Business Life Insurance 19 - A Profit Analysis of Brazil
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2 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 2
3 Main Telecom Groups in Brazil Subscriber Base - Sep/ 06 TMAR Oi Oi (GSM) Brasil Telecom Brasil Telecom BRT GSM TIM (TDMA/GSM) (Mobile only) Region I Region I Region II Region II 39% 13% 23% 3% 25% Telefonica Telmex / AMX Telefônica (TSP) Vivo (CDMA) TEF / PT Embratel (LD) Claro (TDMA/GSM) CVC / Pension Funds Telemig / Tele Norte (Mobile only) Region IV Region III 32% 30% 23% 5% Market Share of Fixed Lines in Service Market Share of Mobile Clients 3
4 Local LD Mobile Data/ Broadband Operation Status Brazil s Telecom Market Telecom Net Revenues (9M06): US$ 27 billion 1 Major Players Main Services Mobile 33% Handset Sale 7% Other 6% Data 9% Local 29% LD 16% Telmex / AMX 20% Tim 12% Market Share Telemar / Oi 21% Other 2% BRT 13% Telefonica / Vivo 32% (TNE) (TSP) (BRT) /Embratel (TMX) 2 2 (TF/PT) (AMX) (TSU) 2 2 integrated pure fixed integrated LD Carrier pure mobile pure mobile pure mobile Source: Company Reports Note: 1 Considering Tele Norte Leste, Brasil Telecom, Telesp Fixed, Embratel, Tim Brasil, Vivo, Claro, Telemig and Tele Norte Celular. 2 Fixed-line incumbents 4
5 Global industry trends affect local market Consolidation (M&A) Scale Convergence of Services One-Stop Shop 5
6 Consolidation: intense M&A activity in the U.S M&A Source: FCC, US Department of Justice, companies, team analyses 6
7 M&A activity in Europe and Asia Wireline Integration Expansion Date Country Buyer Target operator Type Operation focus Dec/04 Italy BT Albacom Fixed CLEC Geographic expansion Jan/05 France France Telecom Equant Fixed Dados, IT Vertical integration Apr/05 Czech Rep Telefonica Cesky Fixed ILEC Geographic expansion May/05 France Telecom Italia LibertySurf Fixed CLEC Geographic expansion May/05 France Cegetel Neuf Telecom Fixed CLEC Market share/scale Nov/05 Denmark Nordic Telephone TDC Fixed/mobile ILEC Private equity Jan/06 Japan KDDI Powercom Fixed CLEC Vertical integration Jul/04 Denmark TeliaSonera Orange Mobile Market share/scale Mobile Integration May/05 Romania Vodafone Mobifon Mobile Geographic expansion Jul/05 Spain France Telecom Amena Mobile Geographic expansion Nov/05 Sweden Telenor Vodafone Sweden Mobile Market share/scale Dec/05 Turkey Vodafone Telsim Mobil Mobile Geographic expansion Jan/06 UK Telefonica O2 Mobile Geographic expansion Mar/06 Japan Softbank Vodafone Japan Mobile Vertical integration Source: Ovum, Morgan Stanley, team analyses 7
8 Consolidation in Brazil despite regulatory barriers Players/Groups in 2000 Today Tomorrow: How Many? Is Brazilian heading towards a duopoly arena? Mexican? Spanish? Safra BCI? Brazilian? Regulation Article #14 of General Concession Plan (PGO - April/1998) prohibits wireline incumbents from obtaining any other concession in another region as well as any shareholder from participating in the controlling group of more than one incumbent. - These restrictions can only be removed with a Presidential Decree In addition to the change in PGO, any consolidation involving fixed line incumbents would require: - Anatel s approval ( Anuência Prévia or Previous Consent) - CADE s approval (Anti-trust Agency Act) 8
9 Financial Highlights: Consolidated Ebitda R$ million 45% 44% 41% 40% EBITDA Margin 35% 6,175 6,531 6,765 5,353 4,598 3, M06 9
10 Financial Highlights: Capex R$ billion Mobile (2) Since 1998: R$ 27 billion (~US$ 12 billion): 80% Fixed line / 20% Mobile CAPEX 9M06 = 12.4% of net revenues Fixed 7.9 (1) /2007 Focus: Expand and enhance capacity of data broadband and mobile platforms Quality and Regulatory Requirements (Fixed-line network) M06 (1) Regulatory Targets ( 2) Mobile license: R$ 1.1 billion Capex 2006E: R$ 2.4 billion - 75% Fixed line 25% Mobile 10
11 Financial Highlights: Free Cash Flow* R$ billion FCF yield (12 m) = 28%** M06 (*) After CAPEX (**) Based on TNE prices on January 04, 2007 ($14.52) 11
12 Financial Highlights: Debt Position Sep/06 Net Debt Amortization Schedule Sep / x EBITDA 3.4 Total Debt = R$ 8.9 billion C A S H Sep-06 Sep Main Achievements: - Lower leverage (-39% from 2002) - Extended maturities (74% of total debt in the long term) - Lower foreign currency exposure (55% in Sep/06 vs 65% in Dec/05) - Decreased financial expenses / hedging costs - Average cost of debt : 98.8% (CDI) 12
13 Financial Highlights: Key Ratios Net Debt* / EBITDA EBITDA / Net Interest Expense CAPEX / EBITDA (%) Dividends / EBITDA (*) EOP 13
14 Global industry trends affect local market Consolidation (M&A) Scale Convergence of Services One-Stop Shop 14
15 Convergence: multi-services network redefining the telecom industry worldwide Platform Voice Data Video Voice Data Video Fixed telephony IPTV Wimax Mobile telephony 2,5/3G* Pay TV VoIP Wimax TV Technological barriers? Digital TV Services fragmented Complementary services Notes: *Video Streaming; Non-exhaustive examples 15
16 Examples of Bundled Services Prepaid Plans Dose Certa Pre-Paid Recharge with only R$ 1.00 Low End - Lower Recharge (R$ 1.00) - SIM alone - Bundles with Fixed Line and Payphones Post Paid Plans Oi Conta Total now offering Pay TV (Fixed+Mobile+Broadband+Pay TV) Middle-High End + - Control Plans - Loyalty Plans - Coverage - Relationshi p Benefits: Discounts in Combo Products No Adhesion Fee Free Modem for Velox Free Sky-Directv instalation Kit 16
17 Oi FLEX - an Oi handset that converges fixed and wireless lines, a single brand offer... What is it? Oi in the street and fixed at home Mobile phone that works like a fixed phone at home Benefits Convergence: Make and receive calls through a fixed network in one handset Comfort: Enjoy all mobile phone benefits (one contact agenda, etc) Mobility: Reach up to 100 m and answer fixed calls with mobile, as if it was an extension Economy: Client are guaranteed best tariffs depending on plan and type of line 17
18 Way TV Overview Way TV acquisition Region Concession Cable TV and Broadband company operating in Minas Gerais Concession in 4 cities No Network owned Capacity leased from Infovias Bidirecional Network 400,000 homes passed 90,000 total subscribers 46,000 Cable TV/ 44,000 broadband Strong Growth with low acquisition costs Net Revenue Breakdown Costs and Expenses Breakdown Others 12.8% Broadband Infovias 30.8% Third Party Services 11% 52.6% Cable TV 47.4%% Content IP 14.8% 15.4% Personnel 15.1% 18
19 And we distribute content in our multi-platafform Ring Tone. Truetone. Full track. Ring Back Tone. Vídeos. Interatividade. Streaming do show. Download do show. Download das músicas. Download de conteúdo. móvel associado. Oi TV Transmissão do Show. Interatividade. Venda de conteúdo móvel e de banda larga associado. Oi Magazine Transmissão ao vivo. Entrevistas/chat com os artistas. Concursos/Premiação. Conteúdo: Show Lulu Santos Matérias sobre o show. Chamadas incentivando o uso de interatividade e serviços no Oi. 19
20 20
21 Oi, One Step Ahead, converging services Service Convergence: One single Brand Bundled Services Pure Fixed or Mobile companies Source: Telemar 21
22 Consolidate leadership in the Region through clear and focused strategy From Product to Client Approach building a company based on 4 pillars Improve the knowledge from customers, seeing them in an integrated view Segmentation aiming to align product portfolio with client s real needs Integrated and innovative offers in the retail and corporate markets Velox and Oi as major growth drivers Creation of an internet platform Operational excellence, focusing on costs savings Customer Focus: integrated and convergent offers Management Processes: aligned with the strategy and focused on results People: with attitude and dedicated to serve Consolidate client s perception of quality Avoid irrational competition Partnership for content Innovation: new businesses to regain growth momentum Focus on ARPU instead of traffic Customer loyalty Cross selling Bundled services Scale Operating/ financial synergies 22
23 Important Notice to Our Shareholders In compliance with the terms of article 12 of CVM Instruction no 358*, TELEMAR advises its shareholders that the Company cannot be held responsible for any public disclosure of information by third parties regarding the acquisition or disposal of equity stakes equivalent to 5% or more of each class of shares or of the rights pertaining to these shares or other securities issued by the Company. Outstanding shares* TNE Outstanding shares* TMAR Common Preferred Total Common Preferred (A) Preferred (B) Total (*) - Ex-treasury (*) Shareholders owning a direct or indirect controlling stake in the company, shareholders who elect the members of the Board of Directors, or any private individual, legal entity or group of same, acting jointly or representing a common interest, that attains a direct or indirect stake equivalent to 5% (five percent) or more of the company s capital, must send to the CVM (Brazilian Securities commission) and, as the case may be, to the stock exchanges and over-the-counter entities where securities issued by the company may be traded, as well as publicly disclosing, under the terms of article 5 23
24 Company Overview We are the leading provider of telecommunications services in Region I of Brazil, which consists of 16 states, including the states of Rio de Janeiro, Minas Gerais, Bahia, Espirito Santo and Ceará. We are the largest provider of fixed-line telecommunications services in South America based on the total number of lines in service, which we are starting to market under our Oi Fix brand name. As of December 31, 2006, we had 17.1 million fixed-lines installed, of which 100% have been digitized, and 14.4 million fixed-lines in service. We provide mobile telecommunications services in Region I on the GSM technology platform. As of December 31, 2006, Oi had approximately 13.1 million subscribers. We also provide broadband services using ADSL technology. In Region I, as of December 31, 2006, we had approximately 1.1 million broadband subscribers (Oi Velox). We also market voice and data services to corporate customers throughout Brazil. The Brazilian states that comprise Region I represent approximately 64% of the country's territory, with a population of 102 million, producing approximately 41% of Brazil s GDP. IR Contacts: Rua Humberto de Campos, 425 / 8º andar -Leblon Rio de Janeiro - RJ Phone: ( 55 21) /1315/1316 Fax: (55 21) invest@oi.net.br Visit our website: 24
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