pyramid latin america mobile 4q2013

© 2013 Client Confidential

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INTRODUCTION

The following list of definitions has been developed by Pyramid Research to help our clients better understand the data and market analysis presented in our services and reports. It represents an on-going process in which we continually assess and re-evaluate the industry, the technologies, the products, and the relationships between market sectors to develop a structure that best portrays the dynamics of the mobile communications marketplace. This process is one which has evolved at Pyramid over the past twenty years. It relies upon the on-going research and extensive knowledge base of our analysts, and the input of our clients: suppliers, operators, regulatory agencies, and the investment community. Our view of the mobile communications marketplace has been developed to provide a representative structure, organized in a way that is consistent with the industry and useful to our clients.

The market segmentation and definitions are not static. They evolve as new technologies are introduced, and reflect feedback from our clients. We are constantly attuned to shifts in the industry and to the focus of our clients to expand our market perspective, our definitions, and the data we include in our products. We encourage you to share your ideas with us. And we urge you to call and talk to us if any segmentation or definition is unclear.

General

The data presented in Pyramid's mobile forecasting databases are organized in eleven segments:

• Demographics• Penetration of Population• Subscriptions by Operator• Mobile Subscriptions by Type of Package• Churn• Subscriptions by Technology• Subscriptions by Segment• Mobile Data Users• Usage• Average Revenue per Subscription (ARPS)• Revenues

This organization provides a structure which groups together the data to give a concise view of the mobile revenue opportunities in a market or country: market size, drivers, enabling technologies, systematic revenue breakdown with annual opportunity in US dollars, and growth trends.

All databases include historical and forecast data for a ten-year period. Key data is collected and updated throughout the year by Pyramid's regional analysts.

Sources

Since 1986, Pyramid Research has compiled an extensive database on telecommunications markets in Asia, Africa and the Middle East, Europe, North America and Latin America. The core components of this database include:

Regulatory• Interviews with top officials at regulatory agencies.• Statistical data published by governments and regulatory agencies.• Copies of telecom laws and amendments.• Copies of tariff schedules, interconnection regulations and universal service requirements.

Operators• Interviews with key officials in strategic planning, marketing, network planning and financial planning.• Extensive surveys conducted with operators to determine key network statistics, investment, technology rollout plans, subscribers by service, tariff plans and service offerings.• Internal statistics and bulletins published by operators.

Vendors• Interviews with key officials within vendors both at in-country offices and in company headquarters.

The Economist Intelligence Unit• Economic indicators.• Country reports on economic and political outlooks.• Regional business newsletters and industry trends.

Other• Occasionally, independent reputable secondary sources are used to validate our forecasts. Secondary sources include institutions such as the World Bank, the International Telecommunications Union (ITU) and the United Nations (UN).

1. DEMOGRAPHICS

Demographic and economic data are provided to help clients establish a framework for each country and region included in the Pyramid mobile communications forecasts. Information such as population , nominal GDP, real GDP growth, consumer price inflation and currency exchange rates are important indicators of market sophistication, current and projected demand, and opportunity. The Economist Intelligence Unit is the source of this economic and demographic data unless otherwise noted.

Population The mid-year population of the country. This number is reported in thousands. It is used to calculate penetration rates.

HouseholdsThe mid-year number of households in the country. This number is reported in thousands.

BusinessesIncludes registered business firms, non-business firms, institutions, schools and government. This number is reported in thousands (000s). Pyramid ordinarily acquires this data from national statistics agencies. In some instances, Pyramid employs additional data from national and international organizations and may employ some of its own analysis and international benchmarking to estimate values.

Nominal Gross Domestic Product (GDP) Gross Domestic Product (GDP) at current market prices in US$m.

Real Growth per CapitaPercentage change in the country's nominal GDP per capita, after adjusting for consumer price inflation.

Nominal GDP per CapitaNominal GDP per capita is GDP in US$ divided by population. PPP Adjusted GDP per CapitaGDP per capita adjusted using the country's purchasing power parity index in US$.

Consumer Price InflationPercentage change in consumer price index (12-month average) over previous year.

Exchange rate (Local Currency/US$)Exchange Rates: Foreign currencies are converted to U.S. dollars using the average exchange rate for the year the data was reported.

2. PENETRATION OF POPULATION

Penetration is the measure of adoption of a telecommunications service in a country. It is calculated by dividing the total customer base by the population. It is generally used as a comparative measure of network development with other countries or to compare the different adoption rates of similar service offerings.

Main Line (synonymous with "Narrowband Subscriber Line")A subscriber line with a transmission speed less than or equal to 128 Kbps. Includes plain old telephone service (POTS) or publicly switched telephone network (PSTN) connections, basic rate interface (BRI) ISDN connections and low-speed fixed wireless connections.

Mobile SubscriptionsNumber of registered mobile accounts as reported by operators at the end of the calendar year as a percentage of the population.

Prepaid Number of registered prepaid mobile accounts as reported by operators at the end of the calendar year as a percentage of the population.

Postpaid Number of registered contract mobile accounts as reported by operators at the end of the calendar year as a percentage of the population.

Mobile UsersThe number of active mobile service users at the end of the calendar year, as a percentage of the population. A mobile user is an individual with one or more active subscriptions. Pyramid Research bases its calculation on the number of active subscriptions (such as SIM cards) and the ratio of active subscriptions to people, as reported by service providers and national telecom authorities.

3. MOBILE SUBSCRIPTIONS BY NETWORK OPERATOR

The number of registered subscriptions enrolled with each of the public network operators. Subscription data for network operators includes Mobile Virtual Network Operator (MVNO) and reseller subscriptions. MVNO and reseller subscriptions are also shown separately.

Where additional operators are expected to start offering services in the future, their market shares are estimated from the year of their expected launch. Unless the identity and the number of these new operators are known at the time of producing the forecast, they will be considered in aggregate form and noted as Other.

4. MOBILE SUBSCRIPTIONS BY TYPE OF PACKAGE

In recent years, prepaid has become the dominant subscription mode in many countries. This section breaks down the number of registered mobile accounts into two types: prepaid, which includes those subscriptions not subject to a monthly fee or a contract; and postpaid, which includes those subscriptions subject to a contractual agreement between the subscriber and the service provider.

5. CHURN

The annual churn rate represents the number of disconnected mobile accounts during a calendar year as a percentage of the total mobile accounts at the beginning of the same calendar year. In the case of prepaid accounts, different operators use different criteria to consider an account inactive. Pyramid uses the prevailing criteria in each particular country to calculate churn. In the case of postpaid accounts, an account is considered inactive once the contract is terminated by the network operator. Pyramid's churn rate includes both subscribers that abandon mobile service and subscribers that switch their service provider.


INTRODUCTION

The following list of definitions has been developed by Pyramid Research to help our clients better understand the data and market analysis presented in our services and reports. It represents an on-going process in which we continually assess and re-evaluate the industry, the technologies, the products, and the relationships between market sectors to develop a structure that best portrays the dynamics of the mobile communications marketplace. This process is one which has evolved at Pyramid over the past twenty years. It relies upon the on-going research and extensive knowledge base of our analysts, and the input of our clients: suppliers, operators, regulatory agencies, and the investment community. Our view of the mobile communications marketplace has been developed to provide a representative structure, organized in a way that is consistent with the industry and useful to our clients.

The market segmentation and definitions are not static. They evolve as new technologies are introduced, and reflect feedback from our clients. We are constantly attuned to shifts in the industry and to the focus of our clients to expand our market perspective, our definitions, and the data we include in our products. We encourage you to share your ideas with us. And we urge you to call and talk to us if any segmentation or definition is unclear.

General

The data presented in Pyramid's mobile forecasting databases are organized in eleven segments:

• Demographics• Penetration of Population• Subscriptions by Operator• Mobile Subscriptions by Type of Package• Churn• Subscriptions by Technology• Subscriptions by Segment• Mobile Data Users• Usage• Average Revenue per Subscription (ARPS)• Revenues

This organization provides a structure which groups together the data to give a concise view of the mobile revenue opportunities in a market or country: market size, drivers, enabling technologies, systematic revenue breakdown with annual opportunity in US dollars, and growth trends.

All databases include historical and forecast data for a ten-year period. Key data is collected and updated throughout the year by Pyramid's regional analysts.

Sources

Since 1986, Pyramid Research has compiled an extensive database on telecommunications markets in Asia, Africa and the Middle East, Europe, North America and Latin America. The core components of this database include:

Regulatory• Interviews with top officials at regulatory agencies.• Statistical data published by governments and regulatory agencies.• Copies of telecom laws and amendments.• Copies of tariff schedules, interconnection regulations and universal service requirements.

Operators• Interviews with key officials in strategic planning, marketing, network planning and financial planning.• Extensive surveys conducted with operators to determine key network statistics, investment, technology rollout plans, subscribers by service, tariff plans and service offerings.• Internal statistics and bulletins published by operators.

Vendors• Interviews with key officials within vendors both at in-country offices and in company headquarters.

The Economist Intelligence Unit• Economic indicators.• Country reports on economic and political outlooks.• Regional business newsletters and industry trends.

Other• Occasionally, independent reputable secondary sources are used to validate our forecasts. Secondary sources include institutions such as the World Bank, the International Telecommunications Union (ITU) and the United Nations (UN).

1. DEMOGRAPHICS

Demographic and economic data are provided to help clients establish a framework for each country and region included in the Pyramid mobile communications forecasts. Information such as population , nominal GDP, real GDP growth, consumer price inflation and currency exchange rates are important indicators of market sophistication, current and projected demand, and opportunity. The Economist Intelligence Unit is the source of this economic and demographic data unless otherwise noted.

Population The mid-year population of the country. This number is reported in thousands. It is used to calculate penetration rates.

HouseholdsThe mid-year number of households in the country. This number is reported in thousands.

BusinessesIncludes registered business firms, non-business firms, institutions, schools and government. This number is reported in thousands (000s). Pyramid ordinarily acquires this data from national statistics agencies. In some instances, Pyramid employs additional data from national and international organizations and may employ some of its own analysis and international benchmarking to estimate values.

Nominal Gross Domestic Product (GDP) Gross Domestic Product (GDP) at current market prices in US$m.

Real Growth per CapitaPercentage change in the country's nominal GDP per capita, after adjusting for consumer price inflation.

Nominal GDP per CapitaNominal GDP per capita is GDP in US$ divided by population. PPP Adjusted GDP per CapitaGDP per capita adjusted using the country's purchasing power parity index in US$.

Consumer Price InflationPercentage change in consumer price index (12-month average) over previous year.

Exchange rate (Local Currency/US$)Exchange Rates: Foreign currencies are converted to U.S. dollars using the average exchange rate for the year the data was reported.

2. PENETRATION OF POPULATION

Penetration is the measure of adoption of a telecommunications service in a country. It is calculated by dividing the total customer base by the population. It is generally used as a comparative measure of network development with other countries or to compare the different adoption rates of similar service offerings.

Main Line (synonymous with "Narrowband Subscriber Line")A subscriber line with a transmission speed less than or equal to 128 Kbps. Includes plain old telephone service (POTS) or publicly switched telephone network (PSTN) connections, basic rate interface (BRI) ISDN connections and low-speed fixed wireless connections.

Mobile SubscriptionsNumber of registered mobile accounts as reported by operators at the end of the calendar year as a percentage of the population.

Prepaid Number of registered prepaid mobile accounts as reported by operators at the end of the calendar year as a percentage of the population.

Postpaid Number of registered contract mobile accounts as reported by operators at the end of the calendar year as a percentage of the population.

Mobile UsersThe number of active mobile service users at the end of the calendar year, as a percentage of the population. A mobile user is an individual with one or more active subscriptions. Pyramid Research bases its calculation on the number of active subscriptions (such as SIM cards) and the ratio of active subscriptions to people, as reported by service providers and national telecom authorities.

3. MOBILE SUBSCRIPTIONS BY NETWORK OPERATOR

The number of registered subscriptions enrolled with each of the public network operators. Subscription data for network operators includes Mobile Virtual Network Operator (MVNO) and reseller subscriptions. MVNO and reseller subscriptions are also shown separately.

Where additional operators are expected to start offering services in the future, their market shares are estimated from the year of their expected launch. Unless the identity and the number of these new operators are known at the time of producing the forecast, they will be considered in aggregate form and noted as Other.

4. MOBILE SUBSCRIPTIONS BY TYPE OF PACKAGE

In recent years, prepaid has become the dominant subscription mode in many countries. This section breaks down the number of registered mobile accounts into two types: prepaid, which includes those subscriptions not subject to a monthly fee or a contract; and postpaid, which includes those subscriptions subject to a contractual agreement between the subscriber and the service provider.

5. CHURN

The annual churn rate represents the number of disconnected mobile accounts during a calendar year as a percentage of the total mobile accounts at the beginning of the same calendar year. In the case of prepaid accounts, different operators use different criteria to consider an account inactive. Pyramid uses the prevailing criteria in each particular country to calculate churn. In the case of postpaid accounts, an account is considered inactive once the contract is terminated by the network operator. Pyramid's churn rate includes both subscribers that abandon mobile service and subscribers that switch their service provider.

6. SUBSCRIPTIONS BY TECHNOLOGY

This section breaks down the total number of subscriptions according to the bearer technology that supports them. Analog technologies are shown in aggregate form, and the remaining sub-categories presented are shown separately where relevant, representing the maximum transmission speed achievable per subscription.

Analog Includes subscriptions to cellular networks using analog technologies. Different analog standards such as Advanced Mobile Phone Service (AMPS), Nordic Mobile Telephone (NMT) and Total Access Communication System (TACS) are combined into a single analog category.

Digital Trunking/IDENIncludes subscriptions to cellular networks using iDEN/ESMR networks. Our estimates include public and commercial networks only, and offered in competition with traditional cellular networks. Our estimates do not account for any closed, private network usage of digital trunking technology.

GSMIncludes subscriptions to cellular networks using the Global System for Mobile Communications standard (GSM) in the 900, 1800 and 1900 MHz frequency bands. GSM generally provides speeds of up to 9.6 Kbps.

TDMAIncludes subscriptions to cellular networks using the Time Division Multiple Access (TDMA) standard.

CDMA OneIncludes mobile subscriptions to cellular networks using Code Division Multiple Access (CDMA). CDMA is based on the IS-95 standard. Connections to CDMA using stationary/fixed devices are not included in this definition.

CDMA One (WLL) Includes stationary or limited mobility subscriptions to cellular networks using Code Division Multiple Access (CDMA). CDMA is based on the IS-95 standard. The focus here is on lines with fixed devices, or with a mobility technologically restricted to a narrow, restrained zone (e.g. a neighborhood or a city).

HSCSD Includes subscriptions to cellular networks using the High-Speed Circuit-Switched Data standard (HSCSD); assumes that all HSCSD subscriptions are GSM compatible. Depending on the technical specifications of each HSCSD offering, data speeds range from 14.4 Kbps to 57.6 Kbps.

TD-SCDMAIncludes subscriptions to cellular networks using the Time Division Synchronous CDMA. The TD-SCDMA standard was proposed by China Wireless Telecommunication Standards group (CWTS) and approved by the ITU in 1999.

TD-CDMAIncludes subscriptions to cellular networks using the UTRA TDD standard planned to operate in the unpaired spectrum. TDD uses a combined time division and code division multiple access scheme proposed by ETSI Delta group and finalized in 1999.

PASIncludes subscriptions to cellular networks using the Personal Access System standard.

PHSIncludes subscriptions to cellular networks using the Personal Handyphone System standard

PDCIncludes subscriptions to cellular networks using the Personal Digital standard (PDC), the TDMA-based second generation technology originated in, and mainly used in, Japan. PDC based services operate in the 800 MHz and 1500 MHz frequency bands.

GSM/GPRSIncludes subscriptions to cellular networks using the General Packet Radio Service (GPRS); assumes that all GPRS subscriptions are GSM compatible.

GSM/EDGEIncludes subscriptions to cellular networks using the Enhanced Data Rates for GSM Evolution standard (EDGE); assumes that all EDGE subscriptions are GPRS and GSM compatible. The theoretical peak speed attainable with an EDGE service is 384 Kbps.

CDMA 1XIncludes subscriptions to cellular networks using the CDMA 1xRTT standard; assumes that all CDMA 1x subscriptions are backward-compatible with CDMA. The theoretical data transfer peak speed attainable with a CDMA 1x service is 144 Kbps.

CDMA 1X (WLL)Includes stationary or limited mobility subscriptions to cellular networks using the CDMA 1xRTT standard; assumes that all CDMA 1x subscriptions are backward-compatible with CDMA. The focus here is on lines with fixed devices, or with a mobility technologically restricted to a narrow, restrained zone (e.g. a neighborhood or a city).

CDMA2000 (EV/3X)Includes mobile subscriptions to cellular networks using CDMA EV-DO, EV-DO Rev A, and EV-DO Rev B.

CDMA2000 (EV/3X-WLL)Includes stationary or limited mobility subscriptions to cellular networks using CDMA EV-DO, EV-DO Rev A, and EV-DO Rev B.

UMTSIncludes subscriptions to cellular networks using the Universal Mobile Telecommunications System standard (UMTS); assumes that all UMTS subscriptions are EDGE, GPRS and GSM compatible. The theoretical peak speed attainable with a UMTS service is 2 Mbps.

HSPAOur estimates include subscriptions to cellular networks using the WCDMA based High Speed Packet Access protocols. Our definition encompasses HSDPA and HSUPA protocols. HSDPA offers mobile data communications at theoretical speeds up to 14.4 Mbps, or around 7Mbps in actual deployments.

Mobile WiMAXThis category refers to wireless access lines using WiMAX technology. Those subscriptions using WiMAX for fixed or portable applications are captured in our Fixed Communications forecasts.

LTEThis category refers to the “Long Term Evolution” phase of the UMTS standard, essentially UMTS Release 8. LTE seeks to offer Download rates of 100 Mbit/s, and upload rates of 50 Mbit/s for every 20 MHz of spectrum.

Other TechnologiesOur “Other” category encompasses all 4G technology not included above, that will be available as a stand-alone, distinct technology offering. This includes UMB, Flash-OFDM and other technologies that may emerge in the build-up towards 4G.

7. SUBSCRIPTIONS BY SEGMENT

Business Includes all subscriptions that are obtained by the individual through the company that he/she works for. The company generally selects the service provider contracted as part of a broader enterprise plan, and is responsible for the monthly payment of the service. Subscriptions that are used primarily for business purposes, but are paid for by the individual, are not included in business subscriptions but, rather, are included in consumer subscriptions.

ConsumersIncludes the non-business customer base composed of the total market subscribers less the corporate base.

8. MOBILE DATA USERS

Messaging

Number of active mobile users using messaging services such as SMS, MMS, Email and Instant Messaging services.

SMSActive unduplicated mobile subscribers using two-way messaging services. Includes generally P2P messaging only.

MMSActive unduplicated mobile subscribers using multimedia messaging services defined as a messaging technology that allows users to exchange multimedia communications between capable mobile phones and other devices. MMS is an extension to the SMS protocol as it allows users to send and receive, almost instantaneously, wireless messages that include images, audio, and video clips in addition to text.

EmailActive unduplicated mobile subscribers accessing service providers or external email on a wireless device. Include users of SMS-based and WAP-based email applications, as well as users of such email devices as a BlackBerry.

Other MessagingActive unduplicated mobile subscribers accessing messaging services exclusive of SMS, MMS and Email such as text and WAP-based instant messaging services on wireless devices.

Mobile Video UsersThe number of unduplicated people who use video services on a wireless device. Video services include all video clip downloads, video calling, streaming and TV multicast/broadcast services.































Messaging








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Messaging







Applications

Number of active mobile users using application or non-messaging services such as ringtone, music, video or remote access services.

RingtonesActive unduplicated mobile users downloading ringtones to a wireless device. The number of ringtone users will be higher than the number of MMS users, as it will include subscribers who download SMS-based ringtones, as well as multimedia messaging users. The ringtone classification includes all monophonic, polyphonic, ringback and ‘‘realtune’’ (music tracks as ring tones) downloads.

Graphics/ImagesActive unduplicated mobile users downloading photos, logos, etc to a wireless device. The number of imaging applications users will be higher than the number of MMS users, as it will include subscribers who download SMS-based images, as well as multimedia messaging users.

GamesActive unduplicated mobile users who download mobile games from service providers and third-party content publishers on J2ME and BREW-enabled devices, as well as subscribers playing multi-player mobile games online to the wireless device.

Browsing/WAP Active unduplicated mobile users who download content from service providers and third party content publishers. Includes all content-based services such as browsing, premium content across all segments and content-based VAS such as Location-Based Services (LBS). Excludes music downloads, all video and broadcast content.

MusicActive unduplicated mobile users who download mobile music services from service providers and third party content publishers on enabled devices. The category includes all music download and streaming services.

VideoUsers (number of unduplicated people) that use video services on a wireless device. Includes all video clip downloads, peer-to-peer video calling, video messaging/mail (via email or flavors of messaging), streaming and TV broadcast services.

Data Cards/ModemsActive unduplicated mobile users that subscribe to remote access services via data cards such as GPRS, UMTS and/or Wi-Fi packages.

9. USAGE

Shows MOU (minutes of usage) per subscription, and segments usage by prepaid and postpaid subscription. MOU includes both incoming and outgoing traffic. SMS and MMS usage per month per subscription is also shown. Per standard industry reporting, t is important to note that our SMS and MMS usage metrics as shown assume all subscriptions use SMS and MMS services. As such the SMS and MMS monthly usage expressed in our forecast is a diluted figure. When calculating SMS and MMS usage, however, Pyramid Research relies on usage patters for those who subscribe to the service only.

10. AVERAGE REVENUE PER SUBSCRIPTION (ARPS)

ARPS stands for Average Revenue per Subscription and represents a measure of the amount of revenue that each subscription generates on average each month. ARPS figures are reported in US dollars. We provide ARPS on an aggregate basis, prepaid and postpaid basis, operator basis, voice and data basis, by messaging service and data application, and by technology generation (3G and non-3G).

11. REVENUES

Revenue figures are reported in millions of US dollars. Total revenues are calculated using a bottom-up approach that takes into consideration the average number of user and/or accounts of a particular technology in a given year and the average monthly revenue per subscription (ARPS) during that same year. Non-recurring fees such as activation fees are not accounted for in our present methodology.

Revenues are exclusive of VAT.


Applications

Number of active mobile users using application or non-messaging services such as ringtone, music, video or remote access services.

RingtonesActive unduplicated mobile users downloading ringtones to a wireless device. The number of ringtone users will be higher than the number of MMS users, as it will include subscribers who download SMS-based ringtones, as well as multimedia messaging users. The ringtone classification includes all monophonic, polyphonic, ringback and ‘‘realtune’’ (music tracks as ring tones) downloads.

Graphics/ImagesActive unduplicated mobile users downloading photos, logos, etc to a wireless device. The number of imaging applications users will be higher than the number of MMS users, as it will include subscribers who download SMS-based images, as well as multimedia messaging users.

GamesActive unduplicated mobile users who download mobile games from service providers and third-party content publishers on J2ME and BREW-enabled devices, as well as subscribers playing multi-player mobile games online to the wireless device.

Browsing/WAP Active unduplicated mobile users who download content from service providers and third party content publishers. Includes all content-based services such as browsing, premium content across all segments and content-based VAS such as Location-Based Services (LBS). Excludes music downloads, all video and broadcast content.

MusicActive unduplicated mobile users who download mobile music services from service providers and third party content publishers on enabled devices. The category includes all music download and streaming services.

VideoUsers (number of unduplicated people) that use video services on a wireless device. Includes all video clip downloads, peer-to-peer video calling, video messaging/mail (via email or flavors of messaging), streaming and TV broadcast services.

Data Cards/ModemsActive unduplicated mobile users that subscribe to remote access services via data cards such as GPRS, UMTS and/or Wi-Fi packages.

9. USAGE

Shows MOU (minutes of usage) per subscription, and segments usage by prepaid and postpaid subscription. MOU includes both incoming and outgoing traffic. SMS and MMS usage per month per subscription is also shown. Per standard industry reporting, t is important to note that our SMS and MMS usage metrics as shown assume all subscriptions use SMS and MMS services. As such the SMS and MMS monthly usage expressed in our forecast is a diluted figure. When calculating SMS and MMS usage, however, Pyramid Research relies on usage patters for those who subscribe to the service only.

10. AVERAGE REVENUE PER SUBSCRIPTION (ARPS)

ARPS stands for Average Revenue per Subscription and represents a measure of the amount of revenue that each subscription generates on average each month. ARPS figures are reported in US dollars. We provide ARPS on an aggregate basis, prepaid and postpaid basis, operator basis, voice and data basis, by messaging service and data application, and by technology generation (3G and non-3G).

11. REVENUES

Revenue figures are reported in millions of US dollars. Total revenues are calculated using a bottom-up approach that takes into consideration the average number of user and/or accounts of a particular technology in a given year and the average monthly revenue per subscription (ARPS) during that same year. Non-recurring fees such as activation fees are not accounted for in our present methodology.

Revenues are exclusive of VAT.


MOBILE DATA — DECEMBER 2013

LATIN AMERICA FORECAST INSIGHTS

COUNTRY CHANGE RATIONALE

Argentina

Brazil

Mexico Mobile subscriptions

LTE subscriptions

SMS traffic

MVNOs

Peru

Venezuela

Subscription growth from 2013 onward

Based on new data reported by operators in Q3 2013, we have increased our estimate of mobile subscriptions at year-end 2013 in Argentina from 62.9m to 64.8m and set annual growth for the 2013-2018 period at 4.7%. Among the operators, Movistar continues to be the market leader in terms of net additions. During the first nine months of the year, the Spanish operator added 2.7m subscribers, which we estimate reached 3.6m for the whole 2013 year.

Mobile subscriptions in 2013

Based on third-quarter operator- and Anatel-reported data, we have lowered our estimate for total mobile subscriptions at year-end 2013 by 5m. This adjustment, in turn, had a negative effect on our total mobile subscriptions projections for the 2013-2018 period.

Based on NII's Q3 results, we have modified downward our total mobile subscriptions for the operator during 2013 and during the 2014-2018 period. Between Q2 and Q3, Nextel Mexico disconnected 400,000 mobile users, which affected negatively our total mobile projections for the year.

Pyramid Research revised upwards its LTE subscriptions for 2013 based on primary research obtained from the market. Previous data pointed to 400,000 LTE subscriptions at year-end 2013 while newly obtained data suggests the total will be closer to 700,000 LTE subscriptions at year-end.

SMS traffic started to show negative growth in May 2013. After gathering more information, we can confirm that total SMS traffic is falling every month, and this trend is now incorporated in estimates for the whole forecast period.

We incorporated Virgin Mobile as a new MVNO in the market; it will start operations in the middle of 2014.

Nextel's share of total subscriptions in the mobile market

Based on third-quarter operator data, we have slightly lowered our projected market share for Nextel at year-end 2013, from 6.6% to 6.3% of subscriptions.

LTE subscriptions in 2013-2018

The push by mobile operators for LTE will be stronger than previously expected. We have raised the expected CAGR of LTE subscriptions for the 2014-2018 period from 91% to 106%.

LTE subscriptions at year-end 2013

Due to the increasing difficulty of importing smartphones at the official exchange rate and based on primary research, we have slightly ajusted downward our estimates of the total number of LTE subscriptions for 2013, from 27,000 in the previous quarter's forecast to 22,000.


Mobile Data

Antigua & Barbuda

Aruba

Bahamas

Barbados

Belize

Bermuda

Cuba

Dominica

French Guiana

Grenada

Guadeloupe

Guyana

Haiti

Jamaica

Martinique

Neth. Antilles

St. Kitts and Nevis

St. Lucia

St. Vincent

Suriname

Trinidad & Tobago

Virgin Islands (US)


MOBILE DATA TOTAL REGION — DECEMBER 2013

LATIN AMERICA

Units 2009A 2010A 2011A 2012A 2013A 2014E 2015E 2016E 2017E 2018E

DEMOGRAPHICS

Population [000] 581,338 590,453 597,538 604,557 611,502 618,779 625,699 632,031 638,410 644,789

Households [000] 148,366 150,351 152,313 154,314 156,330 158,400 160,584 162,887 165,329 167,814

Businesses [000] 19,039 19,709 20,275 20,771 21,226 21,667 22,020 22,356 22,671 22,971

Nominal GDP [US$m] $4,201,258 $5,255,690 $5,885,109 $5,883,672 $6,014,028 $6,244,612 $6,696,808 $7,027,890 $7,429,624 $7,835,931

Nominal GDP Per Capita [US$] $7,227 $8,901 $9,849 $9,732 $9,835 $10,092 $10,703 $11,120 $11,638 $12,153

PPP Adjusted GDP per Capita [US$] N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Consumer Price Inflation [%] N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Local Currency / US$ [LCU / US$] N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

MOBILE PENETRATION OF POPULATION

Main Lines [%] 17% 17% 16% 16% 16% 16% 15% 15% 14% 13%

Mobile Users [%] 69% 74% 78% 81% 80% 81% 82% 83% 84% 84%

Mobile Subscriptions [%] 89% 99% 109% 115% 118% 125% 130% 134% 137% 140%

Prepaid [%] 74% 81% 88% 93% 93% 98% 101% 104% 106% 107%

Postpaid [%] 15% 18% 21% 23% 25% 27% 28% 30% 32% 33%

Mobile Data Users [%] 60% 73% 85% 96% 100% 107% 113% 119% 124% 128%

MOBILE SUBSCRIPTIONS BY OPERATORS

Total Mobile Subscriptions - Network Operators [000] 519,251 582,500 649,109 696,641 722,938 771,940 811,136 845,679 876,259 902,603

Argentina [000] 48,429 52,040 55,934 58,376 64,790 69,255 72,868 76,056 78,922 81,398

Bolivia [000] 6,194 7,264 8,462 9,450 10,253 11,014 11,739 12,442 13,135 13,862

Brazil [000] 176,487 206,250 246,347 265,662 274,630 297,672 316,008 331,599 344,614 354,663

Chile [000] 17,622 21,298 24,510 26,657 26,869 28,182 29,432 30,656 31,840 33,070

Colombia [000] 41,289 44,616 46,359 49,219 48,299 51,475 52,783 54,012 55,207 56,313

Costa Rica [000] 1,826 2,860 4,122 5,378 6,582 7,480 8,101 8,468 8,690 8,802

Dominican Republic [000] 8,559 8,837 9,060 9,143 9,446 9,759 10,126 10,482 10,807 11,066

Ecuador [000] 13,527 15,212 15,838 17,040 17,765 18,553 19,171 19,658 20,080 20,460

El Salvador [000] 7,566 7,823 8,316 8,635 8,852 9,076 9,304 9,539 9,782 9,931Guatemala [000] 11,919 13,489 14,530 16,675 18,320 19,334 20,008 20,616 21,139 21,564

Honduras [000] 7,695 8,815 8,887 9,794 10,442 10,862 11,174 11,468 11,723 11,960

Mexico [000] 83,150 91,362 94,565 100,727 103,715 109,484 115,093 120,253 125,122 130,148

Nicaragua [000] 3,295 3,761 4,251 4,625 4,912 5,142 5,382 5,635 5,899 5,988

Panama [000] 4,718 5,788 6,889 7,027 7,255 7,400 7,541 7,680 7,810 7,928

Paraguay [000] 5,497 5,900 6,365 7,034 7,546 7,937 8,253 8,530 8,781 9,010

Peru [000] 20,610 23,321 26,687 29,756 29,781 32,274 34,284 36,151 37,969 39,748

Puerto Rico [000] 2,716 2,934 3,108 3,271 3,461 3,663 3,879 4,110 4,352 4,609

Uruguay [000] 4,112 4,437 4,757 4,995 5,168 5,326 5,489 5,653 5,814 5,967

Venezuela [000] 29,625 29,472 30,417 31,732 32,659 34,144 35,354 36,527 37,631 38,581

Rest of Region [000] 24,417 27,021 29,703 31,446 32,191 33,907 35,146 36,145 36,943 37,537

Total Mobile Subscriptions - MVNOs [000] 64 204 652 974 1,755 3,301 4,919 6,637 8,306 9,935

MOBILE SUBSCRIPTIONS BY TYPE OF PACKAGE

Prepaid [000] 431,791 478,167 526,218 559,658 571,446 606,949 633,468 655,658 674,928 691,345

Postpaid [000] 87,460 104,333 122,890 136,984 151,492 164,990 177,668 190,022 201,331 211,258

MOBILE CHURN

Annual Churn Rate [%] 39.2% 39.4% 46.8% 48.6% 49.4% 48.1% 47.6% 44.5% 44.6% 44.3%

MOBILE SUBSCRIPTIONS BY TECHNOLOGY

Total Mobile Subscriptions [000] 519,251 582,500 649,089 696,641 722,938 771,940 811,136 845,679 876,259 902,603

Analog [000] 29 0 0 0 0 0 0 0 0 0

Digital Trunking/iDEN [000] 7,888 9,520 11,169 11,584 10,639 10,272 10,032 9,313 8,189 6,823

GSM [000] 102,877 80,765 56,817 39,487 24,868 14,173 8,798 5,516 2,895 979

TDMA [000] 4,283 1,466 915 392 41 0 0 0 0 0

CDMA One [000] 18,898 12,206 2,290 1,655 1,233 871 687 490 257 213

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 207,018 217,783 220,177 210,545 185,309 159,810 138,028 108,539 75,838 47,000

GSM/EDGE [000] 115,606 154,810 197,436 220,981 204,262 174,104 149,231 126,311 104,181 90,760

CDMA 1X [000] 13,693 12,976 10,585 9,418 9,438 9,534 9,185 8,432 7,334 5,489

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 6,291 5,719 5,766 5,217 3,406 2,675 2,318 1,971 1,552 1,053

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 29,259 55,535 82,602 106,780 142,750 177,673 212,478 234,658 250,190 258,777

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HSPA [000] 13,411 31,719 61,309 90,444 138,466 214,484 261,312 321,264 377,235 419,968

Mobile WiMAX [000] 0 0 20 48 88 127 169 202 234 269

LTE [000] 0 0 5 92 2,437 8,217 18,898 28,984 48,354 71,273

Others [000] 0 0 0 0 0 0 0 0 0 0

MOBILE SUBSCRIPTIONS BY SEGMENT

Consumer Subscriptions [000] 483,316 541,899 604,240 647,593 671,550 716,233 751,541 782,676 810,051 833,461

Business Subscriptions [000] 35,935 40,601 44,869 49,049 51,388 55,707 59,594 63,003 66,208 69,142

MOBILE DATA USERS BY APPLICATION

Messaging

SMS [000] 348,076 431,976 509,543 578,204 612,251 661,734 708,089 750,856 789,265 824,737

MMS [000] 54,335 66,215 75,378 81,103 84,694 89,251 93,396 96,425 98,257 99,267

Email [000] 41,298 62,070 82,764 100,815 114,777 134,394 153,744 169,105 181,604 192,287

Others [000] 39,332 45,777 53,615 57,944 59,853 64,148 67,580 70,569 73,649 76,736

Applications

Ringtones [000] 38,204 46,297 53,474 59,939 67,514 74,009 80,425 86,638 92,932 99,530

Graphics/Images [000] 16,200 20,356 24,613 28,487 30,945 33,721 36,168 37,812 38,985 40,144

Games [000] 10,353 14,102 17,852 21,778 25,316 29,438 33,595 37,888 42,552 47,688

Browsing/WAP [000] 22,433 39,006 60,574 101,695 143,034 185,660 230,008 274,713 317,991 360,899

Music [000] 11,775 20,424 31,043 42,049 51,065 58,889 63,687 68,570 73,987 82,530

Video [000] 7,530 13,457 21,403 29,912 37,383 46,137 54,756 64,994 74,907 85,489

Data cards/Modems [000] 7,150 12,793 17,096 20,712 23,923 30,334 36,296 42,307 48,443 54,379

MOBILE USAGE

Average Monthly Voice MOU [units/month] 132 142 149 155 160 167 172 179 185 191

Prepaid [units/month] 90 98 102 106 109 112 116 120 123 127

Postpaid [units/month] 340 356 356 359 363 369 377 386 394 404

Average Monthly SMS [units/month] 45 51 56 59 60 62 62 63 63 64

Average Monthly MMS [units/month] 0 0 0 0 0 0 0 0 0 0

MOBILE ARPS

Mobile ARPS by Operator [US$/month] $12.67 $13.07 $12.89 $12.22 $11.89 $11.98 $12.25 $12.25 $12.25 $12.26

Mobile ARPS by Subscription Type

Prepaid ARPS [US$/month] $8.32 $8.17 $7.99 $7.50 $7.04 $7.01 $7.17 $7.03 $6.86 $6.73

Postpaid ARPS [US$/month] $34.85 $36.96 $35.10 $32.34 $31.03 $30.52 $30.51 $30.39 $30.33 $30.19

Mobile ARPS by Service Line

Voice ARPS [US$/month] $10.43 $10.42 $9.73 $8.77 $8.18 $7.94 $7.85 $7.62 $7.40 $7.19

Data ARPS [US$/month] $2.24 $2.64 $3.16 $3.45 $3.71 $4.04 $4.40 $4.63 $4.86 $5.07

Messaging [US$/month] $1.54 $1.58 $1.78 $1.85 $1.83 $1.86 $1.92 $1.91 $1.89 $1.84

SMS [US$/month] $1.39 $1.40 $1.54 $1.59 $1.54 $1.55 $1.59 $1.57 $1.54 $1.49

MMS [US$/month] $0.04 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05 $0.04

Email [US$/month] $0.08 $0.09 $0.15 $0.16 $0.18 $0.21 $0.23 $0.24 $0.25 $0.25

Others [US$/month] $0.03 $0.03 $0.04 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05

Applications [US$/month] $0.70 $1.06 $1.38 $1.60 $1.88 $2.18 $2.47 $2.72 $2.96 $3.23

Ringtones [US$/month] $0.08 $0.08 $0.09 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.07

Graphics/Images [US$/month] $0.06 $0.06 $0.07 $0.07 $0.07 $0.07 $0.06 $0.06 $0.06 $0.05

Games [US$/month] $0.04 $0.04 $0.05 $0.06 $0.07 $0.08 $0.08 $0.09 $0.10 $0.11

Browsing/WAP [US$/month] $0.20 $0.33 $0.45 $0.63 $0.86 $1.07 $1.25 $1.41 $1.58 $1.75

Music [US$/month] $0.02 $0.03 $0.04 $0.05 $0.06 $0.06 $0.07 $0.07 $0.07 $0.08

Video [US$/month] $0.01 $0.02 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 $0.09 $0.10

Data Cards/Modems [US$/month] $0.30 $0.50 $0.66 $0.67 $0.70 $0.77 $0.86 $0.93 $1.00 $1.06

Mobile ARPS by Technology Generation

3G [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Non-3G [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

MOBILE REVENUES

Total Mobile Revenues [US$m] $74,749 $86,386 $95,283 $98,652 $101,283 $107,468 $116,354 $121,748 $126,604 $130,838

Voice Revenue [US$m] $61,548 $68,906 $71,915 $70,831 $69,706 $71,207 $74,604 $75,727 $76,432 $76,757

Data Revenue [US$m] $13,201 $17,481 $23,368 $27,820 $31,577 $36,261 $41,750 $46,020 $50,171 $54,081

Messaging Revenue [US$m] $9,078 $10,456 $13,173 $14,924 $15,551 $16,685 $18,242 $19,028 $19,555 $19,658

SMS [US$m] $8,229 $9,275 $11,415 $12,812 $13,136 $13,921 $15,090 $15,588 $15,913 $15,887

MMS [US$m] $236 $326 $369 $404 $432 $449 $468 $475 $483 $475

Email [US$m] $453 $625 $1,074 $1,332 $1,570 $1,855 $2,180 $2,428 $2,592 $2,709

Others [US$m] $160 $231 $315 $377 $413 $459 $504 $537 $567 $586

Applications Revenue [US$m] $4,124 $7,024 $10,190 $12,900 $16,026 $19,576 $23,509 $26,992 $30,616 $34,423

Ringtones [US$m] $459 $538 $634 $660 $704 $742 $771 $781 $778 $771

Graphics/Images [US$m] $336 $415 $521 $569 $587 $599 $616 $606 $583 $565

Games [US$m] $214 $289 $395 $489 $584 $687 $800 $909 $1,029 $1,134

Browsing/WAP [US$m] $1,181 $2,187 $3,324 $5,116 $7,347 $9,621 $11,893 $14,030 $16,292 $18,702

Music [US$m] $116 $190 $282 $378 $474 $562 $636 $696 $758 $840


Video [US$m] $72 $116 $178 $247 $365 $465 $582 $719 $890 $1,090

Data cards/Modems [US$m] $1,745 $3,290 $4,855 $5,441 $5,966 $6,900 $8,210 $9,250 $10,285 $11,321


MOBILE DATA REST OF REGION — DECEMBER 2013

LATIN AMERICA


DEMOGRAPHICS

Population [000] 27,048 27,004 26,863 26,715 26,561 26,418 26,257 26,069 25,882 25,693

Households [000] 6,903 6,876 6,847 6,819 6,790 6,763 6,739 6,719 6,703 6,687

Businesses [000] 886 901 911 918 922 925 924 938 951 964

Nominal GDP [US$m] $159,359 $201,801 $228,739 $231,486 $239,514 $251,742 $273,275 $290,294 $310,639 $331,631


PPP Adjusted GDP per Capita [US$] N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Consumer Price Inflation [%] N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Local Currency / US$ [LCU / US$] N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.


Main Lines [%] 10% 10% 10% 10% 10% 10% 9% 8% 8% 8%

Mobile Users [%] 70% 75% 79% 84% 83% 85% 86% 87% 88% 89%


Prepaid [%] 75% 82% 90% 95% 96% 101% 105% 107% 110% 112%

Postpaid [%] 15% 18% 21% 23% 25% 27% 29% 31% 33% 34%




Total Mobile Subscriptions - MVNOs [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 20,304 22,181 24,080 25,263 25,446 26,660 27,447 28,023 28,455 28,751

Postpaid [000] 4,113 4,840 5,623 6,183 6,746 7,247 7,698 8,122 8,488 8,786

MOBILE CHURN




Analog [000] 1 0 0 0 0 0 0 0 0 0

Digital Trunking/iDEN [000] 288 320 358 354 321 305 294 269 233 192

GSM [000] 4,838 3,746 2,600 1,782 1,107 623 381 236 122 41

TDMA [000] 201 68 42 18 2 0 0 0 0 0

CDMA One [000] 889 566 105 75 55 38 30 21 11 9

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 9,735 10,102 10,075 9,504 8,252 7,020 5,981 4,639 3,197 1,955

GSM/EDGE [000] 5,436 7,181 9,035 9,975 9,095 7,648 6,466 5,399 4,392 3,774

CDMA 1X [000] 644 602 484 425 420 419 398 360 309 228

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 296 265 264 235 152 117 100 84 65 44

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 1,458 2,698 3,933 4,989 6,510 7,950 9,347 10,158 10,660 10,854

HSPA [000] 631 1,471 2,805 4,083 6,166 9,421 11,322 13,731 15,904 17,465

Mobile WiMAX [000] 0 0 1 2 4 6 7 9 10 11

LTE [000] 0 0 0 4 108 361 819 1,239 2,039 2,964

Others [000] 0 0 0 0 0 0 0 0 0 0





Messaging

SMS [000] 16,368 20,038 23,317 26,100 27,263 29,067 30,681 32,092 33,276 34,299

MMS [000] 2,555 3,072 3,449 3,661 3,771 3,920 4,047 4,121 4,143 4,128

Email [000] 1,942 2,879 3,787 4,551 5,111 5,903 6,662 7,228 7,656 7,997

Others [000] 1,850 2,123 2,453 2,616 2,665 2,818 2,928 3,016 3,105 3,191

Applications



Ringtones [000] 1,796 2,148 2,447 2,706 3,006 3,251 3,485 3,703 3,918 4,139

Graphics/Images [000] 762 944 1,126 1,286 1,378 1,481 1,567 1,616 1,644 1,669

Games [000] 487 654 817 983 1,127 1,293 1,456 1,619 1,794 1,983

Browsing/WAP [000] 1,055 1,809 2,772 4,591 6,369 8,155 9,966 11,741 13,407 15,009

Music [000] 554 947 1,421 1,898 2,274 2,587 2,760 2,931 3,119 3,432

Video [000] 354 624 979 1,350 1,665 2,027 2,373 2,778 3,158 3,555

Data cards/Modems [000] 336 593 782 935 1,065 1,332 1,573 1,808 2,042 2,261

MOBILE USAGE




MOBILE ARPS

Mobile ARPS by Subscription Type [US$/month] $10.15 $10.75 $10.88 $10.58 $10.56 $10.92 $11.46 $11.76 $12.07 $12.39





SMS [US$/month] $1.12 $1.15 $1.30 $1.37 $1.37 $1.42 $1.49 $1.51 $1.52 $1.50

MMS [US$/month] $0.03 $0.04 $0.04 $0.04 $0.05 $0.05 $0.05 $0.05 $0.05 $0.04

Email [US$/month] $0.06 $0.08 $0.12 $0.14 $0.16 $0.19 $0.21 $0.23 $0.25 $0.26

Others [US$/month] $0.02 $0.03 $0.04 $0.04 $0.04 $0.05 $0.05 $0.05 $0.05 $0.06




Games [US$/month] $0.03 $0.04 $0.05 $0.05 $0.06 $0.07 $0.08 $0.09 $0.10 $0.11


Music [US$/month] $0.02 $0.02 $0.03 $0.04 $0.05 $0.06 $0.06 $0.07 $0.07 $0.08

Video [US$/month] $0.01 $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 $0.08 $0.10

Data Cards/Modems [US$/month] $0.24 $0.41 $0.55 $0.58 $0.62 $0.70 $0.81 $0.89 $0.98 $1.07

MOBILE REVENUES



Data Revenue [US$m] $501 $671 $908 $1,095 $1,258 $1,462 $1,704 $1,901 $2,098 $2,289

Messaging Revenue [US$m] $344 $401 $512 $587 $619 $673 $744 $786 $818 $832

SMS [US$m] $312 $356 $444 $504 $523 $561 $616 $644 $665 $672

MMS [US$m] $9 $13 $14 $16 $17 $18 $19 $20 $20 $20

Email [US$m] $17 $24 $42 $52 $63 $75 $89 $100 $108 $115

Others [US$m] $6 $9 $12 $15 $16 $19 $21 $22 $24 $25

Applications Revenue [US$m] $156 $270 $396 $508 $638 $789 $959 $1,115 $1,280 $1,457

Ringtones [US$m] $17 $21 $25 $26 $28 $30 $31 $32 $33 $33


Games [US$m] $8 $11 $15 $19 $23 $28 $33 $38 $43 $48

Browsing/WAP [US$m] $45 $84 $129 $201 $293 $388 $485 $580 $681 $791

Music [US$m] $4 $7 $11 $15 $19 $23 $26 $29 $32 $36

Video [US$m] $3 $4 $7 $10 $15 $19 $24 $30 $37 $46

Data cards/Modems [US$m] $66 $126 $189 $214 $238 $278 $335 $382 $430 $479



ARGENTINA


DEMOGRAPHICS

Population [000] 40,130 40,520 40,900 41,280 41,660 42,030 42,400 42,750 43,090 43,400

Households [000] 10,960 11,070 11,170 11,280 11,390 11,500 11,610 11,720 11,840 11,961

Businesses [000] 602 604 607 613 619 625 631 638 644 650

Nominal GDP [US$m] $308,740 $370,260 $448,170 $477,030 $474,800 $444,200 $433,700 $446,100 $475,400 $491,000


PPP Adjusted GDP per Capita [US$] $14,440 $15,800 $17,380 $17,850 $18,930 $19,520 $20,310 $21,420 $22,700 $24,010

Consumer Price Inflation [%] 17.22 22.87 24.42 25.29 20.80 24.80 20.40 15.70 13.40 9.80

Local Currency / US$ [LCU / US$] 3.71 3.90 4.11 4.54 5.45 6.83 8.19 9.24 10.00 10.88


Main Lines [%] 23% 23% 23% 22% 22% 22% 22% 22% 21% 20%

Mobile Users [%] 68% 69% 70% 71% 71% 71% 71% 71% 71% 71%


Prepaid [%] 88% 93% 98% 100% 111% 118% 123% 126% 130% 132%

Postpaid [%] 32% 35% 39% 42% 44% 47% 49% 52% 54% 55%




Telecom Personal [000] 14,475 16,333 18,193 18,975 20,154 21,418 22,523 23,499 24,422 25,253

Movistar [000] 15,931 16,149 16,767 17,604 21,241 23,037 24,240 25,197 25,921 26,424

Claro [000] 16,994 18,404 19,586 20,041 21,363 22,596 23,717 24,694 25,535 26,220

Nextel [000] 1,030 1,154 1,388 1,756 2,033 2,203 2,388 2,667 3,045 3,501

Others [000] 0 0 0 0 0 0 0 0 0 0

Total Mobile Subscriptions - MVNOs [000] 0 18 36 54 73 244 591 1,057 1,619 2,272

Fecosur [000] 0 18 36 54 72 88 105 123 144 167

Virgin [000] 0 0 0 0 0 69 233 464 750 1,083

Others [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 35,486 37,858 39,960 41,097 46,336 49,557 51,942 53,987 55,825 57,450

Postpaid [000] 12,944 14,181 15,974 17,279 18,454 19,698 20,926 22,069 23,097 23,948

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 14,933 11,570 9,107 7,121 5,090 3,188 2,069 1,411 544 0

TDMA [000] 145 0 0 0 0 0 0 0 0 0

CDMA One [000] 159 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 23,785 25,579 24,420 22,934 20,211 15,865 12,110 8,832 5,717 2,744

GSM/EDGE [000] 4,807 6,340 7,566 7,210 6,952 6,408 5,026 3,494 3,044 2,563

CDMA 1X [000] 32 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 2,533 5,547 9,691 13,010 19,322 24,685 28,856 31,467 32,514 32,357

HSPA [000] 1,005 1,850 3,762 6,345 11,182 16,669 21,608 26,385 30,575 34,041

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 0 238 811 1,801 3,484 6,191

Others [000] 0 0 0 0 0 0 0 0 0 0







Messaging

SMS [000] 36,609 39,190 41,417 45,370 50,094 53,010 55,219 57,173 58,853 60,214

MMS [000] 4,844 7,286 9,843 12,016 14,420 16,225 17,669 18,878 19,907 20,760

Email [000] 2,034 3,643 4,800 5,693 6,774 7,533 8,107 8,566 8,948 9,262

Others [000] 896 1,561 1,913 2,144 2,445 2,641 2,791 2,918 3,030 3,126

Applications

Ringtones [000] 8,719 9,367 9,953 10,519 11,791 12,703 13,450 14,109 14,699 15,208

Graphics/Images [000] 1,226 1,318 1,400 1,496 1,660 1,775 1,868 1,949 2,023 2,087

Games [000] 1,730 2,290 2,920 3,680 4,738 5,824 6,924 8,094 9,407 10,866

Browsing/WAP [000] 4,194 6,037 8,660 11,099 14,043 16,362 18,420 20,187 21,996 23,820

Music [000] 1,632 2,280 3,150 4,037 5,288 6,556 7,864 9,193 10,684 12,342

Video [000] 660 794 1,013 1,298 1,729 2,217 2,799 3,506 4,366 5,404

Data cards/Modems [000] 484 937 1,482 1,605 1,585 1,457 1,288 1,116 938 759

MOBILE USAGE






MOBILE ARPS


Telecom Personal [US$/month] $11.05 $11.78 $12.48 $13.12 $12.65 $12.72 $12.57 $12.68 $12.92 $12.18

Movistar [US$/month] $11.48 $12.73 $13.25 $13.71 $12.41 $12.00 $11.75 $11.83 $12.09 $11.51

Claro [US$/month] $9.59 $9.79 $10.72 $10.46 $10.25 $10.12 $9.76 $9.63 $9.61 $8.92

Nextel [US$/month] $40.31 $39.49 $39.04 $33.77 $29.03 $27.43 $24.89 $23.25 $21.49 $18.13

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $2.53 $2.81 $3.12 $3.43 $3.46 $3.55 $3.63 $3.73 $3.83 $3.64

MMS [US$/month] $0.07 $0.08 $0.12 $0.14 $0.16 $0.17 $0.17 $0.17 $0.17 $0.16

Email [US$/month] $0.08 $0.11 $0.15 $0.17 $0.19 $0.20 $0.20 $0.20 $0.20 $0.20

Others [US$/month] $0.10 $0.15 $0.20 $0.22 $0.24 $0.25 $0.25 $0.25 $0.26 $0.24




Games [US$/month] $0.07 $0.09 $0.12 $0.14 $0.17 $0.20 $0.23 $0.26 $0.29 $0.31


Music [US$/month] $0.02 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 $0.09 $0.10 $0.12

Video [US$/month] $0.02 $0.02 $0.03 $0.03 $0.04 $0.04 $0.05 $0.06 $0.07 $0.09

Data cards/Modems [US$/month] $0.14 $0.25 $0.34 $0.42 $0.34 $0.29 $0.23 $0.19 $0.16 $0.12


3G [US$/month] $33.95 $32.35 $30.91 $28.31 $21.23 $17.18 $14.96 $14.05 $13.49 $12.01

Non-3G [US$/month] $10.15 $9.50 $8.37 $6.76 $6.18 $6.18 $5.78 $5.11 $4.89 $5.47

MOBILE REVENUES



Data Revenue [US$m] $1,895 $2,480 $3,160 $3,801 $4,194 $4,716 $5,129 $5,513 $5,910 $5,870


SMS [US$m] $1,397 $1,694 $2,019 $2,352 $2,554 $2,853 $3,098 $3,331 $3,560 $3,499

MMS [US$m] $38 $50 $76 $97 $116 $133 $145 $154 $162 $155

Email [US$m] $44 $65 $98 $118 $139 $158 $171 $181 $188 $193

Others [US$m] $53 $89 $130 $154 $176 $197 $213 $226 $238 $234

Applications Revenue [US$m] $363 $582 $836 $1,080 $1,209 $1,375 $1,501 $1,621 $1,762 $1,789

Ringtones [US$m] $38 $37 $43 $47 $51 $59 $67 $74 $82 $85


Games [US$m] $40 $55 $77 $99 $127 $161 $195 $230 $274 $298

Browsing/WAP [US$m] $168 $298 $439 $576 $689 $814 $908 $986 $1,066 $1,065

Music [US$m] $8 $14 $21 $29 $38 $50 $63 $77 $92 $111

Video [US$m] $9 $14 $17 $22 $28 $36 $45 $56 $68 $84



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BOLIVIA


DEMOGRAPHICS

Population [000] 9,990 10,160 10,320 10,500 10,680 10,870 11,060 11,250 11,453 11,655

Households [000] 2,815 2,919 3,026 3,138 3,253 3,373 3,498 3,627 3,760 3,899

Businesses [000] 366 373 380 388 396 404 412 420 428 437

Nominal GDP [US$m] $17,217 $19,504 $23,776 $26,841 $30,000 $33,748 $37,448 $41,433 $43,919 $46,405






Main Lines [%] 7% 7% 7% 7% 8% 7% 7% 7% 7% 6%

Mobile Users [%] 60% 69% 79% 82% 84% 84% 85% 86% 87% 87%


Prepaid [%] 55% 64% 73% 80% 84% 88% 92% 96% 98% 101%

Postpaid [%] 7% 8% 9% 10% 12% 13% 14% 15% 17% 18%




Entel Movil [000] 2,621 2,995 3,588 4,150 4,866 5,192 5,530 5,875 6,228 6,637

Tigo [000] 1,937 2,459 2,856 3,127 3,032 3,317 3,562 3,785 3,995 4,153

Nuevatel [000] 1,636 1,811 2,018 2,173 2,355 2,505 2,647 2,782 2,912 3,072

Others [000] 0 0 0 0 0 0 0 0 0 0


Cotas Movil [000] 2 0 0 0 0 0 0 0 0 0

Bolitel [000] 0 0 1 1 1 1 2 2 2 3

Others [000] 0 0 8 10 10 11 12 13 14 15


Prepaid [000] 5,535 6,489 7,544 8,370 9,002 9,619 10,196 10,795 11,226 11,765

Postpaid [000] 658 776 918 1,080 1,251 1,395 1,544 1,648 1,909 2,097

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 3,203 2,866 2,490 1,377 887 293 260 235 218 199

TDMA [000] 294 90 0 0 0 0 0 0 0 0

CDMA One [000] 0 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 1,656 2,540 2,776 2,821 2,493 1,936 1,337 1,059 733 406

GSM/EDGE [000] 905 1,433 2,467 3,508 4,412 5,286 5,680 5,701 5,805 5,428

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 136 335 640 1,198 1,702 2,434 2,980 3,433 3,833 4,586

HSPA [000] 0 0 90 520 710 950 1,282 1,681 2,041 2,590

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 27 49 116 202 333 504 652

Others [000] 0 0 0 0 0 0 0 0 0 0



Business Subscriptions [000] 328 388 452 506 548 589 628 666 703 742




Messaging

SMS [000] 5,124 6,190 7,412 8,484 9,297 10,088 10,859 11,625 12,394 13,211

MMS [000] 152 184 220 251 278 304 331 347 363 379

Email [000] 331 411 513 607 691 780 873 971 1,076 1,193

Others [000] 289 360 436 501 560 620 681 743 808 912

Applications

Ringtones [000] 607 748 932 1,114 1,269 1,432 1,602 1,783 1,976 2,190

Graphics/Images [000] 344 423 518 607 666 694 763 846 919 998

Games [000] 55 67 82 96 110 124 139 154 171 190

Browsing/WAP [000] 403 617 762 1,134 1,333 1,542 1,761 1,991 2,233 2,634

Music [000] 37 65 113 189 308 496 793 1,261 1,996 3,160

Video [000] 32 49 80 139 211 318 475 704 1,041 1,153

Data cards/Modems [000] 31 65 121 162 194 229 268 298 328 360

MOBILE USAGE






MOBILE ARPS


Entel Movil [US$/month] $6.15 $5.97 $5.88 $5.81 $5.70 $5.60 $5.54 $5.55 $5.58 $5.66

Tigo [US$/month] $9.11 $8.98 $8.89 $8.88 $8.95 $8.89 $8.71 $8.58 $8.46 $8.44

Nuevatel [US$/month] $9.45 $9.16 $8.90 $8.68 $8.45 $8.17 $7.91 $7.77 $7.74 $7.71

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $0.51 $0.57 $0.61 $0.65 $0.66 $0.62 $0.59 $0.54 $0.49 $0.45

MMS [US$/month] $0.04 $0.04 $0.04 $0.04 $0.04 $0.03 $0.03 $0.03 $0.03 $0.02

Email [US$/month] $0.02 $0.02 $0.02 $0.03 $0.03 $0.03 $0.03 $0.03 $0.04 $0.04

Others [US$/month] $0.01 $0.01 $0.01 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02




Games [US$/month] $0.03 $0.04 $0.05 $0.07 $0.09 $0.11 $0.14 $0.16 $0.18 $0.19


Music [US$/month] $0.01 $0.01 $0.02 $0.03 $0.04 $0.06 $0.09 $0.13 $0.17 $0.24

Video [US$/month] $0.00 $0.00 $0.01 $0.01 $0.02 $0.03 $0.04 $0.06 $0.09 $0.10



3G [US$/month] $19.23 $19.26 $18.85 $18.77 $18.37 $16.85 $15.83 $14.70 $13.81 $12.38

Non-3G [US$/month] $7.77 $7.35 $6.82 $5.70 $4.36 $3.40 $2.30 $1.60 $1.03 $0.93

MOBILE REVENUES

Total Mobile Revenues [US$m] $512 $627 $720 $807 $869 $915 $960 $1,011 $1,065 $1,126

Voice Revenue [US$m] $460 $554 $625 $687 $725 $755 $782 $815 $849 $884

Data Revenue [US$m] $51 $73 $95 $120 $143 $160 $178 $196 $216 $242


SMS [US$m] $33 $46 $58 $70 $78 $80 $80 $78 $75 $74

MMS [US$m] $3 $3 $4 $4 $4 $4 $5 $5 $4 $4

Email [US$m] $1 $2 $2 $3 $3 $4 $4 $5 $6 $6

Others [US$m] $1 $1 $1 $2 $2 $2 $2 $2 $2 $3

Applications Revenue [US$m] $13 $20 $30 $42 $56 $70 $87 $107 $129 $156

Ringtones [US$m] $1 $1 $1 $1 $2 $2 $2 $1 $1 $1


Games [US$m] $2 $3 $5 $7 $10 $14 $19 $23 $27 $31

Browsing/WAP [US$m] $8 $12 $16 $22 $28 $32 $37 $42 $46 $53

Music [US$m] $1 $1 $2 $3 $5 $8 $12 $18 $26 $38

Video [US$m] $0 $0 $1 $1 $2 $3 $6 $9 $13 $17




BRAZIL


DEMOGRAPHICS

Population [000] 194,370 196,830 199,250 201,630 203,950 206,600 208,882 210,757 212,650 214,559

Households [000] 51,494 52,267 53,053 53,850 54,659 55,481 56,400 57,415 58,449 59,501

Businesses [000] 6,941 7,237 7,533 7,805 8,044 8,254 8,438 8,590 8,721 8,834

Nominal GDP [US$m] $1,573,409 $2,141,900 $2,473,500 $2,252,400 $2,216,000 $2,191,000 $2,289,000 $2,422,000 $2,569,000 $2,722,000






Main Lines [%] 18% 18% 17% 17% 16% 16% 16% 15% 14% 14%

Mobile Users [%] 74% 82% 87% 91% 87% 87% 88% 89% 89% 89%


Prepaid [%] 74% 84% 99% 104% 104% 111% 115% 119% 121% 123%

Postpaid [%] 17% 21% 25% 28% 31% 33% 36% 39% 41% 42%




Vivo [000] 51,744 60,293 71,554 76,137 77,050 82,468 86,177 92,078 95,406 97,835

Claro [000] 44,401 51,638 60,380 65,238 68,502 73,872 78,164 80,282 84,889 87,572

TIM [000] 41,102 51,015 64,083 70,343 73,884 81,236 87,253 91,931 93,567 95,990

Oi [000] 36,112 39,302 45,484 49,259 50,354 54,395 57,921 60,199 63,060 65,192

Nextel [000] 2,483 3,319 4,115 3,846 3,922 4,662 5,334 5,916 6,458 6,806

Others [000] 645 683 731 838 919 1,040 1,159 1,193 1,235 1,268

Total Mobile Subscriptions - MVNOs [000] 0 0 0 14 229 687 1,163 1,689 2,109 2,551

Porto Seguro [000] 0 0 0 14 142 399 639 873 1,050 1,222

Virgin [000] 0 0 0 0 80 268 488 763 991 1,245

Datora [000] 0 0 0 0 7 21 35 52 68 84

Others [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 143,613 165,662 196,362 209,491 211,544 228,478 240,764 250,355 258,057 263,594

Postpaid [000] 32,874 40,589 49,984 56,171 63,086 69,194 75,244 81,244 86,558 91,069

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 32,755 25,447 16,385 10,808 6,192 3,292 1,589 903 517 295

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 10,954 8,472 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 52,873 62,394 75,207 79,043 73,734 66,863 61,899 50,819 33,163 14,184

GSM/EDGE [000] 59,140 74,950 99,955 103,476 85,760 76,689 70,297 58,777 48,742 45,248

CDMA 1X [000] 1,939 1,581 716 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 560 522 358 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 9,151 13,735 16,921 23,038 31,772 39,306 47,752 56,222 64,261 72,179

HSPA [000] 6,631 15,830 32,690 45,489 72,812 104,807 122,538 149,897 173,309 187,256

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 1,027 3,638 8,947 12,318 22,363 33,800

Others [000] 0 0 0 0 0 0 0 0 0 0







Messaging

SMS [000] 104,803 141,383 178,605 209,891 222,450 247,663 273,979 298,108 319,457 338,703

MMS [000] 26,997 30,613 34,489 36,396 37,075 39,293 41,713 43,738 45,179 46,213

Email [000] 23,539 35,773 47,855 56,768 62,205 71,470 80,425 85,884 89,600 92,567

Others [000] 28,352 32,481 38,019 40,180 40,706 43,239 44,984 46,260 47,114 47,518

Applications

Ringtones [000] 5,536 7,442 9,778 11,230 12,306 13,672 15,094 16,409 17,565 18,728

Graphics/Images [000] 4,267 5,736 7,536 8,696 9,529 10,638 11,519 11,967 12,187 12,417

Games [000] 1,192 1,672 2,396 3,101 3,846 5,003 6,373 8,025 9,842 12,154

Browsing/WAP [000] 8,803 14,510 21,663 45,162 64,263 84,837 105,894 126,671 146,116 165,273

Music [000] 3,218 6,772 10,920 14,720 17,499 18,588 17,760 16,772 15,687 14,530

Video [000] 2,446 5,146 8,605 12,064 14,965 18,654 21,783 24,687 26,535 29,494

Data cards/Modems [000] 2,647 4,267 5,849 6,774 8,054 12,205 16,120 20,228 24,468 28,728

MOBILE USAGE






MOBILE ARPS


Vivo [US$/month] $13.62 $14.83 $14.37 $12.48 $11.99 $11.82 $11.77 $11.72 $11.64 $11.73

Claro [US$/month] $11.39 $11.11 $10.38 $8.57 $7.85 $7.70 $7.66 $7.72 $7.86 $8.04

TIM [US$/month] $12.81 $13.88 $12.36 $10.05 $9.88 $9.68 $9.61 $9.61 $9.71 $9.93

Oi [US$/month] $11.02 $12.84 $12.54 $11.43 $11.30 $10.78 $10.49 $10.37 $10.28 $10.26

Nextel [US$/month] $56.22 $69.87 $73.84 $49.00 $50.11 $47.57 $45.61 $43.24 $41.71 $40.76

Others [US$/month] $13.42 $14.54 $21.75 $14.01 $13.50 $12.75 $12.19 $12.00 $11.86 $11.84








SMS [US$/month] $0.77 $0.81 $1.01 $0.91 $0.92 $0.87 $0.83 $0.81 $0.78 $0.73

MMS [US$/month] $0.05 $0.07 $0.06 $0.05 $0.05 $0.05 $0.05 $0.05 $0.04 $0.04

Email [US$/month] $0.07 $0.09 $0.18 $0.18 $0.20 $0.22 $0.23 $0.24 $0.24 $0.24

Others [US$/month] $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01




Games [US$/month] $0.01 $0.01 $0.01 $0.02 $0.02 $0.02 $0.02 $0.03 $0.03 $0.04


Music [US$/month] $0.01 $0.02 $0.03 $0.03 $0.04 $0.04 $0.04 $0.03 $0.03 $0.03

Video [US$/month] $0.01 $0.01 $0.01 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02



3G [US$/month] $17.46 $18.20 $17.59 $13.74 $12.99 $12.15 $11.53 $11.40 $11.23 $11.14

Non-3G [US$/month] $12.35 $13.54 $12.64 $10.51 $9.80 $9.31 $9.28 $8.96 $8.72 $8.60

MOBILE REVENUES



Data Revenue [US$m] $3,497 $5,370 $8,006 $9,079 $10,733 $12,207 $13,841 $15,440 $16,945 $18,520


SMS [US$m] $1,518 $1,866 $2,738 $2,811 $2,982 $3,000 $3,056 $3,165 $3,153 $3,053

MMS [US$m] $108 $166 $169 $167 $171 $169 $173 $175 $176 $177

Email [US$m] $130 $200 $477 $563 $661 $742 $850 $927 $978 $1,020

Others [US$m] $10 $16 $21 $21 $22 $22 $23 $23 $23 $23

Applications Revenue [US$m] $1,730 $3,122 $4,601 $5,517 $6,896 $8,273 $9,739 $11,150 $12,615 $14,248

Ringtones [US$m] $69 $106 $155 $167 $179 $179 $178 $172 $162 $148


Games [US$m] $29 $27 $41 $49 $61 $73 $91 $111 $133 $159

Browsing/WAP [US$m] $559 $1,074 $1,572 $2,474 $3,623 $4,421 $5,063 $5,774 $6,570 $7,536

Music [US$m] $23 $35 $70 $95 $123 $136 $137 $129 $121 $112

Video [US$m] $14 $21 $41 $54 $68 $79 $90 $97 $100 $104

Data cards/Modems [US$m] $944 $1,718 $2,522 $2,478 $2,645 $3,201 $4,007 $4,708 $5,387 $6,060



CHILE


DEMOGRAPHICS

Population [000] 16,929 17,094 17,248 17,400 17,560 17,710 17,870 18,020 18,180 18,350

Households [000] 4,482 4,525 4,568 4,612 4,656 4,701 4,746 4,792 4,838 4,884

Businesses [000] 675 744 759 774 790 806 818 826 834 843

Nominal GDP [US$m] $172,340 $217,560 $251,190 $268,300 $283,600 $293,400 $310,200 $332,400 $357,100 $383,800




Local Currency / US$ [LCU / US$] 560 510 484 486 492 515 527 533 539 545


Main Lines [%] 17% 16% 16% 15% 14% 13% 11% 10% 9% 7%

Mobile Users [%] 77% 82% 84% 86% 82% 83% 83% 84% 84% 83%


Prepaid [%] 76% 90% 103% 112% 111% 116% 121% 125% 128% 132%

Postpaid [%] 28% 35% 39% 41% 42% 43% 44% 46% 47% 48%




Movistar [000] 7,525 8,794 9,548 10,040 10,413 10,770 11,145 11,537 11,924 12,324

ENTEL PCS [000] 6,457 7,568 9,347 10,106 10,297 10,727 11,116 11,488 11,848 12,223

Claro [000] 0 0 0 138 59 160 235 294 341 381

Nextel [000] 3,597 4,871 5,537 6,174 5,862 6,233 6,592 6,942 7,286 7,651

VTR [000] 44 65 78 198 238 292 344 394 442 491

Others [000] 0 0 0 0 0 0 0 0 0 0

Total Mobile Subscriptions - MVNOs [000] 0 0 1 155 359 623 868 1,077 1,254 1,404

Virgin [000] 0 0 0 150 301 437 536 598 637 665

GTD (Telsur) [000] 0 0 1 1 2 3 4 5 6 7

Falabella [000] 0 0 0 0 46 162 293 418 526 608

Others [000] 0 0 0 4 11 21 36 57 85 124


Prepaid [000] 12,946 15,374 17,708 19,451 19,560 20,601 21,560 22,452 23,325 24,241

Postpaid [000] 4,677 5,924 6,802 7,206 7,309 7,581 7,872 8,204 8,516 8,829

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 1,598 1,673 1,514 900 94 129 0 0 0 0

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 183 49 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 7,535 7,773 6,734 5,367 3,616 2,173 708 69 0 0

GSM/EDGE [000] 4,895 6,785 8,219 8,532 8,142 7,471 6,716 5,003 3,057 1,479

CDMA 1X [000] 36 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 1,873 2,755 3,954 5,856 6,935 8,138 9,227 10,161 11,388 12,620

HSPA [000] 1,460 2,197 4,011 5,840 7,906 9,881 11,920 14,177 15,826 17,133

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 19 279 800 1,225 1,565 1,834

Others [000] 0 0 0 0 0 0 0 0 0 0







Messaging

SMS [000] 11,517 15,882 19,376 22,299 23,654 25,021 26,183 27,318 28,412 29,541

MMS [000] 1,767 2,343 2,694 2,961 3,044 3,257 3,469 3,686 3,885 4,096

Email [000] 603 1,129 1,754 2,409 2,963 3,539 4,081 4,607 5,130 5,658

Others [000] 1,060 1,462 1,850 2,174 2,366 2,656 2,940 3,246 3,506 3,787

Applications

Ringtones [000] 1,142 1,586 1,899 2,118 2,188 2,352 2,502 2,606 2,675 2,778

Graphics/Images [000] 213 277 338 387 408 444 480 515 548 582

Games [000] 931 1,413 1,924 2,385 2,670 3,024 3,367 3,704 4,031 4,358

Browsing/WAP [000] 1,496 2,769 4,302 5,951 7,498 9,595 12,024 14,778 18,112 22,198

Music [000] 530 1,089 2,068 3,037 3,827 5,018 6,550 8,528 11,072 14,374

Video [000] 795 1,597 2,696 3,813 4,766 5,949 7,144 8,483 9,692 11,073

Data cards/Modems [000] 632 965 1,246 1,495 1,635 1,844 2,050 2,253 2,451 2,667

MOBILE USAGE






MOBILE ARPS



ENTEL PCS [US$/month] $18.04 $18.20 $17.80 $18.46 $18.57 $17.75 $17.62 $17.25 $16.97 $17.03

Claro [US$/month] $0.00 $0.00 $13.36 $13.36 $13.49 $12.49 $12.20 $12.04 $11.99 $12.08

Nextel [US$/month] $10.35 $10.88 $12.06 $12.43 $12.64 $12.40 $12.24 $12.39 $12.61 $13.11

VTR [US$/month] $31.53 $29.98 $29.72 $23.46 $20.90 $21.07 $20.58 $20.10 $19.57 $19.73

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $0.80 $0.53 $0.49 $0.36 $0.31 $0.30 $0.29 $0.27 $0.25 $0.24

MMS [US$/month] $0.09 $0.07 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06

Email [US$/month] $0.09 $0.09 $0.10 $0.10 $0.11 $0.12 $0.14 $0.15 $0.16 $0.17

Others [US$/month] $0.09 $0.09 $0.08 $0.07 $0.06 $0.07 $0.07 $0.07 $0.07 $0.07




Games [US$/month] $0.09 $0.09 $0.10 $0.09 $0.10 $0.11 $0.12 $0.12 $0.13 $0.13


Music [US$/month] $0.05 $0.09 $0.10 $0.12 $0.14 $0.18 $0.22 $0.27 $0.33 $0.40

Video [US$/month] $0.02 $0.03 $0.06 $0.10 $0.14 $0.19 $0.25 $0.31 $0.38 $0.45



3G [US$/month] $66.03 $53.48 $39.28 $30.46 $24.80 $21.22 $19.49 $18.32 $17.50 $17.22

Non-3G [US$/month] $6.81 $5.52 $6.72 $7.03 $6.95 $6.26 $5.78 $4.96 $3.71 $2.09

MOBILE REVENUES



Data Revenue [US$m] $452 $633 $877 $1,034 $1,195 $1,368 $1,582 $1,811 $2,072 $2,404


SMS [US$m] $156 $123 $135 $111 $99 $98 $100 $96 $95 $93

MMS [US$m] $18 $17 $18 $19 $21 $21 $21 $22 $23 $24

Email [US$m] $18 $20 $26 $29 $35 $41 $47 $53 $60 $67

Others [US$m] $18 $20 $22 $21 $21 $22 $25 $25 $27 $28

Applications Revenue [US$m] $242 $453 $676 $854 $1,020 $1,186 $1,389 $1,614 $1,867 $2,191

Ringtones [US$m] $23 $21 $26 $24 $22 $22 $23 $22 $22 $22


Games [US$m] $18 $21 $26 $29 $32 $37 $41 $45 $49 $52

Browsing/WAP [US$m] $50 $89 $140 $201 $268 $341 $432 $539 $667 $842

Music [US$m] $9 $20 $26 $36 $45 $59 $76 $98 $124 $156

Video [US$m] $5 $8 $18 $30 $46 $64 $87 $113 $143 $175




COLOMBIA


DEMOGRAPHICS

Population [000] 44,979 45,510 46,045 46,582 47,121 47,662 48,203 48,748 49,292 49,834

Households [000] 11,990 12,150 12,320 12,500 12,670 12,850 13,030 13,210 13,474 13,744

Businesses [000] 625 636 648 660 673 686 699 712 725 739

Nominal GDP [US$m] $233,890 $286,950 $336,370 $370,280 $382,400 $406,300 $436,400 $463,800 $485,000 $506,100




Local Currency / US$ [LCU / US$] 2,158 1,899 1,848 1,798 1,866 1,903 1,918 1,950 1,993 2,043


Main Lines [%] 16% 15% 14% 13% 12% 11% 10% 10% 9% 9%

Mobile Users [%] 70% 74% 76% 79% 77% 81% 81% 81% 82% 84%


Prepaid [%] 77% 82% 82% 85% 80% 84% 84% 84% 84% 83%

Postpaid [%] 14% 16% 19% 21% 22% 24% 25% 27% 28% 30%




Claro [000] 27,674 29,264 28,819 30,371 28,582 30,562 31,283 31,852 32,336 32,732

Movistar [000] 8,965 10,005 11,391 11,703 11,579 11,823 11,941 12,175 12,459 12,747

Tigo [000] 4,517 5,209 5,991 6,942 7,846 8,686 9,075 9,424 9,760 10,081

Avantel [000] 134 138 158 153 176 224 262 295 325 350

Others [000] 0 0 0 49 116 180 222 267 326 403

0 0 0 0 0 0 0 0 0 0

Total Mobile Subscriptions - MVNOs [000] 7 137 402 418 669 960 1,204 1,435 1,646 1,825

EPM [000] 7 60 112 48 0 0 0 0 0 0

UFF [000] 0 53 249 329 406 481 552 621 686 749

ETB [000] 0 24 41 41 45 55 65 75 84 93

Others [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 34,837 37,151 37,743 39,646 37,880 40,046 40,496 40,852 41,183 41,456

Postpaid [000] 6,452 7,465 8,617 9,573 10,419 11,429 12,287 13,161 14,024 14,857

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 5,090 3,584 2,676 1,888 869 389 198 101 51 26

TDMA [000] 553 0 0 0 0 0 0 0 0 0

CDMA One [000] 107 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 23,458 16,344 11,117 8,378 6,027 4,156 2,455 1,069 546 240

GSM/EDGE [000] 5,088 9,555 11,686 14,405 12,074 8,971 6,013 4,240 2,081 984

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 5,401 11,681 15,539 16,343 17,761 18,982 22,336 22,689 21,697 19,969

HSPA [000] 1,458 3,314 5,183 8,052 11,180 18,264 20,446 23,496 26,764 29,274

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 212 487 1,083 2,182 3,824 5,568

Others [000] 0 0 0 0 0 0 0 0 0 0







Messaging

SMS [000] 16,065 28,539 34,306 43,067 43,469 46,791 48,459 50,084 51,703 53,267

MMS [000] 1,668 2,163 2,091 2,053 1,994 1,913 1,805 1,699 1,598 1,467

Email [000] 689 1,340 3,201 5,778 8,505 12,690 16,916 20,772 23,354 24,536

Others [000] 215 335 603 736 794 927 1,056 1,188 1,325 1,464

Applications

Ringtones [000] 2,098 2,381 2,350 2,320 2,163 2,121 2,066 2,009 1,950 1,890

Graphics/Images [000] 891 1,338 1,901 2,559 2,898 3,088 3,167 3,241 3,312 3,379

Games [000] 527 966 1,315 1,675 1,891 2,216 2,454 2,686 2,915 3,138

Browsing/WAP [000] 612 989 1,533 1,926 2,173 2,663 3,059 3,457 3,864 4,280

Music [000] 860 1,301 1,892 2,812 3,587 4,588 5,437 6,319 7,232 8,165

Video [000] 263 384 759 1,289 1,518 1,905 2,217 2,539 2,871 3,210

Data cards/Modems [000] 500 1,002 1,255 1,283 1,322 1,480 1,593 1,712 1,837 1,968

MOBILE USAGE






MOBILE ARPS


Claro [US$/month] $8.35 $8.33 $9.71 $11.19 $11.95 $12.39 $12.58 $12.81 $12.98 $13.11


Tigo [US$/month] $10.04 $11.99 $11.25 $10.94 $11.04 $11.17 $11.39 $11.71 $12.02 $12.32

Avantel [US$/month] $28.37 $28.49 $27.84 $27.05 $25.39 $23.99 $22.69 $22.07 $21.96 $21.79

Others [US$/month] $0.00 $0.00 $0.00 $12.07 $7.33 $11.75 $14.05 $20.19 $29.11 $25.86








SMS [US$/month] $0.45 $0.67 $1.01 $1.07 $1.15 $1.15 $1.07 $0.98 $0.89 $0.81

MMS [US$/month] $0.00 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.00 $0.00

Email [US$/month] $0.01 $0.05 $0.13 $0.23 $0.37 $0.55 $0.74 $0.91 $1.02 $1.06

Others [US$/month] $0.01 $0.01 $0.03 $0.05 $0.07 $0.08 $0.09 $0.11 $0.12 $0.13




Games [US$/month] $0.01 $0.04 $0.07 $0.09 $0.10 $0.12 $0.13 $0.13 $0.14 $0.15


Music [US$/month] $0.01 $0.02 $0.04 $0.05 $0.06 $0.08 $0.09 $0.11 $0.12 $0.14

Video [US$/month] $0.00 $0.02 $0.03 $0.04 $0.12 $0.14 $0.16 $0.18 $0.21 $0.24



3G [US$/month] $24.07 $24.17 $19.50 $16.10 $15.82 $15.22 $14.60 $14.22 $14.18 $13.58

Non-3G [US$/month] $6.97 $4.47 $3.45 $5.93 $5.87 $4.89 $3.50 $3.02 $2.62 $1.43

MOBILE REVENUES



Data Revenue [US$m] $362 $686 $1,114 $1,317 $1,561 $1,781 $2,013 $2,206 $2,371 $2,499

Messaging Revenue [US$m] $238 $380 $648 $779 $931 $1,067 $1,190 $1,282 $1,335 $1,337

SMS [US$m] $226 $343 $551 $614 $672 $686 $667 $629 $586 $539

MMS [US$m] $2 $5 $6 $5 $5 $4 $4 $3 $3 $3

Email [US$m] $7 $24 $73 $129 $215 $329 $461 $581 $667 $707

Others [US$m] $4 $8 $19 $31 $39 $48 $58 $69 $79 $89

Applications Revenue [US$m] $124 $307 $466 $538 $630 $714 $823 $924 $1,036 $1,161

Ringtones [US$m] $19 $38 $48 $42 $38 $34 $32 $30 $29 $28


Games [US$m] $5 $21 $39 $51 $60 $69 $78 $86 $94 $101

Browsing/WAP [US$m] $13 $36 $72 $103 $134 $172 $220 $268 $322 $383

Music [US$m] $5 $12 $20 $27 $37 $47 $58 $69 $81 $93

Video [US$m] $2 $9 $15 $25 $67 $82 $100 $118 $136 $158




COSTA RICA


DEMOGRAPHICS

Population [000] 4,605 4,675 4,746 4,816 4,890 4,960 5,030 5,080 5,131 5,182

Households [000] 1,197 1,266 1,298 1,323 1,350 1,377 1,404 1,433 1,461 1,490

Businesses [000] 58 62 63 66 69 72 75 79 82 86

Nominal GDP [US$m] $29,383 $36,298 $41,031 $45,107 $49,639 $53,125 $57,810 $62,734 $68,517 $74,761




Local Currency / US$ [LCU / US$] 573 526 506 503 500 505 510 514 517 520


Main Lines [%] 34% 33% 32% 31% 29% 28% 26% 25% 23% 22%

Mobile Users [%] 35% 55% 74% 82% 84% 85% 86% 86% 85% 85%


Prepaid [%] 0% 29% 60% 87% 103% 115% 123% 128% 130% 130%

Postpaid [%] 40% 32% 27% 25% 31% 35% 38% 39% 40% 40%




ICE [000] 1,826 2,860 3,860 4,518 4,732 4,803 4,764 4,719 4,666 4,601

Movistar [000] 0 0 116 376 903 1,321 1,678 1,962 2,171 2,302

Claro [000] 0 0 146 484 948 1,356 1,659 1,786 1,853 1,900

Others [000] 0 0 0 0 0 0 0 0 0 0


Tuyo Movil [000] 0 0 83 161 225 274 308 334 353 366

Fullmovil [000] 0 0 81 107 120 135 150 160 169 175

MVNO3 [000] 0 0 0 0 0 0 0 0 0 0

Others [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 0 1,373 2,841 4,190 5,044 5,728 6,210 6,491 6,659 6,732

Postpaid [000] 1,826 1,487 1,281 1,188 1,538 1,752 1,891 1,977 2,031 2,070

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 1,241 1,031 579 316 0 0 0 0 0 0

TDMA [000] 149 27 0 0 0 0 0 0 0 0

CDMA One [000] 0 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 274 572 463 136 0 0 0 0 0 0

GSM/EDGE [000] 128 601 1,672 2,543 3,181 3,009 2,676 2,157 1,556 1,016

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 34 629 1,390 2,168 2,744 3,266 3,573 3,776 3,826 3,842

HSPA [000] 0 0 18 215 657 1,204 1,752 2,210 2,550 2,830

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 0 0 100 326 757 1,114

Others [000] 0 0 0 0 0 0 0 0 0 0







Messaging

SMS [000] 1,511 1,622 2,432 3,388 4,344 5,236 5,865 6,069 6,166 6,184

MMS [000] 61 114 330 430 494 546 580 594 597 593

Email [000] 40 91 186 328 501 666 815 923 1,013 1,074

Others [000] 0 4 10 27 66 112 162 212 261 308

Applications

Ringtones [000] 159 234 371 532 717 896 1,067 1,227 1,385 1,544

Graphics/Images [000] 60 92 161 296 362 419 446 466 478 484

Games [000] 23 34 50 65 80 94 102 107 109 111

Browsing/WAP [000] 89 192 412 726 1,121 1,646 2,121 2,549 2,943 3,309

Music [000] 79 90 185 319 430 538 630 709 786 863

Video [000] 14 32 60 107 168 239 312 381 450 520


MOBILE USAGE






MOBILE ARPS


ICE [US$/month] $16.12 $17.41 $16.59 $14.61 $13.99 $14.44 $14.65 $14.70 $14.52 $14.00


Claro [US$/month] $0.00 $0.00 $6.48 $5.37 $6.43 $6.23 $6.14 $6.23 $6.38 $6.43

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $0.57 $0.64 $0.52 $0.32 $0.19 $0.15 $0.12 $0.11 $0.10 $0.09

MMS [US$/month] $0.00 $0.00 $0.01 $0.01 $0.01 $0.01 $0.00 $0.00 $0.00 $0.00

Email [US$/month] $0.01 $0.02 $0.05 $0.08 $0.11 $0.13 $0.14 $0.16 $0.17 $0.18

Others [US$/month] $0.00 $0.01 $0.00 $0.00 $0.01 $0.01 $0.02 $0.02 $0.03 $0.03




Games [US$/month] $0.02 $0.03 $0.05 $0.05 $0.05 $0.05 $0.05 $0.04 $0.04 $0.04


Music [US$/month] $0.01 $0.01 $0.04 $0.05 $0.07 $0.08 $0.10 $0.11 $0.13 $0.15

Video [US$/month] $0.00 $0.00 $0.00 $0.01 $0.01 $0.01 $0.01 $0.01 $0.02 $0.02



3G [US$/month] $40.30 $43.53 $30.71 $20.43 $16.38 $14.50 $13.41 $12.58 $11.92 $11.22

Non-3G [US$/month] $15.88 $13.11 $10.25 $8.96 $8.55 $8.77 $8.60 $8.66 $8.80 $8.93

MOBILE REVENUES

Total Mobile Revenues [US$m] $334 $490 $679 $771 $885 $1,011 $1,090 $1,137 $1,158 $1,142


Data Revenue [US$m] $17 $29 $69 $98 $119 $157 $195 $229 $259 $280


SMS [US$m] $12 $18 $22 $19 $14 $12 $11 $11 $10 $9

MMS [US$m] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Email [US$m] $0 $1 $2 $5 $8 $11 $14 $16 $18 $19

Others [US$m] $0 $0 $0 $0 $1 $1 $2 $2 $3 $4


Ringtones [US$m] $1 $1 $6 $9 $12 $15 $17 $19 $21 $23


Games [US$m] $1 $1 $2 $3 $4 $4 $4 $4 $4 $4

Browsing/WAP [US$m] $1 $3 $18 $30 $43 $65 $88 $109 $128 $142

Music [US$m] $0 $0 $1 $3 $5 $7 $9 $11 $14 $16

Video [US$m] $0 $0 $0 $0 $1 $1 $1 $1 $2 $2




DOMINICAN REPUBLIC


DEMOGRAPHICS

Population [000] 9,303 9,445 9,571 9,696 9,821 9,948 10,070 10,200 10,320 10,440

Households [000] 2,639 2,665 2,692 2,719 2,746 2,774 2,801 2,829 2,858 2,886

Businesses [000] 337 341 345 350 355 359 364 369 373 378

Nominal GDP [US$m] $46,485 $50,980 $55,433 $58,898 $59,285 $61,941 $65,621 $70,003 $74,439 $79,059






Main Lines [%] 10% 10% 10% 10% 11% 12% 12% 12% 12% 11%

Mobile Users [%] 40% 40% 39% 73% 74% 76% 78% 79% 80% 81%


Prepaid [%] 76% 77% 78% 79% 81% 82% 84% 86% 88% 89%

Postpaid [%] 14% 14% 14% 15% 15% 16% 16% 16% 17% 17%




Claro [000] 4,742 4,850 4,766 4,889 5,067 5,319 5,538 5,732 5,904 6,068

Tricom [000] 425 435 442 437 437 439 440 441 441 434

Viva (Trilogy Dominicana) [000] 581 667 746 603 542 522 524 538 556 576

Orange Dominicana [000] 2,811 2,885 3,106 3,214 3,400 3,480 3,624 3,772 3,906 3,989

Others [000] 0 0 0 0 0 0 0 0 0 0



Prepaid [000] 7,213 7,446 7,647 7,705 7,954 8,207 8,508 8,802 9,069 9,279

Postpaid [000] 1,346 1,391 1,413 1,437 1,491 1,553 1,618 1,680 1,738 1,787

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 1,265 923 714 385 203 31 19 0 0 0

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 990 389 314 269 254 240 225 214 203 194

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 1,920 2,090 1,997 1,755 1,647 1,392 1,153 1,089 1,113 1,157

GSM/EDGE [000] 2,924 3,665 3,907 4,092 4,117 4,003 3,815 3,655 3,525 3,543

CDMA 1X [000] 348 207 186 158 124 111 110 108 105 102

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 521 247 149 101 95 106 119 119 132 139

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 442 950 1,208 1,570 2,006 2,555 3,059 3,331 3,475 3,591

HSPA [000] 148 366 584 812 999 1,317 1,605 1,901 2,135 2,201

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 1 1 3 21 65 117 140

Others [000] 0 0 0 0 0 0 0 0 0 0



Business Subscriptions [000] 715 765 788 823 883 952 1,030 1,112 1,197 1,281


Messaging

SMS [000] 5,445 6,336 6,716 6,985 7,253 7,718 8,128 8,709 9,203 9,660



MMS [000] 413 496 549 549 538 528 521 512 502 488

Email [000] 283 355 426 466 529 576 638 702 756 775

Others [000] 379 444 492 503 510 527 547 565 578 592

Applications

Ringtones [000] 507 590 686 690 761 801 846 892 940 963

Graphics/Images [000] 320 366 400 424 454 464 477 489 499 506

Games [000] 352 418 483 493 509 526 543 555 562 576

Browsing/WAP [000] 431 489 568 567 580 593 610 625 638 646

Music [000] 216 289 372 429 487 539 590 636 676 709

Video [000] 112 155 203 215 227 234 253 273 292 310

Data cards/Modems [000] 441 611 751 869 987 1,122 1,280 1,431 1,594 1,763

MOBILE USAGE






MOBILE ARPS


Claro [US$/month] $13.00 $12.50 $13.00 $13.55 $13.54 $13.38 $13.32 $13.41 $13.46 $13.55

Tricom [US$/month] $12.00 $13.20 $14.30 $14.70 $15.20 $15.48 $15.67 $16.02 $16.36 $16.73

Viva (Trilogy Dominicana) [US$/month] $13.00 $14.00 $15.00 $15.68 $17.19 $18.49 $19.46 $20.25 $20.93 $21.50

Orange Dominicana [US$/month] $19.02 $17.29 $16.25 $15.82 $15.93 $16.32 $16.68 $16.93 $17.22 $17.39

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $1.32 $1.50 $1.71 $1.87 $2.03 $2.18 $2.33 $2.47 $2.60 $2.69

MMS [US$/month] $0.05 $0.06 $0.09 $0.10 $0.10 $0.10 $0.10 $0.10 $0.10 $0.10

Email [US$/month] $0.12 $0.16 $0.20 $0.22 $0.24 $0.25 $0.27 $0.28 $0.29 $0.30

Others [US$/month] $0.20 $0.28 $0.37 $0.40 $0.41 $0.41 $0.41 $0.42 $0.42 $0.42




Games [US$/month] $0.10 $0.13 $0.16 $0.17 $0.17 $0.17 $0.17 $0.17 $0.17 $0.17


Music [US$/month] $0.09 $0.12 $0.15 $0.17 $0.18 $0.19 $0.20 $0.21 $0.21 $0.21

Video [US$/month] $0.05 $0.07 $0.10 $0.11 $0.12 $0.12 $0.13 $0.13 $0.14 $0.14



3G [US$/month] $44.83 $36.94 $36.49 $36.96 $36.89 $31.84 $28.18 $26.34 $25.90 $25.68

Non-3G [US$/month] $10.51 $10.08 $8.91 $7.35 $5.17 $4.86 $4.47 $4.12 $3.42 $3.22

MOBILE REVENUES



Data Revenue [US$m] $315 $420 $523 $583 $633 $688 $749 $811 $873 $928


SMS [US$m] $124 $156 $184 $205 $226 $252 $279 $306 $332 $354

MMS [US$m] $5 $7 $9 $10 $11 $11 $12 $12 $13 $13

Email [US$m] $12 $16 $21 $24 $27 $29 $32 $35 $38 $39

Others [US$m] $19 $29 $39 $43 $45 $47 $49 $51 $53 $55


Ringtones [US$m] $20 $26 $32 $34 $36 $38 $40 $43 $45 $47


Games [US$m] $10 $13 $18 $19 $19 $20 $20 $21 $21 $22

Browsing/WAP [US$m] $12 $16 $19 $21 $21 $21 $21 $22 $22 $22

Music [US$m] $9 $12 $16 $18 $20 $22 $24 $25 $27 $28

Video [US$m] $5 $7 $11 $12 $13 $14 $15 $16 $18 $19




ECUADOR


DEMOGRAPHICS

Population [000] 14,005 14,480 14,690 14,900 15,100 15,310 15,510 15,700 15,910 16,130

Households [000] 3,049 3,067 3,083 3,099 3,115 3,146 3,177 3,209 3,241 3,273

Businesses [000] 345 349 353 358 364 369 374 380 385 391

Nominal GDP [US$m] $62,520 $67,514 $76,770 $84,040 $90,390 $97,300 $104,200 $111,900 $118,500 $126,800






Main Lines [%] 15% 14% 15% 16% 17% 17% 17% 17% 15% 15%

Mobile Users [%] 83% 89% 89% 91% 91% 92% 92% 92% 92% 89%


Prepaid [%] 85% 91% 91% 94% 93% 93% 93% 92% 91% 90%

Postpaid [%] 12% 14% 17% 20% 24% 28% 31% 33% 35% 37%




Claro [000] 9,449 10,670 11,057 11,758 12,240 12,751 13,150 13,459 13,717 13,951

Movistar [000] 3,721 4,222 4,478 4,973 5,163 5,393 5,580 5,734 5,877 6,014

CNT [000] 357 320 303 309 363 408 441 466 486 495

Others [000] 0 0 0 0 0 0 0 0 0 0



Prepaid [000] 11,855 13,241 13,356 14,029 14,118 14,246 14,352 14,423 14,461 14,499

Postpaid [000] 1,672 1,971 2,482 3,011 3,648 4,307 4,819 5,235 5,620 5,961

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 3,664 1,204 172 41 15 12 4 2 1 1

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 370 253 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 5,637 6,606 7,201 6,899 6,849 6,708 6,501 6,123 5,986 5,564

GSM/EDGE [000] 3,155 6,196 6,845 7,750 7,866 7,794 6,774 5,704 4,740 4,138

CDMA 1X [000] 104 90 88 59 15 12 5 3 1 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 14 16 24 22 7 4 2 1 1 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 584 847 1,479 2,227 2,616 3,125 3,979 4,475 4,775 5,073

HSPA [000] 0 0 9 42 311 653 1,332 2,333 3,205 4,017

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 87 245 573 1,017 1,372 1,667

Others [000] 0 0 0 0 0 0 0 0 0 0





Messaging

SMS [000] 9,984 13,082 14,650 15,509 16,255 17,145 17,894 18,532 19,120 19,676

MMS [000] 1,611 1,829 1,924 2,088 2,198 2,319 2,420 2,506 2,586 2,608



Email [000] 654 745 807 873 912 952 984 1,022 1,064 1,105

Others [000] 188 222 231 249 260 271 280 287 293 303

Applications

Ringtones [000] 2,926 3,586 3,995 4,551 4,982 5,411 5,815 6,201 6,587 6,712

Graphics/Images [000] 1,217 1,410 1,512 1,674 1,797 1,933 2,109 2,320 2,570 2,864

Games [000] 256 317 370 445 520 608 703 808 924 1,045

Browsing/WAP [000] 372 608 950 1,256 2,132 2,649 3,011 3,242 3,444 3,580

Music [000] 542 792 989 1,276 1,530 1,757 2,088 2,438 2,811 3,212

Video [000] 383 474 553 659 782 928 1,112 1,337 1,606 1,923

Data cards/Modems [000] 213 332 428 579 711 844 978 1,111 1,245 1,381

MOBILE USAGE






MOBILE ARPS


Porta Celular [US$/month] $9.00 $9.20 $9.42 $9.54 $9.82 $10.12 $10.34 $10.42 $10.44 $10.41


Alegro [US$/month] $10.75 $10.83 $11.22 $12.54 $13.68 $13.36 $13.20 $13.25 $13.15 $13.12

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $1.12 $1.07 $1.35 $1.41 $1.73 $1.69 $1.67 $1.66 $1.66 $1.65

MMS [US$/month] $0.03 $0.03 $0.02 $0.01 $0.02 $0.01 $0.01 $0.01 $0.01 $0.01

Email [US$/month] $0.03 $0.03 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02

Others [US$/month] $0.01 $0.02 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01




Games [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00


Music [US$/month] $0.05 $0.07 $0.06 $0.06 $0.06 $0.07 $0.08 $0.09 $0.11 $0.12

Video [US$/month] $0.03 $0.04 $0.03 $0.03 $0.03 $0.03 $0.04 $0.04 $0.05 $0.06



3G [US$/month] $36.44 $36.86 $37.60 $38.91 $35.19 $28.66 $24.00 $20.02 $17.47 $15.36

Non-3G [US$/month] $7.93 $7.73 $7.07 $5.91 $5.53 $5.80 $5.60 $5.36 $5.35 $5.90

MOBILE REVENUES



Data Revenue [US$m] $258 $315 $411 $467 $599 $651 $692 $725 $752 $777


SMS [US$m] $171 $184 $251 $278 $361 $368 $378 $388 $395 $401

MMS [US$m] $4 $5 $4 $3 $3 $3 $3 $3 $2 $2

Email [US$m] $4 $6 $4 $3 $5 $5 $4 $4 $4 $4

Others [US$m] $2 $3 $2 $2 $3 $3 $3 $3 $3 $3


Ringtones [US$m] $5 $4 $4 $4 $3 $3 $2 $2 $2 $2


Games [US$m] $1 $1 $1 $1 $1 $1 $1 $1 $1 $1

Browsing/WAP [US$m] $12 $29 $41 $57 $86 $119 $138 $149 $157 $161

Music [US$m] $8 $12 $11 $11 $13 $16 $18 $22 $26 $30

Video [US$m] $4 $6 $5 $5 $6 $7 $8 $10 $12 $14




EL SALVADOR


DEMOGRAPHICS

Population [000] 6,160 6,181 6,214 6,249 6,281 6,313 6,345 6,378 6,412 6,445

Households [000] 1,545 1,568 1,591 1,615 1,640 1,664 1,689 1,714 1,740 1,766

Businesses [000] 202 210 218 227 236 246 256 266 274 282

Nominal GDP [US$m] $20,661 $21,428 $23,054 $23,787 $24,389 $25,481 $26,869 $28,409 $30,036 $31,817






Main Lines [%] 15% 15% 14% 14% 13% 13% 13% 13% 13% 12%

Mobile Users [%] 79% 77% 80% 83% 85% 87% 90% 94% 95% 96%


Prepaid [%] 110% 114% 119% 123% 124% 126% 128% 130% 131% 131%

Postpaid [%] 12% 13% 14% 15% 17% 18% 19% 20% 21% 23%




Tigo [000] 2,780 2,728 3,027 2,979 2,666 2,475 2,362 2,299 2,267 2,220

Movistar [000] 1,078 1,134 1,204 1,446 1,669 1,848 2,001 2,136 2,261 2,363

Claro [000] 1,789 1,828 1,918 2,014 2,204 2,363 2,507 2,644 2,780 2,887

Digicel [000] 1,838 2,047 2,082 2,113 2,232 2,310 2,358 2,387 2,404 2,393

Intelfon [000] 82 86 85 83 81 78 76 73 71 68

Others [000] 0 0 0 0 0 0 0 0 0 0



Prepaid [000] 6,801 7,048 7,425 7,677 7,804 7,946 8,111 8,277 8,426 8,456

Postpaid [000] 766 775 891 958 1,048 1,130 1,192 1,262 1,356 1,475

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 2,642 2,071 1,196 403 0 0 0 0 0 0

TDMA [000] 290 0 0 0 0 0 0 0 0 0

CDMA One [000] 0 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 3,962 4,700 5,325 5,237 4,512 3,940 3,618 3,057 1,990 1,173

GSM/EDGE [000] 338 389 605 1,025 1,384 1,122 971 785 650 485

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 234 526 1,013 1,724 2,260 2,848 2,839 3,022 3,074 3,007

HSPA [000] 18 52 91 164 617 1,020 1,697 2,295 3,587 4,682

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 0 67 103 306 411 515

Others [000] 0 0 0 0 0 0 0 0 0 0





Messaging



SMS [000] 6,280 6,639 7,235 7,663 7,934 8,215 8,431 8,653 8,882 9,026

MMS [000] 681 747 832 838 833 811 790 770 750 723

Email [000] 76 118 166 259 310 363 477 525 587 645

Others [000] 93 128 176 186 190 195 200 205 210 214

Applications

Ringtones [000] 832 1,022 1,164 1,295 1,416 1,361 1,303 1,240 1,174 1,092

Graphics/Images [000] 509 536 575 604 620 635 651 668 685 695

Games [000] 246 291 374 475 509 545 582 620 685 735

Browsing/WAP [000] 151 250 334 433 885 1,361 1,861 2,862 3,913 4,965

Music [000] 15 27 42 65 89 109 130 153 176 199

Video [000] 8 14 25 43 62 86 147 191 293 397


MOBILE USAGE






MOBILE ARPS


Tigo [US$/month] $7.80 $7.17 $8.21 $7.93 $8.81 $9.60 $10.33 $11.05 $11.82 $12.28


Claro [US$/month] $6.20 $6.14 $5.04 $4.95 $5.50 $5.48 $5.46 $5.52 $5.67 $5.94

Digicel [US$/month] $6.71 $6.54 $6.49 $6.66 $6.64 $6.76 $6.85 $7.02 $7.25 $7.43

Intelfon [US$/month] $8.75 $8.45 $4.98 $5.14 $5.00 $5.28 $5.49 $5.73 $6.06 $6.38

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $0.73 $0.77 $0.78 $0.79 $0.78 $0.71 $0.64 $0.58 $0.52 $0.47

MMS [US$/month] $0.04 $0.03 $0.04 $0.04 $0.04 $0.03 $0.03 $0.03 $0.02 $0.02

Email [US$/month] $0.04 $0.06 $0.08 $0.10 $0.13 $0.14 $0.16 $0.19 $0.20 $0.21

Others [US$/month] $0.00 $0.02 $0.05 $0.05 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06




Games [US$/month] $0.09 $0.10 $0.16 $0.18 $0.19 $0.19 $0.21 $0.20 $0.21 $0.21


Music [US$/month] $0.01 $0.00 $0.00 $0.01 $0.01 $0.01 $0.01 $0.02 $0.02 $0.02

Video [US$/month] $0.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 $0.01



3G [US$/month] $23.02 $21.71 $21.59 $19.88 $15.66 $13.52 $12.48 $11.23 $10.83 $10.32

Non-3G [US$/month] $6.73 $5.93 $5.29 $4.21 $3.93 $3.47 $3.06 $3.55 $2.98 $1.89

MOBILE REVENUES

Total Mobile Revenues [US$m] $617 $627 $677 $710 $748 $779 $809 $847 $897 $939


Data Revenue [US$m] $109 $115 $161 $189 $220 $245 $266 $297 $337 $375


SMS [US$m] $63 $71 $76 $80 $82 $76 $71 $66 $61 $56

MMS [US$m] $3 $3 $4 $4 $4 $4 $3 $3 $3 $2

Email [US$m] $3 $5 $7 $11 $13 $15 $18 $21 $23 $25

Others [US$m] $0 $2 $5 $5 $6 $6 $6 $6 $7 $7


Ringtones [US$m] $8 $3 $7 $8 $9 $9 $8 $8 $7 $7


Games [US$m] $8 $9 $16 $18 $20 $20 $23 $23 $24 $25

Browsing/WAP [US$m] $9 $10 $20 $25 $40 $65 $88 $123 $168 $209

Music [US$m] $1 $0 $0 $1 $1 $1 $2 $2 $2 $3

Video [US$m] $1 $0 $0 $0 $0 $0 $0 $0 $1 $1




GUATEMALA


DEMOGRAPHICS

Population [000] 13,990 14,340 14,710 15,080 15,460 15,840 16,230 16,640 17,060 17,491

Households [000] 3,210 3,242 3,274 3,307 3,340 3,374 3,407 3,441 3,476 3,511

Businesses [000] 321 328 336 344 352 361 370 378 388 397

Nominal GDP [US$m] $37,734 $41,338 $47,689 $50,236 $54,564 $57,891 $62,272 $66,466 $70,942 $75,720






Main Lines [%] 11% 11% 11% 12% 12% 12% 13% 13% 12% 12%

Mobile Users [%] 63% 69% 73% 83% 88% 91% 92% 92% 92% 92%


Prepaid [%] 80% 88% 93% 103% 111% 113% 114% 114% 114% 113%

Postpaid [%] 5% 6% 6% 7% 8% 9% 9% 10% 10% 10%




Movistar [000] 2,479 2,626 2,637 3,521 4,205 4,623 4,859 5,052 5,200 5,308

Claro [000] 3,990 4,555 4,748 5,232 5,781 6,152 6,454 6,720 6,956 7,158

Tigo [000] 5,450 6,309 7,145 7,922 8,334 8,558 8,695 8,843 8,983 9,098

Digicel [000] 0 0 0 0 0 0 0 0 0 0

Others [000] 0 0 0 0 0 0 0 0 0 0



Prepaid [000] 11,194 12,649 13,612 15,598 17,097 17,951 18,479 18,940 19,396 19,761

Postpaid [000] 725 841 918 1,077 1,223 1,383 1,529 1,676 1,743 1,803

MOBILE CHURN




Analog [000] 27 0 0 0 0 0 0 0 0 0


GSM [000] 2,669 2,296 1,230 79 75 21 0 0 0 0

TDMA [000] 604 63 0 0 0 0 0 0 0 0

CDMA One [000] 1,960 228 95 52 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 6,035 9,507 10,544 11,871 11,932 10,584 10,415 9,224 9,066 8,666

GSM/EDGE [000] 191 337 629 1,263 1,565 2,086 1,272 1,219 1,135 1,036

CDMA 1X [000] 213 22 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 219 1,037 2,033 3,410 4,657 6,390 7,891 9,613 10,283 11,049

HSPA [000] 0 0 0 0 0 0 0 0 0 0

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 90 253 429 560 656 813

Others [000] 0 0 0 0 0 0 0 0 0 0





Messaging

SMS [000] 10,012 11,396 12,337 14,229 15,711 16,663 17,416 18,089 18,696 19,225



MMS [000] 684 907 1,178 1,584 1,741 1,837 1,901 1,959 2,008 2,049

Email [000] 108 186 292 459 504 551 590 650 740 841

Others [000] 83 153 258 442 486 551 570 588 603 615

Applications

Ringtones [000] 1,311 1,889 2,136 2,574 2,997 3,353 3,574 3,719 3,806 3,844

Graphics/Images [000] 695 875 1,005 1,186 1,304 1,348 1,353 1,339 1,304 1,250

Games [000] 155 196 236 332 421 449 463 454 433 402

Browsing/WAP [000] 149 337 471 669 934 1,192 1,456 1,725 1,999 2,294

Music [000] 33 51 73 117 183 290 630 825 846 863

Video [000] 12 24 36 58 92 145 315 412 634 863


MOBILE USAGE






MOBILE ARPS



Claro [US$/month] $9.19 $8.51 $8.52 $8.69 $8.86 $8.90 $8.94 $9.00 $9.01 $8.99

Tigo [US$/month] $11.53 $10.90 $10.36 $10.06 $9.87 $9.84 $9.87 $9.99 $10.06 $10.07

Digicel [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $1.54 $1.39 $1.28 $1.19 $1.14 $1.12 $1.11 $1.12 $1.12 $1.12

MMS [US$/month] $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01

Email [US$/month] $0.01 $0.01 $0.02 $0.03 $0.03 $0.03 $0.03 $0.03 $0.04 $0.04

Others [US$/month] $0.01 $0.01 $0.01 $0.02 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03




Games [US$/month] $0.02 $0.02 $0.02 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 $0.02


Music [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 $0.01 $0.01 $0.01

Video [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 $0.01 $0.01 $0.01



3G [US$/month] $37.07 $35.20 $33.68 $25.79 $22.13 $19.62 $17.88 $17.13 $16.29 $16.30

Non-3G [US$/month] $9.82 $8.43 $6.40 $5.70 $5.07 $4.53 $3.95 $3.00 $2.61 $1.96

MOBILE REVENUES



Data Revenue [US$m] $259 $292 $329 $368 $419 $464 $502 $538 $571 $602


SMS [US$m] $207 $212 $216 $223 $240 $253 $263 $272 $281 $288

MMS [US$m] $1 $1 $2 $2 $3 $3 $3 $3 $4 $4

Email [US$m] $1 $2 $3 $5 $7 $7 $8 $8 $9 $11

Others [US$m] $1 $1 $2 $4 $6 $6 $7 $7 $7 $7


Ringtones [US$m] $7 $10 $13 $15 $16 $18 $19 $20 $21 $21


Games [US$m] $3 $3 $4 $5 $7 $8 $7 $7 $7 $6

Browsing/WAP [US$m] $9 $18 $27 $36 $49 $65 $80 $95 $110 $126

Music [US$m] $0 $0 $0 $0 $0 $1 $1 $2 $3 $3

Video [US$m] $0 $0 $0 $0 $0 $1 $1 $2 $3 $4




HONDURAS


DEMOGRAPHICS

Population [000] 7,450 7,600 7,760 7,915 8,076 8,236 8,397 8,558 8,722 8,889

Households [000] 1,579 1,619 1,659 1,701 1,743 1,787 1,832 1,877 1,924 1,973

Businesses [000] 338 345 350 356 361 365 369 373 376 379

Nominal GDP [US$m] $14,484 $15,727 $17,586 $18,436 $18,755 $19,443 $20,259 $21,184 $22,151 $23,163






Main Lines [%] 12% 12% 11% 11% 11% 11% 10% 10% 10% 9%

Mobile Users [%] 72% 78% 77% 83% 88% 90% 89% 88% 88% 88%


Prepaid [%] 99% 112% 110% 118% 122% 124% 124% 125% 125% 124%

Postpaid [%] 4% 4% 5% 6% 7% 8% 9% 9% 10% 10%




Tigo [000] 4,846 5,068 4,244 4,441 4,643 5,036 5,255 5,454 5,627 5,787

Claro [000] 1,542 1,770 2,443 3,062 5,634 5,659 5,755 5,853 5,940 6,023

Hondutel [000] 137 152 160 168 165 167 165 161 156 150

Digicel [000] 1,170 1,825 2,040 2,123 0 0 0 0 0 0

Others [000] 0 0 0 0 0 0 0 0 0 0


Others [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 7,409 8,479 8,506 9,325 9,863 10,196 10,449 10,682 10,878 11,054

Postpaid [000] 286 336 381 469 579 666 726 786 845 905

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 1,435 661 109 75 103 0 0 0 0 0

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 284 51 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 5,060 6,264 5,649 5,251 4,257 2,739 1,396 1,008 403 307

GSM/EDGE [000] 619 1,148 1,638 2,173 2,015 1,763 1,533 1,195 641 517

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 172 466 967 1,415 2,553 4,003 4,607 4,755 4,988 4,874

HSPA [000] 126 225 523 880 1,515 2,352 3,586 4,414 5,543 6,020

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 0 4 52 96 149 241

Others [000] 0 0 0 0 0 0 0 0 0 0





Messaging



SMS [000] 5,925 6,788 7,376 8,170 8,754 9,151 9,461 9,759 10,026 10,279

MMS [000] 539 661 800 877 842 788 729 674 620 569

Email [000] 34 74 134 246 313 353 391 430 440 448

Others [000] 77 88 89 98 125 141 156 172 188 239

Applications

Ringtones [000] 267 305 308 339 362 376 387 397 406 414

Graphics/Images [000] 221 304 369 441 501 511 525 539 551 562

Games [000] 92 111 121 157 188 217 223 229 234 239

Browsing/WAP [000] 94 159 236 305 406 530 643 803 996 1,316

Music [000] 23 31 44 69 104 163 223 287 352 478

Video [000] 12 15 22 34 52 81 223 344 469 718


MOBILE USAGE






MOBILE ARPS


Tigo [US$/month] $10.49 $10.22 $10.65 $11.71 $11.41 $11.41 $12.13 $13.07 $14.29 $15.96

Claro [US$/month] $8.01 $7.48 $8.17 $8.41 $10.24 $10.07 $10.49 $10.85 $11.25 $11.76

Hondutel [US$/month] $7.97 $7.54 $9.76 $9.99 $11.71 $11.61 $11.70 $11.86 $12.09 $12.43

Digicel [US$/month] $9.82 $9.66 $9.04 $8.16 $4.94 $0.00 $0.00 $0.00 $0.00 $0.00

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $1.39 $1.51 $1.69 $1.99 $2.31 $2.70 $3.22 $3.90 $4.81 $6.04

MMS [US$/month] $0.01 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 $0.02 $0.02 $0.02

Email [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00




Games [US$/month] $0.01 $0.01 $0.01 $0.01 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02


Music [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 $0.01 $0.01 $0.01

Video [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 $0.01 $0.01



3G [US$/month] $87.66 $85.68 $48.46 $33.32 $24.05 $19.26 $16.46 $15.73 $15.89 $16.69

Non-3G [US$/month] $7.40 $4.67 $4.24 $3.97 $3.90 $3.76 $3.49 $3.49 $2.83 $2.88

MOBILE REVENUES

Total Mobile Revenues [US$m] $812 $943 $1,029 $1,112 $1,242 $1,450 $1,598 $1,760 $1,957 $2,217

Voice Revenue [US$m] $688 $773 $819 $858 $919 $1,051 $1,107 $1,151 $1,192 $1,230

Data Revenue [US$m] $124 $170 $211 $254 $323 $399 $491 $609 $765 $987


SMS [US$m] $115 $149 $180 $224 $280 $346 $426 $530 $669 $859

MMS [US$m] $1 $3 $3 $4 $4 $4 $3 $3 $3 $2

Email [US$m] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Others [US$m] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0


Ringtones [US$m] $4 $9 $11 $13 $14 $16 $18 $19 $21 $22


Games [US$m] $1 $1 $1 $2 $2 $3 $3 $3 $3 $3

Browsing/WAP [US$m] $2 $4 $6 $8 $10 $13 $16 $19 $24 $31

Music [US$m] $0 $0 $0 $0 $0 $1 $1 $1 $1 $2

Video [US$m] $0 $0 $0 $0 $0 $0 $0 $1 $1 $2




MEXICO


DEMOGRAPHICS

Population [000] 111,212 114,256 115,683 117,054 118,395 119,713 121,006 122,273 123,518 124,738

Households [000] 27,057 27,387 27,720 28,058 28,400 28,745 29,095 29,450 29,808 30,171

Businesses [000] 5,144 5,350 5,510 5,621 5,733 5,848 5,906 5,965 6,025 6,085

Nominal GDP [US$m] $894,570 $1,046,700 $1,160,700 $1,177,400 $1,280,000 $1,381,000 $1,511,000 $1,620,000 $1,737,000 $1,861,000






Main Lines [%] 19% 19% 19% 19% 18% 18% 17% 16% 15% 15%

Mobile Users [%] 62% 67% 68% 69% 69% 70% 72% 72% 74% 76%


Prepaid [%] 65% 69% 69% 73% 74% 77% 80% 82% 84% 86%

Postpaid [%] 9% 11% 12% 14% 14% 15% 16% 16% 17% 18%




Telcel [000] 59,167 64,138 65,678 70,366 72,955 77,511 81,790 85,522 88,962 92,242

Movistar [000] 17,401 19,662 19,742 19,168 19,302 19,656 20,075 20,557 21,054 21,731

Iusacell [000] 3,595 4,201 5,450 7,292 7,926 8,631 9,317 10,022 10,698 11,466

Nextel [000] 2,987 3,361 3,695 3,902 3,532 3,687 3,911 4,153 4,407 4,709

Others [000] 0 0 0 0 0 0 0 0 0 0

Total Mobile Subscriptions - MVNOs [000] 50 42 31 43 55 337 576 792 992 1,157

MaxcomCel [000] 50 42 30 38 45 49 54 58 63 68

Megacable [000] 0 0 1 5 10 14 19 23 27 29

Virgin [000] 0 0 0 0 0 274 504 710 902 1,060

Others [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 72,783 78,780 80,237 84,898 87,205 91,797 96,208 100,185 103,930 107,815

Postpaid [000] 10,367 12,582 14,329 15,829 16,511 17,687 18,885 20,068 21,192 22,332

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0

Digital Trunking/iDEN [000] 2,987 3,361 3,695 3,824 3,003 2,691 2,464 2,077 1,322 471

GSM [000] 8,642 7,117 5,518 4,185 3,002 2,076 1,229 533 170 88

TDMA [000] 1,893 1,219 874 374 39 0 0 0 0 0

CDMA One [000] 0 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 43,957 38,694 30,578 22,946 15,759 11,549 8,781 4,482 1,779 922

GSM/EDGE [000] 16,668 24,006 29,215 39,473 41,920 26,097 18,334 16,694 14,671 14,427

CDMA 1X [000] 1,977 2,101 1,035 437 79 43 19 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 1,618 2,101 2,888 3,573 2,378 2,158 1,863 1,503 1,070 573

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 4,320 8,634 13,716 15,799 24,364 31,406 37,660 37,473 35,942 30,990

HSPA [000] 1,088 4,130 7,047 10,073 12,457 31,635 41,190 52,410 63,124 73,505

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 43 715 1,829 3,553 5,081 7,043 9,171

Others [000] 0 0 0 0 0 0 0 0 0 0







Messaging

SMS [000] 65,688 76,506 89,837 97,294 100,604 106,306 111,864 116,996 121,854 126,876

MMS [000] 5,850 8,356 8,562 8,664 8,475 8,499 8,488 8,425 8,328 8,229

Email [000] 6,706 10,316 12,813 15,013 17,004 19,745 22,832 26,242 30,034 34,365

Others [000] 44 86 134 215 331 525 827 1,296 2,023 3,157

Applications

Ringtones [000] 4,386 6,024 7,482 9,165 12,268 14,893 18,004 21,633 25,885 30,963

Graphics/Images [000] 2,924 3,663 4,208 4,886 5,484 6,310 7,230 7,932 8,666 9,465

Games [000] 1,950 2,785 3,431 4,093 4,488 4,975 5,491 6,024 6,581 7,188

Browsing/WAP [000] 1,947 5,668 9,974 16,116 23,855 31,750 40,283 48,101 55,053 61,169

Music [000] 2,605 4,556 6,907 9,196 10,889 12,825 13,466 14,070 14,639 16,919

Video [000] 1,861 3,254 4,934 6,569 7,778 9,032 10,444 13,228 16,266 18,221


MOBILE USAGE






MOBILE ARPS


Telcel [US$/month] $13.04 $13.56 $13.21 $13.40 $13.46 $13.18 $13.25 $13.35 $13.44 $13.51


Iusacell [US$/month] $18.00 $17.00 $19.92 $16.45 $15.76 $16.09 $16.51 $17.06 $17.60 $18.11

Nextel [US$/month] $52.18 $48.60 $51.38 $44.32 $38.67 $38.32 $38.04 $37.69 $37.07 $36.22

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $1.83 $2.00 $2.34 $2.62 $2.33 $2.13 $1.99 $1.90 $1.84 $1.80

MMS [US$/month] $0.01 $0.01 $0.02 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.00

Email [US$/month] $0.07 $0.11 $0.13 $0.14 $0.15 $0.16 $0.17 $0.18 $0.19 $0.21

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 $0.01




Games [US$/month] $0.04 $0.06 $0.07 $0.09 $0.10 $0.11 $0.12 $0.13 $0.14 $0.15


Music [US$/month] $0.02 $0.04 $0.06 $0.07 $0.08 $0.09 $0.09 $0.09 $0.09 $0.09

Video [US$/month] $0.01 $0.02 $0.03 $0.05 $0.06 $0.08 $0.10 $0.13 $0.18 $0.24



3G [US$/month] $66.92 $67.95 $42.71 $32.75 $26.73 $22.38 $18.67 $17.57 $16.82 $16.58

Non-3G [US$/month] $10.81 $7.91 $7.80 $8.30 $8.49 $6.83 $3.69 $2.88 $3.21 $3.68

MOBILE REVENUES



Data Revenue [US$m] $2,317 $3,071 $4,003 $4,954 $5,297 $5,732 $6,338 $7,013 $7,711 $8,417


SMS [US$m] $1,766 $2,091 $2,609 $3,071 $2,864 $2,729 $2,682 $2,690 $2,712 $2,749

MMS [US$m] $10 $15 $17 $17 $15 $13 $11 $9 $7 $6

Email [US$m] $71 $114 $142 $169 $186 $203 $224 $250 $281 $316

Others [US$m] $0 $0 $1 $1 $2 $2 $4 $5 $8 $12

Applications Revenue [US$m] $471 $850 $1,234 $1,696 $2,230 $2,785 $3,417 $4,059 $4,702 $5,334

Ringtones [US$m] $146 $154 $150 $144 $164 $179 $191 $203 $215 $227


Games [US$m] $43 $63 $80 $101 $120 $137 $157 $178 $200 $224

Browsing/WAP [US$m] $75 $197 $379 $648 $1,013 $1,438 $1,900 $2,378 $2,831 $3,253

Music [US$m] $21 $42 $62 $87 $104 $118 $128 $132 $135 $144

Video [US$m] $14 $24 $37 $53 $75 $100 $132 $185 $267 $365




NICARAGUA


DEMOGRAPHICS

Population [000] 6,406 6,575 6,747 6,925 7,107 7,294 7,485 7,682 7,884 8,092

Households [000] 1,147 1,176 1,204 1,234 1,264 1,296 1,327 1,360 1,394 1,428

Businesses [000] 226 232 238 244 250 256 263 269 276 283

Nominal GDP [US$m] $8,062 $8,427 $9,317 $10,508 $11,157 $11,758 $12,525 $13,370 $14,272 $15,235






Main Lines [%] 5% 5% 5% 5% 5% 4% 4% 4% 4% 3%

Mobile Users [%] 49% 55% 61% 64% 66% 68% 69% 71% 72% 71%


Prepaid [%] 49% 54% 59% 62% 64% 64% 65% 66% 67% 66%

Postpaid [%] 3% 3% 4% 5% 6% 6% 7% 7% 8% 8%




Movistar [000] 1,100 1,352 1,432 1,570 1,698 1,802 1,909 2,018 2,131 2,166

Claro [000] 2,195 2,409 2,818 3,055 3,214 3,340 3,474 3,617 3,767 3,822

Others [000] 0 0 0 0 0 0 0 0 0 0



Prepaid [000] 3,126 3,541 3,971 4,284 4,519 4,698 4,883 5,076 5,277 5,321

Postpaid [000] 169 220 280 341 393 444 499 558 621 667

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 1,708 1,514 1,052 832 584 491 335 294 247 38

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 0 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 1,049 1,389 1,714 1,562 936 882 663 540 336 277

GSM/EDGE [000] 384 590 919 1,309 1,734 1,543 1,346 1,127 885 527

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 154 268 565 737 930 1,262 1,788 1,972 1,738 1,580

HSPA [000] 0 0 0 184 728 961 1,233 1,669 2,617 3,375

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 0 3 17 33 75 191

Others [000] 0 0 0 0 0 0 0 0 0 0





Messaging

SMS [000] 1,758 1,981 2,550 3,006 3,340 3,600 3,875 4,395 4,660 4,790

MMS [000] 156 188 255 277 295 309 310 312 313 305

Email [000] 110 168 285 464 690 940 1,082 1,246 1,435 1,602



Others [000] 58 77 108 147 196 206 215 225 236 240

Applications

Ringtones [000] 134 153 182 208 232 255 280 308 339 361

Graphics/Images [000] 111 126 150 171 192 208 222 234 248 254

Games [000] 31 42 62 83 123 154 181 206 295 359

Browsing/WAP [000] 40 60 89 116 138 161 189 234 245 248

Music [000] 15 31 60 88 108 129 161 183 192 195

Video [000] 16 22 34 44 54 64 81 113 118 120


MOBILE USAGE






MOBILE ARPS



Claro [US$/month] $7.15 $6.34 $6.55 $6.53 $6.52 $6.53 $6.53 $6.58 $6.65 $6.70

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $0.84 $0.87 $0.81 $0.86 $0.89 $0.90 $0.92 $0.96 $0.99 $0.99

MMS [US$/month] $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02

Email [US$/month] $0.00 $0.01 $0.01 $0.01 $0.02 $0.02 $0.03 $0.03 $0.03 $0.04

Others [US$/month] $0.01 $0.01 $0.01 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02




Games [US$/month] $0.06 $0.08 $0.09 $0.11 $0.14 $0.17 $0.18 $0.19 $0.22 $0.26


Music [US$/month] $0.00 $0.00 $0.00 $0.01 $0.01 $0.01 $0.01 $0.01 $0.02 $0.02

Video [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00



3G [US$/month] $30.44 $27.73 $18.65 $14.93 $14.63 $14.24 $13.21 $11.20 $9.87 $8.63

Non-3G [US$/month] $6.96 $5.74 $5.67 $5.44 $4.08 $2.35 $0.69 $0.45 $0.38 $0.62

MOBILE REVENUES



Data Revenue [US$m] $46 $55 $61 $72 $83 $91 $98 $106 $116 $123


SMS [US$m] $31 $37 $39 $46 $51 $54 $58 $63 $69 $71

MMS [US$m] $1 $1 $1 $1 $1 $1 $1 $1 $1 $1

Email [US$m] $0 $0 $0 $1 $1 $1 $2 $2 $2 $3

Others [US$m] $0 $1 $1 $1 $1 $1 $1 $1 $1 $1


Ringtones [US$m] $3 $4 $4 $5 $5 $5 $5 $6 $6 $6


Games [US$m] $2 $3 $4 $6 $8 $10 $11 $12 $15 $19

Browsing/WAP [US$m] $1 $1 $2 $2 $3 $3 $4 $4 $5 $5

Music [US$m] $0 $0 $0 $0 $0 $1 $1 $1 $1 $1

Video [US$m] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0




PANAMA


DEMOGRAPHICS

Population [000] 3,600 3,662 3,724 3,787 3,852 3,917 3,984 4,051 4,120 4,190

Households [000] 1,137 1,154 1,171 1,189 1,206 1,225 1,243 1,262 1,280 1,300

Businesses [000] 64 66 69 71 74 76 79 82 84 87

Nominal GDP [US$m] $24,163 $27,053 $31,316 $36,608 $40,701 $45,261 $48,722 $52,662 $57,016 $61,370






Main Lines [%] 14% 14% 14% 14% 13% 13% 13% 13% 12% 12%

Mobile Users [%] 80% 84% 84% 84% 86% 88% 88% 88% 88% 88%


Prepaid [%] 122% 145% 169% 171% 174% 173% 173% 172% 171% 171%

Postpaid [%] 10% 13% 16% 15% 15% 15% 16% 17% 18% 18%




Movistar [000] 1,635 2,049 2,164 2,457 2,379 2,275 2,202 2,172 2,165 2,170

Cable & Wireless [000] 2,100 2,305 2,454 1,744 1,871 1,964 2,017 2,041 2,057 2,066

Claro [000] 123 365 893 1,238 1,371 1,486 1,606 1,708 1,793 1,863

Digicel [000] 860 1,069 1,378 1,588 1,634 1,675 1,716 1,758 1,796 1,829

Others [000] 0 0 0 0 0 0 0 0 0 0



Prepaid [000] 4,374 5,305 6,283 6,460 6,684 6,794 6,894 6,980 7,053 7,160

Postpaid [000] 343 483 606 568 571 605 647 700 757 768

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 1,964 1,746 1,145 536 369 98 40 20 14 0

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 72 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 1,332 1,859 2,395 2,454 2,244 2,041 1,654 1,341 965 749

GSM/EDGE [000] 633 800 1,026 1,113 1,209 1,190 1,162 1,164 1,149 1,173

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 716 1,383 2,251 2,816 3,255 3,740 4,209 4,546 4,932 5,202

HSPA [000] 0 0 72 109 179 269 351 419 512 539

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 0 62 125 189 239 264

Others [000] 0 0 0 0 0 0 0 0 0 0





Messaging

SMS [000] 3,163 4,977 6,062 6,254 6,457 6,586 6,712 6,835 6,951 7,056



MMS [000] 236 405 551 587 588 570 522 452 368 280

Email [000] 112 289 482 562 551 529 485 420 341 260

Others [000] 99 133 167 174 184 193 201 210 219 228

Applications

Ringtones [000] 377 521 689 738 798 814 788 722 624 475

Graphics/Images [000] 21 38 69 84 102 104 106 108 109 111

Games [000] 345 474 586 632 689 777 830 730 625 507

Browsing/WAP [000] 142 347 620 873 1,352 1,724 2,143 2,619 3,196 3,893

Music [000] 12 23 45 70 116 166 203 217 176 89

Video [000] 6 12 19 28 57 100 151 207 281 373


MOBILE USAGE





Average Monthly SMM [units/month] 0 0 0 0 0 0 0 0 0 0

MOBILE ARPS



Cable & Wireless [US$/month] $12.64 $10.71 $11.11 $12.65 $14.68 $14.00 $14.13 $14.22 $14.31 $14.49

Claro [US$/month] $10.20 $10.31 $10.61 $10.29 $10.55 $10.84 $11.10 $11.45 $12.05 $12.91

Digicel [US$/month] $10.66 $11.10 $11.77 $11.47 $11.53 $11.79 $11.98 $12.25 $12.56 $13.00

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $1.34 $1.15 $0.92 $0.84 $0.84 $0.84 $0.84 $0.84 $0.84 $0.84

MMS [US$/month] $0.02 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01

Email [US$/month] $0.11 $0.10 $0.12 $0.10 $0.10 $0.09 $0.08 $0.07 $0.05 $0.04

Others [US$/month] $0.05 $0.04 $0.03 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02




Games [US$/month] $0.07 $0.05 $0.05 $0.06 $0.06 $0.07 $0.07 $0.07 $0.06 $0.05


Music [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 $0.01 $0.01 $0.00

Video [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 $0.01



3G [US$/month] $27.27 $17.47 $17.48 $15.26 $14.66 $14.73 $15.06 $14.82 $14.60 $14.82

Non-3G [US$/month] $9.85 $9.22 $8.12 $8.26 $8.56 $7.76 $6.66 $6.44 $6.50 $6.08

MOBILE REVENUES

Total Mobile Revenues [US$m] $507 $685 $826 $910 $966 $996 $1,039 $1,083 $1,131 $1,187


Data Revenue [US$m] $89 $126 $152 $173 $211 $253 $293 $336 $387 $450


SMS [US$m] $58 $73 $70 $70 $72 $74 $75 $77 $78 $79

MMS [US$m] $1 $1 $1 $1 $1 $1 $1 $1 $1 $1

Email [US$m] $5 $6 $9 $9 $9 $8 $7 $6 $5 $4

Others [US$m] $2 $2 $3 $2 $2 $2 $2 $2 $2 $2


Ringtones [US$m] $8 $10 $11 $10 $11 $11 $11 $11 $10 $8


Games [US$m] $3 $3 $4 $5 $5 $6 $7 $6 $6 $5

Browsing/WAP [US$m] $6 $16 $30 $45 $67 $97 $128 $165 $214 $276

Music [US$m] $0 $0 $0 $0 $0 $0 $1 $1 $1 $0

Video [US$m] $0 $0 $0 $0 $0 $0 $0 $0 $1 $1




PARAGUAY


DEMOGRAPHICS

Population [000] 6,340 6,450 6,561 6,672 6,785 6,898 7,012 7,126 7,241 7,357

Households [000] 1,544 1,580 1,617 1,655 1,693 1,733 1,774 1,815 1,858 1,901

Businesses [000] 181 185 189 194 198 204 211 217 224 231

Nominal GDP [US$m] $15,934 $20,048 $25,100 $24,595 $27,897 $29,533 $31,873 $34,192 $36,626 $39,396




Local Currency / US$ [LCU / US$] 4,965 4,735 4,191 4,425 4,315 4,498 4,580 4,705 4,805 4,892


Main Lines [%] 5% 5% 4% 4% 4% 4% 4% 4% 4% 4%

Mobile Users [%] 75% 77% 79% 83% 85% 87% 88% 89% 89% 90%


Prepaid [%] 77% 79% 81% 86% 89% 90% 91% 91% 91% 91%

Postpaid [%] 10% 13% 16% 19% 23% 25% 27% 29% 30% 31%




Tigo [000] 3,048 3,441 3,614 3,949 4,186 4,347 4,450 4,522 4,574 4,611

Nucleo [000] 1,794 1,868 2,141 2,294 2,484 2,640 2,775 2,899 3,017 3,130

Vox [000] 180 156 210 380 417 436 447 455 461 466

Claro [000] 475 434 400 411 460 514 581 654 729 803

Others [000] 0 0 0 0 0 0 0 0 0 0



Prepaid [000] 4,892 5,084 5,305 5,735 6,016 6,200 6,358 6,492 6,606 6,701

Postpaid [000] 605 815 1,059 1,299 1,530 1,736 1,895 2,038 2,175 2,309

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 3,386 3,449 3,407 3,389 3,124 2,784 2,280 1,689 973 281

TDMA [000] 152 0 0 0 0 0 0 0 0 0

CDMA One [000] 0 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 1,286 1,412 1,505 1,618 1,665 1,681 1,679 1,663 1,626 1,538

GSM/EDGE [000] 385 503 617 730 785 823 853 873 865 830

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 155 205 281 384 511 667 880 1,154 1,502 1,842

HSPA [000] 133 330 555 913 1,403 1,843 2,302 2,788 3,335 3,925

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 58 140 258 364 479 594

Others [000] 0 0 0 0 0 0 0 0 0 0





Messaging

SMS [000] 4,185 4,552 4,954 5,344 5,886 6,349 6,727 6,980 7,203 7,410



MMS [000] 1,118 1,253 1,355 1,482 1,660 1,825 1,981 2,133 2,239 2,343

Email [000] 288 360 450 650 868 1,032 1,238 1,471 1,742 2,056

Others [000] 209 258 300 347 391 431 471 511 553 595

Applications

Ringtones [000] 899 972 1,049 1,110 1,207 1,270 1,321 1,365 1,405 1,442

Graphics/Images [000] 73 91 98 108 121 127 132 136 140 144

Games [000] 225 304 361 451 558 595 619 631 641 649

Browsing/WAP [000] 200 300 400 650 981 1,349 1,733 2,114 2,480 2,825

Music [000] 56 73 91 139 219 262 292 314 329 345

Video [000] 32 33 34 97 151 214 263 304 338 364


MOBILE USAGE






MOBILE ARPS


Tigo [US$/month] $11.12 $11.95 $14.02 $12.69 $13.19 $13.07 $12.98 $12.89 $12.83 $12.83

Nucleo [US$/month] $5.11 $5.92 $6.96 $6.92 $8.26 $8.64 $9.02 $9.35 $9.64 $9.99

Vox [US$/month] $6.21 $6.57 $7.34 $7.20 $7.50 $7.89 $8.34 $8.79 $9.13 $9.53

Claro [US$/month] $7.08 $7.73 $8.99 $9.54 $11.06 $11.69 $11.77 $11.76 $11.56 $11.43

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $1.03 $1.29 $1.80 $1.72 $1.90 $2.05 $2.20 $2.38 $2.50 $2.63

MMS [US$/month] $0.02 $0.03 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05

Email [US$/month] $0.07 $0.10 $0.15 $0.17 $0.21 $0.23 $0.25 $0.27 $0.30 $0.33

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00




Games [US$/month] $0.05 $0.08 $0.12 $0.12 $0.16 $0.16 $0.16 $0.15 $0.15 $0.15


Music [US$/month] $0.04 $0.06 $0.09 $0.10 $0.15 $0.17 $0.19 $0.20 $0.20 $0.20

Video [US$/month] $0.01 $0.01 $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 $0.06 $0.07



3G [US$/month] $9.56 $10.63 $12.49 $11.58 $12.48 $12.60 $12.71 $12.80 $12.87 $13.02

Non-3G [US$/month] $8.53 $9.43 $11.00 $10.11 $10.75 $10.65 $10.48 $10.18 $9.65 $8.77

MOBILE REVENUES

Total Mobile Revenues [US$m] $552 $651 $822 $832 $974 $1,044 $1,100 $1,147 $1,188 $1,234


Data Revenue [US$m] $105 $156 $244 $282 $365 $420 $473 $525 $571 $618


SMS [US$m] $66 $88 $133 $138 $166 $190 $214 $239 $260 $281

MMS [US$m] $1 $2 $3 $4 $4 $5 $5 $5 $5 $5

Email [US$m] $5 $7 $11 $13 $19 $22 $24 $28 $31 $35

Others [US$m] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0


Ringtones [US$m] $9 $12 $14 $16 $20 $20 $21 $21 $21 $23


Games [US$m] $3 $6 $9 $10 $14 $15 $15 $15 $16 $16

Browsing/WAP [US$m] $7 $10 $15 $21 $34 $48 $65 $81 $98 $115

Music [US$m] $3 $4 $7 $8 $13 $16 $18 $20 $21 $22

Video [US$m] $0 $1 $1 $1 $3 $4 $5 $6 $7 $7




PERU


DEMOGRAPHICS

Population [000] 29,555 29,958 30,360 30,770 31,170 31,570 32,000 32,320 32,640 32,950

Households [000] 6,486 6,560 6,635 6,711 6,787 6,865 6,943 7,022 7,102 7,183

Businesses [000] 959 979 1,000 1,021 1,043 1,067 1,091 1,116 1,143 1,170

Nominal GDP [US$m] $126,950 $153,810 $176,550 $199,380 $208,700 $222,400 $239,000 $258,300 $276,800 $296,200






Main Lines [%] 9% 9% 10% 10% 10% 10% 10% 9% 9.2% 8.8%

Mobile Users [%] 60% 66% 74% 79% 76% 80% 81% 82% 83% 85%


Prepaid [%] 61% 63% 69% 73% 67% 71% 73% 76% 79% 82%

Postpaid [%] 9% 14% 18% 23% 29% 32% 34% 36% 38% 39%




Movistar [000] 11,458 12,507 13,998 15,197 16,053 17,091 17,829 18,428 18,961 19,431

Claro [000] 8,311 9,686 11,254 12,881 11,807 12,807 13,600 14,368 15,088 15,797

Olo [000] 0 0 0 18 49 79 114 149 183 218

Nextel [000] 841 1,128 1,435 1,660 1,872 2,194 2,532 2,883 3,246 3,613

Viettel [000] 0 0 0 0 0 103 209 322 490 688

Others [000] 0 0 0 0 0 0 0 0 0 0


Virgin Mobile [000] 0 0 0 0 0 15 31 64 134 153

Others [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 17,897 18,982 21,097 22,568 20,832 22,293 23,444 24,534 25,657 26,872

Postpaid [000] 2,713 4,339 5,590 7,188 8,949 9,981 10,840 11,617 12,312 12,875

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0

Digital Trunking/iDEN [000] 839 1,077 1,291 1,444 1,535 1,582 1,512 1,310 1,010 633

GSM [000] 5,302 5,066 3,995 3,607 1,948 0 0 0 0 0

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 115 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 13,235 15,163 17,265 17,846 16,698 16,148 13,970 9,881 5,635 3,656

GSM/EDGE [000] 914 1,453 2,701 3,864 4,605 5,750 4,896 4,634 3,736 1,420

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 176 415 1,069 2,204 3,464 5,634 8,361 11,631 15,189 17,204

HSPA [000] 29 147 366 773 1,482 2,939 5,059 7,867 10,910 14,067

Mobile WiMAX [000] 0 0 0 18 49 79 114 149 183 218

LTE [000] 0 0 0 0 0 142 372 680 1,306 2,550

Others [000] 0 0 0 0 0 0 0 0 0 0







Messaging

SMS [000] 12,045 14,175 16,305 18,545 20,416 22,148 23,762 25,307 26,819 28,300

MMS [000] 1,343 1,596 1,918 2,046 2,085 2,033 1,944 1,640 1,206 757

Email [000] 685 741 930 1,232 1,394 1,495 1,572 1,641 1,707 1,769

Others [000] 571 679 816 1,092 1,147 1,306 1,456 1,612 1,778 1,955

Applications

Ringtones [000] 1,626 1,915 2,241 2,395 2,469 2,488 2,379 2,132 1,792 1,407

Graphics/Images [000] 1,233 1,423 1,677 1,879 1,824 1,878 1,796 1,704 1,432 1,049

Games [000] 642 742 874 1,013 1,034 1,087 1,040 987 933 879

Browsing/WAP [000] 171 640 1,025 1,666 3,401 5,159 7,125 9,767 12,310 14,755

Music [000] 455 649 895 1,374 1,664 1,749 1,672 1,411 1,037 651

Video [000] 204 301 482 698 978 1,325 1,689 2,137 2,693 3,524

Data cards/Modems [000] 80 191 371 733 953 1,239 1,514 1,772 2,010 2,230

MOBILE USAGE






MOBILE ARPS



Claro [US$/month] $7.08 $8.36 $8.07 $8.85 $9.78 $10.81 $10.99 $11.13 $11.23 $11.30

Olo [US$/month] $0.00 $0.00 $0.00 $23.31 $34.56 $32.77 $26.87 $23.26 $20.74 $17.47

Nextel [US$/month] $26.64 $23.87 $20.94 $16.91 $14.84 $13.89 $13.35 $13.33 $13.27 $13.25

Viettel [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $4.37 $3.93 $3.96 $4.11 $3.99

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Mobile ARPS by Subscription Type [US$/month]







SMS [US$/month] $0.71 $0.49 $0.53 $0.66 $0.69 $0.70 $0.69 $0.66 $0.62 $0.57

MMS [US$/month] $0.01 $0.02 $0.02 $0.03 $0.03 $0.02 $0.02 $0.01 $0.01 $0.01

Email [US$/month] $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02

Others [US$/month] $0.01 $0.01 $0.01 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02




Games [US$/month] $0.04 $0.05 $0.04 $0.04 $0.04 $0.04 $0.03 $0.03 $0.03 $0.02


Music [US$/month] $0.01 $0.02 $0.02 $0.03 $0.04 $0.04 $0.04 $0.04 $0.03 $0.02

Video [US$/month] $0.01 $0.02 $0.02 $0.03 $0.04 $0.05 $0.07 $0.08 $0.09 $0.11



3G [US$/month] $38.51 $36.83 $24.65 $20.21 $18.77 $17.41 $14.93 $13.03 $12.87 $12.20

Non-3G [US$/month] $7.83 $8.27 $8.15 $8.25 $8.27 $8.11 $7.84 $7.96 $6.31 $4.51

MOBILE REVENUES



Data Revenue [US$m] $228 $264 $388 $607 $836 $1,088 $1,345 $1,616 $1,881 $2,107


SMS [US$m] $167 $130 $160 $222 $248 $262 $274 $278 $275 $266

MMS [US$m] $3 $5 $6 $9 $9 $8 $7 $6 $5 $3

Email [US$m] $4 $5 $5 $7 $7 $7 $7 $7 $7 $7

Others [US$m] $3 $3 $4 $6 $7 $7 $8 $9 $10 $11

Applications Revenue [US$m] $51 $121 $213 $363 $565 $803 $1,048 $1,315 $1,584 $1,821

Ringtones [US$m] $7 $7 $8 $8 $9 $8 $8 $7 $6 $5


Games [US$m] $9 $13 $13 $14 $14 $14 $13 $13 $12 $11

Browsing/WAP [US$m] $5 $40 $85 $164 $290 $466 $642 $847 $1,063 $1,251

Music [US$m] $3 $5 $6 $10 $14 $16 $16 $15 $12 $9

Video [US$m] $2 $5 $7 $11 $15 $20 $26 $33 $41 $52




PUERTO RICO


DEMOGRAPHICS

Population [000] 3,740 3,726 3,707 3,688 3,681 3,676 3,672 3,670 3,667 3,663

Households [000] 1,357 1,377 1,390 1,403 1,414 1,424 1,432 1,441 1,455 1,470

Businesses [000] 65 66 67 68 69 70 71 72 73 74

Nominal GDP [US$m] $95,708 $95,796 $95,884 $95,971 $96,059 $96,147 $96,236 $96,324 $96,412 $96,500






Main Lines [%] 24% 25% 24% 22% 21% 19% 18% 17% 15% 15%

Mobile Users [%] 68% 72% 76% 77% 78% 79% 79% 80% 81% 82%


Prepaid [%] 12% 17% 20% 23% 26% 29% 33% 36% 40% 45%

Postpaid [%] 61% 62% 64% 66% 68% 70% 73% 76% 78% 81%




Claro [000] 664 745 788 824 862 898 946 1,002 1,063 1,129

Centennial [000] 420 0 0 0 0 0 0 0 0 0

AT&T [000] 894 1,358 1,416 1,490 1,590 1,706 1,826 1,953 2,088 2,216

Open Mobile [000] 145 177 212 244 277 309 341 371 401 432

T-Mobile [000] 409 461 504 529 554 580 607 636 665 702

Sprint [000] 182 194 190 184 177 169 160 148 135 130

Others [000] 0 0 0 0 0 0 0 0 0 0


Movida [000] 5 6 9 11 12 14 14 15 15 15

Others [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 448 619 739 840 953 1,074 1,202 1,338 1,483 1,637

Postpaid [000] 2,268 2,315 2,369 2,432 2,508 2,589 2,677 2,772 2,870 2,972

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 225 139 22 0 0 0 0 0 0 0

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 536 284 188 142 111 88 87 78 43 11

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 622 735 794 572 304 182 66 40 0 0

GSM/EDGE [000] 191 290 319 348 326 155 135 61 54 57

CDMA 1X [000] 380 191 136 137 144 137 118 97 88 95

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 301 195 122 120 161 205 233 263 284 296

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 294 719 977 1,221 1,490 1,746 1,888 1,948 1,943 1,945

HSPA [000] 165 380 528 691 866 1,061 1,216 1,393 1,553 1,647

Mobile WiMAX [000] 0 0 19 28 35 42 48 44 40 39

LTE [000] 0 0 4 12 22 47 87 185 347 519

Others [000] 0 0 0 0 0 0 0 0 0 0







Messaging

SMS [000] 2,309 2,582 2,672 2,780 2,941 3,114 3,297 3,493 3,699 3,917

MMS [000] 760 851 921 1,014 1,107 1,209 1,319 1,438 1,567 1,659

Email [000] 727 864 995 1,166 1,233 1,306 1,383 1,465 1,551 1,642

Others [000] 300 421 574 794 840 889 942 998 1,373 1,745

Applications

Ringtones [000] 1,091 1,408 1,622 1,900 2,111 2,381 2,599 2,795 3,003 3,180

Graphics/Images [000] 479 704 848 993 969 1,062 1,237 1,315 1,349 1,429

Games [000] 407 587 676 785 900 1,062 1,293 1,534 1,799 1,905

Browsing/WAP [000] 462 675 829 1,014 1,246 1,403 1,552 1,685 1,828 1,936

Music [000] 225 270 308 353 396 409 427 452 479 507

Video [000] 158 218 273 333 393 455 519 585 653 723

Data cards/Modems [000] 120 170 234 324 440 555 665 774 1,005 1,064

MOBILE USAGE

Average Monthly Voice MOU [units/month] 1,154 1,275 1,358 1,335 1,318 1,302 1,287 1,273 1,261 1,248


Postpaid [units/month] 1,335 1,539 1,710 1,726 1,743 1,760 1,778 1,795 1,814 1,832



MOBILE ARPS


Claro [US$/month] $51.00 $42.00 $40.70 $40.16 $40.11 $40.72 $41.49 $42.04 $43.18 $43.45

Centennial [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.00

AT&T [US$/month] $57.37 $52.50 $46.26 $45.05 $44.50 $44.67 $44.65 $44.50 $44.66 $44.54

Open Mobile [US$/month] $5.00 $5.10 $13.75 $13.72 $13.76 $13.70 $13.63 $13.56 $13.63 $13.62

T-Mobile [US$/month] $48.99 $44.73 $39.93 $38.88 $39.46 $40.01 $40.51 $40.96 $41.72 $42.23

Sprint [US$/month] $58.74 $50.19 $46.75 $45.80 $46.97 $48.88 $49.86 $50.66 $51.21 $54.45

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $2.30 $2.40 $2.46 $2.41 $2.37 $2.35 $2.32 $2.30 $2.27 $2.25

MMS [US$/month] $0.30 $0.35 $0.39 $0.43 $0.48 $0.53 $0.59 $0.65 $0.72 $0.80

Email [US$/month] $0.48 $0.54 $0.61 $0.68 $0.72 $0.73 $0.72 $0.72 $0.71 $0.70

Others [US$/month] $0.06 $0.16 $0.21 $0.28 $0.32 $0.32 $0.32 $0.32 $0.37 $0.46




Games [US$/month] $0.30 $0.44 $0.60 $0.73 $0.87 $1.03 $1.24 $1.46 $1.67 $1.78


Music [US$/month] $0.12 $0.20 $0.23 $0.26 $0.28 $0.29 $0.29 $0.29 $0.30 $0.31

Video [US$/month] $0.06 $0.05 $0.06 $0.07 $0.08 $0.09 $0.10 $0.10 $0.11 $0.12



3G [US$/month] $55.74 $52.40 $50.13 $46.71 $44.78 $44.67 $43.63 $42.87 $42.67 $42.79

Non-3G [US$/month] $38.86 $37.52 $33.84 $32.09 $30.45 $24.68 $21.40 $18.98 $16.18 $5.49

MOBILE REVENUES



Data Revenue [US$m] $191 $265 $335 $407 $490 $577 $664 $754 $867 $974


SMS [US$m] $73 $81 $89 $92 $96 $100 $105 $110 $115 $121

MMS [US$m] $10 $12 $14 $17 $19 $23 $27 $31 $37 $43

Email [US$m] $15 $18 $22 $26 $29 $31 $33 $34 $36 $38

Others [US$m] $2 $5 $8 $11 $13 $14 $15 $15 $19 $25


Ringtones [US$m] $10 $12 $14 $17 $19 $21 $24 $26 $27 $29


Games [US$m] $10 $15 $22 $28 $35 $44 $56 $70 $85 $95

Browsing/WAP [US$m] $29 $42 $60 $81 $107 $136 $165 $198 $236 $280

Music [US$m] $4 $7 $8 $10 $11 $12 $13 $14 $15 $16

Video [US$m] $2 $2 $2 $3 $3 $4 $4 $5 $6 $6




URUGUAY


DEMOGRAPHICS

Population [000] 3,345 3,357 3,369 3,381 3,392 3,404 3,416 3,427 3,439 3,450

Households [000] 1,380 1,386 1,390 1,393 1,394 1,396 1,397 1,399 1,400 1,402

Businesses [000] 152 154 155 157 158 160 162 163 165 167

Nominal GDP [US$m] $30,229 $38,846 $46,435 $49,919 $55,578 $57,042 $61,098 $66,220 $72,554 $79,274






Main Lines [%] 29% 29% 29% 30% 31% 32% 33% 33% 31% 28%

Mobile Users [%] 78% 82% 85% 88% 89% 89% 89% 90% 90% 91%


Prepaid [%] 92% 96% 99% 101% 104% 106% 108% 110% 112% 114%

Postpaid [%] 30% 36% 42% 46% 49% 51% 53% 55% 57% 58%




Ancel [000] 1,720 1,930 2,181 2,346 2,475 2,590 2,704 2,813 2,912 2,999

Movistar [000] 1,615 1,708 1,819 1,844 1,859 1,879 1,908 1,944 1,989 2,040

Claro [000] 776 799 758 806 835 858 878 896 913 928

Others [000] 0 0 0 0 0 0 0 0 0 0


Others [000] 0 0 0 0 0 0 0 0 0 0


Prepaid [000] 3,092 3,221 3,338 3,427 3,511 3,594 3,683 3,773 3,863 3,950

Postpaid [000] 1,020 1,216 1,420 1,568 1,657 1,732 1,806 1,880 1,951 2,017

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 2,551 2,466 2,140 1,658 1,208 745 393 92 37 9

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 129 0 0 0 0 0 0 0 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 706 876 1,080 1,228 1,284 1,288 1,288 1,278 1,263 1,160

GSM/EDGE [000] 586 725 857 1,005 1,088 1,109 1,073 1,102 1,028 955

CDMA 1X [000] 0 0 0 0 0 0 0 0 0 0

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 139 304 420 560 733 902 1,012 1,092 1,134 1,170

HSPA [000] 0 67 260 539 832 1,204 1,583 1,886 2,110 2,380

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 5 25 79 140 203 241 292

Others [000] 0 0 0 0 0 0 0 0 0 0





Messaging

SMS [000] 3,130 3,631 4,031 4,450 4,775 4,982 5,160 5,341 5,515 5,682



MMS [000] 41 35 32 31 31 31 30 30 30 29

Email [000] 851 1,010 1,207 1,448 1,688 1,914 2,169 2,458 2,780 3,139

Others [000] 84 93 103 115 124 130 137 144 151 158

Applications

Ringtones [000] 825 917 959 959 879 799 714 622 523 447

Graphics/Images [000] 227 270 280 252 207 160 110 68 41 12

Games [000] 48 54 57 61 64 64 65 66 66 66

Browsing/WAP [000] 180 240 354 511 697 908 1,146 1,417 1,719 2,064

Music [000] 20 112 148 177 206 233 253 273 295 318

Video [000] 22 31 44 53 56 56 57 57 58 58


MOBILE USAGE






MOBILE ARPS


Ancel [US$/month] $13.20 $13.50 $13.63 $12.56 $12.78 $12.72 $12.82 $12.94 $13.17 $13.48


Claro [US$/month] $11.20 $12.22 $13.22 $12.79 $13.39 $13.29 $13.43 $13.57 $13.72 $14.10

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $1.85 $1.91 $1.91 $1.81 $1.81 $1.74 $1.72 $1.69 $1.67 $1.64

MMS [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Email [US$/month] $0.03 $0.04 $0.05 $0.05 $0.06 $0.06 $0.06 $0.07 $0.07 $0.08

Others [US$/month] $0.18 $0.23 $0.25 $0.24 $0.26 $0.26 $0.27 $0.27 $0.28 $0.28




Games [US$/month] $0.04 $0.05 $0.05 $0.06 $0.06 $0.06 $0.05 $0.05 $0.05 $0.05


Music [US$/month] $0.04 $0.05 $0.06 $0.07 $0.07 $0.08 $0.08 $0.08 $0.09 $0.09

Video [US$/month] $0.12 $0.14 $0.16 $0.14 $0.11 $0.08 $0.07 $0.05 $0.04 $0.04



3G [US$/month] $32.18 $34.08 $34.64 $31.99 $29.67 $25.61 $23.04 $21.74 $21.12 $20.76

Non-3G [US$/month] $12.19 $12.34 $11.18 $9.02 $7.73 $6.61 $5.70 $4.63 $3.82 $3.23

MOBILE REVENUES



Data Revenue [US$m] $157 $223 $275 $294 $330 $350 $373 $396 $422 $453


SMS [US$m] $85 $98 $105 $106 $110 $109 $111 $113 $115 $116

MMS [US$m] $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Email [US$m] $2 $2 $3 $3 $3 $4 $4 $5 $5 $6

Others [US$m] $8 $12 $14 $14 $16 $16 $17 $18 $19 $20


Ringtones [US$m] $7 $10 $13 $13 $12 $10 $8 $7 $6 $5


Games [US$m] $2 $2 $3 $3 $4 $4 $4 $4 $4 $4

Browsing/WAP [US$m] $16 $22 $28 $34 $48 $63 $81 $103 $127 $154

Music [US$m] $2 $3 $4 $4 $4 $5 $5 $6 $6 $6

Video [US$m] $5 $7 $9 $8 $7 $5 $4 $4 $3 $3




VENEZUELA


DEMOGRAPHICS

Population [000] 28,182 28,631 29,072 29,517 29,960 30,410 30,870 31,330 31,800 32,280

Households [000] 6,395 6,498 6,603 6,709 6,817 6,927 7,038 7,152 7,267 7,384

Businesses [000] 552 547 541 536 520 515 510 504 499 494

Nominal GDP [US$m] $329,420 $393,750 $316,500 $382,450 $370,600 $465,900 $579,300 $530,100 $513,300 $494,700






Main Lines [%] 24% 24% 25% 25% 24% 24% 23% 23% 22% 21%

Mobile Users [%] 76% 77% 79% 80% 81% 83% 84% 84% 85% 86%


Prepaid [%] 99% 97% 98% 100% 100% 103% 105% 106% 107% 108%

Postpaid [%] 6% 6% 7% 7% 9% 9% 10% 11% 11% 12%




Movistar [000] 10,531 9,514 9,439 10,549 10,829 11,427 11,964 12,519 13,077 13,599

Movilnet [000] 13,431 14,734 15,882 15,956 16,271 16,855 17,274 17,653 17,972 18,192

Digitel [000] 5,663 5,224 5,096 5,227 5,560 5,862 6,115 6,355 6,581 6,790

Others [000] 0 0 0 0 0 0 0 0 0 0



Prepaid [000] 27,987 27,682 28,465 29,603 30,078 31,263 32,281 33,202 34,101 34,850

Postpaid [000] 1,638 1,790 1,952 2,129 2,582 2,881 3,073 3,324 3,530 3,731

MOBILE CHURN




Analog [000] 0 0 0 0 0 0 0 0 0 0


GSM [000] 3,766 2,194 764 105 0 0 0 0 0 0

TDMA [000] 0 0 0 0 0 0 0 0 0 0

CDMA One [000] 2,149 1,915 1,588 1,117 814 506 345 177 0 0

CDMA One (WLL) [000] 0 0 0 0 0 0 0 0 0 0

HSCSD [000] 0 0 0 0 0 0 0 0 0 0

TD-SCDMA [000] 0 0 0 0 0 0 0 0 0 0

TD-HSPA [000] 0 0 0 0 0 0 0 0 0 0

PAS [000] 0 0 0 0 0 0 0 0 0 0

PHS [000] 0 0 0 0 0 0 0 0 0 0

PDC [000] 0 0 0 0 0 0 0 0 0 0

GSM/GPRS [000] 2,900 3,184 3,337 3,125 2,889 2,664 2,353 2,326 2,321 2,302

GSM/EDGE [000] 8,219 7,862 7,557 7,188 6,032 5,188 4,193 3,326 2,426 1,159

CDMA 1X [000] 8,020 8,183 7,939 8,201 8,656 8,812 8,536 7,864 6,830 5,064

CDMA 1X (WLL) [000] 0 0 0 0 0 0 0 0 0 0

CDMA2000 (EV/3X) [000] 2,981 2,373 1,961 1,166 612 84 0 0 0 0

CDMA2000 (EV/3X-WLL) [000] 0 0 0 0 0 0 0 0 0 0

UMTS [000] 1,070 2,401 4,555 6,111 7,167 8,634 10,232 11,741 13,035 14,844

HSPA [000] 520 1,360 2,715 4,719 6,466 8,034 9,289 10,313 11,636 13,017

Mobile WiMAX [000] 0 0 0 0 0 0 0 0 0 0

LTE [000] 0 0 0 0 22 223 405 781 1,384 2,194

Others [000] 0 0 0 0 0 0 0 0 0 0



Business Subscriptions [000] 961 1,012 1,107 1,184 1,252 1,350 1,444 1,542 1,644 1,745


Messaging

SMS [000] 26,155 26,486 27,953 29,376 31,353 32,881 34,117 35,299 36,376 37,423

MMS [000] 2,860 3,118 3,386 3,298 3,224 3,034 2,827 2,512 2,070 1,592



Email [000] 1,486 1,577 1,681 1,843 2,030 2,059 2,025 1,883 1,649 1,352

Others [000] 4,484 4,668 4,883 5,206 5,465 5,771 6,035 6,173 6,296 6,390

Applications

Ringtones [000] 2,966 3,088 3,230 3,477 3,593 3,380 3,150 2,766 2,280 1,753

Graphics/Images [000] 406 422 442 456 469 442 412 361 279 186

Games [000] 659 686 718 773 851 801 746 655 506 337

Browsing/WAP [000] 1,444 2,310 4,620 6,930 9,629 12,080 15,010 18,144 21,497 24,684

Music [000] 647 976 1,321 1,686 1,862 1,888 1,759 1,599 1,401 1,178

Video [000] 140 277 553 1,020 1,680 2,108 2,401 2,728 3,092 3,487


MOBILE USAGE






MOBILE ARPS



Movilnet [US$/month] $19.52 $17.98 $13.28 $15.25 $12.13 $13.81 $16.96 $15.52 $13.54 $12.21

Digitel [US$/month] $18.01 $17.55 $15.02 $18.50 $17.27 $20.90 $27.10 $26.81 $25.66 $24.90

Others [US$/month] $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00








SMS [US$/month] $4.75 $4.11 $3.72 $4.23 $3.67 $4.53 $6.06 $5.80 $5.41 $5.04

MMS [US$/month] $0.05 $0.05 $0.05 $0.06 $0.06 $0.06 $0.06 $0.04 $0.03 $0.02

Email [US$/month] $0.33 $0.30 $0.35 $0.43 $0.37 $0.41 $0.43 $0.38 $0.28 $0.21

Others [US$/month] $0.09 $0.08 $0.09 $0.12 $0.09 $0.11 $0.12 $0.11 $0.09 $0.08




Games [US$/month] $0.05 $0.05 $0.05 $0.06 $0.05 $0.05 $0.05 $0.05 $0.03 $0.02


Music [US$/month] $0.04 $0.04 $0.04 $0.06 $0.05 $0.06 $0.06 $0.05 $0.04 $0.03

Video [US$/month] $0.02 $0.02 $0.02 $0.03 $0.04 $0.06 $0.07 $0.08 $0.07 $0.07



3G [US$/month] $28.16 $29.33 $22.38 $29.98 $25.79 $30.75 $38.42 $35.59 $31.48 $28.49

Non-3G [US$/month] $22.74 $17.39 $17.36 $16.97 $14.50 $16.74 $19.04 $16.37 $14.21 $12.01

MOBILE REVENUES



Data Revenue [US$m] $2,229 $2,066 $2,048 $2,626 $2,567 $3,453 $4,827 $4,999 $5,047 $5,165


SMS [US$m] $1,650 $1,457 $1,338 $1,578 $1,417 $1,817 $2,526 $2,503 $2,406 $2,307

MMS [US$m] $19 $17 $18 $24 $22 $24 $24 $18 $14 $10

Email [US$m] $115 $106 $125 $161 $141 $164 $180 $164 $126 $96

Others [US$m] $31 $29 $32 $43 $36 $42 $49 $48 $42 $38

Applications Revenue [US$m] $415 $457 $535 $821 $949 $1,407 $2,049 $2,266 $2,460 $2,714

Ringtones [US$m] $56 $52 $47 $58 $56 $62 $65 $57 $42 $30


Games [US$m] $18 $17 $17 $21 $19 $21 $23 $20 $14 $9

Browsing/WAP [US$m] $156 $186 $225 $368 $501 $853 $1,331 $1,548 $1,758 $2,007

Music [US$m] $15 $14 $15 $21 $20 $24 $26 $24 $18 $14

Video [US$m] $7 $6 $8 $11 $15 $24 $31 $33 $31 $31


pyramid latin america mobile 4q2013

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