While the Board remains confident in the standalone prospects of THUS, the Board recognises there are risks of remaining as a minority shareholder in THUS in light of C&W's stated intention to de-list THUS Shares upon the Offer being declared unconditional. The Board also notes that no higher offer for THUS has been received.

For these reasons, the Board, who have been so advised by Greenhill, now recommend that shareholders accept the Offer, as the Board intends to do in respect of its own beneficial holdings.

The Offer will remain open for acceptance until the next closing date which will be 1.00 p.m. (London time) on 9 September 2008.