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 Attachment  1 
 Top  25  Global  Public  Telephone  Operators'  (PTO's)  Revenue 


 Rank  Company  Origin  Country  1997  Revenue  (US$  billions) 
 1998  Revenue 
 (US$  billions) 
 1998  %  of  Global 
 Market 
 1  NTT  Japan  71.5  90.0  11.25%  2  AT&  T  Corporation  USA  51.0  53.2  6.65% 


 3  Deutsche  Telecom  Germany  38.9  40.1  5.01%  4  Bell  Atlantic  USA  30.4  31.6  3.95% 
 5  SBC  Communications  USA  24.9  28.8  3.60%  6  France  Telecom  France  26.0  27.7  3.46% 
 7  Telecom  Italia  Italy  25.0  26.4  3.30%  8  British  Telecom  UK  26.3  25.9  3.24% 
 9  GTE  Corp.  USA  23.3  23.6  2.95%  10  Telefonica  Spain  17.4  19.6  2.45% 
 11  MCI  Worldcom*  USA  19.7  17.7  2.21%  12  Telstra  Australia  16.5  17.3  2.16% 
 13  Sprint  USA  14.9  16.0  2.00%  14  Bell  South  USA  13.8  14.7  1.84% 
 15  Cable  &  Wireless  UK  n/  a  11.6  1.45%  16  Ameritech  USA  11.1  11.4  1.43% 
 17  U.  S.  West  USA  9.6  9.9  1.24%  18  KPN  Netherlands  n/  a  8.4  1.05% 
 19  DDI  Japan  n/  a  7.9  0.99%  20  Swisscom  Switzerland  6.4  7.2  0.90% 
 21  Telmex  Mexico  8.6  9.3  1.16%  22  Hong  Kong  Telecom  Hong  Kong  n/  a  4.5  0.57% 
 23  KDD  Japan  3.5  2.8  0.35%  24  Singapore  Telecom  Singapore  4.4  4.9  0.61% 
 25  SK  Telecom  South  Korea  3.1  2.5  0.32% 
 Top  25  Total  $513.1  64.13% 


 Total  Global  Telecom  Market  $800.00  100.00% 
 *  MCI  Communications  and  WorldCom  merged  in  1998.  The  1997  revenue  data  are  only  for  MCI  whereas  the  1998  data  reflect  the  new  merged  entity. 


 Sources:  1.  Morgan  Stanley  Dean  Witter,  "Global  Wireline  Communications  Industry:  1998",  Global  Telecom  Team  (April  13,  1998). 
 2.  Morgan  Stanley  Dean  Witter,  "The  New  Age  of  Telecommunications:  What  Does  It  Take?",  The  Telecommunications  Group  (March  16,  1999). 
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