NCTF ORA FP Frederic Boulan, CFA Orange ORAN ORAN US Frederic Boulan, CFA TDC A/S TDCAF TDC DC Sunil P. Pate Tele Columbus XBTLF TC1 GR Sunil P. Pate Telecom Italia -RSP TIAJF TITR IM David Wright Telecom Italia SPA Tl TIUS David Wright Telecom Italia SPA TIAOF TIT IM David Wright Telefonica SA TEFOF TEF SM David

t margin light, September sales so far +7.0% (mkt at +14.4% for month) (trading -3.5%) • Telecom Italia: Sol Trujillo said to seek $9.6 billion for Telecom Italia bid (trading +3.6%) • Telenet says board opts for no shareholder remuneration (trading -4.2%) (MOBB BB +5.8% on spec) • Ryanair raises traffic f

etter, revs touch light, sees FY addressed mail volume drop 9-11% = worse (trading -10.3%) • Vodafone's Italian unit has started litigation against Telecom Italia seeking damages > €1 billion • Veolia H1 adjusted operating cash flow misses, revenues look inline, high short interest (trading +1.4%) • RBS min

ia 4,282 10,557 40.6% Iridium USA 14 1,323 1.1% Idea Cellular India 1,730 10,719 16.1% MI5 Russia 182 23,731 0.8% Average") 17.8% Telecom Italia Italy 8,803 61,933 142% Median 13.8% Tata Teleservictu India 366 1,266 28.9% Global Bit Implied Spectrum Value Turkccll Turkey 1,112

ns India 4,282 10557 40.6% Iridium USA 14 1,323 1.1% Idea Cellular India 1.730 10,719 16.1% Averagen) 17.8% Russia 182 23,731 0.8% Telecom Italia Italy 8,803 61,933 142% Median 138% Tab Teleservices India 366 1266 28.9% Turkcell Turkey 1,112 9,261 12.0% Megaton Russia 1,905