TNE » Topics » PRESENTATION OF FINANCIAL AND OTHER INFORMATION

This excerpt taken from the TNE 20-F filed Jul 13, 2009.

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

All references herein to “real,” “reais” or “R$” are to the Brazilian real, the official currency of Brazil. All references to “U.S. dollars,” “dollars” or “US$” are to U.S. dollars.

On July 6, 2009, the exchange rate for reais into U.S. dollars was R$1.971 to US$1.00, based on the selling rate as reported by the Central Bank of Brazil (Banco Central do Brasil), or the Central Bank. The selling rate was R$2.337 to US$1.00 at December 31, 2008, R$1.771 to US$1.00 at December 31, 2007 and R$2.138 to US$1.00 at December 31, 2006, in each case, as reported by the Central Bank. The real/U.S. dollar exchange rate fluctuates widely, and the selling rate at July 6, 2009 may not be indicative of future exchange rates. See “Item 3. Key Information—Exchange Rates” for information regarding exchange rates for the Brazilian currency since January 1, 2004.

Solely for the convenience of the reader, we have translated some amounts included in “Item 3. Key Information—Selected Financial Information” and elsewhere in this annual report from reais into U.S. dollars using the selling rate as reported by the Central Bank at December 31, 2008 of R$2.337 to US$1.00. These translations should not be considered representations that any such amounts have been, could have been or could be converted into U.S. dollars at that or at any other exchange rate.

Information in this annual report is presented giving effect to our acquisition of control of Brasil Telecom in the Brasil Telecom Transaction on January 8, 2009. However, financial and other data included in this annual report regarding TNL and its consolidated subsidiaries as of December 31, 2008 and earlier dates and for periods ended on December 31, 2008 and earlier dates is historical in nature and does not give pro forma effect to the Brasil Telecom Transaction.

Unless otherwise indicated or the context otherwise requires:

 

   

all references to “TNL” are to Tele Norte Leste Participações S.A.;

 

   

all references to “our company,” “we,” “our,” “ours,” “us” or similar terms are to Tele Norte Leste Participações S.A. and its consolidated subsidiaries;

 

   

all references to “TmarPart” are to Telemar Participações S.A., the immediate holding company of TNL;

 

   

all references to the “Brasil Telecom Transaction” refer to the acquisition of control of Brasil Telecom Holding and Brasil Telecom pursuant to the Share Purchase Agreement, dated April 25, 2008, by and among Invitel, each of the shareholders of Invitel and Banco de Investimentos Credit Suisse (Brasil) S.A., or Credit Suisse, as Comissário, or agent, on our behalf, as described under “Item 4. Information on the Company—Our History and Development—Acquisition of Brasil Telecom;”

 

   

all references to “Invitel” are to Invitel S.A., the indirect holding company of Brasil Telecom Holding, which we acquired on January 8, 2009;

 

   

all references to “Brasil Telecom Holding” are to Brasil Telecom Participações S.A., an indirect subsidiary of Invitel, and as a result of our acquisition of Invitel on January 8, 2009, an indirect subsidiary of TNL;

 

   

all references to “Brasil Telecom” are to Brasil Telecom S.A., a subsidiary of Brasil Telecom Holding, and as a result of our acquisition of Invitel on January 8, 2009, an indirect subsidiary of TNL;

 

   

all references to “Brazil” are to the Federative Republic of Brazil; and

 

   

all references to the “Brazilian government” are to the federal government of the Federative Republic of Brazil.

 

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