Q-TZG-Telecom科瞻租賃簡介

Q-TZGTelecom科瞻租賃（上海）有限公司AQChinaTowerCompanyOctober2010BuildingAThird-PartyTowerLeasingIndustryInChinaAgendaMarketBackgroundChallengesinChinaAbout

Q-TZGTelecom2科瞻租賃（上海）有限公司Q-TZGTelecomCoLimitedMarketBackground

Chinaisthelargestmobilemarketbasedonsubscribernumbers,butstillhasroomforgrowthChinaUSPopulationMobileSubscribersMobilePenetrationMajorOperatorsPerformanceMetricsServiceRevenueARPUDataas%ofARPUMinutesofUse1.33B823M61%ChinaMobileChinaUnicomChinaTelecom$74.6B$9.9532.1%434307M280M91%AT&T,Verizon,Sprint,T-Mobile,MetroPCS,Leap$157B$5128.6%839Sources:BofAMerrillLynchResearch;MIITWirelessMarketComparison3科瞻租賃（上海）有限公司Q-TZGTelecomCoLimitedMarketBackground

China’swirelessindustryisgrowing2.6xfasterthantheUSSource:BofAMerrillLynchResearchWirelessServiceRevenueGrowthRatesGrowthRate%4科瞻租賃（上海）有限公司Q-TZGTelecomCoLimitedMarketBackground

China’swirelessindustryis57%oftheUSintermsofvalueSource:BofAMerrillLynchResearchWirelessServiceRevenues(US$B)5科瞻租賃（上海）有限公司Q-TZGTelecomCoLimitedMarketBackground

Chinesewirelesscarriers—ChinaMobileinparticular—areverystrongChinaMobileChinaUnicomSubscribersMarketshareEst.#SitesRevenueNetProfitARPUCashMarketCap620M72.08%505K$66.29B$16.92B$10.56/month$36.67B$207.13B~160M18.63%153K$22.6B$1.4B$6.10/month$8.47B$33.65BNote:Figuresare2009,exceptfornumberofsubscribersandmarketcap,whicharecurrentSource:ChinaMobileandChinaUnicomAnnualReportsandwebsitesSampleCarrierComparison6科瞻租賃（上海）有限公司Q-TZGTelecomCoLimitedMarketBackground

ChangesinChina’stelecommunicationsindustryhaveamountedtomajorrestructurings,inparticular2008’s3Grestructuring

TimeMarketOpenness19871995StrictlygovernmentcontrolledChinaTelecomMonopoly2008HighlyregulatedandgovernmentcontrolledChinaMobile&ChinaUnicomOligopolyinwireless3GlicensesissuedQ42008StartderegulationandmarketopeningChinaTelecomenteredwirelessmarketChinaMobileIPOin1997ChinaUnicomIPOin20007科瞻租賃（上海）有限公司Q-TZGTelecomCoLimited8MarketBackgroundMarketfactorshavemadetheenvironmentmorefavorabletowardsco-locationARPUisdecreasing…MOUisincreasing…Note:ChinaUnicomdataisweightedaverageofGSMandCDMAnetworks;‘08performanceinfluencedbyindustryrestructuringSource:ChinaMobileandChinaUnicomAnnualReportsandwebsites科瞻租賃（上海）有限公司Q-TZGTelecomCoLimited9MarketBackgroundRegulatoryfactorshavealsopositivelyinfluencedco-locationDownwardARPUpressureIncreasingMOULargecapexinvestmentsIndustryrestructuringintroducedthirdwirelesscarrier,withsmallnetworkfootprintMandatedco-constructionandco-locationquotasRegulatoryFactorsMarketFactorsPositiveInfluencesforTowerSharing科瞻租賃（上海）有限公司Q-TZGTelecomCoLimitedExternalInternal(Carriers)Wrongbudgetingprocess

Capexandopexarebudgetedandplannedatthecorporateleveland“allocated”toprovincialandcitylevels;localentitieshavenodiscretiontoshiftcapextoopexLackofincentivesDecisionmakerslackincentivetocooperatewiththird-partyproviders“Coreasset”mindset

Chinesecarriersstillviewtheirtowersasstrategicassets,andarethereforeunwillingtoconcedeownershipLackofstrategicthinkingandplanning“Quotafocused”withlittleflexibility/innovationBureaucracyChallengesThird-partyco-locationisanewconceptforChina,soinstitutionalprocessesandmindsetsarenotinplacetohandlethisnewapproachLackofclearzoningprocessandassociatedsiteprotections10科瞻租賃（上海）有限公司Q-TZGTelecomCoLimited11AboutQ-TZGTelecomQ-TZGTelecomhasbuiltthefirstandleadingplatformforTowerSharinginChinaTowersharingindustrypioneerandleaderRapidlygrowingportfolio,withallthreeChinesecarriersastenantsandhighaveragetenancyTeamrecruitedfromcarriersandgovernmentregulatorsDevelopingstrongproprietarypipelineofsitelocations科瞻租賃（上海）有限公司Q-TZGTelecomCoLimited12AboutQ-TZGTelecomQ-TZGTelecomhasestablishednational-levelcredibilityandinfluenceAppointedbyMinistryofIndustryandInformationTechnologytoCo-locationExpertCommitteeMemberofNationalCo-locationSteeringCommitteeChinaAcademyofTelecommunicationsResearch–ResearchPartnerRadioAssociationofChina–DirectorTelecommunicationsEconomicsExpertCommitteeMember科瞻租賃（上海）有限公司Q-TZGTelecomCoLimitedConclusionChinaToweriswellpositionedtocapturethetowerleasingmarketopportunityinthelargestmobilemarket13FirstmoveradvantageintheChinamarketLargemarketpotentialandopportunitiesidentifiedInitialteaminfrastructureandportfolioestablishedCarrierrela