Coverage and Estimates by Analysts

Firm	Analyst	Price Target	Recommendation
Banif	Alex Pardelas	PN R$66,50	Buy
Barclays	Michel Morin	ADR US$30.00	Underweight
BES Securities	Caimi Franco Reis	PN R$64,62	Buy
Bradesco	Luis Azevedo	PN R$62,50	Outperform
		ADR US$32.00
Brascan	Beatriz Battelli	PN R$68,94	Outperform
BTG Pactual	Carlos Sequeira	PN R$64,00	Buy
		ADR US$37.62
Citigroup	James Rivett	PN R$48,00	Hold
Credit Suisse	Andrew Campbell	PN R$63,00	Outperform
		ADR US$37.00
Deutsche Bank	Rizwan Ali	ADR US$38.00	Buy
Goldman Sachs	Stephen Graham	PN R$63,50	Buy
Itaú	Carlos Constantini	PN R$67,30	Outperform
JP Morgan	André Baggio	ADR US$29.00	Overweight
Merrill Lynch	Maurício Fernandes	ADR US$34.00	Buy
Morgan Stanley	Silvia Pioner	ADR US$35.00	Overweight
Santander	Valder Nogueira	PN R$70,00	Buy
		ADR US$37.80
UBS	Victor Mizusaki	PN R$62,50	Buy
		ADR US$33.01

Vivo is followed by the analyst(s) listed above. Please note that any opinions. estimates or forecasts regarding performance made by these analysts are theirs alone and do not represent opinions. forecasts or predictions of or its management. does not by its reference above or distribution imply its endorsement of or concurrence with such information. conclusions or recommendations.

Updated: November/2010