Report Date: Sunday August 28, 2011 Price as of 8/28/2011

Telecom SP ADS
NYSE VIV, Optionable

$29.32 29.32
W are looking to enter in the $29.40 area for an upside tar We rget area over the next 12 mon months of $42.00. The diversification area is $33.00. Our stop area is $25.40 giving a downside risk of 13.6% 13.6%.
Dividend Yield 9.6% Industry Telcom (Services) Ave. Volume e 1 MM Beta 0.53

Potential Long
52 Week Trading Range $21.90 - $32.114

Market Capitaliza ation 33 B

Telecom SP ADS, (VIV) Telecomunicacoes de Sao Paulo S.A. - TELESP, through its subsidiaries, provides fixed-line telecomm fixed services to residential and commercial customers in the state of Sao Paulo, Brazil. Its services include local services, such as installation, activation, monthly subscription, measured service, and public telephones; intraregional, interregional, and ion, international long-distance services; data services, including broadband and other data link services; pay TV services through direct distance to home satellite technology and land based wireless technology multi channel multipoint distribution services; and network d services, including interconnection and the leasing of facilities. The company also offers multimedia communication services, such as audio, data, voice and other sounds, images, texts, and other information; and Internet access services, as well as sells handsets ges, and other telephone equipment. In addition, it provides interconnection services to cellular service providers and other fixe fixed telecommunications companies, as well as interactive banking services and electronic mail services.