TOP 50 GLOBAL TELECOMS OPERATOR BRANDS (Values in US$ Millions) Rank Ticker Brand Parent Company Domicile Brand Enterprise Brand Value/ Brand Brand Ent

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TOP 50 GLOBAL TELECOMS OPERATOR BRANDS (values in US$ millions) Rank Ticker Brand Parent Company Domicile Brand Enterprise Brand Value/ Brand Brand Ent. Brand Value/ Brand 2009 Value Value Enterprise Value Rating Value Value Enterprise Value Rating 2009 2009 2009 (%) 2009 2008 2008 2008 (%) 2008 1 VOD LN Equity Vodafone VODAFONE GROUP PLC UK 24,647 152,551 16% AAA 26,594 185,183 14% AA+ 2 (B) AT&T AT&T AT&T INC US 19,850 222,476 9% AA+ 24,601 313,749 8% AA- 3 (B) Verizon Verizon VERIZON COMMUNICATIONS INC US 18,854 162,844 12% AA 24,388 185,744 13% A+ 4 941 HK Equity China Mobile CHINA MOBILE LTD Hong Kong 17,196 153,188 11% AA+ 13,867 190,839 7% AA 5 (B) Orange Orange FRANCE TELECOM SA France 16,799 133,009 13% AA 18,347 144,326 13% AA 6 9437 JP Equity DoCoMo NTT DOCOMO INC Japan 9,649 78,624 12% AA+ 7,538 127,619 6% AA- 7 DTE GR Equity T-Mobile DEUTSCHE TELEKOM AG-REG Germany 7,761 119,726 6% AA- 8,959 147,916 6% A+ 8 (B) Movistar Movistar TELEFONICA SA Spain 7,126 161,728 4% AA- 7,949 207,628 4% A+ 9 (B) Telecom Italia Telecom Italia TELECOM ITALIA SPA Italy 7,005 78,430 9% AA+ 9,434 117,893 8% AA+ 10 BT/A LN Equity BT BT GROUP PLC UK 6,649 31,339 21% AA 7,291 62,893 12% AAA- 11 (B) Telefonica Telefonica TELEFONICA SA Spain 6,165 161,728 4% AA- 6,326 207,628 3% AA- 12 728 HK Equity China Telecom CHINA TELECOM CORP LTD-H China 5,195 38,125 14% AA- 13 AMXL MM Equity América Móvil AMERICA MOVIL SAB DE C-SER L Mexico 4,998 57,311 9% AA- 5,076 115,569 4% AA 14 TLS AU Equity Telstra TELSTRA CORP LTD Australia 4,253 43,972 10% A+ 4,645 62,226 7% A+ 15 (B) O2 O2 TELEFONICA SA Spain 4,218 161,728 3% AA+ 4,625 207,628 2% AA+ 16 762 HK Equity China Unicom CHINA UNICOM HONG KONG LTD Hong Kong 3,585 24,183 15% A 3,447 22,499 15% BBB 17 MTN SJ Equity MTN MTN GROUP LTD South Africa 3,193 24,931 13% AA- 18 BHARTI IN Equity Airtel BHARTI AIRTEL LIMITED India 3,052 26,000 12% A+ 19 9433 JP Equity KDDI KDDI CORP Japan 2,918 32,707 9% A 3,007 37,881 8% AA- 20 SCMN VX Equity Swisscom SWISSCOM AG-REG Switzerland 2,827 26,912 11% A+ 2,961 30,788 10% A+ 21 9984 JP Equity SoftBank SOFTBANK CORP Japan 2,723 43,568 6% AA- 3,016 46,219 7% A+ 22 BCE CN Equity Bell BCE INC Canada 2,395 26,827 9% A+ 23 VIP US Equity Beeline VIMPELCOM-SP ADR Russia 2,335 14,291 16% A+ 24 017670 KS Equity SK telecom SK TELECOM South Korea 2,139 15,190 14% AA- 1,769 19,366 9% A 25 QTEL QD Equity Qtel QATAR TELECOM (Q-TEL) Q.S.C Qatar 2,132 15,054 14% AA+ 26 STC AB Equity STC SAUDI TELECOM CO Saudi Arabia 2,127 36,484 6% A 27 ST SP Equity SingTel SINGAPORE TELECOMMUNICATIONS Singapore 2,115 31,267 7% AA- 28 ZAIN KK Equity Zain MOBILE TELECOMMUNICATIONS CO Kuwait 2,082 19,277 11% AA 29 ETISALAT DH Equity Etisalat EMIRATES TELECOM CORPORATION UAE 1,992 14,070 14% AA- 30 Q US Equity Qwest QWEST COMMUNICATIONS INTL US 1,969 19,380 10% A- 3,061 25,799 12% A 31 TEL NO Equity Telenor TELENOR ASA Norway 1,912 19,147 10% A- 2,968 48,539 6% A 32 RCI/B CN Equity Rogers ROGERS COMMUNICATIONS -CL B Canada 1,852 23,741 8% A+ 2,705 36,162 7% A 33 KPN NA Equity KPN KONINKLIJKE KPN NV Netherlands 1,627 39,616 4% A+ 2,115 49,006 4% A 34 030200 KS Equity KT KT CORP South Korea 1,547 11,686 13% A+ 35 TCELL TI Equity Turkcell TURKCELL ILETISIM HIZMET AS Turkey 1,534 9,355 16% A+ 1,984 17,475 11% A+ 36 MTSI RM Equity MTS MOBILE TELESYSTEMS Russia 1,525 9,987 15% A+ 2,786 25,201 11% AA- 37 TMAR5 BZ Equity Oi TELEMAR NORTE LESTE SA-PR A Brazil 1,500 10,694 14% AA 38 T CN Equity Telus TELUS CORP Canada 1,492 13,725 11% A- 1,704 20,926 8% A 39 TLSN SS Equity Telia TELIASONERA AB Sweden 1,481 29,698 5% A+ 1,916 48,710 4% A+ 40 (B) Sprint Sprint SPRINT NEXTEL CORP US 1,424 24,677 6% BBB 7,068 73,831 10% A- 41 PTC PL Equity Portugal Telecom PORTUGAL TELECOM SGPS SA-REG Portugal 1,359 16,450 8% A- 42 2412 TT Equity Chunghwa Telecom CHUNGHWA TELECOM CO LTD Taiwan 1,275 14,292 9% A 43 TELMEXL MM Equity Telmex TELEFONOS DE MEXICO SAB SER Mexico 1,212 24,208 5% A- 2,362 43,924 5% A+ 44 RCOM IN Equity Reliance Communications RELIANCE COMMUNICATIONS LTD India 1,156 14,563 8% A- 45 TKG SJ Equity Telkom TELKOM SA LTD South Africa 1,142 8,042 14% AA- 46 VIVO4 BZ Equity Vivo VIVO PARTICIPACOES SA-PREF Brazil 1,100 7,817 14% A+ 47 TPS PW Equity TPSA TELEKOMUNIKACJA POLSKA SA Poland 1,023 10,826 9% A- 48 (B) 3 3 HUTCHISON WHAMPOA LTD Hong Kong 958 55,197 2% A 49 EQ US Equity Embarq EMBARQ CORP US 889 10,736 8% A- 50 HTO GA Equity Cosmote HELLENIC TELECOMMUN ORGANIZA Greece 848 15,693 5% A- Values in US$ millions Source: Brand Finance