This document is related to the following: Regions Global Emerging Markets Americas Brazil Latin America Latin America Emerging Sectors Global Telecommunications Global Emerging Telecommunications Brazilian Telecommunications Latin American Telecommunications Latin America Emerging Telecommunications Companies TELMEXL.MX Telmex BRTO4.SA Brasil Telecom SA TMAR5.SA Telemar Op. (PN) TNLP4.SA Tele Norte Leste(PN) BRTP4.SA Brasil Tel Part (PN) VIVO4.SA Vivo Holdings (PN) TCSL4.SA TIM Part. (PN) AMXL.MX America Movil AXTELCPO.MX Axtel GVTT3.SA GVT Holding BRTP3.SA Brasil Tel Part (ON) TELINTL.MX Telmex Internacional Subjects Industry Overview Morning Note ...