Final Results

ANNOUNCEMENT

25 May 2011

CABLE & WIRELESS COMMUNICATIONS PLC

RESULTS FOR THE YEAR ENDED 31 MARCH 2011

EBITDA and adjusted earnings per share are defined in the footnotes on the following page, a reconciliation of EBITDA is provided on page 26

Commenting on the Group results, Tony Rice, Chief Executive of Cable & Wireless Communications Plc, said:

"Since demerger in March 2010 we have made good progress on our strategy.

"All four of our business units are doing the right things to position themselves for the future and to advance our vision of delivering world class communications to local markets. We have improved our network coverage and quality, especially in the Caribbean, and maintained market leading positions in all of our key markets. We have also extended our product offering in mobile data, pay TV, managed services and carriers - we grew pay TV in Panama, launched mobile TV and opened the East-West undersea cable in the Caribbean and have accelerated mobile data growth in Macau and Monaco & Islands. Further we have made the first steps in expanding our operating activities in the Pan America region with the award of the 911 contract in El Salvador and the cable access partnership with Cuba.

"We also made initial steps to reshape the Group, disposing of our operations in Bermuda and adding to our Caribbean business with the purchase of a majority shareholding in the Bahamas Telecommunications Company (BTC). Both transactions show our commitment to reshape the portfolio.

"Financially, three of our business units, Panama, Macau and Monaco & Islands, have progressed well and their aggregate EBITDA increased on a like-for-like basis. The Caribbean has been more difficult than we anticipated at the time of demerger and we continue to face weak or declining economies across the region.

"Looking ahead, 2011/12 will be a year of transition and investment for CWC. We expect the underlying progress in Panama, Macau and Monaco & Islands to continue however we are cautious on the economic and financial outlook for the Caribbean (excluding BTC) where it is prudent to assume an EBITDA range of US$180-210 million.

"We remain committed to providing returns to shareholders. The Board has recommended a final dividend of US5.33 cents per share, giving a full year dividend of US8 cents. Subject to the financial and trading performance, we also expect to recommend a full year dividend of US8 cents per share in 2011/12."

Analysis of Group results (from continuing operations)

Revenue increased by 4% to US$2,440 million. This reflected a very strong performance in Macau where we saw revenue increase by 19% benefiting from strong mobile and increased enterprise activity as well as the inclusion of a full year consolidation of the Maldives business. Growth was partially offset by the Caribbean which continued to experience difficult trading in mobile and fixed line.

Group EBITDA increased by 1% to US$872 million as strong contributions from Macau and Monaco & Islands (including a full year consolidation of the Maldives business) were offset by poor trading in the Caribbean.

Reported total operating profit was US$536 million. This reflects a net exceptional credit of US$6 million compared to a US$82 million charge last year driven by the demerger and other restructuring costs. Profit for the year from continuing operations was US$344 million, reflecting the lower level of exceptional costs and the gain on the disposal of our business in Bermuda. Adjusted earnings per share were US7.2 cents and the Board has recommended a full year dividend of US8 cents per share.

On a like-for-like basis, adjusting the prior period by including a full year of the Maldives and at constant currency, revenue for the Group would have been 1% higher and EBITDA for the Group would have been 3% lower than last year.

REVIEW OF CWC OPERATIONS

CWC income statement

Panama

·; Financial performance rebounded strongly in second half

·; Solid growth in enterprise revenue

·; Maintaining market leadership

Revenue at US$623 million was in line with the same period last year.

Mobile revenue was up 1%, another consecutive year of growth, to US$307 million maintaining its market leading position. Subscribers grew by 3% but ARPU declined as promotional activity impacted our rate per minute, partially offset by non-voice revenue growth in the second half of the year. Non-voice revenue has grown by 33% on last year and now represents 11% of our mobile service revenue. Data revenue increased as we launched a number of programmes to strengthen usage and subscriber numbers, such as hybrid data and voice plans. 69% of our postpaid subscribers now have data plans.

Broadband & TV revenue grew strongly by 21% to US$57 million, providing the second consecutive year of double digit growth. Competition and discounting on our triple-play offering diluted the broadband ARPU in the year but this was partially offset by subscriber growth of 4%. Pay TV contributed well with subscribers growing to 44,200 and we extended our network footprint to over 235,000 homes. Over 60% of our TV subscribers take additional triple-play services from us.

Fixed voice revenue declined by 13% to US$149 million largely due to competition in the domestic market, a further decline in international rates and substitution of voice minutes to mobile.

Enterprise, data and other revenue of US$110 million increased by 10% as we were awarded a number of large contracts including the provision of a national voice and data network for government institutions, remote mammography scanning and the provision of a wide area network for the Ministry of Justice. This strong momentum has continued into 2011/12 and we announced three new large contracts in April 2011: a project with the Second Judicial District to modernise the IT systems of the criminal justice system; a contract to provide a national telecommunications network for the country's Ministry of Security; and a contract to supply and manage an emergency services call system for the national police force in El Salvador - our first contract outside Panama.

Gross margin fell by 3% to US$421 million, largely as a result of the change in revenue mix and competitive pressures on mobile rates.

Operating costs at US$145 million were 3% lower than last year as increased marketing costs to support our fixed and mobile brands were offset by lower spend in network and other administrative costs.

As a result EBITDA fell 2% to US$276 million and EBITDA margin reduced by 2 percentage points to 44% in the period.

Our proportionate ownership of Panama EBITDA for the year ended 31 March 2011 was 49%.

Caribbean

·; EBITDA in second half in line with first half

·; Limited near-term prospects of material economic recovery

·; Implementing our 'win-back' plan for Jamaica - launching mobile TV in December last year and expanding our 3G coverage

We saw little improvement in the trading environment in the Caribbean over the period and this was reflected in revenue being 3% lower than last year.

Mobile revenue at US$302 million was 6% lower than last year although it was stronger in the second half than the first half. ARPU in the second half of the year improved by 3% as non-voice usage increased. We maintained our market positions and launched mobile TV in Jamaica which has attracted new customers and improved our brand perception. The regulatory environment in Jamaica continues to be a concern and we are taking appropriate steps so that the proposed merger between two mobile competitors in Jamaica will not further undermine the ability of our business to compete effectively. Today we have announced that we will provide the iPhone4 in our Caribbean markets including our joint venture in Trinidad & Tobago.

Broadband & TV revenue was 6% better than last year at US$105 million as ARPU across the region increased by 3%. Broadband subscribers have declined during the year as a result of churn, primarily in Jamaica, reflecting credit issues and an increasingly competitive environment.

Difficult market conditions and structural decline continue to impact fixed voice revenue, which fell by 9% to US$278 million. We saw lower usage from ongoing traffic substitution and subscribers continued to churn, primarily in Jamaica, due to affordability constraints resulting from the economic environment.

Enterprise, data and other revenue of US$165 million was 11% higher than last year. The East-West Cable link between Jamaica, the Dominican Republic and the British Virgin Islands was completed at the end of January and is already having a positive impact on the growth of this business line.

Gross margin fell by 5% to US$614 million, reflecting lower revenue and increased interconnect costs in Jamaica.

Operating costs of US$385 million were 2% higher than the same period last year. The business was adversely impacted by increased utility prices and we also stepped up our marketing expenditure to improve the perception of the LIME brand and to support the launch of new services such as mobile TV.

EBITDA of US$229 million was 15% lower than last year and the second half was in-line with the first half of the year.

Our proportionate ownership of Caribbean EBITDA for the year ended 31 March 2011 was 90% which will decrease to around 80% following the consolidation of the Bahamas business.

Bahamas acquisition

On 6 April 2011 we completed our purchase of a 51% stake in BTC for cash consideration of US$210 million. The company is the exclusive mobile operator in The Bahamas, as well as a leading provider of fixed line and broadband services. Under the terms of the acquisition, the liberalisation process for the mobile sector will commence no sooner than three years after privatisation.

For the statutory year ended 31 December 2010, the business had total unaudited revenue of US$343 million and EBITDA of US$79 million. At December 2010, the company had approximately 388,000 mobile customers, 123,000 fixed line customers and 19,000 broadband customers. The company is a full service provider and Bahamians will benefit from improved services as we leverage our scale and the regional Caribbean platform. In the short term a number of costs will be incurred as we restructure the business to improve service, network performance and efficiency.

Macau

·; Thriving economy - real GDP growth of 26% in the last calendar year; annual visitor numbers 15% higher and gambling revenue 57% higher

·; Another record year of financial performance - revenue up 19% and EBITDA up 8%

·; Mobile service revenue up 17%

Our Macau business performed strongly, with revenue increasing by 19% to US$377 million.

Mobile revenue increased by 37% to US$178 million driven by an increase in ARPU as mobile non-voice usage on smartphones and mobile broadband increased. This growth was supported by higher roaming revenue and an increase in handset sales following the successful launch of the iPhone4 in November 2010. Excluding handset sales, mobile service revenue was up 17%. The number of mobile data subscribers increased by 126% to 78,000 at the end of March.

Broadband subscribers grew by 4% which together with ARPU growth as subscribers demanded greater bandwidth resulted in broadband revenue increasing by 18% to US$53 million. During the period we introduced fibre broadband services to our customers in Macau offering download speeds of up to 100Mbps.

Fixed voice revenue of US$78 million was lower than last year due to mobile substitution effects with subscribers falling by 2%.

Enterprise, data and other revenue of US$68 million showed significant improvement, up 15% on the prior year. Macau continued to win enterprise contracts including the installation of cabling, data network infrastructure and guestroom entertainment systems for the Galaxy casino, a 2,200 room resort which launched this month.

Gross margin of US$206 million was 8% better than last year, though gross margin as a percentage of revenue was 6 percentage points lower, reflecting the impact of low margin mobile equipment sales in the period.

Operating costs of US$53 million were 8% higher than last year, largely due to increased costs for advertising our mobile broadband offering and higher staff costs to retain employees in the competitive local labour market.

EBITDA benefited from the growth in revenue and was 8% higher at US$153 million with an EBITDA margin of 41%.

Our proportionate ownership of Macau EBITDA for the year ended 31 March 2011 was 51%.

Monaco & Islands (M&I)

·; Like-for-like mobile revenue up 6%

·; EBITDA in line on a like-for-like basis at US$207 million

·; Disposal of Bermuda business

On a like-for-like basis (including the Maldives and at constant currency), M&I EBITDA was in line with the prior year. Operations in the Maldives, Monaco and Guernsey represented approximately 80% of M&I revenue and approximately 84% of EBITDA in the year.

Revenue increased to US$605 million. On a like-for-like basis, revenue was 1% lower on the same period last year.

Mobile revenue increased to US$240 million, up 6% like-for-like, driven by growth in non-voice revenue coupled with additional subscribers across the region. The Maldives performed particularly well as increasing tourist numbers resulted in higher roaming revenue. Mobile ARPU for M&I decreased by 26% as we consolidated the Maldives, which has a relatively lower ARPU, part of the way through 2009/10.

Broadband & TV revenue increased to US$47 million, up 19% like-for-like, as most businesses grew subscribers compared to last year. Our business in the Isle of Man launched broadband in October to complement our service offering.

Fixed line revenue decreased to US$96 million, down 2% like-for-like, where in most of our businesses customers substituted fixed voice minutes with other products. Subscriber numbers reduced by 110,000 as we disposed of our principally fixed line business in Bermuda.

Enterprise, data and other revenue of US$222 million decreased by 9% on a like-for-like basis as we ceased carrying low margin international transit traffic from Roshan in Afghanistan.

Gross margin increased to US$425 million, up 4% like-for-like, and gross margin as a percentage of revenue improved by 4 percentage points to 70% largely due to the loss of low margin transit traffic.

Operating costs were US$218 million, up 9% on last year on a like-for-like basis. Costs were higher in the Maldives as headcount increased to improve the operational control environment of the business. We also had additional restructuring and rebranding charges for Afinis, our African business, and higher licence fees in Monaco.

EBITDA at US$207 million was in line with the prior year on a like-for-like basis.

Our proportionate ownership of Monaco & Islands EBITDA for the year ended 31 March 2011 was 67%. If Bermuda had been excluded for the period, proportionate ownership would have been 66%.

After 31 March 2011, the Government of the Maldives announced that the currency of the Maldives would be allowed to float within a band of 20% in either direction around the previously fixed rate. The impact of a 20% devaluation of the Maldivian rufiyaa would have been to reduce EBITDA by approximately US$14 million in 2010/11.

Bermuda disposal

We completed the disposal of our Bermuda business on 10 March 2011 for total cash consideration of US$70 million. The decision was taken to sell the business as it was not a full service operation and therefore we felt it could not be further developed as part of the Group. Bermuda contributed revenue of US$38 million and EBITDA of US$13 million to the Group's results for the period.

Other includes management, royalty and branding fees, the costs of the London head office, net UK defined benefit pension charge, intercompany and joint venture eliminations. EBITDA of US$7 million was US$10 million higher than last year and included the release of provisions of US$8 million after re-assessing risks related to litigation and indirect tax provisions. The prior year included "Central costs" of the former Cable and Wireless plc pre-demerger.

Our share of profit after tax from joint ventures was US$31 million. Compared to last year, income from the Maldives was consolidated for the full year and no longer appears under joint ventures. This reduction was offset by US$17 million in allowances held against former joint ventures that have now been released following the re-assessment of these provisions.

The Group's share of profits after tax in TSTT was US$12 million lower at US$7 million. TSTT faced difficult economic conditions resulting in fixed line and mobile usage declines, whilst settlement of union litigation and increased handset subsidies to maintain market leadership further impacted results. We also saw increased levels of depreciation following capital investment in the network during the year. Our share of profits after tax in Roshan increased by US$9 million driven by revenue growth as mobile customers grew 35%, maintaining market leadership. The prior year also included an impairment to the mobile network.

Capital expenditure was US$354 million, 14% higher than last year and representing 15% of revenue. Our principal investments were to increase our capacity and coverage footprint for 3G/3.5G mobile broadband and fixed broadband networks and capacity expansion of our 2G/2.5G GSM mobile networks. In the Caribbean our focus has been on improving the quality of both the mobile and fixed networks to support our market share growth strategy. We have also completed our investment in the East-West Cable that links Jamaica in the West to Tortola (BVI) in the East, with a spur to the Dominican Republic. In Panama, we have continued to invest capital in the roll-out of the digital pay TV network, complementing our existing lines of service. In the Maldives we have commenced a multi-year investment in a domestic cable network that will allow us to provide data services to a very high percentage of the population and to all of the tourist resorts.

Depreciation and amortisation at US$321 million was 8% lower than 2009/10 as the prior year included accelerated depreciation and asset obsolescence charges in Jamaica following a review of useful economic lives of assets.

The LTIP charge for Cable & Wireless Communications for the year ended 31 March 2011 was US$24 million (£15 million) of which £10 million remains to be paid. This was the final year of our five year LTIP scheme. The total value of the scheme over the life of the plan is anticipated to be £34 million.

Net other operating expense

US$28 million of net other operating expenses were incurred in 2010/11. US$17 million relates to the translation of the sterling based pension funds at the year-end exchange rate. The remainder relates to Caribbean hurricane restoration costs and transaction costs in respect of the acquisition in The Bahamas and to evaluate a potential mobile license application in Costa Rica where we concluded that it was not in the best interests of shareholders to proceed with a bid. These expenses were partially offset by gains on the disposal of land and property in the Group.

Net operating exceptional income of US$6 million was recorded in 2010/11. This includes the receipt of US$17 million after successfully defending claims brought by a Caribbean competitor, partially offset by additional restructuring charges of US$5 million and US$2 million in the Caribbean and Monaco & Islands respectively. There were additional professional charges of US$4 million relating to the demerger.

The US$108 million net finance expense for the Group was US$12 million higher than 2009/10 and consists of finance income of US$32 million (US$23 million in 2009/10) and finance expense of US$140 million (US$119 million in 2009/10). Excluding the unrealised foreign exchange gains of US$14 million this year, finance income reduced compared to last year due to lower cash balances. Interest expense increased year-on-year due to a higher level of borrowings and the replacement in February 2010 of floating rate debt with a fixed rate US dollar denominated bond.

Net other non-operating income

The US$34 million net other non-operating income in 2010/11 primarily relates to the gain realised on the disposal of Bermuda.

The income tax charge of US$118 million (US$120 million for 2009/10) is in respect of overseas taxes. This charge represents an effective tax rate of 25.5% which is consistent with our 2009/10 Annual Results Announcement in which we expected the effective tax rate pre-exceptional items for Cable & Wireless Communications for 2010/11 to be in the range of 25% to 29%.

Group cash flow1

Cable & Wireless Communications generated operating cash flow before exceptional items of US$518 million in 2010/11 after investing US$354 million in capital expenditure.

The outflow from movements in working capital and provisions was US$12 million.

Investment income of US$17 million in 2010/11 included US$9 million of dividends received from joint ventures, US$6 million of interest received on cash balances, US$4 million on the interest and disposal proceeds of Seychelles bonds and US$2 million for cash previously collateralised against guarantees partially offset by costs incurred to evaluate the mobile license application in Costa Rica.

Fixed charges

We paid US$88 million relating to income tax in 2010/11, interest of US$115 million on our external borrowings and dividends to non-controlling interests of US$159 million.

The dividends to our shareholders of US$168 million reflect the cash payment of the 2009/10 final declared dividend of 3.34 pence per share and the 2010/11 interim payment of US2.67 cents per share.

One-off items and exceptionals

In February 2011, we announced a US$100 million share buyback programme. As at 31 March 2011, US$30 million was returned to shareholders under this programme purchasing 42,762,000 shares to be held in treasury. The net cash outflow also included a US$29 million outflow for exceptional items primarily related to demerger costs which were largely charged to the income statement last year, partially offset by exceptional gains after successfully defending claims brought by a Caribbean competitor. We received proceeds for the sale of our Bermuda operations offset by costs related to Group acquisition and disposal activities. Further to the completion of the pension scheme triennial valuation, US$149 million was contributed to the scheme in the period with no further payments scheduled until 2014. In April 2010, under the terms of the demerger agreement we transferred US$117 million to Cable & Wireless Worldwide for payment of their final 2009/10 dividend, equivalent to 3 pence per share. There will be no further payments to Cable & Wireless Worldwide for any of its dividend obligations.

Group cash and debt

Net debt reconciliation

At 31 March 2011 Cable & Wireless Communications had US$994 million of net debt representing 1.1x consolidated and 1.8x proportionate 2010/11 EBITDA. The company also had unutilised bank facilities maturing in March 2013 of US$600 million (comprising a US$500 million revolving credit facility and a US$100 million term loan) with margins between 3.25% and 4% over LIBOR.

In early April 2011 the company drew US$180 million of the revolving credit facility, leaving US$420 million of bank facilities available.

On 6 April 2011 the company completed the acquisition of a 51% stake in BTC in The Bahamas for US$210 million. Pro forma this acquisition, Group net debt increased to US$1.2 billion representing 1.2x consolidated and 2.0x proportionate pro forma EBITDA.

Pensions - triennial review completed

At the time of the demerger of Cable & Wireless Worldwide in March 2010, Cable & Wireless Communications agreed an interim funding plan with the trustee of the Cable & Wireless Superannuation Fund (CWSF), pending the triennial valuation due as at 31 March 2010. The payments under the funding plan were £9 million, paid in October 2010 and £20 million, originally payable in April 2011, paid in March 2011.

During the year to 31 March 2011 the company reached agreement with the trustee on the triennial valuation as at 31 March 2010. This showed a deficit of £161 million, following which the company made an additional contribution to the scheme of £64 million in March 2011. Further payments from 2014 to 2016 have been agreed, totalling £64 million in order to eliminate the deficit by April 2016. These payments are subject to the outcome of the next actuarial valuation as at March 2013.

The fund assets at 31 March 2011 were approximately invested 69% in a bulk annuity policy, 16% in equities, and 5% in gilts. In addition, 10% of the assets were held in cash recently contributed by the company and expected to be invested 44% in equities and 56% in gilts. In conjunction with the prudent nature of the actuarial valuation (both with respect to investment returns and with respect to demographic assumptions such as longevity) this investment strategy has led to significantly reduced risk for the company.

As at 31 March 2011, the defined benefit section of the CWSF had an IAS19 deficit of £51 million, compared to a deficit of £111 million as at 31 March 2010.

The decrease in the IAS19 deficit is mainly due to additional contributions made by the company as explained above, partially offset by the commitment to make further deficit contributions between 2014 and 2016. The AA corporate bond rate used in the IAS19 valuation was 5.6% compared with 5.5% at 31 March 2010.

In July 2010, the Government announced its intention that future statutory minimum pension indexation would be measured by the Consumer Prices Index, rather than the Retail Prices Index. The Group is currently taking external advice in respect of the Government's announcement on the determination of liabilities in the CWSF. Dependent upon the outcome, this may lead to a reduction in scheme liabilities. However it is too soon to determine the likelihood or value of the impact.

Further to a previous agreement with the trustee of the CWSF at the time of demerger, Cable & Wireless Communications has no liabilities in respect of the pension obligations transferred to Cable & Wireless Worldwide.

There are other unfunded pension liabilities in the UK of £24 million (£23 million at 31 March 2010). Other schemes in Cable & Wireless Communications have a net IAS19 surplus of US$29 million (US$7 million surplus at 31 March 2010).

Dividend

We are recommending a final dividend of US5.33 cents per share, reflecting confidence in the long term strength of our business. This represents two-thirds of our previously announced intention to pay a full year dividend of US8 cents per share.

The final dividend will be paid on 12 August 2011 to ordinary shareholders on the register at the close of business on 3 June 2011. Subject to financial and trading performance in 2011/12, we expect to recommend a full year dividend of US8 cents per share.

A dividend reinvestment plan will be offered to shareholders for the final dividend and on an ongoing basis. Shareholders wishing to join the plan for the final dividend and future dividends should make an election using CREST Input Message or return a completed Mandate Form to Equiniti Ltd at the address below by 15 July 2011. Following despatch to shareholders, copies of the mandate form and the dividend reinvestment plan brochure will be available from Equiniti Ltd at the address below or from our website www.cwc.com. The scrip dividend scheme is being cancelled for this dividend and future dividends. In accordance with the rules of the scheme residual balances will be donated to ShareGift, unless Equiniti have previously received written instructions to the contrary.

A currency option will be offered in respect of the final dividend. The default currency for payment is GBP sterling. Shareholders wishing to receive their dividend in US dollars should make an election using CREST Input Message or return a completed Currency Mandate Form to: Equiniti Ltd, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA by 15 July 2011. Copies of the mandate form are available from Equiniti Ltd. or from our website www.cwc.com. If you have any questions about the dividend reinvestment plan or currency option please call the Equiniti helpline on 0871 384 2268*, overseas callers: +44 (0) 121 415 7047. For general enquiries please call 0871 384 2104*; overseas callers: +44 (0)121 415 7052.

The sterling dividend payment amount per share will be announced on 21 July 2011, and will be based on the prevailing UK sterling to US dollar exchange rate at 2pm BST on that date.

* Calls to this number are charged at 8 pence per minute from BT landlines. Charges from other telephone service providers may vary. Lines are open 8:30am to 5:30pm, Monday to Friday.

Outlook

Panama

Macroeconomic conditions remain positive. We expect to maintain a solid revenue performance in mobile despite the highly competitive market. Fixed line revenue remains under pressure, but we continue to have a strong pipeline in enterprise. As a result, we expect 2011/12 EBITDA to be in the range of US$270 - 295 million.

Caribbean (excluding Bahamas)

We do not anticipate market conditions to improve materially in 2011/12. Any modest increases in GDP are unlikely to significantly reduce unemployment or materially improve disposable income during the next 12 months, both of which are key drivers for our business.

The 2010/11 exit run-rate for Caribbean is lower than the level at which we started the year. We anticipate inflationary pressures to have a negative impact on operating costs, especially salary and utility costs, two of the largest operating cost items. We continue to invest in new initiatives to position the business for the recovery, but benefits from the investments are unlikely to be significant in the current economic environment. We therefore expect 2011/12 EBITDA to be in the range of US$180 - 210 million.

Bahamas

The first year of operation under Cable & Wireless Communications' ownership will be a period of significant transition as we restructure the business and integrate it with our Caribbean operations prior to the introduction of mobile competition in 2014.

We anticipate approximately US$30 million of annual savings from our restructuring and efficiency programmes with only a small proportion of the benefits achieved in 2011/12. We expect to incur approximately US$60 million of restructuring and integration costs, with a majority of these cash costs incurred in 2011/12 and the balance in 2012/13.

As such we expect EBITDA to be between US$60 - 80 million in 2011/12. In the medium term, we expect the business to be capable of achieving EBITDA of approximately US$100 million.

Macau

Macroeconomic conditions continue to benefit from the strong growth of the gaming and tourism industries and we expect the business to continue to progress on all service offerings. The introduction of fixed line competition and a renegotiation of inter-operator mobile roaming tariffs will have an offsetting impact on the business. We expect 2011/12 EBITDA to be in the range of US$150 - 160 million.

Monaco & Islands

Macroeconomic conditions remain positive in the key territories of Guernsey, Monaco and the Maldives. Adjusting for the disposal of Bermuda and recent events in the Maldives where the Government has announced a partial flotation of the Maldivian rufiyaa (MRF) within a band of 20% in either direction around the previously fixed rate (MRF 12.85 for US$ 1), we expect 2011/12 EBITDA to be in the range of US$170 - 190 million.

Group items

Capital expenditure is expected to be up to US$400 million, of which approximately US$50 million is related to the Bahamas as we make further investments in the mobile and fixed broadband networks and integrating IT infrastructure with the wider Group to enhance our customer relationship management.

We expect the effective tax rate, pre-exceptional items, for Cable & Wireless Communications to be in the range of 25% to 29%, consistent with our outlook in the prior year.

Investor briefing

We will be hosting a Caribbean investor briefing on the morning of 1 July 2011 in London. The purpose of this event is to provide analysts and institutional investors with more detail on the Caribbean business unit's operations and strategy.

Contacts

 Annual results presentation

Cable & Wireless Communications will hold its 2010/11 annual results presentation for analysts and institutional investors at 9:30am (BST) on Wednesday 25 May 2011.

The presentation will be webcast live on the Cable & Wireless Communications website at: www.cwc.com. An on-demand version will be available later in the day.

Appendices

Extracts from the financial statements and additional information:

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement of changes in equity

Consolidated statement of cash flows

Reconciliation of profit for the year to net cash generated from continuing operations

Additional information

Operating performance information

KPI detail

2010/11 CWC constant currency results detail

H2 2010/11 CWC reported results detail

H2 2010/11 CWC constant currency results detail

Exchange rates

Extracts from the financial statements and additional information

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated statement of financial position