2011.03.25 EM Telcom (Stifel)

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Fixed Income Capital MarketsEmerging Markets Trading Desk

Emerging Markets Graphs

Telecom Companies

March 25th, 2011

Prepared by the Stifel Nicolaus Emerging Markets Trading Desk. All relevant disclosures & certifications appear at the end of this report.

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Prepared by the Stifel Nicolaus Emerging Markets Trading Desk. All relevant disclosures & certifications appear at the end of this report.Page 3

Telecom CompaniesTicker Country Price Yield Z-Spread Moodys S&P

AMXLMM 3.625 15US02364WAU99

Mexico $103.45 2.709 +58.76 A2 A-

AMXLMM 5 20

US02364WAV72

Mexico $104.20 4.429 +103.11 A2 A-

AXTEL 7.625 17

USP06064AA01

Mexico $95.25 8.675 +655.4 B2 B+

AXTEL 9 19

USP06064AB83

Mexico $96.30 9.648 +685.08 B2 B+

MAXTEL 11 14

US57773AAJ16

Mexico $75.25 20.89 +1969.93

Caa1 B-

MICC 8 17

USG87361AA26

El Salvador $104.20 7.065 +494.73 B1 N/A

NETBZ 7.5 20

US64109TAD46

Brazil $115.50 4.004 +60.95 Ba1 BB+

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ISATIJ 7.375 20

USN44519AA99

Indonesia $110.25 5.449 +334.14 Ba1 BB

QTELQD 5 25

XS0551307100

Qatar $89.125 6.141 +274.63 A2 A

QTELQD 3.375 16

XS0549116290

Qatar $96.75 4.035 +192.73 A2 A

TELEFO 2.875 15

USP90375AB57

Chile $96.90 3.611 +150.6 N/A BBB+

TFONY 5.5 15

US879403AS24

Mexico $108.80 3.044 +93.93 A3 A-

TFONY 5.5 19

USP9048DEC94

Mexico $105.40 4.729 +133.89 A3 A-

TLMP 5.5 20

USP9037HAL70

Brazil $99.20 5.608 +221.78 Baa2 BBB-

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VIP 8.375 13

XS0361041550

Russia $108.875 3.896 +321.33 Ba3 BB+

VIP 9.125 18

XS0361041808

Russia $113.55 6.690 +329.95 Ba3 BB+

MOBTEL 8.625 20

XS0513723873

Russia $114.30 6.534 +314.4 Ba2 BB

T 5.8 19 (AT&T)

US00206RAR30

U.S.A. $112.05 4.0 +61.16 A2 A-

T 2.5 15 (AT&T)

US00206RAV42

U.S.A. $99.675 2.579 +47.4 A2 A-

VZ 6.35 19 (Verizon)

US92343VAV62

U.S.A. $114.40 4.212 +82.3 A3 A-

VZ 4.9 15 (Verizon)

US92344GAW69

U.S.A. $109.95 2.526 +42.45 A3 A-

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Important Disclosures and Certifications

The information contained herein has been prepared by the Stifel Nicolaus Emerging Markets TradingD

esk for institutional clients. It is neither a research report nor an impartial analysis of the security(s)or issuer(s) discussed. The author is neither a Stifel Nicolaus Equity or Fixed Income ResearchAnalyst nor a member of the Stifel Nicolaus Equity or Fixed Income Research Department. Theopinions expressed are those of the Trading Desk and may differ from those of the Equity or FixedIncome Research Department. Opinions expressed are subject to change without notice and do nottake into account the particular investment objectives, financial situation or needs of individualinvestors. Employees of Stifel, Nicolaus & Company, Incorporated or its affiliates may, at times,release written or oral commentary, technical analysis, or trading strategies that differ from theopinions expressed within. The trading desk transacts, or may transact, as principal and has, or mayhave, a proprietary position in the securities (or in related derivatives) that are referenced.

The information and statistical data contained herein has been prepared from sources believed to bereliable, but Stifel Nicolaus makes no representation or warranty as to the accuracy or completenessof any such information or data. The information and data contained herein is current only as of thedate hereof and Stifel Nicolaus has no obligation to update such information and data to reflectsubsequent events.

Additional information is available upon request

2010 Stifel, Nicolaus & Company, Inc., One South Street, Baltimore, MD 21202. All rights reserved.

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2011.03.25 EM Telcom (Stifel)