UMTS Forum Report 18, February 2002

Conclusions

Several key economic factors have been re-examined in light of the events of September 11, 2001 and other current economic trends. In the final analysis, even as more details regarding EOY 2001 results are being announced, we believe the revised worldwide forecast in Report 17 is still valid. This is largely due to the fact that the forecast is based on an assumption of slow adoption in the first five years. As yet, the industry and financial community have not suggested that the current economic environment will continue for the long term. Therefore, for the near term, the conservative and fact-based methodology used for the forecast is being validated by recent events.