China Telecommunications Corporation and France Telecom to establish strategic partnership

June 17, 2004

1 Min Read

BEIJING and PARIS -- China Telecommunications Corporation (“China Telecom”) and France Telecom (the Parties) recently agreed to enter into a long-term Strategic Partnership that envisages cooperation in a broad range of business areas. This Strategic Partnership aims, through joining the hands of two giants and combining their complementary strength, to achieve business expansion, service upgrading, efficiency gains and shareholder value enhancement.

Cooperative initiatives at various levels and in multiple areas will be carried out under the Strategic Partnership. The initial phase covers, among others, research and development of technologies and applications, procurement, network and business operation, and personnel exchange and training. The Parties have agreed to establish a joint research and development center in China, focusing initially on testing of new technologies and development of applications in support of business units. Efforts will also be made in search of joint procurement opportunities to leverage both Parties’ expertise and the scope and scale of their combined operations. The Parties have agreed to develop high-level management exchange and training programs that involve the exchange of senior managers and experts and the organization of various seminars and training sessions.

These and other cooperative initiatives are expected to strongly promote revenue growth, improve operational efficiency and achieve cost reduction, and facilitate effective capital expenditure control. The Strategic Partnership will help the Parties develop a thorough understanding of the future of the telecommunications industry. The Strategic Partnership is expected to play an important role in the international and long-term sustainable development strategies of both Parties.

China Telecommunications Corp.

France Telecom SA

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