Exhibit 7.1



Statement explaining computation of ratio of Earnings to fixed

charges under IFRS



|                                                                                         |  |     |  |                         |   |  |         |   |  |         |   |  |         |   |  |         |  
|---------------------------------------------------------------------------------------- |  | --- |  | ----------------------- | - |  | ------- | - |  | ------- | - |  | ------- | - |  | ------- | -
|                                                                                         |  |     |  | Year ended December 31, |  
|                                                                                         |  |     |  | 2008(1)                 |   |  | 2007(1) |   |  | 2006(1) |   |  | 2005(1) |   |  | 2004(1) |  
|                                                                                         |  |     |  | (millions of Euro)      |  
|Earnings                                                                                 |  |     |  |                         |   |  |         |   |  |         |   |  |         |   |  |         |  
|Profit before tax from continuing operations                                             |  |     |  | 2,897                   |   |  | 4,324   |   |  | 5,723   |   |  | 5,673   |   |  | 5,606   |  
|Fixed charges                                                                            |  |     |  | 2,383                   |   |  | 2,448   |   |  | 2,517   |   |  | 2,594   |   |  | 2,364   |  
|Amortization of capitalized interest and issue debt discounts or premiums                |  |     |  |                        |   |  |        |   |  |        |   |  |        |   |  |        |  
|Dividends from associates and joint ventures accounted for using the equity method       |  |     |  | 54                      |   |  | 50      |   |  | 49      |   |  | 57      |   |  | 36      |  
|Share of losses of associates and joint ventures accounted for using the equity method   |  |     |  | 14                      |   |  | 2       |   |  | 7       |   |  | 149     |   |  | 49      |  
|Capitalized interest for the applicable period                                           |  |     |  |                        |   |  |        |   |  |        |   |  |        |   |  |        |  
|Share of earnings of associates and joint ventures accounted for using the equity method |  |     |  | (80                     | ) |  | (89     | ) |  | (58     | ) |  | (173    | ) |  | (45     | )
|                                                                                         |  |     |  |                         |   |  |         |   |  |         |   |  |         |   |  |         |  
|                                                                                         |  | (A) |  | 5,268                   |   |  | 6,735   |   |  | 8,238   |   |  | 8,300   |   |  | 8,010   |  
|Fixed charges                                                                            |  |     |  |                         |   |  |         |   |  |         |   |  |         |   |  |         |  
|Interest expenses (both expensed and capitalized)                                        |  |     |  | 2,341                   |   |  | 2,419   |   |  | 2,489   |   |  | 2,565   |   |  | 2,333   |  
|Issue costs and any original issue debt discounts or premiums                            |  |     |  | 7                       |   |  | 7       |   |  | 7       |   |  | 7       |   |  | 7       |  
|Estimated interest within rental expense for operating leases                            |  |     |  | 35                      |   |  | 22      |   |  | 21      |   |  | 22      |   |  | 24      |  
|                                                                                         |  |     |  |                         |   |  |         |   |  |         |   |  |         |   |  |         |  
|                                                                                         |  | (B) |  | 2,383                   |   |  | 2,448   |   |  | 2,517   |   |  | 2,594   |   |  | 2,364   |  
|Ratio ofEarnings to fixed charges(A/B)                                                   |  |     |  | 2.21                    |   |  | 2.75    |   |  | 3.27    |   |  | 3.20    |   |  | 3.39    |  
|                                                                                         |  |     |  |                         |   |  |         |   |  |         |   |  |         |   |  |         |  



|(1) | Starting from January 1, 2008, the Liberty Surf group has been treated as a Discontinued operations/Non-current asset held for sale; the sale was completed on August 26,
2008. All periods presented for comparison purposes have been restated.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------