1. TELE NORTE LESTE TELE NORTE LESTE PARTICIPAÇÕES S.A. PARTICIPAÇÕES S.A. Conference Call 3Q02 Conference Call 3Q02

2. I.Events of the quarter II.Financial Results III.Debt Profile/ Hedge Position IV.Oi V.Outlook VI.Q&A Session Agenda Slide 2

3. 1.Oi’s Operational Launching 2.Domestic Long Distance Service 3.International Long Distance Service 4.Acquisition process of Pegasus 5.Operating in other regions Anatel Targets: Reaping the Benefits Slide 3

4. Results of the New Services Slide 4 DLD (Interregional):  R$ 18 million in 60 days! ILD (International):  R$ 2 million in 90 days! 500,000 clientes in just 3 months! Coverage 2,300 operational sites 14 states / 396 cities covered Domestic & International Roaming

5. Economic Environment Slide 5 Exchange Rate (USD) Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 R$ 2.35 R$ 2.84 R$ 3.89 EMBI Brazil ( JP Morgan) Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 870 points 1,527 points 2,396 points

6. Revenue Growth – Net Revenues (R$ million) Slide 6 Main Drivers: Local Services LD Services Wireless Services (Oi) +17% 3Q01/ 3Q029M01/ 9M02

7. Gross Revenue Growth - 3Q02/ 3Q01 Service Breakdown Slide 7 37% 4% 19% 50% 14% 17% LocalLong DistancePay PhoneDataFixed Mobile Network Usage Average = 18%

8. Cost / Expenses Performance (R$ million) Slide 8

9. Ebitda (R$ Million) Slide 9 3Q01/ 3Q029M01/ 9M02 42% Ebitda Margin 17% 33% 51% 48% 3Q014Q011Q022Q023Q02 49% Consolidated TMAR

10. Financial Results Slide 10 3Q022Q02 Financial Revenue163 136 Interest on Loans/ Dividends236 187 Monetary & Exchange Variations556 333 Premiun Amortizations, PIS, Confins94 41 Others3 7 Financial Expenses1.021 636 Net Financial Result859 500 Atualizations(CPMF,JCP,Div, Contingencies) 133 68 Exchange Loss (Mn): Monetary and Exchange Var.: R$ 556 Net Interest Expenses: R$ (228) Dollar Based Financial Rev.: R$ (93) TOTAL:R$ 235 16 235 = 6.8% Cash Effect Accounting Effect

11. Capex (R$ Billion) Slide 11 3Q01/ 3Q02 9M01/ 9M02 Capex/ Net Revenue 16%14% 16% 110% 120% 85% 79% 1Q012Q013Q014Q011Q022Q023Q02

12. 3Q02 Consolidated Net Result Main Effects Slide 12 (R$ 235 Mn) F/X Losses Net Loss (R$ 382 Mn) (R$ 297 Mn) Oi’s Net Loss

13. Debt Profile – Net Debt (R$ Million) Slide 13

14. Debt Profile Slide 14 Debt Currency Breakdown 46% 11% 10% 33% Local US$ Yen (Swap to US$) CY Basket 52% 0.5% 15% 20% 13% IGPM CDI TJLP Fixed Reais Rate Libor Interest Index Currency%Cost US$46Libor + 5% p.a Yen111.7% p.a Basket1012.3% p.a Real3316.0% p.a Cost of Debt

15. Debt Profile - Maturity Slide 15

16. Debt Profile Slide 16 Short Term Swap/ Swap to Maturity USD MM 67.6% 13.1% 13.8% 5.5% Short Term Swap Swap to Maturity Unhedged Position Dolar Linked 142% 103% 75% 72% 50% 10 110 210 310 410 510 610 710 810 910 20032004200520062007 onward Current Hedge BookHedging Demand Hedge Structure

17. Oi Slide 17

18. Slide 18 Outlook

19. Q&A Session Slide 19

20. This presentation contains forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements and involve inherent risks and uncertainties. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. “SAFE HARBOR” STATEMENT Investor Relations Rua Humberto de Campos, 425 / 8º andar Leblon Rio de Janeiro -RJ Phone: ( 55 21) 3131-1314/1313/1315 Fax: (55 21) 3131-1155 E-mail: invest@telemar.com.br Visit our new website: http://www.telemar.com.br/ri