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Vodafone Telecel 2001 Full Year Results (1 April 2001 to 31 March 2002)

Vodafone Telecel 2001 Full Year Results (1 April 2001 to 31 March 2002). António Carrapatoso, CEO May 2002. 16.6%. 956.7 M. Eur. Service Revenues. 13.3%. 286.1 M. Eur. EBITDA. 30.8%. 104.8 M. Eur. Net Income (1). 2001 vs 2000 in Vodafone Telecel. 14.0%. 1,025.2 M. Eur.

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Vodafone Telecel 2001 Full Year Results (1 April 2001 to 31 March 2002)

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  1. Vodafone Telecel2001 Full Year Results(1 April 2001 to 31 March 2002) António Carrapatoso, CEO May 2002

  2. 16.6% 956.7 M. Eur. Service Revenues 13.3% 286.1 M. Eur. EBITDA 30.8% 104.8 M. Eur. Net Income (1) 2001 vs 2000 in Vodafone Telecel 14.0% 1,025.2 M. Eur. Total Operating Revenues 36.1% Annual Capital Expenditures (2) 205.4 M. Eur. 49.5 M. Eur. 52.4% Mobile Data Revenues (1) Includes the impact of TelecelOnline 80% sale to Vizzavi of around 19 million euros (2) Excluding the UMTS license up-front fee (100 million euros) the decrease would have been around 7.3%

  3. EOP Registered Cellular Customers 14.5% 2,838,015 Monthly No of SMS per Cellular Regular User 66 SMS to Customers who sent at least 1 SMS in the last month ~40% 2001 vs 2000 in Vodafone Telecel 7.1% 29.37 Eur. Registered Cellular Monthly ARPU Cellular Net Additions 47.5% 359,215 Churn Rate 0.7 pts 23.8% Total Cellular Voice Billed Minutes 28.6% 4,435 million minutes Monthly Cellular Voice MOU per Registered Cellular Customer 3.0% 139

  4. Conclusion of a very successful migration to the Vodafone brand Sale of TelecelOnline 80% to Vizzavi Europe Group Creation of Situs, together with Optimus, for the joint management of physical telecommunications support infrastructure Global Quality Certification under standard NP EN ISO 9001:2000 GPRS commercial launch and pioneer introduction, in Portugal, of roaming GPRS services Pilot launch of the Multimedia Messaging Service (MMS) Exclusive launch, in Portugal, of the HSCSD technology in Mobile Internet Pioneer launch, in Portugal, of the Voice Control Voice Mail Service 2001 in Vodafone Telecel

  5. SitusTelecommunications infrastructure sharing • Joint venture equally owned by Vodafone and Optimus construction management operation physical telecommunications infrastructure (towers and roof tops) • minimisation of the environmental impactof network infrastructure • significant savingsin terms of investment and costs The establishment of Situs is especially significant in the telecommunications industry as it associates two telecom operators in an extremely dynamic and competitive market

  6. Recent Events at Vodafone Telecel • E-mail to speech feature enables Customers to listen to e-mails on their mobile phones • Beaches Information available via SMS • Exclusive launch of MTV ringing tones and logos • Exclusive launch of ringing tones and logos from the film ‘The Lord of the Rings’

  7. Recent Events at Vodafone Telecel • Launch of several services linked to Vodafone Group’s Ferrari sponsorship • Portuguese operator with the highest number of international roaming agreements: 231 operators in 108 countries across the five continents • Launch of Music Box Service offering customers the opportunity to send music messages • Launch of Vyrus-Yorn Shopping Attack megastore, innovative in commerce, lifestyle and entertainment • Internet access support at the Fr. António Vieira Youth Centre in Dili, the capital of East Timor

  8. The highest weight of cellular revenues on GDP in Europe (estimated at around 2.3% in 2001) Mobile Market in Portugal One of the most developed • One of the highest mobile service penetration rates - around 88% in terms of registered customers (Mar 2002) - estimated at around 79% in terms of active customers (Mar 2002) Fixed Sector vsMobile Sector (1)(2001) • High and increasing weight of the cellular revenues in the Total Telecommunications Market (it is estimated that it reached 50% in 2001) 2.7 billion euros 2.7 billion euros (1) Market estimates

  9. Mobile Market in Portugal One of the most competitive • The EBITDA margin on service revenues’ level in Portugal is one of the lowest in Europe • (~29% vs. ~35%/40%) Reasons: • tariffs 10% - 15% lower than the European average • high handset subsidisation, especially in the corporate segment and in pre-paid with contract • high cost of interconnection and leased lines • high spectrum fees (2% of Service Revenues) • high network investment in relative terms (each operator with more than 2,500 base stations) and respective costs

  10. The cellular revenues’ average yearly growth, from 2001 to 2005, will be between 6% to 10% in nominal terms The weight of the cellular market in the total telecommunications services’ market will reach 55% by 2005 Mobile data will represent over 20% of the mobile operators’ service revenues in 5 years (in 2001 it represented between 5% to 7%) Consolidation in the sector takes place as a result of the Portuguese mobile market’s small dimension Mobile Market in Portugal - The Future It is estimated that • In maturity, the mobile service penetration rate in Portugal, in terms of users, will stabilise at around 85% in 2002 (the reported figures could be higher than 100% considering SIM cards’ multi-counting and machine to machine communications)

  11. Mobile Market in PortugalTechnological Evolution • Review of the UMTS commercial launch date until December 2002 • High development of GPRS in the end of 2002 and during 2003 and 2004 • Progressive launching of UMTS from 2003 with greater development in 2004 / 2005

  12. 625,314 575,628 413,864 369,081 1997 1998 1999 2000 Vodafone TelecelCellular Net Additions Quarterly Distribution [Calendar Years] 471,704 51,036 2001 Jan-Mar 2002

  13. 2,315,275 1,739,647 1,370,566 745,252 1997 1998 1999 2000 Vodafone TelecelRegistered Cellular Customers 2,838,015 2,786,979 90% (1) Active Customers [Calendar Years] Mar 2002 2001 (1)Customers who generated a chargeable event in the previous three months

  14. Vodafone TelecelChurn Rate 2001 (3) 2000 (3) 1997 (1) 1998 (1) 1999 (2) (1)Calendar Year (period between January and December) (2)Period between January 1999 and March 2000 (3)Financial Year (period between April and March)

  15. Vodafone TelecelSubscriber Acquisition Cost (5) (6) per Gross Addition [EUR] 2001 (3) 2000 (3) 1997 (1) 1998 (1) 1999 (2) (1)Calendar Year (period between January and December) (2)Period between January 1999 and March 2000 (3)Financial Year (period between April and March) (4)Unaudited (5)Includes 4 components: advertising, commissions to the channels, handset subsidies and welcome package (6)Includes retention costs

  16. 128,000 89,000 43,000 Mar 2000 Mar 2001 Mar 2002 Vodafone TelecelFixed Indirect Access Registered Customers At the end of March 2002 around 80% were business customers

  17. [EUR Million] 899.1 863.9 Service Revenues 820.5 780.6 TotalOperating Revenues 606.5 540.7 437.4 393.1 1997 (1) 1998 (1) 1999 (2) 2000 (3) Vodafone TelecelOperating and Service Revenues 1,025.2 956.7 2001 (3) (4) Service Revenues grew around 17% in the year ended March 2002 when compared with the prior year (1)Calendar Year (period between January and December) (2)Period between January 1999 and March 2000 (3)Financial Year (period between April and March) (4)Unaudited

  18. Registered Cellular Customers 60.82 42.57 32.88 31.63 1999 (2) 1997 (1) 1998 (1) 2000 (3) Vodafone TelecelMonthly Cellular Average Revenue per Registered Customer (ARPU) [EUR] 29.37 2001 (3) (4) (1)Calendar Year (period between January and December) (2)Period between January 1999 and March 2000 (3)Financial Year (period between April and March) (4)Unaudited

  19. 160 142 1997 (1) 1998 (1) Vodafone TelecelMonthly Average of Cellular Voice Minutes per Registered Cellular Customer 140 139 135 2001 (3) 1999 (2) 2000 (3) (1)Calendar Year (period between January and December) (2)Period between January 1999 and March 2000 (3)Financial Year (period between April and March)

  20. 279.8 204.5 151.6 1997 (1) 1998 (1) 1999 (2) Vodafone TelecelEBITDA and EBITDA Margin onAdjusted Service Revenues (*) (*)Service Revenues adjusted by Inbound Interconnect Quarterly Distribution [EUR Million] +13.3% 286.1 252.6 40% 40% 38% 31% 30% 2001 (3) (4) 2000 (3) (1)Calendar Year (period between January and December) (2)Period between January 1999 and March 2000 (3)Financial Year (period between April and March) (4)Unaudited

  21. Vodafone TelecelAnnual Capital Expenditures [EUR Million] 321.6 • UMTS license up-front fee(100 million euros) 232.4 UMTS Network 205.4 36% Annual Capital Expenditures as % of Total Revenues 137.7 95.3 27% 23% 22% 20% 2001 (3) (4) 2000 (3) 1997 (1) 1998 (1) 1999 (2) (1)Calendar Year (period between January and December) (2)Period between January 1999 and March 2000 (3)Financial Year (period between April and March) (4)Unaudited

  22. Vodafone TelecelDepreciation [EUR Million] 2001 (3) (4) 2000 (3) 1997 (1) 1998 (1) 1999 (2) (1)Calendar Year (period between January and December) (2)Period between January 1999 and March 2000 (3)Financial Year (period between April and March) (4)Unaudited

  23. 101.3 96.8 66.3 1997 (1) 1998 (1) 1999 (2) Vodafone TelecelNet Income Quarterly Distribution [EUR Million] 104.8 + 30.8% 80.1 2001 (3) (4) 2000 (3) (1)Calendar Year (period between January and December) (2)Period between January 1999 and March 2000 (3)Financial Year (period between April and March) (4)Unaudited

  24. Vodafone Telecel and PSI 30 Index Stock Price Evolution 600% 500% 400% 300% 200% Vodafone Telecel 100% PSI 30 0% 09-Dec-96 31-Dec-97 31-Dec-98 31-Dec-99 31-Dec-00 31-Dec-01 30-Apr-02 IPO Var. since 9 Dec 96 30 Apr 02 IPO Stock Price (Eur) 3.97 8.02 102% Market Cap. (Eur Million) 853 1,724 72% PSI 30 Index 2,106 3,625

  25. Appreciation since Vodafone Telecel IPO (1) PSI 30 Index Companies Valuation BCP 120% Sonae Indústria 37% Vodafone Telecel 102% Somague 22% Cimpor 95% Modelo Continente 19% Portugal Telecom 94% Jerónimo Martins 1% BPI 77% Inapa 0% Semapa 77% Brisa -2% PSI 30 72% Sonae SGPS -15% Portucel Industrial 64% Corticeira Amorim -30% BES 62% EDP -30% Vodafone Telecel is the second PSI 30 Index company with the highest valuation (1)Valuation in the period from 9 December 1996 to 30 April 2001

  26. Vodafone Main Future Challenges Reinforcement of the competitive position in the market Consolidation of the brand image Maintenance of leadership position and innovation in mobile data Increase of the customer satisfaction levels; focus on CRM Optimisation of the cost structure Maximisation of the Company’s value for Customers and Shareholders

  27. Symbol: VFELY Ratio: 1:1 Exchange: OTC CUSIP: S192858M101 Settlement: T+3 Dividends1: Paid in USD Depositary Bank: The Bank of New York Considered a U.S. Equity 1 Vodafone TelecelDepositary Receipt Program DR to DR Trades DR Issuance 3 2 Local Market Maker New York Market Maker New York Market Maker Investor DR Cancellation U.S. Stock Markets 7 4 OTC Local Stock Market Depositary Trust Company 6 5 Local Custodian Depositary Bank • 1 In 2000 and 1999, Vodafone Telecel’s General Assembly decided that no dividends would be distributed to its Shareholders based on the heavy investments ahead. This situation is revised on an annual basis.

  28. Vodafone Telecel2001 Full Year Results(1 April 2001 to 31 March 2002) António Carrapatoso, CEO May 2002

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