Annex 1

In preparing this report and developing our proposed methodology for averaging spectrum rights renewal prices, we have relied upon the methodology and input data for calculating renewal prices as supplied to us by the Ministry and developed by Covec. We have assumed the accuracy and completeness of all information available to us from public sources, and furnished to us by the Ministry. We have evaluated that information through analysis, inquiry and review but have not sought to verify the accuracy or completeness of any such information or conducted an appraisal of any assets. It should not be construed that we have conducted an audit of any of the information or processing relating to radio spectrum licensing.

We will not accept responsibility to any other party other than to the Ministry, to whom our report is addressed, unless specifically stated to the contrary by us in writing. We will accept no responsibility for any reliance that may be placed on our report should it be used for any purpose other than that for which it is prepared.

Our report has been prepared with care and diligence and the statements and opinions in the report are given in good faith and in the belief on reasonable grounds that such statements and opinions are not false or misleading. No responsibility arising in any way for errors or omissions (including responsibility to any person for negligence) is assumed by PricewaterhouseCoopers or any of its partners or employees for the preparation of the report to the extent that such errors or omissions result from PricewaterhouseCoopers' reasonable reliance on information provided by others or assumptions disclosed in the report or assumptions reasonably taken as implicit.

We reserve the right, but are under no obligation, to revise or amend our report if any additional information (particularly as regards the assumptions we have relied upon) which exists on the date of our report, but was not drawn to our attention during its preparation, subsequently comes to light.