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Regarding Telecom Italias announcement post on September 14, related to the return of that company to the controlling block of Brasil Telecom, we clarify the following:
1) The material issue is not the fact that Telecom Italia has the right to return or not to the block of control of Brasil Telecom. But if Telecom Italia, which holds a 38% stake in Solpart, that means a 5% stake in Brasil Telecom, has the right to control Brasil Telecom if this controlling power affects the Company. The law impedes that the controlling group affects the Companys objectives.
2) The problem is not caused by the fact that Telecom Italia left the block of control of Brasil Telecom to return in the future. If Telecom Italia was a part of Brasil Telecoms block of control at the moment when Brasil Telecom acquired the PCS licenses, the Italian partner couldnt avoid that acquisition due to a legal conflict. This conflict would come up anyway, once Telecom Italia holds a mobile operation in the same region, thus being a competitor of Brasil Telecom.
3) Telecom Italia decided, unilaterally, to acquire the PCS license and because of this establish a conflict with a Company where it holds a stake. The telecommunications legislation didnt allow and dont allow that a parent company and a subsidiary provide the mobile service in the same region.
4) In order to conciliate both initiatives the Telecom Italias return to the block of control of Brasil Telecom and the mobile operation being provided by Brasil Telecom we proposed a mobile operation which would be conducted by both companies, but Telecom Italia didnt agree on that. Then we submitted to the Board of Directors a change in our By-laws. The goal was to make clear that Telecom Italias representatives wouldnt be allowed to vote only in the subjects related to the mobile operations.
We agree that there are synergies between the wireline and the wireless operation. But who owns the wireline operation is Brasil Telecom, and not Telecom Italia. There is no sense in the fact that Brasil Telecom should benefit Telecom Italias operation.
It is not true that we are acting in order to defend Opportunitys interests. It is worth mentioning that, considering the fact that Opportunity doesnt have a similar operation, its interests match with those of Brasil Telecom. It is also important to mention that it is not true that Opportunity does not hold a stake in Brasil Telecom. The stake that Opportunity holds in Brasil Telecom is much higher than the one held by Telecom Italia.
Brazil, Brasilia, September 16, 2003
BRASIL TELECOM PARTICIPAÇÕES S.A.
/S/ Paulo Pedrão Rio Branco
Name: Paulo Pedrão Rio Branco
Title: Financial Executive Officer