Forward-looking Statement

1 1 2 Forward-looking Statement Certain statements contained in this document may be viewed as Forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of China Mobile Limited (the Company ) to be materially different from those implied by such Forward-looking statements. In addition, we do not intend to update these Forward-looking statements.

2 Further information regarding these risks, uncertainties and other factors is included in the Company s most recent Annual Report on Form 20-F filed and other filings with the Securities and Exchange Commission. 3 Management Present Mr. SHANG Bing Executive Director & Chairman Mr. LI Yue Executive Director & CEO Mr. SHA Yuejia Executive Director & Vice President Executive Director, Vice President & CFO Mr. DONG Xin 4 Agenda 01 02 03 Operating Performance Financial Results Overall Results and Outlook 5 01 Overall Results and Outlook Mr. SHANG Bing Executive Director & Chairman 6 Highlights Outstanding operating results Enhanced shareholder returns Continuously creating value for shareholders with 2017 full-year dividend payout ratio rising to 48% Industry-leading revenue growth rate with stable-to-rising profitability Effective strategy implementation Underpinned development capabilities Solidly implementing the Big Connectivity strategy with the four growth engines achieving remarkable results Constantly enhancing development capabilities and sustainability with an ongoing boost to investment efficiency 7 Key

3 Performance Indicators (RMB Mil) 2016 2017 Change YoY Operating revenue 708,421 740,514 of which: service revenue 623,422 668,351 EBITDA 256,677 270,421 EBITDA margin EBITDA as % of service revenue Net profit 108,741 114,279 Net profit margin Basic earnings per share (RMB) 8 20162017 Effective cost control, realizing favorable net profit growth Industry-leading Revenue Growth Rate with Stable-to-rising Profitability Service revenue Revenue growth outperformed the industry average1 Revenue market share , enjoyed solid market position Net profit 53% 1 114,279 108,741 2017 Wireless data traffic 2017 Service revenue growth structure 2 Service revenue structure Net profit margin (RMB Mil) Note1: FY2017 industry revenue data was obtained from an MIIT announcement Note2.

4 Percentage of revenue growth of each business out of total service revenue growth. To demonstrate the Company s achievements of four growth engines development, an additional cross tabulation analysis by the four growth engines (personal mobile market, household market, corporate market, emerging business) on the Company s overall revenue has been performed. The corresponding revenue components of the financial statements are shown in Appendix I Personal mobile market Corporate market Household market Emerging business Fundamental changes to revenue structure, increased contribution from household and corporate markets Net profit margin rallied.

5 Profitability continued to stay at a leading level amongst first-tier international operators 9 Solidly Implementing the Big Connectivity Strategy with the Four Growth Engines Achieving Remarkable Results Mobile connections 887 mil 229 mil 113 mil Personal mobile market Household market Corporate market Emerging business Total connections 1,229 mil Wireline broadband connections IoT smart connections Explore big market Craft big network Establish big coordination Bolster big capability Integrated development of the four growth engines Ongoing refinements of business structure Continuous optimization of resource allocation Leading network capability Perfecting plans for innovative business sectors Continuous boost to core competencies Deepening reforms with remarkable results Enhancement to synergy management Customer market share leading 4G customer satisfaction Data traffic growth remained

6 Buoyant Customer market share Proactively created a household ecosystem contributing to a rapid value uplift Corporate telecommunications and informatization service revenue market share exceeded Market shares of major products including IDC and dedicated lines continuously increased 36% Video and reading businesses, etc. enjoyed robust growth Expeditious development of industry applications for vertical markets 10 CAPEX Constantly Enhancing Development Capabilities and Sustainability with an Ongoing Boost to Investment Efficiency Major components 2017 2018E (RMB Bil)

7 CAPEX as % of service revenue mil 4G base stations, industry-leading network quality satisfaction Leap in transmission capacity, proportion of customers with fibre access exceeded 98%, CDN covered 340 cities in China NB-IoT launched in 346 cities, achieving end-to-end scale commercial use Rising proportion of cloud-based IT system with enhanced supporting capability Continuously enhance 4G network quality and VoLTE customer experience Construct a full-fibre broadband network as a move to further popularize 100 Mbps products and aim for the 1,000 Mbps target Extend continuous NB-IoT network coverage to all cities at county-level and above in China Propel NFV/SDN network transformation and upgrade, perform 5G scale tests and application demonstrations 2017 2018E 4G Household broadband access Transmission (excluding access part) (RMB Bil) 11 201620172017(including specialdividend)

8 Continuously Creating Value for Shareholders 2018 Dividend policy Dividend per share 46% 48% Taking into account the Company s financial position, its ability to generate cash flow and its capital demands for future development, the Company will maintain a stable dividend payout ratio for 2018 and strive to attain a stable-to-rising dividend payout ratio, while also securing the Company s development and maintaining shareholder value in the longer-term Dividend payout ratio (HKD) 12 Pondering Marco Trends Holistically and Comprehensively New opportunities New challenges Competition amongst industry peers: Competition triggered by homogeneity and changes in business model Competition amongst industry segments: Seizing advance planning opportunities.

9 Cross-disciplinary convergence & penetration Leading Internet companies bolster basic infrastructure and pose heightened Internet substitution threats to operators Accelerating De-telecommunication and Internetization , with a changing business model Players in different segments of the ICT industry draw front-loaded plans to tap into the emerging digital business, pressing home their advantages in platform capability Networks, businesses and services become more homogenous New model: 5G-driven digital transformation Deep convergence of digital and real economies, coupled with innovative and vibrant ICT development, sparks fresh growth impetus Faster and smarter networks facilitate formation of new customers usage patterns New impetus: Cross-industry cooperation H2H communications extended to HMC and M2M, technologies including AI form a new world driven by connections New dimension.

10 Smart IoE connections 13 China Mobile 2018-2020 Riding on the Trend Strengthen content business Nurture and enhance digital content ecosystem to drive the values of personal and household businesses Cultivate vertical markets Strive to become a first-tier provider of digital services for key industry sectors Ensure 5G leadership Strive to achieve a world-leading position in the scale of 5G commercial launch and transformation to the next-generation network Seize Big Data and AI opportunities Strive to achieve full coverage of Big Data and AI technology on key capabilities and products Develop intelligent hardware Unleash the power of intelligent hardware to drive the Company s digital transformation Enhance service quality Ensure on-going industry-leading net promoter score Promote international business Strive to attain a revenue market share of 1/3 in international business among mainland operators Continue to deepen reforms To break through mechanism-induced bottlenecks, optimize organizational structure.