Gsma Limited

“Five DIRECTORS or OFFICERS OF THE COMPANY, ANNE BOUVEROT, Mats Granryd, John Hoffman, LOUISE EASTERBROOK AND David Walsh HAD A BUSINESS RELATIONSHIP DURING THE TAX YEAR.”

“The Company is a nonprofit corporation formed under Georgia law. Its sole member is the GSM Association, acting through its United States branch office.”

“The sole member of the company appoints all of the members of the Board of Directors.”

“The Company's annual operating budget is subject to approval of the sole member.”

“The 990 is reviewed by senior members of the management team and outside legal counsel.”

“Directors and officers are required to execute annual written certifications of compliance with the conflict of interest policy. Any exceptions must be disclosed and reviewed by the organization. The directors and officers have certified their compliance with the policy for this tax year.”

“The parent company's human resources staff performs benchmarking studies to determine all officer compensation packages. These studies utilize external data on each element of the packages including base salary, incentive compensation, and benefit programs. The parent company CEO approved the compensations package for the organization's CEO and other officers with the concurrence of the governing body (e.g. Board of Directors).”

“although we have no written policy, WE SEEK PROFESSIONAL SERVICES AND ADVICES WHEN WE ENTER IN ANY JOINT VENTURES.”

“The company maintains public disclosure copies of its governing documents, conflict of interest policy and financial statements at its principal office. These copies are available upon a written or in-person request for access.”

“GSMA Limited's financial statements are presented in British Pounds. The amounts reported on Part X of the Form 990 were converted from British Pounds to US Dollars using the conversion rate at 3/31/16 of 1.4248. The amounts reported on Part VIII and Part IX of the Form 990 were converted from British Pounds to US Dollars using the average conversion rate for the fiscal year ended 03/31/16 of 1.5080. The foreign currency conversion results in an adjusting item to the organization's change in net assets for the period which is reported on Form 990, Part XI, line 9. The financial statements were compiled following international financial reporting standards and received an unqualified audit opinion.”

“Foreign Currency Conversion adjustment: ($9,672,972)”

“GSMA Limited's financial statements (and thus the Form 990) have been prepared under the historical cost convention.”