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See page 67 for Analyst Certification and Important Disclosures
E Q U I T Y
R E S E A R C H :
L A T I N
A M E R I C A
Telecommunications Services
Patrick Grenham
212-816-1683
patrick.grenham@citigroup.com
Marc Estigarribia
212-816-3715
Gustavo Piras Oliveiria
212-816-2854
Latin Telecom
Who Controls Latin Americas Telecom/Media
Companies?
Latin Americas telecoms and media landscape has been
transformed over recent years as acquisitions and
closures have combined to form a more concentrated
system.
Despite this, ownership issues are still one of the main
sources of news flow for companies in this region. For
this reason, we reproduce our Ownership Report as a
guide to the Telecoms and Media assets in Latin America.
Citigroup Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a
result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a
single factor in making their investment decision. Non-US research analysts who have prepared this report, and who may be associated persons of the member or
member organization, are not registered/qualified as research analysts with the NYSE and/or NASD, but instead have satisfied the registration/qualification requirements or
other research-related standards of a non-US jurisdiction.
Latin America
August 10, 2005
Latin Telecom August 10, 2005
Table of Contents
Investment Summary ................................................................................................................................ 3
Index ........................................................................................................................................................... 6
Corporate Structure by Regional Player................................................................................................. 8
Telmex......................................................................................................................................................... 8
America Movil ............................................................................................................................................ 9
Telefnica.................................................................................................................................................. 10
Telecom Italia............................................................................................................................................ 11
Verizon ...................................................................................................................................................... 12
Nextel International ................................................................................................................................... 13
Telecom Italia Mobile ............................................................................................................................... 14
Telefnica Moviles.................................................................................................................................... 15
Portugal Telecom International ................................................................................................................. 16
Corporate Structure by Country ........................................................................................................... 17
Argentina Wireline .................................................................................................................................... 17
Argentina Wireless ............................................................................................................................... 18
Brazil Wireline ..................................................................................................................................... 20
Brazil IXC ............................................................................................................................................ 23
Brazil Wireless ..................................................................................................................................... 24
Brazil Media/Cable............................................................................................................................... 35
Chile Wireline ...................................................................................................................................... 36
Chile Wireless ...................................................................................................................................... 38
Mexico Wireline................................................................................................................................... 40
Mexico Wireless................................................................................................................................... 42
Mexico Media....................................................................................................................................... 45
Venezuela Wireline .............................................................................................................................. 47
Venezuela Wireless .............................................................................................................................. 48
Bolivia Wireline ................................................................................................................................... 49
Colombia Wireline ............................................................................................................................... 50
Colombia Wireless ............................................................................................................................... 51
Cuba .......................................................................................................................................................... 52
Dominican Republic.................................................................................................................................. 53
Ecuador Wireless.................................................................................................................................. 54
El Salvador Wireless ............................................................................................................................ 55
Guatemala Wireless.............................................................................................................................. 56
Honduras Wireless ............................................................................................................................... 57
Nicaragua Wireless............................................................................................................................... 58
Panama Wireless .................................................................................................................................. 59
Paraguay Wireless ................................................................................................................................ 60
Peru Wireline........................................................................................................................................ 61
Peru Wireless........................................................................................................................................ 62
Puerto Rico ................................................................................................................................................ 63
Uruguay Wireless ................................................................................................................................. 64
United States Wireless.......................................................................................................................... 65

9
Figure 1. Company List by Regional Player................................................................................................................... 6
Figure 2. Company List by Country ............................................................................................................................... 7
Figure 3. Telmex ........................................................................................................................................................... 8
Figure 4. Amrica Mvil ................................................................................................................................................ 9
Figure 5. Grupo Telefonica.......................................................................................................................................... 10
Figure 6. Telecom Italia Latin America.................................................................................................................... 11
Figure 7. Verizon......................................................................................................................................................... 12
Figure 8. Nextel International, Inc................................................................................................................................ 13
Figure 9. Telecom Italia Mobile Latin America ........................................................................................................ 14
Figure 10. Telefnica Moviles ..................................................................................................................................... 15
Figure 11. Portugal Telecom International................................................................................................................... 16
Figure 12. Telecom Argentina TEO ........................................................................................................................ 17
Figure 13. Telefnica de Argentina TAR ................................................................................................................. 17
Figure 14. CTI Movil.................................................................................................................................................... 18
Figure 15. Movistar ..................................................................................................................................................... 18
Figure 16. Nextel Communications Argentina, S.A...................................................................................................... 19
Figure 17. Brasil Telecom Participaes, S.A. (BRP) .................................................................................................. 20
Figure 18. Brasil Telecom, S.A. (BTM) ........................................................................................................................ 21
Figure 19. Tele Norte Leste Participaes, S.A. .......................................................................................................... 21
Figure 20. Telecomunicaes de So Paulo Telesp ............................................................................................... 22
Figure 21. Embratel (EMT).......................................................................................................................................... 23
Figure 22. Telecom Americas, Ltd............................................................................................................................... 24
Figure 23. Vivo Group ................................................................................................................................................. 25
Figure 24. Telesp Celular Participaes (TCP)............................................................................................................ 26
Figure 25. Tele Centro Oeste Celular Participaes, S.A. (TRO) ................................................................................ 27
Figure 26. Tele Sudeste Celular Participaes (TSD) ................................................................................................. 28
Figure 27. Tele Leste Celular Participaes (TBE)...................................................................................................... 29
Figure 28. CRT Celular Participaes ......................................................................................................................... 30
Figure 29. TIM Brasil Servios e Participaes, S.A.................................................................................................... 31
Figure 30. TIM Participaes (TSU) ............................................................................................................................ 32
Figure 31. Telemig Celular Participaes, S.A. (TMB)................................................................................................. 33
Figure 32. Amaznia Celular, S.A. .............................................................................................................................. 34
Figure 33. Nextel Comunicaes, S.A......................................................................................................................... 34
Figure 34. Net Servicos, S.A. ...................................................................................................................................... 35
Figure 35. Entel Chile.................................................................................................................................................. 36
Figure 36. CTC Chile .................................................................................................................................................. 36
Figure 37. Telmex Chile .............................................................................................................................................. 37
Figure 38. Entel PCS .................................................................................................................................................. 38
Figure 39. Smartcom................................................................................................................................................... 38
Figure 40. Multikom, S.A............................................................................................................................................. 39
Figure 41. Telmex (TMX) ............................................................................................................................................ 40
Figure 42. Alestra........................................................................................................................................................ 40
Figure 43. Axtel........................................................................................................................................................... 41
Figure 44. Maxcom ..................................................................................................................................................... 41
Figure 45. Amrica Mvil (AMX).................................................................................................................................. 42
Figure 46. Telefonica Moviles Mexico..................................................................................................................... 42
Figure 47. Unefon ....................................................................................................................................................... 43
Figure 48. Grupo Iusacell............................................................................................................................................ 43
Figure 49. Nextel de Mexico, S.A. de C.V. .................................................................................................................. 44
Figure 50. Grupo Televisa........................................................................................................................................... 45
Figure 51. TV Azteca .................................................................................................................................................. 46
Figure 52. CANTV (VNT) ............................................................................................................................................ 47
Figure 53. MovilNet..................................................................................................................................................... 48
Figure 54. Digitel......................................................................................................................................................... 48
Figure 55.
Figure 56.
Figure 57.
Figure 58.
Figure 59.
Figure 60.
Figure 61.
Figure 62.
Figure 63.
Figure 64.
Figure 65.
Figure 66.
Figure 67.
Figure 68.
Figure 69.
Figure 70.
Figure 71.
Figure 72.
Figure 73.
Figure 74.
Figure 75.
Figure 76.
Figure 77.
Figure 78.
Figure 79.
Figure 80.
Figure 81.
Figure 82.
Telcel ......................................................................................................................................................... 48
Entel Bolivia ............................................................................................................................................... 49
Telefonica Data Colombia .......................................................................................................................... 50
Telmex Colombia ....................................................................................................................................... 50
Comcel....................................................................................................................................................... 51
Telefnica Mviles Colombia...................................................................................................................... 51
Colombia Movil Ola................................................................................................................................ 51
Etec, S.A.................................................................................................................................................... 52
Verizon Dominicana ................................................................................................................................... 53
Conecel...................................................................................................................................................... 54
Otecel ........................................................................................................................................................ 54
Alegro ........................................................................................................................................................ 54
Compaa de Telecomunicaciones de El Salvador..................................................................................... 55
Telefonica Moviles El Salvador .............................................................................................................. 55
Telecomunicaciones de Guatemala ........................................................................................................... 56
Telefnica Moviles Guatemala ................................................................................................................... 56
Servicios de Comunicaciones de Honduras ............................................................................................... 57
Servicios de Comunicaciones de Nicaragua and ENITEL........................................................................... 58
Telefona Celular Nicaragua....................................................................................................................... 58
Telefnica Panama .................................................................................................................................... 59
Hutchinson Telecomunicaciones Paraguay, S.A. ....................................................................................... 60
Nucleo........................................................................................................................................................ 60
TIM Peru, S.A.C. ........................................................................................................................................ 61
Telefnica Mviles del Peru ....................................................................................................................... 62
TLD Puerto Rico......................................................................................................................................... 63
Abiatar ....................................................................................................................................................... 64
CTI............................................................................................................................................................. 64
Tracfone..................................................................................................................................................... 65
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Index
Figure 1. Company List by Regional Player
Telecoms:
Telmex
Argentina
Telmex Argentina
Techtel
MetroRed
Brazil
Telmex do Brazil
Embratel
Chile
Telmex Chile
Telmex Corp. - Chilesat
Colombia
Telmex Colombia
Peru
Telmex Peru
Amrica Mvil
Argentina
CTI
Brazil
Claro - Telecom Americas
Chile
Smartcom
Colombia
Comcel
Mexico
Telcel
Ecuador
Conecel
El Salvador
CTE
Guatemala
ACT
Honduras
Megatel
Nicaragua
Enitel
Paraguay
Hutchinson Paraguay
Uruguay
CTI
USA
Tracfone
Source: Company reports
Grupo Telefnica
Argentina
Telefnica de Argentina
Telefnica Data Argentina
Brazil
Telesp
Telefnica Empresas Brasil
Chile
CTC Chile
Colombia
Telefonica Data Colombia
International
TIWS
Peru
Telefnica del Peru
Telefnica Empresas del Peru
Puerto Rico
TLD Puerto Rico
USA
Telefonica Data USA
Telecom Italia
Argentina
Telecom Argentina
Bolivia
Entel Bolivia
Brasil
Brasil Telecom
Cuba
Etec, S.A.
Paraguay
Nucleo
Verizon
Venezuela
CANTV
Dominican Republic
Verizon Dominicana
Telecom Italia Mobile

Brazil
TIM Brasil
TIM Celular, S.A.
Maxitel
TIM Participaes, S.A.
Nextel Intl
TIM Sul, S.A.
Argentina
TIM Nordeste
Nextel Argentina
CRC, Ltda.
Peru
Brazil
Nextel Comunicaes, Ltda. TIM Peru, S.A.C.
Chile
Venezuela
Centennial Cayman Corp. Digitel
Multikom, S.A.
Mexico
Portugal Telecom Intl
Nextel de Mexico
Brazil
Peru
Brasilcel (Vivo)
Nextel de Peru
Tele Sudeste Celular Part.
Tele Leste Celular Part.
Telesp Celular Part
CRT Celular Part.
Tele Centro Oeste Celular
Telesp Celular S.A.
Telesp Celular Int'l
Telesp Celular Overseas
Global Telecom
PT Brazil
Primesys
Mobitel
Telefnica Mviles
Argentina
Telefonica Comunicaciones Personales
Radiocomunicaciones Moviles, S.A.
Brazil
Brasilcel (Vivo)
Chile
Telefnica Mviles Chile
Colombia
Telefnica Mviles Colombia
Ecuador
Otecel
El Salvador
Telefnica Mviles El Salvador
Guatemala
Telefnica Mviles Guatemala
Mexico
Telefnica Mviles Mexico
Nicaragua
Telefonia Celular Nicaragua
Panama
TEM Panama
Peru
Telefnica Mviles Peru
Uruguay
Abiatar
Venezuela
Telcel
Media/Cable:
Brazil
Net
Mexico
Grupo Televisa
TV Azteca
Figure 2. Company List by Country

Argentina
Wireline
Telecom Argentina
Telefonica de Argentina
Wireless
CTI Holdings
Movistar
Nextel Argentina
Chile
Wireline
Entel Chile
CTC Chile
Telmex Chile
Wireless
Entel PCS
Smartcom - Amrica Mvil
Multikom, S.A.
Brazil
Wireline
Mexico
Brasil Telecom Participaes Wireline
Brasil Telecom, S.A.
Telmex
Tele Norte Leste
Alestra
Telesp
Axtel
Maxcom
IXC
Embratel
Wireless
Telcel
Wireless
Telecom Americas, Ltd.
Telefonica Moviles
VIVO Group
Unefon
Telesp Celular
Grupo Iusacell
Tele Centro Oeste Celular
Nextel de Mexico
Tele Sudeste Celular
Media
Tele Leste Celular
Grupo Televisa
CRT Celular Participaes
TV Azteca
TIM Brasil Servios Participaes
TIM Participaes
Venezuela
Telemig Celular
Wireline
Amazonia Celular, S.A.
CANTV
Nextel Telecomunicaes
Wireless
Movilnet
Media/Cable
Net Servios
Digitel
Telcel
Bolivia
Wireline
Entel Bolivia
Colombia
Wireline
Telefonica Data Colombia
Telmex Colombia
Wireless
Comcel
Telefnica Moviles Colombia
Ola
Cuba
Wireline
Etec, S.A
Dominican Republic
Wireline
Verizon Dominicana
Ecuador
Wireless
Conecel
Otecel
Alegro
El Salvador
Panama
Wireless
Wireless
Ca Telecomunicaciones El SalvadTelefnica Panama
Telefnica Mviles El Salvador
Paraguay
Guatemala
Wireless
Hutchinson Telecomunicaciones
Wireline
Telecomunicaciones de GuatemalaNucleo
Wireless
Servicios Comunicaciones PersonaPeru
Telefnica Moviles Guatemala
Wireline
TIM Peru, S.A.C.
Honduras
Wireless
Telefnica Mviles del Peru
Wireless
Servicios de Comunicaciones Honduras
Puerto Rico
TLD Puerto Rico
Nicaragua
Wireless
ENITEL
Uruguay
Telefona Celular Nicaragua
Wireless
Abiatar
CTI
United States
Wireless
Tracfone
Corporate Structure by Regional Player

Telmex
Figure 3. Telmex
Telmex
Brazil
Argentina
100%
Telmex
Argentina
93.3%
Techtel
93.3%
100%
MetroRed
Telmex
do
Brazil
37.1
Net
Chile
63.9%
Telmex
Colombia
Telmex
Chile
Embratel
99.3%
Telmex
Corp.
(Chilesat)
Colombia
100%
100%
Peru
100%
Telmex
Peru
America Movil
Figure 4. Amrica Mvil
Amrica Mvil
Argentina
Brazil
98.9%
100%
CTI
Chile
Telecom
Americas
Colombia
100%
Smartcom
Mexico
100%
99.2%
Comcel
Telcel
Non-Consolidated
Telvista USA 45.0%
Ecuador
El Salvador
100%
95.7%
CTE
Conecel
(Claro)
Guatemala
99.0%
ACT
Honduras
100.00%
Megatel
Nicaragua
99.0%
Enitel
Paraguay
100.00%
Hutchison
Telecommunications
Paraguay, S.A.
Uruguay
100.00%
CTI
USA
98.2%
Tracfone
Telefnica
Figure 5. Grupo Telefonica
Telefnica
100.00%
Telefnica
Mviles*
Telefnica Latino America Group
Brazil
87.49%
Telesp
Peru
Argentina
98.03%
Telefnica del
Peru
Telefnica de
Argentina
97%
Telefnica
Empresas
Brasil
Telefnica
Empresas
Peru
Colombia
65.00%
98.19%
93.98%
Chile
44.89%
CTC
Chile
Telefnica
Data
Colombia
Puerto
Rico
98.00%
United
States
100.00%
TLD
Puerto
Rico
Telefnica
Data USA
97.92%
100.00%
* Please refer to Telefnica Moviles on page 14

10
Telefnica
Data
Argentina
T. Internacional
Wholesale Service
(TIWS)
Telecom Italia
Figure 6. Telecom Italia Latin America
Telecom Italia Internacional, N.V.
Bolivia
Argentina
Brazil
50%
Sofora
Telecomunicaciones, S.A.
Public
(Preferred Shares)
67.79%
31.6%
Entel Bolivia
Brasil Telecom
Paraguay
Cuba
32.21%
Nortel Inversora
27%
54.74%
Telecom
Argentina
Telecom
Argentina
99.99%
Telecom
Personal
Etec, S.A.
67.5%
Nucleo
11
Verizon
Figure 7. Verizon
Verizon
28.6%
CANTV
12
100%
Verizon
Dominicana
Nextel International
Figure 8. Nextel International, Inc.
Nextel International, Inc.
Argentina
100%
Nextel
Communications
Argentina, S.A.
Brazil
100%
Nextel
Telecomunicaes,
Ltda.
Chile
Mexico
100%
100%
Centennial
Cayman
Corp.
Nextel de Mexico,
S.A. de C.V.
Peru
100%
Nextel de
Peru S.A.
100%
Multikom, S.A.
13
Telecom Italia Mobile

Figure 9. Telecom Italia Mobile Latin America
TIM S.P.A.
100%
TIM International, N.V.
Brazil
Peru
100%
100%
TIM Brasil Servios e

Participaes, S.A.
TIM Peru, S.A.C.
53.23% Common Stock

23.73% Total
100%
TIM Participaes,
S.A. (TSU)
TIM Celular, S.A.
100%
Maxitel, S.A.
100%
TIM Sul,
S.A.
100%
CRC, Ltda.
100%
TIM Nordeste
Telecomunicaes,
S.A.
(1) In November 2004 TIM signed an agreement to dispose of its entire stake in Digitels
14
100%
Blah! S.A.
Venezuela
100%
Digitel
(1)
Telefnica Moviles
Figure 10. Telefnica Moviles
Telefnica
Moviles
Brazil
Argentina
Chile
50%
Peru
100%
98.3%
Telefnica
Mviles
Chile
Brasilcel
(VIVO)
Telefnica
Mviles
Peru
Venezuela
100%
Telcel
Colombia
100%
Telefnica
Mviles
Colombia
Ecuador
Uruguay
100%
100%
Otecel
Abiatar
97.93%
Telefnica
Comunicaciones
Personales Argentina
100%
Radiocomunicaciones
Mviles, S.A.
Mexico
92.00%
Telefnica
Mviles Mexico
Guatemala
100%
Telefnica
Mviles
Guatemala
El Salvador
96.16%
Telefnica Mviles
El Salvador
Panama
99.95%
TEM Panama
Nicaragua
100%
Telefona
Celular
Nicaragua
15
Portugal Telecom International

Figure 11. Portugal Telecom International
Portugal Telecom
100%
50%
PT Brazil
Brasilcel, NV
100%
(Vivo)
PrimeSys
21.77% Voting
72.54% Non-Voting
50.47% Total
Tele Sudeste
Celular Part.
(TSD)
69.09% Voting
50.02% Non-Voting
57.23% Total
3.12% Voting
3.49% Non-Voting
3.36% Total
Tele Leste
Celular Part.
(TBE)
Telesp
Celular Part.
(TCP)
Telesp
Celular
Internacional
16
100% Voting
100% Total
Telesp Celular
S.A.
100% Total
CRT Celular
Part.
100% Voting
100% Total
86.2% Voting
50.6% Total
Tele Centro
Oeste Celular
Part. S.A.
20.55% Voting
25.40% Non-Voting
23.29% Total
Global Telecom
S.A.
100% Total
Telesp Celular
Overseas
56.96%
Mobitel
Corporate Structure by Country

Argentina Wireline
Figure 12. Telecom Argentina TEO
100%
Atlas Services
Belgium, S.A.
France Cables et
Radio, S.A.
0.7%
Telecom Italia
S.p.A.
W de Argentina
Inversiones, S.L.
17.5%
32.5%
48%
1.3%
Telecom Italia
Internacional, N.V.
Sofora
Public
(Preferred Shares)
67.79%
32.21%
Public
Nortel Inversora
P.P.P.
40.58%
54.74%
4.68%
Telecom
Argentina
Argentina
Paraguay
99.95%
67.5%
Personal
Nucleo
Figure 13. Telefnica de Argentina TAR
Cointel
Telefnica
Internacional, S.A.
Telefnica Intl
Holding BV
64.8%
32.3%
Minority
2.0%
0.9%
Telefnica de Argentina, S.A.

17
Argentina Wireless
Figure 14. CTI Movil
Amrica Mvil
100%
CTI Holdings, S.A.
100%
100%
CTI PCS, S.A.
CTI Compaa de Telfonos del

Interior, S.A.
Figure 15. Movistar
Telefnica Mviles
97.93%
TCP
Argentina
Movistar
18
Figure 16. Nextel Communications Argentina, S.A.

100%
Nextel
Communications
Argentina, S.A.
19
Brazil Wireline
Figure 17. Brasil Telecom Participaes, S.A. (BRP)
Previ (27%)
Funcef (19%)
Sistel (18%)
BNDES (7%)
Other P.F. (27%)
Opportunity (1%)
BB DVTM (Manager)
Citigroup
(via CVC)
Opportunity
CVC/Opportunity
Eq. Partners LP
Opportunity
Fund
~90%
Privtel /
Eduardo C. Santos
33.1%
Teleunion /
Luiz R. T. Dantas
33.8%
Investidores
Institucionais FIA
Sistel
6.6%
Telecom Holding /
CSH (Woog Family)
44.8%
45.45%
Telos
Funcef
2.4%
0.1%
Opportunity
Zain
67.82%
9.75%
Petros
Previ
3.8%
19.3%
33.1%
Invitel
100%
62.0% ON
0.0% PN
Timepart
Participaes
20.9% Total
5.14% ON
3.52% PN
4.13% Total
19.0% ON
62.0% PN
47.5% Total
Previ
Holding Company: BRP
Techold
Participaes
Solpart
Participaes *
Brasil Telecom
Participaes
19.0% ON
38.0% PN
31.6% Total
Telecom Italia
53.50% ON (Voting)
0.07% PN (Non-Voting)
20.18% Total
96.8% ON (Voting)
65.41% Total
100% Total
99.9% Total
Operating Subsidiary: BTM

Nova Tarrafa Inc.
Brasil Telecom S.A.
* There is a shareholder agreement in Solpart that grants the voting rights to Techold. Telecom Italia has an option to purchase 18.3% of Solpart ONs shares
20
Nova Tarrafa
Participaes Ltda.
Figure 18. Brasil Telecom, S.A. (BTM)

Brasil Telecom
S.A.
Operating Subsidiary: BTM
74.16% Total
100% Total
BrT Subsea Cable

Systems (Bermuda)
Ltd.
Brasil Telecom
Celular S.A.
96.8% ON (Voting)
65.41% Total
25.84% T
19.9% Total
19.9% ON (Voting)
100% PN (Non-Voting)
100% Total
Vant
Telecomunicacoes
S.A.
BrT Servicos de
Internet S.A.
MTH Ventures do
Brasil Ltda.
38.46% Total
88.8% Total
99.9% Total
61.54% Total
Internet Group
(Cayman) Ltd. iG
0.16% Total
MetroRed
Telecomunicacoes
Ltda.
iBest Holding Corp.
9.25% Total
Nova Tarrafa
Participaes Ltda.
Nova Tarrafa Inc.
Figure 19. Tele Norte Leste Participaes, S.A.

AG Telecom
Participaes
(Andrade
Gutierrez)
Asseca
Brasil
Veiculos
Companhia de
Seguros
Participaes
BNDESPAR
(Macal Group)
10.28%
25%
L.F. Tel S.A.

(La Fonte)
5%
10.27%
Lexpart
Participaes
10.27%
10.28%
Telemar
Participaes
Fiago
Participaes
19.9%
Free Float
Fundacao
SISTEL
5%
37.1% Brazilian Shareholders

43.7% Foreign Shareholders
55.5% Voting Shares

18.9%
Brasil
Capitalizao
30.8% ADR Holders
18.9 % Total Shares
12.9% Shareholders (Brazil)

79.5 % Total Shares
ADR: TNE
Contax Participaes
SA
Local Shares:
TNLP3 Common
Holding Company
Tele Norte Leste

Participaes
(TNE)
Free Float
10.7% Brazilian Shareholders
TNLP4 Preferred
8.1% Foreign Shareholders
80.9% Total Shares
18.7 % Total Shares
Operating Subsidiaries
Telemar Norte
Leste
(TMAR5.SA)
Contax Call
Center
100%
Pegasus Telecom
(Data)
100%
Oi
(Wireless
Business)
21
Figure 20. Telecomunicaes de So Paulo Telesp
Telefnica Internacional
84.71% Voting
87.49% Total
Public
15.29% Voting
12.51% Total
Telecomunicaes de So Paulo, S.A.

(TSP)
22
Brazil IXC
Figure 21. Embratel (EMT)
Telmex:
Startel 49.9%
Telmex Solutions 38.5%
New Startel 1.9%
Float
4.9% Voting Shares

54.6% Preferred Shares
36.1% Total Shares
95.1% Voting Shares

45.4% Preferred Shares
63.9% Total Shares
Embratel
Participaes (EMT)
99.9%
99.0%
Empresa Brasileira de
Telecomunicaes
Embratel S.A.
Vesper
80%
Star One
100%
Click 21
99%
Brasil Center
* Startel consists of Startel Participaes (49.9% Voting and 18.6% Total) and New Startel Participaes (1.9% Voting and 0.7% Total) . Both holding companies are controlled 100% by
Telmex).
23
Brazil Wireless
Figure 22. Telecom Americas, Ltd.
Amrica Mvil
98.9%
Telecom Americas, Ltd.
100%
Claro
98.5%
99%
Americel, S.A.
Telet, S.A.
1.5%
100%
100%
Tess, S.A.
100%
ATL Algar Telecom

Leste, S.A
24
1%
100%
Alecan
Telecomunicaes,
Ltda.).
100%
BCP, S.A.)
BSE, S.A.
100%
Stemar Telecomunicaes, Ltda.
BNDESPar
Figure 23. Vivo Group
Portugal
Telecom
Telefnica
Mviles
50% Total
50% Total
Brasilcel, NV
(Vivo)
92.0% Voting
90.3% Non-Voting
91.0% Total
Tele Sudeste
Celular Part.
(TSD)
68.7% Voting
41.5% Non-Voting
51.0% Total
92.5% Voting
50.0% Non-Voting
66.1% Total
Tele Leste
Celular Part.
(TBE)
90.6% Voting
49.7% Non-Voting
67.4% Total
Telesp
Celular Part.
(TCP)
100% Voting
100% Total
90.59% Voting
52.47% Total
Tele Centro
Oeste Celular
Part. S.A.
CRT Celular
Part.
100% Voting
100% Total
Telesp Celular
S.A.
100% Total
Telesp
Celular
Internacional
Global Telecom
S.A.
100% Total
Telesp Celular
Overseas
25
Figure 24. Telesp Celular Participaes (TCP)
Telefnica
100% Total
Telefnica
Mviles
Portugal
Telecom
50% Total
50% Total
Brasilcel, NV (Vivo)
Telesp Celular Part.

(TCP)
92.51% Voting
66.09% Total
Public
7.49% Voting
33.91% Total
90.59% Voting
52.47% Total
Tele Centro
Oeste Celular
Part. S.A.
Global Telecom
S.A.
Telesp Celular
S.A.
100% Total
100% Total
Telesp
Celular
Internacional
Telesp Celular
Overseas
Telegoias
Celular, S.A.
Telemat
Celular, S.A.
Telems
Celular, S.A.
Teleron
Celular, S.A.
Teleacre
Celular, S.A.
Norte Brasil
Telecom, S.A.
TCO
IP, S.A.
100% Total
100% Total
100% Total
100% Total
100% Total
100% Total
100% Total
26
100% Voting
100% Total
100% Voting
100% Total
Figure 25. Tele Centro Oeste Celular Participaes, S.A. (TRO)
Telefnica
Mviles
Portugal
Telecom
50% Total
50% Total
Brasilcel, NV
(Vivo)
92.51% Voting
66.09% Total
Telesp Celular Part. (TCP)

90.59% Voting
32.76% Non-voting
52.47% Total
Public
9.41% Voting
67.24% Non-voting
47.53% Total
Tele Centro Oeste Celular Part. S.A.

(TRO)
Telegoias
Celular, S.A.
Telemat
Celular, S.A.
Telems
Celular, S.A.
Teleron
Celular, S.A.
Teleacre
Celular, S.A.
Norte Brasil
Telecom, S.A.
TCO
IP, S.A.
100% Total
100% Total
100% Total
100% Total
100% Total
100% Total
100% Total
27
Figure 26. Tele Sudeste Celular Participaes (TSD)
Telefnica
Mviles
Portugal
Telecom
50% Total
50% Total
Brasilcel, NV
(Vivo)
100% Total
99.99% Total
Tagilo Part,
Ltda.
8.38 % Voting
12.84% Non-voting
10.90% Total
99.99% Total
Sudestecel
Part, S.A.
58.76 % Voting
0.0% Non-voting
25.54% Total
Avista Part,
Ltda
3.10 % Voting
4.89% Non-voting
4.11% Total
Pulic
7.99 % Voting
9.73% Non-voting
8.97% Total
Tele Sudeste Celular Part.

(TSD)
100% Total
Telerj Celular,
S.A.
28
100% Total
Telest Celular,
S.A.
21.77% Voting
72.54% Non-Voting
50.47% Total
Figure 27. Tele Leste Celular Participaes (TBE)
Telefnica
Mviles
Portugal
Telecom
50% Total
50% Total
Brasilcel, NV
(Vivo)
100% Total
99.99% Shares
Tagilo Part,
Ltda.
1.43 % Voting
2.93% Non-voting
2.41% Total
99.99% Shares
Sudestecel
Part, S.A.
Avista Part,
Ltda
10.00% Voting
29.51% Non-voting
22.72% Total
54.08% Voting
5.01% Non-voting
22.08% Total
Public
3.12 % Voting
3.49% Non-voting
3.36% Total
Tele Leste Celular Part. S.A.

(TBE)
100% Total
Telergipe
Celular, S.A.
100% Total
Telebahia
Celular, S.A.
29
Figure 28. CRT Celular Participaes
Telefnica
Mviles
Portugal
Telecom
50% Total
50% Total
Brasilcel, NV
(Vivo)
100% Total
99.99% Shares
Sudeste Cel Participaes, S.A.

73.27% Voting
73.27% Total
22.99% Voting
22.99% Total
TBS Celular
Participaes, S.A.
20.55% Voting
25.40% Non-Voting
23.29% Total
65.83% Voting
0.88% Non-Voting
29.06% Total
Celular CRT Participaes, S.A.
Avista
Participaes, Ltda.
4.19% Voting
23.44% Non-Voting
15.09% Total
9.43% Voting
46.88% Non-Voting
30.63% Total
100% Total
Other
Celular CRT, S.A.

30
Figure 29. TIM Brasil Servios e Participaes, S.A.
TIM S.P.A.
100%
100%
Blah! S.A.
100%
TIM Brasil Servios e Participaes, S.A.
100%
53.23%
TIM Celular, S.A.
TIM Participaes, S.A

(TSU).
100%
100%
Maxitel, S.A.
TIM Sul, S.A.
100%
TIM Nordeste
Telecomunicaes, S.A.
31
Figure 30. TIM Participaes (TSU)

TIM S.P.A.
100%

100%
TIM Brasil Servios e Participaes, S.A.

53.23% Voting
23.73% Total
CRMC
0% Voting
15.6% Total
TIM Participaes, S.A.

(TSU)
100%
TIM Sul, S.A.
32
46.77% Voting
60.7% Total
100%
TIM Nordeste
Telecomunicaes,
S.A.
Public Float.
Figure 31. Telemig Celular Participaes, S.A. (TMB)

MEM Celular
Participaes, SA
Previ
28.16%
Common
53.%
Common
Newtel
Participaes,
S.A.
Sistel
9.74%
Common
Telos
5.53%
Common
Other
3.48%
Common
0.03%
Common
TPSA do
Brasil Ltda.,
S.A.
Funcef
51.07% Common
Petros
0.03% Common
Telpart
Participaes
52.7% Voting Shares
2.85% Non-voting Shares
21.55 % Total Shares
Highlake
(Opportunity)
100% Common
48.9%
Common
Public
47.3% Voting Shares
78.45% Total Shares
Telemig Celular
Participaes
89.18% Voting Shares
79.21% Non-voting shares
82.94% Total Shares
Public
17.06% Total Shares
Telemig Celular, Participaes, SA

33
Figure 32. Amaznia Celular, S.A.

Opportunity
Mem SA
53.06%
Common
Previ
28.16%
Common
Sistel
9.74%
Common
Petros
5.53%
Common
Newtel
Participaes
Telos
3.48%
Common
0.03%
Common
TPSA do
Brasil Ltda.
0.03% Common
48.9% Common
Public
Telpart Participaes
48. 14% Voting Shares

80.66% Total Shares

Tele Norte Celular Part.
Public
25.04% Total Shares

74.96% Total Shares
Amaznia Celular
Participaes, SA
Figure 33. Nextel Comunicaes, S.A.

100%
Nextel
Telecomunicaes, Ltda.
34
100% Common
Funcef
51.07% Common
Highlake
(Opportunity)
Other
Brazil Media/Cable
Figure 34. Net Servicos, S.A.
Telmex
100% ON
100% Total
Latam
Globo
49% ON
83% Total
36.55% ON
19.6% Total
51% ON
17% Total
GB
10.87% ON
9.63% Total
Public
51% ON
20.8% Total
Net Servios
S.A.
1.57% ON
49.95% Total
35
Chile Wireline
Figure 35. Entel Chile
54.76% Total
26.1% Total
Altel Ltd. Almendral
Pension
Funds
5.7% Total
11.9% Total
Luksic
Groups
Public
1.6% Total
Foreign
Funds
100%
Entel International BVI,

Corp.
94.64%
Entel Telefonia Personal, S.A.
100%
99.90%
Entel USA Holdins, Inc

0.10%
Entel PCS Telecomunicaciones,

S.A.
20%
America Sky
99.92%
Entel Chile
0.08%
Entel Telefonia Mvil, S.A.
80%
AmericaTel Corp
99.90%
Sociedad de Telecomunicaciones Insta
Beep Ltda.
5.36%
100%
99.99%
50%
Entel Venezuela, S.A.
Entel Inversiones,
S.A.
Buenaventura, S.A.
46.57%
AmericaTel Peru, S.A.
91.42%
1.00%
Entel Servicios
Telefnicos,, S.A.
99.00%
Entel Telefonia Local, S.A.
8.58%
78.65%
90.00%
99.99%
1.00%
AmericaTel Centroamerica,
S.A.
Entel Call Center, S.A.
Chile Wireless, S.A.

0.01%
10.00%
99.99%
98.80%
Micarrier Telecomunicaciones,
S.A.
15%
Red de Transacciones
Electronicas, S.A.
AmericaTel
El Salvador, S.A.
AmericaTel Guatemala,
S.A.
99.90%
85.00%
100%
Satel Telecomunicaciones, S.A.

53.43%
46.57%
AmericaTel Honduras, S.A.
Figure 36. CTC Chile
Telefonica, S.A.
Pension Funds and

Insurance Companies
Others
0.9%
24.8%
CTC Chile
36
ADR
Shareholders
17.2%
44.89%
Foreign
Funds
12.2%
Figure 37. Telmex Chile
Telmex
100%
Telmex
Chile
99.3%
Chilesat
37
Chile Wireless
Figure 38. Entel PCS
Altel Ltd. Almendral
54.76% Total
Pension
Funds
Public
Luksic
Groups
11.9% Total
26.1% Total
Foreign
Funds
5.7% Total
1.6% Total
Entel Chile
94.64%
Entel Telefonia Personal, S.A.

99.90%
Entel PCS
Telecomunicaciones,
S.A.
99.92%
Entel Telefonia Mvil,

S.A.
99.90%
Sociedad de
Telecomunicaciones
Insta Beep Ltda.
Figure 39. Smartcom
Amrica Mvil
100%
Smartcom
38
50%
Buenaventura,
S.A.
Figure 40. Multikom, S.A.

100%
Centennial
Cayman Corp.
100%
Multikom, S.A.
39
Mexico Wireline
Figure 41. Telmex (TMX)
Carso Global
Telecom
SBC
International
73.83% Voting
42.65% Total
Mexican Investors
and Public Investors
4.03% Voting
49.51% Total
22.14% Voting
7.84% Total
Telmex
Figure 42. Alestra
Grupo
Alfa
BBVA
Bancomer
50.2% Total
49.8% Total
AT&TTelecom
Mexico
Onexa SA
51% Total
49% Total
Alestra
40
Figure 43. Axtel
Foreign Investors:
AIG-GE Cap Latin America Infrastructure Fund
AIG Latin America Equity Partners
Blackstone Group
National
American International Underwriters Overseas, Ltd
Public
Soros Group
59.5% Total
40.5% Total
Axtel
Figure 44. Maxcom
Aguirre
Gmez Family
3.84% Total
Banc
America
Equity
Partners
83.26% Total
Public
12.91% Total
Maxcom
41
Mexico Wireless
Figure 45. Amrica Mvil (AMX)
America Telecom
America
Telecom
Other
Mexican
Holders
SBC
28.49% Total Shares
L Shares
0% Voting Shares
4.14% Voting Shares

4.14 % Total Shares
A Shares

6.66% Voting Shares

2.13 % Total Shares
100%
Telcel
Figure 46. Telefonica Moviles Mexico
Telefnica Moviles
92.00%
Telefnica Mviles
Mexico
42
18.4% Total Shares
AA Shares
Amrica Mvil
America
Telecom
Figure 47. Unefon
Azteca
Holdings
Public
45.5% Total
55.5% Total
TV Azteca
46.5% Total
Unefon
Holdings
Saba Family
46.5% Total
46.5% Total
Unefon
Figure 48. Grupo Iusacell
Grupo Salinas
100% Total
Movil@cess
73.90% Total
Grupo Iusacell
43
Figure 49. Nextel de Mexico, S.A. de C.V.

Nextel
Communications, Inc
FMR Corp
Public Float
14.3%
46.5%
17.7%
LMM, LLC
American Century
Companies
10%
5.5%
6%

100%
Nextel de Mexico,
S.A. de C.V.
44
S.F. Mandel
Mexico Media
Figure 50. Grupo Televisa
Shareholder Trust
Azcrraga Trust
Family Trust
Inbursa Trust
Series A Shares:42.62%
Series A Shares: 3.25%
Series A Shares:4.0%
67.42% Voting
33.78% Total
Series B Shares
32.58% Voting
16.32% Total
Grupo Televisa S.A.
Grupo Televisa S.A.
Consolidated
100%
Grupo Televisa
(TV Broadcasting)
50%
Sistema Radipolis
(Radio)
100%
Editorial Televisa
(Publishing)
51%
Cablevisin
(Cable)
Non-Consolidated
100%
Grupo Televisa
(Programming Pay TV)
100%
Grupo Televisa
(Programming Licensing)
60%
10.7%
Innova:
Mexico
( JV DTH Satellite)
Univisin
40%
Ocesa
Entretenmiento SA
(JV with CIE)
100%
Intermex
(Publishing Distribution)
100%
Other Businesses:
Es Mas, Sports/Show, Film,
Gaming Permit
45
Figure 51. TV Azteca

Execs & Directors of
Elektra*
Salinas Family
13.7%
86.3%
Grupo Elektra
Salinas Family
35.85%
64.16%
Comunicaciones Avanzadas,
S.A. (CASA)
Ricardo B.
Salinas Pliego
89.91%
10.09%
Azteca
Holdings
Public Float
55.5%
45.5%
TV Azteca,
S.A. de C.V.
* Ricardo B. Salinas Pliego is beneficial owner of 27.1% of this stake in Grupo Elektra.
TV Azteca, S.A. de C.V.
Non-Consolidated
Consolidated
100%
100%
Azteca
International
100%
100%
Azteca
Digital
100%
Red Azteca
International
46
Television
Azteca
Grupo TV
Azteca
100.0%
Azteca Web
(Todito.com)
Venezuela Wireline
Figure 52. CANTV (VNT)
BANDES
(Republic of Venezuela
Investment Vehicle)
Telefnica
Venezuela
Holding
Verizon
6.6% Voting
28.6% Voting
Banco Mercantil
Banco Universal
Employees,
Retirees &
Funds
6.9% Voting
6.9% Total
Others (Float)
0.05% Voting
51.1% Voting
CANTV
47
Venezuela Wireless
Figure 53. MovilNet
CANTV
100% Voting
Movilnet
Figure 54. Digitel
TIM S.P.A.
100%

100%
Digitel
(1)
Figure 55. Telcel
Telefnica Moviles
100%
Telcel
48
Bolivia Wireline
Figure 56. Entel Bolivia
Euro Telecom
International, N.V.
A.F.P. Futuro de
Bolivia, S.A.
50%
23.73%
Others
A.F.P. Prevision
B.B.V., S.A.
2.54%
23.73%
Entel Bolivia
49
Colombia Wireline
Figure 57. Telefonica Data Colombia
Telefnica
65.00%
Telefnica Data Colombia

Figure 58. Telmex Colombia
Telmex
100%
Telmex
Colombia
50
Colombia Wireless
Figure 59. Comcel
Amrica Mvil
99.2%
Comcel
Figure 60. Telefnica Mviles Colombia
Telefnica
Moviles
100%
Telefnica
Mviles
Colombia
Figure 61. Colombia Movil Ola
Empresa de
Telecomunicaciones
de Bogot, S.A. ESP.
Grupo Empresarial
EPM
50%
50%
OLA
51
Cuba
Figure 62. Etec, S.A.

27%
Etec, S.A.
52
Dominican Republic
Figure 63. Verizon Dominicana
Verizon
100%
Verizon
Dominicana
53
Ecuador Wireless
Figure 64. Conecel
Amrica Mvil
100%
Conecel
Figure 65. Otecel
Telefnica Moviles
100%
Otecel
Figure 66. Alegro
Andinatel
100%
Telecsa
100%
Alegro
54
El Salvador Wireless
Figure 67. Compaa de Telecomunicaciones de El Salvador
Amrica Mvil
95.7%
Compaa de Telecomunicaciones de El Salvador (CTE)

Figure 68. Telefonica Moviles El Salvador
Telefnica
Moviles
96.16%
Telefnica Mviles
El Salvador
55
Guatemala Wireless
Figure 69. Telecomunicaciones de Guatemala
Amrica Mvil
99.1%
99.1%
Telecomunicaciones de
Guatemala, S.A.
Servicios de Comunicaciones
Personales Inalmbricas, S.A.
(Wireline)
(Wireless)
Figure 70. Telefnica Moviles Guatemala
Telefnica Moviles
100.00%
Telefnica
Mviles
Guatemala
56
100.00%
Telefnica
Mviles
Guatemala y
Cia.
Honduras Wireless
Figure 71. Servicios de Comunicaciones de Honduras
Amrica Mvil
100%
Servicios de Comunicaciones de
Honduras, S.A. de C.V.
57
Nicaragua Wireless
Figure 72. Servicios de Comunicaciones de Nicaragua and ENITEL
Amrica Mvil
99.2%
99.1%
Servicios de Comunicaciones de
Nicaragua, S.A.
ENITEL
Empresa Nicaraguense de
(Wireless)
(Wireline/Wireless)
Figure 73. Telefona Celular Nicaragua
Telefnica Moviles
100%
Telefona Celular Nicaragua

58
Panama Wireless
Figure 74. Telefnica Panama
Telefnica Moviles
99.95%
TEM Panama
59
Paraguay Wireless
Figure 75. Hutchinson Telecomunicaciones Paraguay, S.A.
Amrica Mvil
100.00%
Hutchison
Telecommunications
Paraguay, S.A.
Figure 76. Nucleo
Telecom
Argentina
99.99%
Telecom
Personal
67.5%
Nucleo
60
Peru Wireline
Figure 77. TIM Peru, S.A.C.
TIM S.P.A.
100%

100%
TIM Peru, S.A.C.

61
Peru Wireless
Figure 78. Telefnica Mviles del Peru
Telefnica
Moviles
98.03%
Telefnica Moviles
del Peru
62
Puerto Rico
Figure 79. TLD Puerto Rico
Telefnica
98.00%
TLD Puerto Rico

63
Uruguay Wireless
Figure 80. Abiatar
Telefnica Moviles
100%
Abiatar
Figure 81. CTI
Amrica Mvil
100.00%
CTI
64
United States Wireless

Figure 82. Tracfone
Amrica Mvil
98.2%
Tracfone
65
Notes
66
ANALYST CERTIFICATION
Appendix A-1
I, Patrick Grenham, research analyst and the author of this report, hereby certify that all of the views expressed in this research report
accurately reflect my personal views about any and all of the subject issuer(s) or securities. I also certify that no part of my compensation
was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
IMPORTANT DISCLOSURES
Analysts compensation is determined based upon activities and services intended to benefit the investor clients of Citigroup Global
Markets Inc. and its affiliates ("the Firm"). Like all Firm employees, analysts receive compensation that is impacted by overall firm
profitability, which includes revenues from, among other business units, the Private Client Division, Institutional Equities, and Investment
Banking.
Citigroup Investment Research Ratings Distribution

Data current as of 30 June 2005
Buy
Hold
Sell
Citigroup Investment Research Global Fundamental Coverage (2617)
42%
42%
17%
% of companies in each rating category that are investment banking clients
48%
49%
28%
Guide to Fundamental Research Investment Ratings:
Citigroup Investment Researchs stock recommendations include a risk rating and an investment rating.
Risk ratings, which take into account both price volatility and fundamental criteria, are: Low (L), Medium (M), High (H), and Speculative
(S).
Investment ratings are a function of Citigroup Investment Researchs expectation of total return (forecast price appreciation and
dividend yield within the next 12 months) and risk rating.
For securities in developed markets (US, UK, Europe, Japan, and Australia/New Zealand), investment ratings are: Buy (1) (expected
total return of 10% or more for Low-Risk stocks, 15% or more for Medium-Risk stocks, 20% or more for High-Risk stocks, and 35% or
more for Speculative stocks); Hold (2) (0%-10% for Low-Risk stocks, 0%-15% for Medium-Risk stocks, 0%-20% for High-Risk stocks,
and 0%-35% for Speculative stocks); and Sell (3) (negative total return).
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(1) (expected total return of 15% or more for Low-Risk stocks, 20% or more for Medium-Risk stocks, 30% or more for High-Risk stocks,
and 40% or more for Speculative stocks); Hold (2) (5%-15% for Low-Risk stocks, 10%-20% for Medium-Risk stocks, 15%-30% for
High-Risk stocks, and 20%-40% for Speculative stocks); and Sell (3) (5% or less for Low-Risk stocks, 10% or less for Medium-Risk
stocks, 15% or less for High-Risk stocks, and 20% or less for Speculative stocks).
Investment ratings are determined by the ranges described above at the time of initiation of coverage, a change in risk rating, or a
change in target price. At other times, the expected total returns may fall outside of these ranges because of price movement and/or
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See page 67 for Analyst Certification and Important Disclosures

August 10, 2005

Latin Telecom August 10, 2005

Latin Telecom August 10, 2005

Latin Telecom August 10, 2005

Latin Telecom August 10, 2005

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Latin Telecom August 10, 2005

Source: Company reports

Telecom Italia Mobile

Latin Telecom August 10, 2005

Figure 2. Company List by Country

Source: Company reports

Latin Telecom August 10, 2005

Corporate Structure by Regional Player

Source: Company reports

Latin Telecom August 10, 2005

Source: Company reports

Latin Telecom August 10, 2005

Telefnica Latino America Group

* Please refer to Telefnica Moviles on page 14

Latin Telecom August 10, 2005

Telecom Italia Internacional, N.V.

Latin Telecom August 10, 2005

Latin Telecom August 10, 2005

Nextel International, Inc.

Latin Telecom August 10, 2005

Telecom Italia Mobile

TIM International, N.V.

TIM Brasil Servios e

TIM Peru, S.A.C.

53.23% Common Stock

TIM Celular, S.A.

Latin Telecom August 10, 2005

Source: Company reports

Latin Telecom August 10, 2005

Portugal Telecom International

Source: Company reports

Latin Telecom August 10, 2005

Corporate Structure by Country

Source: Company reports

Figure 13. Telefnica de Argentina TAR

Telefnica de Argentina, S.A.

Latin Telecom August 10, 2005

CTI Holdings, S.A.

CTI PCS, S.A.

CTI Compaa de Telfonos del

Source: Company reports

Figure 15. Movistar

Latin Telecom August 10, 2005

Figure 16. Nextel Communications Argentina, S.A.

Nextel International, Inc.

Latin Telecom August 10, 2005

Holding Company: BRP

Operating Subsidiary: BTM

Brasil Telecom S.A.

Source: Company reports

Latin Telecom August 10, 2005

Figure 18. Brasil Telecom, S.A. (BTM)

Operating Subsidiary: BTM

BrT Subsea Cable

iBest Holding Corp.