telecom Wealth Creators Over
Past 15 Years Did Quite Well
- China Mobile (+$189B in market cap created) – benefitted from selling
handsets / mobile services to China’s increasingly affluent citizens.
- AT&T (+$138B) – benefitted from selling handsets / mobile services to
an increasingly data-centric USA subscriber basis and iPhone
exclusivity.
- Telefonica (+$137B) – benefitted from selling handsets / mobile
services to a developed Spanish market and emerging Latin American
markets.
- Vodafone (+$121B) – benefitted from selling handsets / mobile services
to the world’s second largest subscriber base in developed and
emerging markets (including India, South Africa, Turkey, and Egypt)
Note: Market cap creation reflects change in market value between 12/31/1994 and 2009YTD (data as of 12/7/2009). 36
Source: FactSet, Bloomberg, S&P Stock Guide, Morgan Stanley Research.