Important Notice

This Information Memorandum (the "Memorandum") has been prepared on behalf of the Secretary of State for Trade and Industry (the "Secretary of State"), acting through the Radiocommunications Agency, by N M Rothschild & Sons Limited ("Rothschild"), as financial adviser, in connection with the proposed allocation of spectrum for Third Generation ("3G") mobile services by auction. Terms and expressions used in this Important Notice are as defined in Appendix D of the Memorandum.

The Memorandum is for information purposes only. It is made available on the express understanding that it will only be used by the Recipient for the sole purpose of assisting the Recipient in deciding whether it wishes to proceed with a further investigation of possible participation in the Auction. The Memorandum is not intended to form any part of the basis of any investment decision or other evaluation or any decision to participate in the Auction and should not be considered as a recommendation by the Secretary of State, Rothschild or the Secretary of State's other advisers to any Recipient of the Memorandum to participate in the Auction. Each Recipient must make its own independent assessment of the potential value of an allocation of 3G mobile spectrum after making such investigation as it may deem necessary in order to determine whether to participate in the Auction. All information contained in this Memorandum is subject to updating, modification and amendment.

While the information contained in the Memorandum is believed to be accurate as at the time of printing, it has not been independently verified by Rothschild and none of the Secretary of State, Rothschild or any of the Secretary of State's other advisers or any of their respective directors, partners, officers or employees make any representation or warranty (express or implied) nor accept nor will accept any responsibility or liability as to, or in relation to, the accuracy or completeness of the information contained in the Memorandum or any other written or oral information made available to any interested party or its advisers and any liability in respect of any such information or any inaccuracy in the Memorandum, or omission from the Memorandum, is expressly disclaimed. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the achievement or reasonableness of any future projections, estimates, prospects or returns contained in the Memorandum.

The Memorandum does not constitute an offer or invitation to participate in the Auction, nor does it constitute the basis of any contract which may be concluded in relation to the Auction or in respect of any allocation of 3G mobile spectrum.

Recipients are not to construe the content of the Memorandum, or any other communication by or on behalf of the Secretary of State, Rothschild, or any of its other advisers, as financial, legal, tax or other advice. Accordingly, each Recipient should consult its own professional advisers as to financial, legal, tax and other matters concerning any potential participation in the Auction or any allocation of 3G mobile spectrum.

The Memorandum is also available on the Auction website (www.spectrumauctions.gov.uk). In the event of any discrepancy between the electronic and printed versions, the printed version is definitive.