My reading of its manual is that it does not include a modem:
The Router does not replace your modem. You still need your DSL modem in order to use the Router.
1999: Freeserve 48K Dial-Up => 2005: Wanadoo 1 Meg BB => 2007: Orange 2 Meg BB => 2008: Orange 8 Meg LLU => 2010: Orange 16 Meg LLU => 2011: Orange 17 Meg Untweaked 19 Meg Tweaked WBC