Telemar Norte Leste S.A. http://www.alacrastore.com/company-snapshot/Telemar_Norte_Leste_S_A-2508749 Friday, January 09, 2009 5:12:32 AM 2508749 Telemar Norte Leste S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/694419spcred/694419normThe latest Summary from S&Pglobal1/5/2009 3:36:18 PM175Summary694419BrazilIntegrated Telecommunication ServicesEmerging MarketsLatin AmericaGlobal IssuersCorporationsTelecommunications & CableSummaryThe current ratings on the Telemar entities (individually Telemar Norte Leste S.A. [Tmar], BB+/Positive/--; and Tele Norte Leste Participacoes S.A. [TNL], BB+/Positive/--) reflect the companies' exposure to significant competition in the fast-growing broadband and wireless niches, in which Telemar has expanded its operations; some negative pressure on operating margins because of increasing competition in the companies' fixed-line operations from competitive local exchange carriers (CLECs) and cable companies; and an expected aggressive dividend policy after the restructuring at the group's ultimate holding company, Telemar Participacoes S.A. Telemar's dominant market position in fixed-line and data services within Region I; the solid position in wireless that provides it with a fairly diversified revenue mix supporting strong cash generation; and moderate credit measures, supportedBRA50101020 501010 5010 50Telemar Norte Leste S.A.394527EMERGINGLATAMERICATMAR5@BZSUMMARYBRAP9036B50101020 501010 5010 50Tele Norte Leste Participacoes S.A. (TNL)Telemar Participacoes S.A.351861356307EMERGINGLATAMERICATNLP4@BZ50832Z@BZGLOBISSCORPLEVFINTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/694418spcred/694418normThe latest Full Report from S&Pglobal1/5/2009 3:36:00 PM400Full Report694418BrazilIntegrated Telecommunication ServicesEmerging MarketsLatin AmericaGlobal IssuersCorporationsTelecommunications & CableFull ReportDominant market position in fixed-line and data services within its concession area Solid position in wireless that provides a fairly diversified revenue mix Strong internal cash-flow generation supported by relatively stable results Exposure to significant competition in fast-growing niches, where Telemar's market position is not as strong as in its traditional fixed-line operations Negative pressure on operating margins due to increasing competition in company's traditional fixed-line operations from CLECs and cable companies Aggressive dividend policy The current ratings on the Telemar entities (individually Telemar Norte Leste S.A. [Tmar], BB+/Positive/--; and Tele Norte Leste Participacoes S.A. [TNL], BB+/Positive/--) reflect the companies' exposure to significant competition in the fast-growing broadband and wireless niches, in which Telemar has expanded its operations; some negativeBRA50101020 501010 5010 50Telemar Norte Leste S.A.394527EMERGINGLATAMERICATMAR5@BZFULLBRAP9036B50101020 501010 5010 5050102010 501020 5010 50Amazonia Celular S.A.Tele Norte Leste Participacoes S.A. (TNL)Telemar Participacoes S.A.375020351861356307EMERGINGLATAMERICATNLP4@BZTMAC7@BZ50832Z@BZGLOBISSCORPLEVFINTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/403026_report_framefitch/403026_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Tele Norte Leste Participacoes, S.A.Telemar Norte Leste S.A.80090845800908469/19/2008 6:31:40 PM0103000001030400425Full Rating ReportTMAR3TNLP3403026_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/bir/1324529bir/1324529normTelemar Norte Leste S.A.BrazilCommunications: Communications provider - cellular telephone, internet provider481248225172125171109HMTMAR9/18/2008 8:18:00 AM1324529Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/moodys/PR_162159_808854030moodys/PR_162159_808854030htmlGlobal Credit Research Rating Action # SEP #### Rating Action: Telemar Norte Leste S.A. Moody's assigns Baa# to Telemar's proposed notes Approximately USD #.# billion in debt securities affected Sao Paulo, September ##, #### -- Moody's...9/3/2008 12:40:02 AMhtmlTelemar Norte Leste S.A.Tele Norte Leste Participacoes S.ATele Norte Leste Participacoes S.A; Telemar Norte Leste S.A.808854030600060776150.0000NewsRating ActionPR_162159_808854030Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/431896_pr_framefitch/431896_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Tele Norte Leste Participacoes, S.A.Telemar Norte Leste S.A.8009084580090846806145539/2/2008 6:31:00 PM010300000103040085Press ReleaseTMAR3TNLP3431896_pr_frameCredit & Investment ResearchFitch ResearchBRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire an ##.#% stake, or ##.### mil preferred shares in Brasil Telecom SA (BT), a provider of telecommunications services and a majority-owned unit of the Brasil Telecom Participacoes SA subsidiary of Techold Participacoes Ltdas Solpart Participacoes SA unit, for ##.## Brazilian reais ($##.### US) in cash per share or a total value of #.### bil reais ($###.### mil), via a tender offer. TP was a unit of Zain Participacoes SA's Invitel SA unit. Concurrently, TN planned to acquire the remaining ##.### economic stake in BT.4/30/2008 5:15:33 PM88066Y10557R87924699109MTelemar Norte Leste SABrasil Telecom SATele Norte Leste Participacoes SAZain Participacoes SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Telemar_Norte_Leste_SA_acquires_a_minority_stake_in_Brasil_Telecom_SA_from_Zain_Participacoes_SA-1973337040sdc/19733370401973337040Copyright © 2008, Thomson Financial, All Rights ReservedBOVESPATelecommunicationsBrazilTelephone communications, except radiotelephone4813FFForeignPublicTMAR64812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec6719:Offices of holding companies, necNew YorkTelecommunicationsBrazilTelephone communications, except radiotelephone4813FFForeignPublicBTM789407001Pvd telecom svcsInvestment holding companyCashCash OnlyPreferred Stock281560004Apr 30 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000Telemar Norte Leste SA,located in Rio De Janeiro,provides telecommunicationsservices including local,long-distance andinternational fixed telephony,cellular telephony,inter-networks and datacommunications. The companyalso gives cellular telephony,Internet and datacommunication services.Telemar Norte Leste SA, located in Rio De Janeiro, providestelecommunications services including local, long-distanceand international fixed telephony, cellular telephony,inter-networks and data communications. The company alsogives cellular telephony, Internet and data communicationservices.Telemar Norte Leste SA, located in Rio De Janeiro, provides telecommunications services including local, long-distance and international fixed telephony, cellular telephony, inter-networks and data communications. The company also gives cellular telephony, Internet and data communication services.1.000002.000003.000004.000005.000006.000007.000008.00000Brasil Telecom SA, located inBrasillia, Brazil, providestelelcommunications servicesusing 10.5m lines installed inthe Southern regions,Center-west and of the Statesof the Acre, Rondonia andTocantins.Brasil Telecom SA, located in Brasillia, Brazil, providestelelcommunications services using 10.5m lines installed inthe Southern regions, Center-west and of the States of theAcre, Rondonia and Tocantins.Brasil Telecom SA, located in Brasillia, Brazil, provides telelcommunications services using 10.5m lines installed in the Southern regions, Center-west and of the States of the Acre, Rondonia and Tocantins.0.000000.000000.00000547.27000NBrazilian Real25 Apr 08Fri, 25 Apr 2008 00:00:00 ESTDate Announced: 04/25/2008Date Effective:Acq. Part. Int.Friendly0.000000.000000.000000.000000.0000023.42000Price/Share0.000001421.5 Brazilian Real1421.4990012817.115001421.5 Brazilian Real1421.499000.000000.0000014.0530014.053001421.499001421.5 Brazilian Real0.60000N429.499000.000000.000000.000000.000000.00000852.98500852.985000.000000.000000.000000.000000.000000.000000.0000011.091000.000000.000000.000000.000000.000000.000000.000000.000009987.1410012.5500012.3470011.190000.000000.000000.000000.000000.000000.000000.000006397.157000.000000.000000.000000.000000.0000020.2300011.8400014.080001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.00000BRAZIL - Telemar Norte LesteSA (TN), a majority owned unitof Tele Norte LesteParticipacoes SA, agreed toacquire an 11.1% stake, or60.696 mil preferred shares inBrasil Telecom SA (BT), aprovider of telecommunicationsservices and a majority-ownedunit of the Brasil TelecomParticipacoes SA subsidiary ofTechold Participacoes LtdasSolpart Participacoes SA unit,for 23.42 Brazilian reais($14.053 US) in cash per shareor a total value of 1.421 bilreais ($852.985 mil), via atender offer. TP was a unit ofZain Participacoes SA'sInvitel SA unit. Concurrently,TN planned to acquire theremaining 22.185 economicstake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire an 11.1% stake, or 60.696 mil preferred shares in Brasil Telecom SA (BT), a provider of telecommunications services and a majority-owned unit of the Brasil Telecom Participacoes SA subsidiary of Techold Participacoes Ltdas Solpart Participacoes SA unit, for 23.42 Brazilian reais ($14.053 US) in cash per share or a total value of 1.421 bil reais ($852.985 mil), via a tender offer. TP was a unit of Zain Participacoes SA's Invitel SA unit. Concurrently, TN planned to acquire the remaining 22.185 economic stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte LesteParticipacoes SA, agreed to acquire an 11.1% stake, or 60.696 mil preferred shares inBrasil Telecom SA (BT), a provider of telecommunications services and a majority-ownedunit of the Brasil Telecom Participacoes SA subsidiary of Techold Participacoes LtdasSolpart Participacoes SA unit, for 23.42 Brazilian reais ($14.053 US) in cash per share ora total value of 1.421 bil reais ($852.985 mil), via a tender offer. TP was a unit of ZainParticipacoes SA's Invitel SA unit. Concurrently, TN planned to acquire the remaining22.185 economic stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire an 11.1% stake, or 60.696 mil preferred shares in Brasil Telecom SA (BT), a providerof telecommunications services and a majority-owned unit of the Brasil Telecom Participacoes SA subsidiary of Techold Participacoes Ltdas Solpart Participacoes SA unit, for 23.42 Brazilian reais($14.053 US) in cash per share or a total value of 1.421 bil reais ($852.985 mil), via a tender offer. TP was a unit of Zain Participacoes SA's Invitel SA unit. Concurrently, TN planned to acquire theremaining 22.185 economic stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire an 11.1% stake, or60.696 mil preferred shares in Brasil Telecom SA (BT), a provider of telecommunications services and a majority-owned unit of the BrasilTelecom Participacoes SA subsidiary of Techold Participacoes Ltdas Solpart Participacoes SA unit, for 23.42 Brazilian reais ($14.053 US)in cash per share or a total value of 1.421 bil reais ($852.985 mil), via a tender offer. TP was a unit of Zain Participacoes SA'sInvitel SA unit. Concurrently, TN planned to acquire the remaining 22.185 economic stake in BT.$ 852.985 - Morgan Stanley - Adv$ 852.985 - Credit Suisse Group - Adv0.000000.00000Morgan StanleyCredit Suisse Group1.000002.00000Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004813:Telephone communications, except radiotelephone486475002New YorkBrazil4813ForeignPublicTNE6719:Offices of holding companies, nec6799:Investors, nec32306001BOVESPABrazil6799ForeignPublicOPZI3B852.985001421.49900852.98500429.49900Deal InformationTF Mergers & AcquisitionsBRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to raise its stake to ##.# % from ##.#%, by acquiring a #.#% stake, or #.### mil ordinary shares in Brasil Telecom SA (BT), a provider of telecommunications services and a majority-owned unit of the Brasil Telecom Participacoes SA subsidiary of Techold Participacoes Ltdas Solpart Participacoes SA unit, for ##.## Brazilian reais ($##.### US) in cash per share or a total value ###.### mil reais ($##.### mil), via a tender offer. TP was a unit of Zain Participacoes SA's Invitel SA unit. Concurrently, TN agreed to launch a tender offer to acquire an ##.#% stake in BT.4/30/2008 5:15:33 PM88066Y10557R87924699109MTelemar Norte Leste SABrasil Telecom SATele Norte Leste Participacoes SAZain Participacoes SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Telemar_Norte_Leste_SA_acquires_a_minority_stake_in_Brasil_Telecom_SA_from_Zain_Participacoes_SA-1973342040sdc/19733420401973342040Copyright © 2008, Thomson Financial, All Rights ReservedBOVESPATelecommunicationsBrazilTelephone communications, except radiotelephone4813FFForeignPublicTMAR64812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec6719:Offices of holding companies, necNew YorkTelecommunicationsBrazilTelephone communications, except radiotelephone4813FFForeignPublicBTM789407001Pvd telecom svcsInvestment holding companyCashCash OnlyOrdinary Share281560004Apr 30 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000Telemar Norte Leste SA,located in Rio De Janeiro,provides telecommunicationsservices including local,long-distance andinternational fixed telephony,cellular telephony,inter-networks and datacommunications. The companyalso gives cellular telephony,Internet and datacommunication services.Telemar Norte Leste SA, located in Rio De Janeiro, providestelecommunications services including local, long-distanceand international fixed telephony, cellular telephony,inter-networks and data communications. The company alsogives cellular telephony, Internet and data communicationservices.Telemar Norte Leste SA, located in Rio De Janeiro, provides telecommunications services including local, long-distance and international fixed telephony, cellular telephony, inter-networks and data communications. The company also gives cellular telephony, Internet and data communication services.1.000002.000003.000004.000005.000006.000007.000008.00000Brasil Telecom SA, located inBrasillia, Brazil, providestelelcommunications servicesusing 10.5m lines installed inthe Southern regions,Center-west and of the Statesof the Acre, Rondonia andTocantins.Brasil Telecom SA, located in Brasillia, Brazil, providestelelcommunications services using 10.5m lines installed inthe Southern regions, Center-west and of the States of theAcre, Rondonia and Tocantins.Brasil Telecom SA, located in Brasillia, Brazil, provides telelcommunications services using 10.5m lines installed in the Southern regions, Center-west and of the States of the Acre, Rondonia and Tocantins.0.000000.000000.00000547.27000NBrazilian Real25 Apr 08Fri, 25 Apr 2008 00:00:00 ESTDate Announced: 04/25/2008Date Effective:Acq. Part. Int.Friendly0.000000.000000.000000.000000.0000054.31000Price/Share0.00000126.067 Brazilian Real126.0670029722.35300126.067 Brazilian Real126.067000.000000.0000032.5890032.58900126.06700126.067 Brazilian Real0.60000N38.091000.000000.000000.000000.000000.0000075.6480075.648000.000000.000000.000000.000000.000000.0000011.091000.424000.000000.000000.000000.000000.000000.000000.000000.000009987.1410012.5500012.3470011.190000.000000.000000.000000.000000.000000.000000.000006397.157000.000000.000000.000000.000000.00000178.80000159.36000164.540001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.00000BRAZIL - Telemar Norte LesteSA (TN), a majority owned unitof Tele Norte LesteParticipacoes SA, agreed toraise its stake to 11.5 % from11.1%, by acquiring a 0.4%stake, or 2.321 mil ordinaryshares in Brasil Telecom SA(BT), a provider oftelecommunications servicesand a majority-owned unit ofthe Brasil TelecomParticipacoes SA subsidiary ofTechold Participacoes LtdasSolpart Participacoes SA unit,for 54.31 Brazilian reais($32.589 US) in cash per shareor a total value 126.067 milreais ($75.648 mil), via atender offer. TP was a unit ofZain Participacoes SA'sInvitel SA unit. Concurrently,TN agreed to launch a tenderoffer to acquire an 11.1%stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to raise its stake to 11.5 % from 11.1%, by acquiring a 0.4% stake, or 2.321 mil ordinary shares in Brasil Telecom SA (BT), a provider of telecommunications services and a majority-owned unit of the Brasil Telecom Participacoes SA subsidiary of Techold Participacoes Ltdas Solpart Participacoes SA unit, for 54.31 Brazilian reais ($32.589 US) in cash per share or a total value 126.067 mil reais ($75.648 mil), via a tender offer. TP was a unit of Zain Participacoes SA's Invitel SA unit. Concurrently, TN agreed to launch a tender offer to acquire an 11.1% stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte LesteParticipacoes SA, agreed to raise its stake to 11.5 % from 11.1%, by acquiring a 0.4%stake, or 2.321 mil ordinary shares in Brasil Telecom SA (BT), a provider oftelecommunications services and a majority-owned unit of the Brasil Telecom ParticipacoesSA subsidiary of Techold Participacoes Ltdas Solpart Participacoes SA unit, for 54.31Brazilian reais ($32.589 US) in cash per share or a total value 126.067 mil reais ($75.648mil), via a tender offer. TP was a unit of Zain Participacoes SA's Invitel SA unit.Concurrently, TN agreed to launch a tender offer to acquire an 11.1% stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to raise its stake to 11.5 % from 11.1%, by acquiring a 0.4% stake, or 2.321 mil ordinaryshares in Brasil Telecom SA (BT), a provider of telecommunications services and a majority-owned unit of the Brasil Telecom Participacoes SA subsidiary of Techold Participacoes Ltdas SolpartParticipacoes SA unit, for 54.31 Brazilian reais ($32.589 US) in cash per share or a total value 126.067 mil reais ($75.648 mil), via a tender offer. TP was a unit of Zain Participacoes SA's InvitelSA unit. Concurrently, TN agreed to launch a tender offer to acquire an 11.1% stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to raise its stake to 11.5 %from 11.1%, by acquiring a 0.4% stake, or 2.321 mil ordinary shares in Brasil Telecom SA (BT), a provider of telecommunications servicesand a majority-owned unit of the Brasil Telecom Participacoes SA subsidiary of Techold Participacoes Ltdas Solpart Participacoes SA unit,for 54.31 Brazilian reais ($32.589 US) in cash per share or a total value 126.067 mil reais ($75.648 mil), via a tender offer. TP was aunit of Zain Participacoes SA's Invitel SA unit. Concurrently, TN agreed to launch a tender offer to acquire an 11.1% stake in BT.$ 0.000 - Morgan Stanley - Adv Term$ 75.648 - Credit Suisse Group - Adv0.000000.00000Morgan StanleyCredit Suisse Group1.000002.00000Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004813:Telephone communications, except radiotelephone486475002New YorkBrazil4813ForeignPublicTNE6719:Offices of holding companies, nec6799:Investors, nec32306001BOVESPABrazil6799ForeignPublicOPZI3B75.64800126.0670075.6480038.09100Deal InformationTF Mergers & AcquisitionsBRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire the remaining ##.##% economic stake, or ###.### mil preferred shares, which it did not already own, in Brasil Telecom SA (BT), a provider of telecommunications services, for #.## bil Brazilian reais ($#.### bil US). TN offered .####### preferred shares per BT preferred share. Based on TNs closing preferred share price of ##.## reais ($##.###) on April ##, the last full trading day prior to the announcement, each BT preferred share was valued at ##.### reais ($##.##). Concurrently, TN agreed to acquire an ##.#% stake in BT.4/30/2008 5:15:33 PM88066Y10557R87924699109MTelemar Norte Leste SABrasil Telecom SATele Norte Leste Participacoes SAZain Participacoes SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Telemar_Norte_Leste_SA_acquires_remaining_interest_in_Brasil_Telecom_SA_from_Zain_Participacoes_SA-1973297040sdc/19732970401973297040Copyright © 2008, Thomson Financial, All Rights ReservedBOVESPATelecommunicationsBrazilTelephone communications, except radiotelephone4813FFForeignPublicTMAR64812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec6719:Offices of holding companies, necNew YorkTelecommunicationsBrazilTelephone communications, except radiotelephone4813FFForeignPublicBTM789407001Pvd telecom svcsInvestment holding companyPreferred StockPreferred Stock281560004Apr 30 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000Telemar Norte Leste SA,located in Rio De Janeiro,provides telecommunicationsservices including local,long-distance andinternational fixed telephony,cellular telephony,inter-networks and datacommunications. The companyalso gives cellular telephony,Internet and datacommunication services.Telemar Norte Leste SA, located in Rio De Janeiro, providestelecommunications services including local, long-distanceand international fixed telephony, cellular telephony,inter-networks and data communications. The company alsogives cellular telephony, Internet and data communicationservices.Telemar Norte Leste SA, located in Rio De Janeiro, provides telecommunications services including local, long-distance and international fixed telephony, cellular telephony, inter-networks and data communications. The company also gives cellular telephony, Internet and data communication services.1.000002.000003.000004.000005.000006.000007.000008.00000Brasil Telecom SA, located inBrasillia, Brazil, providestelelcommunications servicesusing 10.5m lines installed inthe Southern regions,Center-west and of the Statesof the Acre, Rondonia andTocantins.Brasil Telecom SA, located in Brasillia, Brazil, providestelelcommunications services using 10.5m lines installed inthe Southern regions, Center-west and of the States of theAcre, Rondonia and Tocantins.Brasil Telecom SA, located in Brasillia, Brazil, provides telelcommunications services using 10.5m lines installed in the Southern regions, Center-west and of the States of the Acre, Rondonia and Tocantins.0.000000.000000.00000547.27000NBrazilian Real25 Apr 08Fri, 25 Apr 2008 00:00:00 ESTDate Announced: 04/25/2008Date Effective:Acq. Rem. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.000002830.13 Brazilian Real2830.131000.000002830.13 Brazilian Real2830.131000.000000.000000.000000.000002830.131002830.13 Brazilian Real0.60000N855.110000.000000.000000.000000.000000.000001698.248001698.248000.000000.000000.000000.000000.000000.0000033.2720022.181000.000000.000000.000000.000000.000000.000000.000000.000009987.1410016.3740016.4190012.976000.000000.000000.000000.000000.000000.000000.000007418.469000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.00000BRAZIL - Telemar Norte LesteSA (TN), a majority owned unitof Tele Norte LesteParticipacoes SA, agreed toacquire the remaining 22.18%economic stake, or 121.392 milpreferred shares, which it didnot already own, in BrasilTelecom SA (BT), a provider oftelecommunications services,for 2.83 bil Brazilian reais($1.698 bil US). TN offered.2530852 preferred shares perBT preferred share. Based onTNs closing preferred shareprice of 92.12 reais ($55.278)on April 24, the last fulltrading day prior to theannouncement, each BTpreferred share was valued at23.314 reais ($13.99).Concurrently, TN agreed toacquire an 11.5% stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire the remaining 22.18% economic stake, or 121.392 mil preferred shares, which it did not already own, in Brasil Telecom SA (BT), a provider of telecommunications services, for 2.83 bil Brazilian reais ($1.698 bil US). TN offered .2530852 preferred shares per BT preferred share. Based on TNs closing preferred share price of 92.12 reais ($55.278) on April 24, the last full trading day prior to the announcement, each BT preferred share was valued at 23.314 reais ($13.99). Concurrently, TN agreed to acquire an 11.5% stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte LesteParticipacoes SA, agreed to acquire the remaining 22.18% economic stake, or 121.392 milpreferred shares, which it did not already own, in Brasil Telecom SA (BT), a provider oftelecommunications services, for 2.83 bil Brazilian reais ($1.698 bil US). TN offered.2530852 preferred shares per BT preferred share. Based on TNs closing preferred shareprice of 92.12 reais ($55.278) on April 24, the last full trading day prior to theannouncement, each BT preferred share was valued at 23.314 reais ($13.99). Concurrently,TN agreed to acquire an 11.5% stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire the remaining 22.18% economic stake, or 121.392 mil preferred shares, which it didnot already own, in Brasil Telecom SA (BT), a provider of telecommunications services, for 2.83 bil Brazilian reais ($1.698 bil US). TN offered .2530852 preferred shares per BT preferred share. Basedon TNs closing preferred share price of 92.12 reais ($55.278) on April 24, the last full trading day prior to the announcement, each BT preferred share was valued at 23.314 reais ($13.99).Concurrently, TN agreed to acquire an 11.5% stake in BT.BRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire the remaining 22.18%economic stake, or 121.392 mil preferred shares, which it did not already own, in Brasil Telecom SA (BT), a provider oftelecommunications services, for 2.83 bil Brazilian reais ($1.698 bil US). TN offered .2530852 preferred shares per BT preferred share.Based on TNs closing preferred share price of 92.12 reais ($55.278) on April 24, the last full trading day prior to the announcement,each BT preferred share was valued at 23.314 reais ($13.99). Concurrently, TN agreed to acquire an 11.5% stake in BT.$ 1,698.248 - Morgan Stanley - Adv$ 1,698.248 - Credit Suisse Group - Adv0.000000.00000Morgan StanleyCredit Suisse Group1.000002.00000Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004813:Telephone communications, except radiotelephone486475002New YorkBrazil4813ForeignPublicTNE6719:Offices of holding companies, nec6799:Investors, nec32306001BOVESPABrazil6799ForeignPublicOPZI3B1698.248002830.131001698.24800855.11000Deal InformationTF Mergers & AcquisitionsBRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire the entire share capital of Invitel SA, an investment holding company, from Zain Participacoes SA and other shareholders, for #.### bil Brazilian reais ($#.## bil US) in cash. Concurrently, TN agreed to acquire a #.##% stake, to raise its stake to ##.##% from #.##%, by acquiring a ##.##% stake, raise its stake to ##.##% from ##.##%, by acquiring a ##.##% stake, to raise its stake to ##.##% from ##.##%, by acquiring the remaining ##.#% economic stake in BT and the remaining ##.##% stake in Brasil Telecom Participacoes SA4/30/2008 5:15:33 PM88066Y46182R87924699109MTelemar Norte Leste SAInvitel SATele Norte Leste Participacoes SAZain Participacoes SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Telemar_Norte_Leste_SA_acquires_Invitel_SA_from_Zain_Participacoes_SA-1973319040sdc/19733190401973319040Copyright © 2008, Thomson Financial, All Rights ReservedBOVESPATelecommunicationsBrazilTelephone communications, except radiotelephone4813FFForeignPublicTMAR64812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec6719:Offices of holding companies, necInvestment & Commodity Firms,Dealers,ExchangesBrazilInvestors, nec6799FFForeignSubsidiary789407001Pvd telecom svcsInvestment holding companyCashCash OnlyStock611949001Apr 30 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000Telemar Norte Leste SA,located in Rio De Janeiro,provides telecommunicationsservices including local,long-distance andinternational fixed telephony,cellular telephony,inter-networks and datacommunications. The companyalso gives cellular telephony,Internet and datacommunication services.Telemar Norte Leste SA, located in Rio De Janeiro, providestelecommunications services including local, long-distanceand international fixed telephony, cellular telephony,inter-networks and data communications. The company alsogives cellular telephony, Internet and data communicationservices.Telemar Norte Leste SA, located in Rio De Janeiro, provides telecommunications services including local, long-distance and international fixed telephony, cellular telephony, inter-networks and data communications. The company also gives cellular telephony, Internet and data communication services.1.000002.000003.00000Invitel SA, located in Rio deJaneiro, Brazil, is aninvestment holding companyInvitel SA, located in Rio de Janeiro, Brazil, is aninvestment holding companyInvitel SA, located in Rio de Janeiro, Brazil, is an investment holding company0.000000.000000.000000.00000NBrazilian Real25 Apr 08Fri, 25 Apr 2008 00:00:00 ESTDate Announced: 04/25/2008Date Effective:MergerFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.000004982.39 Brazilian Real4982.389000.000004982.39 Brazilian Real4982.389000.000000.000000.000000.000004982.389004982.39 Brazilian Real0.60000N1505.404000.000000.000000.000000.000000.000002989.732002989.732000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000009987.141000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.00000BRAZIL - Telemar Norte LesteSA (TN), a majority owned unitof Tele Norte LesteParticipacoes SA, agreed toacquire the entire sharecapital of Invitel SA, aninvestment holding company,from Zain Participacoes SA andother shareholders, for 4.982bil Brazilian reais ($2.99 bilUS) in cash. Concurrently, TNagreed to acquire a 3.36%stake, to raise its stake to24.45% from 3.36%, byacquiring a 21.09% stake,raise its stake to 38.79% from24.45%, by acquiring a 14.34%stake, to raise its stake to81.09% from 38.79%, byacquiring the remaining 42.3%economic stake in BT and theremaining 18.91% stake inBrasil Telecom ParticipacoesSABRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire the entire share capital of Invitel SA, an investment holding company, from Zain Participacoes SA and other shareholders, for 4.982 bil Brazilian reais ($2.99 bil US) in cash. Concurrently, TN agreed to acquire a 3.36% stake, to raise its stake to 24.45% from 3.36%, by acquiring a 21.09% stake, raise its stake to 38.79% from 24.45%, by acquiring a 14.34% stake, to raise its stake to 81.09% from 38.79%, by acquiring the remaining 42.3% economic stake in BT and the remaining 18.91% stake in Brasil Telecom Participacoes SABRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte LesteParticipacoes SA, agreed to acquire the entire share capital of Invitel SA, an investmentholding company, from Zain Participacoes SA and other shareholders, for 4.982 bilBrazilian reais ($2.99 bil US) in cash. Concurrently, TN agreed to acquire a 3.36% stake,to raise its stake to 24.45% from 3.36%, by acquiring a 21.09% stake, raise its stake to38.79% from 24.45%, by acquiring a 14.34% stake, to raise its stake to 81.09% from 38.79%,by acquiring the remaining 42.3% economic stake in BT and the remaining 18.91% stake inBrasil Telecom Participacoes SABRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire the entire share capital of Invitel SA, an investment holding company, from ZainParticipacoes SA and other shareholders, for 4.982 bil Brazilian reais ($2.99 bil US) in cash. Concurrently, TN agreed to acquire a 3.36% stake, to raise its stake to 24.45% from 3.36%, by acquiring a21.09% stake, raise its stake to 38.79% from 24.45%, by acquiring a 14.34% stake, to raise its stake to 81.09% from 38.79%, by acquiring the remaining 42.3% economic stake in BT and the remaining18.91% stake in Brasil Telecom Participacoes SABRAZIL - Telemar Norte Leste SA (TN), a majority owned unit of Tele Norte Leste Participacoes SA, agreed to acquire the entire sharecapital of Invitel SA, an investment holding company, from Zain Participacoes SA and other shareholders, for 4.982 bil Brazilian reais($2.99 bil US) in cash. Concurrently, TN agreed to acquire a 3.36% stake, to raise its stake to 24.45% from 3.36%, by acquiring a 21.09%stake, raise its stake to 38.79% from 24.45%, by acquiring a 14.34% stake, to raise its stake to 81.09% from 38.79%, by acquiring theremaining 42.3% economic stake in BT and the remaining 18.91% stake in Brasil Telecom Participacoes SA$ 2,989.732 - Morgan Stanley - Adv$ 2,989.732 - Credit Suisse Group - Adv0.000000.00000Morgan StanleyCredit Suisse Group1.000002.00000Citi1.00000$ 2,989.732 - Citi - Adv0.00000Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000006719:Offices of holding companies, nec6799:Investors, nec486475002New YorkBrazil4813ForeignPublicTNE6719:Offices of holding companies, nec6799:Investors, nec32306001BOVESPABrazil6799ForeignPublicOPZI3B2989.732004982.389002989.732001505.40400Leoni Siqueira AdvogadosDeal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/moodys/PR_154333_808854030moodys/PR_154333_808854030htmlGlobal Credit Research Announcement ## APR #### Announcement: Telemar Norte Leste S.A. Moody's afirma os ratings da Telemar apos anuncio de aquisicao da Brasil Telecom Aproximadamente USD #,# bilhoes em instrumentos de divida afetados...4/30/2008 1:01:37 AMhtmlTelemar Norte Leste S.A.Tele Norte Leste Participacoes S.ATele Norte Leste Participacoes S.A; Telemar Norte Leste S.A.808854030600060776150.0000NewsAnnouncementPR_154333_808854030Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_154331_808854030moodys/PR_154331_808854030htmlGlobal Credit Research Announcement ## APR #### Announcement: Telemar Norte Leste S.A. Moody's affirms Telemar's ratings after announced acquisition of Brasil Telecom Approximately USD #.# billion in rated debt securities affected...4/30/2008 1:01:36 AMhtmlTelemar Norte Leste S.A.Tele Norte Leste Participacoes S.ATele Norte Leste Participacoes S.A; Telemar Norte Leste S.A.808854030600060776150.0000NewsAnnouncementPR_154331_808854030Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/418712_pr_framefitch/418712_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Brasil Telecom Participacoes S.A.Brasil Telecom S.A.Tele Norte Leste Participacoes, S.A.Telemar Norte Leste S.A.800907978009079880090845800908464/29/2008 2:15:00 PM010300000103040085Press ReleaseBRTO3BRTP3TMAR3TNLP3418712_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_150665_808854030moodys/PR_150665_808854030htmlGlobal Credit Research Rating Action ## MAR #### Rating Action: Telemar Norte Leste S.A. Moody's upgrades notes units issued by Amazonia Celular and Telemig Celular to Ba#; outlook positive Approximately USD ### million of debt affected...Rating Action3/11/2008 12:27:28 AM