Date of Prices Company Vodafone Telefonica France Telecom Deutsche Telekom Telecom Italia BT Group Cable & Wireless

Telecom Italia

2/1/2009 Local Ticker 071921 573252 517617 584235 763439 309135 016255 TITR-IT Current 52 Week Low #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? All Time High #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? Dividend Yield Currency #ADDIN? USD #ADDIN? USD #ADDIN? USD #ADDIN? USD #ADDIN? USD #ADDIN? USD #ADDIN? USD #ADDIN? USD IBES Growth #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? Price Price (USD) High #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? USD/ Currency/ Currency USD #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Exchange Rates vs. USD Euro ER !XREUR Japanese ER !XRJAP AUD ER !XRAUD GBP ER !XRGBP Swiss ER !XRCHF

FG_DIV_YLD

#ADDIN?

0.08 #ADDIN?

Discount to Minority Interest Discount to Unconsolidated Investments

25.0% 25.0%

Credit #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Price

Rating as a % of 52 wk high #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

PUBLIC TRADING STATISTICS Company Telefonica France Telecom Deutsche Telekom Vodafone(c) Telecom Italia BT Group Cable & Wireless Stock Price Equity Enterprise EV / EBITDA 2/1/2009 % 52W High Value Value 2008E 2009E #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? ### ### ### ### ### ### ### #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? Mean Median ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### P/E Dividend Credit 2008E 2009E Yield Net Debt(a) Leverage(b) ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? ### ### #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? NM #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? NM

### #ADDIN? #ADDIN?

(c ) Vodafone relfects interest in Verizon Wireless on a fully proportionate basis including an allocation of 45% of Verizon Wireless Credit Net Debt, pro forma fo

Vodafone
Prepared By Date Research Balance Sheet Checked By Prepared By YI 2/1/2009 JP Morgan 9/30/2008 2006A 10/22/2008 Calendarization Factor Revenue Adj. EBITDA D&A Adjusted EBIT Net Income EPS (IBES) Capex 0.25 30,666 14,514 5,009 9,505 (7,913) #ADDIN? 3,156 2007A Calendarized Income Statement 2008E 0.25 0.25 34,385 38,925 #ADDIN? 5,325 8,773 7,288 #ADDIN? 5,475 $18,927.0 #ADDIN? 2009E 0.25 41,183 #ADDIN? 5,102 9,539 7,912 #ADDIN? 5,198 $25,098.0 #ADDIN? 2010E 0.25 42,340 #ADDIN? 5,039 9,824 8,416 #ADDIN? 4,887 $26,722.0 #ADDIN? Source: Citi, 7/28/08

Assumptions Discount to Private Discount to Minority Interest Investment Valuation (1=Book, 2=Research, 3=Market/Research) B16GWD Minority Interest Valuation (1=Book, 2=Research) NOLs (1 = yes, 2 = no)

25.0% 25.0% 1 1 1

13,492 5,710 7,783 3,866 #ADDIN? 4,858

Verizon Wireless EBITDA Vodafone Proportionate (In GBP) 45% IC_MEAN_EPS_CALA(2006) IC_MEAN_EPS_CALA(2007) IC_MEAN_EPS_CALA(2008) Minority Interests and Debt Minority Interests Total Minority Interests @ Book 5,006

Ticker Share Price Basic Shares Dilutive Effect of Options Fully Diluted Shares Equity Value Total Debt Cash Credit Net Debt Minority Interest VZW Investment Other Investments Enterprise Value

Enterprise Value A B16GWD 52 Week High #ADDIN? #ADDIN? 52,610 #ADDIN? #ADDIN? #ADDIN? #ADDIN? (1,134) #ADDIN? 5,006 #ADDIN? #ADDIN? #ADDIN?

Cash Adjustments Reported Cash 1,134

Acquisition of add. 15% at Vodacom (Egypt) Acquisition of add. 4.8% at Polkomtel (Poland) PF Cash Debt Short Term Debt LT Debt Proportion of VZW Debt Total Debt #ADDIN? 23,655 #ADDIN? #ADDIN?

(1,300) #ADDIN? 1,134

<==Added to Short-Term Debt <==Added to Short-Term Debt

Income Statement Forecasts - Fiscal Year Ending March 31 2006A 2007A 2008A 2009E Revenue Adj. EBITDA D&A Adjusted EBIT Net Income EPS(GAAP) Capex Source: 10/22/08 EV/EBITDA 29,350 14,120 4,704 9,416 (17,233) #ADDIN? 31,104 14,645 5,111 9,534 (4,806) #ADDIN? 4,208 35,478 13,108 5,909 7,199 6,756 #ADDIN? 5,075 40,074 14,427 5,130 9,297 7,465 #ADDIN? 5,608

2010E 41,552 14,713 5,093 9,620 8,061 #ADDIN? 5,061

2011E 42,602 14,913 5,021 9,892 8,534 #ADDIN? 4,829

FX RATES Country USD/Euro USD/GBP USD/HKD USD/INR HKD/GBP INR/GBP

Code !XREUR !XRGBP !XRHKD !XRINR

US/FOREIGN #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Investments Country France USA - Verizon Wireless China - China Mobile India - Bharti Stake 43.9% 45.0% 3.3% 4.4% P_MARKET_VAL Mkcap Inv. Valuation 6,608.0 #ADDIN? #ADDIN? #ADDIN?

#ADDIN?

Minority Interests Country Stake Valuation The Netherlands 0.1% 4.0 Czech 0.1% 1.0 Greece Albania India (Vod Essar) Egypt Total 0.1% 0.1% 33.0% 34.9% 3.0 0.1 3,936.0 1,062.4 5,006.5

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

607355 644232

#ADDIN? #ADDIN?

#ADDIN? #ADDIN?

Total Investments

#ADDIN?

#ADDIN?

Group 1

Options Out 12 12 5 23 69 247 2 2 1 1

Ex. Price 0.93 1.21 1.60 2.75 0.90 1.47 1.21 2.05 3.20 #ADDIN?

Total

374

Dillution #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Cable & Wireless

Prepared By Date Research Balance Sheet Checked By Prepared By Lazard India 2/1/2009 ABN Amro 9/30/2008 Calendarized Income Statement 2007A 2008E 0.75 0.75 3,201 3,524 0 0 533 299 257 0 0 735 359 376 2009E 0.75 3,966 0 0 919 419 500

17-Nov-08

Calendarization Factor Revenue Segment EBITDA Corporate Expenses Adj. EBITDA D&A Adjusted EBIT EPS FCF

Assumptions Discount to Private Discount to Minority Interest Investment Valuation (1=Book, 2=Research, 3=Market/Research) Minority Interest Valuation (1=Book, 2=Research)

25.0% 25.0% 1 1

#ADDIN? #ADDIN? #ADDIN? (170.6) 44.20 256.60 IC_MEAN_EPS_CALA(2008) IC_MEAN_EPS_CALA(2009) IC_MEAN_EPS_CALA(2010) Cash Adjustments Reported Cash

Ticker Share Price Basic Shares Dilutive Effect of Options Fully Diluted Shares Equity Value Total Debt Cash Net Debt

Enterprise Value A 016255 #ADDIN? 2,525.3 #ADDIN? #ADDIN? #ADDIN? 531.0 (684.0) -153.0

Minority Interests and Debt Minority Interests 206 Total Minority Interests @ Book Company 0.0 1 2 Total Minority Interests at Research Discount to Minority Interests Total Adjusted Minority Interest Debt Short Term Debt LT Debt Convertible Debt Total Debt $206 25% $155 75 456 531 Valuation

684

PF Cash

684

Minority Interest 206.0 Investments (200.0) Mandatorily redeemable prederred memberships Enterprise Value #ADDIN?

Income Statement Forecasts - Fiscal Year Ending March 31 2008A 2009E Revenue Segment EBITDA Corporate Expenses Stock Based Compensation Adj. EBITDA D&A Adjusted EBIT 3,152 3,648

2010E 4,072

578 299 279

787 379 408

963 433 530

Investments Total Investments @ Book Publicly Traded Investments Company 1 $0 Private Investments 1 Private Investments@ Research Discount to Private Value Adjusted Private Value @ Research Available for Sale Securities @ Book(a) Total Investments @ Market/Research Total Investments @ Research Total Investments @ Book (a) AFS Securities at book included in investments 0 25.0% 0 $0 200 Valuation Reseach Market

Ticker

Share Price

Market Value

Shares

0 0 200

Group 1

Options Out 2.367297 2.068067 30.934523 3.172097 0.010599 0.006876 0.048036 7.604396 6.026558 0.538465 0.37 1.21 4.44

Ex. Price 0.37 0.90 1.07 1.54 2.75 3.58 7.17 1.14 1.23 1.48 1.82 1.84

Total

Dillution #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Deutsche Telekom
Prepared By Date Research Balance Sheet Checked By Prepared By SB 2/1/2009 Merrill Lynch 6/30/2008 Calendarized Income Statement 2007A 2008E 1.00 1.00 62,516 61,313 0 0 0 #ADDIN? 19,269 0 19,269 #ADDIN? 2009E 1.00 61,641 19,628 0 19,628 #ADDIN?

8-Aug-08

Calendarization Factor Revenue Segment EBITDA Corporate Expenses Adj. EBITDA Adj. EBITDA $ 25.0% 25.0% 1 1 1

Assumptions Discount to Private Discount to Minority Interest Investment Valuation (1=Book, 2=Research, 3=Market/Research) Minority Interest Valuation (1=Book, 2=Research) NOLs (1 = yes, 2 = no)

EPS FCF

0.16 8,154.0

#ADDIN? 5,925.00

#ADDIN? 7,065.00

IC_MEAN_EPS_CALA(2007) IC_MEAN_EPS_CALA(2008) IC_MEAN_EPS_CALA(2009) Enterprise Value A 584235 #ADDIN? 4,361.3 #ADDIN? #ADDIN? #ADDIN? 46,501.0 (3,690.0) 42,811.0 Minority Interests and Debt B Minority Interests Total Minority Interests @ Book Company 0.0 1 2 Total Minority Interests at Research Discount to Minority Interests Total Adjusted Minority Interest Debt Short Term Debt LT Debt Convertible Debt Total Debt $3,111 25% $2,333 11,460 35,041 46,501 PF Cash 3,690 3,111 Valuation Cash Adjustments Reported Cash

3,690

Ticker Share Price Basic Shares Dilutive Effect of Options Fully Diluted Shares Equity Value Total Debt Cash Net Debt

Minority Interest 3,111.0 Investments (3,272.0) Mandatorily redeemable prederred memberships Enterprise Value #ADDIN? #ADDIN? Income Statement Forecasts - Fiscal Year Ending December 30 2007A 2008E 2009E Revenue Segment EBITDA Corporate Expenses Stock Based Compensation Adj. EBITDA D&A Adjusted EBIT 62,516 60,938 61,641

19,326 11,611 8,087

19,151 10,716 8,435

19,600 10,474 9,126

Investments Total Investments @ Book Publicly Traded Investments Company 1 $0 Private Investments 1 Private Investments@ Research Discount to Private Value Adjusted Private Value @ Research Available for Sale Securities @ Book(a) Total Investments @ Market/Research Total Investments @ Research Total Investments @ Book (a) AFS Securities at book included in investments Options Out 3.05 6.69 0.07 0.19 0.17 1.45 0.02 0.01 2.54 1.76 0.78 0.09 Total 16.83 0 25.0% 0 $0 3,272 Valuation Reseach Market

Ticker

Share Price

Market Value

Shares

0 0 3,272

Group 1

Ex. Price 12.36 30.00 #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Dillution #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

France Telecom
Prepared By Date Research Balance Sheet Checked By Prepared By SB 2/1/2009 Dexia Bank Belgium 17-Jul-08 6/30/3008 Calendarized Income Statement 2007E 2008E Calendarization Factor 1.00 1.00 Revenue 52,959 53,358 Segment EBITDA Corporate Expenses Adj. EBITDA D&A Adjusted EBIT EPS FCF 0 0 18,482 8,111 10,371 0 0 19,290 8,529 10,761 2009E 1.00 54,318 0 0 19,717 8,503 11,214

Assumptions Discount to Private Discount to Minority Interest Investment Valuation (1=Book, 2=Research, 3=Market/Research) Minority Interest Valuation (1=Book, 2=Research)

25.0% 25.0% 1 1

#ADDIN? #ADDIN? #ADDIN? 7,580.00 7,872.00 8,138.00 IC_MEAN_EPS_CALA(2007) IC_MEAN_EPS_CALA(2008) IC_MEAN_EPS_CALA(2009) Cash Adjustments Reported Cash

Ticker Share Price Basic Shares Dilutive Effect of Options Fully Diluted Shares Equity Value Total Debt Cash Net Debt

Enterprise Value A 517617 #ADDIN? 2,614.8 #ADDIN? #ADDIN? #ADDIN? #ADDIN? (3,880) #ADDIN?

Minority Interests and Debt Minority Interests Total Minority Interests @ Book 4,021 Company 1 TP Group 2 FT Espaa, Sonatel, Mobistar & other Total Minority Interests at Research Discount to Minority Interests Total Adjusted Minority Interest Debt Short Term Debt LT Debt Convertible Debt Total Debt Valuation 2,016 2,005 $4,021 25% 3,016 7,409.0 31,060 #ADDIN? #ADDIN?

3,880

0.0

PF Cash

3,880

Minority Interest 4,021 Investments (1,018) Mandatorily redeemable prederred memberships Enterprise Value #ADDIN?

Income Statement Forecasts - Fiscal Year Ending December 30 2007A 2008E 2009E Revenue Segment EBITDA Corporate Expenses Stock Based Compensation Adj. EBITDA D&A Adjusted EBIT 52,959 53,358 54,318

18,482 8,111 10,371

19,290 8,529 10,761

19,717 8,503 11,214

Investments Total Investments @ Book Publicly Traded Investments Company 1 $0 Private Investments 1 Private Investments@ Research Discount to Private Value Adjusted Private Value @ Research Available for Sale Securities @ Book(a) Total Investments @ Market/Research Total Investments @ Research Total Investments @ Book (a) AFS Securities at book included in investments Options Out 23.7 4.9 39.8 6.0 0.0 0.0 74.4 0 25.0% 0 $0 1,018 Valuation Reseach Market

Ticker

Share Price

Market Value

Shares

0 0 1,018

Group 1

Ex. Price 22.70 20.36 8.94 6.03 0.00 0.00

Total

Dillution #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Telefonica S.A.
Prepared By Date Research Balance Sheet Checked By Prepared By SB 2/1/2009 JP Morgan 6/30/2008 Calendarized Income Statement 2007A 2008E Calendarization Factor 1.00 1.00 Revenue 56,441 57,779 Segment EBITDA Corporate Expenses Adj. EBITDA D&A Adjusted EBIT EPS FCF 0 0 20,076 0 10,639 0 0 22,495 0 13,345 2009E 1.00 59,985 0 0 23,421 0 14,367

14-Aug-08

Assumptions Discount to Private Discount to Minority Interest Investment Valuation (1=Book, 2=Research, 3=Market/Research) Minority Interest Valuation (1=Book, 2=Research)

25.0% 25.0% 1 1

#ADDIN? #ADDIN? #ADDIN? 8,373 14,137 15,168 IC_MEAN_EPS_CALA(2007) IC_MEAN_EPS_CALA(2008) IC_MEAN_EPS_CALA(2009) Cash Adjustments Reported Cash

Ticker Share Price Basic Shares Dilutive Effect of Options Fully Diluted Shares Equity Value Total Debt Cash Net Debt

Enterprise Value A 573252 #ADDIN? 4,705.0 #ADDIN? #ADDIN? #ADDIN? 54,105 (6,682) 47,423

Minority Interests and Debt Minority Interests Total Minority Interests @ Book 2,906 Company 0.0 1 2 Total Minority Interests at Research Discount to Minority Interests Total Adjusted Minority Interest Debt Short Term Debt LT Debt Convertible Debt Total Debt $2,906 25% $2,180 6,796 47,309 54,105 Valuation

6,682

PF Cash

$6,682

Minority Interest 2,906 Investments (8,467) Mandatorily redeemable prederred memberships Enterprise Value #ADDIN?

Income Statement Forecasts - Fiscal Year Ending December 30 2007A 2008E 2009E Revenue Segment EBITDA Corporate Expenses Stock Based Compensation Adj. EBITDA D&A Adjusted EBIT 56,441 57,779 59,985

Country Euro ER GBP ER

Code !XREUR !XRGBP

FX RATES Date US/FOREIGN #ADDIN? 4/18/2007 4/18/2007 #ADDIN?

OTHER #ADDIN?

20,076 10,639

22,495 13,345 Investments

23,421 14,367

Total Investments @ Book Publicly Traded Investments Company 1 Portugal Telecom SGPS 2 Lycos Europe NV 3 Telecom Italia

8,467 Valuation Research Market #ADDIN? #ADDIN? #ADDIN? $0 #ADDIN?

Ticker PTC-PT LCY-DE

Share Price #ADDIN? #ADDIN? #ADDIN?

Shares 942.6 188.3 19406.9

Market Cap #ADDIN? #ADDIN? #ADDIN?

Stake 9.16% 32.10% 23.60%

Valuation #ADDIN? #ADDIN? #ADDIN?

Private Investments 1 Medi Telecom 2 Hispasat 3 Mobipay Espana Private Investments@ Research Discount to Private Value Adjusted Private Value @ Research Available for Sale Securities @ Book(a)

32.18% 13.23% 13.36% 0 25.0% 0

Total Investments @ Market/Research #ADDIN? Total Investments @ Research 0 Total Investments @ Book 8,467 (a) AFS Securities at book included in investments Options Out 0 0

Group 1

Ex. Price #ADDIN? #ADDIN?

Total

0.09

Dillution #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

BT GROUP
Prepared By Date Research Balance Sheet Checked By Prepared By Lazard India 2/1/2009 JP Morgan 9/30/2008 Calendarized Income Statement 2007A 2008E 0.75 0.75 20,584 21,249 0 0 5,746 2,897 2,850 0 0 5,260 2,869 2,391 2009E 0.75 21,308 0 0 5,427 2,913 2,514

23-Jan-09

Calendarization Factor Revenue Segment EBITDA Corporate Expenses Adj. EBITDA D&A Adjusted EBIT EPS FCF

Assumptions Discount to Private Discount to Minority Interest Investment Valuation (1=Book, 2=Research, 3=Market/Research) Minority Interest Valuation (1=Book, 2=Research)

25.0% 25.0% 1 1

#ADDIN? #ADDIN? #ADDIN? 1,327.75 1,258.75 1,162.00 IC_MEAN_EPS_CALA(2007) IC_MEAN_EPS_CALA(2008) IC_MEAN_EPS_CALA(2009) Cash Adjustments Reported Cash SHARE REPURCHASES Date Amount Pound Amount 2/28/2008 6.500 15.006 2/27/2008 7.297 17.109 2/26/2008 5.000 11.910 2/25/2008 5.000 11.774 2/22/2008 5.000 11.516 2/21/2008 5.000 11.598 2/20/2008 5.500 12.546 2/19/2008 5.500 12.757 2/18/2008 5.500 12.817 2/15/2008 7.000 16.307 2/14/2008 5.000 11.586 2/13/2008 2/12/2008 2/11/2008 2/8/2008 2/1/2008 1/31/2008 1/30/2008 1/29/2008 1/28/2008 1/25/2008 1/24/2008 1/23/2008 1/22/2008 1/21/2008 1/18/2008 1/17/2008 1/16/2008 1/15/2008 1/14/2008 1/11/2008 1/10/2008 1/9/2008 1/8/2008 1/7/2008 1/4/2008 1/3/2008 1/2/2008 Total 10.000 5.420 6.000 7.000 2.106 1.186 1.203 1.150 1.112 2.000 0.515 2.300 0.927 2.000 0.353 0.600 0.993 1.500 0.950 0.500 0.354 0.400 0.470 2.380 2.000 2.350 1.850 119.917 22.544 12.392 13.876 16.448 5.574 3.012 3.100 2.964 2.835 5.132 1.291 5.710 2.313 5.276 0.969 1.662 2.704 4.119 2.623 1.403 0.967 1.084 1.249 6.299 5.368 6.328 5.027 287.2

Ticker Share Price Basic Shares Dilutive Effect of Options Fully Diluted Shares Equity Value Total Debt Cash Net Debt

Enterprise Value A 309135 #ADDIN? 7,742.7 #ADDIN? #ADDIN? #ADDIN? 12,635 (1,066) 11,569

Minority Interests and Debt Minority Interests Total Minority Interests @ Book 23 Company 0.0 1 2 Total Minority Interests at Research Discount to Minority Interests Total Adjusted Minority Interest Debt Short Term Debt LT Debt Convertible Debt Total Debt 23 25% 17 1,869 10,766 12,635 Valuation

1,129

Share Repurchase

(63.0)

PF Cash

1,066

Minority Interest 23 Investments (129) Mandatorily redeemable prederred memberships Enterprise Value #ADDIN?

Income Statement Forecasts - Fiscal Year Ending December 30 2008A 2009E 2010E Revenue Segment EBITDA Corporate Expenses Stock Based Compensation Adj. EBITDA D&A Adjusted EBIT 20,704 21,431 21,267

Country Euro ER GBP ER

Code !XREUR !XRGBP

FX RATES Date US/FOREIGN #ADDIN? 2/8/2007 2/8/2007 #ADDIN?

OTHER #ADDIN?

5,784 2,889 2,895

5,085 2,862 2,223

5,541 2,930 2,611

Investments Total Investments @ Book Publicly Traded Investments Company 1 $0 Private Investments 1 Private Investments@ Research Discount to Private Value Adjusted Private Value @ Research Available for Sale Securities @ Book(a) Total Investments @ Market/Research Total Investments @ Research Total Investments @ Book (a) AFS Securities at book included in investments Options Out 222 36 59 10 0 25.0% 0 $0 $129 Valuation Reseach Market

Ticker

Share Price

Market Value

Shares

0 0 129

Group 1

Ex. Price 1.60 1.98 2.58 4.74

Total

327

Dillution #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Telecom Italia Spa

Prepared By Date Research Balance Sheet Checked By Prepared By SB 2/1/2009 JP Morgan 6/30/2008 Calendarized Income Statement 2007A 2008E 1.00 1.00 31,290 30,538 0 0 11,533 5,811 5,722 0 0 11,737 6,061 5,676 2009E 1.00 30,801 0 0 11,759 5,974 5,785

21-Aug-08

Calendarization Factor Revenue Segment EBITDA Corporate Expenses Adj. EBITDA D&A Adjusted EBIT EPS (IBES) FCF

Assumptions Discount to Private Discount to Minority Interest Investment Valuation (1=Book, 2=Research, 3=Market/Research) Minority Interest Valuation (1=Book, 2=Research)

25.0% 25.0% 1 1

#ADDIN? #ADDIN? #ADDIN? 6,298 6,329 7,030 IC_MEAN_EPS_CALA(2007) IC_MEAN_EPS_CALA(2008) IC_MEAN_EPS_CALA(2009) Cash Adjustments Reported Cash Dividends

Ticker Share Price Basic Shares Dilutive Effect of Options Fully Diluted Shares Equity Value Total Debt Cash Net Debt

Enterprise Value A 763439 #ADDIN? 13,380.8 #ADDIN? #ADDIN? #ADDIN? 42,823 4,579 38,244

B TITR-IT #ADDIN? 6,026.1 6026 1 2

Minority Interests and Debt Minority Interests Total Minority Interests @ Book 886 Company Valuation

4,579

Total Minority Interests at Research Discount to Minority Interests Total Adjusted Minority Interest Debt Short Term Debt LT Debt Convertible Debt Total Debt

886 25% 665 5,597 36,708 518 42,823

PF Cash

4,579

Minority Interest 886 Investments (531) Mandatorily redeemable prederred memberships Enterprise Value #ADDIN?

Income Statement Forecasts - Fiscal Year Ending December 30 2007A 2008E 2009E Revenue Segment EBITDA Corporate Expenses Stock Based Compensation Adj. EBITDA D&A Adjusted EBIT 31,290 30,538 30,801

Country Euro ER

Code !XREUR

FX RATES Date US/FOREIGN #ADDIN? 2/8/2007

OTHER #ADDIN?

11,533 5,811 5,722

11,737 6,061 5,676

11,759 5,974 5,785

Investments Total Investments @ Book Publicly Traded Investments Company 1 $0 Private Investments 1 Private Investments@ Research Discount to Private Value Adjusted Private Value @ Research Available for Sale Securities @ Book(a) Total Investments @ Market/Research Total Investments @ Research Total Investments @ Book (a) AFS Securities at book included in investments Options Out 2.21 76.52 45.37 0 25.0% 0 $0 531 Valuation Reseach Market

Ticker

Share Price

Market Value

Shares

0 0 531

Group 1

Ex. Price 2.41 2.86 3.50

Total

124.11

Dillution #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Export
Stock Price Equity Enterprise EV/ Revenues EV / EBITDA P/E Dividend Credit ### % 52W High Value Value 2007A 2008E 2009E 2007A 2008E 2009E 2007A 2008E 2009E YieldNet Debt(a) Leverage(b) ### ### ### ### ### ### ### #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? ### ### ### ### ### ### ### ### ### ### ### ### ### ### #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### NM ### ### ### ### ### ### NM

Company Telefonica France Telecom Deutsche Telekom Vodafone(c) Telecom Italia BT Group Cable & Wireless