The Mobile Internet Report Key Themes*

At Inflection Point, Long-Term EM Opportunity at Different Order of Magnitude –
by 2012, EM 3G Users = ~6x Total Developed Market 3G Users
3G Subscribers in Year of 3G Inflection Point (~20-25% Penetration)
3G Subscribers (MM)
1,200
1,000
800
600
400
EM 3G Users by 2012E =
~61x Japan 3G users (2004)
~17x USA 3G users (2008)
~12x Western Europe 3G users (2008)
3G Subscribers at 20-25% Inflection Point
1,090
200
0
63
91
18
Japan North America Western Europe Emerging Markets
Inflection Point Year 2004 2008 2008 2012E
571
Note: 3G inflection point equals roughly 20-25% subscriber penetration. Source: ITU, Morgan Stanley Research estimates.