OPERATORS' SMS REVENUES WILL PEAK IN 2003, AND SMS VOLUMES WILL STAGNATE IN
                         2004, FORRESTER CONTENDS

AMSTERDAM, Netherlands, 18 April, 2002 . . . SMS accounts for 12 percent of
European mobile operators' revenues today, and operators are right to tap
the medium's full potential now because SMS revenues will peak next year,
according to a new Brief by Forrester Research B.V. (Nasdaq: FORR).

Forrester interviewed executives at 20 European mobile operators and found
that their networks carry, on average, 156 million SMSs each month --
broken down into 89 percent person-to-person (P2P) traffic and 11 percent
application-to-person (A2P) traffic like weather updates or jokes via SMS.
Interviewees already rely on SMS for 11 percent of revenue, on average.

"Mobile operators are right to exploit SMS' full potential now," said
Forrester Analyst Michelle de Lussanet. "Forrester's five-year forecast for
mobile messaging shows that SMS revenue will peak next year -- SMS traffic
volumes will stagnate in 2004, and effective price per SMS will fall
sharply. In 2007, Forrester forecasts SMS revenues will represent 47
percent of total mobile messaging revenues, multimedia messaging (MMS) will
bring in 32 percent, mobile instant messaging (IM) 10 percent, mobile email
9 percent, and enhanced message service (EMS) 3 percent."

Forrester asserts that SMS traffic will rise to 11.5 billion messages per
month in 2004 -- a 14 percent gain on today's traffic. But as multiple
heirs to the SMS throne, including EMS, MMS, IM, and email, take hold in
2004, substitution will begin and SMS volumes will drop off. In 2007,
volumes will slow to 11.1 billion messages per month -- still 10 percent
more than in 2002. Premium prices for P2P SMS and A2P SMS won't withstand
cutthroat competitive pressure. Operators will increasingly give away P2P
SMSs or bundle them cheaply to prepay customers, dropping the effective
average price per message from 0.12 euros today to 0.07 euros in 2007. A2P
effective message pricing will show a similar fall -- down from 0.30 euros
in 2002 to 0.20 euros in 2007 -- as operators' revenue shares decline from
today's 30 percent to 50 percent margins to a more realistic 15 percent to
30 percent.

"The combination of stagnating volumes at lower per-message effective
prices translates into an early SMS revenue peak at 19.6 billion euros in
2003," de Lussanet added. "In 2007, SMS revenues will fall to 11.8 billion
euros, down 33 percent from 2002. However, SMS will still dominate mobile
messaging by both traffic and revenue that year -- new messaging
alternatives will take time to penetrate the installed base, and consumers'
behavior won't change quickly."