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AMÉRICA MÓVIL’S FOURTH QUARTER OF 2009
FINANCIAL AND OPERATING REPORT

Mexico City, February 2, 2010 - 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 2009.

• América Móvil surpassed the 200 million subscriber mark in December, finishing the year with 201 million subs. In the fourth quarter we added 6.6 million clients, which brought to 18.2 million our net additions for the year.
  
  
• Brazil led the way in net additions followed by Tracfone, in the U.S., and Mexico, with 2.1 million, 1.2 million and 807 thousand subscribers respectively.
  
  
• In practically all of our operations postpaid subs increased more rapidly than the prepaid ones. In Mexico, the Dominican Republic and Chile postpaid gains in the quarter significantly exceeded those seen a year before.
  
  
• Fourth quarter revenues totaled 107.1 billion pesos. They rose 13.4% in annual terms on the back of service revenue growth of 14.8%. The most dynamic component of service revenues was data, which ramped up 48.7% in the period, as all of our operations exhibited vigorous growth in this line.
  
  
• At 40.8 billion pesos, our EBITDA was up 16.9% from a year earlier, with the EBITDA margin climbing 1.1 percentage points to 38.1%.
  
  
• Through December our revenues reached 395 billion pesos, with service revenues increasing 17.1% from a year before. EBITDA totaled 158.9 billion pesos, 14.8% more than in 2008.
  
  
• Operating profits totaled 23.2 billion pesos in the quarter, down slightly from the year-earlier quarter on account of higher depreciation charges as we accelerated the depreciation of GSM networks in some countries. In 2009 our operating profits added up to 105.8 billion pesos.
  
  
• A net profit of 13.0 billion pesos in the fourth quarter brought about a total of 70.5 billion pesos in net income for the year, an 18.5% annual increase.
  
  
• Our net debt came down by 37.9 billion pesos in ‘09 to 83.5 billion pesos —equivalent to 0.5 times EBITDA— while distributions to shareholders via share buybacks and dividends reached 50.4 billion pesos and capital expenditures 45.4 billion.
  
  
• On January 13th our Board of Directors authorized us to submit an offer for all outstanding shares of Carso Global Telecom and Telmex International. Acceptance of such offers by the respective shareholders would lead to América Móvil consolidating both Telmex and Telmex International.

 

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Relevant Events

América Móvil Fundamentals

Mexican Pesos
		4Q09		4Q08		Var. %		Jan - Dec '09		Jan - Dec '08		Var. %
EPS (Mex$)*		0.40		0.47		-14.5%		2.15		1.74		23.9%
Earning per ADR (US$)**		0.61		0.71		-13.6%		3.19		3.11		2.4%
Net Income (millions of Mex$ )		12,955		15,646		-17.2%		70,494		59,486		18.5%
EBITDA (millions of Mex$)		40,824		34,924		16.9%		158,881		138,418		14.8%
EBIT (millions of Mex$)		23,150		23,571		-1.8%		105,799		96,651		9.5%
Shares Outstanding as of December 31th (billion)		32.28		33.25		-2.9%		32.28		33.25		-2.9%
ADRs Outstanding as of December 31th (millions) ***		602		642		-6.1%		602		642		-6.1%
* Net Income / Total Shares outstanding ** 20 shares per ADR *** As per Bank of NY Mellon

On December 10th, América Móvil paid an extraordinary dividend of 50 Mexican peso cents per share. It represented an aggregate amount of 15.8 billion Mexican pesos (equivalent to 1.2 billion dollars). Altogether América Móvil distributed 50.4 billion Mexican pesos in dividends and share buybacks in 2009.

América Móvil surpassed the 200 million wireless subscribers mark in December, closing the year with 201 million subscribers. América Móvil continues to be the third largest company in the world in terms of equity subscribers.

On January 13th América Móvil disclosed that its Board of Directors had authorized it to submit: a) an offer for 100% of the equity of Carso Global Telecom (CGT)—a holding company that owns 59.4% of Telmex and 60.7% of Telmex International (Telint) —in exchange for América Móvil shares at a ratio of 2.0474 to 1; and b) an offer for Telint shares not owned by CGT, to be purchased for 11.66 pesos per share or to be exchanged for AMX shares at a ratio of 0.373 to 1, at the election of the shareholders.
In connection with the proposed transaction, América Móvil, S.A.B. de C.V. (“América Móvil”) will file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form F-4 that will include a prospectus and a tender offer statement. Investors and security holders are urged to read the prospectus and tender offer statement regarding the proposed transaction when it becomes available because it will contain important information. You may obtain a free copy of the prospectus and tender offer statement (when available) and other related documents filed by América Móvil with the SEC at the SEC’s website at www.sec.gov <http://www.sec.gov/> ..

América Móvil's Subsidiaries & Affiliates as of December 2009

						Equity
Country		Company		Business		Participation		Consolidation Method
Subsidiaries
- Mexico		Telcel		wireless		100.0%		Global Consolidation Method
- Argentina		Claro		wireless		100.0%		Global Consolidation Method
- Brazil		Claro		wireless		99.4%		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, wireline		100.0%		Global Consolidation Method
- Jamaica		Claro		wireless		99.4%		Global Consolidation Method
- Nicaragua		Claro		wireless, wireline		99.5%		Global Consolidation Method
- Panama		Claro		wireless		100.0%		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		Telvista		other		45.0%		Equity Method

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Subscribers

América Móvil finished December with 201 million wireless clients, 3.4% more than in the prior quarter and 10.0% more than a year before. We added 6.6 million subscribers in the fourth quarter bringing the total for the year to 18.2 million.

Brazil led the way in terms of net additions with 2.1 million in the quarter, followed by Tracfone, in the U.S. with 1.2 million (64.9% more than in the same period of 2008) and Mexico with 807 thousand. Argentina gained 551 thousand subscribers in the period while Colombia-Panama, Peru and Ecuador all obtained somewhat more than 400 thousand subs.

Throughout 2009 the same pattern held, with Brazil pulling ahead of the rest of our operations with 5.7 million subs, trailed by Tracfone (3.2 million), Mexico (2.8 million) and Argentina (1.6 million). At the end of the year we had close to 60 million subs in Mexico, 44 million in Brazil, 28 million in Colombia and 17 million in Argentina. In the U.S. we had over 14 million clients, which makes Tracfone the largest operator by subscribers in the prepaid segment of the market.

For the most part our operations registered in the fourth quarter a faster increase of their postpaid subscriber base than of the prepaid one in annual terms, helped along by their better coverage, quality of service and technological platform that allows them to offer more varied data services. The increase in postpaid net adds from a year before was particularly noteworthy in Mexico, the Dominican Republic and Chile.

Subscribers as of December 2009

Thousands
						Total(1)
Country		Dec'09		Sep'09		Var.%		Dec'08		Var.%
México		59,167		58,360		1.4%		56,371		5.0%
Brazil		44,401		42,278		5.0%		38,731		14.6%
Chile		3,597		3,302		9.0%		3,002		19.8%
Argentina, Paraguay y Uruguay		18,236		17,697		3.0%		16,589		9.9%
Colombia y Panamá		27,797		27,357		1.6%		27,390		1.5%
Ecuador		9,449		9,047		4.4%		8,304		13.8%
Perú		8,311		7,867		5.6%		7,178		15.8%
Central America		9,535		9,407		1.4%		9,158		4.1%
Caribbean		6,052		5,819		4.0%		4,809		25.9%
USA		14,427		13,201		9.3%		11,192		28.9%
Total Wireless		200,972		194,335		3.4%		182,724		10.0%
Central America		2,259		2,248		0.4%		2,240		0.8%
Caribbean		1,531		1,545		-0.9%		1,605		-4.6%
Total Fixed		3,789		3,793		-0.1%		3,844		-1.4%
Total Lines		204,761		198,128		3.3%		186,568		9.8%
(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. The historical data does not include recent acquisitions

América Móvil Consolidated Results

With the South American economies recovering more rapidly than anticipated from the crisis that shook the world towards the end of 2008, subscriber growth in those countries reaccelerated, helping América Móvil surpass its net subscriber additions target for 2009 and post revenue increases that were driven also by strong secular demand for wireless data services. In North America revenue expansion was solid even in the face of an extremely weak economic environment.

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Fourth quarter revenues came in at 107.1 billion pesos. They were up 13.4% from the year-earlier quarter as service revenues climbed almost 15% on the back of data revenues that shot up 48.7% in the period, with every one of our operations exhibiting solid data revenue growth. Voice revenues expanded in line with subscriber growth (9.3% and 10.0% respectively).

EBITDA rose somewhat more rapidly, 16.9%, than service revenues, leading to an increase in the fourth quarter EBITDA margin from 37.0% of total revenues in 2008 to 38.1% in 2009.

Revenues for the full year 2009 totaled 395 billion pesos. They were driven by service revenues that were up 17.1% from a year before buoyed by data services that increased 53.8% . EBITDA of 158.9 billions pesos translated into an EBITDA margin of 40.3% in the year, slightly higher than that of 2008.

Depreciation charges were raised 4.4 billion pesos to 17.7 billion pesos as we were allowed to proceed with faster depreciation for the full year 2009 of our GSM network in some countries, which led to a reduction in tax provisions in the quarter. Going forward depreciation and amortization charges will be closer to 12.5 -13.0% of revenues, compared to 16.5% in the fourth quarter.

Operating profits reached 23.2 billion pesos in the quarter and 105.8 billion pesos in the year as a whole. They helped bring about a net profit of 13 billion pesos in the quarter and 70.5 billion pesos in all of 2009. The latter figure represented a 18.5% year-on-year increase. Earnings per share came in at 40 peso cents in the fourth quarter, or 61 USD cents per ADR.

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America Movil's Income Statement

Millions of MxP
		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Service Revenues		92,364		80,456		14.8%		349,138		298,150		17.1%
Equipment Revenues		14,734		13,958		5.6%		45,573		47,505		-4.1%
Total Revenues		107,098		94,414		13.4%		394,711		345,655		14.2%
Cost of Service		26,379		19,920		32.4%		88,853		70,908		25.3%
Cost of Equipment		22,992		22,206		3.5%		76,187		75,117		1.4%
Selling, General & Administrative Expenses		16,903		17,364		-2.7%		70,790		61,212		15.6%
Total Costs and Expenses		66,274		59,490		11.4%		235,830		207,237		13.8%
EBITDA		40,824		34,924		16.9%		158,881		138,418		14.8%
% of Total Revenues		38.1%		37.0%				40.3%		40.0%
Depreciation & Amortization		17,674		11,353		55.7%		53,082		41,767		27.1%
EBIT		23,150		23,571		-1.8%		105,799		96,651		9.5%
% of Total Revenues		21.6%		25.0%				26.8%		28.0%
Net Interest Expense		1,221		1,827		-33.2%		5,718		6,536		-12.5%
Other Financial Expenses		2,158		-8,915		124.2%		1,820		-6,358		128.6%
Foreign Exchange Loss		-1,725		14,211		-112.1%		-4,557		13,686		-133.3%
Comprehensive Financing Cost (Income)		1,654		7,123		-76.8%		2,982		13,865		-78.5%
Other Income and Expenses		1,090		1,278		-14.7%		3,755		3,431		9.4%
Income & Deferred Taxes		7,462		-394		n.m.		28,679		19,888		44.2%
Net Income before Minority Interest and Equity		12,944		15,564		-16.8%		70,383		59,466		18.4%
Participation in Results of Affiliates
minus
Equity Participation in Results of Affiliates		27		61		-55.6%		196		109		78.9%
Minority Interest		-16		21		-179.2%		-84		-90		6.1%
Net Income		12,955		15,646		-17.2%		70,494		59,486		18.5%
n.m. Not meaningful

Our comprehensive financing costs totaled 1.7 billion pesos in the fourth quarter and 3.0 billion pesos in the year, having been kept down by foreign exchange gains of 1.7 and 4.6 billion pesos respectively and by the downward trend of our net debt, which ended the year at 83.5 billion pesos, down from 121.4 billion pesos in 2008. Whereas part of this reduction was brought about by exchange rate movements, for the most part it reflected the strength of our cash flow, which allowed us to reduce debt by 37.9 billion pesos in flow terms, to cover 50.4 billion pesos in share buybacks and dividend payments—including 15.8 billion paid out on December 10th—and to fund capital expenditures totaling 45.4 billion pesos.

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Balance Sheet (in accordance with Mexican GAAP)*

América Móvil Consolidated

Millions of Mexican Pesos

		Dec '09		Dec '08		Var.%				Dec '09		Dec '08		Var.%
Current Assets								Current Liabilities
Cash & Securities		27,446		22,092		24.2%		Short Term Debt**		9,168		26,731		-65.7%
Accounts Receivable		55,927		55,896		0.1%		Accounts Payable		96,980		92,109		5.3%
Other Current Assets		3,189		3,693		-13.6%		Other Current Liabilities		34,002		28,956		17.4%
Inventories		21,536		31,805		-32.3%				140,150		147,796		-5.2%
		108,098		113,486		-4.7%
Long-Term Assets
Plant & Equipment		227,049		209,897		8.2%
Investments in Affiliates		975		790		23.4%		Long-Term Liabilities
								Long Term Debt		101,741		116,755		-12.9%
Deferred Assets								Other Liabilities		33,211		25,980		27.8%
Goodwill (Net)		45,805		44,696		2.5%				134,953		142,735		-5.5%
Brands, Patents & Licenses		46,557		48,110		-3.2%
Deferred Assets		24,524		18,477		32.7%		Shareholder's Equity		177,906		144,925		22.8%
Total Assets		453,008		435,455		4.0%		Total Liabilities and Equity		453,008		435,455		4.0%
* This presentation conforms with that of América Móvil's audited financial statements
** Includes current portion of Long Term Debt

Financial Debt of América Móvil*

Millions of U.S. Dollars
		Dec-09		Dec-08
Peso Denominated Debt		2,019		2,793
Bonds and other securities		2,019		2,460
Banks and others		0		332
U.S. Dollar - denominated debt		4,365		6,339
Bonds and other securities		3,952		3,731
Banks and others		413		2,607
Debt denominated in other currencies		2,109		1,467
Bonds and other securities		788		441
Banks and others		1,321		1,026
Total Debt		8,493		10,599
Short term debt and current portion of long-term debt		702		1,974
Long-term debt		7,791		8,624
* This table does not include the effect of forwards and derivatives used to hedge the foreign exchange exposure

Mexico

Our Mexican operations added 807 thousand subscribers in the fourth quarter (2.8 million in 2009) to close the year with 59.2 million subs, 5.0% more than at the end of 2008. At 310 thousand, postpaid gains represented 38.4% of the quarter’s net additions. Our postpaid base continued expanding more rapidly than the prepaid one, having increased 27.4% in 2009 versus 3.2% for our prepaid base. The latter figure reflects the cancellation of one million prepaid subscribers that had had no consumption, possibly on account of the economic downturn.

Telcel’s revenues totaled 38.3 billion pesos in the quarter. They were up 8.4% year-on-year, helped along by data revenues that rose 39.0% . Altogether service revenues climbed almost twice as rapidly as subscribers, 9.3%, a strong showing given the weak economic environment that prevailed throughout the year. The quarter’s EBITDA amounted to 20.2 billion pesos and was up 11.5% year-on-year, with the EBITDA margin rising to 52.7% from 51.2% in the year-earlier quarter.

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Minutes of use per subscriber increased to an all-time high that was just shy of 200, whereas the average price per minute of voice fell 16.4% to 68 peso cents (5.2 dollar cents), its lowest level to date and, together with the US, the lowest among the countries that make up the OECD. The strong growth of data revenues was instrumental in ensuring a 2.8% annual rise in ARPUs in the fourth quarter, to 175 pesos.

For the year as a whole Telcel’s revenues totaled 142.4 billion pesos and its EBITDA 78.4 billion pesos. The EBITDA margin for the year rose 2.7 p.p. from 2008, to 55.1% . EBITDA rose 10.6% over 2008 on the back of service revenues that increased 7.9% .

We have made important investments to offer our clients the best coverage and a variety of services supported by cutting-edge technology. We provide services to over 200 thousand communities, including 60 thousand that have less than 5 thousand inhabitants where Telcel is often the only service provider. Our market share in the postpaid market—the one with the highest consumption levels—stands at 49.4%, as those clients have come to value our comprehensive coverage and the data services we provide, both of them made possible by our investment efforts. A vast and modern network, good quality of service and competitive prices have earned us the preference of most Mexican subscribers, which is reflected in our 66.8% market share of wireless service revenues in the country.

Towards the end of January Telcel was notified by the Federal Competition Commission (CFC) that it had been found to be “dominant” in the end-user wireless market. This ruling is appealable. If upheld, it would empower the Federal Telecommunications Commission to determine specific measures applicable to Telcel as regards rates, quality and information. Telcel disagrees with the conclusions of the CFC given that it operates in a very competitive market. In the postpaid segment, for instance, Telcel’s market share was only 46% a year ago, scarcely 15 percentage points higher than that of its next competitor. And as regards prepaid, Telcel happens to be today the only option of communication for thousands of Mexicans that live in certain areas where the competition does not provide service. Telcel’s presence in the Mexican wireless market is the result of important investments made over the years to expand and continuously modernize its infrastructure and to service all sectors of the population. Because its market share did not come about from any undue practice or from having been the first operator in the market (Telcel was the second operator to offer wireless services), Telcel will likely appeal the resolution of the CFC.

INCOME STATEMENT

Mexico

Millions of MxP

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		38,342		35,387		8.4%		142,362		135,278		5.2%
EBITDA		20,209		18,120		11.5%		78,380		70,894		10.6%
% total revenues		52.7%		51.2%				55.1%		52.4%
EBIT		17,829		15,956		11.7%		69,154		62,459		10.7%
%		46.5%		45.1%				48.6%		46.2%

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Mexico Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		59,167		56,371		5.0%
Postpaid		5,229		4,103		27.4%
Prepaid		53,938		52,268		3.2%
MOU		199		172		15.8%
ARPU (MxP)		175		170		2.8%
Churn (%)		3.6%		3.4%		0.3

Argentina, Paraguay and Uruguay

Fourth quarter net additions of 539 thousand subscribers were marginally below those of last year even though penetration levels are estimated to have reached over 120% in Argentina. Altogether, our operations registered 1.6 million net adds in 2009. We ended December with a total of 18.2 million clients in the region, 9.9% more than at the end of 2008, with our postpaid subscriber base continuing to grow faster than our prepaid one (15.8% year-on-year).

Our operations in Argentina, Paraguay and Uruguay generated revenues of 2.3 billion Argentinean pesos in the fourth quarter. They were up 21.0% year-on-year—the highest rate of growth among our Latam operations—with service revenues expanding 23.2% . ARPUs rose 11.6% over the previous year, driven by both voice and data. Argentina is one of the most advanced countries in terms of data usage in the region.

Strict cost controls and greater dilution of subscriber acquisition costs enabled us to generate EBITDA of 909 million Argentinean pesos in the quarter, which represented a hefty 28.8% increase over the year-earlier quarter. At 39.1% the EBITDA margin for the period was up 2.4 percentage points in the period.

Through December revenues rose 18% in annual terms, reaching 8.5 billion Argentinean pesos, with service revenues expanding 20.4% . EBITDA topped 3.1 billion Argentinean pesos, having increased 25.6% year-on-year.

INCOME STATEMENT

Argentina, Uruguay & Paraguay

Millions of ARP

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		2,328		1,924		21.0%		8,467		7,178		18.0%
EBITDA		909		706		28.8%		3,057		2,434		25.6%
% total revenues		39.1%		36.7%				36.1%		33.9%
EBIT		766		573		33.8%		2,502		1,932		29.5%
%		32.9%		29.8%				29.5%		26.9%

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Argentina, Uruguay & Paraguay Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		18,236		16,589		9.9%
Postpaid		2,463		2,126		15.8%
Prepaid		15,773		14,462		9.1%
MOU		145		143		2.0%
ARPU (ARP)		38		34		11.6%
Churn (%)		2.0%		2.3%		(0.3)

Brazil

Our Brazilian operations added 2.1 million subscribers in the fourth quarter, bringing to 5.7 million the total for the year. At the end of 2009 we had 44.4 million subscribers in Brazil, up 14.6% from a year before with our postpaid base growing 10.8% to 8.7 million subs.

Fourth quarter revenues reached 3.2 billion reais as service revenues rose 6.1% on the back of data revenues that kept on expanding rapidly (51.4% in the quarter). Voice revenues were stable with subscriber growth providing good support as both usage per subscriber (MOUs) and prices per minute declined relative to the previous year, by 6.0 and 7.5% respectively.

EBITDA shot up 27.5% in the quarter from a year before, to 781 million reais, with the EBTIDA margin climbing 4.7 percentage points to 24.5% of revenues. This improvement in EBITDA took place even after we increased our provision for bad debt in moving to a more conservative approach; after allowing for greater spending on customer services and links; and after factoring in a 14.4% increase in taxes paid on the concession (levied on subscribers and radio-bases). It was made possible by good cost control and by a 21.3% decline in subscriber acquisition costs.

Through December revenues came in at 12.0 billion reais and EBITDA at 2.9 billion, up 4.2% and 6.7% respectively from a year before. Service revenues increased by 8.8% impelled by data revenues, which soared by 62.5% .

INCOME STATEMENT

Brazil
Millions of BrL

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		3,188		3,089		3.2%		12,016		11,528		4.2%
EBITDA		781		613		27.5%		2,906		2,724		6.7%
% total revenues		24.5%		19.8%				24.2%		23.6%
EBIT		-302		47		n.m.		476		495		-3.9%
%		-9.5%		1.5%				4.0%		4.3%

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Brazil Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		44,401		38,731		14.6%
Postpaid		8,670		7,824		10.8%
Prepaid		35,731		30,907		15.6%
MOU		93		99		-6.0%
ARPU (BrL)		22		25		-8.7%
Churn (%)		3.0%		2.6%		0.4

Chile

After adding 296 thousand subscribers in the fourth quarter—38% more than in the same period of 2008—we finished December with 3.6 million clients, 19.8% more than the previous year.

We generated revenues of 76.9 billion Chilean pesos in the period. Data revenues nearly doubled those of the prior year—their share of service revenues is now 13%—but voice revenues were down as the average revenue per minute of voice declined 34.0% and the corresponding increase in traffic was not sufficient to compensate such reduction.

EBITDA for the quarter of 1.8 billion Chilean pesos was up 19.3% as a reduction in interconnection costs helped offset the reduction in voice revenues. The EBITDA margin rose to 2.4% of revenues.

In the twelve months to December our revenues totaled 272.4 billion Chilean pesos and our EBITDA 5.6 billion pesos.

By the end of December, our 3G network covered 85% of the population; we have the best 3G coverage in the country.

INCOME STATEMENT

Chile
Millions of ChP

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		76,902		75,327		2.1%		272,436		263,502		3.4%
EBITDA		1,845		1,547		19.3%		5,568		8,301		-32.9%
% total revenues		2.4%		2.1%				2.0%		3.2%
EBIT		-10,995		-8,318		-32.2%		-38,142		-29,504		-29.3%
%		-14.3%		-11.0%				-14.0%		-11.2%

Chile Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		3,597		3,002		19.8%
Postpaid		528		381		38.7%
Prepaid		3,069		2,621		17.1%
MOU		162		141		15.0%
ARPU (ChP)		5,850		7173		-18.4%
Churn (%)		4.4%		3.7%		0.7

 

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Colombia and Panama

We registered 440 thousand subscriber gains in the fourth quarter (little more than a fourth of them postpaid) after cancelling approximately 900 thousand subscribers that had no consumption. We finished 2009 with 27.8 million clients, slightly ahead from the previous year.

Revenues for the quarter, 1.5 trillion Colombian pesos, were similar to those registered the previous year, with service revenues rising 2.9% annually on the back of very strong demand for data services. Prices per minute of voice were down 17.8% but, given the weak economic conditions, traffic did not rise enough to stem a decline in voice revenues. This decline was more than made up by the surge in data revenues, which more than doubled from a year before.

Fourth quarter EBITDA was up 8.7% year-on-year to 717 billion Colombian pesos, with the margin climbing 4 percentage points to 47.2% as subscriber acquisition costs declined along with subscriber growth.

2009 revenues reached 5.9 trillion Colombian pesos. Equipment revenues came down by 26.8% relative to the previous year because of the sharp deceleration in subscriber growth but service revenues increased 5.1%, a much faster pace than that of the subscriber base. EBITDA for the year, 2.9 trillion Colombian pesos, was equivalent to 49.0% of revenues. Lower subscriber acquisition costs helped offset higher costs of service associated with both the development of the Panamanian operations and the rapid growth of data services.

The Colombian Ministry of Communications awarded Comcel 10MHz of spectrum in the 1900MHz band for a period of 10 years. Comcel has committed to provide coverage to 56 communities within the next twelve months as payment for the concession.

INCOME STATEMENT

Colombia and Panama
Billions of COP

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		1,519		1,526		-0.5%		5,893		5,801		1.6%
EBITDA		717		660		8.7%		2,886		2,796		3.2%
% total revenues		47.2%		43.2%				49.0%		48.2%
EBIT		549		510		7.7%		2,215		2,057		7.7%
%		36.1%		33.4%				37.6%		35.5%

Colombia and Panama Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		27,797		27,390		1.5%
Postpaid		3,967		3,653		8.6%
Prepaid		23,830		23,737		0.4%
MOU		183		165		10.7%
ARPU (COP)		16,677		17,270		-3.4%
Churn (%)		4.2%		2.3%		1.9

Ecuador

We gained 1.1 million subscribers in the year of which 401 thousand were added in the fourth quarter to finish December with 13.8% more clients than at the end of 2008: 9.4 million. Our postpaid subscriber base rose somewhat more rapidly: 14.3% in annual terms.

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The quarter’s revenues, 314 million dollars, were 6.1% higher than those registered in the same period of 2008, with service revenues rising 8.9% supported by both voice and data revenues. The latter increased 6.0% year-on-year buoyed by strong traffic response to declining prices, as prices came down 19.2% and MOUs jumped 14.9% to 98 minutes per month, a new record for Ecuador. Data revenues surged by nearly 20% from the year before.

The quarter’s EBITDA—155 million dollars—rose 16.0% relative to the same period of 2008. The EBITDA margin was equivalent to 49.4% of revenues, exceeding by 4.3 percentage points that of the year-earlier quarter as we capitalized on greater efficiencies and cost-control policies.

In 2009, revenues added up to 1.2 billion dollars, 8.2% more than a year ago as service revenues expanded 13.3% in the period. EBITDA for the year increased 16.6% to 564 million dollars, an amount equivalent to 48.9% of revenues, an improvement of 3.5 percentage points from a year before. This improvement came about even after the payment from May 2008 of a special duty of 2.93% of our service revenues.

INCOME STATEMENT

Ecuador
Millions of Dollars

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		314		296		6.1%		1,154		1,067		8.2%
EBITDA		155		134		16.0%		564		484		16.6%
% total revenues		49.4%		45.1%				48.9%		45.4%
EBIT		125		109		15.0%		450		396		13.7%
%		40.0%		36.9%				39.0%		37.1%

Ecuador Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		9,449		8,304		13.8%
Postpaid		1,070		936		14.3%
Prepaid		8,379		7,368		13.7%
MOU		98		86		14.9%
ARPU (US$)		9		10		-4.6%
Churn (%)		1.6%		0.9%		0.6

Peru

After adding 444 thousand subscribers in the quarter, we finished December with 8.3 million clients, 15.8% more than in the prior year. Net adds totaled 1.1 million in 2009.

Fourth quarter revenues of 644 million soles were 6.0% higher than those of the same period of last year. Service revenues grew 8.3% year-on-year boosted by data revenues, which were up 56.4% year-on-year. Voice revenues posted a gain of 4.3% as more subscribers and usage fully offset a 13.7% reduction in prices per minute of voice.

Amongst our major operations Peru showed the best performance in terms of EBITDA, which was up 51.8% year-on-year to 276 million soles on account of solid top line growth and a significant reduction in subscriber acquisition costs (-41.6%) . The EBITDA margin, 42.8%, expanded 12.9 percentage points in the year.

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Total revenues for the year were 2.3 billion soles and EBITDA 885 million soles. Service revenues were up 12.3%, helping bring about a 37.6% increase in EBITDA. The margin climbed 7.8 percentage points from 2008, to reach 37.8% .

Number portability was implemented in Peru beginning January 1st. Today subscribers can switch carriers without changing their number. Given the breadth of our coverage, our 3G services and overall quality of service, it is likely that we will stand to gain from the introduction of number portability. In fact, the first official numbers already confirm this.

INCOME STATEMENT

Peru
Millions of Soles

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		644		608		6.0%		2,344		2,147		9.2%
EBITDA		276		182		51.8%		885		643		37.6%
% total revenues		42.8%		29.9%				37.8%		30.0%
EBIT		220		140		57.3%		657		467		40.8%
%		34.1%		23.0%				28.0%		21.8%

Peru Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		8,311		7,178		15.8%
Postpaid		908		799		13.6%
Prepaid		7,403		6,379		16.1%
MOU		110		106		3.8%
ARPU (Sol)		23		24		-6.9%
Churn (%)		2.9%		3.3%		(0.4)

Central America

Our operations in Central America—Guatemala, El Salvador, Nicaragua and Honduras—added a total of 128 thousand new subscribers in the quarter, 16.1% more than a year before, taking the total for 2009 to 377 thousand. We finished the period with 9.5 million wireless subscribers, 4.1% more than at the end of 2008. In addition to these, we have a total of 2.3 million landlines in the region.

In the quarter we generated revenues of 341 million dollars and EBITDA of 138 million dollars, equivalent to 40.5% of revenues. In 2009, revenues added up to 1.4 billion dollars and EBITDA totaled 585 million.

For over a year we have been selling integrated services in the region, having made important investments in fiber and coaxial cable that enabled us to offer our clients the convenience of quadruple play.

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INCOME STATEMENT

Central America Consolidated
Millions of Dollars

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		341		346		-1.4%		1,361		1,444		-5.7%
EBITDA		138		133		3.6%		585		657		-11.0%
% total revenues		40.5%		38.6%				42.9%		45.5%
EBIT		12		43		-70.7%		196		347		-43.5%
%		3.7%		12.3%				14.4%		24.0%

Central America Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		9,535		9,158		4.1%
Postpaid		449		436		3.1%
Prepaid		9,085		8,722		4.2%
Fixed Lines (thousands)		2,259		2,240		0.8%
Total Lines (Wireless + Fixed, 000's)		11,793		11,398		3.5%
MOU		111		107		3.1%
ARPU (US$)		6		6		-7.2%
Churn (%)		2.7%		2.2%		0.5

The Caribbean

We gained 234 thousand wireless subscribers in the quarter—1.2 million in the year—to finish the year with 6.1 million wireless clients. Our subscriber base grew 25.9% in the year, with our postpaid subs increasing even more rapidly (31.5%) .

At 540 million dollars, revenues remained practically flat relative to those of a year before albeit wireless service revenues rose 12.0% . Data revenues were up 82.1% year-on-year increasing its share of wireless service revenues by nearly four percentage points, to 10.3% .

EBITDA for the quarter totaled 158 million dollars or 29.3% of revenues. It was down 7.2% year-on-year and the margin declined 2.2 percentage points. The reduction was all related to new taxes introduced in July in Puerto Rico.

For the full year 2009, revenues added up to 2.2 billion dollars and EBITDA to 686 million dollars. The EBITDA margin for the period stood at 31.9% .

In the Dominican Republic we added television services to our commercial offer. There has been a lot of interest in our integrated services.

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INCOME STATEMENT

Caribbean Consolidated
Millions of Dollars

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		540		542		-0.3%		2,150		2,160		-0.4%
EBITDA		158		171		-7.2%		686		797		-13.8%
% total revenues		29.3%		31.5%				31.9%		36.9%
EBIT		60		78		-23.2%		315		454		-30.6%
%		11.0%		14.3%				14.7%		21.0%

Caribbean Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		6,052		4,809		25.9%
Postpaid		1,243		945		31.5%
Prepaid		4,809		3,863		24.5%
Fixed Lines (thousands)		1,531		1,605		-4.6%
Total Lines (Wireless + Fixed, 000's)		7,583		6,413		18.2%
MOU		266		255		4.2%
ARPU (US$)		12		15		-17.2%
Churn (%)		4.6%		4.2%		0.4

United States

Tracfone added 1.2 million subscribers in the fourth quarter (64.9% more than a year before) on the successful nationwide launch in over 3,000 WalMart stores of its new product StraightTalk, bringing to 3.2 million its net additions for the year, nearly twice as many as in 2008. We finished December with 14.4 million subscribers as our subscriber base expanded 28.9% .

Our revenues totaled 490 million dollars in the quarter, surpassing by 29.5% those of the same period of 2008 driven by both service revenues (23.4%) and equipment revenues (74.8%) . The average price per minute of voice was down 26.0% on an annual basis but minutes of use per subscriber were 25.6% higher.

EBITDA for quarter was slightly negative as a result of the subscriber acquisition costs incurred on account of the 2.3 million gross additions.

Total revenues for 2009 were up 14.6% to 1.7 billion dollars, whereas service revenues grew 13.7% . We generated 230 million dollars of EBITDA, which is 14.3% less than in 2008, because of the fast pace of subscriber growth. Our core EBITDA margin (pre-SAC margin) actually rose relative to the prior year as a reflection of greater operating and technical efficiencies.

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INCOME STATEMENT

United States
Millions of Dollars

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Revenues		490		379		29.5%		1,696		1,480		14.6%
EBITDA		-1		24		-105.9%		230		269		-14.3%
% total revenues		-0.3%		6.3%				13.6%		18.1%
EBIT		-9		17		-152.1%		202		242		-16.3%
%		-1.8%		4.4%				11.9%		16.3%

United States Operating Data

		4Q09		4Q08		Var.%
Wireless Subscribers (thousands)		14,427		11,192		28.9%
MOU		94		75		25.6%
ARPU (US$)		10		10		-3.3%
Churn (%)		4.0%		4.4%		(0.4)

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Exchange Rates Vs USD

		4Q09		4Q08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
Mexico
EoP		13.06		13.54		-3.5%		13.06		13.54		-3.5%
Average		13.08		13.22		-1.1%		13.51		11.17		21.0%
Brazil
EoP		1.74		2.34		-25.5%		1.74		2.34		-25.5%
Average		1.74		2.26		-23.1%		2.00		1.83		8.9%
Argentina
EoP		3.80		3.45		10.0%		3.80		3.45		10.0%
Average		3.81		3.40		12.0%		3.73		3.18		17.2%
Chile
EoP		507		636		-20.3%		507		636		-20.3%
Average		518		657		-21.1%		559		530		5.4%
Colombia
EoP		2,044		2,244		-8.9%		2,044		2,244		-8.9%
Average		1,965		2,309		-14.9%		2,156		1,989		8.4%
Guatemala
EoP		8.35		7.78		7.4%		8.35		7.78		7.4%
Average		8.33		7.68		8.4%		8.16		7.58		7.6%
Honduras
EoP		19.03		19.03		0.0%		19.03		19.03		0.0%
Average		19.03		19.03		0.0%		19.03		19.04		0.0%
Nicaragua
EoP		20.84		19.85		5.0%		20.84		19.85		5.0%
Average		20.71		19.77		4.8%		20.34		19.41		4.8%
Peru
EoP		2.89		3.14		-8.0%		2.89		3.14		-8.0%
Average		2.88		3.11		-7.4%		3.01		2.94		2.4%
Paraguay
EoP		4,600		4,930		-6.7%		4,600		4,930		-6.7%
Average		4,783		4,813		-0.6%		4,957		4,348		14.0%
Uruguay
EoP		19.63		24.36		-19.4%		19.63		24.36		-19.4%
Average		20.33		23.84		-14.7%		22.57		21.07		7.1%
Dominican
EoP		36.23		35.47		2.1%		36.23		35.47		2.1%
Average		35.99		35.42		1.6%		35.96		34.65		3.8%
Jamaica
EoP		89.60		80.17		11.8%		89.60		80.17		11.8%
Average		89.37		78.07		14.5%		88.47		73.19		20.9%

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Exchange Rates

		4T09		4T08		Var.%		Jan - Dec 09		Jan - Dec 08		Var.%
USA
EoP		0.08		0.07		3.7%		0.08		0.07		3.7%
Average		0.08		0.08		1.1%		0.07		0.09		-17.4%
Brazil
EoP		7.50		5.79		29.5%		7.50		5.79		29.5%
Average		7.51		5.99		25.5%		6.54		7.38		-11.5%
Argentina
EoP		3.44		3.92		-12.4%		3.44		3.92		-12.4%
Average		3.42		3.98		-13.9%		3.50		4.25		-17.7%
Chile
EoP		0.026		0.021		21.1%		0.026		0.021		21.1%
Average		0.025		0.021		22.3%		0.023		0.026		-8.5%
Colombia
EoP		0.0064		0.0060		5.9%		0.0064		0.0060		5.9%
Average		0.0066		0.0059		13.3%		0.0061		0.0068		-11.0%
Guatemala
EoP		1.56		1.74		-10.2%		1.56		1.74		-10.2%
Average		1.57		1.76		-11.0%		1.60		1.79		-10.4%
Honduras
EoP		0.69		0.71		-3.5%		0.69		0.71		-3.5%
Average		0.69		0.71		-3.5%		0.69		0.71		-3.5%
Nicaragua
EoP		0.63		0.68		-8.1%		0.63		0.68		-8.1%
Average		0.63		0.68		-8.0%		0.64		0.70		-8.0%
Perú
EoP		4.52		4.31		4.8%		4.52		4.31		4.8%
Average		4.54		4.35		4.2%		4.33		4.60		-5.8%
Paraguay
EoP		0.0028		0.0027		3.4%		0.0028		0.0027		3.4%
Average		0.0027		0.0028		-2.9%		0.0026		0.0031		-15.4%
Uruguay
EoP		0.67		0.56		19.7%		0.67		0.56		19.7%
Average		0.64		0.57		13.1%		0.58		0.64		-10.0%
Dominicana
EoP		0.36		0.38		-5.6%		0.36		0.38		-5.6%
Average		0.36		0.38		-5.1%		0.36		0.39		-7.0%
Jamaica
EoP		0.15		0.17		-13.7%		0.15		0.17		-13.7%
Average		0.15		0.17		-15.7%		0.15		0.18		-20.2%

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