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AMÉRICA MÓVIL’S FOURTH QUARTER OF 2008
FINANCIAL AND OPERATING REPORT

Mexico City, February 5th, 2009 - América Móvil, S.A.B. de C.V. (“América Móvil”) [BMV: AMX] [NYSE: AMX] [NASDAQ: AMOV] [LATIBEX: XAMXL], announced today its financial and operating results for the fourth quarter of 2008.

• We added 10.1 million subscribers in the fourth quarter, making it our best quarter ever, with Colombia, Brazil and Ecuador showing strong performances with respect to the year-earlier quarter.
  
  
• Through 2008 we gained 29.3 million subscribers, 2.3% more than a year before. We ended the year with 182.7 million wireless subscribers and 3.8 million fixed lines, for a total of 186.6 million lines.
  
  
• In Brazil we obtained 3 million subs in the quarter and in each of Mexico and Colombia 2 million. Tracfone, in the U.S. gained 743 thousand clients whereas Argentina, Peru, Ecuador and the Caribbean each registered approximately half a million net additions in the period.
  
  
• In annual terms, our fourth quarter revenues were up 11.6% to 94.4 billion pesos, with service revenues rising 14.7% on the back of strong subscriber and data revenue growth. At 37.0% year-on-year, data-revenue growth more than doubled that of service revenues. In 2008 revenues totaled 346 billion pesos, having increased 13.6% from the year before.
  
  
• Fourth quarter EBITDA was up 7.3% year-on-year to 34.9 billion pesos, with the margin declining to 37.0% from 38.5% the previous year, mostly on account of strong subscriber growth. EBITDA rose 11.8% in 2008 to 138 billion pesos.
  
  
• We obtained an operating profit of 23.6 billion pesos in the quarter to finish the year with 96.7 billion pesos, 15.2% more than the previous year.
  
  
• Our net income stood at 16.3 billion pesos in the quarter and 60.1 billion pesos in the year as a whole. The quarter’s net income represented 49 peso cents per share or 74 dollar cents per ADR.
  
  
• Our capital expenditures topped 68 billion pesos in 2008 whereas our distributions to shareholders (via both share buybacks and dividends) reached nearly 52 billion pesos, for a combined total of 120 billion pesos. Except for 11.5 billion pesos that we financed in the market, the rest of the above-mentioned outlays was covered by our cash flow.
  
  
• At the end of the year our net debt stood at 121.5 billion pesos equivalent, which represented 0.88 times EBITDA (last twelve months). Our cash position represented approximately 85% of our short term debt at the time.

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América Móvil Fundamentals

Mexican Pesos
		4Q08		4Q07		Var. %		Jan-Dec'08		Jan-Dec'07		Var. %
EPS (Mex$)*		0.49		0.41		19.8%		1.76		1.49		18.4%
Earning per ADR (US$)**		0.74		0.75		-1.8%		3.15		2.72		16.1%
Net Income (millions of Mex$ )		16,273		14,213		14.5%		60,112		52,301		14.9%
EBITDA (millions of Mex$)		34,947		32,574		7.3%		138,441		123,821		11.8%
EBIT (millions of Mex$)		23,571		21,155		11.4%		96,651		83,908		15.2%
Shares Outstanding (billion)		33.43		34.99		-4.5%		34.14		35.18		-3.0%
ADRs Outstanding (billions)		745		642		16.1%		745		642		16.1%
* Net Income / Total Shares outstanding   ** 20 shares per ADR

Relevant Events

In November and December we closed on three new financing facilities where the funding is provided or guaranteed by several Export Credit Agencies. In all, these facilities amount to 1.8 billion dollars. For the most part these facilities have not been drawn on. They will allow América Móvil to finance substantially all of its imports of infrastructure equipment in the coming year.

On November 14 the Mexican Antitrust Commission (Comisión Federal de Competencia) issued its preliminary findings according to which the Commission deems Telcel to be dominant in the end-user segment of the wireless market. These findings are being disputed by Telcel.

América Móvil's Subsidiaries & Affiliates as of December 2008

Country		Company		Business		Equity		Consolidation Method
						Participation
Subsidiaries
- Mexico		Telcel		wireless		100.0%		Global Consolidation Method
- Argentina		Claro		wireless		100.0%		Global Consolidation Method
- Brazil		Claro		wireless		100.0%		Global Consolidation Method
- Chile		Claro		wireless		100.0%		Global Consolidation Method
- Colombia		Comcel		wireless		99.4%		Global Consolidation Method
- Dominicana		Claro		wireless, wireline		100.0%		Global Consolidation Method
- Ecuador		Conecel		wireless		100.0%		Global Consolidation Method
- El Salvador		Claro		wireless, wireline		95.8%		Global Consolidation Method
- Guatemala		Claro		wireless, wireline		99.2%		Global Consolidation Method
- Honduras		Claro		wireless		100.0%		Global Consolidation Method
- Jamaica		Claro		wireless		100.0%		Global Consolidation Method
- Nicaragua		Claro		wireless, wireline		99.3%		Global Consolidation Method
- Paraguay		Claro		wireless		100.0%		Global Consolidation Method
- Peru		Claro		wireless		100.0%		Global Consolidation Method
- Puerto Rico		Claro		wireless, wireline		100.0%		Global Consolidation Method
- Uruguay		Claro		wireless		100.0%		Global Consolidation Method
- USA		Tracfone		wireless		98.2%		Global Consolidation Method
Affiliate
Mexico		Televista		other		45.0%		Equity Method

Subscribers

América Móvil added 10.1 million subscribers in the fourth quarter, the most we have recorded for a given quarter. Net additions were 3.5% higher than those of the same period of last year. In Colombia, Brazil and Ecuador net additions were up by 87%, 36% and 34%, respectively relative to the previous year. In the latter two countries, as in Mexico and Brazil, our postpaid base has been growing more rapidly than the prepaid one.

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Altogether we gained 29.3 million wireless subscribers in 2008—2.3% more than in 2007—and finished the year with 182.7 million subscribers, 19.1% more than a year before. Together with 3.8 million fixed lines in Central America and the Caribbean, we had a total of 186.6 million lines at the end of 2008.

In Mexico net additions in the fourth quarter were just shy of two million bringing to 6.4 million the total figure for 2008. Our subscriber base finished the year at 56.4 million clients. It was up 3.7% sequentially and 12.7% year-on-year.

Claro Brazil added three million subscribers to end December with 38.7 million, 28.1% more than a year before. At 8.5 million, net additions in 2008 were 34% higher than in 2007. They represented 28.7% of the total net adds of the market, making Claro the leader in subscriber growth for the year, both in the Brazilian market.

Colombia followed Brazil with just over two million net subscriber gains in the quarter—87.2% more than in the same period of 2007—and 5.1 million subs in the year, closing December with 27.4 million clients, 22.6% more than a year before.

Argentina obtained 553 thousand new clients in the fourth quarter, bringing to 1.9 million the year’s total. Wireless penetration in the country has reached an estimated 113% and is the highest in Latin America.

Peru and Ecuador each obtained 455 thousand net additions each in the fourth quarter, to finish December with 7.2 and 8.3 million clients, respectively. In Chile we almost doubled our net additions from a year before—to 214 thousand—taking our subscriber base to three million.

In Central America we obtained slightly more than one million net additions in 2008, of which 110 thousand were added in the fourth quarter. Our combined subscriber base in the region ended December with 9.2 million, 12.3% more than in 2007.

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Subscribers as of December 2008

Thousands
						Total(1)
Country		Dec'08		Sep'08		Var.%		Dec'07		Var.%
Mexico		56,371		54,381		3.7%		50,011		12.7%
Brazil		38,731		35,668		8.6%		30,228		28.1%
Chile		3,002		2,787		7.7%		2,672		12.3%
Argentina, Paraguay and Uruguay		16,589		16,044		3.4%		14,618		13.5%
Colombia		27,390		25,373		7.9%		22,335		22.6%
Ecuador		8,304		7,849		5.8%		6,936		19.7%
Peru		7,178		6,722		6.8%		5,455		31.6%
Central America		9,158		9,048		1.2%		8,157		12.3%
Caribe		4,809		4,255		13.0%		3,496		37.6%
USA		11,192		10,449		7.1%		9,514		17.6%
Total Wireless		182,724		172,577		5.9%		153,422		19.1%
Central America		2,240		2,234		0.3%		2,197		1.9%
Caribe		1,605		1,620		-0.9%		1,669		-3.8%
Total Fixed		3,844		3,854		-0.2%		3,866		-0.6%
Total Lines		186,568		176,431		5.7%		157,287		18.6%
(1) Includes total subscribers of all companies in which América Móvil holds an economic interest; does not consider the date in which the companies started being consolidated. Total wireless historical data does not include recent acquisitions.

Our operations in the Caribbean added 1.3 million subscribers in 2008, 554 thousand of them in the last quarter. The latter figure doubles that of a year earlier.

In the U.S. our fourth quarter net subscriber additions, 743 thousand, were up 4.6% year-on-year, bringing to 1.7 million our net gains for 2008. At the end of December Tracfone had 11.2 million subscribers, 17.6% more than a year before.

América Móvil

Buoyed by strong subscriber and data revenue growth, América Móvil’s fourth quarter service revenues climbed nearly 15% year-on-year helping revenues reach 94.4 billion pesos, an 11.6% expansion relative to the year-earlier quarter. The appreciation of various currencies vs. the Mexican peso had a bearing on the sequential increase in revenues.

Overall data revenues for América Móvil climbed 37.0% in the fourth quarter relative to the same period of the prior year, more than twice as fast as service revenues,with data now accounting for 15% of service revenues. In just a year since we launched 3G services in Brazil, Argentina and Chile, data revenues in those countries grew by 70%, 41% and 26%, respectively, whereas in Colombia and Peru, where 3G services were introduced only in the first quarter of 2008, value-added revenues were up 49% and 54% year-on-year.
The year ‘s revenues added up to 345.7 billion pesos, surpassing those obtained in 2007 by 13.6%, on the back of service revenues that rose 14.7%, almost twice as much as did equipment revenues.

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America Movil's Income Statement

Millions of MxP
		4Q08		4Q07		Var.%		Jan - Dic 08		Jan - Dic 07		Var.%
Service Revenues		80,456		70,128		14.7%		298,150		259,965		14.7%
Equipment Revenues		13,958		14,461		-3.5%		47,505		44,231		7.4%
Total Revenues		94,414		84,589		11.6%		345,655		304,197		13.6%
Cost of Service		19,920		16,746		19.0%		70,908		60,880		16.5%
Cost of Equipment		22,206		20,781		6.9%		75,117		68,343		9.9%
Selling, General & Administrative Expenses		17,341		14,488		19.7%		61,189		51,152		19.6%
Total Costs and Expenses		59,467		52,015		14.3%		207,214		180,375		14.9%
EBITDA		34,947		32,574		7.3%		138,441		123,821		11.8%
% of Total Revenues		37.0%		38.5%				40.1%		40.7%
Depreciation & Amortization		11,377		11,419		-0.4%		41,790		39,913		4.7%
EBIT		23,571		21,155		11.4%		96,651		83,908		15.2%
% of Total Revenues		25.0%		25.0%				28.0%		27.6%
Net Interest Expense		1,827		1,154		58.4%		6,536		4,629		41.2%
Other Financial Expenses		-8,802		1,685		n.m.		-6,244		3,099		-301.5%
Foreign Exchange Loss		14,211		-421		n.m.		13,686		-2,404		n.m.
Comprehensive Financing Cost (Income)		7,236		2,417		199.4%		13,978		5,324		162.6%
Other Income and Expenses		538		1,830		-70.6%		2,692		4,414		-39.0%
Income & Deferred Taxes		-394		2,694		-114.6%		19,888		21,811		-8.8%
Net Income before Minority Interest and Equity		16,191		14,214		13.9%		60,092		52,360		14.8%
Participation in Results of Affiliates
minus
Equity Participation in Results of Affiliates		61		12		n.m.		109		56		97.0%
Minority Interest		21		-13		256.8%		-90		-114		21.4%
Net Income		16,273		14,213		14.5%		60,112		52,301		14.9%

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Balance Sheet (in accordance with Mexican GAAP)*

América Móvil Consolidated
Millions of Mexican Pesos
		Dec '08		Dec'07		Var.%				Dec '08		Dec'07		Var.%
Current Assets								Current Liabilities
Cash & Securities		22,820		12,022		89.8%		Short Term Debt**		26,731		19,953		34.0%
Accounts Receivable		55,896		44,756		24.9%		Accounts Payable		90,604		71,794		26.2%
Other Current Assets		5,619		4,488		25.2%		Other Current Liabilities		30,326		23,214		30.6%
Inventories		31,805		21,060		51.0%				147,662		114,960		28.4%
		116,140		82,327		41.1%
Long-Term Assets
Plant & Equipment		209,897		167,084		25.6%
Investments in Affiliates		790		590		33.9%		Long-Term Liabilities
								Long Term Debt		117,588		84,799		38.7%
Deferred Assets								Other Liabilities		28,809		22,504		28.0%
Goodwill (Net)		45,224		44,725		1.1%				146,398		107,303		36.4%
Brands, Patents & Licenses		48,208		42,165		14.3%
Deferred Assets		17,905		12,231		46.4%		Shareholder's Equity		144,104		126,858		13.6%
Total Assets		438,163		349,121		25.5%		Total Liabilities and Equity		438,163		349,121		25.5%
* This presentation conforms with that of América Móvil's audited financial statements
** Includes current portion of Long Term Debt

EBITDA came in at 34.9 billion pesos in the quarter, bringing to 138.4 billion pesos the figure for the year. They represented annual increases of 7.3% and 11.8%, respectively. The EBITDA margin in the fourth quarter, 37.0% came down somewhat from a year before partly on account of the very fast expansion of the subscriber base in the period, as gross adds surpassed by 14.1% those of the previous year.

Our operating profits in the fourth quarter, 23.6 billion pesos, increased more rapidly (11.4%) than our EBITDA, reflecting the slower growth of our depreciation and amortization charges. For the year as a whole, our operating profit stood at 96.7 billion pesos, 15.2% higher than a year before.

Financing costs reached 7.2 billion pesos in the quarter reflecting the increase in our net debt position (38.5% year-on-year), the jump in short-term peso-based interest rates and the foreign exchange losses stemming mostly from the impact of the devaluation of the Mexican peso vis-à-vis the U.S. dollar on our un-hedged dollar debt. In September the latter represented just under 20% of our net debt, which was only somewhat higher than the share of our revenues that is dollar-based (15% in the fourth quarter).

Under current and deferred taxes we are including 2.5 billion pesos in taxes paid in Mexico in connection with distributions made to shareholders (through both share-buybacks and dividend payments) which are susceptible of being credited against income taxes in the future. We are also including a deferred tax credit in the amount of 4.4 billion pesos resulting from the recognition in Brazil in accordance to accounting standards of the benefits associated with certain carry-forward tax losses.

We obtained a net profit of 16.3 billion pesos in the quarter and 60.1 billion pesos in the year. The quarter’s net profit was equivalent to 49 peso cents per share, or 74 dollar cents per ADR.

 

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Our net debt increased in 2008 to 121.5 billion pesos from 92.7 billion pesos at the close of 2007. The increase reflects both the net borrowings of the company in the period (21.1 billion pesos) and the impact of the depreciation of the Mexican peso on the dollar-based debt of the company (17.3 billion pesos). The latter figure results from our gross dollar debt and does not reflect the benefits accrued from our currency hedges. One such benefit was the receipt of 5.9 billion pesos obtained from our rolling position of forward dollar purchases. At the end of 2008 our net debt represented 0.88 times EBITDA (last twelve months).

We feel comfortable with our liquidity position. On the one hand we recently obtained committed lines of credit (8 year loans) in the amount of 1.8 billion dollars that will help us fund our purchases of network equipment in 2009. On the other hand, our short-term debt can be paid off with the cash we have at hand. All of the above means that we do not need to access the financial markets or rely on our cash flow from operations in the present year to ensure the punctual payment of our debt obligations. It is important to note that a significant part of our debt, 33.4%, matures beyond 2015, with only 5.7% of it coming due in 2010, a small fraction of our expected cash flow in that year.

Capital expenditures totaled 68.2 billion pesos in 2008, including 13.9 billion that were directed to the acquisition of spectrum, licenses and concessions (Brazil, Panama and Ecuador). They were higher than we budgeted initially since we decided to bring forth in the second half of the year part of the investments that we intended to make in 2009 to expand further our data and voice capacity. These investments have strengthened our competitive position.

Our capital expenditures—the largest we have undertaken so far—were wholly financed by our cash flow from operations, which also allowed us to cover the majority of the 51.9 billion pesos in distributions made to shareholders through share buybacks and dividends.

Financial Debt of América Móvil*

Millions of U.S. Dollars
		Dec-08		Dec-07
Peso Denominated Debt		2,633		2,962
Bonds and other securities		2,301		2,407
Banks and others		332		555
U.S. Dollar - denominated debt		6,400		5,518
Bonds and other securities		3,793		4,293
Banks and others		2,607		1,225
Debt denominated in other currencies		1,627		1,161
Bonds and other securities		601		488
Banks and others		1,026		672
Total Debt		10,660		9,640
Short term debt and current portion of long-term debt		1,974		1,836
Long-term debt		8,686		7,804
* This table does not include the effect of forwards and derivatives used to hedge the foreign exchange exposure

Mexico

Our Mexican operations gained 2.0 million subscribers in the fourth quarter to finish the year with 6.4 million net additions, slightly less than a year before. At the end of 2008 we had 56.4 million subscribers in Mexico, 12.7% more than in December 2007.

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Fourth quarter revenues amounted to 35.4 billion pesos, bringing to 135.3 billion pesos the total for the year, which represents an 8.8% increase in annual terms. Equipment revenues totaled 7.2 billion pesos in the quarter, slightly less (1.9%) than a year before.

Service revenues reached 28.1 billion pesos in the fourth quarter, 6.3% more than in the same period of 2007, with MOUs rising 4.2% in the period to 172—the highest in Latam—and average voice revenues per minute falling by 12.3% to 82 peso cents (equivalent to 6 dollar cents). Data ARPUs rose 3.1%, partially offsetting the 8.5% reduction in voice ARPUs brought about by the decline in the price per minute of voice. Full-year service revenues were up 8.6% year-on-year, to 110.8 billion pesos.

In 2008 the average price per minute of voice came down by 12.3% in nominal peso terms and by 17.4% after discounting Mexican inflation. (In dollar terms it fell by 28.1% in the period.) They stand today amongst the most competitive in the world, at 5.7 dollar cents per minute.

Fourth quarter EBITDA came in at 18.1 billion pesos and the total for the year at 70.9 billion pesos. They were up 3.9% and 7.0%, respectively year-on-year. The EBITDA margin, 51.2%, was similar to that observed a year before.

INCOME STATEMENT

Mexico
Millions of MxP
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		35,387		33,860		4.5%		135,278		124,391		8.8%
EBITDA		18,120		17,441		3.9%		70,894		66,275		7.0%
% total revenues		51.2%		51.5%				52.4%		53.3%
EBIT		15,956		15,419		3.5%		62,459		58,372		7.0%
%		45.1%		45.5%				46.2%		46.9%

Mexico Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		56,371		50,011		12.7%
Postpaid		4,103		3,682		11.4%
Prepaid		52,268		46,329		12.8%
MOU		172		165		4.2%
ARPU (MxP)		170		183		-6.7%
Churn (%)		3.4%		3.6%		(0.3)

 

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Argentina, Paraguay and Uruguay

Our combined subscriber base in Argentina, Paraguay and Uruguay ended December with 16.6 million subscribers, 3.4% more than in the previous quarter and 13.5% higher than in 2007. Net additions of 545 thousand in the fourth quarter raised to nearly two million our subscriber gains for the full year. For the seventh consecutive quarter, our postpaid subscriber base has grown more rapidly than the prepaid one.

Fourth quarter revenues came in at 1.9 billion Argentinean pesos, having increased 5.1% sequentially and 14.4% on an annual basis. Service revenues for the period grew faster than our subscriber base powering blended ARPU up 3.9% relative to the previous quarter and 3.3% as compared to the previous year. Data ARPU improved 12.5% sequentially and 20.7% annually as 3G services continued to gain traction, with overall data revenues rising 39.3% from a year ago. Total revenues climbed 23.5% in 2008 to 7.2 billion Argentinean pesos on the back of service revenue growth of 26.6% .

EBITDA in the quarter soared 50.4% year-on-year to 706 million Argentinean pesos. The EBITDA margin for the period—36.7% —was 8.8 percentage points higher than that of the last quarter of 2007. Full year EBITDA totaled 2.4 billion Argentinean pesos, equivalent to 33.9% of revenues, having risen 52.8% on the back of a margin expansion of 6.5 percentage points.

INCOME STATEMENT

Argentina, Uruguay & Paraguay
Millions of ARP
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		1,924		1,683		14.4%		7,178		5,812		23.5%
EBITDA		706		469		50.4%		2,434		1,594		52.8%
% total revenues		36.7%		27.9%				33.9%		27.4%
EBIT		573		356		61.1%		1,932		1,184		63.2%
%		29.8%		21.1%				26.9%		20.4%

Argentina, Uruguay & Paraguay Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		16,589		14,618		13.5%
Postpaid		2,126		1,642		29.5%
Prepaid		14,462		12,976		11.5%
MOU		143		131		9.2%
ARPU (ARP)		34		33		3.3%
Churn (%)		2.3%		2.0%		0.32

 

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Brazil

2008 was characterized by strong subscriber growth in Brazil with Claro leading the way. We gained 3.1 million clients in the fourth quarter, 36.3% more than in 2007, and 8.5 million in the year which accounted for 29% of Brazil’s subscriber additions. Our subscriber base topped 38.7 million clients at the end of December after rising 28.1% throughout the year.

Fourth quarter revenues were up 7.8% in annual terms to 3.1 billion. Service revenues grew faster, 14.0%, powered by data revenues that expanded 69.6% in the period of reference. 2008 revenues, 11.5 billion reais, surpassed the previous year’s by 15.4% .

The trend towards lower prices that began in Brazil in 2007 as we introduced 3G services continued last year, with the average price per minute of voice declining 25.8% in the fourth quarter compared to the prior year. Although MOUs rose 15.2% in the period, they could not fully compensate the reduction in prices, bringing about an 11.2% fall in ARPUs. This reduction reflects the lagged relationship between traffic and subscriber growth, which becomes more apparent when subscriber growth accelerates. On the other hand, data ARPU posted a 30.0% annual increase.

At 613 million reais, fourth quarter EBITDA declined 9.3% compared to a year earlier as a result of rapid subscriber growth and the subscriber acquisition costs that it entails. The EBITDA margin for the period was 19.8%, 3.8 percentage points lower than in the fourth quarter of 2007. The reduction was wholly explained by greater subscriber acquisition costs, which actually declined slightly on a per-gross-add basis. The EBITDA for the year increased 8.9% from a year earlier to 2.7 billion reais, with the EBITDA margin declining slightly to 23.6% because of the faster pace of subscriber growth.

INCOME STATEMENT

Brazil
Millions of BrL
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		3,089		2,864		7.8%		11,528		9,988		15.4%
EBITDA		613		675		-9.3%		2,724		2,501		8.9%
% total revenues		19.8%		23.6%				23.6%		25.0%
EBIT		47		-20		339.2%		495		327		51.7%
%		1.5%		-0.7%				4.3%		3.3%

Brazil Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		38,731		30,228		28.1%
Postpaid		7,824		5,752		36.0%
Prepaid		30,907		24,476		26.3%
MOU		99		86		15.2%
ARPU (BrL)		25		28		-11.2%
Churn (%)		2.6%		2.0%		0.5

 

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Chile

We ended December with just over three million subscribers in Chile, 12.3% more than a year before and 7.7% above the previous quarter. We added 330 thousand clients in the year, most of them—214 thousand—in the fourth quarter. The net additions nearly doubled those obtained in the same quarter of 2007.

The quarter’s revenues increased 13.5% over the year-earlier quarter to 75.3 billion Chilean pesos. The average price per minute of voice was down 10.0% sequentially and 11.5% as compared to last year. In both cases the traffic response more than compensated the price declines allowing us to improve blended ARPUs, which were also boosted by the growth of data revenues (26.1% year-on year). We obtained 263.5 billion Chilean pesos in revenues during 2008, 1.3% more than a year before.

In the last quarter we obtained 1.5 billion Chilean pesos of EBITDA or 2.1% of revenues, which brought to 8.3 billion Chilean pesos the total for the year.

INCOME STATEMENT

Chile
Millions of ChP
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		75,327		66,384		13.5%		263,502		260,123		1.3%
EBITDA		1,547		-8,849		117.5%		8,301		-25,949		132.0%
% total revenues		2.1%		-13.3%				3.2%		-10.0%
EBIT		-8,318		-16,248		48.8%		-29,504		-54,841		46.2%
%		-11.0%		-24.5%				-11.2%		-21.1%

Chile Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		3,002		2,672		12.3%
Postpaid		381		395		-3.6%
Prepaid		2,621		2,277		15.1%
MOU		141		124		13.9%
ARPU (ChP)		7,238		7,138		1.4%
Churn (%)		3.7%		4.9%		(1.1)

Colombia

Our Colombian operations added a total of two million subscribers in the fourth quarter, which brought to 5.1 million the total for the year. On an annual basis, net subscriber additions were up 87.2% in the quarter and 79.7% in 2008. Our subscriber base expanded 22.6% in the year, to reach 27.4 million clients.

In the fourth quarter our revenues totaled 1.5 trillion Colombian pesos. They exceeded by 6.5% those of the year- earlier quarter, with service revenues increasing 7.5% . The average price per minute of voice declined 30.3% year-on-year pushing MOUs up 25.8% . Although significant, the increase in MOUs was not enough to avert a reduction in voice ARPUs. On the data side we continue to see good improvement with revenues coming from value added services increasing 48.7% relative to the same quarter of last year. 2008 revenues totaled 5.8 trillion Colombian pesos, 5.3% more than in 2007; service revenue growth was somewhat higher (6.8%) .

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At 660 billion Colombian pesos, fourth quarter EBITDA was 4.2% lower than a year before, to some extent because of faster subscriber growth but also on account of greater network maintenance costs associated with the 3G rollout. In 2008 we obtained 2.8 trillion Colombian pesos in EBITDA, an amount equivalent to 48.2% of revenues. EBITDA for the year was up 4.0% relative to 2007 and the margin was somewhat lower.

INCOME STATEMENT

Colombia
Billions of COP
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		1,527		1,434		6.5%		5,801		5,507		5.3%
EBITDA		660		689		-4.2%		2,795		2,689		4.0%
% total revenues		43.2%		48.1%				48.2%		48.8%
EBIT		510		373		36.5%		2,057		1,479		39.0%
%		33.4%		26.0%				35.5%		26.9%

Colombia Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		27,390		22,335		22.6%
Postpaid		3,653		3,246		12.5%
Prepaid		23,737		19,088		24.4%
MOU		165		131		25.8%
ARPU (COP)		17,113		19,175		-10.8%
Churn (%)		2.3%		2.4%		(0.1)

Ecuador

In Ecuador we added 455 thousand subscribers in the fourth quarter—33.8% more than in the same period of last year—to reach a total of 1.4 million net adds in 2008. At the end of 2008 we had 8.3 million subscribers in Ecuador, 19.7% more than the year before.

We generated 296 million dollars in revenues in the quarter. They exceeded by 27.9% those obtained a year earlier, driven by service revenues, which expanded by 32.7% . MOUs rose 23.5% year-on-year on the back of a nearly 9% reduction in the average price per minute of voice, helping to bring about an increase of 11.0% in our blended ARPU. On a sequential basis service revenues also grew faster than our subscriber base, pushing ARPUs up 1.1% . 2008 revenues were up 22.3% in the year, to 1.1 billion dollars, with service revenues growing 25.4% .

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Fourth quarter EBITDA amounted to 134 million dollars, 4.9% more than in the precedent quarter and 48.1% greater than a year earlier. In spite of swift subscriber growth, the EBITDA margin climbed 6.1 percentage points year-on-year to 45.1% . Full year EBITDA of 484 million dollars surpassed the 2007 figure by 34.3% . It was equivalent to 45.4% of revenues, 4.1 percentage points higher than the year before.

INCOME STATEMENT

Ecuador
Millions of Dollars
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		296		231		27.9%		1,067		872		22.3%
EBITDA		134		90		48.1%		484		360		34.3%
% total revenues		45.1%		39.0%				45.4%		41.3%
EBIT		109		68		59.3%		396		269		47.2%
%		36.9%		29.6%				37.1%		30.8%

Ecuador Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		8,304		6,936		19.7%
Postpaid		936		773		21.1%
Prepaid		7,368		6,163		19.6%
MOU		86		69		23.4%
ARPU (US$)		10		9		11.0%
Churn (%)		0.9%		2.8%		(1.9)

Peru

Our Peruvian operations added 455 thousand subscribers in the fourth quarter. Claro’s subscriber base thus reached 7.2 million, having grown 6.8% over the quarter and 31.6% year-on-year. Our postpaid subscriber base grew 53.3% over the year, a much faster pace than that of the prepaid one.

Driven by service revenues that grew 28.4%, Peru’s fourth quarter revenues rose 21.1% year-on-year to 613 million soles. The figure for 2008 is 2.2 billion soles, 20.5% higher than the previous year. Lower prices per minute—they fell 36.6% year-on-year—helped bring about an increase in usage, with MOUs rising 45.6% in annual terms.

EBITDA expanded 29.1% with respect to the fourth quarter of last year to 182 million soles in spite of some extraordinary expenses associated with an upgrading of the platform and interconnections costs. The EBITDA margin for the period stood at 29.7% having increased almost two percentage points over a year ago. In 2008, EBITDA was up 12.7% to 643 million soles. It represented 29.8% of revenues.

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INCOME STATEMENT

Peru
Millions of Soles
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		613		506		21.1%		2,162		1,794		20.5%
EBITDA		182		141		29.1%		643		571		12.7%
% total revenues		29.7%		27.8%				29.8%		31.8%
EBIT		140		100		39.2%		467		384		21.5%
%		22.8%		19.8%				21.6%		21.4%

Peru Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		7,178		5,455		31.6%
Postpaid		799		521		53.3%
Prepaid		6,379		4,933		29.3%
MOU		106		73		45.6%
ARPU (Sol)		24		26		-5.9%
Churn (%)		3.3%		2.5%		0.9

Central America

Altogether our operations in Guatemala El Salvador, Honduras and Nicaragua registered one million net additions in 2008, 110 thousand of them in the fourth quarter. We finished the year with 9.2 million wireless subscribers, 12.3% more than in December 2007, and 2.2 million wire-line accesses, 1.9% more than a year ago.

EBITDA totaled 133 million dollar in the fourth quarter and 657 million dollars in 2008, on revenues that totaled 346 and 1,444 million dollars respectively. The decline in revenues was brought about by continued fixed to wireless substitution.

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INCOME STATEMENT

Central America Consolidated
Millions of Dollars
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		346		383		-9.6%		1,444		1,495		-3.4%
EBITDA		133		178		-24.8%		657		747		-12.0%
% total revenues		38.5%		46.4%				45.5%		49.9%
EBIT		43		105		-59.4%		347		473		-26.6%
%		12.3%		27.4%				24.0%		31.6%

Central America Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		9,158		8,157		12.3%
Postpaid		436		413		5.5%
Prepaid		8,722		7,743		12.6%
Fixed Lines (thousands)		2,240		2,197		2.0%
Total Lines (Wireless + Fixed, 000's)		11,398		10,354		10.1%
MOU		107		138		-22.1%
ARPU (US$)		6		8		-23.5%
Churn (%)		2.4%		1.6%		0.8

Caribbean

With 554 thousand net additions in the fourth quarter, we more than doubled those obtained in the same period a year before. Throughout the year we gained 1.3 million subs, finishing December with 4.8 million subscribers, 37.6% more than the end of 2007. In addition to these, we have 1.6 million fixed lines in the region.

Our operations in the islands generated revenues of 542 million dollars in the quarter. Mobile revenues rose 9.3% year-on-year, compensating for the most part the reduction in fixed-line revenues. We obtained 2.2 billion dollars of revenues in 2008, roughly the same amount as a year before, although mobile revenues rose 25.3% year-on-year.

The significant number of net additions had a bearing on EBITDA, which came in at 171 million dollars. Full year EBITDA totaled 797 million dollars or the equivalent to 36.9% of revenues.

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INCOME STATEMENT

Caribbean Consolidated
Millions of Dollars
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		542		547		-0.9%		2,160		2,184		-1.1%
EBITDA		171		217		-21.5%		797		860		-7.4%
% total revenues		31.5%		39.7%				36.9%		39.4%
EBIT		78		126		-38.2%		454		497		-8.6%
%		14.3%		23.0%				21.0%		22.8%

Caribbean Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		4,809		3,496		37.6%
Postpaid		945		792		19.4%
Prepaid		3,863		2,704		42.9%
Fixed Lines (thousands)		1,605		1,669		-3.8%
Total Lines (Wireless + Fixed, 000's)		6,414		5,165		24.2%
MOU		254		298		-14.7%
ARPU (US$)		14		18		-19.2%
Churn (%)		4.2%		3.3%		0.9

United States

Tracfone added 743 thousand subscribers in the fourth quarter, 4.6% more than a year ago and more than twice those gained in the previous quarter. Total net adds in 2008 were 1.7 million taking our subscriber base to 11.2 million, which represented an increase of 17.6% year-over-year.

In the midst of a tough economic environment, we generated 379 million dollars of revenues in the fourth quarter, 4.2% more than a year earlier. Revenues were up 5.7% annually to 1.5 billion dollars, with service revenues rising 8.8% .

EBITDA in the period came in at 24 million dollars, surpassing by 52.6% that of the year-earlier quarter. In 2008, EBITDA climbed 69.2% to 269 million dollars, with the EBITDA margin jumping 6.8 percentage points in the year.

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INCOME STATEMENT

United States
Millions of Dollars
		4Q08		4Q07		Var.%		Jan - Dec 08		Jan - Dec 07		Var.%
Revenues		379		363		4.2%		1,480		1,401		5.7%
EBITDA		24		16		52.6%		269		159		69.2%
% total revenues		6.3%		4.3%				18.1%		11.3%
EBIT		17		8		105.0%		242		135		79.3%
%		4.4%		2.2%				16.3%		9.6%

United States Operating Data

		4Q08		4Q07		Var.%
Wireless Subscribers (thousands)		11,192		9,514		17.6%
MOU		75		76		-2.1%
ARPU (US$)		10		12		-10.6%
Churn (%)		4.4%		3.6%		0.8

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Tipos de Cambio

		4T08		4T07		Var.%		Ene - Dic 08		Ene - Dic 07		Var.%
México
EoP		13.54		10.87		24.6%		13.54		10.87		24.6%
Promedio		13.22		10.84		22.0%		11.17		10.95		2.0%
Brasil
EoP		2.34		1.77		31.9%		2.34		1.77		31.9%
Promedio		2.26		1.77		28.1%		1.83		1.93		-5.0%
Argentina
EoP		3.45		3.15		9.7%		3.45		3.15		9.7%
Promedio		3.40		3.15		8.2%		3.18		3.12		2.1%
Chile
EoP		636		497		28.1%		636		497		28.1%
Promedio		657		498		31.8%		530		521		1.8%
Colombia
EoP		2,244		2,015		11.4%		2,244		2,015		11.4%
Promedio		2,309		2,025		14.0%		1,989		2,073		-4.0%
Guatemala
EoP		7.78		7.63		2.0%		7.78		7.63		2.0%
Promedio		7.68		7.67		0.1%		7.58		7.69		-1.5%
Honduras
EoP		19.03		19.03		0.0%		19.03		19.03		0.0%
Promedio		19.03		19.03		0.0%		19.04		19.03		0.0%
Nicaragua
EoP		19.85		18.90		5.0%		19.85		18.90		5.0%
Promedio		19.77		18.83		5.0%		19.41		18.48		5.0%
Perú
EoP		3.14		3.00		4.8%		3.14		3.00		4.8%
Promedio		3.11		3.00		3.7%		2.94		3.12		-5.8%
Paraguay
EoP		4,930		4,850		1.6%		4,930		4,850		1.6%
Promedio		4,813		4,817		-0.1%		4,348		5,038		-13.7%
Uruguay
EoP		24.36		21.55		13.0%		24.36		21.55		13.0%
Promedio		23.84		21.84		9.2%		21.07		23.39		-9.9%
Dominicana
EoP		35.47		34.37		3.2%		35.47		34.37		3.2%
Promedio		35.42		33.93		4.4%		34.65		33.28		4.1%
Jamaica
EoP		80.17		71.32		12.4%		80.17		71.32		12.4%
Promedio		78.07		70.85		10.2%		73.19		68.77		6.4%

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