Reviews on Market America Home Business by alo15424


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									Andrew E. Fyfe
SINTRA Consulting Inc.
10512 Democracy Lane
Potomac, Maryland 20854
301 983 6741
391 384 5288 fax
240 401 1202 mobile

Telecommunications Consultant


Certified Diploma in Accounting and Finance, United Kingdom.
Graduate of the Institution of Electronic and Radio Engineers
Chartered Electronic Engineer, United Kingdom.

Employment Record
SINTRA Consulting Inc.
President 2001- present
Recent consulting assignments have included work for regulators in the Bahamas, Barbados, and
ICASA in South Africa and regulatory work for major telecommunications company in Brazil.
Other assignments have included network asset equipment and rights of way appraisals, business
plan development and market assumption reviews for new entrant fixed and mobile operators in
the Caribbean and Africa, and benchmarking the second long distance operator in Brazil
financially and operationally.

PricewaterhouseCoopers LLP, Director, 1997 to 2001; Principal Consultant, July 1995 to June
1996; Senior Manager, 1993 to June 1995.

Quaestus Limited Partnership, Venture Capital, Principal, October 1990 to 1993.
Managed investment portfolio companies and identified and evaluated investment opportunities
in early stage telecom and information companies

Cable and Wireless plc., Director of Marketing, London 1989 to 1990 responsible for the
creation and launch of global business to business services. Mr. Fyfe held a number of
engineering management, business management, marketing positions in Europe, Africa,
Caribbean and Latin America during a career spanning 30 years. This included Regional
Marketing Manager/Regional Business Manager, Bermuda, Caribbean and Atlantic Region,
1986 to 1989, a region that included 18 telecommunications businesses from Cayman islands to
Trinidad; General Manager, Antigua, 1983 to 1986; Senior Consultant, Ministry of PTT,
Republique Uni du Cameroun, 1981-83. He was responsible for re-negotiating most of the
licenses held by C&W in the Caribbean.
Consulting Assignment Experience
Mr. Fyfe has carried out a wide variety of consulting assignments in 30 countries in Africa, Asia,
Europe, Latin America, Middle East, the Caribbean and the US. His telecommunications work
has included market, organizational, regulation and sector reform and financial aspects of the
telecommunication sector in competitive, monopoly and partially liberalized markets. Recent
work has involved trade competitiveness issues and private sector employment in technology in
the Middle East. Clients have included the World Bank, US Trade Development Agency,
USAID, the European Commission, Asia Development Bank and a number of governments and
private sector companies. Projects directed have ranged in scope from a few days to 4 years and
in value from $10,000 to $13.2 million.

Telecom Markets
Regulatory Review
Wrote regulatory reviews of the telecom sector for a big five consulting firm for 5 Latin
American countries to update their guide to doing business in those countries

Barbados Fair Trade Commission
Review of five years rate of return regulatory accounts of the incumbent monopoly local
telephone service provider, verify the rate of return calculations, comment on fixed asset lives
and comment on the regulatory issues raised by the decisions of the Public Utilities Board over
the last 10 years in light of the anticipated de-regulation of the sector.

ICASA – South Africa Regulator
Advised the South African regulator, ICASA, during the selection of the second national
operator. This included evaluation of Black Empowerment bidders, evaluation of the position of
the State owned enterprise partners and evaluation of bids from strategic investors. The project
lasted from June 2002 to February 2003.

Major Fixed Line Telephone Company in Brazil
Directed a regulatory strategy project for a 16 million line incumbent fixed line telephone
company. The project included advice on strategies to minimize the impact of pressure from the
incumbent long distance operator calling for unbundling of the local loop and reduction of
interconnection charges. In association with a LRIC model assisted the client with evaluation of
alternative strategies and to provide information to support particular regulatory postures in the
context of the evolution of unbundling, co-location and interconnection in the US and Europe.

Major Los Angeles Law firm’s client
Independent appraisal of the assets of the ENRON Broadband telecom hotel in San Jose,
California. Valued the AC and DC power systems and distribution including backup generator,
air-conditioning, fiber optical interconnection systems, digital GPS synchronism system,
equipment and equipment racks, leasehold improvements including floors, ceilings, distribution
wiring and racking under different scenarios for possible acquisition by client.

Brazilian Long Distance Operator
Designed a fixed asset equipment classification system to facilitate regulatory and other costing
needs of the company.

Major Utility - Rights of Way Valuation
Valued the Rights of Way for an equity position in a carrier’s carrier Fiber Optic Network joint
venture. Appraised Rights of Way easements in the light of four methods commonly used for
valuing rights of way. Identified values in markets outside Venezuela and derived a method for
translating them to the Venezuela market taking into account size, competitiveness and timing.
Developed a negotiation strategy for increasing client’s stake in the JV proposed. Evaluated the
potential JV partner and suggested other possible partners.

JORDAN Government, Ministry of Communications
Valuation of Jordan Telecom by discounted cash flow, asset and comparable companies and
transactions. Development of a privatization strategy. Evaluation of the potential for a public
offering or a strategic sale. Evaluation and advice on how to transfer government employees to
the private sector social security system.

Government of the Republic of Indonesia, Ministry of Finance, Project Manager, 1994 to
1995. Advised the Ministry of Finance of the Government of Indonesia on issues such as
interconnection, regulation, privatization strategy and capital project expansion strategies.

Rural Telecommunications Development (Poland - PHARE Programme No. 9008), Project
Manager, 1995 to 1996. Assisting the Ministry of Telecommunications of Poland in the
preparation of a rural telecommunications development strategy.

PwC Barbados – New Entrant Operator – Barbados
Review financial business plan assumptions including projected market share in respect of all
fixed (voice and data), mobile and internet services for entry into the Barbados market in
competition with BARTEL, BET and the cellular operator owned by those companies.
Suggested changes which were adopted.

PwC Barbados – New Entrant Operator- 5 OECS Islands
Review financial business plan assumptions including projected market share in respect of all
fixed (voice and data), mobile and internet services for entry into the Barbados market in
competition with Cable and Wireless (WI) Ltd’s operations in those islands. Locations were St.
Lucia, Grenada, St. Vincent and the Grenadines, Dominica and St. Kitts and Nevis. Suggested
changes which were adopted.

Advised the board and management at a period of acute cash flow constraint that eventually led
to voluntary liquidation. Suggested improvements on markets, cash flow management, billing
and collections. Negotiated new terms with the largest creditor which added 6 months to the life
of the company.

Assessment of the Fixed Asset Recording and management for a new entrant local
telephone company in Brazil
Analyzed the existing fixed asset recording procedures and processes and made
recommendations for improvements

Barbados Fair Trade Commission
Reviewed regulatory accounts filings for 5 year period, advised on asset lives, Rate of Return
regulatory issues, reviewed Rate Base, Rate of Return on Equity and rate Base compliance and
made regulatory recommendations.
Bahamas Public Utilities Commission – Second Cellular License advice
Evaluation of the PUC’s options for raising a license fee for the second cellular license to be
awarded and provide justification for charging a fee in excess of the cost of regulation under
existing legislation. This took into account market transactions in other jurisdictions and market
trends. Analyzed the significance of Calling Party Pays versus other charging systems and
evaluated the consequences of changing from RPP to CPP when a new license is issued.

Headcount evaluation of a major long distance operator in Brazil
Head count analysis by benchmarking the company’s main functional areas against peer
operators in Latin America and Europe and recommended efficiency improvements in certain
areas amounting to a 10% reduction overall. Identified the main drivers for improved efficiency.

Major Global Submarine cable Operator
On behalf of the client he is directing a competitive analysis of the carriers carrier market in five
countries in Latin America.

Major long distance operator in Chile
On behalf of the client participated at subject matter expert in identifying substantial cost savings
for a long distance operator whose costs remained too high after market prices fell. Substantial
savings of were identified and over 60% had been implemented within three months
VoIP Due Diligence
On behalf of a client considering an investment in a multi-country Voice over IP early stage
company, completed technical, market, and competitive and regulatory due diligence for
operations in three countries in South America (Argentina, Brazil, and Chile). The client
proceeded with the acquisition.

Long distance and international telephony operator in Brazil – sales and marketing
Directed a project to re-design the sales and marketing department to reflect the needs of the
business after commencement of operations.

This led to a second project to design the structure for the new COO’s department and the
relationship between projects department, network planning, construction, and operations,
marketing, IT and Finance.

Major European telecommunications equipment manufacturer
For a client with extensive sales in Latin America, a strategic review of the telecommunications
market in Latin America in general with special focus on Argentina, Brazil, Chile and Mexico
and new technologies uptake in those countries.

Long distance and international telephony operator in Brazil – financial modeling
Directed a project involving creating a financial model designed to assist the company in
obtaining finance for network build out and operations. The Business Planning model enabled
the client to calculate return on investment, shareholder returns and cash flow under a variety of
scenarios. The client obtained financing and is now providing services to customers.
Major fixed local telephone holding company in Brazil
Provided high level telecommunication industry advice to the client and PwC teams involved in
ERP implementation, shared services center concepts and implementation, and Activity Based
Costing projects including meetings with corporate management to make specific arguments in
favor of particular. The holding has 16 state telephone company properties and installed
capacity of over 10 million lines.

Private Sector client, pre-feasibility study for submarine fiber optic cable between South
and North America
Directed a project that identified the key success factors in the finance, technology, market
demand, and competition affecting the feasibility of a $700 million submarine cable investment
project. The project included a financial model designed to quantify the key determinants of
financial success in terms of sales, timing, pricing and operational costs.

U.S. Agency for International Development (USAID), Honduras, Hondutel Pre-
Privatization Advisory Services, Project Director, 1993 to 1995. Advised the Government of
Honduras on the regulation, restructuring and pre-privatization strategies for Hondutel, the
country's national telecommunications monopoly enterprise. Project tasks included: conducting a
diagnostic review of Hondutel; performing a fixed asset and discounted cash flow valuation;
performing a tariff study; reviewing the legal framework surrounding the company and its
potential privatization; and developing a privatization strategy based on the findings.

World Bank, Paraguay, Restructuring of the Administracion Nacional de
Telecomunicaciones, (ANTELCO), Project Manager, 1994. Advised the Government of
Paraguay on the restructuring of ANTELCO. Valuation of ANTELCO on a DCF, net asset and
comparable transactions and comparable companies basis. The project included financial,
technical and human resource audits and strategic development plans, tariff review, and business
plan preparation as preliminary steps to the possible privatization of ANTELCO.

Transaction Experience
DTV Japan
For a major Direct to Home satellite broadcaster in Japan conducted a valuation of $100 million
of fixed assets for break up and several re-use scenarios.

MCI, Buy side Due Diligence Embratel Acquisition
Mr Fyfe worked with a team performing financial due diligence for MCI in Brazil in the
Telebras companies privatization process in 1998. This led to the successful bid of $2.6 billion
for the acquisition of the Brazilian national and international long distance carrier Embratel

A Major Latin American Telephone Company, Bank Advisory Group, Project Manager,
1995. On behalf of an international committee of 23 banks, oversaw a team of consultants
responsible for conducting business, technical, and financial due diligence regarding the cash
flow projections of a major privatized Latin American telephone company in order to reach
agreement with the company on restructuring $1billion debt.
Telecomunicaciones de Mexico -Business Privatization Strategy and DCF Valuation,
Project Director, 1995 to 1996. Directed a group of consultants advising the Government of
Mexico, Secretaría de Communicaciones y Transportes, in preparation for the privatization of the
Mexican Satellites Morelos I and Solidaridad I and II. The work included an asset, DCF, and
comparable company analysis, valuation of the newly created satellite business which led to the
formation of Satelites Mexicanos S.A. de CV. The project included valuation of the fixed
assets, competitive analysis, analysis of revenues, space segment contracts, pricing of services
and recommendations for changes. Competitive assessment of the space segment, teleport and
mobile satellite businesses of Telecomunicaciones de Mexico. Loral purchased a controlling
interest in SatMex for US$740 million.

Empresa de Telecomunicaciones de Santa Fe de Bogota, Colombia, Valuation of Fixed
Directed a team which valued the fixed assets of the 1.6 million line municipal Telephone
Company for the city of Bogota to assist the Municipal Council in assessing privatization
options. This has led to a second project which involved reconciliation between financial
information and operational information in order to correct the fixed asset register discrepancies,
and a third project in 1998.

Dresdner Kleinwort Benson
Due diligence on the telecommunications services, operations and network assets for the
privatization of ETB (Empresa de Telecomunicaciones de Santa Fe de Bogota) and writing the
relevant sections of the Information Memorandum for the privatization of ETB, 1998 and 1999.
Potential value of the sale US$3-4billion. Transaction is on going.

SMR Market Assessment
For a major New York based investment bank analyzed the Trunk Radio (SMR and ESMR)
competitive and market assessment in Brazil and business prospects of an equity collateral in a
company providing SMR services in Brazil. Reviewed the investment plans, market,
competition, regulation, pricing and business prospects for the investment in Brazil to enable the
bank to negotiate a valuation of the equity holding in a dispute between a borrower and the bank.

U.S. Agency for International Development (USAID), Zambia Telecommunications
Company Limited (ZAMTEL), Transaction Related Consulting Services, USAID/RTRP,
Project Director, October 1996 to 1998. Oversight of the project, which included full diagnostic
of the company, recommendations for regulatory and legal environment changes, valuation of
the company, restructuring the balance sheet, and complete review of human resources,
operations, and finance in preparation for the sale. A privatization strategy was proposed to the
Government of Zambia which did not proceed for lack of political will.

U.S. Agency for International Development (USAID), Nicaragua, Privatization of Telcor,
Project Director, 1993 to 1997. Directing the restructuring of the telecommunications sector and
privatization of Telcor, the Nicaraguan telephone company. The project involved setting
regulatory policies, calculating cost-based and re-balancing of tariffs, conducting a diagnostic
review and valuation of the company, transforming Telcor into a limited liability company
(ENITEL), and formulating privatization and bidding strategies. The project encompassed the
pre-qualification of bidders, and negotiation assistance for the sale by public tender of up to 40%
of the equity of ENITEL to a strategic investor. This final phase of the project included the
preparation of all the transaction documents for a strategic investor to obtain management
control, including Concession Agreement, Management Agreement, Shareholders Agreement,
Sale of Securities Agreement, etc. The process was suspended by the Government in 1996 as a
result of investor uncertainties related to the national elections.

Honduras Financial Advisory Services, Project Director, January 1997 to 2000 of the
PricewaterhouseCoopers team in the NM Rothschild consortium, assisting the Government of
Honduras in providing financial advisory services for the sale of Hondutel. This includes audits,
financial and technical reviews, asset valuation and transaction support services. Estimated value
of the transaction greater than US$200 million.

Other Relevant Experience

Zimbabwe, Telecommunications Financing Workshop, Project Manager, 1994 to 1995.
Oversaw the coordination of a Telecommunications Financing Workshop for senior level
telecommunications officials, ministers, and financiers. In addition, delivered presentations at the

Government of Swaziland, Selection of a Cellular Strategic Partner
Directed the advice to the government in on the process, supervision of the selection process and
selection of a suitable partner to establish a JV to exploit a national cellular license including
evaluation of the proposed network investment plan.

Botswana Telecommunications Company, Selection of a Cellular Strategic Partner
Directed a project to assist BTC in the evaluation of bids, and the selection of a partner for it’s
application to the Government for a cellular license.

Government of Barbados, BARTEL Cost Study
Directed a project that analyzed the costs of interconnection between the two private sector
monopolies Barbados External telecommunications Ltd and Barbados Telephone Company
Limited. Recommended a series of changes leading to timed local calling tariff options and
access charges together with a reduction of cross subsidies between international and local

Ministry of Finance, Kuwait – World Bank
Analyze the success that the private telecommunication sector (mobile and ISP's) has had in
employing Kuwaiti's who traditionally have avoided the private sector. Identify the lessons to
be learned for private sector employment in general in Kuwait given the government's need to
shift from a situation where 98% of Kuwaiti's work for the public sector. Interviewed companies
senior management, collected data by interview, questionnaire and data tables. Benchmarked the
private sector and government telecommunication entities against comparable companies in the
region for efficiency in use of Human Resources. Contrasted with government’s initiatives for
job creation and make recommendations within the context of the historic guarantee of jobs for
all in government that is now becoming unsustainable.

Computer Frontiers – TDA Definitional Missions El Salvador and Costa Rica
Evaluate projects submitted by the governments of El Salvador and Costa Rica as suitable for
funding within the framework of the CAFTA (Caribbean Free Trade Agreement) negotiations.
The projects submitted were evaluated for compliance with TDA’s objectives. Three projects
were short listed for El Salvador and two fro Costa Rica The projects were developed on a two
week country mission to each country and scope of work was prepared for possible TDA grant
funding. Two projects were recommended for Costa Rica and two for El Salvador. Projects
included support for micro, small and medium enterprise, support for the software industry each
country and adding importation functionality to the existing El Salvador electronic exportation
processing system

Other Professional Experience:
Quaestus Limited Partnership, Principal, 1990 to 1993. Researched and completed financial,
legal and intellectual property due diligence and closed venture capital investment funding of
emerging high technology telecommunications businesses. Managed two portfolio companies
and was Chairman of the Board of one.

Cable and Wireless plc., Director of Marketing, World Telephone Company Group, 1989 to
1990. Established marketing function for new strategic business unit (now CW Business
Networks), recruited professionals with responsibility for the creation, launch and life cycle
management of branded global services for Cable and Wireless (C&W) Group of companies
worldwide. Negotiated and appointed public relations and advertising firms for worldwide
service promotion.

Responsible for the managing all day to day aspects of C&W's alliance with US Sprint and in
particular the joint development of the Alliance Global brand and telecommunications products

Cable and Wireless plc., Regional Business Manager, Bermuda, Caribbean and Atlantic
Region, 1986 to 1988. Regional Marketing Manager, (Bermuda, Caribbean and Atlantic Region),
1988 to 1989 (title change to reflect changed emphasis). Responsibilities included strategic
business planning through strategic marketing and acquisitions. Increased number of businesses
in the region from 18 to 22. Responsible for reviewing and approving the business plans of all
C&W companies, subsidiaries and associated companies in the region to ensure the consolidated
plan met regional goals agreed with C&W plc Main Board. The business increased from $120
million to $525 million per annum when acquisitions completed (Jamaica, Trinidad and
Grenada) and is now by organic growth a $1billion a year business unit.

Created a telecommunications marketing department of 25 professional staff responsible for new
product development, licenses, regulatory matters and tariffs for the 18 C&W subsidiary
telephone companies in the Caribbean Region. Re-negotiated several concession agreements
with governments in the region. Negotiated acquisition of government owned telephone
companies for C&W, restructured and merged them with C&W's international
telecommunication operating subsidiary in each country, creating Joint Ventures between C&W
and government leading to the establishment of Grentel (Grenada Telecommunications Limited),
Telecommunications of Jamaica, Telecommunication Services of Trinidad and Tobago. Created
joint ventures with other private sector partners for regional paging and regional cellular radio
companies. Chairman of the Board of Boatphone, the Caribbean Regional cellular telephone
system, member of Board of St. Kitts and Nevis Telecommunications Company, and Caribbean
Paging and Information Systems. Negotiated sale of holding in Chilean subsidiary, VTR to
Chilean investment group.

Languages:    English, native
              Spanish, fluent.
              Portuguese, read well, spoken good

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