This report, commissioned by Oftel, has been prepared by NERA and presents the results of NERA's analysis of the profitability and efficiency of the UK mobile network operators. It presents NERA's views based on the information available to it, and for the avoidance of doubt, the reader is encouraged to read the report in its entirety rather than reading parts of it out of context. The sole purpose of this report is to inform the Director on those matters so that he may take them into account in his assessment of the competitiveness of the mobile market. Oftel accepts no liability arising as a consequence of the publication of this report.

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