67 WALL STREET, New York - November 19, 2009 - The Wall Street Transcript has just published its Telecommunications Services & Equipment Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available via The Wall Street Transcript Online.

Topics covered: Telecom Carriers VS. Telecom Equipment Vendors - Increased Competition Hurts Profitability Among Telecom Carriers - Net Neutrality Battle - New Telecom Players Apple & Google - High-Growth Opportunity In Latin American Market - Rural Local Exchange Carriers - Fierce Wireless Competition - Significant Deceleration In Wireless Subscriber Growth - Upgrade To 4G - Secular Decline In RLEC Sector - Regulatory Environment - Unlimited Pay-In-Advance Segment Is Fastest-Growing In Wireless

Companies include: Ciena Corporation (CIEN); AT&T (T); Alcatel (ALU); Apple (AAPL); CenturyLink (CTL); Clearwire (RLWR); Comcast (CMCSK); Consolidated Communications (CNSL); ERF Wireless (ERFW.OB); Frontier Communications (FTR); Google (GOOG); Intel (INTC); Iowa Telecom (IWA); Knology (KNOL); Leap Wireless (LEAP); Liberty Global (LBTYA); MetroPCS (PCS); Millicom (MICC); NII Holdings (NIHD); Nortel (NTL); Sprint (S); T-Mobile (DT); Telefonica (TEF); Tellabs (TLAB); Time Warner Cable (TWC); Time Warner Cable (TWX); TracFone (AMX); Verizon (VZ); Wal-Mart (WMT); Windstream (WIN).

In the following brief excerpt from just one of the in depth interviews in the Special Report, the number one Telecommunications analyst discusses the outlook for the sector and for investors.

MICHAEL NELSON, a telecom services Analyst at Soleil Securities, has over 20 years' experience in the financial industry. Prior to forming Nelson Alpha Research, Inc., in 2009, he was at Stanford Group Company as a Senior Vice President covering the telecommunications services sector. Mr. Nelson was recognized by Financial Times/StarMine as the number one earnings estimator in the wireless telecommunications services industry in 2008. He was a member of the Institutional Investor magazine ranked telecommunications team at Citigroup Investment Research from 2002 to 2005. Mr. Nelson began his career in 1988 as a fixed income derivatives trader at Banque Indosuez. He earned his Bachelor of Science in economics from Cornell University and his MBA from Vanderbilt University's Owen Graduate School of Management.

TWST: What about the RLECs, what's happening there?

Mr. Nelson: The RLECs is a sector that's in secular decline; they are losing access lines due to cable, VoIP competition as well as wireless substitution. However, the companies generate a significant amount of free cash flow and are returning a substantial amount of the cash to shareholders in the form of dividend payments. So while the fundamentals are relatively weak due to the secular changes in the industry, from an investment perspective, I do see some attractive opportunities with high-dividend yields supported by stable free cash flow generation. In the RLEC sector, the average dividend yield is about 11%, so very attractive yields. One of the byproducts of the secular downturn in the RLEC space is that I expect significant M&A activity, and that provides the carriers with the opportunity to stabilize free cash flow, and in some cases to even potentially grow free cash flow by making accretive acquisitions and then returning additional cash to shareholders through dividend payments or even share repurchase programs.

Note: Opinions and recommendations are as of 10/16/09

MICHAEL NELSON

Analyst

Soleil Securities

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This special issue is available via The Wall Street Transcript Online .

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