Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research Report:

China Mobile Limited
COMPANY PROFILE
Figures in Hong Kong Dollars
Wright Quality Rating:AAA20

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Key Data Ticker: 941 2007 Sales: 367,289,393,460 Major Industry: Utilities Sub Industry: Telecommunications Country: Hong Kong Currency: Hong Kong Dollars Fiscal Year Ends: December Employees 127,959 Exchanges: HKG OTH Share Type: Ordinary

China Mobile Limited Formerly known as China Mobile (Hong Kong) Limited. The Group's principal activity is providing mobile telecommunications and related services . Value added services are mainly derived from voice-added services, short message services ("SMS") and non-SMS data services. It also provides telecommunication network planning design and consulting services; network and business coordination center; optimizing construction-testing of its network structure, technology support, development and training of Nokia GSM900/1800 mobile communication system; roaming clearance; technology platform and maintenance; mobile data solution, system integration and development. Other activity includes investment holding. Operations are carried out in the People's Republic of China, the British Virgin Islands and the Cayman Islands. Stock Chart Officers Executive Chairman & Chief Executive Wang Jianzhou Joint Vice President & Chief Financial Officer Xue Taohai Secretary Grace Wong Wai Lan

Stock Price (3/13/2009): 67.70 Recent stock performance 1 Week 4.2% 4 Weeks -9.4% 13 Weeks -13.8% 52 Weeks -37.0% Earnings / Dividends (as of 6/30/2008) Earnings Dividends Most Recent Qtr 2.95 Last 12 Months 5.53 Ratio Analysis Price / Earnings Ratio 12.24 Dividend Yield 3.72% Price / Sales Ratio 3.70 Payout Ratio 45.57%

Market Capitalization: 1,357,720,734,861 Total Shares Outstanding: 20,054,959,156 Closely Held Shares: 14,890,119,842

1.34 2.52

Price / Book Ratio

3.14 % Held by Insiders 74.25% Address Phone +852 3121 8888 Home Page http://www.chinamobileltd.com

99 Queen's Road Central HONG KONG

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report:

China Mobile Limited
Provided By CorporateInformation.com
440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report
Report Date: 3/13/2009 Company Description China Mobile Limited Formerly known as China Mobile (Hong Kong) Limited. The Group's principal activity is providing mobile telecommunications and related services . Value added services are mainly derived from voice-added services, short message services ("SMS") and non-SMS data services. It also provides telecommunication network planning design and consulting services; network and business coordination center; optimizing construction-testing of its network structure, technology support, development and training of Nokia GSM900/1800 mobile communication system; roaming clearance; technology platform and maintenance; mobile data solution, system integration and development. Other activity includes investment holding. Operations are carried out in the People's Republic of China, the British Virgin Islands and the Cayman Islands. Competitor Analysis China Mobile Limited operates within the Radiotelephone communications sector. This analysis compares China Mobile Limited with three other telecommunications providers in Asia: NTT DoCoMo Incorporated of Japan (2007 sales of 4.79 trillion Japanese Yen [US$49.08 billion] of which 99% was Mobile Phone Business), KDDI Corporation of Japan (3.34 trillion Japanese Yen [US$34.19 billion] of which 80% was Mobile Phones), and China United Telecommunications Corp which is based in China (98.13 billion Chinese Renmimbi [US$14.34 billion] of which 53% was Telephone Income). Sales Analysis During the year ended December of 2007, sales at China Mobile Limited were HK$367.29 billion (US$47.36 billion). This is an increase of 27.4% versus 2006, when the company's sales were HK$288.36 billion. This was the fifth consecutive year of sales increases at China Mobile Limited (and since 2002, sales have increased a total of 203%).
Recent Sales at China Mobile Limited 367 288 231 181 121 149

2002 2003 2004 2005 2006 2007 (Figures in Billions of Hong Kong Dollars)

The company's sales increased faster in 2007 than at all three comparable companies. While China Mobile Limited enjoyed a sales increase of 27.4%, the other companies saw smaller increases: NTT DoCoMo Incorporated sales were up 0.5%, KDDI Corporation increased 9.0%, and China United Telecommunications Corp experienced growth of 25.3%. The company currently employs 127,959. With sales of HK$367.29 billion (US$47.36 billion) , this equates to sales of US$370,134 per employee. The sales per employee levels at the three comparable companies vary greatly, from US$297,834 to US$2,220,722, as shown in the following table. Some of the variation may be due to the way each of these companies counts employees (and if they count subcontractors, independent contractors, etc). Sales Comparisons (Fiscal Year ending 2007) Company China Mobile Limited Year Ended Dec 2007 Sales
(US$blns)

Sales Sales/ Growth Emp (US$) Largest Region 27.4% 370,134 N/A

47.362

NTT DoCoMo Incorporated KDDI Corporation

Mar 2007 Mar 2007

49.078 34.186 14.344

0.5% 9.0% 25.3%

2,220,722 N/A 2,154,832 N/A 297,834 China

China United Telecommunications Corp Dec 2007

Recent Stock Performance For the 52 weeks ending 3/13/2009, the stock of this company was down 37.0% to HK$67.70. During the past 13 weeks, the stock has fallen 13.8%. During the 12 months ending 6/30/2008, earnings per share totalled HK$5.53 per share. Thus, the Price / Earnings ratio is 12.24. These 12 month earnings are greater than the earnings per share achieved during the last fiscal year of the company, which ended in December of 2007, when the company reported earnings of 4.48 per share. Earnings per share rose 38.9% in 2007 from 2006. Note that the earnings number includes a 0.14 pre-tax charge in 2007. This company is currently trading at 3.70 times sales. This is at a higher ratio than all three comparable companies, which are trading between 0.59 and 1.19 times sales. China Mobile Limited is trading at 3.14 times book value. The company's price to book ratio is higher than that of all three comparable companies, which are trading between 1.08 and 1.97 times book value. Summary of company valuations (as of 3/13/2009). Company China Mobile Limited NTT DoCoMo Incorporated KDDI Corporation China United Telecommunications Corp P/E 12.2 10.4 7.6 18.9 Price/ Price/ Book Sales 3.14 1.23 1.08 1.97 52 Wk Pr Chg

3.70 -37.00% 1.19 -12.14% 0.59 -26.76% 1.09 -46.33%

The market capitalization of this company is HK$1.36 trillion (US$175.08 billion) . Closely held shares (i.e., those held by officers, directors, pension and benefit plans and those shareholders who own more than 5% of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsider to acquire a majority of the shares without the consent of management and other insiders. The capitalization of the floating stock (i.e., that which is not closely held) is HK$349.66 billion (US$45.09 billion) . Dividend Analysis During the 12 months ending 6/30/2008, China Mobile Limited paid dividends totalling HK$2.52 per share. Since the stock is currently trading at HK$67.70, this implies a dividend yield of 3.7%. This company's dividend yield is higher than the three comparable companies (which are currently paying dividends between 1.3% and 3.5% of the stock price). China Mobile Limited has increased its dividend during each of the past 5 fiscal years (in 2002, the dividends were HK$0.32 per share). During the same 12 month period ended 6/30/2008, the Company reported earnings of HK$5.53 per share. Thus, the company paid 45.6% of its profits as dividends. Profitability Analysis On the HK$367.29 billion in sales reported by the company in 2007, the cost of services sold totalled HK$130.66 billion, or 35.6% of sales (i.e., the gross profit was 64.4% of sales). This gross profit margin is lower than the company achieved in 2006, when cost of services sold totalled 12.9% of sales. The gross margin in 2007 was the lowest of the previous five years (in 2006, the gross margin had been as high as 87.1%). China Mobile Limited's 2007 gross profit margin of 64.4% was better than all three comparable companies (which had gross profits in 2007 between 20.4% and 59.9% of sales). The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were HK$200.08 billion, or 54.5% of sales. This EBITDA to sales ratio is roughly on par with what the company achieved in 2006, when the EBITDA ratio was 53.0% of sales. The three comparable companies had EBITDA margins that were all less (between 20.2% and 32.4%) than that achieved by China Mobile Limited. In 2007, earnings before extraordinary items at China Mobile Limited were HK$89.58 billion, or 24.4% of sales. This profit margin is an improvement over the level the company achieved in 2006, when the profit margin was 22.4% of sales. Earnings before extraordinary items have grown for each of the past 5 years (and since 2003, earnings before extraordinary items have grown a total of 168%). The company's return on equity in 2007 was 28.2%. This was an improvement over the 24.6% return the company achieved in 2006. (Extraordinary items have been excluded). Profitability Comparison Gross Earns Profit EBITDA bef. Year Margin Margin extra 2007 2006 64.4% 87.1% 54.5% 24.4% 53.0% 22.4%

Company China Mobile Limited China Mobile Limited

NTT DoCoMo Incorporated KDDI Corporation

2007 2007

58.5% 20.4% 59.9%

31.7% 20.2% 32.4%

9.6% 5.6% 5.7%

China United Telecommunications Corp 2007 Financial Position

As of December 2007, the company's long term debt was HK$35.86 billion and total liabilities (i.e., all monies owed) were HK$196.27 billion. The long term debt to equity ratio of the company is very low, at only 0.09. As of December 2007, the accounts receivable for the company were HK$10.80 billion, which is equivalent to 11 days of sales. This is an improvement over the end of 2006, when China Mobile Limited had 13 days of sales in accounts receivable. The 11 days of accounts receivable at China Mobile Limited are lower than all three comparable companies: NTT DoCoMo Incorporated had 65 days, KDDI Corporation had 46 days, while China United Telecommunications Corp had 21 days outstanding at the end of the fiscal year 2007. Financial Positions Company China Mobile Limited NTT DoCoMo Incorporated KDDI Corporation LT Debt/ Days Year Equity AR 2007 2007 2007 0.09 0.11 0.24 0.03 11 65 46 21

China United Telecommunications Corp 2007

Industry Overview As part of the World Trade Organization's Basic Telecommunications Agreement, which Hong Kong signed onto in February 1997, Hong Kong opened up the market for the operation of Virtual Private Network services (effective May 1997) and for International Simple Resale services for facsimile and data (effective January 1 1998). Most significantly for the future of telecommunications services in Hong Kong, in March 1998, OFTA signed an agreement with Hong Kong Telecom International (HKTI) which provided for the early surrender of the company's exclusive license to provide external telecommunications services, a license which was not due to expire until September 30, 2006. The agreement for the early surrender of the license allows for competition in external telecommunications services to commence from January 1999, and for facilities-based competition to commence from January, 2000. While it is as yet unclear whether, or how many, foreign service providers will be able to compete in the facilitiesbased international service market or in the local fixed network markets, an early read of the outcome of the ongoing telecommunications review, which will decide these matters, is positive, indicating that opportunities may open up in those areas over the next couple of years. In addition to these new developments, licenses continue to be made available on an unlimited basis for International Value Added Network Services (IVANS) (including voice value added services) Managed Data Network Services; Call-back Services; and Self-Provided External Telecommunications Services.

1996 No. of Establishments-- Communications 925 Value-added Telecommunications (US$) 3,360 Contribution to GDP 2.6% Total outgoing calls (million mins.) 1,692 Operator Assisted 71 IDD 1,394 Facsimile and Data 228 Total Incoming Calls (million mins.) 1,594 Market Share by US Firms (est 2%) 67
The above statistics are unofficial estimates.

1997 971 3,390 2.5% 1,738 41 1,526 171 2,121 68

1998 1,019 3,560 2.9% 1,828 21 1,671 137 2,821 88

Source: US Department of State 1999 Country Commercial Guide Copyright 2001-2009 The Winthrop Corporation Distributed by Wright Investors' Service, Inc.

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS:

China Mobile Limited
Equity Capital % % Profit Book Earned Rate Value Growth (ROE) Begin Yr 10.3% 30.1% 33.5% 22.8% 16.3% 14.3% 13.9% 12.7% 14.9% n/c n/a 10.3% 30.1% 33.5% 28.5% 20.7% 21.2% 23.1% 24.4% 28.1% n/c n/a 3.64 3.91 4.24 5.66 8.25 9.48 11.11 13.22 15.92 19.92 19.92 Earnings 12 Month Earnings % Per Share Change
ABF AF BF AF ABF AF BF AF AF

Per Share- Hong Kong Dollars
Value Ratios Price/ Price/ Earnings Book Dividend Ratio Ratio Yield 129.6 36.2 19.3 11.5 14.0 13.1 14.3 20.9 30.8 n/c 12.2 13.4 10.9 6.5 3.3 2.9 2.8 3.3 5.1 8.7 3.9 3.1 0.0% 0.0% 0.0% 1.7% 1.5% 2.5% 2.8% 2.3% 1.5% 0.0% 3.7% Dividends % 12 Month Payout Dividends Ratio Per Share 0.0% 0.0% 0.0% 19.9% 21.1% 32.8% 39.8% 47.9% 46.9% n/c 45.6%
C C

Year Fiscal Yr Ends: December 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 3/13/2009
CD CDE D CD D D

Price Market Price Last 48.60 42.60 27.45 18.55 23.85 26.35 36.70 67.20 137.90 77.80 67.70

0.37 -32.1% 1.18 213.6% 1.42 1.61 1.70 2.01 2.56 3.22 4.48 n/a 5.53 21.0% 13.3% 5.7% 18.1% 27.4% 25.6% 38.9% n/c n/c

0.00 0.00 0.00 0.32 0.36 0.66 1.02 1.54 2.10 0.00 2.52

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 0.14 PRETAX CHG IN 2007, INCLS 0.14 PRETAX CHG IN 2006, INCLS 0.28 PRETAX CHG IN 2004, INCLS 0.03 PRETAX CHG IN 2003, INCLS 0.01 PRETAX CHG IN 2002, INCLS 0.10 PRETAX CHG IN 2000, INCLS 0.64 PRETAX CHG IN 1999, INCLS 0.13 PRETAX CR IN 1998 (B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED HKFRS INCLUDING HKAS & INTERPRETATIONS IN 2005, INCREASING EARNINGS BY 0.02, - ADOPTED SSAP 12 (REV) DEFERRED TAX LIABILITIES. EARNINGS IMPACT NOT SPECIFIED, ADOPTED SSAP 9 (REVISED) AND SSAP 30 IN 2001, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SSAP 1 (REVISED) FOR PRESENTATION OF FINANCIAL STATEMENTS IN 1999 (C): INCLUDES EXTRA CASH DIVIDENDS - 0.10 IN 2007, 0.16 IN 2006, ANHUI MOBILE (BVI) LTD, JIANGXI MOBILE (BVI) LTD, CHONGQING MOBILE (BVI) LTD, SICHUAN MOBILE (BVI) LTD, HUBEI MOBILE (BVI) LTD, HUNAN MOBILE (BVI) LTD, SHAANXI MOBILE (BVI) LTD & SHAANXI MOBILE COMMUNICATION LTD IN 2002, BEIJING MOBILE COMMUNICATION COMPANY LIMITED, SHANGHAI MOBILE COMMUNICATION COMPANY LIMITED, TIANJIN MOBILE COMMUNICATION COMPANY LIMITED, HEBEI MOBILE COMMUNICATION COMPANY LIMITED, LIAONING MOBILE COMMUNICATION COMPANY LIMITED, SHANDONG MOBILE COMMUNICATION COMPANY LIMITED AND GUANGXI MOBILE COMMUNICATION COMPANY LIMITED IN 2000, FUJIAN MOBILE (BVI) LIMITED, HENAN MOBILE (BVI) LIMITED & HAINAN MOBILE (BVI) LIMITED IN 1999, CHINA TELECOM JIANGSU MOBILE (BVI) LIMITED IN 1998, GUANGDONG MOBILE & ZHEJIANG MOBILE IN 1997 (D): 0.93862 & 0.94088 IN 2004, 0.93789 & 0.94059 IN 2003, 0.94220 & 0.94228 IN 2002, 0.94229 AND 0.94228 IN 2001, 0.94236 AND 0.94139 IN 2000, 0.93890 AND 0.93730 IN 1999, 0.93580 AND 0.93528 IN 1998, 0.93251 AND 0.93124 IN 1997 (E): NAME CHANGED FROM CHINA TELECOM (HONGKONG) LTD IN 2000 (F): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2007 WERE 4.28, (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2006 WERE 3.29, (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2005 WERE 2.70, (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2004 WERE 2.13, MOS ENDED DEC 1998 WERE 0.54, FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 1998 WERE 0.55
Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media,

no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Sales Analysis

SALES ANALYSIS:

China Mobile Limited
Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) Amount in millions 13,229 13,310 34,823 57,630 74,097 88,007 102,727 129,243 159,327 204,425

Figures in millions of Hong Kong Dollars

Sales Amount Year-toin year millions Growth 24,640 36,201 61,175 94,540 70.8% 46.9% 69.0% 54.5% 28.1% 23.1% 21.3% 27.6% 24.8% 27.4%

Cost of Goods Sold Amount in % of millions Sales 13,206 53.6% 11,651 32.2% 16,762 27.4% 21,998 23.3% 23,534 19.4% 23,924 16.0% 24,089 13.3% 81,575 35.3% 37,184 12.9% 130,662 35.6%

After Tax Income before Extraordinary Charges and Credits Amount in millions

Employees Sales Per Employee 1,966,503 1,788,346 1,595,475 2,439,865 2,031,433 2,336,105 2,053,938 2,330,917 2,574,671 2,870,368 After Tax Income Per Employee 515,026 222,114 442,595 681,273 517,367 523,710 448,452 513,569 575,557 700,080

Year 1998 1999 2000 2001

% of Sales 53.7% 36.8% 56.9% 61.0% 61.2% 59.0% 56.8% 55.9% 55.3% 55.7%

% of Sales

Number 12,530 20,243 38,343 38,748 59,633 63,859 88,127 99,104

6,453 26.2% 4,496 12.4% 16,970 27.7% 26,398 27.9% 30,852 25.5% 33,444 22.4% 39,521 21.8% 50,897 22.0%

2002 121,140 2003 149,181 2004 181,007 2005 231,003 2006 288,358 2007 367,289

64,461 22.4% 111,998 89,582 24.4% 127,959

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Price Analysis

PRICE ANALYSIS:

China Mobile Limited
12 Quarterly months %Change %Change n/a 67.1% 11.1% 102.9% 40.4% 0.7% -24.7% -17.7% -19.5% 20.1% -39.8% 10.7% -12.2% -4.1% -22.1% 3.1% -16.7% 19.1% 10.9% 16.9% -3.1% 2.2% 0.4% 11.2% -3.2% 13.5% 31.3% n/a n/a n/a n/a 429.1% 219.0% 116.1% -12.3% -49.7% -40.1% -52.1% -35.6% -29.7% -43.9% -27.4% -32.4% -35.9% -20.3% 13.3% 28.6% 49.5% 28.3% 16.2% 10.5% 10.4% 22.7% 60.3%

Per Share- Hong Kong Dollars

Quarter 1999 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2000 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2001 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2002 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2003 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2004 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2005 Jan - Mar Apr - Jun Jul - Sep

High Price 15.800 22.750 27.350 49.000 80.000 73.750 76.250 59.500 51.000 42.900 42.400 30.300 28.550 27.500 23.800 21.850 20.200 19.800 21.600 24.100 28.100 23.950 24.750 27.200 26.750 30.100 38.550

Low Price 12.600 12.800 20.850 23.900 39.000 47.200 46.800 39.600 32.800 29.600 18.150 20.950 21.250 22.150 17.550 17.900 15.300 14.550 18.300 20.550 22.050 19.150 21.000 22.100 23.300 25.000 27.250

Closing Price 12.900 21.550 23.950 48.600 68.250 68.750 51.750 42.600 34.300 41.200 24.800 27.450 24.100 23.100 18.000 18.550 15.450 18.400 20.400 23.850 23.100 23.600 23.700 26.350 25.500 28.950 38.000

Oct - Dec 2006 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2007 Jan - Mar Apr - Jun Jul - Sep

39.900 42.250 47.550 56.700 69.700 79.850 86.500 130.200

33.250 35.050 39.250 43.300 54.350 64.500 69.650

36.700 40.750 44.400 55.050 67.200 71.050 83.950

-3.4% 11.0% 9.0% 24.0% 22.1% 5.7% 18.2% 51.6% 8.3% -16.0% -9.5% -26.6% 1.2% -13.8%

39.3% 59.8% 53.4% 44.9% 83.1% 74.4% 89.1% 131.2% 105.2% 63.0% 24.8% -39.6% -43.6% -37.0%

75.600 127.300

Oct - Dec 160.000 123.500 137.900 2008 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 3/13/2009 137.900 99.700 115.800

139.000 103.000 104.800 111.200 85.900 66.000 50.500 76.900 77.800 67.700

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS:
Per Share- Hong Kong Dollars Fiscal Year Ends in December
Earnings Per Share 12 Months Fiscal Years 1998 1999 2000
CDE CD

China Mobile Limited

Dividends Per Share 12 Months % Dividends Change 0.00 0.00 0.00 0.00 0.32 0.36 0.66 1.02 C 1.54 C 2.10 n/a n/c n/c n/c n/c n/c 12.5% 83.3% 54.5% 51.2% 36.1% n/c Quarterly Reported Dividends Q1 Mar. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q2 Jun. n/a n/a n/a n/a n/a 0.16 0.20 0.45 0.62 0.84 1.34 Q3 Sep. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q4 Dec. 0.00 0.00 0.00 0.00 0.32 % Payout 0.0% 0.0% 0.0% 0.0% 0.0%

Quarterly Reported Earnings Q1 Mar. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q2 Jun. 0.27 0.32 0.56 0.70 0.77 0.84 0.90 1.15 1.46 1.90 2.95 Q3 Sep. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q4 Dec. 0.28 0.06 0.61 0.73 0.84 0.87 1.11 1.42 1.76 2.58 n/a

% Earnings Change 0.55 14.0%

ABF 0.37 -32.1% AF 1.18 213.6%

2001 2002 2003 2004 2005 2006 2007 2008 (A):

D CD D D

BF 1.42 AF 1.61 ABF 1.70 AF 2.01 BF 2.56 AF 3.22 AF 4.48 n/a

21.0% 13.3% 5.7% 18.1% 27.4% 25.6% 38.9% n/c

0.20 28.2% 0.46 19.9% 0.57 35.3% 0.76 39.6% 1.16 39.2% n/a n/c

INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 0.14 PRETAX CHG IN 2007, INCLS 0.14 PRETAX CHG IN 2006, INCLS 0.28 PRETAX CHG IN 2004, INCLS 0.03 PRETAX CHG IN 2003, INCLS 0.01 PRETAX CHG IN 2002, INCLS 0.10 PRETAX CHG IN 2000, INCLS 0.64 PRETAX CHG IN 1999 INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED HKFRS INCLUDING HKAS & INTERPRETATIONS IN 2005, INCREASING EARNINGS BY 0.02, - ADOPTED SSAP 12 (REV) DEFERRED TAX LIABILITIES. EARNINGS IMPACT NOT SPECIFIED, ADOPTED SSAP 9 (REVISED) AND SSAP 30 IN 2001, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SSAP 1 (REVISED) FOR PRESENTATION OF FINANCIAL STATEMENTS IN 1999
(B):

INCLUDES EXTRA CASH DIVIDENDS - 0.10 IN 2007, 0.16 IN 2006, ANHUI MOBILE (BVI) LTD, JIANGXI MOBILE (BVI) LTD, CHONGQING MOBILE (BVI) LTD, SICHUAN MOBILE (BVI) LTD, HUBEI MOBILE (BVI) LTD, HUNAN MOBILE (BVI) LTD, SHAANXI MOBILE (BVI) LTD & SHAANXI MOBILE COMMUNICATION LTD IN 2002, BEIJING MOBILE COMMUNICATION COMPANY LIMITED, SHANGHAI MOBILE COMMUNICATION COMPANY LIMITED, TIANJIN MOBILE COMMUNICATION COMPANY LIMITED, HEBEI MOBILE COMMUNICATION COMPANY LIMITED, LIAONING MOBILE COMMUNICATION COMPANY LIMITED, SHANDONG MOBILE COMMUNICATION COMPANY LIMITED AND GUANGXI MOBILE COMMUNICATION COMPANY LIMITED IN 2000, FUJIAN MOBILE (BVI) LIMITED, HENAN MOBILE (BVI) LIMITED & HAINAN MOBILE (BVI) LIMITED IN 1999
(C):

0.93862 & 0.94088 IN 2004, 0.93789 & 0.94059 IN 2003, 0.94220 & 0.94228 IN 2002, 0.94229 AND 0.94228 IN 2001, 0.94236 AND 0.94139 IN 2000, 0.93890 AND 0.93730 IN 1999
(D): (E): (F):

NAME CHANGED FROM CHINA TELECOM (HONGKONG) LTD IN 2000

BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2007 WERE 4.28, (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2006 WERE 3.29, (U ): BASED ON AVERAGE SHARES OUTSTANDING - FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2005 WERE 2.70, (U ): BASED ON AVERAGE SHARES OUTSTANDING -

FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2004 WERE 2.13, MOS ENDED DEC 1998 WERE 0.54
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Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): China

Mobile Limited
2006 2005 2004 2003

Figures are expressed as Percent of Total Assets. Total Assets are in millions of Hong Kong Dollars.

Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment – Net

2007

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003

595,866.9 33.8% 14.1% 19.7% 1.8% 0.6%

485,817.5 31.5% 14.6% 16.9% 2.1% 0.6%

398,174.0 25.7% 15.6% 10.1% 2.1% 0.6%

342,299.7 17.9% 10.4% 7.5% 2.5% 0.7%

285,156.1 18.5% 11.0% 7.5% 2.9% 0.7%

1.0% 37.2% 0.0% 0.0% 0.0% 98.4% 43.8% 54.6%

0.9% 35.2% 0.0% 0.0% 0.0% 95.1% 39.6% 55.5%

0.9% 29.2% 0.0% 0.0% 0.0% 96.1% 35.6% 60.5%

0.8% 21.9% 0.0% 0.0% 0.0% 102.9% 34.5% 68.4%

0.7% 22.8% 0.0% 0.0% 0.0% 98.0% 32.2% 65.8%

Other Assets Deferred Charges Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves

8.2% 1.5% 0.0% 6.7% 100.0%

9.3% 1.6% 0.0% 7.7% 100.0%

10.3% 1.7% 0.0% 8.5% 100.0%

9.7% 0.0% 0.0% 9.7% 100.0%

11.4% 0.0% 0.0% 11.3% 100.0%

595,866.9 11.8% 0.0% 0.5% 2.6%

485,817.5 12.2% 0.6%

398,174.0 10.4% 0.0%

342,299.7 10.1% 2.3%

285,156.1 9.0% 4.3%

2.0%

2.2%

1.8%

1.5%

12.9% 27.8% 6.0% 6.0%

14.0% 28.8% 6.9% 6.9%

13.8% 26.5% 8.8% 8.8%

12.6% 26.8% 10.0% 10.0%

10.9% 25.7% 6.4% 6.4%

0.0% 0.0% 0.1% -1.0% 0.0% 1.0%

0.0%

0.0%

0.0%

0.0%

0.2% -1.4% 0.0% 1.5%

0.3% -1.6% 0.0% 1.6%

0.3% -1.1% 0.0% 1.1%

0.2% -1.0% 0.0% 1.1%

Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity

0.0% 32.9% 0.0% 0.1% 0.0%

0.0% 34.5% 0.0% 0.1% 0.0%

0.0% 34.1% 0.0% 0.1% 0.0%

0.0% 36.0% 0.0% 0.1% 0.0%

3.3% 34.6% 0.0% 0.1% 0.0%

67.0% 100.0%

65.4% 100.0%

65.8% 100.0%

63.9% 100.0%

65.4% 100.0%

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Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): China
Figures are the Percent Changes from the Prior Year.

Mobile Limited
2004 2003

Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment – Net

2007

2006

2005

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003

22.7% 31.7% 18.7% 42.8% 4.0% 17.4%

22.0% 49.6% 14.5% 103.6% 23.7% 31.9%

16.3% 66.5% 73.4% 56.8% -0.8% -3.1%

20.0% 16.2% 13.9% 19.5% 1.2% 22.0%

6.4% 28.5% 20.7% 42.0% 0.8% 28.7%

31.9% 29.7%

33.5% 46.9%

23.3% 55.1%

39.9% 15.1%

-59.1% 16.8%

-100.0% 7.2% 26.9% 35.8% 20.6% 3.7% 20.7% 35.5% 12.0% 2.4% 8.7% 20.1% 2.9% 0.1% 26.0% 28.6% 24.8%

-0.5% -0.5% 16.6% 48.0% 5.6%

Other Assets Deferred Charges Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves

8.3% 17.0%

10.3% 9.9%

23.0% 7,623.4%

2.6% -32.8%

-6.4% -25.1%

6.5% 22.7%

10.4% 22.0%

2.4% 16.3%

2.8% 20.0%

-6.3% 6.4%

22.7% 18.6% -97.6%

22.0% 42.4% 4,572.7%

16.3% 20.7% -99.2%

20.0% 34.7% -37.3%

6.4% 41.1% 38.5%

55.6%

10.1%

42.1%

47.7%

-31.6%

12.8% 18.1% 7.2% 7.2%

23.5% 32.6% -4.7% -4.7%

27.5% 15.2% 2.1% 2.1%

38.8% 25.1% 88.9% 88.9%

33.0% 29.4% -46.9% -46.9%

-31.2%

-27.2%

43.6%

37.3%

-21.2%

-31.9% -18.0%

105.3% 11.3%

-5.4% 66.7%

8.3% 24.8%

Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity 25.6% 22.7% 21.3% 22.0% 19.8% 16.3% 41.0% 35.9% 19.2% 17.1% 23.4% 10.2%

-100.0% 25.1%

-34.6% -6.7%

33.6%

-5.1%

17.4% 20.0%

14.9% 6.4%

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Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): China
Figures in millions of Hong Kong Dollars.

Mobile Limited
2005 2004 2003

Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment – Net

2007

2006

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003

421,462.8 114,141.4 56,824.4 57,316.9 9,285.6 2,611.0

355,890.3 82,101.3 45,179.3 36,922.0 8,786.0 2,206.2

291,193.0 58,452.6 34,389.6 24,062.9 8,106.6 1,800.9

240,468.3 45,529.7 26,006.4 19,523.4 8,331.4 1,502.5

187,993.8 38,428.3 21,185.2 17,243.2 8,008.0 1,072.2

3,778.3 129,816.3 0.0 3.0 75.5 412,514.6 161,031.7 251,482.9

3,540.5 96,634.0 0.0 6.0 73.5 343,183.3 121,240.6 221,942.8

2,917.2 71,277.3 0.0 9.0 72.7 281,708.1 90,120.6 191,587.5

2,471.6 57,835.2 0.0 17.7 69.4 230,255.0 67,811.0 162,444.0

2,010.4 49,519.0 0.0 26.3 55.0 172,893.2 47,966.5 124,926.7

Other Assets Deferred Charges Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves

40,085.2 4,756.4 0.0 35,328.7 421,462.8

37,233.9 3,002.0 0.0 34,231.9 355,890.3

28,246.5 1,506.4 0.0 26,740.0 291,193.0

20,102.0 145.5 0.0 19,956.5 240,468.3

13,466.9 137.0 0.0 13,329.8 187,993.8

421,462.8 46,224.0 4,654.7

355,890.3 35,804.0 6,422.1

291,193.0 26,363.8 6,836.5

240,468.3 20,416.9 9,103.0

187,993.8 14,990.8 8,384.4

8,878.5

7,070.7

6,244.4

5,736.4

5,024.0

54,837.9 115,234.7 31,402.3 31,402.3

44,174.9 93,471.7 31,080.2 31,080.2

32,658.5 72,103.2 28,611.4 28,458.4

24,130.2 59,386.6 26,181.5 25,795.7

16,702.9 45,102.1 20,672.4 20,266.5

0.0

0.0

153.0

385.8

405.9

873.5 -5,108.3 120.9 5,229.1

909.8 -4,057.3

1,522.9 -2,956.2

1,957.2 -2,275.8

2,060.1 -1,964.9

Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity

1,871.3 144,273.5 0.0 312.3 0.0

4,731.0 126,135.4 0.0 244.1 0.0

4,731.0 104,012.4 0.0 176.2 0.0

4,731.0 89,980.5 0.0 125.0 0.0

4,731.0 70,600.9 0.0 79.4 0.0

276,877.0 421,462.8

229,510.8 355,890.3

187,004.4 291,193.0

150,362.8 240,468.3

117,313.6 187,993.8

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Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): China

Mobile Limited
2006 2005 2004 2003

Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of Hong Kong Dollars.

Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes (EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings

2007

367,289.4 288,358.0 231,003.2 181,007.4 149,181.3 35.6% 18.9% 45.5% 12.9% 21.9% 65.2% 35.3% 23.2% 41.5% 13.3% 24.1% 62.6% 16.0% 24.3% 59.7%

9.9% 64.5% 35.5% 0.0% 0.8% 1.1% 0.0% 0.0% 0.8% 55.7%

34.1% 68.9% 31.1% 0.0% 1.0% 0.9% 0.0% 0.0% 2.3% 55.3%

11.2% 69.7% 30.3% 0.0% 0.0% 0.7% 0.0% 0.0% 1.8% 55.9%

32.6% 70.0% 30.0% 0.0% 3.1% 0.5% 0.0% 0.0% 5.2% 56.8%

27.3% 67.6% 32.4% 0.0% 0.4% 0.5% 0.0% 0.0% 2.2% 59.0%

36.7% 0.5% 0.0% 36.2% 11.8% 0.0% 0.0%

33.3% 0.5% 0.0% 32.8% 10.4% 0.0% 0.0%

32.8% 0.6% 0.0% 32.2% 10.2% 0.0% 0.0%

32.7% 0.9% 0.0% 31.8% 10.0% 0.0% 0.0%

34.7% 1.4% 0.1% 33.4% 11.0% -0.0% 0.0%

After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common

0.0%

0.0%

0.0%

0.0%

0.0%

24.4% 0.0% 0.0% 24.4%

22.4% 0.0% 0.0% 22.4%

22.0% 0.0% 0.0% 22.0%

21.8% 0.0% 0.0% 21.8%

22.4% 0.0% 0.0% 22.4%

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Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): China
Figures are the Percent Changes from the Prior Year.

Mobile Limited
2005 27.6% 2004 21.3% 0.7% 20.3% 27.3% 2003 23.1% 1.7% 38.2% 24.7%

Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense

2007 27.4% 251.4% 10.0% -11.1%

2006 24.8%

-54.4% 238.6% 18.0% 96.1% 23.0% -15.4%

-62.8% 280.5% 19.2% 45.5% 23.4% 28.1%

-56.2% 27.1% 28.8%

44.8% 25.5% 12.6% 32.7% 7.1%

2.8% 62.5% 65.6%

782.2% 595.6% 100.0% 60.9% 25.7% 13.0%

-53.5% 28.3% 40.3% 27.4%

61.7% 23.3% 27.0% 15.1% 100.0%

-56.3% 179.5% 25.8% 27.9% 16.7% 14.3%

51.3% 18.8% 8.1% 10.5% -16.2% 7.9% 7.1% 549.2%

-19.7% -24.7% -87.4% -89.5% 29.2% 30.0% 83.7% 15.6% 10.2%

40.6% 43.9%

27.2% 28.2%

40.1% 126.0%

Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends available to Common 39.0% 26.7% 28.8% 18.2% 8.4% 39.0% 26.7% 28.8% 18.2% 8.4%

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Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): China
Figures in millions of Hong Kong Dollars.

Mobile Limited
2005 2004 2003

Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes (EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense

2007

2006

243,367.9 194,138.1 155,374.5 121,408.9 92,447.7 59,486.9 53,233.3 38,061.4 44,559.8 35,024.2 35,247.7 85,102.5 22,061.7 19,574.0 26,372.7 19,050.4 72,974.5 53,823.4

130,647.6 111,516.9

52,057.7

44,749.2

25,104.5

19,941.3

8,147.0

164,778.0 132,631.9 104,081.0 78,589.9 0.0 2,367.7 1,984.3 0.0 0.0 5,306.0 61,506.2 0.0 1,812.0 1,292.4 0.0 0.0 5,134.0 51,293.5 0.0 1,254.2 945.5 0.0 0.0 4,108.4 90,340.9

79,071.9 58,431.1 42,337.0 34,016.6 0.0 1,541.3 827.9 0.0 0.0 3,460.6 0.0 1,976.1 780.9 0.0 0.0 1,701.7

136,745.9 110,680.4

71,456.9 53,573.4

83,512.5 1,669.1 32.0 81,875.4 26,243.4 51.3 0.0 0.0

66,120.5 1,676.6 66.1 64,510.0 20,647.5 27.6 0.0 0.0

55,093.2 1,726.3 82.7 53,449.6 17,217.1 10.2 0.0 0.0

45,084.2 34,523.0 1,647.6 104.7 1,419.7 128.5

43,541.3 33,231.8 14,101.7 10,801.2 2.6 0.0 0.0 -1.5 0.0 0.0

Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common 55,580.8 0.0 0.0 55,580.8 43,834.9 0.0 0.0 43,834.9 36,222.2 0.0 0.0 36,222.2 29,437.0 22,432.1 0.0 0.0 0.0 0.0

29,437.0 22,432.1

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Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: China

Mobile Limited
2007 2006 2005 2004 2003

Currency figures are in millions of Hong Kong Dollars. Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year Fiscal Year End Date Total Capital Percent of Total Capital Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Net Changes Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Percent Changes Short Term Debt

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003 435,459.0 351,683.4 297,526.0 253,462.1 204,827.7

0.0% 8.2% 0.0% 45.1% 0.1% 0.0% 47.5% 91.6% 100.0%

0.9% 9.5% 0.0% 47.7% 0.1% 0.0% 45.0% 90.4% 100.0%

0.0% 11.8% 0.0% 45.6% 0.1% 0.0% 42.8% 88.1% 100.0%

3.1% 13.6% 0.0% 48.6% 0.1% 0.0% 40.4% 86.3% 100.0%

6.0% 8.9% 4.6% 48.1% 0.1% 0.0% 38.9% 91.0% 100.0%

-298.0 240.4 0.0 2,867.8 15.1 0.0 4,879.7 8,122.0 8,377.6

298.8 -166.0 0.0 3,182.6 9.8 0.0 3,091.5 5,572.0 5,415.7

-767.6 72.9 0.0 1,254.0 4.4 0.0 2,482.6 4,329.1 4,406.4

-459.9 1,618.3 -935.6 2,469.2 5.7 0.0 2,264.9 3,239.4 4,863.4

343.1 -1,604.5 -494.2 -704.5 -0.9 0.0 1,642.7 2,420.7 815.2

-97.6%

4,572.7%

-99.2%

-37.3%

38.5%

Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Total Liabilities & Common Equity Total Liabilities Net Change in Liabilities as % of Total Liabilities Common Equity Net Change in Common Equity as % of Common Equity Cash Flow Operating Activities Financing Activities Investing Activities

7.2%

-4.7%

2.1%

88.9% -100.0%

-46.9% -34.6% -6.7% -5.1%

17.1% 41.0%

23.4% 35.9%

10.2% 19.2%

25.1% 33.6%

30.9% 25.6% 23.8%

24.3% 21.3% 18.2%

24.2% 19.8% 17.4%

28.4% 17.4% 23.7%

25.9% 14.9% 4.1%

196,265.7 14.6% 399,080.1 20.4%

167,587.9 19.0% 317,860.0 17.5%

135,761.9 9.2% 262,140.2 16.5%

123,222.0 20.0% 218,849.6 14.8%

98,530.0 -7.2% 186,455.3 13.0%

175,661.7 -36,500.6 130,623.9

146,836.5 -21,647.5 118,435.0

125,075.2 -22,372.2 84,244.9

96,686.7 -21,091.7 69,930.9

78,631.4 -20,738.1 51,728.7

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Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: China Fiscal Year Fiscal Year End Date Receivables Turnover Receivables - Number of Days Inventory Turnover Inventory - Number of Days Gross Property, Plant & Equipment Turnover Net Property, Plant & Equipment Turnover Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment Depreciation, Depletion & Amortization Year to Year Change Depreciation, Depletion & Amortization Year to Year % Change

Mobile Limited
2007 2006 2005 2004 2003

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003 34.0 10.5 40.1 9.1 0.6 1.1 27.8 11.9 14.1 25.9 0.6 1.1 27.5 13.3 35.3 10.3 0.6 1.0 21.4 17.0 11.3 32.3 0.5 0.8 17.8 20.4 14.0 26.1 0.5 0.8

11.9%

13.7%

14.0%

12.4%

13.0%

632.7

966.6

1,001.6

734.0

1,001.9

10.0%

18.0%

23.0%

20.3%

38.2%

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Financial Ratio Analyses\Asset Utilization

Asset Utilization: China

Mobile Limited
2007 2006 2005 2004 2003

Figures are expressed as the ratio of Net Sales. Net Sales are in millions of Hong Kong Dollars.

Fiscal Year Fiscal Year End Date Net Sales Cash & Cash Equivalents Short-Term Investments Accounts Receivable Inventories Other Current Assets Total Current Assets Total Long Term Receivables & Investments Long Term Receivables Investments in Associated Companies Other Investments Property, Plant & Equipment - Gross Accumulated Depreciation Property Plant & Equipment - Net Other Assets Total Assets

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003 367,289.4 54.8% 31.9% 2.9% 1.0% 1.7% 60.4% 0.0% 288,358.0 53.0% 28.4% 3.6% 1.0% 1.6% 59.3% 0.0% 231,003.2 44.3% 17.4% 3.6% 1.0% 1.5% 50.4% 0.0% 181,007.4 33.9% 14.2% 4.7% 1.3% 1.5% 41.4% 0.0% 149,181.3 35.4% 14.4% 5.6% 1.3% 1.3% 43.7% 0.1%

0.0% 0.0% 0.0% 159.6% 71.1% 88.5% 13.3% 162.2%

0.0% 0.0% 0.0% 160.2% 66.7% 93.5% 15.6% 168.5%

0.0% 0.0% 0.0% 165.7% 61.4% 104.3% 17.7% 172.4%

0.0% 0.0% 0.0% 194.5% 65.3% 129.3% 18.4% 189.1%

0.0% 0.0% 0.0% 187.3% 61.6% 125.7% 21.7% 191.1%

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Financial Ratio Analyses\Employee Efficiency

Employee Efficiency: China Fiscal Year Fiscal Year End Date Employees Values per Employee Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets Year to Year % Change per Employee Employees Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets

Mobile Limited
2006 2005 2004 2003

Values per Employee are in Hong Kong Dollars.

2007

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003 127,959 111,998 99,104 88,127 63,859

2,870,368 700,080 1,357,872 439,612 280,797 3,403,114 4,656,702

2,574,671 575,557 1,220,580 274,910 325,960 3,140,087 4,337,734

2,330,917 513,569 1,155,335 107,831 368,149 3,002,160 4,017,739

2,053,938 448,452 1,043,000 -189,126 478,017 2,876,101 3,884,164

2,336,105 523,710 1,124,381 -127,673 478,279 3,207,499 4,465,402

14.3% 11.5% 21.6% 11.2% 59.9% -13.9% 8.4% 7.4%

13.0% 10.5% 12.1% 5.6% 154.9% -11.5% 4.6% 8.0%

12.5% 13.5% 14.5% 10.8%

38.0% -12.1% -14.4% -7.2%

7.1% 15.0% 1.2% 17.6%

-23.0% 4.4% 3.4%

-0.1% -10.3% -13.0%

-33.9% -2.7% -0.6%

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Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: China Fiscal Year Fiscal Year End Date EBIT/Total Interest Expense EBIT/Net Interest EBIT/(Total Interest Exp + Pfd Div) EBIT/Dividends on Common Shares EBIT/(Dividends on Common + Pfd) EBITDA/Total Interest Expense EBITDA/Net Interest EBITDA/(Total Interest Exp + Pfd Div) EBITDA/Dividends on Com Shares EBITDA/(Dividends on Com + Pfd) 2007

Mobile Limited
2006 2005 2004 2003

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003 71.8 65.2 59.1 37.1 92.3 71.8 3.8 3.8 108.9 65.2 3.8 3.8 108.1 59.1 4.2 4.2 100.9 37.1 7.5 7.5 64.4 160.3 108.9 5.8 5.8 108.1 6.2 6.2 100.9 7.2 7.2 64.4 13.1 13.1 24.5 38.1 24.5 5.5 5.5 41.6 64.8 41.6 9.3 9.3

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Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: China Fiscal Year Fiscal Year End Date Long Term Debt % of EBIT Long Term Debt % of EBITDA Long Term Debt % of Total Assets Long Term Debt % of Total Capital Long Term Debt % of Com Equity Total Debt % of EBIT Total Debt % of EBITDA Total Debt % of Total Assets Total Debt % of Total Capital Total Debt % of Total Capital & Short Term Debt Total Debt % of Common Equity Minority Interest % of EBIT Minority Interest % of EBITDA Minority Interest % of Total Assets Minority Interest % of Total Capital Minority Interest % of Com Equity Preferred Stock % of EBIT

Mobile Limited
2007 2006 2005 2004 2003

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003 26.6% 17.5% 6.0% 8.2% 9.0% 26.6% 17.6% 6.0% 8.3% 8.2% 9.0% 0.4% 0.3% 0.1% 0.1% 0.1% 0.0% 34.8% 21.0% 6.9% 9.5% 10.5% 38.0% 22.9% 7.5% 10.4% 10.3% 11.5% 0.4% 0.2% 0.1% 0.1% 0.1% 0.0% 46.4% 27.2% 8.8% 11.8% 13.4% 48.2% 28.2% 9.2% 12.3% 12.2% 13.9% 0.4% 0.2% 0.1% 0.1% 0.1% 0.0% 58.1% 33.5% 10.0% 13.6% 15.7% 71.2% 41.0% 12.3% 16.6% 16.1% 19.2% 0.4% 0.2% 0.1% 0.1% 0.1% 0.0% 35.1% 20.7% 6.4% 8.9% 9.8% 59.0% 34.7% 10.7% 14.9% 14.1% 16.4% 0.3% 0.2% 0.1% 0.1% 0.1% 0.0%

Preferred Stock % of EDITDA Preferred Stock % of Total Assets Preferred Stock % of Total Capital Preferred Stock % of Total Equity Common Equity % of Total Assets Common Equity % of Total Capital Total Capital % of Total Assets Capital Expenditure % of Sales Fixed Assets % of Common Equity Working Capital % of Total Capital Dividend Payout Funds From Operations % of Total Debt

0.0% 0.0% 0.0% 0.0% 67.0% 91.6% 73.1% 27.6% 81.5% 12.9% 39.2% 483.6%

0.0% 0.0% 0.0% 0.0% 65.4% 90.4% 72.4% 26.1% 84.9% 8.8% 39.6% 374.5%

0.0% 0.0% 0.0% 0.0% 65.8% 88.1% 74.7% 27.2% 91.9% 3.6% 35.3% 313.8%

0.0% 0.0% 0.0% 0.0% 63.9% 86.3% 74.0% 30.7% 106.9% -6.6% 19.9% 218.2%

0.0% 0.0% 0.0% 0.0% 65.4% 91.0% 71.8% 27.7% 100.6% -4.0% 28.2% 235.1%

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Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: China Fiscal Year Fiscal Year End Date Total Current Assets % Net Sales Cash % of Current Assets Cash & Equivalents % of Current Assets Quick Ratio Receivables % of Current Assets Receivable Turnover number of days Inventories % of Current Assets Inventory Turnover number of days Inventory to Cash & Equivalents - number of days Receivables % of Total Assets Current Ratio Total Debt % of Total Capital Funds from Operations % of Current Liabilities Funds from Operations % of Long Term Debt Funds from Operations % of Total Debt Funds from Operations % of Total Capital

Mobile Limited
2007 2006 2005 2004 2003

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003 60.4% 38.0% 90.8% 1.3 4.9% 10.5 1.6% 9.1 59.3% 41.5% 89.5% 1.2 6.1% 11.9 1.8% 25.9 50.4% 53.2% 87.9% 1.0 7.2% 13.3 2.0% 10.3 41.4% 47.6% 81.9% 0.8 11.3% 17.0 3.1% 32.3 43.7% 48.1% 81.1% 0.8 12.8% 20.4 3.0% 26.1

20,599.6

18,372.5

16,194.1

9,423.2

9,896.7

1.8% 1.3 8.2% 105.0% 484.6% 483.6% 39.9%

2.1% 1.2 10.3% 97.6% 408.6% 374.5% 38.9%

2.1% 1.1 12.2% 108.4% 326.1% 313.8% 38.5%

2.5% 0.8 16.1% 100.3% 267.3% 218.2% 36.3%

2.9% 0.9 14.1% 98.0% 394.5% 235.1% 35.1%

Cash Flow (in milllions of Hong Kong Dollars) Operating Activities Financing Activities Investing Activities 175,661.7 -36,500.6 130,623.9 146,836.5 -21,647.5 118,435.0 125,075.2 -22,372.2 84,244.9 96,686.7 -21,091.7 69,930.9 78,631.4 -20,738.1 51,728.7

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Financial Ratio Analyses\Per-Share Ratios

Per Share Data: China

Mobile Limited
2007 2006 2005 2004 2003

Figures are expressed as per unit of respective shares. Figures are in Hong Kong Dollars.

Fiscal Year Fiscal Year End Date Sales Operating Income Pre-tax Income Net Income (Continuing Operations) Net Income Before Extra Items Extraordinary Items Net Income After Extraordinary Items Net Income Available to Common Shares Fully Diluted Earnings Common Dividends Cash Earnings Book Value Retained Earnings Assets

12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003 18.34 6.52 6.64 6.64 4.47 0.00 4.47 4.48 4.40 2.10 8.69 19.92 10.33 29.75 14.44 4.49 4.74 4.74 3.23 0.00 3.23 3.24 3.21 1.54 6.87 15.92 7.92 24.33 11.65 3.53 3.75 3.75 2.57 0.00 2.57 2.58 2.57 1.02 5.80 13.22 6.41 20.07 9.19 2.76 2.92 2.92 2.01 0.00 2.01 2.01 2.00 0.66 4.67 11.11 5.20 17.38 7.58 2.46 2.53 2.53 1.70 0.00 1.70 1.70 1.70 0.36 3.65 9.48 4.05 14.50

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Financial Ratio Analyses\Profitability Growth

Profitability Analysis: China Fiscal Year Fiscal Year End Date Gross Income Margin Operating Income Margin Pretax Income Margin EBIT Margin Net Income Margin Return on Equity - Total Return on Invested Capital Return on Assets Asset Turnover Financial Leverage Interest Expense on Debt Effective Tax Rate Cash Flow % Sales Selling, General & 2007 12/31/2007 45.5%

Mobile Limited
2006 12/31/2006 65.2% 2005 12/31/2005 41.5% 2004 12/31/2004 62.6% 2003 12/31/2003 59.7%

Currency figures are in Hong Kong Dollars.

35.5%

31.1%

30.3%

30.0%

32.4%

36.2% 36.7% 24.4% 25.0%

32.8% 33.3% 22.4% 22.2%

32.2% 32.8% 22.0% 21.2%

31.8% 32.7% 21.8% 19.5%

33.4% 34.7% 22.4% 19.2%

23.0%

20.0%

18.4%

17.0%

16.4%

16.8% 0.6 9.0%

14.8% 0.6 11.5%

14.0% 0.6 13.9%

12.9% 0.5 19.2%

12.6% 0.5 16.4%

1,877,815,500 1,474,213,000 1,281,233,560 1,594,791,600 2,117,268,090

32.5% 47.3%

31.8% 47.4%

31.5% 49.6%

31.3% 50.8%

32.9% 48.1%

Administrative Expenses % of Sales Research & Development Expense Operating Income Return On Total Capital

23.8%

18.2%

17.4%

23.7%

4.1%

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Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: China
Currency figures are in millions of U.S. Dollars.
Wright Quality Rating

Mobile Limited

AAA20 AAA20
233,841 175,146 60,222 45,106 0 0 0.0% 0.0% HKG OTH 0

Investment Acceptance Rating Total Market Value of Shares Outstanding - Three Year Average - Current Year Public Market Value (Excludes Closely Held) - Three Year Average - Current Year Trading Volume - Three Year Average - Current Year Turnover Rate - Three Year Average - Current Year Stock Exchange Listings Number of Institutional Investors Number of Shareholders Closely Held Shares as % of Total Shares Outstanding

74.2%

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Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: China Wright Quality Rating Financial Strength Rating Total Shareholders' Equity (Millions of U.S. Dollars) Total Shareholders' Equity as % Total Capital Preferred Stock as % of Total Capital Long Term Debt as % of Total Capital Long Term Debt (Millions of Hong Kong Dollars) Lease Obligations (Millions of Hong Kong Dollars)

Mobile Limited
A A

AA20 AA20
59,459 92.3% 0.0% 7.6% 38,257 0 38,257 7.6% 73.3 -61.1 1.2 1.0

Long Term Debt including Leases (Millions of Hong Kong Dollars) Total Debt as % of Total Capital Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends Quick Ratio (Cash & Receivables / Current Liabilities) Current Ratio (Current Assets / Current Liabilities)

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Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: China Wright Quality Rating Profitability & Stability Rating

Mobile Limited
AA AA

A20 A20
24.4% 1.7% 46.0% 1.4% 89.6% 17.0% 19.6% 18.3% 30.7% 19.6% 18.3% 30.7%

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal - Basic Trend Cash Earnings Return on Equity - Time-Weighted Average - Basic Trend Cash Earnings Return on Equity - Stability Index Return On Assets (Time-Weighted Average) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate)

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Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: China
Figures are expressed on a Per Share Basis.

Mobile Limited
AAA AAA

Wright Quality Rating Growth Rating Normal Earnings Growth Cash Earnings Growth Cash Earnings Stability Index Earned Equity Growth Dividend Growth Operating Income Growth Assets Growth Sales/Revenues Growth

20 20
20.0% 20.6% 96.6% 14.6% 25.0% 21.5% 15.9% 21.1%

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