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Investment opportunities in regulated ICT sector 00

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OUR TEAMAlexander Marco Shishi David Thomas Enrique 01

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THE MARKET2011 revenue : $5 TRILLION 02

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THE AUTHORITIESare here to PROTECT THE CONSUMER 03

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AUTHORITIES GOALSencourage A competitive market push development of technologyPrivacy Universal Service rules act. 04

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1 RegulatioN ensures A Good Start 2 RegulatioN Gives US A FRAMEWORK 3 RegulatioN - new structure as strength 05

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1REGULATIONENSURES AGOOD 10

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MOBILE TERMINATIONOperator #1 Operator #2 Mobile termination 11

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2011 THE FRENCH MOBILE MARKET 12

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A NEWCOMER 1,5 c€/call 2,4 c€/call 13

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2 REGULATION GIVES US A FRAMEWORK 20

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Consumer protectonEasier swhitchingBetter information 21

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Protection ofonline privacy 22

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ConsistentRegulation Body of European Regulations for Electronic Communications across the EU 23

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Standards troubles Convinience brought from Led BYincompatibility compatibility 24

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3 REGULATION - STRUCTURENEW ASSTRENGTH 30

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More EfficentGiant CompaniesHeavy structure New companies Flexible structure 31

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Decision PathLong Short 32

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You should invest in ICT new businesses because...1 RegulatioN ensures A Good Start2 RegulatioN Gives US A FRAMEWORK3 RegulatioN - new structures as strength end