Presentation at the 14 th Annual Latin America Conference

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1 Presentation at the 14 th Annual Latin America Conference MARCH, 2006

2 Telemar at a Glance December / 05 A leading telecommunication services provider in Brazil, offering a full range of fixed line and mobile voice and data, broadband, network, internet and value added services 26 million customers with a sound revenue stream of R$ 16.7 billion / year; Incumbent Telco in Region I Well advanced in platform integration and bundling of services A clear focus and strategy based on market segmentation Significant network capilarity Highly professional management team EVA based compensation program / 7,600 employees Solid Financial Position Strong EBITDA generation (40% margin) Healthy balance between cash flow (traditional services) and growth (new services) Sound balance sheet (Net Debt/Equity = 0.7; Net Debt = 0.9x EBITDA) Growing profitability in mobile business Deleveraging / Lower financing costs Capital Markets Highly liquid stock in both the Bovespa and NYSE Sizable Free Float (311 million shares / over 81% of total) Market Capitalization: US$ 6.8 billion; R$ 17.4 billion Ratings: Moody s: Baa3; S&P: BB; Fitch: BB+ Region I Region II Region III 2

3 Corporate Structure December / 05 TNE is a holding company traded on the NYSE and Bovespa (TNLP) that controls TMAR, our fixed line operating company. TMAR owns 100% of Oi (GSM operator) and Oi Internet (ISP) TMAR is also publicly traded in the Brazilian market (Bovespa) Average Daily Volumes in US$ (Jan / 06): - TNE (NYSE): 22.5M - TNLP4: 28.3M - TNLP3: 7.0M - TMAR5: 8.0M Fixed Line Telemar Participações S.A. V = 53.8% T = 17.9% Tele Norte Leste Participações S.A. (TNLP / TNE) V = 97.4% T = 81.9% (TMAR) Free Float = 82% Free Float = 18% 100% 100% Internet Services (ISP) Mobile 3

4 Corporate Structure and Governance Telemar Participações S.A. V = 53.8% T = 17.9% Lexpart 10.3% Brasil Cap 5.0% Brasil Veículos 5.0% LF Tel 10.3% Asseca Part 10.3% Fundação Atlântico 4.0% AG Telecom 10.3% BNDESpar 25.0% Fiago 19.9% Telemar Participações is fully commited to growth and development of our company. Fixed Line Tele Norte Leste Participações S.A. V = 97.4% T = 81.9% (TMAR) General Shareholder Meetings Board Members (Telemar Part. / Minority Shareholders) BR GAAP / US GAAP Annual Basis / 20F Audit Committee (All Independent Members) Disclosure Committee Sarbanes Oxley Adequacy (in progress) Independent Auditors Code of Conduct & Fair Disclosure Policy 100% 100% Internet Services (ISP) Mobile 4

5 Telecom Market in Brazil - Net Revenues * 2002 R$ 51 billion (US$ 17 billion) 2003 R$ 60 billion (US$ 20 billion) Fixed Line 70% Mobile 30% Fixed Line 66% Mobile 34% 2004 R$ 70 billion (US$ 24 billion) 2005 R$ 77 billion (US$ 32 billion) Fixed Line 62% Mobile 38% Fixed Line 60% Mobile 40% * Main Telecom Groups in Brazil (includes interconnection revenues) 5

6 Main Telecom Groups in Brazil December / 05 TMAR TELEMAR Brasil Telecom TIM Oi (GSM) Brasil Telecom BRT GSM TIM (TDMA/GSM) (Mobile only) Region I Region I Region II Region II 38% 12% 25% 3% 23% Telefonica Telmex / AMX Telefônica Vivo (CDMA) Embratel (LD) Claro (TDMA/GSM) Telemig / Tele Norte Cel (TDMA/GSM) (Mobile only) Region IV Region III 32% 35% 22% 5% National Market Share of Fixed Lines in Service National Market Share of Mobile Subscribers 6

7 Telecom Market in Brazil Fixed Line, Mobile and Broadband Services Fixed Line Lines in Service (million) Stability Expansion (1) Brazil Region I Mobile Customer Base (million) Moderate Growth 47 Acceleration GSM Startup Expansion Brazil Region I Broadband Acesses (thousand) Brazil Penetration Rate (%) 75% CAGR 3,700 (2) Other (1) Residential lines per household = 54% (Dec/05) 2,256 (2) Broadband lines per household = 6% (Dec/05E) , ADSL* (*) Includes Velox, Speedy and BR Turbo E 7

8 Brazil: Socioeconomic Statistics / 2004 Access to Telephony Class Income Range % Households Wireline PC Internet Total Fixed/Mobile Only Fixed Only Mobile A >20 SM 4% 96% 79% 72% 99% 91% 5% 3% B 10<SM<20 8% 91% 60% 50% 98% 80% 11% 7% C 5<SM<10 D 2<SM<5 88% 43% 9% 6% 61% 24% 19% 18% E SM < 2 Total 52M (100%) 49% 17% 13% 65% 31% 18% 17% Region I 26M 45% 11% 9% Source: IBGE PNAD / 2004 Notes: (SM = Minimum Wage / 1 SM = R$ 300 / month) Total population = 182 M (~ 100M in Region I) US$ 1 = R$ 2.20 (Feb/06) 8

9 Wireless Penetration January 06 Dec/03 Dec/04 Dec/05 Region I 21.9% 29.9% 39.1% Region II 31.2% 46.7% 58.5% Region III 31.6% 42.7% 52.4% Brazil 26.2% 36.6% 46.6% Brazil % 116% Growth Potential of Region I: Lower penetration Higher growth rates (NE) Region I Ex-Rio:35.5% Region II % 63% 47% 43% Region I % 38% 35% 30% 47% Region III % 41% 40% 36% 34% 32% 32% 29% 53% 62% 54% 56% 51% 56% 65% 43% 38% 35% 22% 19% RJ MG ES AM RR PA AP PE RN SE AL CE PB BA PI MA SP DF MS MT GO PR SC RS RO AC TO Source: Anatel 9

10 Mobile Market Share Brazil Dec/02 Dec/03 Dec/04 Dec/05 Vivo 48% Claro 15% Other^ 18% TIM 15% Vivo 45% TIM 18% Oi 4% Claro 21% Other^ 8% Oi 8% Vivo 41% Claro 21% Other^ 7% TIM 21% Oi 10% Vivo 35% Claro 22% TIM 23% Other^ 8% Oi 12% Region 1 Dec/02 Dec/03 Dec/04 Dec/05 Vivo 31% Claro 21% TIM 21% Other^ 18% Vivo 27% Oi 9% Claro 18% TIM 21% Other^ 16% Oi 18% Vivo 24% Claro 16% TIM 22% Other^ 14% Oi 24% Vivo 20% Claro 17% TIM 25% Other^ 12% Oi 26% ^Incudes other grups: Opportunity, BRT, Nextel, CTBC and Sercomtel. 10

11 Telemar Overview Client Base Dec/ million fixed lines in service 10.3 million mobile subscribers (100%GSM) 805,000 ADSL clients Over 1 million accounts 130,000 broadband accounts 2005 Main Results Strong growth in Mobile, Broadband and Internet Services Increasing Profitability of Mobile Business Growth in Revenues, EBITDA and Net Income Capex Control Growth Strategy Debt Reduction Bundling / Convergence Market Segmentation Increase Profitability at Oi Broadband Growth Increase Efficiencies in Capex and Opex Reduce Debt and Financial Expenses 11

12 Oi Subscriber Growth Million Subscribers Strong brand and distribution network Innovative plans / Bundled offers 2,595 sales points / 747 cities covered Market share = 26.3% (Region I) 10.3 ARPU: R$20 (4Q05) % % 14% 20% Dec/02 Dec/03 Dec/04 Dec/05 % Postpaid Net Additions (million subscribers) 55% % % 3.0 Share of Net Adds (Region I) 34% 3.5 Having reached market leadership in our operating area, main focus is to increase profitability of our mobile operations. 2H /

13 Oi s Performance: Closing the Gap Postpaid Mix Market Average Oi 22% ARPU (R$) 21% 20% 20% 20% 19% 18% 15% 15% 15% 14% 14% 14% 16% 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 19% 18% Market Average Oi EBITDA Margin 10% 25% 17% 21% 14% 9% 21% 21% 10% 9% 23% 16% 11% 12% Market Average Oi % -3% 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 13

14 Oi s Performance: Annual Subscriber Growth 156% 128% 101% 34% 38% 38% 38% 76% 37% 64% 39% 59% 38% 56% 35% 51% 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 Region I Oi 14

15 Broadband Services: ADSL Subscriber Growth Thousand Subscribers % % % % % % of Fixed Lines in Service * 805 Total Subscribers * Net Adds With 214 cities covered in Region I, Velox (ADSL) is growing fast and should reach close to one million subscribers by YE *EOP 4Q04 1Q05 2Q05 3Q05 4Q05 15

16 Net Revenue Growth and Gross Revenue Mix R$ million 10,103 11,874 14,003 15,842 16, / 2004 = 5.7% Key drivers: - Data - Mobile services - Value Added Services Gross Revenue Mix F-M 18% LD 12% 2003 = R$ 19,427 M 2005 = R$ 23,686 M Mobile 7% Data 6% Network Usage 7% LD 14% Mobile 12% Data 9% Network Usage 4% Real growth driven by new segments such as mobile, data, and long distance. Other 8% F-M 14% Other 8% Local 42% Local 39% 16

17 Operational Costs and Expenses* R$ million 6,545 6,521 7,828 9,311 9, Focus: Mobile Costs (subsidies, distribution, commission) Interconnection Costs (Fixed and Mobile) Other expenses Costs and Expenses Breakdown Third Party Services 26% Other 13% Interconnection 32% Personnel 12% PDA 8% Handset 9% Third Party Services 35% Other 22% Interconnection 24% Personnel 6% PDA 5% Handset 8% Mobile related costs (handset, logistics, sales commissions) and call center expenses (Contax spin off) increased their share of total costs, in contrast to interconnection, personnel and provisions for doubtful accounts (PDA). * Excludes depreciation and amortization 17

18 Consolidated EBITDA R$ million 45% 44% 41% 40% EBITDA Margin 35% 5,353 6,175 6,531 6,765 EBITDA growing in spite of increased competition. Challenge: Keeping consolidated EBITDA margin close to 40% of Net 3,558 Revenues

19 Capex R$ billion 10.1 Mobile 2.2 (2) 1998 / 2005: R$ 26 billion (~US$ 11 billion): - 80% Fixed line / 20% Mobile Fixed (1) CAPEX 2005 = 14.3% of Net Revenue 2006 Focus: - Expand and increase capacity of Broadband and mobile platforms - Quality and Regulatory Targets (1) Regulatory Targets (early attainment) (2) Mobile license: R$ 1.1 billion 19

20 Net Income R$ million ROE 2005 = 11% ,114 Target: increasing results based on higher EBITDA, lower depreciation charges and financial expenses

21 Free Cash Flow* R$ billion FCF yield (YE05) = 22% Stable Cash Flow Generation Main priority in use of cash flow: - Debt reduction (*) After CAPEX 21

22 Consolidated Debt Position (R$ billion) Net Debt Amortization Schedule Dec / x EBITDA Total Debt = R$ 9,854 million C A S H Dec Goals: - Reduce net debt - Extend maturities - Decrease foreign currency exposure (65% in Dec / 05) - Reduce financial expenses / hedging costs 22

23 Consolidated Debt Profile December / 05 Currency Breakdown (before swaps) Interest Rate Exposure (after swaps) Total = R$7.9 bn Total = R$9.8 bn USD 42% Real 44% Other 6% Libor 8% (1) TJLP (BNDES) 20% Other Yen 4% CDI (2) 10% 66% (1) Long Term Lending Rate (2) 16.5% p.a. as of March 09, 2006 Debt Breakdown Debt by Type R$ MM BNDES / BNR 2,481 Bank Loans 1,884 Suppliers Credit 10 Export Agencies 1,874 Local Debenture 1,207 Senior Notes 351 Financial Charges 90 Total Debt 7,902 Swap Operations 1,952 Total Debt w/ Swap 9,854 Cash & S.T. Invest. 3,754 Net Debt 6,110 Debt Maturity (after swaps) Long Term 59% Short Term 41% 23

24 Dividend Payments R$ million 6.5% 4.9% 4.6% 5.0% 2.2% 1,350 TNE Dividend yield* 1,000 1,100 1, TNE TMAR * Stock prices EOP 24

25 Dividend Payout R$ million 1,100 1, (416) Net Income Dividends TNE * Stock prices EOP 25

26 Integrated Operating Strategy Fixed line Data & Corporate DLD / ILD Internet Wireless Broadband Customer Segmentation Cross-selling / Up-selling Bundled Services Operating and Financial Synergies Increase Scale Cost Reduction The Company s six main businesses provide a healthy balance between stable cash flow and growth opportunities. Integrated operations are the base for increasing sales, lowering churn and reducing costs. 26

27 Bundled Services: Some Examples Prepaid Plans Low End - Lower Recharge (R$ 1.00) - SIM alone - Bundles with Fixed Line and Payphones Post Paid Plans Middle / High End - Control Plans - Loyalty Plans - Coverage - Relationship 27

28 Bundled Services: Some Examples Unlimited Dial Up Access 28

29 Visit our website: 29

30 Safe Harbor Statement This presentation contains forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements and involve inherent risks and uncertainties. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events Investor Relations Rua Humberto de Campos, 425 / 8º andar Leblon Rio de Janeiro - RJ Phone: ( 55 21) /1313/1315/1316 Fax: (55 21) Visit our website: 30

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