AT&T has also formed equity strategic alliances with companies as part of its international strategy. AT&T has share holdings in Telmex, America Movil, and Telmex International through consortiums that have voting control of the companies, The total book value of those investments was $4.5 billion as of December 31,2010. Exhibit 5 provides a brief description of the nature of these investees. Through these equity investments, AT&T has derived a steady stream of income for its shareholders. More importantly, however, the company is strategically allied with telecom companies in emerging markets where telecommunications services are fast growing, especially in the wireless space where penetration rates remain relatively low. These investments are consistent with AT&T’s bet that future growth will primarily come from wireless services