chinatelecom-h.com - China Telecom Corporation Limited

The charts above are based on adjusted financials excluding upfront connection fees.

Adjusted Results (Excluding Upfront Connection Fees)	2006	2007	2008#
Operating Revenue	172,514	177,588	184,779
EBITDA Δ	85,719	87,054	82,674
EBITDA Margin	49.7%	49.0%	44.7%
Net Profit	22,591	20,901	17,228
IFRS-based Results (Including Upfront Connection Fees)	2006	2007	2008
Operating Revenue	177,485	180,882	186,801
EBITDA Δ	90,690	90,348	84,696
EBITDA Margin	51.1%	49.9%	45.3%
Net Profit	27,562	24,195	884

Please refer to the notes of the audited financial statements included in the Company's 2008 annual report for the related accounting policy.

# Adjusted EBITDA and Net Profit for 2008 was arrived at before the impact of PAS asset impairment loss (pre-tax: RMB 23,954 million; after-tax: RMB 18,366 million)

Δ EBITDA was calculated before CDMA Network Capacity Leasing Fees to enhance comparability.

The charts above are based on financials excluding upfront connection fees.

For the half year from 1 January to 30 June (RMB Million)

Financial (Excluding Upfront Connection Fees)	2007/1H	2008/1H	2009/1H
Operating Revenue	88,091	89,351	102,554
Operating Profit	19,019	17,724	13,727
EBITDA Δ	45,108	44,268	43,339
EBITDA Margin	51.2%	49.5%	42.3%
Net Profit	12,090	11,606	8,412
Financial (Including Upfront Connection Fees)	2007/1H	2008/1H	2009/1H
Operating Revenue	89,757	90,379	103,146
Operating Profit	20,685	18,752	14,319
EBITDA Δ	46,774	45,296	43,931
EBITDA Margin	52.1%	50.1%	42.6%
Net Profit	13,756	12,634	9,004

Δ EBITDA was calculated before CDMA Network Capacity Leasing Fees to enhance comparability.