A. Sub-saharan-africa, C. Schoentgen, and .. Strategies-sub-saharan-africa, 16! Chart 3: Ivory Coast ? Number of subscriptions 20! Chart 4: Annual growth of telecommunication service revenues 21! Chart 5: Growth of mobile subscriber base in Africa (million SIM cards) 22! Chart 6: Growth of mobile subscriber base in Africa (million SIM cards) 22! Chart 7: FDI inflows in telecom services 25! Chart 8: Private sector in African telecommunications 26! Chart 9: Mobile and Internet penetration by region 28! Chart 10: MNOs market shares (mobile subscribers) Mobile subscribers (in million) 40! Chart 12: Market penetration and growth rates for Mobile 45! Chart 13: From revenues to free cash flows 76! Chart 14: Contribution of mobile operators to government revenues 99! Chart 15: Total taxes as a share of total revenue by mobile operators Licenses ? Dispersion of deals compared to regression line All deals ? Dispersion of deals compared to regression line All deals ? Dispersion of deals compared to regression line, For more details on infrastructure sharing in sub-Saharan Africa: Network sharing Africa") LIST OF CHARTS Chart 1: FDI net inflows 14! Chart 2: Breakdown of Africa Base stations powered by renewable energy source.. 231! Chart 26: Historical prices for.. 232! Chart 27: Historical prices for Vodacom stock, pp.2-2012, 2006.

.. Box-8-licenses-in-mauritania, L. Wgi, R. Pv, G. Gdp-/-capita-growth, .. Gdp-/-capita-growth et al., 132! Graph 3: WGI score variables 133! Graph 4: WGI -Bivariate correlation between 134! Graph 5: WGI -Bivariate correlation between CC 135! Graph 6: Deals amounts per capita vs. years (all deals) 143! Graph 7: Deals amounts per capita vs. years (all deals 144! Graph 8: Deals amounts per capita vs. years (all deals) & Consumer Price Index growth 146! Graph 9: Deals amounts per capita vs. years (split operators & licenses) 147! Graph 10: Deals amounts per capita under 20$/capita vs. years (split operators & licenses) 151! Graph 11: Deals amounts per capita vs. years (split 2G licenses & 3G/neutral licenses) .. 152! Graph 12: Deals amounts per capita vs. years 153! Graph 13: Deals amounts per subscription (all deals) vs. years (split operators & licenses) 154! Graph 14: Deals amounts per subscription (below 1100$/deal) vs. years (split operators & licenses) 155! Graph 15: Deals amounts per capita vs. population density (split operators & licenses) .. 157! Graph 16: Deals amounts per capita vs. land area (split operators & licenses) 158! Graph 17: Deal amounts per capita vs. country urbanization (split operators and licenses) 159! Graph 18: Deal amounts per capita vs. country GDP per capita (split operators and licenses) 161! Graph 19: Deal amounts per capita vs. country GDP per capita (split operators and licenses) 162! Graph 20: Deal amounts per capita vs. growth of country GDP per capita (all deals) 164! Graph 21: Deal amounts per capita vs. growth of country GDP per capita (split operators & licenses) 165! Graph 22: Deal amounts per capita vs. CPI annual growth 166! Graph 23: Deal amounts per capita vs. CPI annual growth 167! Graph 24: Deal amounts per capita vs. FDI inflows (split operators and licenses) 168! Graph 25: Deal amounts per capita vs. budget balance (as a % of GDP) (all deals) 169! Graph 26: Deal amounts per capita vs. trade 170! Graph 27: Deal amounts per capita vs 171! Graph 28: Amount per capita vs. competition (number of operators) (all deals) 173! Graph 29: Amount per capita vs. competition (number of operators) 174! Graph 30: Amount per capita vs. mobile market penetration (all deals) 175! Graph 31: Amount per capita vs. mobile market penetration (split operators and licenses) 176! Graph 32: Amount per capita vs. mobile subscriptions (all deals) 177! Graph 33: Amount per capita vs. mobile subscriptions (< 30 million subscriptions) 178! Graph 34: Amount per capita vs. mobile subscriptions (< 30 million subscriptions) 179! Graph 35: Deal amount per capita vs. market share (split licenses renewals and operators) 180! Graph 36: Deal amount per subscription vs. market share (split licenses renewals and operators), 182! LIST OF GRAPHS Graph 1: WGI -Evolution of average of the 6 WGI over Graph 44. Deal amounts per capita vs. literacy rate (all deals) Excl. Congo Brazza &, 0200.

C. Brazza, &. Zambia, and .. , 275! Graph 46. Differentiation between deals made in maritime and in landlocked countries, 276! Graph 47. Local currency: Euro-pegged (FCFA) vs. other currencies .............................. 277!

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