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As part of the process of adapting the current regulation of Mobile Termination Rates (MTR) to the EC recommendation of May 2009, SVP Advisors has developed a Bottom-up LRIC model (the “Model”) on behalf of the Spanish Telecommunications Regulator. The Model will undergo a public consultation process, providing the opportunity for stakeholders to provide their feedback and contributions. Among other, the Model covers pure LRIC calculation, the effect of MVNO services, spectrum refarming considerations, multiple technologies (e.g. GSM, UMTS, LTE) and several annualization methods (such as linear depreciation, tilted annuities and economic depreciation).