Global Wireless OEM Financial Results Q2 2009 "Under the Radar" Research Series

Table of Contents

• MARKET RESEARCH BRIEF
• Background
• Second Quarter 2009 Financials
• Alcatel-Lucent
• Ericsson
• Motorola
• Nokia Siemens Networks (NSN)
• Nortel Networks
• ZTE
• Bottom Line Analysis

TABLES

• Table 1: Alcatel-Lucent Debt Analysis
• Table 2: Alcatel-Lucent Debt Maturity Analysis, 2009-2014+
• Table 3: Ericsson Restructuring Charges by Function, Q108-Q209 (SEK Billions)
• Table 4: Ericsson Restructuring Charges by Segment, Q108-Q209 (SEK Billions)
• Table 5: Ericsson Notes and Bonds Maturity Analysis
• Table 6: Motorola Cash Analysis, Q308 - Q209
• Table 7: ZTE Operating Segment Analysis
• Table 8: ZTE Short/Long Term Liability Analysis

EXHIBITS

• Exhibit 1: Second Quarter 2009 OEM Wireless Only Revenues (Millions of Dollars)
• Exhibit 2: Second Quarter 2009 vs. 2008 Wireless Only Revenues (Millions of Dollars)
• Exhibit 3: OEM Wireless Only Revenues. Q2 08 - Q2 09 (Millions of Dollars)
• Exhibit 4: Second Quarter 2009 vs. 2008 Wireless Only Revenues by OEM (Millions of Dollars)
• Exhibit 5: OEM Wireless Only Revenue Market Share, Q2 09
• Exhibit 6: First Half 2009 OEM Wireless Only Revenues (Millions of Dollars)
• Exhibit 7: First Half 2009 vs. 2008 Wireless Only Revenues by OEM (Millions of Dollars)
• Exhibit 8: Alcatel-Lucent Wireless Revenues Q2 08 - Q2 09 (Millions of Euros/Dollars)
• Exhibit 9: Ericsson Notes and Bonds Maturity Analysis, 2010-2017
• Exhibit 10: Ericsson Network Revenues Q2 08 - Q2 09 (Millions of Dollars)
• Exhibit 11: Ericsson Network Revenues Q2 08 - Q2 09 (SEK Millions)
• Exhibit 12: Ericsson Network Revenues by Geography Q2 09 (Millions of Dollars)
• Exhibit 13: Ericsson Networks EBITDA/Operating Income Q2 08 - Q2 09 (SEK Millions)
• Exhibit 14: Ericsson Networks EBITDA/Operating Margins Q2 08 - Q2 09
• Exhibit 15: Motorola Factored Accounts Receivables, Q108 - Q209
• Exhibit 16: Motorola Wireless Infrastructure Revenues Q2 08 - Q2 09 (Millions of Dollars)
• Exhibit 17: Nokia Siemens Networks Revenues Q2 08 - Q2 09 (Millions of EUR/Dollars)
• Exhibit 18: Nokia Siemens Networks Wireless Revenues Q2 08 - Q2 09 (Millions of Dollars)
• Exhibit 19: Nokia Siemens Networks Revenues by Geography Q2 09 (Millions of Dollars)
• Exhibit 20: Nokia Siemens Networks China Revenues Q2 08 - Q2 09 (Millions of Dollars)
• Exhibit 21: Nokia Siemens Networks Gross Margin Model Q2 08 - Q2 09
• Exhibit 22: Nokia Siemens Networks Operating Margin Model Q2 08 - Q2 09
• Exhibit 23: Nortel Networks Wireless Revenues Q2 08 - Q2 09 (Millions of Dollars)
• Exhibit 24: Nortel Networks Wireless Revenues CDMA vs. GSM/UMTS Q2 08 - Q2 09 (Millions of Dollars)
• Exhibit 25: Nortel Networks Wireless Revenues CDMA vs. GSM/UMTS Q2 09 (Millions of Dollars)
• Exhibit 26: ZTE Wireless Revenues Q2 08 - Q2 09 (Millions of RMB)
• Exhibit 27: ZTE Wireless Revenues Q2 08 - Q2 09 (Millions of Dollars)
• Exhibit 28: ZTE Overall Gross Margin Model Q2 08 - Q2 09
• Exhibit 29: USD vs. EUR Currency Conversion Rates, Jan 08-Jun 09
• Exhibit 30: Second Quarter 2009 OEM Wireless Only Revenues, in Constant Currency (Millions)