WHOLESALE SURVEY 2005

Table of Contents

Part I - Wholesale Survey Results 2005

• 1 Voice: Revenue and Volume Expectations
• 2 IP Infrastructure
• 3 Retail Traffic
• 4 Business Model
• 5 Mobile Traffic
• 6 Data: Growth Expectations
• 7 Competition: Voice
• 8 Competition: Data

Part II Market Pricing and the Value of the International Voice Wholesale Market

• 1 World Market for Voice
• 2 Regional Markets for Underlying Fixed Network Termination (excluding Mobile)
• 3 Regional Market for Actual Fixed and Mobile Network Termination
• 4 Fixed and Mobile Regional Comparisons
• 5 Termination Value

Part III Wholesale Business Profitability

• 1 Profitability
• 2 Dynamics of Profitability

FIGURES

• Figure 1 Wholesale Voice Revenue Growth Expectations
• Figure 2 Wholesale Voice Traffic Growth Expectations 2005/6
• Figure 3 Percentage of Operator's traffic from the Operator's retail business, mapped to number of Interconnects
• Figure 4 Retail relationship to Interconnects
• Figure 5 Wholesale relationship to Interconnects
• Figure 6 Wholesale Data Revenue Growth Expectations
• Figure 7 Wholesale Data Volume Growth Expectations
• Figure 8 Relationship between Volume Growth expectations and the % of Bandwidth Products in the Revenue mix
• Figure 9 Relationship between the percentage of Bandwidth in the product mix and People involved in the Wholesale Data Business
• Figure 10.1 Ranking of Wholesale Voice Competitors by Wholesale Carriers
• Figure 10.2 Ranking of Wholesale Voice Competitors by Wholesale Carriers (adjusted)
• Figure 11 Ranking of Wholesale Data Competitors by Wholesale Carriers
• Figure 12 Global International Wholesale Market Value (all values expressed in billions of US$)
• Figure 13 Regional changes in the underlying value of Fixed Network termination (all values expressed in US Dollars)
• Figure 14 Regional termination rates (all values expressed in US Dollars)
• Figure 15 Regional changes in the actual value of traffic termination (value expressed in US Dollars millions)
• Figure 16 Mobile Network Termination Rates Premium over Fixed Network Termination Rates (expressed in percentages)
• Figure 17 Comparison of the Regional Underlying Fixed and Actual Fixed & Mobile (values expressed in US Dollars millions)

PART III

• Table 1 Wholesale Business Profitability (values expressed in US Dollars millions)
• Table 2 Revised Wholesale Business Model (all values expressed in US Dollars millions)