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Sofie Maddens Toscano Senior Regulatory and Policy Advisor Telecommunications Management Group, Inc. 1600 Wilson Boulevard, Suite 710 Arlington, VA 22209 USA "#$% Sofie Maddens Toscano Nairobi, 9-12 May 2005 & Sofie Maddens Toscano Nairobi, 9-12 May 2005 '#( ))*$( + $, $ * -# !"#$%&#'( ) *&+)%#( "',$#"$'( ) +#&!" #&- %& . -( / / ( &) +0'*#( 0"#'( ) +#&!"( ) %1"/ $'%2"*$2" &-!"%( )3 &0( / " !"#$%&#'( ) 4"#5 &+)%#5 6 7 4"#$3" $#8"% ")"%#$%( &)( ) "'%"#) +#&!" 4"#$3" $#8"% #&9%1 :7 &# -( / / ( &))"9 *+'%&-"#' Sofie Maddens Toscano Nairobi, 9-12 May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ofie Maddens Toscano Nairobi, 9-12 May 2005 #$#+ + $ . 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"-&0( )#$%"( 2. 7> #"-$( )( )3$ $ 0 & 4 "% % 1 " $ 4 " # $ 3 " > 91 ( * 1' ' % & & 2$ $ %6 6 = 7= 3 " 1 2 % Sofie Maddens Toscano Nairobi, 9-12 May 2005 *) # . * ,( # , $% +#, $ +*" ' /+0 Sofie Maddens Toscano Nairobi, 9-12 May 2005 Evolution of the Telecoms Sector in Portugal Mobile phones > 9 million For the first time the number of mobile subscribers > 8mio, meaning that more than 3/4 of the Portuguese population has a mobile phone. 5193,5 4671,5 Constantly growing – Evolution of the number of subscribers of mobile phones ( in thousands) 19891989-2000 9.6 million subscribers at end 2004 Short calls – how the Portuguese use their mobile phones 3074,6 Number of calls per day 3 Average duration of each call 91 (2001) 1507 2,8 6,5 12,6 37,3 101,2 173,5 663,7 340,8 About 1.5 billion calls and 2.7 billion minutes originated in the mobile networks in 3Q2004 In seconds 62,5% % of Portuguese > 15 yrs old with mobile phone 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Sofie Maddens Toscano Nairobi, 9-12 May 2005 Evolution of the Telecommunications Sector in Portugal •Number of subscribers •Penetration Rate 1992 1Q 2003 1Q 2004 37 262 8 590 300 9 636 000 0% 83,1% 92% • Average Penetration Rate 2004 92% Sofie Maddens Toscano Nairobi, 9-12 May 2005 1 1 3 Sofie Maddens Toscano Nairobi, 9-12 May 2005 2 & -#(.( #4+,. *'$"! 5 $!!#&4$/&;% "'; %( &) $"! ;%1"# "#+/ ';&#%1"& "&!")* )*&-!"%( ;&#%1"$ &)$// ( *")*"'; , @$'$2&!%"2 "$9$#2& 2&; )$%( ';&# 05% &$#2& #"*%&#'& "*"-0"# ...A 5%1" 2&; ( '&) #(, $. $. ) +0# $,+# . ( ' $. ,+*(+* # . *"*,+ )&-( )$%( )3% +$%( &) &--( ''( &) 3%1"-" "-"-0"#'& '&;% ;%1" 4$/ #(, $. $. ) +0# $,+# . ( ' $. ,+*(+* # . *"*,+ &)% )3& ( * &-!"%( %( &); )%1"& "&!")( 3&;$ ;$ +0/ );&#%1"$ "$9$#2& 2&; )$%( &)$// ( *")*"'; , ';&# Sofie Maddens Toscano Nairobi, 9-12 May 2005 ', . #$%# ) %#' &#$( * "#+0#%#6#' -)#$+ .+0# $. ) + $, (#+ $ +*" ' &#$0 $(#( )-#++ $ ( )%1"-&0( / "-$#8"% &#$( * "# ,*,+ $#%%#6#' -)#$+ . -# + ,> ()*/+2()3!&%")%($/)"9*&-"#' &#$' "#+0#(0 (# .( $,*)# , Sofie Maddens Toscano Nairobi, 9-12 May 2005 0' , -0 . 6# $)#$+. +0# '(#$,$" . 5 Choice = Comparative Bidding, and not Auction "'!( %"'( 3)( ;( *$)%3$( )''"")$*#&'' +#&!"%1#&+31 $+*%( &)'> 2"*( '( &)%&*&)%( )+"9( %1!#"4( &+''%$)*"$)2 -"%1&2&/ &35> ( ="= *&-!$#$%( 4"0( 22( )3@0"$+%5!$#$2"A #&*"''&;*&-!$#$%( 4"0( 22( )3+)2"#'%&&2%&1$4" 0"")&)"&;%1"#"$'&)'0"1( )2%1"'( 3)( ;( *$)% "4&/ +%( &)&;-&0( / "!1&)"'( ) &#%+3$/ Sofie Maddens Toscano Nairobi, 9-12 May 2005 0' , -0 . 6# $)#$+. +0# '(#$,$" . 5 Wish to make 3rd generation mobile available to as many consumers as possible at the lowest rate possible 2"$( '%1$%&!"#$%&#'9&+/ 2!$''&)$1( 31*&'%&;%1"/ ( *")'"' %&*&)'+-"#'%1#&+311( 31!#( *"';&#*&--+)( *$%( &)' 2"$%1$%)"9 &!"#$%&#'9&+/ 2%#5%&#"*&4"#'+*11( 31 / ( *")'( )3*&'%'B+( *8/ 5%1#&+31$'%#$%"3591( *1*&)*")%#$%"'&) 1( 31!&!+/ $%( &)$#"$' Sofie Maddens Toscano Nairobi, 9-12 May 2005 0' , -0 . 6# $)#$+. +0# '(#$,$" . 5 Wish to provide 2G operators with the best chance possible of winning license for 3G whilst still obliging everyone to compete &'%( )3&;/ ( *")'"%$8"'( )%&*&)'( 2"#$%( &)%1$%'&-"&;%1" '"*&)23")"#$%( &)&!"#$%&#''%( / /1$2'( 3)( ;( *$)% ( )4"'%-")%'%&#"*&4"# / %1&+31"4"#5&)"1$2%&*&-!"%";&#%1"/ ( *")'"'> $ *"#%$( )C!#";"#")*"D 9$'3( 4")%& )23")"#$%( &)&!"#$%&#' %1#&+314$/ &#( ?$%( &)&;#&$-( )3&;;"#'05 &!"#$%&#' Sofie Maddens Toscano Nairobi, 9-12 May 2005 0', -0 . 6# $)#$+. +0# '(#$,$" . 5 Wish to make the promotion of the information society a key factor in the UMTS/IMTS licensing process 1"!#&-&%( &)&;%1" );&#-$%( &) &*( "%59$'&)"&;%1"-$( ) !#( &#( %( "'&;%1" &#%+3+"'" #"'( 2")*5&;%1" > 9( %1$'!"*( $/ +--( %2"2( *$%"2%&%1"'+0E "*%$)2$'!"*( ;( *!#&3#$- @ +#&!" A $2&!%"22+#( )3%1( ' +--( % 1"3&4"#)-")%9$)%"2%")2"#"#'% 4"'!"*( $/$%%")%( &)%&%1( ' '%&3( $'!"*%>$-&)3'%&%1"#'> 05( )*/ +2( )3&#( 3( )$/%1( )8( )3( )%1"( # !#&!&'$/ '#"/ $%"2%& #( )3( )3%1"( );&#-$%( &)'&*( "%5%&!"&!/ "9( %1'!"*( $/)""2' &4"#$3"&;#"3( &)'C9( %1'!"*( $/)""2'D Sofie Maddens Toscano Nairobi, 9-12 May 2005 (#$,$" $(-'#, %&0"$ 0+%"2 "$%%#( B+( *8% 8%+#)$#&+)2 %")2"#%& 0"& ) #2B+$#%"#& > 9( %1/ ( *")'"'$%%#( 0+%"2 "&!")"2( 2( #&; 1/ ( ) '%B+$#%"# > $)2'"#4( *"'! 2"2$ '!#&4( 2$';#&F$)+$#5 #( )*( !/ "% ( *")'"'9"#"% 0+%"2+ "''$ "%1$%) %)&/ "%&0"$ "$%%#( 2+)/ '$% / "$'%& & ) "& & ;% % 1 "! ! # & ! & ' $ / '9$ 9$ '0 0 $ ' " 2& & )% % 1 " % " ; " ' ' 2 ) '%$)2$#2$)2;+/ ;( / / "2$ /%1"# #"-")%'' )% 2$/ "#"B+( ''"%& %&+%( %( )%1" #"'!"*%( 4"# $%( &)' "#"3+/ Sofie Maddens Toscano Nairobi, 9-12 May 2005 (#$,$" $(-'#, G ?&;!$( #"2 '!"*%#+- ( )%1"0$)2'&; . .6 ?, H ? $)2 ?&;+)!$( #"2 '!"*%#+- ( )%1" . . ?0$)2> ;&# "$*1&;%1"/ ( *")'""' 5"$#'> #")"9$0/ " I J, -( / / ( &) K/ ( *")'";""J $))+$/'!"*%#+- ;"" Sofie Maddens Toscano Nairobi, 9-12 May 2005 (#$,$" $(-'#, ROAMING &$-( )30 , '5'%"- $)2 )2 30"%9"") 3")"#$%( &)' 0/ "+ ) )'5'%"-'! -'!&''( "+)2"#% #%1"% "%"#-'; -';&#"'"")( )( "*#"" $9 ,.6&; "*"-0"# &$-( )3& &#( ?$%( &)* %"#( $& ' 3&;;"#I #I &)"& "&;% ;%1"4 "4$/ )*#( $&;! ;!#&!&'$/ )5# )3& ( 2; "$'% 5"$#'> +)/ "'' 5#&$-( 3&;;"#% #%&0"4 "4$/ 2;&#$%/ %/ , &!"#$%&#'91 &# '91&2 &2&)&%1 %1$4" '5'%"-'I $#"2$ )3 @ ( 3)( ;( *$)% $#8"% &9"#A -'I 2"*/ 2$'1$4( ( )% , -$#8"% )%1" Sofie Maddens Toscano Nairobi, 9-12 May 2005 (#$,$" $(-'#, ROAMING &$-( )3& %( &)'I "*%% +$%( &)0 3&;;"#* #*&)2( 'I '+0E %%&#""4$/ )05% 5%1" "3+/ $%&#% 0+%( &)& #%9&5 9&5"$#'$ '$';#&- %1"2 "2$%"&;$ ;$%%#( )&;% ;%1" / ( *")'"' &$-( )3& %( &)'-+ 3&;;"#* #*&)2( '-+'%$ %$21"#"% "%&$'"%& %&;! ;!$#$-"%"#' "'%$0/ ( '1"2( )% $%( &) 2( )%1"% "%")2"##"3+/ 1"% $%( &); $%&#-$ "%")2"##"3+/ );&#"'$9 %1$%% %%1" "3+/ #-$5 ( )%"#4")"( )% +%( &)& "3$/2( '!+%"'%1$%-$ '" "( )%1"# "#"'&/ )&;/ ;/ %-$5$ 5$#( $-&)3'%( )%"#"'%"2! "'$ $%"2% )3 %( 2!$#%( '$'#"/ 2%&#&$-( Sofie Maddens Toscano Nairobi, 9-12 May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ofie Maddens Toscano Nairobi, 9-12 May 2005 (#$,$" $(-'#, &)"&;%1"%1#""/ ( *")'"2 &# &!"#$%&#'*&+/ 2$+%&-$%( *$/ / 50"3#$)%"2$) / ( *")'" === #&!&'$/ '91( *1&;;"#"2%1"!&''( 0( / ( %5 &;)$%( &)$/#&$-( )30"%9"")'"*&)2$)2%1( #2 3")"#$%( &)'5'%"-'9"#"3#$)%"2"G%#$!&( )%'( ) %1""4$/ +$%( &)===== Sofie Maddens Toscano Nairobi, 9-12 May 2005 (#$,$" $(-'#, Limits to be imposed on shareholdings in competing commercial enterprises, so as to ensure that no bidder holds any shares, directly or indirectly, in the share capital of another bidder. &'1$#"1&/ 2"#& ( *")'"2& 2> "( %1"# #&;$ ;$/ 2&!"#$%&#-$ #-$51 51&/ 2( #"*%/ 5& )2( #"*%/ 5> -&#"%1$) 7 &;% %$/&; 5&#( #( ;%1"* "*$!( $)&%1"#/ ( *")'"2& #/ 2&!"#$%&# 1"#"$ )4"'%&#( '!$#%& *1( ' "$)( )( #( %&;$ ;$'+**"'';+/3#&+!91 !91( 1( 3#$)%"2$ ( *")'"> %1")' %5 9( / /1$4"% /1( ' 2$/ )'+*1$ 1$)" )")%( "%&'"/ '%$8"( )% ( *")'"2& %1( )$ "( )%1"& "&%1"#/ #/ 2&!"#$%&#9( #9( )$5"$#& #&;% ;%1" / ( *")'"0 )33 "0"( 33#$)%"2 Sofie Maddens Toscano Nairobi, 9-12 May 2005 3 Sofie Maddens Toscano Nairobi, 9-12 May 2005 '#)#$+,+ # $('*%#% $ - - ,' ;;( *( $/ &*+-")%' "*1)( *$/ #&!&'$/ &4"#$3"! $)'> "!/ / $))( )3$ &!-")%& 3$)22"4"/ %&;% ;%1"' "'5'%"-> -> L+$/ ( %5& *"/ "4"/ '> $-&)3'%& 5&;' ;'"#4( "/ %&%1"#' *&)&-( *$ )$)*( $/ #&!&'$/ *$)2 ( $#8"%2 &!-")%; %2"4"/ %;&#"*$'%'> $#8"%( )3'%#$%"35> &$-( )3& 3&;;"#'> $)3"&;' *"'% )*/ +2( )3' $/&;;"#'> ;'"#4( '%&0"& "&;;"#"2> ( 3'!"*( #( *( )3! ( *5> 3!&/ ( '%#( 0+%( &)* '> )*1$))"/ ( )$)*( )3# 3#"'&+#*"'> $-&)3'%& %&%1"#' Sofie Maddens Toscano Nairobi, 9-12 May 2005 6 '* + $ +# &)%#( 0+%( &)% &!-")%& &) )%&%1"2 "2"4"/ %&;% ;%1" );&#-$%( &*( "%5 7M &)%#( 0+%( &)% &!-")%& 4" )%&%1"2 "2"4"/ %&;" ;";;"*%( *&-!"%( %( &) 7M L+$/ ( %5& *$/!#&!&'$/ 7M 5&;% ;%1" "*1)( L+$/ ( %5& *$ )$)*( $/!#&!&'$/ 67M 5&;% ;%1" *&)&-( *$)2 ( &)%#( 0+%( &)%&%1"2"4"/ &!-")%&;$'+'%$( )$0/ " "*&)&-( *$*%( 4( %5 H7= Sofie Maddens Toscano Nairobi, 9-12 May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ofie Maddens Toscano Nairobi, 9-12 May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ofie Maddens Toscano Nairobi, 9-12 May 2005 6 '* + $ % 9* '+ .+0#+#(0$( '-'$7 $7 !8 &)2( %( &)'#"/ $%"2%&%1"'1$#( )3&;( );#$'%#+*%+#"'@'( %"'$)2'+!!&#% ( );#$'%#+*%+#"'A> &4"#$3"!/ $))( )3> #"B+")*5!/ $)> "*1)&/ &3( *$/'5'%"- $)2)"%9&#8%&!&/ &35> "$'+#"'%&-( )( -( ?"%1"")4( #&)-")%$/( -!$*%> "$'+#"'%&-( )( -( ?"1+-$)"G!&'+#"%&"/ "*%#&-$3)"%( *#$2( $%( &)'> "*+#( %5$)2)"%9&#8*&);( 2")%( $/ ( %5> "%9&#8!"#;&#-$)*"> )%"#*&))"*%( &)!/ $)> +-0"#( )3,$22#"''( )3 Sofie Maddens Toscano Nairobi, 9-12 May 2005 6 '* + $ % 9* '+ .+0##( $ ) ( ' $%.$ $( '-'$7 $7 :8 $#8"%'%+25> %#$%"35> *&)&-( *"4$/ +$%( &)@ > > !$50$*8A> ( )$)*( $/"4$/ +$%( &)> ")'( 0( / ( %5$)$/ 5'( '@)&%$0/ 5( )%"#-'&;!#( *"'> )+-0"#&;'+0'*#( 0"#'$)2 %#$;;( *4&/ +-"A> &--"#*( $/$)2"*&)&-( *;( )$)*( $/B+$/ ( ;( *$%( &)'@"G!"#( ")*"( )-&0( / " '"#4( *"',)"%9&#8'> *&--"#*( $/ ( '$%( &),2( '%#( 0+%( &)N A Sofie Maddens Toscano Nairobi, 9-12 May 2005 6 '* + $ % $+ *+ $+ +0#%#6#'-)#$+ . ,*,+ $ '# #( $ ) ( (+6+ 7 ;8 #&E "*%"G%"#)$/ ( %( "' )2+'%#5$)2%"*1)&/ &352"4"/ &!-")%> $#8"%"G!$)'( &)@";;"*%'&)%1"-&0( / "4$/ +"*1$( )> !")"%#$%( &)$ )$)2+'"&; 2$%$$)24&( *"-&0( / "'"#4( *"'A> ( #"*%$)2( )2( #"*%*#"$%( &)&;"-!/ &5-")%> #$( )( )3> #"'"$#*1$)22"4"/ &!-")%> %1"#' "3#""&;2"4"/ &!-")%&;%1"!#&E "*%,*&)'&#%( +- )&%$0/ 5( )%"#-'& -'&; $3#""-")%'$)2,&#!$#%)"#'1( !'#"/ $%"2%&'"#4( *"',*&)%")%'> %"*1)&/ &35,8)&9 1&9> "%*= Sofie Maddens Toscano Nairobi, 9-12 May 2005 2 "/ "*"/@ )2 ")"#$%( &) &0( / " !"#$%&#A )&9 &2$;&)" @ )2 ")"#$%( &) &0( / " !"#$%&#A '!( ) &;; !%( -+'@ )2 ")"#$%( &) &0( / " !"#$%&#A #$)*" "/ "*&- $)2 &)$" #&+! )( 9$5@ I / "*%#( *( %5 ) 2 !"#$%&#$)2 ( G"2 !"#$%&#A Sofie Maddens Toscano Nairobi, 9-12 May 2005 3 Sofie Maddens Toscano Nairobi, 9-12 May 2005 )- , $ + +0# #) # + +#, /#%#$ ) $5 > ( ''+"2$)( )4( %$%( &)%& ( )%"#"'%"2!$#%( "'9( %13+( 2"/ ( )"';&#$!!/ ( *$)%' %&!#&4( 2")"%9&#8*$!$*( %5;&# -&0( / " %"/ "*&--+)( *$%( &)''"#4( *"'( ) 9"2") &+#/ ( *")'"'9"#"%&0"( ''+"2;&# 5"$#' +! %& = = 1"'"/ "*%( &)&;%1"$!!/ ( *$)%'9&+/ 20"0$'"2 &)$C0"$+%5*&)%"'%D +'( )3%9&'%"!' Sofie Maddens Toscano Nairobi, 9-12 May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ofie Maddens Toscano Nairobi, 9-12 May 2005 /#%,0 (#$,$" (#,, 1"*&)%"'%9$'&#3$)( ?"2( )%1";&/ / &9( )39$5 1"$!!/ ( *$)%''1&+/ 2'+0-( %%1"( #$!!/ ( *$%( &)')&/ $%"#%1$) "!%"-0"# %%1$%2$%"> %1"5'1&+/ 21$4"!$( 2%1"$!!/ ( *$%( &);""&; @$!!#&G( -$%"/ 5 A 1"$!!/ ( *$)%'9"#"#"'!&)'( 0/ ";&#$/ /*&'%'&;%1" !#"!$#$%( &)$)2'+0-( ''( &)&;%1"$!!/ ( *$%( &) %9$')&%!&''( 0/ ";&#%1"$!!/ ( *$)%%&$22( );&#-$%( &)$;%"# %1"$!!/ ( *$%( &)!"#( &2= 1" *&+/ 2#"B+"'%;+#%1"# ( );&#-$%( &);#&- %1"$!!/ ( *$)%$;%"#%1"$!!/ ( *$%( &)2$%" Sofie Maddens Toscano Nairobi, 9-12 May 2005 /#%,0 (#$,$" (#,, !!/ ( *$)%'9"#"$'8"2%&2"'*#( 0"%1"( #&9)"#'1( ! '%#+*%+#"'( )&#2"#%&")$0/ " %&$''"''91"%1"#$)5 $!!/ ( *$)%9$'*/ &'"/ 5#"/ $%"2&#)&%%&$)&%1"# $!!/ ( *$)%= '$#+/ "&;%1+-0> $0+'( )"''%1$%1$2 7 &#-&#"&;$/ /'1$#"'( ) $)$!!/ 5( )3*&-!$)59$'*&)'( 2"#"2%&0"*/ &'"/ 5#"/ $%"2%&%1$% *&-!$)5= ;%9&&#-&#"$!!/ ( *$)%'9"#"*&)'( 2"#"2%&0"*/ &'"/ 5#"/ $%"2%1"5 *&+/ 2&)/ 53"%&)"/ ( *")'"= / ( *")'"*&-!#( '( )3 $*%( 4( %( "'9&+/ 2)&%0"3#$)%"2%&$) $!!/ ( *$)%%1$%$/ #"$25&!"#$%"29( %1$ / ( *")'"( ) 9"2")= Sofie Maddens Toscano Nairobi, 9-12 May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ofie Maddens Toscano Nairobi, 9-12 May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ofie Maddens Toscano Nairobi, 9-12 May 2005 /#%,0 (#$,$" (#,, 1"( )( %( $/$2-( )( '%#$%( &);""'!$( 205$!!/ ( *$)%'2( 2 )&%*&4"#%1"*&'%';&#%1" &;&#3$)( ?( )3%1" 0"$+%5*&)%"'%= 1"!#"!$#$%( &)!#&*"''*&)'+-"2$#&+)2 -$) 5"$#';#&= #&- "!%"-0"# %& "*"-0"# > 1$2 6!"#'&)'9&#8( )3;+/ /%( -"&)%1"!#&*"''$'9"/ /$' $)+-0"#&;*&)'+/ %$)%'= Sofie Maddens Toscano Nairobi, 9-12 May 2005 1 11 7 = ! +*"*#,#,+* + $ $#( &+'2"*( '( &)'-$2"@"'!"*( $/ / 505#"3+/ $%&#A %&$%%"-!%%&$/ / &9 )( 9$5A %&'+#4( 4" %1 / ( *")'""@ $%( &)$/#&$-( )3$3#""-")%9( %1 $!!#&4"205#"3+/ $%&#$)2 &%1"#&!"#$%&#'9"#"")*&+#$3"2%&-$8"'( -( / $#$3#""-")%'9( %1)"9 ")%#$)%> )( 9$5@2 2)&%1$!!")A> 5@2( #( 3( )$// ( *")'( )3*&)2( %( &)'*1$)3"2 $#( &+'2"/ $5'( )/ $+)*1$!!#&4"2 = = )( 9$5& 5)"9 ")%#$)%$)2&)/ 5/ ( *")'""91&2( 2)&%1$4" / ( *")'" 5&)/ "9"'% &!"#$%&#@ !%( -+'A 1$2)&%#"$*1"20#"$8 "4")!&( )%$% %1$%'%$3" );#$'%#+*%+#"'1$#( )39$'> ( );$*%>&)"&;%1"*#( %"#( $( )%1"/ ( *")'" '"/ "*%( &)!#&*"2+#" Sofie Maddens Toscano Nairobi, 9-12 May 2005 #(, $ #( ( -"/ ( -( %;&#/ $+)*19$'2"/ $5"2%& "*"-0"# / /&0/ ( 3$%( &)'*&4"#"205/ ( *")'"'-$( )%$( )"2 ;"";&##$2( &'!"*%#+- +'$3"9$'%&0"$!!/ ( "2 %&&!"#$%&#'91&'%$#%"2%1"( #$*%( 4( %( "'( ) Sofie Maddens Toscano Nairobi, 9-12 May 2005 +*"*#,# +* + $ 7 #( , 1"*&);( #-"2$0'")*"( )%1"-$#8"%&;)"%9&#8$)2 %"#-( )$/"B+( !-")%9$'2"%"#-( )"2%&0"$*$'"&; P ;&#*"-$E "+#"O )5$-")2-")%'%&%1"/ ( *")'"''1&+/ 20"#"'%#( *%"2%& %1"%( -"/ ( -( %;&#%1"*&--"#*( $/&;;"#&;%1" '5'%"-'$)2'1&+/ 2)&%$;;"*%%1"*")%#$/*&#"&;%1" &0/ ( 3$%( &)'$''+-"205/ ( *")'""'( )%1"( #%")2"#' ( / &%)"%9&#8''+( %$0/ ";&#%"'%( )3'1&+/ 20" ")*&+#$3"2 Sofie Maddens Toscano Nairobi, 9-12 May 2005 +*"*#,#,+* + $ 7 > $ );#$'%#+*%+#"'1$#( )3$-&)3'%&!"#$%&#'")*&+#$3"2 @;&#"G$-!/ "%1#&+31( )*")%( 4"''+*1$'2"*#"$'"'( ) %1"$-&+)%&;;""';&#'!"*%#+- +'$3"A &-";/ "G( 0( / ( %5( '%&0"3#$)%"2$'%&%1")+-0"#&; *&)%#&/*")%"#'$)20$'"'%$%( &)'> 9( %1&+%*"2( )3&)%1" )""2%&*&-!/ 59( %1*&4"#$3"&0/ ( 3$%( &)'$''"%&+%( ) %1"/ ( *")'"' 1"2"/ $5( )%1"/ $+)*1( )3&; '1&+/ 2)&%0"$) &0'%$*/ "%&%1"/ $+)*1( )3&;%1" );&#-$%( &) &*( "%5 2"4"/ &!-")%!#&E "*%' Sofie Maddens Toscano Nairobi, 9-12 May 2005 +*"*#,#,+* + $ 7 > $ )( 9$5;( )$/ / 51$2%&3( 4"+!2+"%&*&--"#*( $/ !#"''+#"'$)23$4"%1"/ ( *")'"0$*8%& NN= Sofie Maddens Toscano Nairobi, 9-12 May 2005 +*"*#,# +* + $ 7 > $ ).F$)+$#5 > , **"!%"2%1"#"%+#)&;%1" %1 / ( *")'" &)*/ +2"2%1$%%1"#"( ')&!/ $*";&#$ 3( 4") %1 &!"# $%&#> 1"'-$/ /'( ?"&;%1")$%( &)$/-$#8"%> 1"1( 31!")"%#$%( &)#$%"'&;-&0( / "'"#4( *"'> 1"/ $*8&;( )%"#"'%&;&%1"#"*&)&-( *$3")%'%&&0%$( )$ / ( *")'"&#%&!+#*1$'" )( $5 1"'+0'%$)%( $/*&-!"%( %( 4"$24$)%$3"&;;( #'%")%#$)%'@$' '1&9)( )* -+'A 9)( )*$'"&; !%( Sofie Maddens Toscano Nairobi, 9-12 May 2005 +*"*#,# +* + $ 7 > $ , #"*&3)( ?"2%1$% -$/ /&!"#$%&#'&#&!"#$%&#'91&'"-$#8"%'1$#"( ' '-$/ /1$4""G%#"-"2( ;;( *+/ %( "'( )#"-$( )( )3( )%1" -$#8"% )"9 ")%#$)%( )%&%1"-$#8"%9( / /)&%)"*"''$#( / 5 ( )*#"$'"%1"4$/ +"&;%1"-$#8"% Sofie Maddens Toscano Nairobi, 9-12 May 2005 +*"*#,# +* + $ 7 > $ , $/ '&#"*&3)( ?"2%1$% 1"!#"'"#4$%( &)&;%1" $*%+$/ / 5$/ / &9,/ "$2%& -$#8"%'%#+*%+#"-$5 $;$'%"##"*&4"#5&;( )4"'%-")%'> $)( )*#"$'"&;*&'%";;"*%( 4")"''/ "4"/ '> $0"%%"#( )4"'%-")%*$!$*( %5&;"G( '%( )3&!"#$%&#'> $)2!$#%( *+/ $#/ 5%&#";/ "G"''+*1$' $;$'%"#&;;"#&; '"#4( *"'> %1"*#"$%( &)&;*&)2( %( &)';&#/ &9"#!#( *"'> %1"( -!#&4"-")%&;B+$/ ( %5&;'"#4( *"' Sofie Maddens Toscano Nairobi, 9-12 May 2005 +*"*#,# +* + $> $* &!"#$%&#'/ ";%@$/ /$/ '& -&0( / "&!"#$%&#'A )( 9$5#"%+#)"2( %'/ ( *")'" C )( 9$5D ;#"B+")*( "'9"#"2( 4( 2"2$-&)3'% #"-$( )( )3/ ( *")'""' "/ $5'$!!#&4"2+)%( / "*"-0"# Sofie Maddens Toscano Nairobi, 9-12 May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ofie Maddens Toscano Nairobi, 9-12 May 2005 ) #$%)#$+,+ (#$,# $*83#&+)2%& "0#+$#5 @*&)%=A $%+ $, ? 2"*( '( &)&; &#%1"! ( 3$%( &)'> %1"" "!+#!&'"'& '&;* ;*&4"#$3"& "&0/ "")2& 2&; 5"$# ( '2 )"2% '2"%"#-( 2%&*&##"'!&)2%&%1" -&)%1 !"#( &2" $!'"2$ ))( )3& 2"/ 2$;%"#% #%1"0 "0"3( 3&;% ;%1" '5'%"- *&--"#*( $/&!"#$%( &) 1$'$ #"$252 2"2% / &9 '1$#( )3 '$/ 52"*( 2%&$/ &;% )"%9&#8( );#$'%#+*%+#"' ;%1" Sofie Maddens Toscano Nairobi, 9-12 May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ofie Maddens Toscano Nairobi, 9-12 May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H= & %) ++0#0#- ,, '+ . #6,$"+ $"+0#' 0#'(#$,$" (# +.( +#6 6 ' %+ + # ), , , *# % $ ( ( % $(#/ +0+ # 0+0# *'#, --'( '#+ +0#$# 0#$#/ #"*'+ . )#/ CM 6= !&)*&-!/ ( $)*"9( %1%1",0 #0 '%$"( %$"( $+ *+ $ ') +# ";"##"2%&( )*/ $+'" &;%1"/ ( *")'( )3 *"#%( ;( *$%"( ''+"2%& > %1( '*&)2( %( &) '1&+/ 2 ## ##') $ +#%= Sofie Maddens Toscano Nairobi, 9-12 May 2005 +*"*#,# !#( / $5 &2$;&)" F+)" !%( -+' Sofie Maddens Toscano Nairobi, 9-12 May 2005 *$(0#, / $+)*1&;*&--"#*( $/'"#4( *"05 / $+)*1&;*&--"#*( $/'"#4( *"05 / $+)*1&;*&--"#*( $/'"#4( *"05 '' *+ $%#6 '*+ $ $ * -#< #,, $, # $+ Sofie Maddens Toscano Nairobi, 9-12 May 2005 ) #% + $ Country No of licences Mobile incumbents Commercial launch (#$,#, $ * -# Method Date awarded Sum paid, US$ million Austria 6 4 Q1 2002 Auction November 2000 Belgium 4 3 2002 Auction March 2001 Czech Republic 2 2 Aug-Sep 2001 Auction December 2001 Denmark 4 3 2002 Sealed bid Auction September 2001 Finland 4 3 Q1 2002 Beauty contest + nominal fee March 1999 France 4 (2 still to be issued) 3 Mid 2002 Beauty contest + fee July 2001 Germany 6 4 2002 Auction August 2000 Greece 3 3 Q1 2002 Beauty contest + auction July 2001 Italy 5 4 2002 Hybrid October 2000 Netherlands 5 5 Jan 2002 Auction July 2000 Norway 4 2 Beauty contest + fee November 2000 88 Slovenia 1 2 Dec 2003 Cancelled auction December 2001 82.2 Spain 4 3 Aug 2001 Beauty contest + fee March 2000 480 Sweden 4 3 2002 Beauty contest December 2000 44.1 Switzerland 4 2 2002 Auction December 2000 UK 5 4 Jan 2002 Auction April 2000 Sofie Maddens Toscano Nairobi, 9-12 May 2005 618 421.2 200 472 Nominal 4’520 (subsequently reduced to 553 each) About 7’690 each 414 10’180 369 to 667 each 119.8 6’100 to 9’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ofie Maddens Toscano Nairobi, 9-12 May 2005 &# &; #,, $,+ # # $+. ) (#$,$" (#,, / ( *")'( )3$/ / &9"2;&#2( '%&#%( &)'%&&**+#( )%"#-' 1"( -!$*%%1$%%1""4&/ +%( &)&;-$#8"%"G!"*%$%( &)'1$2 &4"#%( -"> 1")+-0"#&;/ ( *")'"'&;;"#"2 %1( '( );/ +")*"2%1")+-0"# &;!&%")%( $/*$)2( 2$%"'$)2'%( -+/ $%"2*&-!"%( %( &)$-&)3'% 0( 22"#'> 1"'!"*( ;( **1$#$*%"#( '%( *'&;%1"$9$#2'-"%1&2'$)2%1" 9$5( )91( *1%1"59"#"2"'( 3)"2!+'1"2%1"&!"#$%&#'0( 2+! 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