PYRAMID Latin America Mobile 4Q2013

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
0 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.
2013
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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.
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.
Households
The mid-year number of households in the country. This number is reported in thousands.
Businesses
Includes 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$m.
Real Growth per Capita
Percentage change in the country's nominal GDP per capita, after adjusting for consumer price inflation.
Nominal GDP per Capita
Nominal GDP per capita is GDP in US$ divided by population.
PPP Adjusted GDP per Capita
GDP per capita adjusted using the country's purchasing power parity index in US$.
Consumer Price Inflation
Percentage change in consumer price index (12-month average) over previous year.
2013
Exchange rate (Local Currency/US$)

Exchange Rates: Foreign currencies are converted to U.S. dollars using the average exchange rate for
the year the data was reported.
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2. PENETRATION OF POPULATION

GDP per capita adjusted using the country's purchasing power parity index in US$.
Percentage change in consumer price index (12-month average) over previous year.
Exchange rate (Local Currency/US$)
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 Subscriptions
Number 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 Users
The 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
2013
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
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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.
2013
Digital Trunking/IDEN
Includes subscriptions to cellular networks using iDEN/ESMR networks. Our estimates
include
public and
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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.
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/IDEN
Includes 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.
GSM
Includes 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.
TDMA
Includes subscriptions to cellular networks using the Time Division Multiple Access (TDMA) standard.
CDMA One
Includes 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-SCDMA
Includes 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-CDMA
Includes 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.
PAS
Includes subscriptions to cellular networks using the Personal Access System standard.
PHS
Includes subscriptions to cellular networks using the Personal Handyphone System standard
PDC
Includes 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/GPRS
Includes subscriptions to cellular networks using the General Packet Radio Service (GPRS); assumes that
all GPRS subscriptions are GSM compatible.
GSM/EDGE
Includes 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.
2013
CDMA 1X
Client
Includes subscriptions to cellular networks using the CDMA 1xRTT standard; assumes
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all CDMA 1x
subscriptions are backward-compatible with CDMA. The theoretical data transfer peak speed attainable
with a CDMA 1x service is 144 Kbps.
Includes subscriptions to cellular networks using the General Packet Radio Service (GPRS); assumes that
all GPRS subscriptions are GSM compatible.
GSM/EDGE
Includes 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 1X
Includes 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.
UMTS
Includes 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.
HSPA
Our 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 WiMAX
This 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.
LTE
This 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 Technologies
Our 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.
Consumers
Includes the non-business customer base composed of the total market subscribers less the corporate
base.
8. MOBILE DATA USERS
Messaging
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Number of active mobile users using messaging services such as SMS, MMS, Email and Instant
Messaging services.
included in consumer subscriptions.

Consumers
Includes 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.
SMS
Active unduplicated mobile subscribers using two-way messaging services. Includes generally P2P
messaging only.
MMS
Active 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.
Email
Active 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 Messaging
Active unduplicated mobile subscribers accessing messaging services exclusive of SMS, MMS and Email
such as text and WAP-based instant messaging services on wireless devices.
Applications
Mobile Video Users
The
number
of unduplicated
people
use video
on a wireless
device.
services
include
Number
of active
mobile users
usingwho
application
or services
non-messaging
services
such Video
as ringtone,
music,
all
video
clip
downloads,
video
calling,
streaming
and
TV
multicast/broadcast
services.
video or remote access services.
Ringtones
Active 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 SMSbased ringtones, as well as multimedia messaging users. The ringtone classification includes all
monophonic, polyphonic, ringback and realtune (music tracks as ring tones) downloads.
Graphics/Images
Active 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.
Games
Active 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.
Music
Active 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.
2013
Video
Users (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.
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Data Cards/Modems
Active unduplicated mobile users that subscribe to remote access services via data cards such as GPRS,
UMTS and/or Wi-Fi packages.
Music
Active 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.
Video
Users (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/Modems
Active 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.
2013
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2013
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MOBILE DATA DECEMBER 2013

LATIN AMERICA FORECAST INSIGHTS
COUNTRY
CHANGE
Argentina
Subscription growth from 2013

onward
Brazil
Mobile subscriptions in 2013
Mexico
Mobile subscriptions
LTE subscriptions
SMS traffic
MVNOs
Peru
2013
Nextel's share of total

subscriptions in the mobile
market
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Peru
LTE subscriptions in 2013-2018
Venezuela
2013
LTE subscriptions at year-end

2013
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RATIONALE
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 20132018 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 operatoradded 2.7m subscribers, which we
estimate reached 3.6m for the whole 2013 year.
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.
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.
2013
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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%.
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.
2013
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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)
2013
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2013
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MOBILE DATA TOTAL REGION DECEMBER 2013

LATIN AMERICA
Units
2009A
2010A
2011A
Population
[000]
581,338
590,453
597,538
Households
[000]
148,366
150,351
152,313
Businesses
[000]
19,039
19,709
20,275
DEMOGRAPHICS
Nominal GDP
$4,201,258
$5,255,690
$5,885,109
Nominal GDP Per Capita
[US$]
$7,227
$8,901
$9,849
[US$]
N.A.
N.A.
N.A.
[US$m]
[%]
N.A.
N.A.
N.A.
[LCU / US$]
N.A.
N.A.
N.A.
Main Lines
[%]
17%
17%
16%
Mobile Users
[%]
69%
74%
78%
[%]
89%
99%
109%
Prepaid
[%]
74%
81%
88%
Postpaid
[%]
15%
18%
21%
[%]
60%
73%
85%
Local Currency / US$

MOBILE PENETRATION OF POPULATION
Mobile Data Users

MOBILE SUBSCRIPTIONS BY OPERATORS
Total Mobile Subscriptions - Network Operators
[000]
519,251
582,500
649,109
Argentina
[000]
48,429
52,040
55,934
Bolivia
[000]
6,194
7,264
8,462
Brazil
[000]
176,487
206,250
246,347
Chile
[000]
17,622
21,298
24,510
Colombia
[000]
41,289
44,616
46,359
Costa Rica
[000]
1,826
2,860
4,122
Dominican Republic
[000]
8,559
8,837
9,060
Ecuador
[000]
13,527
15,212
15,838
El Salvador
Guatemala
[000]
[000]
7,566
11,919
7,823
13,489
8,316
14,530
Honduras
[000]
7,695
8,815
8,887
Mexico
[000]
83,150
91,362
94,565
Nicaragua
[000]
3,295
3,761
4,251
Panama
[000]
4,718
5,788
6,889
Paraguay
[000]
5,497
5,900
6,365
Peru
[000]
20,610
23,321
26,687
Puerto Rico
[000]
2,716
2,934
3,108
2013
Client Confidential
Uruguay
[000]
4,112
4,437
4,757
Venezuela
[000]
29,625
29,472
30,417
Rest of Region
[000]
24,417
27,021
29,703
[000]
64
204
652
Prepaid
[000]
431,791
478,167
526,218
Postpaid
[000]
87,460
104,333
122,890
[%]
39.2%
39.4%
46.8%
519,251
582,500
649,089
Total Mobile Subscriptions - MVNOs

MOBILE SUBSCRIPTIONS BY TYPE OF PACKAGE
MOBILE CHURN
Annual Churn Rate
MOBILE SUBSCRIPTIONS BY TECHNOLOGY
Total Mobile Subscriptions
[000]
Analog
[000]
29
Digital Trunking/iDEN
[000]
7,888
9,520
11,169
GSM
[000]
102,877
80,765
56,817
TDMA
[000]
4,283
1,466
915
CDMA One
[000]
18,898
12,206
2,290
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
207,018
217,783
220,177
GSM/EDGE
[000]
115,606
154,810
197,436
CDMA 1X
[000]
13,693
12,976
10,585
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
6,291
5,719
5,766
[000]
UMTS
[000]
29,259
55,535
82,602
HSPA
[000]
13,411
31,719
61,309
Mobile WiMAX
[000]
20
LTE
[000]
Others
[000]
Consumer Subscriptions
[000]
483,316
541,899
604,240
Business Subscriptions
[000]
35,935
40,601
44,869
MOBILE SUBSCRIPTIONS BY SEGMENT
MOBILE DATA USERS BY APPLICATION
2013
Client Confidential
Messaging
SMS
[000]
348,076
431,976
509,543
MMS
[000]
54,335
66,215
75,378
Email
[000]
41,298
62,070
82,764
Others
[000]
39,332
45,777
53,615
Ringtones
[000]
38,204
46,297
53,474
Graphics/Images
[000]
16,200
20,356
24,613
Games
[000]
10,353
14,102
17,852
Browsing/WAP
[000]
22,433
39,006
60,574
Music
[000]
11,775
20,424
31,043
Video
[000]
7,530
13,457
21,403
Data cards/Modems
[000]
7,150
12,793
17,096
Applications
MOBILE USAGE
Average Monthly Voice MOU
[units/month]
132
142
149
Prepaid
[units/month]
90
98
102
Postpaid
[units/month]
340
356
356
Average Monthly SMS
[units/month]
45
51
56
Average Monthly MMS
[units/month]
[US$/month]
$12.67
$13.07
$12.89
MOBILE ARPS
Mobile ARPS by Operator
Mobile ARPS by Subscription Type
Prepaid ARPS
[US$/month]
$8.32
$8.17
$7.99
Postpaid ARPS
[US$/month]
$34.85
$36.96
$35.10
Voice ARPS
[US$/month]
$10.43
$10.42
$9.73
Data ARPS
[US$/month]
$2.24
$2.64
$3.16
Messaging
[US$/month]
$1.54
$1.58
$1.78
SMS
[US$/month]
$1.39
$1.40
$1.54
MMS
[US$/month]
$0.04
$0.05
$0.05
Email
[US$/month]
$0.08
$0.09
$0.15
Others
[US$/month]
$0.03
$0.03
$0.04
Applications
[US$/month]
$0.70
$1.06
$1.38
Ringtones
[US$/month]
$0.08
$0.08
$0.09
Graphics/Images
[US$/month]
$0.06
$0.06
$0.07
Games
[US$/month]
$0.04
$0.04
$0.05
Browsing/WAP
[US$/month]
$0.20
$0.33
$0.45
Music
[US$/month]
$0.02
$0.03
$0.04
Mobile ARPS by Service Line
2013
Client Confidential
Video
[US$/month]
$0.01
$0.02
$0.02
Data Cards/Modems
[US$/month]
$0.30
$0.50
$0.66
3G
[US$/month]
$0.00
$0.00
$0.00
Non-3G
[US$/month]
$0.00
$0.00
$0.00
[US$m]
$74,749
$86,386
$95,283
Voice Revenue
[US$m]
$61,548
$68,906
$71,915
Data Revenue
[US$m]
$13,201
$17,481
$23,368
Messaging Revenue
Mobile ARPS by Technology Generation
MOBILE REVENUES
Total Mobile Revenues
[US$m]
$9,078
$10,456
$13,173
SMS
[US$m]
$8,229
$9,275
$11,415
MMS
[US$m]
$236
$326
$369
Email
[US$m]
$453
$625
$1,074
Others
[US$m]
$160
$231
$315
Applications Revenue
[US$m]
$4,124
$7,024
$10,190
Ringtones
[US$m]
$459
$538
$634
Graphics/Images
[US$m]
$336
$415
$521
Games
[US$m]
$214
$289
$395
Browsing/WAP
[US$m]
$1,181
$2,187
$3,324
Music
[US$m]
$116
$190
$282
Video
[US$m]
$72
$116
$178
Data cards/Modems
[US$m]
$1,745
$3,290
$4,855
2013
Client Confidential
Build custom reports from your Forecast Data with DataTracker. For more information, click here
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
604,557
611,502
618,779
625,699
632,031
638,410
644,789
154,314
156,330
158,400
160,584
162,887
165,329
167,814
20,771
21,226
21,667
22,020
22,356
22,671
22,971
$5,883,672
$6,014,028
$6,244,612
$6,696,808
$7,027,890
$7,429,624
$7,835,931
$9,732
$9,835
$10,092
$10,703
$11,120
$11,638
$12,153
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
16%
16%
16%
15%
15%
14%
13%
81%
80%
81%
82%
83%
84%
84%
115%
118%
125%
130%
134%
137%
140%
93%
93%
98%
101%
104%
106%
107%
23%
25%
27%
28%
30%
32%
33%
96%
100%
107%
113%
119%
124%
128%
696,641
722,938
771,940
811,136
845,679
876,259
902,603
58,376
64,790
69,255
72,868
76,056
78,922
81,398
9,450
10,253
11,014
11,739
12,442
13,135
13,862
265,662
274,630
297,672
316,008
331,599
344,614
354,663
26,657
26,869
28,182
29,432
30,656
31,840
33,070
49,219
48,299
51,475
52,783
54,012
55,207
56,313
5,378
6,582
7,480
8,101
8,468
8,690
8,802
9,143
9,446
9,759
10,126
10,482
10,807
11,066
17,040
17,765
18,553
19,171
19,658
20,080
20,460
8,635
16,675
8,852
18,320
9,076
19,334
9,304
20,008
9,539
20,616
9,782
21,139
9,931
21,564
9,794
10,442
10,862
11,174
11,468
11,723
11,960
100,727
103,715
109,484
115,093
120,253
125,122
130,148
4,625
4,912
5,142
5,382
5,635
5,899
5,988
7,027
7,255
7,400
7,541
7,680
7,810
7,928
7,034
7,546
7,937
8,253
8,530
8,781
9,010
29,756
29,781
32,274
34,284
36,151
37,969
39,748
3,271
3,461
3,663
3,879
4,110
4,352
4,609
2013
Client Confidential
4,995
5,168
5,326
5,489
5,653
5,814
5,967
31,732
32,659
34,144
35,354
36,527
37,631
38,581
31,446
32,191
33,907
35,146
36,145
36,943
37,537
974
1,755
3,301
4,919
6,637
8,306
9,935
559,658
571,446
606,949
633,468
655,658
674,928
691,345
136,984
151,492
164,990
177,668
190,022
201,331
211,258
48.6%
49.4%
48.1%
47.6%
44.5%
44.6%
44.3%
696,641
722,938
771,940
811,136
845,679
876,259
902,603
11,584
10,639
10,272
10,032
9,313
8,189
6,823
39,487
24,868
14,173
8,798
5,516
2,895
979
392
41
1,655
1,233
871
687
490
257
213
210,545
185,309
159,810
138,028
108,539
75,838
47,000
220,981
204,262
174,104
149,231
126,311
104,181
90,760
9,418
9,438
9,534
9,185
8,432
7,334
5,489
5,217
3,406
2,675
2,318
1,971
1,552
1,053
106,780
142,750
177,673
212,478
234,658
250,190
258,777
90,444
138,466
214,484
261,312
321,264
377,235
419,968
48
88
127
169
202
234
269
92
2,437
8,217
18,898
28,984
48,354
71,273
647,593
671,550
716,233
751,541
782,676
810,051
833,461
49,049
51,388
55,707
59,594
63,003
66,208
69,142
2013
Client Confidential
578,204
612,251
661,734
708,089
750,856
789,265
81,103
84,694
89,251
93,396
96,425
98,257
824,737
99,267
100,815
114,777
134,394
153,744
169,105
181,604
192,287
57,944
59,853
64,148
67,580
70,569
73,649
76,736
59,939
67,514
74,009
80,425
86,638
92,932
99,530
28,487
30,945
33,721
36,168
37,812
38,985
40,144
21,778
25,316
29,438
33,595
37,888
42,552
47,688
101,695
143,034
185,660
230,008
274,713
317,991
360,899
42,049
51,065
58,889
63,687
68,570
73,987
82,530
29,912
37,383
46,137
54,756
64,994
74,907
85,489
20,712
23,923
30,334
36,296
42,307
48,443
54,379
155
160
167
172
179
185
191
106
109
112
116
120
123
127
359
363
369
377
386
394
404
59
60
62
62
63
63
64
$12.22
$11.89
$11.98
$12.25
$12.25
$12.25
$12.26
$7.50
$7.04
$7.01
$7.17
$7.03
$6.86
$6.73
$32.34
$31.03
$30.52
$30.51
$30.39
$30.33
$30.19
$8.77
$8.18
$7.94
$7.85
$7.62
$7.40
$7.19
$3.45
$3.71
$4.04
$4.40
$4.63
$4.86
$5.07
$1.85
$1.83
$1.86
$1.92
$1.91
$1.89
$1.84
$1.59
$1.54
$1.55
$1.59
$1.57
$1.54
$1.49
$0.05
$0.05
$0.05
$0.05
$0.05
$0.05
$0.04
$0.16
$0.18
$0.21
$0.23
$0.24
$0.25
$0.25
$0.05
$0.05
$0.05
$0.05
$0.05
$0.05
$0.05
$1.60
$1.88
$2.18
$2.47
$2.72
$2.96
$3.23
$0.08
$0.08
$0.08
$0.08
$0.08
$0.08
$0.07
$0.07
$0.07
$0.07
$0.06
$0.06
$0.06
$0.05
$0.06
$0.07
$0.08
$0.08
$0.09
$0.10
$0.11
$0.63
$0.86
$1.07
$1.25
$1.41
$1.58
$1.75
$0.05
$0.06
$0.06
$0.07
$0.07
$0.07
$0.08
2013
Client Confidential
$0.03
$0.04
$0.05
$0.06
$0.07
$0.09
$0.10
$0.67
$0.70
$0.77
$0.86
$0.93
$1.00
$1.06
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$98,652
$101,283
$107,468
$116,354
$121,748
$126,604
$130,838
$70,831
$69,706
$71,207
$74,604
$75,727
$76,432
$76,757
$27,820
$31,577
$36,261
$41,750
$46,020
$50,171
$54,081
$14,924
$15,551
$16,685
$18,242
$19,028
$19,555
$19,658
$12,812
$13,136
$13,921
$15,090
$15,588
$15,913
$15,887
$404
$432
$449
$468
$475
$483
$475
$1,332
$1,570
$1,855
$2,180
$2,428
$2,592
$2,709
$377
$413
$459
$504
$537
$567
$586
$12,900
$16,026
$19,576
$23,509
$26,992
$30,616
$34,423
$660
$704
$742
$771
$781
$778
$771
$569
$587
$599
$616
$606
$583
$565
$489
$584
$687
$800
$909
$1,029
$1,134
$5,116
$7,347
$9,621
$11,893
$14,030
$16,292
$18,702
$378
$474
$562
$636
$696
$758
$840
$247
$365
$465
$582
$719
$890
$1,090
$5,441
$5,966
$6,900
$8,210
$9,250
$10,285
$11,321
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
MOBILE DATA REST OF REGION DECEMBER 2013

LATIN AMERICA
Units
2009A
2010A
2011A
Population
[000]
27,048
27,004
26,863
Households
[000]
6,903
6,876
6,847
DEMOGRAPHICS
Businesses
Nominal GDP
[000]
[US$m]
886
901
911
$159,359
$201,801
$228,739
[US$]
$5,892
$7,473
$8,515
[US$]
N.A.
N.A.
N.A.
[%]
N.A.
N.A.
N.A.
[LCU / US$]
N.A.
N.A.
N.A.
Main Lines
[%]
10%
10%
10%
Mobile Users
[%]
70%
75%
79%
[%]
90%
100%
111%
Prepaid
[%]
75%
82%
90%
Postpaid
[%]
15%
18%
21%
[%]
61%
74%
87%

Mobile Data Users

[000]
24,417
27,021
29,703
[000]
Prepaid
[000]
20,304
22,181
24,080
Postpaid
[000]
4,113
4,840
5,623
[%]
39.2%
39.4%
46.8%
29,702
MOBILE CHURN
Annual Churn Rate
[000]
24,417
27,021
Analog
[000]
[000]
288
320
358
2013
Client Confidential
GSM
[000]
4,838
3,746
2,600
TDMA
[000]
201
68
42
CDMA One
[000]
889
566
105
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
9,735
10,102
10,075
GSM/EDGE
[000]
5,436
7,181
9,035
CDMA 1X
[000]
644
602
484
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
296
265
264
[000]
UMTS
[000]
1,458
2,698
3,933
HSPA
[000]
631
1,471
2,805
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
22,727
25,137
27,650
[000]
1,690
1,883
2,053
SMS
[000]
16,368
20,038
23,317
MMS
[000]
2,555
3,072
3,449
Email
[000]
1,942
2,879
3,787
Others
[000]
1,850
2,123
2,453
Ringtones
[000]
1,796
2,148
2,447
Graphics/Images
[000]
762
944
1,126
Games
[000]
487
654
817
Browsing/WAP
[000]
1,055
1,809
2,772
Music
[000]
554
947
1,421
Video
[000]
354
624
979
Data cards/Modems
[000]
336
593
782
[units/month]
132
142
149

Messaging
Applications
MOBILE USAGE
2013
Client Confidential
Average Monthly SMS
[units/month]
45
51
56
Average Monthly MMS
[units/month]
[US$/month]
$10.15
$10.75
$10.88
Voice ARPS
[US$/month]
$8.36
$8.57
$8.21
Data ARPS
[US$/month]
$1.79
$2.17
$2.67
Messaging
[US$/month]
$1.23
$1.30
$1.50
SMS
[US$/month]
$1.12
$1.15
$1.30
MMS
[US$/month]
$0.03
$0.04
$0.04
Email
[US$/month]
$0.06
$0.08
$0.12
Others
[US$/month]
$0.02
$0.03
$0.04
Applications
[US$/month]
$0.56
$0.87
$1.16
Ringtones
[US$/month]
$0.06
$0.07
$0.07
Graphics/Images
[US$/month]
$0.05
$0.05
$0.06
Games
[US$/month]
$0.03
$0.04
$0.05
Browsing/WAP
[US$/month]
$0.16
$0.27
$0.38
Music
[US$/month]
$0.02
$0.02
$0.03
Video
[US$/month]
$0.01
$0.01
$0.02
Data Cards/Modems
[US$/month]
$0.24
$0.41
$0.55
[US$m]
$2,835
$3,317
$3,703
Voice Revenue
[US$m]
$2,335
$2,646
$2,795
Data Revenue
[US$m]
$501
$671
$908
Messaging Revenue
MOBILE ARPS
MOBILE REVENUES
[US$m]
$344
$401
$512
SMS
[US$m]
$312
$356
$444
MMS
[US$m]
$9
$13
$14
Email
[US$m]
$17
$24
$42
Others
[US$m]
$6
$9
$12
[US$m]
$156
$270
$396
Ringtones
[US$m]
$17
$21
$25
Graphics/Images
[US$m]
$13
$16
$20
Games
[US$m]
$8
$11
$15
Browsing/WAP
[US$m]
$45
$84
$129
Music
[US$m]
$4
$7
$11
Video
[US$m]
$3
$4
$7
2013
Client Confidential
Data cards/Modems
2013
[US$m]
$66
$126
$189
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
26,715
26,561
26,418
26,257
26,069
25,882
25,693
6,819
6,790
6,763
6,739
6,719
6,703
6,687
918
922
925
924
938
951
964
$231,486
$239,514
$251,742
$273,275
$290,294
$310,639
$331,631
$8,665
$9,017
$9,529
$10,408
$11,135
$12,002
$12,907
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
10%
10%
10%
9%
8%
8%
8%
84%
83%
85%
86%
87%
88%
89%
118%
121%
128%
134%
139%
143%
146%
95%
96%
101%
105%
107%
110%
112%
23%
25%
27%
29%
31%
33%
34%
98%
103%
110%
117%
123%
129%
133%
31,446
32,191
33,907
35,146
36,145
36,943
37,537
25,263
25,446
26,660
27,447
28,023
28,455
28,751
6,183
6,746
7,247
7,698
8,122
8,488
8,786
48.6%
49.4%
48.1%
47.6%
44.5%
44.6%
44.3%
31,446
32,191
33,907
35,146
36,145
36,943
37,537
354
321
305
294
269
233
192
2013
Client Confidential
1,782
1,107
623
381
236
122
41
18
75
55
38
30
21
11
9,504
8,252
7,020
5,981
4,639
3,197
1,955
9,975
9,095
7,648
6,466
5,399
4,392
3,774
425
420
419
398
360
309
228
235
152
117
100
84
65
44
4,989
6,510
7,950
9,347
10,158
10,660
10,854
4,083
6,166
9,421
11,322
13,731
15,904
17,465
10
11
108
361
819
1,239
2,039
2,964
29,232
29,903
31,460
32,563
33,452
34,152
34,661
2,214
2,288
2,447
2,582
2,693
2,791
2,875
26,100
27,263
29,067
30,681
32,092
33,276
34,299
3,661
3,771
3,920
4,047
4,121
4,143
4,128
4,551
5,111
5,903
6,662
7,228
7,656
7,997
2,616
2,665
2,818
2,928
3,016
3,105
3,191
2,706
3,006
3,251
3,485
3,703
3,918
4,139
1,286
1,378
1,481
1,567
1,616
1,644
1,669
983
1,127
1,293
1,456
1,619
1,794
1,983
4,591
6,369
8,155
9,966
11,741
13,407
15,009
1,898
2,274
2,587
2,760
2,931
3,119
3,432
1,350
1,665
2,027
2,373
2,778
3,158
3,555
935
1,065
1,332
1,573
1,808
2,042
2,261
155
160
167
172
179
185
191
2013
Client Confidential
59
60
62
62
63
63
64
$10.58
$10.56
$10.92
$11.46
$11.76
$12.07
$12.39
$7.60
$7.27
$7.24
$7.35
$7.31
$7.29
$7.27
$2.98
$3.29
$3.69
$4.11
$4.44
$4.78
$5.12
$1.60
$1.62
$1.70
$1.80
$1.84
$1.86
$1.86
$1.37
$1.37
$1.42
$1.49
$1.51
$1.52
$1.50
$0.04
$0.05
$0.05
$0.05
$0.05
$0.05
$0.04
$0.14
$0.16
$0.19
$0.21
$0.23
$0.25
$0.26
$0.04
$0.04
$0.05
$0.05
$0.05
$0.05
$0.06
$1.38
$1.67
$1.99
$2.32
$2.61
$2.92
$3.26
$0.07
$0.07
$0.08
$0.08
$0.08
$0.07
$0.07
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.05
$0.05
$0.06
$0.07
$0.08
$0.09
$0.10
$0.11
$0.55
$0.77
$0.98
$1.17
$1.35
$1.55
$1.77
$0.04
$0.05
$0.06
$0.06
$0.07
$0.07
$0.08
$0.03
$0.04
$0.05
$0.06
$0.07
$0.08
$0.10
$0.58
$0.62
$0.70
$0.81
$0.89
$0.98
$1.07
$3,881
$4,034
$4,332
$4,748
$5,029
$5,293
$5,537
$2,787
$2,776
$2,871
$3,044
$3,128
$3,196
$3,248
$1,095
$1,258
$1,462
$1,704
$1,901
$2,098
$2,289
$587
$619
$673
$744
$786
$818
$832
$504
$523
$561
$616
$644
$665
$672
$16
$17
$18
$19
$20
$20
$20
$52
$63
$75
$89
$100
$108
$115
$15
$16
$19
$21
$22
$24
$25
$508
$638
$789
$959
$1,115
$1,280
$1,457
$26
$28
$30
$31
$32
$33
$33
$22
$23
$24
$25
$25
$24
$24
$19
$23
$28
$33
$38
$43
$48
$201
$293
$388
$485
$580
$681
$791
$15
$19
$23
$26
$29
$32
$36
$10
$15
$19
$24
$30
$37
$46
2013
Client Confidential
$214
2013
$238
$278
$335
$382
$430
$479
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
Build custom reports from yo

ARGENTINA
Units
2009A
2010A
2011A
Population
[000]
40,130
40,520
40,900
Households
[000]
10,960
11,070
11,170
DEMOGRAPHICS
Businesses
Nominal GDP
[000]
[US$m]
602
604
607
$308,740
$370,260
$448,170
[US$]
$7,690
$9,140
$10,960
[US$]
$14,440
$15,800
$17,380
[%]
17.22
22.87
24.42
[LCU / US$]
3.71
3.90
4.11
Main Lines
[%]
23%
23%
23%
Mobile Users
[%]
68%
69%
70%

[%]
121%
128%
137%
Prepaid
[%]
88%
93%
98%
Postpaid
[%]
32%
35%
39%
[%]
91%
97%
101%
[000]
48,429
52,040
55,934
Telecom Personal
[000]
14,475
16,333
18,193
Movistar
[000]
15,931
16,149
16,767
Claro
[000]
16,994
18,404
19,586
Nextel
[000]
1,030
1,154
1,388
Others
[000]
Mobile Data Users

[000]
18
36
Fecosur
[000]
18
36
Virgin
[000]
Others
[000]
Prepaid
[000]
35,486
37,858
39,960
Postpaid
[000]
12,944
14,181
15,974
2013
Client Confidential
MOBILE CHURN
Annual Churn Rate
[%]
29.8%
29.4%
35.4%
[000]
48,429
52,040
55,934

Analog
[000]
[000]
1,030
1,154
1,388
GSM
[000]
14,933
11,570
9,107
TDMA
[000]
145
CDMA One
[000]
159
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
23,785
25,579
24,420
GSM/EDGE
[000]
4,807
6,340
7,566
CDMA 1X
[000]
32
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
2,533
5,547
9,691
HSPA
[000]
1,005
1,850
3,762
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
44,902
47,811
50,899
[000]
3,527
4,228
5,036
SMS
[000]
36,609
39,190
41,417
MMS
[000]
4,844
7,286
9,843
Email
[000]
2,034
3,643
4,800
Others
[000]
896
1,561
1,913
Ringtones
[000]
8,719
9,367
9,953
Graphics/Images
[000]
1,226
1,318
1,400
Games
[000]
1,730
2,290
2,920

Messaging
Applications
2013
Client Confidential
Browsing/WAP
[000]
4,194
6,037
8,660
Music
[000]
1,632
2,280
3,150
Video
[000]
660
794
1,013
Data cards/Modems
[000]
484
937
1,482
120
MOBILE USAGE
[units/month]
111
116
Prepaid
[units/month]
58
58
62
Postpaid
[units/month]
253
272
271
Average Monthly SMS
[units/month]
117
126
131
Average Monthly MMS
[units/month]
[US$/month]
$11.32
$11.98
$12.72
Telecom Personal
[US$/month]
$11.05
$11.78
$12.48
Movistar
[US$/month]
$11.48
$12.73
$13.25
Claro
[US$/month]
$9.59
$9.79
$10.72
Nextel
[US$/month]
$40.31
$39.49
$39.04
Others
[US$/month]
$0.00
$0.00
$0.00
Prepaid ARPS
[US$/month]
$7.63
$7.20
$7.14
Postpaid ARPS
[US$/month]
$21.07
$24.93
$27.12
Voice ARPS
[US$/month]
$7.89
$7.87
$7.84
Data ARPS
[US$/month]
$3.43
$4.11
$4.88
Messaging
[US$/month]
$2.77
$3.15
$3.59
SMS
[US$/month]
$2.53
$2.81
$3.12
MMS
[US$/month]
$0.07
$0.08
$0.12
Email
[US$/month]
$0.08
$0.11
$0.15
Others
[US$/month]
$0.10
$0.15
$0.20
Applications
[US$/month]
$0.66
$0.97
$1.29
Ringtones
[US$/month]
$0.07
$0.06
$0.07
Graphics/Images
[US$/month]
$0.05
$0.03
$0.03
Games
[US$/month]
$0.07
$0.09
$0.12
Browsing/WAP
[US$/month]
$0.30
$0.49
$0.68
Music
[US$/month]
$0.02
$0.02
$0.03
Video
[US$/month]
$0.02
$0.02
$0.03
Data cards/Modems
[US$/month]
$0.14
$0.25
$0.34
3G
[US$/month]
$33.95
$32.35
$30.91
Non-3G
[US$/month]
$10.15
$9.50
$8.37
MOBILE ARPS
2013
Client Confidential
MOBILE REVENUES
[US$m]
$6,254
$7,224
$8,241
Voice Revenue
[US$m]
$4,360
$4,743
$5,081
Data Revenue
[US$m]
$1,895
$2,480
$3,160
Messaging Revenue
[US$m]
$1,531
$1,898
$2,324
SMS
[US$m]
$1,397
$1,694
$2,019
MMS
[US$m]
$38
$50
$76
Email
[US$m]
$44
$65
$98
Others
[US$m]
$53
$89
$130
[US$m]
$363
$582
$836
Ringtones
[US$m]
$38
$37
$43
Graphics/Images
[US$m]
$25
$16
$18
Games
[US$m]
$40
$55
$77
Browsing/WAP
[US$m]
$168
$298
$439
Music
[US$m]
$8
$14
$21
Video
[US$m]
$9
$14
$17
Data cards/Modems
[US$m]
$76
$149
$221
2013
Client Confidential
Build custom reports from your Forecast Data with DataTracker. For more information, click here or call
+1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
41,280
41,660
42,030
42,400
42,750
43,090
43,400
11,280
11,390
11,500
11,610
11,720
11,840
11,961
613
619
625
631
638
644
650
$477,030
$474,800
$444,200
$433,700
$446,100
$475,400
$491,000
$11,560
$11,400
$10,570
$10,230
$10,440
$11,030
$11,310
$17,850
$18,930
$19,520
$20,310
$21,420
$22,700
$24,010
25.29
20.80
24.80
20.40
15.70
13.40
9.80
4.54
5.45
6.83
8.19
9.24
10.00
10.88
22%
22%
22%
22%
22%
21%
20%
71%
71%
71%
71%
71%
71%
71%
141%
156%
165%
172%
178%
183%
188%
100%
111%
118%
123%
126%
130%
132%
42%
44%
47%
49%
52%
54%
55%
110%
120%
126%
130%
134%
137%
139%
58,376
64,790
69,255
72,868
76,056
78,922
81,398
18,975
20,154
21,418
22,523
23,499
24,422
25,253
17,604
21,241
23,037
24,240
25,197
25,921
26,424
20,041
21,363
22,596
23,717
24,694
25,535
26,220
1,756
2,033
2,203
2,388
2,667
3,045
3,501
54
73
244
591
1,057
1,619
2,272
54
72
88
105
123
144
167
69
233
464
750
1,083
41,097
46,336
49,557
51,942
53,987
55,825
57,450
17,279
18,454
19,698
20,926
22,069
23,097
23,948
2013
Client Confidential
38.0%
34.2%
33.1%
31.7%
30.3%
28.7%
27.4%
58,376
64,790
69,255
72,868
76,056
78,922
81,398
1,756
2,033
2,203
2,388
2,667
3,045
3,501
7,121
5,090
3,188
2,069
1,411
544
22,934
20,211
15,865
12,110
8,832
5,717
2,744
7,210
6,952
6,408
5,026
3,494
3,044
2,563
13,010
19,322
24,685
28,856
31,467
32,514
32,357
6,345
11,182
16,669
21,608
26,385
30,575
34,041
238
811
1,801
3,484
6,191
52,547
57,956
61,587
64,465
66,992
69,253
71,181
5,829
6,834
7,668
8,404
9,064
9,669
10,217
45,370
50,094
53,010
55,219
57,173
58,853
60,214
12,016
14,420
16,225
17,669
18,878
19,907
20,760
5,693
6,774
7,533
8,107
8,566
8,948
9,262
2,144
2,445
2,641
2,791
2,918
3,030
3,126
10,519
11,791
12,703
13,450
14,109
14,699
15,208
1,496
1,660
1,775
1,868
1,949
2,023
2,087
3,680
4,738
5,824
6,924
8,094
9,407
10,866
2013
Client Confidential
11,099
14,043
16,362
18,420
20,187
21,996
23,820
4,037
5,288
6,556
7,864
9,193
10,684
12,342
1,298
1,729
2,217
2,799
3,506
4,366
5,404
1,605
1,585
1,457
1,288
1,116
938
759
122
123
124
126
128
130
131
63
64
65
66
67
68
69
265
268
273
276
278
280
282
139
147
152
156
161
167
172
$12.94
$12.27
$12.10
$11.78
$11.77
$11.89
$11.15
$13.12
$12.65
$12.72
$12.57
$12.68
$12.92
$12.18
$13.71
$12.41
$12.00
$11.75
$11.83
$12.09
$11.51
$10.46
$10.25
$10.12
$9.76
$9.63
$9.61
$8.92
$33.77
$29.03
$27.43
$24.89
$23.25
$21.49
$18.13
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$6.92
$6.33
$6.17
$5.87
$5.78
$5.79
$5.34
$27.63
$26.80
$27.00
$26.55
$26.52
$26.73
$25.13
$7.40
$6.60
$6.23
$5.76
$5.60
$5.54
$5.05
$5.54
$5.68
$5.86
$6.02
$6.17
$6.36
$6.10
$3.97
$4.04
$4.15
$4.25
$4.36
$4.46
$4.24
$3.43
$3.46
$3.55
$3.63
$3.73
$3.83
$3.64
$0.14
$0.16
$0.17
$0.17
$0.17
$0.17
$0.16
$0.17
$0.19
$0.20
$0.20
$0.20
$0.20
$0.20
$0.22
$0.24
$0.25
$0.25
$0.25
$0.26
$0.24
$1.58
$1.64
$1.71
$1.76
$1.81
$1.90
$1.86
$0.07
$0.07
$0.07
$0.08
$0.08
$0.09
$0.09
$0.03
$0.03
$0.03
$0.03
$0.03
$0.03
$0.03
$0.14
$0.17
$0.20
$0.23
$0.26
$0.29
$0.31
$0.84
$0.93
$1.01
$1.07
$1.10
$1.15
$1.11
$0.04
$0.05
$0.06
$0.07
$0.09
$0.10
$0.12
$0.03
$0.04
$0.04
$0.05
$0.06
$0.07
$0.09
$0.42
$0.34
$0.29
$0.23
$0.19
$0.16
$0.12
$28.31
$21.23
$17.18
$14.96
$14.05
$13.49
$12.01
$6.76
$6.18
$6.18
$5.78
$5.11
$4.89
$5.47
2013
Client Confidential
$8,878
$9,069
$9,729
$10,044
$10,513
$11,057
$10,726
$5,077
$4,875
$5,013
$4,915
$5,001
$5,147
$4,855
$3,801
$4,194
$4,716
$5,129
$5,513
$5,910
$5,870
$2,721
$2,985
$3,341
$3,628
$3,892
$4,148
$4,081
$2,352
$2,554
$2,853
$3,098
$3,331
$3,560
$3,499
$97
$116
$133
$145
$154
$162
$155
$118
$139
$158
$171
$181
$188
$193
$154
$176
$197
$213
$226
$238
$234
$1,080
$1,209
$1,375
$1,501
$1,621
$1,762
$1,789
$47
$51
$59
$67
$74
$82
$85
$20
$22
$24
$26
$28
$30
$30
2013
$99
$127
$161
$195
$230
$274
$298
$576
$689
$814
$908
$986
$1,066
$1,065
$29
$38
$50
$63
$77
$92
$111
$22
$28
$36
$45
$56
$68
$84
$289
$254
$230
$197
$171
$149
$117
Client Confidential
tion, click here or call
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
BOLIVIA
Units
2009A
2010A
2011A
Population
[000]
9,990
10,160
10,320
Households
[000]
2,815
2,919
3,026
DEMOGRAPHICS
Businesses
366
373
380
[US$m]
$17,217
$19,504
$23,776
[US$]
$1,724
$1,920
$2,304
[US$]
Nominal GDP

[000]
$4,519
$4,683
$4,944
[%]
3.35
2.50
9.88
[LCU / US$]
7.07
7.07
6.99

Main Lines
[%]
7%
7%
7%
Mobile Users
[%]
60%
69%
79%
[%]
62%
72%
82%
Prepaid
[%]
55%
64%
73%
Postpaid
[%]
7%
8%
9%
[%]
51%
61%
72%
[000]
6,194
7,264
8,462
Entel Movil
[000]
2,621
2,995
3,588
Tigo
[000]
1,937
2,459
2,856
Nuevatel
[000]
1,636
1,811
2,018
Others
[000]
Mobile Data Users

[000]
Cotas Movil
[000]
Bolitel
[000]
Others
[000]
Prepaid
[000]
5,535
6,489
7,544
Postpaid
[000]
658
776
918
MOBILE CHURN
2013
Client Confidential
Annual Churn Rate
[%]
29.9%
30.5%
31.5%

[000]
6,194
7,264
8,462
Analog
[000]
[000]
GSM
[000]
3,203
2,866
2,490
TDMA
[000]
294
90
CDMA One
[000]
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
1,656
2,540
2,776
GSM/EDGE
[000]
905
1,433
2,467
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
136
335
640
HSPA
[000]
90
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
5,866
6,877
8,010
[000]
328
388
452
SMS
[000]
5,124
6,190
7,412
MMS
[000]
152
184
220
Email
[000]
331
411
513
Others
[000]
289
360
436
Ringtones
[000]
607
748
932
Graphics/Images
[000]
344
423
518
Games
[000]
55
67
82
Browsing/WAP
[000]
403
617
762

Messaging
Applications
2013
Client Confidential
Music
[000]
37
65
113
Video
[000]
32
49
80
Data cards/Modems
[000]
31
65
121
[units/month]
87
89
90
MOBILE USAGE
Prepaid
[units/month]
71
72
73
Postpaid
[units/month]
226
228
230
Average Monthly SMS
[units/month]
28
33
37
Average Monthly MMS
[units/month]
MOBILE ARPS
[US$/month]
$7.95
$7.77
$7.63
Entel Movil
[US$/month]
$6.15
$5.97
$5.88
Tigo
[US$/month]
$9.11
$8.98
$8.89
Nuevatel
[US$/month]
$9.45
$9.16
$8.90
Others
[US$/month]
$0.00
$0.00
$0.00

Prepaid ARPS
[US$/month]
$6.62
$6.40
$6.29
Postpaid ARPS
[US$/month]
$19.22
$19.26
$18.77
Voice ARPS
[US$/month]
$7.15
$6.86
$6.63
Data ARPS
[US$/month]
$0.80
$0.91
$1.00
Messaging
[US$/month]
$0.59
$0.65
$0.69
SMS
[US$/month]
$0.51
$0.57
$0.61
MMS
[US$/month]
$0.04
$0.04
$0.04
Email
[US$/month]
$0.02
$0.02
$0.02
Others
[US$/month]
$0.01
$0.01
$0.01
Applications
[US$/month]
$0.21
$0.25
$0.31
Ringtones
[US$/month]
$0.01
$0.01
$0.01
Graphics/Images
[US$/month]
$0.01
$0.01
$0.00
Games
[US$/month]
$0.03
$0.04
$0.05
Browsing/WAP
[US$/month]
$0.13
$0.15
$0.17
Music
[US$/month]
$0.01
$0.01
$0.02
Video
[US$/month]
$0.00
$0.00
$0.01
Data cards/Modems
[US$/month]
$0.02
$0.03
$0.05
3G
[US$/month]
$19.23
$19.26
$18.85
Non-3G
[US$/month]
$7.77
$7.35
$6.82
MOBILE REVENUES
2013
Client Confidential
[US$m]
$512
$627
$720
Voice Revenue
[US$m]
$460
$554
$625
Data Revenue
[US$m]
$51
$73
$95
Messaging Revenue
[US$m]
$38
$53
$65
SMS
[US$m]
$33
$46
$58
MMS
[US$m]
$3
$3
$4
Email
[US$m]
$1
$2
$2
Others
[US$m]
$1
$1
$1
[US$m]
$13
$20
$30
Ringtones
[US$m]
$1
$1
$1
Graphics/Images
[US$m]
$0
$0
$0
Games
[US$m]
$2
$3
$5
Browsing/WAP
[US$m]
$8
$12
$16
Music
[US$m]
$1
$1
$2
Video
[US$m]
$0
$0
$1
Data cards/Modems
[US$m]
$1
$2
$5
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
10,500
10,680
10,870
11,060
11,250
11,453
11,655
3,138
3,253
3,373
3,498
3,627
3,760
3,899
388
396
404
412
420
428
437
$26,841
$30,000
$33,748
$37,448
$41,433
$43,919
$46,405
$2,556
$2,810
$3,100
$3,390
$3,680
$3,827
$3,974
$5,200
$5,480
$5,740
$6,000
$6,250
$6,375
$6,500
4.52
5.90
7.20
5.80
5.90
6.14
6.37
6.96
6.96
6.95
6.91
6.87
7.15
7.43
2013
7%
8%
7%
7%
7%
7%
6%
82%
84%
84%
85%
86%
87%
87%
90%
96%
101%
106%
111%
115%
119%
80%
84%
88%
92%
96%
98%
101%
10%
12%
13%
14%
15%
17%
18%
81%
87%
93%
98%
103%
108%
113%
9,450
10,253
11,014
11,739
12,442
13,135
13,862
4,150
4,866
5,192
5,530
5,875
6,228
6,637
3,127
3,032
3,317
3,562
3,785
3,995
4,153
2,173
2,355
2,505
2,647
2,782
2,912
3,072
11
12
13
14
15
16
18
10
10
11
12
13
14
15
8,370
9,002
9,619
10,196
10,795
11,226
11,765
1,080
1,251
1,395
1,544
1,648
1,909
2,097
Client Confidential
2013
31.9%
34.1%
33.1%
32.8%
32.5%
32.2%
32.7%
9,450
10,253
11,014
11,739
12,442
13,135
13,862
1,377
887
293
260
235
218
199
2,821
2,493
1,936
1,337
1,059
733
406
3,508
4,412
5,286
5,680
5,701
5,805
5,428
1,198
1,702
2,434
2,980
3,433
3,833
4,586
520
710
950
1,282
1,681
2,041
2,590
27
49
116
202
333
504
652
8,944
9,705
10,425
11,111
11,777
12,432
13,120
506
548
589
628
666
703
742
8,484
9,297
10,088
10,859
11,625
12,394
13,211
251
278
304
331
347
363
379
607
691
780
873
971
1,076
1,193
501
560
620
681
743
808
912
1,114
1,269
1,432
1,602
1,783
1,976
2,190
607
666
694
763
846
919
998
96
110
124
139
154
171
190
1,134
1,333
1,542
1,761
1,991
2,233
2,634
Client Confidential
189
308
496
793
1,261
1,996
3,160
139
211
318
475
704
1,041
1,153
162
194
229
268
298
328
360
91
94
96
97
99
101
104
74
75
75
76
77
78
78
233
236
239
242
244
247
249
40
42
40
39
37
35
33
$7.51
$7.35
$7.17
$7.04
$6.97
$6.94
$6.95
$5.81
$5.70
$5.60
$5.54
$5.55
$5.58
$5.66
$8.88
$8.95
$8.89
$8.71
$8.58
$8.46
$8.44
$8.68
$8.45
$8.17
$7.91
$7.77
$7.74
$7.71
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$6.14
$5.98
$5.81
$5.70
$5.68
$5.71
$5.58
$18.39
$17.56
$16.70
$16.04
$15.47
$14.57
$14.86
$6.39
$6.14
$5.91
$5.73
$5.62
$5.53
$5.46
$1.12
$1.21
$1.25
$1.30
$1.35
$1.41
$1.50
$0.73
$0.74
$0.71
$0.67
$0.62
$0.57
$0.53
$0.65
$0.66
$0.62
$0.59
$0.54
$0.49
$0.45
$0.04
$0.04
$0.03
$0.03
$0.03
$0.03
$0.02
$0.03
$0.03
$0.03
$0.03
$0.03
$0.04
$0.04
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.39
$0.47
$0.55
$0.63
$0.73
$0.84
$0.96
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.07
$0.09
$0.11
$0.14
$0.16
$0.18
$0.19
$0.20
$0.24
$0.25
$0.27
$0.29
$0.30
$0.33
$0.03
$0.04
$0.06
$0.09
$0.13
$0.17
$0.24
$0.01
$0.02
$0.03
$0.04
$0.06
$0.09
$0.10
$0.06
$0.07
$0.08
$0.08
$0.09
$0.09
$0.10
$18.77
$18.37
$16.85
$15.83
$14.70
$13.81
$12.38
$5.70
$4.36
$3.40
$2.30
$1.60
$1.03
$0.93
2013
Client Confidential
2013
$807
$869
$915
$960
$1,011
$1,065
$1,126
$687
$725
$755
$782
$815
$849
$884
$120
$143
$160
$178
$196
$216
$242
$78
$87
$90
$91
$90
$87
$86
$70
$78
$80
$80
$78
$75
$74
$4
$4
$4
$5
$5
$4
$4
$3
$3
$4
$4
$5
$6
$6
$2
$2
$2
$2
$2
$2
$3
$42
$56
$70
$87
$107
$129
$156
$1
$2
$2
$2
$1
$1
$1
$0
$0
$0
$0
$0
$0
$0
$7
$10
$14
$19
$23
$27
$31
$22
$28
$32
$37
$42
$46
$53
$3
$5
$8
$12
$18
$26
$38
$1
$2
$3
$6
$9
$13
$17
$7
$8
$10
$12
$13
$14
$16
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
BRAZIL
Units
2009A
2010A
2011A
Population
[000]
194,370
196,830
199,250
Households
[000]
51,494
52,267
53,053
DEMOGRAPHICS
Businesses
Nominal GDP
[000]
[US$m]
6,941
7,237
7,533
$1,573,409
$2,141,900
$2,473,500
[US$]
$8,597
$11,229
$12,831
[US$]
$10,560
$11,370
$11,780
[%]
4.89
5.04
5.70
[LCU / US$]
2.00
1.76
1.70
Main Lines
[%]
18%
18%
17%
Mobile Users
[%]
74%
82%
87%

[%]
91%
105%
124%
Prepaid
[%]
74%
84%
99%
Postpaid
[%]
17%
21%
25%
[%]
54%
72%
90%
[000]
176,487
206,250
246,347
Vivo
[000]
51,744
60,293
71,554
Claro
[000]
44,401
51,638
60,380
TIM
[000]
41,102
51,015
64,083
Oi
[000]
36,112
39,302
45,484
Nextel
[000]
2,483
3,319
4,115
Others
[000]
645
683
731
[000]
Porto Seguro
[000]
Virgin
[000]
Datora
[000]
Others
[000]
[000]
143,613
165,662
196,362
Mobile Data Users


Prepaid
2013
Client Confidential
Postpaid
[000]
32,874
40,589
49,984
[%]
43.8%
43.1%
52.3%
MOBILE CHURN
Annual Churn Rate
[000]
176,487
206,250
246,347
Analog
[000]
[000]
2,483
3,319
4,115
GSM
[000]
32,755
25,447
16,385
TDMA
[000]
CDMA One
[000]
10,954
8,472
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
52,873
62,394
75,207
GSM/EDGE
[000]
59,140
74,950
99,955
CDMA 1X
[000]
1,939
1,581
716
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
560
522
358
[000]
UMTS
[000]
9,151
13,735
16,921
HSPA
[000]
6,631
15,830
32,690
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
161,889
190,057
228,772
[000]
14,598
16,193
17,574
SMS
[000]
104,803
141,383
178,605
MMS
[000]
26,997
30,613
34,489
Email
[000]
23,539
35,773
47,855
Others
[000]
28,352
32,481
38,019
[000]
5,536
7,442
9,778

Messaging
Applications
Ringtones
2013
Client Confidential
Graphics/Images
[000]
4,267
5,736
7,536
Games
[000]
1,192
1,672
2,396
Browsing/WAP
[000]
8,803
14,510
21,663
Music
[000]
3,218
6,772
10,920
Video
[000]
2,446
5,146
8,605
Data cards/Modems
[000]
2,647
4,267
5,849
97
117
121
MOBILE USAGE
[units/month]
Prepaid
[units/month]
63
83
87
Postpaid
[units/month]
240
262
254
Average Monthly SMS
[units/month]
Average Monthly MMS
[units/month]
[US$/month]
$12.93
$14.11
$13.53
Vivo
[US$/month]
$13.62
$14.83
$14.37
Claro
[US$/month]
$11.39
$11.11
$10.38
TIM
[US$/month]
$12.81
$13.88
$12.36
Oi
[US$/month]
$11.02
$12.84
$12.54
Nextel
[US$/month]
$56.22
$69.87
$73.84
Others
[US$/month]
$13.42
$14.54
$21.75
MOBILE ARPS

Prepaid ARPS
[US$/month]
$7.20
$7.95
$7.84
Postpaid ARPS
[US$/month]
$36.17
$40.02
$36.20
Voice ARPS
[US$/month]
$11.15
$11.77
$10.57
Data ARPS
[US$/month]
$1.77
$2.34
$2.95
Messaging
[US$/month]
$0.90
$0.98
$1.25
SMS
[US$/month]
$0.77
$0.81
$1.01
MMS
[US$/month]
$0.05
$0.07
$0.06
Email
[US$/month]
$0.07
$0.09
$0.18
Others
[US$/month]
$0.01
$0.01
$0.01
Applications
[US$/month]
$0.88
$1.36
$1.69
Ringtones
[US$/month]
$0.03
$0.05
$0.06
Graphics/Images
[US$/month]
$0.05
$0.06
$0.07
Games
[US$/month]
$0.01
$0.01
$0.01
Browsing/WAP
[US$/month]
$0.28
$0.47
$0.58
Music
[US$/month]
$0.01
$0.02
$0.03
Video
[US$/month]
$0.01
$0.01
$0.01
Data cards/Modems
[US$/month]
$0.48
$0.75
$0.93
2013
Client Confidential

3G
[US$/month]
$17.46
$18.20
$17.59
Non-3G
[US$/month]
$12.35
$13.54
$12.64
[US$m]
$25,125
$32,396
$36,697
Voice Revenue
[US$m]
$21,628
$27,026
$28,691
Data Revenue
[US$m]
$3,497
$5,370
$8,006
Messaging Revenue
MOBILE REVENUES
[US$m]
$1,766
$2,248
$3,405
SMS
[US$m]
$1,518
$1,866
$2,738
MMS
[US$m]
$108
$166
$169
Email
[US$m]
$130
$200
$477
Others
[US$m]
$10
$16
$21
[US$m]
$1,730
$3,122
$4,601
Ringtones
[US$m]
$69
$106
$155
Graphics/Images
[US$m]
$92
$141
$201
Games
[US$m]
$29
$27
$41
Browsing/WAP
[US$m]
$559
$1,074
$1,572
Music
[US$m]
$23
$35
$70
Video
[US$m]
$14
$21
$41
Data cards/Modems
[US$m]
$944
$1,718
$2,522
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
201,630
203,950
206,600
208,882
210,757
212,650
214,559
53,850
54,659
55,481
56,400
57,415
58,449
59,501
7,805
8,044
8,254
8,438
8,590
8,721
8,834
$2,252,400
$2,216,000
$2,191,000
$2,289,000
$2,422,000
$2,569,000
$2,722,000
$11,570
$11,280
$11,050
$11,450
$12,030
$12,670
$13,340
$11,970
$12,360
$12,790
$13,310
$13,960
$14,650
$15,320
5.40
6.20
5.70
5.80
5.40
5.40
5.00
1.90
1.87
1.90
1.91
1.94
1.96
1.97
17%
16%
16%
16%
15%
14%
14%
91%
87%
87%
88%
89%
89%
89%
132%
135%
144%
151%
157%
162%
165%
104%
104%
111%
115%
119%
121%
123%
28%
31%
33%
36%
39%
41%
42%
104%
109%
120%
131%
141%
150%
158%
265,662
274,630
297,672
316,008
331,599
344,614
354,663
76,137
77,050
82,468
86,177
92,078
95,406
97,835
65,238
68,502
73,872
78,164
80,282
84,889
87,572
70,343
73,884
81,236
87,253
91,931
93,567
95,990
49,259
50,354
54,395
57,921
60,199
63,060
65,192
3,846
3,922
4,662
5,334
5,916
6,458
6,806
838
919
1,040
1,159
1,193
1,235
1,268
14
229
687
1,163
1,689
2,109
2,551
14
142
399
639
873
1,050
1,222
80
268
488
763
991
1,245
21
35
52
68
84
209,491
211,544
228,478
240,764
250,355
258,057
263,594
2013
Client Confidential
56,171
63,086
69,194
75,244
81,244
86,558
91,069
56.3%
57.1%
57.6%
57.8%
51.2%
52.4%
52.6%
265,662
274,630
297,672
316,008
331,599
344,614
354,663
3,808
3,334
3,077
2,987
2,662
2,260
1,702
10,808
6,192
3,292
1,589
903
517
295
79,043
73,734
66,863
61,899
50,819
33,163
14,184
103,476
85,760
76,689
70,297
58,777
48,742
45,248
23,038
31,772
39,306
47,752
56,222
64,261
72,179
45,489
72,812
104,807
122,538
149,897
173,309
187,256
1,027
3,638
8,947
12,318
22,363
33,800
246,462
255,091
276,502
293,355
307,851
319,918
329,248
19,200
19,539
21,170
22,653
23,748
24,697
25,416
209,891
222,450
247,663
273,979
298,108
319,457
338,703
36,396
37,075
39,293
41,713
43,738
45,179
46,213
56,768
62,205
71,470
80,425
85,884
89,600
92,567
40,180
40,706
43,239
44,984
46,260
47,114
47,518
11,230
12,306
13,672
15,094
16,409
17,565
18,728
2013
Client Confidential
8,696
9,529
10,638
11,519
11,967
12,187
12,417
3,101
3,846
5,003
6,373
8,025
9,842
12,154
45,162
64,263
84,837
105,894
126,671
146,116
165,273
14,720
17,499
18,588
17,760
16,772
15,687
14,530
12,064
14,965
18,654
21,783
24,687
26,535
29,494
6,774
8,054
12,205
16,120
20,228
24,468
28,728
130
136
144
151
159
167
175
93
97
101
106
110
114
119
270
274
285
298
311
325
341
10
11
12
13
13
14
14
$11.26
$10.83
$10.56
$10.48
$10.46
$10.49
$10.61
$12.48
$11.99
$11.82
$11.77
$11.72
$11.64
$11.73
$8.57
$7.85
$7.70
$7.66
$7.72
$7.86
$8.04
$10.05
$9.88
$9.68
$9.61
$9.61
$9.71
$9.93
$11.43
$11.30
$10.78
$10.49
$10.37
$10.28
$10.26
$49.00
$50.11
$47.57
$45.61
$43.24
$41.71
$40.76
$14.01
$13.50
$12.75
$12.19
$12.00
$11.86
$11.84
$6.42
$5.96
$5.66
$5.55
$5.42
$5.33
$5.30
$29.75
$27.99
$26.88
$26.48
$26.30
$26.13
$26.22
$8.30
$7.52
$7.01
$6.72
$6.49
$6.32
$6.20
$2.96
$3.31
$3.55
$3.76
$3.97
$4.18
$4.41
$1.16
$1.18
$1.15
$1.11
$1.10
$1.07
$1.02
$0.91
$0.92
$0.87
$0.83
$0.81
$0.78
$0.73
$0.05
$0.05
$0.05
$0.05
$0.05
$0.04
$0.04
$0.18
$0.20
$0.22
$0.23
$0.24
$0.24
$0.24
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$1.80
$2.13
$2.41
$2.65
$2.87
$3.11
$3.40
$0.05
$0.06
$0.05
$0.05
$0.04
$0.04
$0.04
$0.07
$0.06
$0.05
$0.05
$0.04
$0.04
$0.03
$0.02
$0.02
$0.02
$0.02
$0.03
$0.03
$0.04
$0.81
$1.12
$1.29
$1.38
$1.49
$1.62
$1.80
$0.03
$0.04
$0.04
$0.04
$0.03
$0.03
$0.03
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.81
$0.82
$0.93
$1.09
$1.21
$1.33
$1.44
2013
Client Confidential
$13.74
$12.99
$12.15
$11.53
$11.40
$11.23
$11.14
$10.51
$9.80
$9.31
$9.28
$8.96
$8.72
$8.60
$34,587
$35,098
$36,274
$38,583
$40,649
$42,576
$44,533
$25,508
$24,365
$24,067
$24,742
$25,209
$25,631
$26,013
$9,079
$10,733
$12,207
$13,841
$15,440
$16,945
$18,520
$3,562
$3,837
$3,933
$4,101
$4,290
$4,330
$4,273
$2,811
$2,982
$3,000
$3,056
$3,165
$3,153
$3,053
$167
$171
$169
$173
$175
$176
$177
$563
$661
$742
$850
$927
$978
$1,020
$21
$22
$22
$23
$23
$23
$23
$5,517
$6,896
$8,273
$9,739
$11,150
$12,615
$14,248
$167
$179
$179
$178
$172
$162
$148
$201
$197
$183
$173
$159
$142
$129
$49
$61
$73
$91
$111
$133
$159
$2,474
$3,623
$4,421
$5,063
$5,774
$6,570
$7,536
$95
$123
$136
$137
$129
$121
$112
$54
$68
$79
$90
$97
$100
$104
$2,478
$2,645
$3,201
$4,007
$4,708
$5,387
$6,060
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
CHILE
Units
2009A
2010A
2011A
Population
[000]
16,929
17,094
17,248
Households
[000]
4,482
4,525
4,568
DEMOGRAPHICS
Businesses
675
744
759
[US$m]
$172,340
$217,560
$251,190
[US$]
$10,180
$12,727
$14,563
[US$]
Nominal GDP
[000]
$15,100
$16,010
$17,130
[%]
1.48
1.41
3.34
[LCU / US$]
560
510
484
Main Lines
[%]
17%
16%
16%
Mobile Users
[%]
77%
82%
84%

[%]
104%
125%
142%
Prepaid
[%]
76%
90%
103%
Postpaid
[%]
28%
35%
39%
[%]
68%
93%
112%
[000]
17,622
21,298
24,510
Movistar
[000]
7,525
8,794
9,548
ENTEL PCS
[000]
6,457
7,568
9,347
Claro
[000]
Nextel
[000]
3,597
4,871
5,537
VTR
[000]
44
65
78
Others
[000]
[000]
Virgin
[000]
GTD (Telsur)
[000]
Falabella
[000]
Others
[000]
[000]
12,946
15,374
17,708
Mobile Data Users


Prepaid
2013
Client Confidential
Postpaid
[000]
4,677
5,924
6,802
[%]
27.0%
28.7%
44.1%
MOBILE CHURN
Annual Churn Rate
[000]
17,622
21,298
24,510
Analog
[000]
[000]
44
65
78
GSM
[000]
1,598
1,673
1,514
TDMA
[000]
CDMA One
[000]
183
49
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
7,535
7,773
6,734
GSM/EDGE
[000]
4,895
6,785
8,219
CDMA 1X
[000]
36
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
1,873
2,755
3,954
HSPA
[000]
1,460
2,197
4,011
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
16,160
19,467
22,302
[000]
1,463
1,831
2,208
SMS
[000]
11,517
15,882
19,376
MMS
[000]
1,767
2,343
2,694
Email
[000]
603
1,129
1,754
Others
[000]
1,060
1,462
1,850
[000]
1,142
1,586
1,899

Messaging
Applications
Ringtones
2013
Client Confidential
Graphics/Images
[000]
213
277
338
Games
[000]
931
1,413
1,924
Browsing/WAP
[000]
1,496
2,769
4,302
Music
[000]
530
1,089
2,068
Video
[000]
795
1,597
2,696
Data cards/Modems
[000]
632
965
1,246
[units/month]
155
162
163
MOBILE USAGE
Prepaid
[units/month]
84
88
89
Postpaid
[units/month]
352
361
356
Average Monthly SMS
[units/month]
18
23
29
Average Monthly MMS
[units/month]
[US$/month]
$15.67
$15.73
$15.90
Movistar
[US$/month]
$15.94
$16.02
$16.22
ENTEL PCS
[US$/month]
$18.04
$18.20
$17.80
Claro
[US$/month]
$0.00
$0.00
$13.36
Nextel
[US$/month]
$10.35
$10.88
$12.06
VTR
Others
[US$/month]
[US$/month]
$31.53
$0.00
$29.98
$0.00
$29.72
$0.00
Prepaid ARPS
[US$/month]
$7.32
$7.30
$7.33
Postpaid ARPS
[US$/month]
$38.63
$38.24
$38.18
Voice ARPS
[US$/month]
$13.34
$13.02
$12.71
Data ARPS
[US$/month]
$2.32
$2.71
$3.19
Messaging
[US$/month]
$1.08
$0.77
$0.73
SMS
[US$/month]
$0.80
$0.53
$0.49
MMS
[US$/month]
$0.09
$0.07
$0.06
Email
[US$/month]
$0.09
$0.09
$0.10
Others
[US$/month]
$0.09
$0.09
$0.08
Applications
[US$/month]
$1.24
$1.94
$2.46
Ringtones
[US$/month]
$0.12
$0.09
$0.10
Graphics/Images
[US$/month]
$0.07
$0.08
$0.10
Games
[US$/month]
$0.09
$0.09
$0.10
Browsing/WAP
[US$/month]
$0.26
$0.38
$0.51
Music
[US$/month]
$0.05
$0.09
$0.10
Video
[US$/month]
$0.02
$0.03
$0.06
Data cards/Modems
[US$/month]
$0.64
$1.18
$1.50
MOBILE ARPS
2013
Client Confidential

3G
[US$/month]
$66.03
$53.48
$39.28
Non-3G
[US$/month]
$6.81
$5.52
$6.72
[US$m]
$3,049
$3,673
$4,371
Voice Revenue
[US$m]
$2,597
$3,040
$3,493
Data Revenue
[US$m]
$452
$633
$877
Messaging Revenue
MOBILE REVENUES
[US$m]
$210
$180
$201
SMS
[US$m]
$156
$123
$135
MMS
[US$m]
$18
$17
$18
Email
[US$m]
$18
$20
$26
Others
[US$m]
$18
$20
$22
[US$m]
$242
$453
$676
Ringtones
[US$m]
$23
$21
$26
Graphics/Images
[US$m]
$14
$18
$26
Games
[US$m]
$18
$21
$26
Browsing/WAP
[US$m]
$50
$89
$140
Music
[US$m]
$9
$20
$26
Video
[US$m]
$5
$8
$18
Data cards/Modems
[US$m]
$124
$276
$413
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
17,400
17,560
17,710
17,870
18,020
18,180
18,350
4,612
4,656
4,701
4,746
4,792
4,838
4,884
774
790
806
818
826
834
843
$268,300
$283,600
$293,400
$310,200
$332,400
$357,100
$383,800
$15,420
$16,150
$16,570
$17,360
$18,450
$19,640
$20,920
$18,220
$19,180
$20,260
$21,480
$22,790
$24,220
$25,700
3.01
1.70
3.10
3.10
3.30
3.00
3.00
486
492
515
527
533
539
545
15%
14%
13%
11%
10%
9%
7%
86%
82%
83%
83%
84%
84%
83%
153%
153%
159%
165%
170%
175%
180%
112%
111%
116%
121%
125%
128%
132%
41%
42%
43%
44%
46%
47%
48%
128%
135%
141%
147%
152%
156%
161%
26,657
26,869
28,182
29,432
30,656
31,840
33,070
10,040
10,413
10,770
11,145
11,537
11,924
12,324
10,106
10,297
10,727
11,116
11,488
11,848
12,223
138
59
160
235
294
341
381
6,174
5,862
6,233
6,592
6,942
7,286
7,651
198
238
292
344
394
442
491
155
359
623
868
1,077
1,254
1,404
150
301
437
536
598
637
665
46
162
293
418
526
608
11
21
36
57
85
124
19,451
19,560
20,601
21,560
22,452
23,325
24,241
2013
Client Confidential
7,206
7,309
7,581
7,872
8,204
8,516
8,829
47.3%
52.5%
50.1%
49.0%
48.3%
47.7%
47.0%
26,657
26,869
28,182
29,432
30,656
31,840
33,070
163
158
111
60
20
900
94
129
5,367
3,616
2,173
708
69
8,532
8,142
7,471
6,716
5,003
3,057
1,479
5,856
6,935
8,138
9,227
10,161
11,388
12,620
5,840
7,906
9,881
11,920
14,177
15,826
17,133
19
279
800
1,225
1,565
1,834
24,162
24,135
25,255
26,365
27,477
28,558
29,684
2,495
2,734
2,928
3,068
3,179
3,282
3,386
22,299
23,654
25,021
26,183
27,318
28,412
29,541
2,961
3,044
3,257
3,469
3,686
3,885
4,096
2,409
2,963
3,539
4,081
4,607
5,130
5,658
2,174
2,366
2,656
2,940
3,246
3,506
3,787
2,118
2,188
2,352
2,502
2,606
2,675
2,778
2013
Client Confidential
387
408
444
480
515
548
582
2,385
2,670
3,024
3,367
3,704
4,031
4,358
5,951
7,498
9,595
12,024
14,778
18,112
22,198
3,037
3,827
5,018
6,550
8,528
11,072
14,374
3,813
4,766
5,949
7,144
8,483
9,692
11,073
1,495
1,635
1,844
2,050
2,253
2,451
2,667
169
174
176
178
180
182
183
89
89
90
91
91
92
93
382
401
410
417
423
426
429
34
33
32
32
32
31
30
$16.03
$15.80
$15.16
$14.99
$14.91
$14.92
$15.26
$15.68
$14.80
$14.03
$13.87
$13.97
$14.20
$14.74
$18.46
$18.57
$17.75
$17.62
$17.25
$16.97
$17.03
$13.36
$13.49
$12.49
$12.20
$12.04
$11.99
$12.08
$12.43
$12.64
$12.40
$12.24
$12.39
$12.61
$13.11
$23.46
$0.00
$20.90
$0.00
$21.07
$0.00
$20.58
$0.00
$20.10
$0.00
$19.57
$0.00
$19.73
$0.00
$7.14
$6.98
$6.67
$6.53
$6.46
$6.43
$6.57
$39.62
$39.49
$38.04
$38.09
$38.05
$38.17
$39.09
$12.66
$12.08
$11.02
$10.42
$9.89
$9.39
$9.08
$3.37
$3.72
$4.14
$4.58
$5.02
$5.53
$6.17
$0.59
$0.55
$0.55
$0.56
$0.55
$0.55
$0.55
$0.36
$0.31
$0.30
$0.29
$0.27
$0.25
$0.24
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.10
$0.11
$0.12
$0.14
$0.15
$0.16
$0.17
$0.07
$0.06
$0.07
$0.07
$0.07
$0.07
$0.07
$2.78
$3.18
$3.59
$4.02
$4.48
$4.98
$5.63
$0.08
$0.07
$0.07
$0.07
$0.06
$0.06
$0.06
$0.10
$0.09
$0.09
$0.10
$0.10
$0.10
$0.10
$0.09
$0.10
$0.11
$0.12
$0.12
$0.13
$0.13
$0.65
$0.84
$1.03
$1.25
$1.50
$1.78
$2.16
$0.12
$0.14
$0.18
$0.22
$0.27
$0.33
$0.40
$0.10
$0.14
$0.19
$0.25
$0.31
$0.38
$0.45
$1.65
$1.80
$1.91
$2.02
$2.11
$2.20
$2.33
2013
Client Confidential
$30.46
$24.80
$21.22
$19.49
$18.32
$17.50
$17.22
$7.03
$6.95
$6.26
$5.78
$4.96
$3.71
$2.09
$4,921
$5,073
$5,006
$5,183
$5,375
$5,594
$5,941
$3,888
$3,878
$3,638
$3,601
$3,564
$3,523
$3,538
$1,034
$1,195
$1,368
$1,582
$1,811
$2,072
$2,404
$180
$175
$182
$193
$197
$205
$212
$111
$99
$98
$100
$96
$95
$93
$19
$21
$21
$21
$22
$23
$24
$29
$35
$41
$47
$53
$60
$67
$21
$21
$22
$25
$25
$27
$28
$854
$1,020
$1,186
$1,389
$1,614
$1,867
$2,191
$24
$22
$22
$23
$22
$22
$22
$29
$30
$31
$33
$35
$37
$37
$29
$32
$37
$41
$45
$49
$52
$201
$268
$341
$432
$539
$667
$842
$36
$45
$59
$76
$98
$124
$156
$30
$46
$64
$87
$113
$143
$175
$505
$577
$632
$697
$762
$826
$908
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
COLOMBIA
Units
2009A
2010A
2011A
Population
[000]
44,979
45,510
46,045
Households
[000]
11,990
12,150
12,320
DEMOGRAPHICS
Businesses
Nominal GDP
[000]
[US$m]
625
636
648
$233,890
$286,950
$336,370
[US$]
$5,036
$6,095
$7,051
[US$]

$8,850
$9,180
$9,850
[%]
4.20
2.27
3.42
[LCU / US$]
2,158
1,899
1,848

Main Lines
[%]
16%
15%
14%
Mobile Users
[%]
70%
74%
76%
[%]
92%
98%
101%
Prepaid
[%]
77%
82%
82%
Postpaid
[%]
14%
16%
19%
[%]
36%
63%
75%
[000]
41,289
44,616
46,359
Claro
[000]
27,674
29,264
28,819
Movistar
[000]
8,965
10,005
11,391
Tigo
[000]
4,517
5,209
5,991
Avantel
[000]
134
138
158
Others
[000]
Mobile Data Users

[000]
137
402
EPM
[000]
60
112
UFF
[000]
53
249
ETB
[000]
24
41
Others
[000]
Prepaid
[000]
34,837
37,151
37,743
Postpaid
[000]
6,452
7,465
8,617
2013
Client Confidential
MOBILE CHURN
Annual Churn Rate
[%]
49.5%
49.8%
61.2%
46,359

[000]
41,289
44,616
Analog
[000]
[000]
134
138
158
GSM
[000]
5,090
3,584
2,676
TDMA
[000]
553
CDMA One
[000]
107
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
23,458
16,344
11,117
GSM/EDGE
[000]
5,088
9,555
11,686
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
5,401
11,681
15,539
HSPA
[000]
1,458
3,314
5,183
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
39,150
42,378
43,996
[000]
2,139
2,238
2,364
SMS
[000]
16,065
28,539
34,306
MMS
[000]
1,668
2,163
2,091
Email
[000]
689
1,340
3,201
Others
[000]
215
335
603
Ringtones
[000]
2,098
2,381
2,350
Graphics/Images
[000]
891
1,338
1,901

Messaging
Applications
2013
Client Confidential
Games
[000]
527
966
1,315
Browsing/WAP
[000]
612
989
1,533
Music
[000]
860
1,301
1,892
Video
[000]
263
384
759
Data cards/Modems
[000]
500
1,002
1,255
MOBILE USAGE
[units/month]
159
175
190
Prepaid
[units/month]
106
115
127
Postpaid
[units/month]
466
483
484
Average Monthly SMS
[units/month]
12
18
25
Average Monthly MMS
[units/month]
MOBILE ARPS
[US$/month]
$8.55
$9.07
$9.75
Claro
[US$/month]
$8.35
$8.33
$9.71
Movistar
[US$/month]
$8.20
$9.53
$8.81
Tigo
[US$/month]
$10.04
$11.99
$11.25
Avantel
Others
[US$/month]
[US$/month]
$28.37
$0.00
$28.49
$0.00
$27.84
$0.00
Prepaid ARPS
[US$/month]
$4.75
$4.81
$4.89
Postpaid ARPS
[US$/month]
$30.45
$31.14
$32.37
Voice ARPS
[US$/month]
$7.82
$7.74
$7.71
Data ARPS
[US$/month]
$0.73
$1.33
$2.04
Messaging
[US$/month]
$0.48
$0.74
$1.19
SMS
[US$/month]
$0.45
$0.67
$1.01
MMS
[US$/month]
$0.00
$0.01
$0.01
Email
[US$/month]
$0.01
$0.05
$0.13
Others
[US$/month]
$0.01
$0.01
$0.03
Applications
[US$/month]
$0.25
$0.60
$0.85
Ringtones
[US$/month]
$0.04
$0.07
$0.09
Graphics/Images
[US$/month]
$0.02
$0.04
$0.05
Games
[US$/month]
$0.01
$0.04
$0.07
Browsing/WAP
[US$/month]
$0.03
$0.07
$0.13
Music
[US$/month]
$0.01
$0.02
$0.04
Video
[US$/month]
$0.00
$0.02
$0.03
Data cards/Modems
[US$/month]
$0.15
$0.33
$0.45
[US$/month]
$24.07
$24.17
$19.50

3G
2013
Client Confidential
Non-3G
[US$/month]
$6.97
$4.47
$3.45
[US$m]
$4,247
$4,677
$5,321
Voice Revenue
[US$m]
$3,885
$3,990
$4,207
Data Revenue
[US$m]
$362
$686
$1,114
Messaging Revenue
MOBILE REVENUES
[US$m]
$238
$380
$648
SMS
[US$m]
$226
$343
$551
MMS
[US$m]
$2
$5
$6
Email
[US$m]
$7
$24
$73
Others
[US$m]
$4
$8
$19
[US$m]
$124
$307
$466
Ringtones
[US$m]
$19
$38
$48
Graphics/Images
[US$m]
$8
$19
$27
Games
[US$m]
$5
$21
$39
Browsing/WAP
[US$m]
$13
$36
$72
Music
[US$m]
$5
$12
$20
Video
[US$m]
$2
$9
$15
Data cards/Modems
[US$m]
$72
$172
$245
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
46,582
47,121
47,662
48,203
48,748
49,292
49,834
12,500
12,670
12,850
13,030
13,210
13,474
13,744
660
673
686
699
712
725
739
$370,280
$382,400
$406,300
$436,400
$463,800
$485,000
$506,100
$7,663
$7,810
$8,200
$8,710
$9,150
$9,460
$9,760
$10,320
$10,760
$11,310
$11,880
$12,490
$13,170
$13,850
3.17
2.20
3.00
3.00
2.80
3.00
3.10
1,798
1,866
1,903
1,918
1,950
1,993
2,043
13%
12%
11%
10%
10%
9%
9%
79%
77%
81%
81%
81%
82%
84%
106%
103%
108%
110%
111%
112%
113%
85%
80%
84%
84%
84%
84%
83%
21%
22%
24%
25%
27%
28%
30%
92%
92%
98%
101%
103%
105%
107%
49,219
48,299
51,475
52,783
54,012
55,207
56,313
30,371
28,582
30,562
31,283
31,852
32,336
32,732
11,703
11,579
11,823
11,941
12,175
12,459
12,747
6,942
7,846
8,686
9,075
9,424
9,760
10,081
153
176
224
262
295
325
350
49
116
180
222
267
326
403
418
669
960
1,204
1,435
1,646
1,825
48
329
406
481
552
621
686
749
41
45
55
65
75
84
93
39,646
37,880
40,046
40,496
40,852
41,183
41,456
9,573
10,419
11,429
12,287
13,161
14,024
14,857
2013
Client Confidential
60.0%
62.2%
56.3%
56.3%
56.4%
56.4%
56.4%
49,219
48,299
51,475
52,783
54,012
55,207
56,313
153
176
224
251
236
244
252
1,888
869
389
198
101
51
26
8,378
6,027
4,156
2,455
1,069
546
240
14,405
12,074
8,971
6,013
4,240
2,081
984
16,343
17,761
18,982
22,336
22,689
21,697
19,969
8,052
11,180
18,264
20,446
23,496
26,764
29,274
212
487
1,083
2,182
3,824
5,568
46,749
45,775
48,734
49,919
51,027
52,097
53,084
2,470
2,524
2,740
2,863
2,985
3,110
3,229
43,067
43,469
46,791
48,459
50,084
51,703
53,267
2,053
1,994
1,913
1,805
1,699
1,598
1,467
5,778
8,505
12,690
16,916
20,772
23,354
24,536
736
794
927
1,056
1,188
1,325
1,464
2,320
2,163
2,121
2,066
2,009
1,950
1,890
2,559
2,898
3,088
3,167
3,241
3,312
3,379
2013
Client Confidential
1,675
1,891
2,216
2,454
2,686
2,915
3,138
1,926
2,173
2,663
3,059
3,457
3,864
4,280
2,812
3,587
4,588
5,437
6,319
7,232
8,165
1,289
1,518
1,905
2,217
2,539
2,871
3,210
1,283
1,322
1,480
1,593
1,712
1,837
1,968
201
211
219
227
235
242
248
134
138
140
145
148
152
153
486
496
500
506
511
516
521
31
34
36
34
33
31
29
$10.73
$11.30
$11.71
$11.97
$12.25
$12.49
$12.63
$11.19
$11.95
$12.39
$12.58
$12.81
$12.98
$13.11
$9.22
$9.65
$10.17
$10.55
$10.82
$10.95
$11.00
$10.94
$11.04
$11.17
$11.39
$11.71
$12.02
$12.32
$27.05
$12.07
$25.39
$7.33
$23.99
$11.75
$22.69
$14.05
$22.07
$20.19
$21.96
$29.11
$21.79
$25.86
$5.69
$5.80
$5.86
$5.92
$5.92
$5.91
$5.89
$32.16
$32.63
$32.57
$32.49
$32.49
$32.34
$31.93
$8.43
$8.63
$8.73
$8.75
$8.81
$8.88
$8.90
$2.30
$2.67
$2.98
$3.22
$3.44
$3.62
$3.73
$1.36
$1.59
$1.78
$1.90
$2.00
$2.04
$2.00
$1.07
$1.15
$1.15
$1.07
$0.98
$0.89
$0.81
$0.01
$0.01
$0.01
$0.01
$0.01
$0.00
$0.00
$0.23
$0.37
$0.55
$0.74
$0.91
$1.02
$1.06
$0.05
$0.07
$0.08
$0.09
$0.11
$0.12
$0.13
$0.94
$1.08
$1.19
$1.32
$1.44
$1.58
$1.74
$0.07
$0.06
$0.06
$0.05
$0.05
$0.04
$0.04
$0.05
$0.06
$0.06
$0.06
$0.05
$0.05
$0.06
$0.09
$0.10
$0.12
$0.13
$0.13
$0.14
$0.15
$0.18
$0.23
$0.29
$0.35
$0.42
$0.49
$0.57
$0.05
$0.06
$0.08
$0.09
$0.11
$0.12
$0.14
$0.04
$0.12
$0.14
$0.16
$0.18
$0.21
$0.24
$0.45
$0.45
$0.46
$0.48
$0.50
$0.52
$0.54
$16.10
$15.82
$15.22
$14.60
$14.22
$14.18
$13.58
2013
Client Confidential
$5.93
$5.87
$4.89
$3.50
$3.02
$2.62
$1.43
$6,155
$6,611
$7,010
$7,485
$7,852
$8,187
$8,451
$4,838
$5,050
$5,228
$5,472
$5,646
$5,816
$5,953
$1,317
$1,561
$1,781
$2,013
$2,206
$2,371
$2,499
$779
$931
$1,067
$1,190
$1,282
$1,335
$1,337
$614
$672
$686
$667
$629
$586
$539
2013
$5
$5
$4
$4
$3
$3
$3
$129
$215
$329
$461
$581
$667
$707
$31
$39
$48
$58
$69
$79
$89
$538
$630
$714
$823
$924
$1,036
$1,161
$42
$38
$34
$32
$30
$29
$28
$31
$33
$35
$35
$35
$36
$39
$51
$60
$69
$78
$86
$94
$101
$103
$134
$172
$220
$268
$322
$383
$27
$37
$47
$58
$69
$81
$93
$25
$67
$82
$100
$118
$136
$158
$260
$261
$275
$299
$318
$339
$360
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
COSTA RICA
Units
2009A
2010A
2011A
Population
[000]
4,605
4,675
4,746
Households
[000]
1,197
1,266
1,298
DEMOGRAPHICS
Businesses
58
62
63
[US$m]
$29,383
$36,298
$41,031
[US$]
$6,381
$7,764
$8,646
[US$]
Nominal GDP
[000]
$10,146
$10,615
$11,135
[%]
7.84
5.66
4.88
[LCU / US$]
573
526
506
Main Lines
[%]
34%
33%
32%
Mobile Users
[%]
35%
55%
74%

[%]
40%
61%
87%
Prepaid
[%]
0%
29%
60%
Postpaid
[%]
40%
32%
27%
[%]
33%
35%
51%
[000]
1,826
2,860
4,122
ICE
[000]
1,826
2,860
3,860
Movistar
[000]
116
Claro
[000]
146
Others
[000]
Mobile Data Users

[000]
164
Tuyo Movil
[000]
83
Fullmovil
[000]
81
MVNO3
[000]
Others
[000]

Prepaid
[000]
1,373
2,841
Postpaid
[000]
1,826
1,487
1,281
2013
Client Confidential
MOBILE CHURN
Annual Churn Rate
[%]
16.8%
26.7%
32.0%
[000]
1,826
2,860
4,122
Analog
[000]
[000]
GSM
[000]
1,241
1,031
579
TDMA
[000]
149
27
CDMA One
[000]
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
274
572
463
GSM/EDGE
[000]
128
601
1,672
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
34
629
1,390
HSPA
[000]
18
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
1,750
2,741
3,948
[000]
75
119
173
SMS
[000]
1,511
1,622
2,432
MMS
[000]
61
114
330
Email
[000]
40
91
186
Others
[000]
10
Ringtones
[000]
159
234
371
Graphics/Images
[000]
60
92
161
Games
[000]
23
34
50


Messaging
Applications
2013
Client Confidential
Browsing/WAP
[000]
89
192
412
Music
[000]
79
90
185
Video
[000]
14
32
60
Data cards/Modems
[000]
80
141
MOBILE USAGE
[units/month]
175
163
151
Prepaid
[units/month]
130
143
Postpaid
[units/month]
175
177
179
Average Monthly SMS
[units/month]
328
358
320
Average Monthly MMS
[units/month]
[US$/month]
$16.12
$17.41
$16.22
ICE
[US$/month]
$16.12
$17.41
$16.59
Movistar
[US$/month]
$0.00
$0.00
$6.98
Claro
[US$/month]
$0.00
$0.00
$6.48
Others
[US$/month]
$0.00
$0.00
$0.00
MOBILE ARPS

Prepaid ARPS
[US$/month]
$0.00
$4.20
$4.26
Postpaid ARPS
[US$/month]
$16.12
$22.89
$34.42
Voice ARPS
[US$/month]
$15.31
$16.38
$14.57
Data ARPS
[US$/month]
$0.81
$1.03
$1.65
Messaging
[US$/month]
$0.58
$0.67
$0.58
SMS
[US$/month]
$0.57
$0.64
$0.52
MMS
[US$/month]
$0.00
$0.00
$0.01
Email
[US$/month]
$0.01
$0.02
$0.05
Others
[US$/month]
$0.00
$0.01
$0.00
Applications
[US$/month]
$0.23
$0.36
$1.07
Ringtones
[US$/month]
$0.05
$0.05
$0.15
Graphics/Images
[US$/month]
$0.04
$0.04
$0.02
Games
[US$/month]
$0.02
$0.03
$0.05
Browsing/WAP
[US$/month]
$0.06
$0.12
$0.42
Music
[US$/month]
$0.01
$0.01
$0.04
Video
[US$/month]
$0.00
$0.00
$0.00
Data cards/Modems
[US$/month]
$0.05
$0.10
$0.39
3G
[US$/month]
$40.30
$43.53
$30.71
Non-3G
[US$/month]
$15.88
$13.11
$10.25
2013
Client Confidential
MOBILE REVENUES
[US$m]
$334
$490
$679
Voice Revenue
[US$m]
$317
$461
$610
Data Revenue
[US$m]
$17
$29
$69
Messaging Revenue
[US$m]
$12
$19
$24
SMS
[US$m]
$12
$18
$22
MMS
[US$m]
$0
$0
$0
Email
[US$m]
$0
$1
$2
Others
[US$m]
$0
$0
$0
[US$m]
$5
$10
$45
Ringtones
[US$m]
$1
$1
$6
Graphics/Images
[US$m]
$1
$1
$1
Games
[US$m]
$1
$1
$2
Browsing/WAP
[US$m]
$1
$3
$18
Music
[US$m]
$0
$0
$1
Video
[US$m]
$0
$0
$0
Data cards/Modems
[US$m]
$1
$3
$16
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
4,816
4,890
4,960
5,030
5,080
5,131
5,182
1,323
1,350
1,377
1,404
1,433
1,461
1,490
66
69
72
75
79
82
86
$45,107
$49,639
$53,125
$57,810
$62,734
$68,517
$74,761
$9,365
$10,150
$10,710
$11,490
$12,350
$13,350
$14,430
$11,737
$12,130
$12,680
$13,280
$14,010
$14,800
$15,620
4.50
5.50
4.30
5.50
5.50
5.40
5.30
503
500
505
510
514
517
520
31%
29%
28%
26%
25%
23%
22%
82%
84%
85%
86%
86%
85%
85%
112%
135%
151%
161%
167%
169%
170%
87%
103%
115%
123%
128%
130%
130%
25%
31%
35%
38%
39%
40%
40%
70%
89%
106%
117%
119%
120%
119%
5,378
6,582
7,480
8,101
8,468
8,690
8,802
4,518
4,732
4,803
4,764
4,719
4,666
4,601
376
903
1,321
1,678
1,962
2,171
2,302
484
948
1,356
1,659
1,786
1,853
1,900
268
345
409
458
494
521
541
161
225
274
308
334
353
366
107
120
135
150
160
169
175
4,190
5,044
5,728
6,210
6,491
6,659
6,732
1,188
1,538
1,752
1,891
1,977
2,031
2,070
2013
Client Confidential
2013
35.2%
35.8%
35.4%
35.0%
34.6%
34.0%
33.6%
5,378
6,582
7,480
8,101
8,468
8,690
8,802
316
0
0
136
2,543
3,181
3,009
2,676
2,157
1,556
1,016
2,168
2,744
3,266
3,573
3,776
3,826
3,842
215
657
1,204
1,752
2,210
2,550
2,830
100
326
757
1,114
5,146
6,295
7,150
7,741
8,088
8,295
8,399
232
287
329
360
380
394
404
3,388
4,344
5,236
5,865
6,069
6,166
6,184
430
494
546
580
594
597
593
328
501
666
815
923
1,013
1,074
27
66
112
162
212
261
308
532
717
896
1,067
1,227
1,385
1,544
296
362
419
446
466
478
484
65
80
94
102
107
109
111
Client Confidential
726
1,121
1,646
2,121
2,549
2,943
3,309
319
430
538
630
709
786
863
107
168
239
312
381
450
520
193
248
304
355
397
432
460
135
145
146
147
149
150
151
144
133
132
132
132
133
134
181
187
192
198
203
206
209
253
147
116
103
99
93
88
$13.53
$12.34
$11.98
$11.66
$11.44
$11.24
$10.89
$14.61
$13.99
$14.44
$14.65
$14.70
$14.52
$14.00
$5.71
$7.00
$7.40
$7.63
$7.86
$8.09
$8.17
$5.37
$6.43
$6.23
$6.14
$6.23
$6.38
$6.43
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$4.18
$4.09
$3.81
$3.61
$3.47
$3.30
$3.06
$40.17
$40.28
$38.71
$38.01
$37.59
$37.29
$36.43
$11.82
$10.68
$10.12
$9.57
$9.13
$8.73
$8.22
$1.72
$1.66
$1.86
$2.08
$2.30
$2.52
$2.67
$0.42
$0.31
$0.29
$0.29
$0.30
$0.31
$0.31
$0.32
$0.19
$0.15
$0.12
$0.11
$0.10
$0.09
$0.01
$0.01
$0.01
$0.00
$0.00
$0.00
$0.00
$0.08
$0.11
$0.13
$0.14
$0.16
$0.17
$0.18
$0.00
$0.01
$0.01
$0.02
$0.02
$0.03
$0.03
$1.30
$1.35
$1.56
$1.79
$2.01
$2.21
$2.36
$0.16
$0.17
$0.17
$0.18
$0.20
$0.21
$0.22
$0.03
$0.03
$0.04
$0.04
$0.04
$0.05
$0.04
$0.05
$0.05
$0.05
$0.05
$0.04
$0.04
$0.04
$0.52
$0.61
$0.77
$0.95
$1.10
$1.24
$1.35
$0.05
$0.07
$0.08
$0.10
$0.11
$0.13
$0.15
$0.01
$0.01
$0.01
$0.01
$0.01
$0.02
$0.02
$0.48
$0.42
$0.44
$0.47
$0.50
$0.52
$0.53
$20.43
$16.38
$14.50
$13.41
$12.58
$11.92
$11.22
$8.96
$8.55
$8.77
$8.60
$8.66
$8.80
$8.93
2013
Client Confidential
2013
$771
$885
$1,011
$1,090
$1,137
$1,158
$1,142
$673
$766
$854
$895
$908
$898
$863
$98
$119
$157
$195
$229
$259
$280
$24
$22
$25
$27
$30
$32
$32
$19
$14
$12
$11
$11
$10
$9
$0
$0
$0
$0
$0
$0
$0
$5
$8
$11
$14
$16
$18
$19
$0
$1
$1
$2
$2
$3
$4
$74
$97
$132
$168
$199
$228
$247
$9
$12
$15
$17
$19
$21
$23
$2
$2
$3
$4
$4
$5
$5
$3
$4
$4
$4
$4
$4
$4
$30
$43
$65
$88
$109
$128
$142
$3
$5
$7
$9
$11
$14
$16
$0
$1
$1
$1
$1
$2
$2
$27
$30
$37
$44
$49
$54
$56
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
DOMINICAN REPUBLIC
Units
2009A
2010A
2011A
Population
[000]
9,303
9,445
9,571
Households
[000]
2,639
2,665
2,692
DEMOGRAPHICS
Businesses
337
341
345
[US$m]
$46,485
$50,980
$55,433
[US$]
$4,997
$5,398
$5,790
[US$]
Nominal GDP

[000]
$10,230
$10,980
$11,550
[%]
1.44
6.33
8.46
[LCU / US$]
36.11
37.31
38.23

Main Lines
[%]
10%
10%
10%
Mobile Users
[%]
40%
40%
39%
[%]
91%
92%
97%
Prepaid
[%]
76%
77%
78%
Postpaid
[%]
14%
14%
14%
[%]
59%
67%
70%
[000]
8,559
8,837
9,060
Claro
[000]
4,742
4,850
4,766
Tricom
[000]
425
435
442
Viva (Trilogy Dominicana)
[000]
581
667
746
Orange Dominicana
[000]
2,811
2,885
3,106
Others
[000]
[000]
Prepaid
[000]
7,213
7,446
7,647
Postpaid
[000]
1,346
1,391
1,413
[%]
56.7%
56.7%
56.2%
Mobile Data Users


MOBILE CHURN
Annual Churn Rate
2013
Client Confidential

[000]
8,559
8,837
9,060
Analog
[000]
[000]
GSM
[000]
1,265
923
714
TDMA
[000]
CDMA One
[000]
990
389
314
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
1,920
2,090
1,997
GSM/EDGE
[000]
2,924
3,665
3,907
CDMA 1X
[000]
348
207
186
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
521
247
149
[000]
UMTS
[000]
442
950
1,208
HSPA
[000]
148
366
584
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
7,844
8,072
8,272
[000]
715
765
788
SMS
[000]
5,445
6,336
6,716
MMS
[000]
413
496
549
Email
[000]
283
355
426
Others
[000]
379
444
492
Ringtones
[000]
507
590
686
Graphics/Images
[000]
320
366
400
Games
[000]
352
418
483
Browsing/WAP
[000]
431
489
568
Music
[000]
216
289
372
Video
[000]
112
155
203

Messaging
Applications
2013
Client Confidential
Data cards/Modems
[000]
441
611
751
[units/month]
106
111
114
MOBILE USAGE
Prepaid
[units/month]
56
60
63
Postpaid
[units/month]
376
383
390
Average Monthly SMS
[units/month]
25
30
40
Average Monthly MMS
[units/month]
[US$/month]
$14.94
$14.21
$14.31
Claro
[US$/month]
$13.00
$12.50
$13.00
Tricom
[US$/month]
$12.00
$13.20
$14.30
Viva (Trilogy Dominicana)
[US$/month]
$13.00
$14.00
$15.00
Orange Dominicana
[US$/month]
$19.02
$17.29
$16.25
Others
[US$/month]
$0.00
$0.00
$0.00
Prepaid ARPS
[US$/month]
$9.52
$9.59
$9.73
Postpaid ARPS
[US$/month]
$44.19
$38.94
$38.93
Voice ARPS
[US$/month]
$11.61
$10.19
$9.44
Data ARPS
[US$/month]
$3.33
$4.02
$4.87
Messaging
[US$/month]
$1.69
$2.00
$2.36
SMS
[US$/month]
$1.32
$1.50
$1.71
MMS
[US$/month]
$0.05
$0.06
$0.09
Email
[US$/month]
$0.12
$0.16
$0.20
Others
[US$/month]
$0.20
$0.28
$0.37
Applications
[US$/month]
$1.65
$2.02
$2.51
Ringtones
[US$/month]
$0.21
$0.25
$0.30
Graphics/Images
[US$/month]
$0.10
$0.12
$0.14
Games
[US$/month]
$0.10
$0.13
$0.16
Browsing/WAP
[US$/month]
$0.13
$0.16
$0.18
Music
[US$/month]
$0.09
$0.12
$0.15
Video
[US$/month]
$0.05
$0.07
$0.10
Data cards/Modems
[US$/month]
$0.96
$1.19
$1.49
3G
[US$/month]
$44.83
$36.94
$36.49
Non-3G
[US$/month]
$10.51
$10.08
$8.91
MOBILE ARPS
MOBILE REVENUES
2013
Client Confidential
[US$m]
$1,410
$1,483
$1,536
Voice Revenue
[US$m]
$1,096
$1,063
$1,013
Data Revenue
[US$m]
$315
$420
$523
Messaging Revenue
[US$m]
$159
$209
$253
SMS
[US$m]
$124
$156
$184
MMS
[US$m]
$5
$7
$9
Email
[US$m]
$12
$16
$21
Others
[US$m]
$19
$29
$39
[US$m]
$155
$211
$270
Ringtones
[US$m]
$20
$26
$32
Graphics/Images
[US$m]
$9
$12
$15
Games
[US$m]
$10
$13
$18
Browsing/WAP
[US$m]
$12
$16
$19
Music
[US$m]
$9
$12
$16
Video
[US$m]
$5
$7
$11
Data cards/Modems
[US$m]
$90
$124
$160
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
9,696
9,821
9,948
10,070
10,200
10,320
10,440
2,719
2,746
2,774
2,801
2,829
2,858
2,886
350
355
359
364
369
373
378
$58,898
$59,285
$61,941
$65,621
$70,003
$74,439
$79,059
$6,070
$6,040
$6,230
$6,510
$6,860
$7,210
$7,570
$12,050
$12,410
$12,970
$13,600
$14,360
$15,150
$15,940
3.70
5.00
4.40
4.40
4.50
4.40
4.00
39.34
41.80
43.34
44.57
45.69
46.76
47.65
10%
11%
12%
12%
12%
12%
11%
73%
74%
76%
78%
79%
80%
81%
94%
96%
98%
101%
103%
105%
106%
79%
81%
82%
84%
86%
88%
89%
15%
15%
16%
16%
16%
17%
17%
72%
74%
78%
81%
85%
89%
93%
9,143
9,446
9,759
10,126
10,482
10,807
11,066
4,889
5,067
5,319
5,538
5,732
5,904
6,068
437
437
439
440
441
441
434
2013
603
542
522
524
538
556
576
3,214
3,400
3,480
3,624
3,772
3,906
3,989
7,705
7,954
8,207
8,508
8,802
9,069
9,279
1,437
1,491
1,553
1,618
1,680
1,738
1,787
55.2%
54.3%
53.6%
53.0%
52.3%
51.6%
50.9%
Client Confidential
2013
9,143
9,446
9,759
10,126
10,482
10,807
11,066
385
203
31
19
269
254
240
225
214
203
194
1,755
1,647
1,392
1,153
1,089
1,113
1,157
4,092
4,117
4,003
3,815
3,655
3,525
3,543
158
124
111
110
108
105
102
101
95
106
119
119
132
139
1,570
2,006
2,555
3,059
3,331
3,475
3,591
812
999
1,317
1,605
1,901
2,135
2,201
21
65
117
140
8,319
8,563
8,807
9,096
9,370
9,610
9,785
823
883
952
1,030
1,112
1,197
1,281
6,985
7,253
7,718
8,128
8,709
9,203
9,660
549
538
528
521
512
502
488
466
529
576
638
702
756
775
503
510
527
547
565
578
592
690
761
801
846
892
940
963
424
454
464
477
489
499
506
493
509
526
543
555
562
576
567
580
593
610
625
638
646
429
487
539
590
636
676
709
215
227
234
253
273
292
310
Client Confidential
869
987
1,122
1,280
1,431
1,594
1,763
116
117
118
119
120
120
121
64
64
65
65
65
65
65
395
399
402
404
407
409
412
49
58
68
79
91
105
118
$14.55
$14.70
$14.81
$14.95
$15.14
$15.32
$15.47
$13.55
$13.54
$13.38
$13.32
$13.41
$13.46
$13.55
$14.70
$15.20
$15.48
$15.67
$16.02
$16.36
$16.73
$15.68
$17.19
$18.49
$19.46
$20.25
$20.93
$21.50
$15.82
$15.93
$16.32
$16.68
$16.93
$17.22
$17.39
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$9.81
$9.78
$9.61
$9.57
$9.59
$9.62
$9.48
$40.06
$40.98
$42.43
$43.27
$44.26
$45.13
$46.67
$9.21
$9.02
$8.84
$8.67
$8.58
$8.49
$8.40
$5.34
$5.68
$5.97
$6.28
$6.56
$6.83
$7.07
$2.59
$2.77
$2.95
$3.11
$3.27
$3.41
$3.51
$1.87
$2.03
$2.18
$2.33
$2.47
$2.60
$2.69
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.10
$0.22
$0.24
$0.25
$0.27
$0.28
$0.29
$0.30
$0.40
$0.41
$0.41
$0.41
$0.42
$0.42
$0.42
$2.75
$2.91
$3.03
$3.16
$3.29
$3.42
$3.56
$0.31
$0.32
$0.33
$0.34
$0.34
$0.35
$0.36
$0.14
$0.15
$0.15
$0.15
$0.14
$0.14
$0.14
$0.17
$0.17
$0.17
$0.17
$0.17
$0.17
$0.17
$0.19
$0.19
$0.18
$0.18
$0.17
$0.17
$0.17
$0.17
$0.18
$0.19
$0.20
$0.21
$0.21
$0.21
$0.11
$0.12
$0.12
$0.13
$0.13
$0.14
$0.14
$1.65
$1.78
$1.88
$2.01
$2.12
$2.24
$2.37
$36.96
$36.89
$31.84
$28.18
$26.34
$25.90
$25.68
$7.35
$5.17
$4.86
$4.47
$4.12
$3.42
$3.22
2013
Client Confidential
$1,589
$1,639
$1,707
$1,783
$1,871
$1,957
$2,031
$1,006
$1,006
$1,018
$1,034
$1,061
$1,085
$1,103
$583
$633
$688
$749
$811
$873
$928
$283
$309
$339
$371
$404
$436
$461
$205
$226
$252
$279
$306
$332
$354
$10
$11
$11
$12
$12
$13
$13
$24
$27
$29
$32
$35
$38
$39
$43
$45
$47
$49
$51
$53
$55
$300
$324
$349
$378
$407
$437
$467
$34
$36
$38
$40
$43
$45
$47
$15
$16
$17
$17
$18
$18
$18
$19
$19
$20
$20
$21
$21
$22
$21
$21
$21
$21
$22
$22
$22
$18
$20
$22
$24
$25
$27
$28
2013
$12
$13
$14
$15
$16
$18
$19
$180
$199
$217
$239
$262
$286
$312
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
ECUADOR
Units
2009A
2010A
2011A
Population
[000]
14,005
14,480
14,690
Households
[000]
3,049
3,067
3,083
DEMOGRAPHICS
Businesses
345
349
353
[US$m]
$62,520
$67,514
$76,770
[US$]
$4,464
$4,660
$5,230
[US$]
Nominal GDP
[000]
$8,710
$8,780
$9,510
[%]
5.16
3.55
4.47
[LCU / US$]
1.00
1.00
1.00
Main Lines
[%]
15%
14%
15%
Mobile Users
[%]
83%
89%
89%

[%]
97%
105%
108%
Prepaid
[%]
85%
91%
91%
Postpaid
[%]
12%
14%
17%
[%]
71%
90%
100%
[000]
13,527
15,212
15,838
Claro
[000]
9,449
10,670
11,057
Movistar
[000]
3,721
4,222
4,478
CNT
[000]
357
320
303
Others
[000]
[000]
Prepaid
[000]
11,855
13,241
13,356
Postpaid
[000]
1,672
1,971
2,482
[%]
22.8%
27.5%
37.0%
Mobile Data Users


MOBILE CHURN
Annual Churn Rate
2013
Client Confidential

[000]
13,527
15,212
15,819
Analog
[000]
[000]
GSM
[000]
3,664
1,204
172
TDMA
[000]
CDMA One
[000]
370
253
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
5,637
6,606
7,201
GSM/EDGE
[000]
3,155
6,196
6,845
CDMA 1X
[000]
104
90
88
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
14
16
24
[000]
UMTS
[000]
584
847
1,479
HSPA
[000]
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
12,271
13,790
14,343
[000]
1,256
1,422
1,495
SMS
[000]
9,984
13,082
14,650
MMS
[000]
1,611
1,829
1,924
Email
[000]
654
745
807
Others
[000]
188
222
231
Ringtones
[000]
2,926
3,586
3,995
Graphics/Images
[000]
1,217
1,410
1,512
Games
[000]
256
317
370
Browsing/WAP
[000]
372
608
950
Music
[000]
542
792
989
Video
[000]
383
474
553
Data cards/Modems
[000]
213
332
428

Messaging
Applications
2013
Client Confidential
MOBILE USAGE
[units/month]
90
110
149
Prepaid
[units/month]
61
78
118
Postpaid
[units/month]
297
330
330
Average Monthly SMS
[units/month]
93
106
120
Average Monthly MMS
[units/month]
MOBILE ARPS
[US$/month]
$9.11
$9.21
$9.40
Porta Celular
[US$/month]
$9.00
$9.20
$9.42
Movistar
[US$/month]
$9.22
$9.10
$9.22
Alegro
[US$/month]
$10.75
$10.83
$11.22
Others
[US$/month]
$0.00
$0.00
$0.00

Prepaid ARPS
[US$/month]
$5.76
$5.75
$5.74
Postpaid ARPS
[US$/month]
$32.88
$33.06
$31.25
Voice ARPS
[US$/month]
$7.41
$7.39
$7.19
Data ARPS
[US$/month]
$1.70
$1.83
$2.21
Messaging
[US$/month]
$1.19
$1.15
$1.40
SMS
[US$/month]
$1.12
$1.07
$1.35
MMS
[US$/month]
$0.03
$0.03
$0.02
Email
[US$/month]
$0.03
$0.03
$0.02
Others
[US$/month]
$0.01
$0.02
$0.01
Applications
[US$/month]
$0.51
$0.67
$0.80
Ringtones
[US$/month]
$0.03
$0.02
$0.02
Graphics/Images
[US$/month]
$0.01
$0.01
$0.01
Games
[US$/month]
$0.00
$0.00
$0.00
Browsing/WAP
[US$/month]
$0.08
$0.17
$0.22
Music
[US$/month]
$0.05
$0.07
$0.06
Video
[US$/month]
$0.03
$0.04
$0.03
Data cards/Modems
[US$/month]
$0.31
$0.37
$0.46
3G
[US$/month]
$36.44
$36.86
$37.60
Non-3G
[US$/month]
$7.93
$7.73
$7.07
[US$m]
$1,382
$1,588
$1,751
[US$m]
$1,124
$1,274
$1,339
MOBILE REVENUES
Voice Revenue
2013
Client Confidential
Data Revenue
[US$m]
$258
$315
$411
Messaging Revenue
[US$m]
$181
$198
$261
SMS
[US$m]
$171
$184
$251
MMS
[US$m]
$4
$5
$4
Email
[US$m]
$4
$6
$4
Others
[US$m]
$2
$3
$2
[US$m]
$77
$116
$150
Ringtones
[US$m]
$5
$4
$4
Graphics/Images
[US$m]
$1
$2
$1
Games
[US$m]
$1
$1
$1
Browsing/WAP
[US$m]
$12
$29
$41
Music
[US$m]
$8
$12
$11
Video
[US$m]
$4
$6
$5
Data cards/Modems
[US$m]
$46
$63
$86
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
14,900
15,100
15,310
15,510
15,700
15,910
16,130
3,099
3,115
3,146
3,177
3,209
3,241
3,273
358
364
369
374
380
385
391
$84,040
$90,390
$97,300
$104,200
$111,900
$118,500
$126,800
$5,640
$5,980
$6,360
$6,720
$7,130
$7,450
$7,860
$10,030
$10,450
$10,940
$11,490
$12,200
$12,870
$13,490
5.10
2.60
3.80
4.00
4.60
4.60
4.50
1.00
1.00
1.00
1.00
1.00
1.00
1.00
16%
17%
17%
17%
17%
15%
15%
91%
91%
92%
92%
92%
92%
89%
114%
118%
121%
124%
125%
126%
127%
94%
93%
93%
93%
92%
91%
90%
20%
24%
28%
31%
33%
35%
37%
104%
108%
112%
115%
118%
120%
122%
17,040
17,765
18,553
19,171
19,658
20,080
20,460
11,758
12,240
12,751
13,150
13,459
13,717
13,951
4,973
5,163
5,393
5,580
5,734
5,877
6,014
309
363
408
441
466
486
495
14,029
14,118
14,246
14,352
14,423
14,461
14,499
3,011
3,648
4,307
4,819
5,235
5,620
5,961
31.3%
29.9%
29.2%
28.5%
27.8%
27.2%
26.6%
2013
Client Confidential
17,040
17,765
18,553
19,171
19,658
20,080
20,460
41
15
12
6,899
6,849
6,708
6,501
6,123
5,986
5,564
7,750
7,866
7,794
6,774
5,704
4,740
4,138
59
15
12
22
2,227
2,616
3,125
3,979
4,475
4,775
5,073
42
311
653
1,332
2,333
3,205
4,017
87
245
573
1,017
1,372
1,667
15,414
16,051
16,743
17,280
17,699
18,058
18,379
1,626
1,714
1,810
1,890
1,959
2,022
2,081
15,509
16,255
17,145
17,894
18,532
19,120
19,676
2,088
2,198
2,319
2,420
2,506
2,586
2,608
873
912
952
984
1,022
1,064
1,105
249
260
271
280
287
293
303
4,551
4,982
5,411
5,815
6,201
6,587
6,712
1,674
1,797
1,933
2,109
2,320
2,570
2,864
445
520
608
703
808
924
1,045
1,256
2,132
2,649
3,011
3,242
3,444
3,580
1,276
1,530
1,757
2,088
2,438
2,811
3,212
659
782
928
1,112
1,337
1,606
1,923
579
711
844
978
1,111
1,245
1,381
2013
Client Confidential
137
134
139
146
151
156
160
98
89
90
91
92
93
94
331
323
315
318
320
323
326
125
126
128
130
132
134
137
$9.73
$10.05
$10.24
$10.44
$10.53
$10.59
$10.60
$9.54
$9.82
$10.12
$10.34
$10.42
$10.44
$10.41
$9.99
$10.36
$10.28
$10.45
$10.58
$10.73
$10.81
$12.54
$13.68
$13.36
$13.20
$13.25
$13.15
$13.12
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$5.64
$4.35
$5.36
$6.14
$7.59
$8.08
$8.71
$30.13
$30.36
$27.16
$25.48
$24.03
$22.97
$21.44
$7.36
$7.19
$7.25
$7.38
$7.42
$7.43
$7.40
$2.37
$2.87
$2.99
$3.06
$3.11
$3.16
$3.19
$1.45
$1.78
$1.74
$1.71
$1.71
$1.70
$1.69
$1.41
$1.73
$1.69
$1.67
$1.66
$1.66
$1.65
$0.01
$0.02
$0.01
$0.01
$0.01
$0.01
$0.01
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.92
$1.09
$1.25
$1.34
$1.40
$1.46
$1.50
$0.02
$0.02
$0.01
$0.01
$0.01
$0.01
$0.01
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.29
$0.41
$0.55
$0.61
$0.64
$0.66
$0.66
$0.06
$0.06
$0.07
$0.08
$0.09
$0.11
$0.12
$0.03
$0.03
$0.03
$0.04
$0.04
$0.05
$0.06
$0.52
$0.56
$0.58
$0.60
$0.61
$0.63
$0.64
$38.91
$35.19
$28.66
$24.00
$20.02
$17.47
$15.36
$5.91
$5.53
$5.80
$5.60
$5.36
$5.35
$5.90
$1,919
$2,100
$2,231
$2,362
$2,454
$2,525
$2,577
$1,451
$1,501
$1,579
$1,671
$1,729
$1,773
$1,800
2013
Client Confidential
2013
$467
$599
$651
$692
$725
$752
$777
$286
$372
$379
$388
$398
$405
$411
$278
$361
$368
$378
$388
$395
$401
$3
$3
$3
$3
$3
$2
$2
$3
$5
$5
$4
$4
$4
$4
$2
$3
$3
$3
$3
$3
$3
$182
$227
$273
$304
$327
$347
$366
$4
$3
$3
$2
$2
$2
$2
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$57
$86
$119
$138
$149
$157
$161
$11
$13
$16
$18
$22
$26
$30
$5
$6
$7
$8
$10
$12
$14
$103
$117
$127
$135
$143
$150
$157
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
EL SALVADOR
Units
2009A
2010A
2011A
Population
[000]
6,160
6,181
6,214
Households
[000]
1,545
1,568
1,591
DEMOGRAPHICS
Businesses
202
210
218
[US$m]
$20,661
$21,428
$23,054
[US$]
$3,354
$3,467
$3,710
[US$]
Nominal GDP
[000]
$6,180
$6,410
$6,590
[%]
1.06
1.18
5.13
[LCU / US$]
1.00
1.00
1.00
Main Lines
[%]
15%
15%
14%
Mobile Users
[%]
79%
77%
80%

[%]
123%
127%
134%
Prepaid
[%]
110%
114%
119%
Postpaid
[%]
12%
13%
14%
[%]
102%
107%
116%
[000]
7,566
7,823
8,316
Tigo
[000]
2,780
2,728
3,027
Movistar
[000]
1,078
1,134
1,204
Claro
[000]
1,789
1,828
1,918
Digicel
[000]
1,838
2,047
2,082
Intelfon
[000]
82
86
85
Others
[000]
[000]
Prepaid
[000]
6,801
7,048
7,425
Postpaid
[000]
766
775
891
Mobile Data Users


MOBILE CHURN
2013
Client Confidential
Annual Churn Rate
[%]
35.4%
33.9%
29.0%
[000]
7,566
7,823
8,316

Analog
[000]
[000]
82
86
85
GSM
[000]
2,642
2,071
1,196
TDMA
[000]
290
CDMA One
[000]
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
3,962
4,700
5,325
GSM/EDGE
[000]
338
389
605
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
234
526
1,013
HSPA
[000]
18
52
91
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
7,249
7,502
7,982
[000]
318
321
334
SMS
[000]
6,280
6,639
7,235
MMS
[000]
681
747
832
Email
[000]
76
118
166
Others
[000]
93
128
176
Ringtones
[000]
832
1,022
1,164
Graphics/Images
[000]
509
536
575
Games
[000]
246
291
374
Browsing/WAP
[000]
151
250
334
Music
[000]
15
27
42

Messaging
Applications
2013
Client Confidential
Video
[000]
14
25
Data cards/Modems
[000]
32
73
118
MOBILE USAGE
[units/month]
104
104
107
Prepaid
[units/month]
65
64
65
Postpaid
[units/month]
466
467
473
Average Monthly SMS
[units/month]
35
42
44
Average Monthly MMS
[units/month]
MOBILE ARPS
[US$/month]
$7.08
$6.79
$6.97
Tigo
[US$/month]
$7.80
$7.17
$8.21
Movistar
[US$/month]
$7.23
$7.19
$7.97
Claro
[US$/month]
$6.20
$6.14
$5.04
Digicel
[US$/month]
$6.71
$6.54
$6.49
Intelfon
Others
[US$/month]
[US$/month]
$8.75
$0.00
$8.45
$0.00
$4.98
$0.00

Prepaid ARPS
[US$/month]
$5.25
$3.61
$3.76
Postpaid ARPS
[US$/month]
$23.95
$43.52
$45.32
Voice ARPS
[US$/month]
$5.83
$5.54
$5.33
Data ARPS
[US$/month]
$1.26
$1.25
$1.66
Messaging
[US$/month]
$0.80
$0.88
$0.95
SMS
[US$/month]
$0.73
$0.77
$0.78
MMS
[US$/month]
$0.04
$0.03
$0.04
Email
[US$/month]
$0.04
$0.06
$0.08
Others
[US$/month]
$0.00
$0.02
$0.05
Applications
[US$/month]
$0.45
$0.36
$0.71
Ringtones
[US$/month]
$0.09
$0.04
$0.08
Graphics/Images
[US$/month]
$0.06
$0.02
$0.04
Games
[US$/month]
$0.09
$0.10
$0.16
Browsing/WAP
[US$/month]
$0.10
$0.10
$0.20
Music
[US$/month]
$0.01
$0.00
$0.00
Video
[US$/month]
$0.01
$0.00
$0.00
Data cards/Modems
[US$/month]
$0.09
$0.10
$0.23
3G
[US$/month]
$23.02
$21.71
$21.59
Non-3G
[US$/month]
$6.73
$5.93
$5.29
2013
Client Confidential
MOBILE REVENUES
[US$m]
$617
$627
$677
Voice Revenue
[US$m]
$508
$511
$516
Data Revenue
[US$m]
$109
$115
$161
Messaging Revenue
[US$m]
$70
$81
$92
SMS
[US$m]
$63
$71
$76
MMS
[US$m]
$3
$3
$4
Email
[US$m]
$3
$5
$7
Others
[US$m]
$0
$2
$5
[US$m]
$39
$34
$69
Ringtones
[US$m]
$8
$3
$7
Graphics/Images
[US$m]
$5
$2
$4
Games
[US$m]
$8
$9
$16
Browsing/WAP
[US$m]
$9
$10
$20
Music
[US$m]
$1
$0
$0
Video
[US$m]
$1
$0
$0
Data cards/Modems
[US$m]
$8
$9
$22
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
6,249
6,281
6,313
6,345
6,378
6,412
6,445
1,615
1,640
1,664
1,689
1,714
1,740
1,766
227
236
246
256
266
274
282
$23,787
$24,389
$25,481
$26,869
$28,409
$30,036
$31,817
$3,806
$3,880
$4,040
$4,230
$4,450
$4,680
$4,940
$6,750
$6,960
$7,180
$7,460
$7,750
$8,050
$8,390
1.76
0.90
2.40
3.10
3.20
3.20
3.30
1.00
1.00
1.00
1.00
1.00
1.00
1.00
14%
13%
13%
13%
13%
13%
12%
83%
85%
87%
90%
94%
95%
96%
138%
141%
144%
147%
150%
153%
154%
123%
124%
126%
128%
130%
131%
131%
2013
15%
17%
18%
19%
20%
21%
23%
123%
126%
130%
133%
136%
139%
140%
8,635
8,852
9,076
9,304
9,539
9,782
9,931
2,979
2,666
2,475
2,362
2,299
2,267
2,220
1,446
1,669
1,848
2,001
2,136
2,261
2,363
2,014
2,204
2,363
2,507
2,644
2,780
2,887
2,113
2,232
2,310
2,358
2,387
2,404
2,393
83
81
78
76
73
71
68
7,677
7,804
7,946
8,111
8,277
8,426
8,456
958
1,048
1,130
1,192
1,262
1,356
1,475
Client Confidential
2013
28.5%
30.7%
30.0%
29.6%
29.2%
28.9%
28.7%
8,635
8,852
9,076
9,304
9,539
9,782
9,931
83
81
78
76
73
71
68
403
5,237
4,512
3,940
3,618
3,057
1,990
1,173
1,025
1,384
1,122
971
785
650
485
1,724
2,260
2,848
2,839
3,022
3,074
3,007
164
617
1,020
1,697
2,295
3,587
4,682
67
103
306
411
515
8,300
8,528
8,754
8,983
9,218
9,459
9,607
335
325
321
321
321
323
324
7,663
7,934
8,215
8,431
8,653
8,882
9,026
838
833
811
790
770
750
723
259
310
363
477
525
587
645
186
190
195
200
205
210
214
1,295
1,416
1,361
1,303
1,240
1,174
1,092
604
620
635
651
668
685
695
475
509
545
582
620
685
735
433
885
1,361
1,861
2,862
3,913
4,965
65
89
109
130
153
176
199
Client Confidential
43
62
86
147
191
293
397
168
214
209
203
198
193
186
111
114
119
123
126
130
136
65
66
67
68
69
70
71
481
488
494
501
508
517
528
46
48
46
44
42
40
38
$6.83
$7.13
$7.24
$7.34
$7.49
$7.74
$7.93
$7.93
$8.81
$9.60
$10.33
$11.05
$11.82
$12.28
$7.51
$7.09
$6.78
$6.61
$6.54
$6.65
$6.73
$4.95
$5.50
$5.48
$5.46
$5.52
$5.67
$5.94
$6.66
$6.64
$6.76
$6.85
$7.02
$7.25
$7.43
$5.14
$0.00
$5.00
$0.00
$5.28
$0.00
$5.49
$0.00
$5.73
$0.00
$6.06
$0.00
$6.38
$0.00
$3.85
$3.86
$4.01
$4.02
$4.12
$4.10
$3.94
$42.37
$32.37
$30.63
$30.28
$30.00
$30.96
$31.74
$5.12
$5.03
$4.96
$4.93
$4.87
$4.83
$4.76
$1.86
$2.10
$2.28
$2.41
$2.62
$2.91
$3.17
$0.99
$1.00
$0.94
$0.89
$0.85
$0.80
$0.76
$0.79
$0.78
$0.71
$0.64
$0.58
$0.52
$0.47
$0.04
$0.04
$0.03
$0.03
$0.03
$0.02
$0.02
$0.10
$0.13
$0.14
$0.16
$0.19
$0.20
$0.21
$0.05
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.87
$1.10
$1.34
$1.52
$1.77
$2.11
$2.41
$0.08
$0.09
$0.08
$0.08
$0.07
$0.06
$0.06
$0.04
$0.04
$0.04
$0.04
$0.04
$0.04
$0.04
$0.18
$0.19
$0.19
$0.21
$0.20
$0.21
$0.21
$0.24
$0.38
$0.60
$0.80
$1.09
$1.45
$1.76
$0.01
$0.01
$0.01
$0.01
$0.02
$0.02
$0.02
$0.00
$0.00
$0.00
$0.00
$0.00
$0.01
$0.01
$0.31
$0.39
$0.41
$0.38
$0.35
$0.32
$0.30
$19.88
$15.66
$13.52
$12.48
$11.23
$10.83
$10.32
$4.21
$3.93
$3.47
$3.06
$3.55
$2.98
$1.89
2013
Client Confidential
2013
$710
$748
$779
$809
$847
$897
$939
$521
$528
$534
$544
$550
$560
$563
$189
$220
$245
$266
$297
$337
$375
$101
$105
$101
$98
$96
$93
$90
$80
$82
$76
$71
$66
$61
$56
$4
$4
$4
$3
$3
$3
$2
$11
$13
$15
$18
$21
$23
$25
$5
$6
$6
$6
$6
$7
$7
$88
$116
$144
$167
$200
$244
$285
$8
$9
$9
$8
$8
$7
$7
$4
$4
$5
$5
$5
$5
$5
$18
$20
$20
$23
$23
$24
$25
$25
$40
$65
$88
$123
$168
$209
$1
$1
$1
$2
$2
$2
$3
$0
$0
$0
$0
$0
$1
$1
$32
$41
$44
$42
$39
$38
$36
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
GUATEMALA
Units
2009A
2010A
2011A
Population
[000]
13,990
14,340
14,710
Households
[000]
3,210
3,242
3,274
DEMOGRAPHICS
Businesses
321
328
336
[US$m]
$37,734
$41,338
$47,689
[US$]
$2,697
$2,883
$3,242
[US$]
Nominal GDP
[000]
$7,190
$7,210
$7,330
[%]
1.86
3.86
6.22
[LCU / US$]
8.16
8.06
7.79
Main Lines
[%]
11%
11%
11%
Mobile Users
[%]
63%
69%
73%

[%]
85%
94%
99%
Prepaid
[%]
80%
88%
93%
Postpaid
[%]
5%
6%
6%
[%]
72%
79%
84%
[000]
11,919
13,489
14,530
Movistar
[000]
2,479
2,626
2,637
Claro
[000]
3,990
4,555
4,748
Tigo
[000]
5,450
6,309
7,145
Digicel
[000]
Others
[000]
[000]
Prepaid
[000]
11,194
12,649
13,612
Postpaid
[000]
725
841
918
30.9%
29.0%
29.1%
Mobile Data Users

MOBILE CHURN
Annual Churn Rate
2013
[%]
Client Confidential

[000]
11,919
13,489
14,530
Analog
[000]
27
[000]
GSM
[000]
2,669
2,296
1,230
TDMA
[000]
604
63
CDMA One
[000]
1,960
228
95
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
6,035
9,507
10,544
GSM/EDGE
[000]
191
337
629
CDMA 1X
[000]
213
22
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
219
1,037
2,033
HSPA
[000]
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
11,538
13,056
14,059
[000]
382
434
471
SMS
[000]
10,012
11,396
12,337
MMS
[000]
684
907
1,178
Email
[000]
108
186
292
Others
[000]
83
153
258
Ringtones
[000]
1,311
1,889
2,136
Graphics/Images
[000]
695
875
1,005
Games
[000]
155
196
236
Browsing/WAP
[000]
149
337
471
Music
[000]
33
51
73
Video
[000]
12
24
36

Messaging
Applications
2013
Client Confidential
Data cards/Modems
[000]
62
130
204
[units/month]
122
123
124
Prepaid
[units/month]
103
104
105
Postpaid
[units/month]
408
410
411
Average Monthly SMS
[units/month]
34
34
35
Average Monthly MMS
[units/month]
[US$/month]
$10.27
$9.75
$9.33
Movistar
[US$/month]
$9.41
$9.20
$8.13
Claro
[US$/month]
$9.19
$8.51
$8.52
Tigo
[US$/month]
$11.53
$10.90
$10.36
Digicel
[US$/month]
$0.00
$0.00
$0.00
Others
[US$/month]
$0.00
$0.00
$0.00
Prepaid ARPS
[US$/month]
$8.65
$8.23
$7.83
Postpaid ARPS
[US$/month]
$34.20
$33.00
$31.78
Voice ARPS
[US$/month]
$8.34
$7.84
$7.44
Data ARPS
[US$/month]
$1.93
$1.91
$1.95
Messaging
[US$/month]
$1.56
$1.42
$1.33
SMS
[US$/month]
$1.54
$1.39
$1.28
MMS
[US$/month]
$0.01
$0.01
$0.01
Email
[US$/month]
$0.01
$0.01
$0.02
Others
[US$/month]
$0.01
$0.01
$0.01
Applications
[US$/month]
$0.37
$0.49
$0.63
Ringtones
[US$/month]
$0.05
$0.07
$0.08
Graphics/Images
[US$/month]
$0.16
$0.16
$0.17
Games
[US$/month]
$0.02
$0.02
$0.02
Browsing/WAP
[US$/month]
$0.07
$0.12
$0.16
Music
[US$/month]
$0.00
$0.00
$0.00
Video
[US$/month]
$0.00
$0.00
$0.00
Data cards/Modems
[US$/month]
$0.06
$0.12
$0.19
3G
[US$/month]
$37.07
$35.20
$33.68
Non-3G
[US$/month]
$9.82
$8.43
$6.40
MOBILE USAGE
MOBILE ARPS
MOBILE REVENUES
2013
Client Confidential
[US$m]
$1,378
$1,487
$1,579
Voice Revenue
[US$m]
$1,119
$1,195
$1,251
Data Revenue
[US$m]
$259
$292
$329
Messaging Revenue
[US$m]
$210
$217
$223
SMS
[US$m]
$207
$212
$216
MMS
[US$m]
$1
$1
$2
Email
[US$m]
$1
$2
$3
Others
[US$m]
$1
$1
$2
[US$m]
$49
$75
$105
Ringtones
[US$m]
$7
$10
$13
Graphics/Images
[US$m]
$22
$25
$28
Games
[US$m]
$3
$3
$4
Browsing/WAP
[US$m]
$9
$18
$27
Music
[US$m]
$0
$0
$0
Video
[US$m]
$0
$0
$0
Data cards/Modems
[US$m]
$8
$19
$32
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
15,080
15,460
15,840
16,230
16,640
17,060
17,491
3,307
3,340
3,374
3,407
3,441
3,476
3,511
344
352
361
370
378
388
397
$50,236
$54,564
$57,891
$62,272
$66,466
$70,942
$75,720
$3,330
$3,530
$3,650
$3,840
$3,990
$4,146
$4,308
$7,360
$7,420
$7,440
$7,490
$7,550
$7,610
$7,671
3.78
4.40
4.70
4.30
4.50
4.71
4.93
7.83
7.88
8.00
7.99
8.07
8.16
8.24
12%
12%
12%
13%
13%
12%
12%
83%
88%
91%
92%
92%
92%
92%
111%
119%
122%
123%
124%
124%
123%
103%
111%
113%
114%
114%
114%
113%
7%
8%
9%
9%
10%
10%
10%
94%
102%
105%
107%
109%
110%
110%
16,675
18,320
19,334
20,008
20,616
21,139
21,564
3,521
4,205
4,623
4,859
5,052
5,200
5,308
5,232
5,781
6,152
6,454
6,720
6,956
7,158
7,922
8,334
8,558
8,695
8,843
8,983
9,098
15,598
17,097
17,951
18,479
18,940
19,396
19,761
1,077
1,223
1,383
1,529
1,676
1,743
1,803
30.5%
31.9%
31.5%
31.2%
30.9%
30.6%
30.2%
2013
Client Confidential
16,675
18,320
19,334
20,008
20,616
21,139
21,564
79
75
21
52
11,871
11,932
10,584
10,415
9,224
9,066
8,666
1,263
1,565
2,086
1,272
1,219
1,135
1,036
3,410
4,657
6,390
7,891
9,613
10,283
11,049
90
253
429
560
656
813
16,145
17,742
18,724
19,375
19,961
20,465
20,874
530
579
610
633
654
674
690
14,229
15,711
16,663
17,416
18,089
18,696
19,225
1,584
1,741
1,837
1,901
1,959
2,008
2,049
459
504
551
590
650
740
841
442
486
551
570
588
603
615
2,574
2,997
3,353
3,574
3,719
3,806
3,844
1,186
1,304
1,348
1,353
1,339
1,304
1,250
332
421
449
463
454
433
402
669
934
1,192
1,456
1,725
1,999
2,294
117
183
290
630
825
846
863
58
92
145
315
412
634
863
2013
Client Confidential
306
413
502
581
642
698
755
126
127
130
132
135
137
138
106
107
108
109
110
111
112
414
417
418
419
422
425
427
35
35
36
36
37
37
38
$9.15
$8.99
$8.92
$8.94
$9.02
$9.05
$9.05
$7.67
$7.30
$7.17
$7.23
$7.32
$7.35
$7.40
$8.69
$8.86
$8.90
$8.94
$9.00
$9.01
$8.99
$10.06
$9.87
$9.84
$9.87
$9.99
$10.06
$10.07
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$7.70
$7.60
$7.60
$7.56
$7.52
$7.48
$7.44
$30.40
$28.67
$26.64
$26.19
$26.54
$26.69
$26.85
$7.24
$6.99
$6.86
$6.81
$6.81
$6.77
$6.71
$1.96
$2.00
$2.05
$2.12
$2.21
$2.28
$2.35
$1.26
$1.22
$1.19
$1.19
$1.19
$1.20
$1.21
$1.19
$1.14
$1.12
$1.11
$1.12
$1.12
$1.12
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.03
$0.03
$0.03
$0.03
$0.03
$0.04
$0.04
$0.02
$0.03
$0.03
$0.03
$0.03
$0.03
$0.03
$0.71
$0.78
$0.86
$0.94
$1.01
$1.08
$1.14
$0.08
$0.08
$0.08
$0.08
$0.08
$0.08
$0.08
$0.16
$0.15
$0.14
$0.13
$0.12
$0.11
$0.10
$0.03
$0.03
$0.03
$0.03
$0.03
$0.03
$0.02
$0.19
$0.24
$0.29
$0.34
$0.39
$0.44
$0.49
$0.00
$0.00
$0.00
$0.01
$0.01
$0.01
$0.01
$0.00
$0.00
$0.00
$0.01
$0.01
$0.01
$0.01
$0.24
$0.28
$0.32
$0.35
$0.38
$0.40
$0.42
$25.79
$22.13
$19.62
$17.88
$17.13
$16.29
$16.30
$5.70
$5.07
$4.53
$3.95
$3.00
$2.61
$1.96
2013
Client Confidential
$1,723
$1,887
$2,014
$2,110
$2,198
$2,268
$2,320
$1,355
$1,468
$1,550
$1,608
$1,660
$1,697
$1,718
$368
$419
$464
$502
$538
$571
$602
$235
$255
$270
$280
$291
$301
$310
$223
$240
$253
$263
$272
$281
$288
$2
$3
$3
$3
$3
$4
$4
$5
$7
$7
$8
$8
$9
$11
$4
$6
$6
$7
$7
$7
$7
$133
$164
$194
$221
$247
$270
$292
$15
$16
$18
$19
$20
$21
$21
$30
$32
$31
$30
$29
$27
$26
2013
$5
$7
$8
$7
$7
$7
$6
$36
$49
$65
$80
$95
$110
$126
$0
$0
$1
$1
$2
$3
$3
$0
$0
$1
$1
$2
$3
$4
$46
$59
$71
$82
$92
$99
$107
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
HONDURAS
Units
2009A
2010A
2011A
Population
[000]
7,450
7,600
7,760
Households
[000]
1,579
1,619
1,659
DEMOGRAPHICS
Businesses
338
345
350
[US$m]
$14,484
$15,727
$17,586
[US$]
$1,944
$2,069
$2,266
[US$]
Nominal GDP

[000]
$3,688
$3,795
$3,932
[%]
5.50
4.70
6.76
[LCU / US$]
19.03
19.03
19.05

Main Lines
[%]
12%
12%
11%
Mobile Users
[%]
72%
78%
77%
[%]
103%
116%
115%
Prepaid
[%]
99%
112%
110%
Postpaid
[%]
4%
4%
5%
[%]
80%
89%
95%
[000]
7,695
8,815
8,887
Tigo
[000]
4,846
5,068
4,244
Claro
[000]
1,542
1,770
2,443
Hondutel
[000]
137
152
160
Digicel
[000]
1,170
1,825
2,040
Others
[000]
[000]
[000]
Prepaid
[000]
7,409
8,479
8,506
Postpaid
[000]
286
336
381
Mobile Data Users


Others
MOBILE CHURN
2013
Client Confidential
Annual Churn Rate
[%]
31.1%
29.7%
37.9%
[000]
7,695
8,815
8,887
Analog
[000]
[000]
GSM
[000]
1,435
661
109
TDMA
[000]
CDMA One
[000]
284
51
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
5,060
6,264
5,649
GSM/EDGE
[000]
619
1,148
1,638
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
172
466
967
HSPA
[000]
126
225
523
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
7,324
8,383
8,460
[000]
371
432
427
SMS
[000]
5,925
6,788
7,376
MMS
[000]
539
661
800
Email
[000]
34
74
134
Others
[000]
77
88
89
Ringtones
[000]
267
305
308
Graphics/Images
[000]
221
304
369
Games
[000]
92
111
121
Browsing/WAP
[000]
94
159
236
Music
[000]
23
31
44


Messaging
Applications
2013
Client Confidential
Video
[000]
12
15
22
Data cards/Modems
[000]
13
MOBILE USAGE
[units/month]
77
76
74
Prepaid
[units/month]
75
79
80
Postpaid
[units/month]
334
351
352
Average Monthly SMS
[units/month]
23
28
33
Average Monthly MMS
[units/month]
MOBILE ARPS
[US$/month]
$9.85
$9.52
$9.69
Tigo
[US$/month]
$10.49
$10.22
$10.65
Claro
[US$/month]
$8.01
$7.48
$8.17
Hondutel
[US$/month]
$7.97
$7.54
$9.76
Digicel
Others
[US$/month]
[US$/month]
$9.82
$0.00
$9.66
$0.00
$9.04
$0.00
Prepaid ARPS
[US$/month]
$7.15
$6.99
$7.03
Postpaid ARPS
[US$/month]
$74.59
$65.69
$52.43
Voice ARPS
[US$/month]
$8.34
$7.81
$7.71
Data ARPS
[US$/month]
$1.51
$1.71
$1.98
Messaging
[US$/month]
$1.41
$1.54
$1.72
SMS
[US$/month]
$1.39
$1.51
$1.69
MMS
[US$/month]
$0.01
$0.03
$0.03
Email
[US$/month]
$0.00
$0.00
$0.00
Others
[US$/month]
$0.00
$0.00
$0.00
Applications
[US$/month]
$0.10
$0.18
$0.22
Ringtones
[US$/month]
$0.05
$0.09
$0.11
Graphics/Images
[US$/month]
$0.01
$0.02
$0.02
Games
[US$/month]
$0.01
$0.01
$0.01
Browsing/WAP
[US$/month]
$0.03
$0.04
$0.06
Music
[US$/month]
$0.00
$0.00
$0.00
Video
[US$/month]
$0.00
$0.00
$0.00
Data cards/Modems
[US$/month]
$0.00
$0.01
$0.02
3G
[US$/month]
$87.66
$85.68
$48.46
Non-3G
[US$/month]
$7.40
$4.67
$4.24
MOBILE REVENUES
2013
Client Confidential
[US$m]
$812
$943
$1,029
Voice Revenue
[US$m]
$688
$773
$819
Data Revenue
[US$m]
$124
$170
$211
Messaging Revenue
[US$m]
$116
$152
$183
SMS
[US$m]
$115
$149
$180
MMS
[US$m]
$1
$3
$3
Email
[US$m]
$0
$0
$0
Others
[US$m]
$0
$0
$0
[US$m]
$8
$18
$24
Ringtones
[US$m]
$4
$9
$11
Graphics/Images
[US$m]
$1
$2
$2
Games
[US$m]
$1
$1
$1
Browsing/WAP
[US$m]
$2
$4
$6
Music
[US$m]
$0
$0
$0
Video
[US$m]
$0
$0
$0
Data cards/Modems
[US$m]
$0
$1
$2
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
7,915
8,076
8,236
8,397
8,558
8,722
8,889
1,701
1,743
1,787
1,832
1,877
1,924
1,973
356
361
365
369
373
376
379
$18,436
$18,755
$19,443
$20,259
$21,184
$22,151
$23,163
$2,330
$2,320
$2,360
$2,410
$2,480
$2,552
$2,626
$4,050
$4,140
$4,270
$4,400
$4,560
$4,726
$4,898
5.20
5.20
5.20
5.80
5.80
5.80
5.80
19.64
20.53
21.47
22.49
23.48
24.51
25.59
11%
11%
11%
10%
10%
10%
9%
83%
88%
90%
89%
88%
88%
88%
124%
129%
132%
133%
134%
134%
135%
118%
122%
124%
124%
125%
125%
124%
2013
6%
7%
8%
9%
9%
10%
10%
103%
108%
111%
113%
114%
115%
116%
9,794
10,442
10,862
11,174
11,468
11,723
11,960
4,441
4,643
5,036
5,255
5,454
5,627
5,787
3,062
5,634
5,659
5,755
5,853
5,940
6,023
168
165
167
165
161
156
150
2,123
9,325
9,863
10,196
10,449
10,682
10,878
11,054
469
579
666
726
786
845
905
Client Confidential
2013
36.6%
29.8%
35.6%
33.8%
32.9%
32.1%
31.3%
9,794
10,442
10,862
11,174
11,468
11,723
11,960
75
103
5,251
4,257
2,739
1,396
1,008
403
307
2,173
2,015
1,763
1,533
1,195
641
517
1,415
2,553
4,003
4,607
4,755
4,988
4,874
880
1,515
2,352
3,586
4,414
5,543
6,020
52
96
149
241
9,306
9,884
10,234
10,480
10,705
10,887
11,045
489
559
629
694
763
836
915
8,170
8,754
9,151
9,461
9,759
10,026
10,279
877
842
788
729
674
620
569
246
313
353
391
430
440
448
98
125
141
156
172
188
239
339
362
376
387
397
406
414
441
501
511
525
539
551
562
157
188
217
223
229
234
239
305
406
530
643
803
996
1,316
69
104
163
223
287
352
478
Client Confidential
34
52
81
223
344
469
718
28
49
73
106
149
199
359
77
95
109
113
117
121
124
82
90
94
96
99
102
104
356
368
379
383
387
391
395
41
49
59
72
90
114
148
$9.92
$10.23
$10.70
$11.27
$11.92
$12.71
$13.79
$11.71
$11.41
$11.41
$12.13
$13.07
$14.29
$15.96
$8.41
$10.24
$10.07
$10.49
$10.85
$11.25
$11.76
$9.99
$11.71
$11.61
$11.70
$11.86
$12.09
$12.43
$8.16
$0.00
$4.94
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$7.08
$7.44
$8.73
$9.56
$10.47
$11.76
$13.54
$51.36
$61.40
$53.50
$49.61
$47.66
$44.50
$41.38
$7.65
$7.57
$8.22
$8.37
$8.47
$8.57
$8.66
$2.27
$2.66
$3.12
$3.71
$4.48
$5.50
$6.95
$2.03
$2.34
$2.73
$3.25
$3.92
$4.83
$6.06
$1.99
$2.31
$2.70
$3.22
$3.90
$4.81
$6.04
$0.03
$0.03
$0.03
$0.03
$0.02
$0.02
$0.02
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.27
$0.32
$0.39
$0.47
$0.56
$0.67
$0.89
$0.11
$0.12
$0.13
$0.13
$0.14
$0.15
$0.16
$0.03
$0.03
$0.03
$0.03
$0.03
$0.03
$0.03
$0.01
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.07
$0.08
$0.10
$0.12
$0.14
$0.17
$0.22
$0.00
$0.00
$0.00
$0.01
$0.01
$0.01
$0.01
$0.00
$0.00
$0.00
$0.00
$0.01
$0.01
$0.01
$0.04
$0.08
$0.11
$0.16
$0.21
$0.28
$0.44
$33.32
$24.05
$19.26
$16.46
$15.73
$15.89
$16.69
$3.97
$3.90
$3.76
$3.49
$3.49
$2.83
$2.88
2013
Client Confidential
$1,112
$1,242
$1,450
$1,598
$1,760
$1,957
$2,217
$858
$919
$1,051
$1,107
$1,151
$1,192
$1,230
$254
$323
$399
$491
$609
$765
$987
$227
$284
$349
$429
$533
$672
$861
$224
$280
$346
$426
$530
$669
$859
$4
$4
$4
$3
$3
$3
$2
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$30
$39
$50
$62
$76
$93
$126
$13
$14
$16
$18
$19
$21
$22
$3
$3
$3
$3
$4
$4
$4
$2
$2
$3
$3
$3
$3
$3
$8
$10
$13
$16
$19
$24
$31
$0
$0
$1
$1
$1
$1
$2
$0
$0
$0
$0
$1
$1
$2
$5
$9
$14
$21
$29
$39
$63
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
MEXICO
Units
2009A
2010A
2011A
Population
[000]
111,212
114,256
115,683
Households
[000]
27,057
27,387
27,720
DEMOGRAPHICS
Businesses
Nominal GDP
[000]
[US$m]
5,144
5,350
5,510
$894,570
$1,046,700
$1,160,700
[US$]
$8,044
$9,307
$10,198
[US$]

$14,672
$15,465
$16,820
[%]
5.30
4.16
3.41
[LCU / US$]
13.51
12.64
12.42

Main Lines
[%]
19%
19%
19%
Mobile Users
[%]
62%
67%
68%
[%]
75%
80%
82%
Prepaid
[%]
65%
69%
69%
Postpaid
[%]
9%
11%
12%
[%]
59%
67%
78%
[000]
83,150
91,362
94,565
Telcel
[000]
59,167
64,138
65,678
Movistar
[000]
17,401
19,662
19,742
Iusacell
[000]
3,595
4,201
5,450
Nextel
[000]
2,987
3,361
3,695
Others
[000]
Mobile Data Users

[000]
50
42
31
MaxcomCel
[000]
50
42
30
Megacable
[000]
Virgin
[000]
Others
[000]
Prepaid
[000]
72,783
78,780
80,237
Postpaid
[000]
10,367
12,582
14,329
2013
Client Confidential
MOBILE CHURN
Annual Churn Rate
[%]
38.8%
41.2%
49.7%
94,565

[000]
83,150
91,362
Analog
[000]
[000]
2,987
3,361
3,695
GSM
[000]
8,642
7,117
5,518
TDMA
[000]
1,893
1,219
874
CDMA One
[000]
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
43,957
38,694
30,578
GSM/EDGE
[000]
16,668
24,006
29,215
CDMA 1X
[000]
1,977
2,101
1,035
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
1,618
2,101
2,888
[000]
UMTS
[000]
4,320
8,634
13,716
HSPA
[000]
1,088
4,130
7,047
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
78,296
85,999
88,745
[000]
4,854
5,363
5,820
SMS
[000]
65,688
76,506
89,837
MMS
[000]
5,850
8,356
8,562
Email
[000]
6,706
10,316
12,813
Others
[000]
44
86
134
Ringtones
[000]
4,386
6,024
7,482
Graphics/Images
[000]
2,924
3,663
4,208

Messaging
Applications
2013
Client Confidential
Games
[000]
1,950
2,785
3,431
Browsing/WAP
[000]
1,947
5,668
9,974
Music
[000]
2,605
4,556
6,907
Video
[000]
1,861
3,254
4,934
Data cards/Modems
[000]
500
1,550
1,891
MOBILE USAGE
[units/month]
208
211
226
Prepaid
[units/month]
168
166
172
Postpaid
[units/month]
514
508
546
Average Monthly SMS
[units/month]
53
60
75
Average Monthly MMS
[units/month]
MOBILE ARPS
[US$/month]
$13.94
$14.16
$13.78
Telcel
[US$/month]
$13.04
$13.56
$13.21
Movistar
[US$/month]
$9.57
$9.64
$7.42
Iusacell
[US$/month]
$18.00
$17.00
$19.92
Nextel
[US$/month]
$52.18
$48.60
$51.38
Others
[US$/month]
$0.00
$0.00
$0.00

Prepaid ARPS
[US$/month]
$8.90
$9.11
$8.92
Postpaid ARPS
[US$/month]
$51.69
$47.48
$42.46
Voice ARPS
[US$/month]
$11.54
$11.22
$10.19
Data ARPS
[US$/month]
$2.40
$2.93
$3.59
Messaging
[US$/month]
$1.91
$2.12
$2.48
SMS
[US$/month]
$1.83
$2.00
$2.34
MMS
[US$/month]
$0.01
$0.01
$0.02
Email
[US$/month]
$0.07
$0.11
$0.13
Others
[US$/month]
$0.00
$0.00
$0.00
Applications
[US$/month]
$0.49
$0.81
$1.11
Ringtones
[US$/month]
$0.15
$0.15
$0.13
Graphics/Images
[US$/month]
$0.07
$0.08
$0.08
Games
[US$/month]
$0.04
$0.06
$0.07
Browsing/WAP
[US$/month]
$0.08
$0.19
$0.34
Music
[US$/month]
$0.02
$0.04
$0.06
Video
[US$/month]
$0.01
$0.02
$0.03
Data cards/Modems
[US$/month]
$0.10
$0.27
$0.39
[US$/month]
$66.92
$67.95
$42.71

3G
2013
Client Confidential
Non-3G
[US$/month]
$10.81
$7.91
$7.80
[US$m]
$13,475
$14,823
$15,370
Voice Revenue
[US$m]
$11,158
$11,752
$11,368
Data Revenue
[US$m]
$2,317
$3,071
$4,003
Messaging Revenue
MOBILE REVENUES
[US$m]
$1,847
$2,221
$2,768
SMS
[US$m]
$1,766
$2,091
$2,609
MMS
[US$m]
$10
$15
$17
Email
[US$m]
$71
$114
$142
Others
[US$m]
$0
$0
$1
[US$m]
$471
$850
$1,234
Ringtones
[US$m]
$146
$154
$150
Graphics/Images
[US$m]
$72
$84
$90
Games
[US$m]
$43
$63
$80
Browsing/WAP
[US$m]
$75
$197
$379
Music
[US$m]
$21
$42
$62
Video
[US$m]
$14
$24
$37
Data cards/Modems
[US$m]
$100
$286
$436
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
117,054
118,395
119,713
121,006
122,273
123,518
124,738
28,058
28,400
28,745
29,095
29,450
29,808
30,171
5,621
5,733
5,848
5,906
5,965
6,025
6,085
$1,177,400
$1,280,000
$1,381,000
$1,511,000
$1,620,000
$1,737,000
$1,861,000
$10,240
$11,010
$11,750
$12,710
$13,490
$14,310
$15,160
$17,588
$17,890
$18,620
$19,450
$20,380
$21,420
$22,460
4.11
3.70
3.20
3.50
3.40
3.40
3.30
13.17
12.76
12.71
12.54
12.61
12.69
12.77
19%
18%
18%
17%
16%
15%
15%
69%
69%
70%
72%
72%
74%
76%
86%
88%
91%
95%
98%
101%
104%
73%
74%
77%
80%
82%
84%
86%
14%
14%
15%
16%
16%
17%
18%
83%
85%
89%
92%
96%
99%
102%
100,727
103,715
109,484
115,093
120,253
125,122
130,148
70,366
72,955
77,511
81,790
85,522
88,962
92,242
19,168
19,302
19,656
20,075
20,557
21,054
21,731
7,292
7,926
8,631
9,317
10,022
10,698
11,466
3,902
3,532
3,687
3,911
4,153
4,407
4,709
43
55
337
576
792
992
1,157
38
45
49
54
58
63
68
10
14
19
23
27
29
274
504
710
902
1,060
84,898
87,205
91,797
96,208
100,185
103,930
107,815
15,829
16,511
17,687
18,885
20,068
21,192
22,332
2013
Client Confidential
48.7%
51.3%
47.8%
45.9%
44.7%
43.6%
43.1%
100,727
103,715
109,484
115,093
120,253
125,122
130,148
3,824
3,003
2,691
2,464
2,077
1,322
471
4,185
3,002
2,076
1,229
533
170
88
374
39
22,946
15,759
11,549
8,781
4,482
1,779
922
39,473
41,920
26,097
18,334
16,694
14,671
14,427
437
79
43
19
3,573
2,378
2,158
1,863
1,503
1,070
573
15,799
24,364
31,406
37,660
37,473
35,942
30,990
10,073
12,457
31,635
41,190
52,410
63,124
73,505
43
715
1,829
3,553
5,081
7,043
9,171
94,650
97,729
103,229
108,551
113,411
117,981
122,676
6,078
5,986
6,255
6,542
6,842
7,141
7,471
97,294
100,604
106,306
111,864
116,996
121,854
126,876
8,664
8,475
8,499
8,488
8,425
8,328
8,229
15,013
17,004
19,745
22,832
26,242
30,034
34,365
215
331
525
827
1,296
2,023
3,157
9,165
12,268
14,893
18,004
21,633
25,885
30,963
4,886
5,484
6,310
7,230
7,932
8,666
9,465
2013
Client Confidential
4,093
4,488
4,975
5,491
6,024
6,581
7,188
16,116
23,855
31,750
40,283
48,101
55,053
61,169
9,196
10,889
12,825
13,466
14,070
14,639
16,919
6,569
7,778
9,032
10,444
13,228
16,266
18,221
2,519
2,956
3,416
3,856
4,269
4,655
4,946
238
249
259
270
281
291
302
182
189
197
205
213
222
230
545
569
588
607
623
636
649
82
75
70
66
64
63
62
$13.70
$13.37
$13.17
$13.33
$13.52
$13.68
$13.82
$13.40
$13.46
$13.18
$13.25
$13.35
$13.44
$13.51
$7.89
$7.17
$7.21
$7.50
$7.72
$7.92
$8.13
$16.45
$15.76
$16.09
$16.51
$17.06
$17.60
$18.11
$44.32
$38.67
$38.32
$38.04
$37.69
$37.07
$36.22
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$8.56
$8.21
$7.79
$7.63
$7.51
$7.45
$7.37
$41.86
$40.81
$41.31
$42.65
$43.81
$44.46
$45.20
$9.48
$9.05
$8.69
$8.63
$8.55
$8.44
$8.32
$4.23
$4.32
$4.48
$4.70
$4.97
$5.24
$5.50
$2.78
$2.50
$2.30
$2.17
$2.09
$2.04
$2.01
$2.62
$2.33
$2.13
$1.99
$1.90
$1.84
$1.80
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.00
$0.14
$0.15
$0.16
$0.17
$0.18
$0.19
$0.21
$0.00
$0.00
$0.00
$0.00
$0.00
$0.01
$0.01
$1.45
$1.82
$2.18
$2.54
$2.87
$3.19
$3.48
$0.12
$0.13
$0.14
$0.14
$0.14
$0.15
$0.15
$0.09
$0.09
$0.10
$0.11
$0.11
$0.11
$0.11
$0.09
$0.10
$0.11
$0.12
$0.13
$0.14
$0.15
$0.55
$0.83
$1.12
$1.41
$1.68
$1.92
$2.12
$0.07
$0.08
$0.09
$0.09
$0.09
$0.09
$0.09
$0.05
$0.06
$0.08
$0.10
$0.13
$0.18
$0.24
$0.48
$0.52
$0.54
$0.57
$0.59
$0.61
$0.62
$32.75
$26.73
$22.38
$18.67
$17.57
$16.82
$16.58
2013
Client Confidential
$8.30
$8.49
$6.83
$3.69
$2.88
$3.21
$3.68
$16,058
$16,396
$16,843
$17,966
$19,088
$20,134
$21,164
$11,103
$11,100
$11,111
$11,628
$12,074
$12,423
$12,747
$4,954
$5,297
$5,732
$6,338
$7,013
$7,711
$8,417
$3,258
$3,066
$2,947
$2,920
$2,955
$3,009
$3,083
$3,071
$2,864
$2,729
$2,682
$2,690
$2,712
$2,749
$17
$15
$13
$11
$9
$7
$6
$169
$186
$203
$224
$250
$281
$316
$1
$2
$2
$4
$5
$8
$12
$1,696
$2,230
$2,785
$3,417
$4,059
$4,702
$5,334
$144
$164
$179
$191
$203
$215
$227
$102
$115
$128
$144
$153
$161
$170
$101
$120
$137
$157
$178
$200
$224
$648
$1,013
$1,438
$1,900
$2,378
$2,831
$3,253
$87
$104
$118
$128
$132
$135
$144
$53
$75
$100
$132
$185
$267
$365
$560
$639
$685
$766
$830
$893
$951
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
NICARAGUA
Units
2009A
2010A
2011A
Population
[000]
6,406
6,575
6,747
Households
[000]
1,147
1,176
1,204
DEMOGRAPHICS
Businesses
226
232
238
[US$m]
$8,062
$8,427
$9,317
[US$]
$1,260
$1,280
$1,380
[US$]
Nominal GDP

[000]
$2,860
$2,920
$3,040
[%]
3.69
5.46
8.08
[LCU / US$]
20.34
21.36
22.42

Main Lines
[%]
5%
5%
5%
Mobile Users
[%]
49%
55%
61%
[%]
51%
57%
63%
Prepaid
[%]
49%
54%
59%
Postpaid
[%]
3%
3%
4%
[%]
27%
30%
38%
[000]
3,295
3,761
4,251
Movistar
[000]
1,100
1,352
1,432
Claro
[000]
2,195
2,409
2,818
Others
[000]
[000]
Prepaid
[000]
3,126
3,541
3,971
Postpaid
[000]
169
220
280
34.5%
33.7%
33.3%
Mobile Data Users


MOBILE CHURN
Annual Churn Rate
[%]
2013
Client Confidential
[000]
3,295
3,761
4,251
Analog
[000]
[000]
GSM
[000]
1,708
1,514
1,052
TDMA
[000]
CDMA One
[000]
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
1,049
1,389
1,714
GSM/EDGE
[000]
384
590
919
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
154
268
565
HSPA
[000]
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
3,161
3,603
4,068
[000]
134
158
183
SMS
[000]
1,758
1,981
2,550
MMS
[000]
156
188
255
Email
[000]
110
168
285
Others
[000]
58
77
108
Ringtones
[000]
134
153
182
Graphics/Images
[000]
111
126
150
Games
[000]
31
42
62
Browsing/WAP
[000]
40
60
89
Music
[000]
15
31
60
Video
[000]
16
22
34
Data cards/Modems
[000]
10
15

Messaging
Applications
2013
Client Confidential
MOBILE USAGE
[units/month]
71
77
Prepaid
[units/month]
46
44
83
45
Postpaid
[units/month]
599
630
656
Average Monthly SMS
[units/month]
15
16
17
Average Monthly MMS
[units/month]
MOBILE ARPS
[US$/month]
$7.84
$7.05
$7.02
Movistar
[US$/month]
$9.27
$8.38
$7.91
Claro
Others
[US$/month]
[US$/month]
$7.15
$0.00
$6.34
$0.00
$6.55
$0.00
Prepaid ARPS
[US$/month]
$6.15
$5.06
$4.96
Postpaid ARPS
[US$/month]
$38.87
$36.49
$35.09
Voice ARPS
[US$/month]
$6.60
$5.74
$5.76
Data ARPS
[US$/month]
$1.25
$1.31
$1.26
Messaging
[US$/month]
$0.88
$0.90
$0.85
SMS
[US$/month]
$0.84
$0.87
$0.81
MMS
[US$/month]
$0.02
$0.02
$0.02
Email
[US$/month]
$0.00
$0.01
$0.01
Others
[US$/month]
$0.01
$0.01
$0.01
Applications
[US$/month]
$0.37
$0.41
$0.41
Ringtones
[US$/month]
$0.08
$0.09
$0.09
Graphics/Images
[US$/month]
$0.10
$0.09
$0.09
Games
[US$/month]
$0.06
$0.08
$0.09
Browsing/WAP
[US$/month]
$0.02
$0.03
$0.03
Music
[US$/month]
$0.00
$0.00
$0.00
Video
[US$/month]
$0.00
$0.00
$0.00
Data cards/Modems
[US$/month]
$0.11
$0.11
$0.11
3G
[US$/month]
$30.44
$27.73
$18.65
Non-3G
[US$/month]
$6.96
$5.74
$5.67
MOBILE REVENUES
[US$m]
$291
$299
$338
Voice Revenue
[US$m]
$245
$243
$277
Data Revenue
[US$m]
$46
$55
$61
2013
Client Confidential
Messaging Revenue
[US$m]
$32
$38
$41
SMS
[US$m]
$31
$37
$39
MMS
[US$m]
$1
$1
$1
Email
[US$m]
$0
$0
$0
Others
[US$m]
$0
$1
$1
[US$m]
$14
$17
$20
Ringtones
[US$m]
$3
$4
$4
Graphics/Images
[US$m]
$4
$4
$4
Games
[US$m]
$2
$3
$4
Browsing/WAP
[US$m]
$1
$1
$2
Music
[US$m]
$0
$0
$0
Video
[US$m]
$0
$0
$0
Data cards/Modems
[US$m]
$4
$5
$5
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
6,925
7,107
7,294
7,485
7,682
7,884
8,092
1,234
1,264
1,296
1,327
1,360
1,394
1,428
244
250
256
263
269
276
283
$10,508
$11,157
$11,758
$12,525
$13,370
$14,272
$15,235
$1,520
$1,570
$1,610
$1,670
$1,740
$1,810
$1,882
$3,180
$3,280
$3,410
$3,540
$3,690
$3,727
$3,764
7.19
7.30
5.90
6.90
7.10
7.31
7.52
23.55
24.77
26.02
27.33
28.70
30.14
31.64
2013
5%
5%
4%
4%
4%
4%
3%
64%
66%
68%
69%
71%
72%
71%
67%
69%
70%
72%
73%
75%
74%
62%
64%
64%
65%
66%
67%
66%
5%
6%
6%
7%
7%
8%
8%
43%
47%
49%
52%
57%
59%
59%
4,625
4,912
5,142
5,382
5,635
5,899
5,988
1,570
1,698
1,802
1,909
2,018
2,131
2,166
3,055
3,214
3,340
3,474
3,617
3,767
3,822
4,284
4,519
4,698
4,883
5,076
5,277
5,321
341
393
444
499
558
621
667
32.5%
31.8%
31.0%
30.3%
29.7%
29.1%
28.6%
Client Confidential
2013
4,625
4,912
5,142
5,382
5,635
5,899
5,988
832
584
491
335
294
247
38
1,562
936
882
663
540
336
277
1,309
1,734
1,543
1,346
1,127
885
527
737
930
1,262
1,788
1,972
1,738
1,580
184
728
961
1,233
1,669
2,617
3,375
17
33
75
191
4,421
4,691
4,911
5,140
5,381
5,633
5,718
203
221
231
242
254
265
269
3,006
3,340
3,600
3,875
4,395
4,660
4,790
277
295
309
310
312
313
305
464
690
940
1,082
1,246
1,435
1,602
147
196
206
215
225
236
240
208
232
255
280
308
339
361
171
192
208
222
234
248
254
83
123
154
181
206
295
359
116
138
161
189
234
245
248
88
108
129
161
183
192
195
44
54
64
81
113
118
120
21
27
31
35
41
47
52
Client Confidential
89
94
99
104
109
114
45
46
46
47
47
47
48
663
671
678
685
693
700
707
19
21
22
23
25
27
27
$7.03
$6.93
$6.95
$6.95
$7.00
$7.05
$7.08
$8.01
$7.73
$7.73
$7.73
$7.75
$7.76
$7.75
$6.53
$0.00
$6.52
$0.00
$6.53
$0.00
$6.53
$0.00
$6.58
$0.00
$6.65
$0.00
$6.70
$0.00
$4.76
$4.53
$4.43
$4.33
$4.24
$4.14
$4.05
$33.20
$31.24
$30.19
$29.48
$29.05
$28.62
$28.19
$5.67
$5.49
$5.44
$5.41
$5.39
$5.37
$5.35
$1.36
$1.44
$1.51
$1.55
$1.61
$1.68
$1.73
$0.91
$0.94
$0.96
$0.98
$1.02
$1.06
$1.06
$0.86
$0.89
$0.90
$0.92
$0.96
$0.99
$0.99
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.01
$0.02
$0.02
$0.03
$0.03
$0.03
$0.04
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.45
$0.50
$0.54
$0.57
$0.58
$0.62
$0.67
$0.09
$0.09
$0.09
$0.09
$0.08
$0.08
$0.08
$0.09
$0.09
$0.08
$0.08
$0.08
$0.08
$0.07
$0.11
$0.14
$0.17
$0.18
$0.19
$0.22
$0.26
$0.04
$0.05
$0.05
$0.06
$0.07
$0.07
$0.07
$0.01
$0.01
$0.01
$0.01
$0.01
$0.02
$0.02
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.12
$0.14
$0.14
$0.15
$0.15
$0.16
$0.16
$14.93
$14.63
$14.24
$13.21
$11.20
$9.87
$8.63
$5.44
$4.08
$2.35
$0.69
$0.45
$0.38
$0.62
$374
$397
$419
$439
$463
$488
$505
$302
$314
$328
$341
$356
$372
$381
$72
$83
$91
$98
$106
$116
$123
2013
119
Client Confidential
2013
$48
$54
$58
$62
$68
$73
$76
$46
$51
$54
$58
$63
$69
$71
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$2
$2
$2
$3
$1
$1
$1
$1
$1
$1
$1
$24
$29
$33
$36
$39
$43
$48
$5
$5
$5
$5
$6
$6
$6
$5
$5
$5
$5
$5
$5
$5
$6
$8
$10
$11
$12
$15
$19
$2
$3
$3
$4
$4
$5
$5
$0
$0
$1
$1
$1
$1
$1
$0
$0
$0
$0
$0
$0
$0
$6
$8
$9
$9
$10
$11
$11
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
PANAMA
Units
2009A
2010A
2011A
Population
[000]
3,600
3,662
3,724
Households
[000]
1,137
1,154
1,171
DEMOGRAPHICS
Businesses
64
66
69
[US$m]
$24,163
$27,053
$31,316
[US$]
$6,712
$7,388
$8,410
[US$]
Nominal GDP
[000]
$14,786
$15,822
$17,609
[%]
2.41
3.49
5.88
[LCU / US$]
1.00
1.00
1.00
Main Lines
[%]
14%
14%
14%
Mobile Users
[%]
80%
84%
84%

[%]
131%
158%
185%
Prepaid
[%]
122%
145%
169%
Postpaid
[%]
10%
13%
16%
[%]
88%
136%
163%
[000]
4,718
5,788
6,889
Movistar
[000]
1,635
2,049
2,164
Cable & Wireless
[000]
2,100
2,305
2,454
Claro
[000]
123
365
893
Digicel
[000]
860
1,069
1,378
Others
[000]
[000]
Prepaid
[000]
4,374
5,305
6,283
Postpaid
[000]
343
483
606
26.5%
33.7%
35.4%
Mobile Data Users


MOBILE CHURN
Annual Churn Rate
2013
[%]
Client Confidential

[000]
4,718
5,788
6,889
Analog
[000]
[000]
GSM
[000]
1,964
1,746
1,145
TDMA
[000]
CDMA One
[000]
72
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
1,332
1,859
2,395
GSM/EDGE
[000]
633
800
1,026
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
716
1,383
2,251
HSPA
[000]
72
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
4,448
5,459
6,500
[000]
269
328
389
SMS
[000]
3,163
4,977
6,062
MMS
[000]
236
405
551
Email
[000]
112
289
482
Others
[000]
99
133
167
Ringtones
[000]
377
521
689
Graphics/Images
[000]
21
38
69
Games
[000]
345
474
586
Browsing/WAP
[000]
142
347
620
Music
[000]
12
23
45
Video
[000]
12
19

Messaging
Applications
2013
Client Confidential
Data cards/Modems
[000]
16
174
241
[units/month]
93
97
99
MOBILE USAGE
Prepaid
[units/month]
85
88
89
Postpaid
[units/month]
202
206
208
Average Monthly SMS
[units/month]
19
22
25
Average Monthly SMM
[units/month]
[US$/month]
$11.69
$10.87
$10.86
Movistar
[US$/month]
$10.96
$11.02
$10.11
Cable & Wireless
[US$/month]
$12.64
$10.71
$11.11
Claro
[US$/month]
$10.20
$10.31
$10.61
Digicel
Others
[US$/month]
[US$/month]
$10.66
$0.00
$11.10
$0.00
$11.77
$0.00
Prepaid ARPS
[US$/month]
$10.72
$9.73
$10.18
Postpaid ARPS
[US$/month]
$24.64
$24.19
$18.08
Voice ARPS
[US$/month]
$9.65
$8.88
$8.85
Data ARPS
[US$/month]
$2.04
$1.99
$2.00
Messaging
[US$/month]
$1.51
$1.30
$1.09
SMS
[US$/month]
$1.34
$1.15
$0.92
MMS
[US$/month]
$0.02
$0.01
$0.01
Email
[US$/month]
$0.11
$0.10
$0.12
Others
[US$/month]
$0.05
$0.04
$0.03
Applications
[US$/month]
$0.53
$0.69
$0.91
Ringtones
[US$/month]
$0.18
$0.16
$0.14
Graphics/Images
[US$/month]
$0.01
$0.01
$0.02
Games
[US$/month]
$0.07
$0.05
$0.05
Browsing/WAP
[US$/month]
$0.14
$0.25
$0.40
Music
[US$/month]
$0.00
$0.00
$0.00
Video
[US$/month]
$0.00
$0.00
$0.00
Data cards/Modems
[US$/month]
$0.12
$0.22
$0.30
3G
[US$/month]
$27.27
$17.47
$17.48
Non-3G
[US$/month]
$9.85
$9.22
$8.12
MOBILE ARPS
MOBILE REVENUES
2013
Client Confidential
[US$m]
$507
$685
$826
Voice Revenue
[US$m]
$419
$560
$673
Data Revenue
[US$m]
$89
$126
$152
Messaging Revenue
[US$m]
$66
$82
$83
SMS
[US$m]
$58
$73
$70
MMS
[US$m]
$1
$1
$1
Email
[US$m]
$5
$6
$9
Others
[US$m]
$2
$2
$3
[US$m]
$23
$44
$69
Ringtones
[US$m]
$8
$10
$11
Graphics/Images
[US$m]
$1
$1
$1
Games
[US$m]
$3
$3
$4
Browsing/WAP
[US$m]
$6
$16
$30
Music
[US$m]
$0
$0
$0
Video
[US$m]
$0
$0
$0
Data cards/Modems
[US$m]
$5
$14
$23
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
3,787
3,852
3,917
3,984
4,051
4,120
4,190
1,189
1,206
1,225
1,243
1,262
1,280
1,300
71
74
76
79
82
84
87
$36,608
$40,701
$45,261
$48,722
$52,662
$57,016
$61,370
$9,670
$10,570
$11,550
$12,230
$13,000
$13,840
$14,680
$19,510
$20,820
$22,250
$23,240
$24,350
$25,600
$26,850
5.70
4.10
4.00
3.40
3.50
3.60
3.70
1.00
1.00
1.00
1.00
1.00
1.00
1.00
14%
13%
13%
13%
13%
12%
12%
84%
86%
88%
88%
88%
88%
88%
186%
188%
189%
189%
190%
190%
189%
171%
174%
173%
173%
172%
171%
171%
2013
15%
15%
15%
16%
17%
18%
18%
165%
168%
168%
168%
169%
169%
168%
7,027
7,255
7,400
7,541
7,680
7,810
7,928
2,457
2,379
2,275
2,202
2,172
2,165
2,170
1,744
1,871
1,964
2,017
2,041
2,057
2,066
1,238
1,371
1,486
1,606
1,708
1,793
1,863
1,588
1,634
1,675
1,716
1,758
1,796
1,829
6,460
6,684
6,794
6,894
6,980
7,053
7,160
568
571
605
647
700
757
768
40.3%
37.5%
38.2%
38.8%
39.4%
40.0%
40.6%
Client Confidential
2013
7,027
7,255
7,400
7,541
7,680
7,810
7,928
536
369
98
40
20
14
2,454
2,244
2,041
1,654
1,341
965
749
1,113
1,209
1,190
1,162
1,164
1,149
1,173
2,816
3,255
3,740
4,209
4,546
4,932
5,202
109
179
269
351
419
512
539
62
125
189
239
264
6,633
6,847
6,982
7,114
7,243
7,365
7,473
394
408
418
427
437
446
454
6,254
6,457
6,586
6,712
6,835
6,951
7,056
587
588
570
522
452
368
280
562
551
529
485
420
341
260
174
184
193
201
210
219
228
738
798
814
788
722
624
475
84
102
104
106
108
109
111
632
689
777
830
730
625
507
873
1,352
1,724
2,143
2,619
3,196
3,893
70
116
166
203
217
176
89
28
57
100
151
207
281
373
Client Confidential
388
481
583
654
719
768
795
99
98
99
101
103
104
105
89
89
90
91
92
93
94
207
207
209
211
212
214
216
25
26
26
26
26
27
27
$10.90
$11.28
$11.33
$11.59
$11.85
$12.17
$12.57
$9.22
$8.96
$9.11
$9.35
$9.66
$9.91
$10.11
$12.65
$14.68
$14.00
$14.13
$14.22
$14.31
$14.49
$10.29
$10.55
$10.84
$11.10
$11.45
$12.05
$12.91
$11.47
$0.00
$11.53
$0.00
$11.79
$0.00
$11.98
$0.00
$12.25
$0.00
$12.56
$0.00
$13.00
$0.00
$10.26
$10.23
$9.75
$9.55
$9.33
$9.07
$8.81
$17.81
$17.48
$17.49
$17.53
$17.55
$17.52
$17.47
$8.82
$8.82
$8.46
$8.32
$8.18
$8.00
$7.81
$2.07
$2.46
$2.87
$3.26
$3.68
$4.17
$4.76
$0.97
$0.98
$0.97
$0.95
$0.94
$0.92
$0.91
$0.84
$0.84
$0.84
$0.84
$0.84
$0.84
$0.84
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.10
$0.10
$0.09
$0.08
$0.07
$0.05
$0.04
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$1.10
$1.48
$1.91
$2.31
$2.74
$3.24
$3.85
$0.12
$0.12
$0.13
$0.13
$0.12
$0.11
$0.09
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.06
$0.06
$0.07
$0.07
$0.07
$0.06
$0.05
$0.54
$0.78
$1.10
$1.42
$1.81
$2.30
$2.92
$0.00
$0.00
$0.00
$0.01
$0.01
$0.01
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.01
$0.01
$0.37
$0.49
$0.58
$0.65
$0.70
$0.74
$0.76
$15.26
$14.66
$14.73
$15.06
$14.82
$14.60
$14.82
$8.26
$8.56
$7.76
$6.66
$6.44
$6.50
$6.08
2013
Client Confidential
2013
$910
$966
$996
$1,039
$1,083
$1,131
$1,187
$737
$756
$744
$746
$747
$744
$737
$173
$211
$253
$293
$336
$387
$450
$81
$84
$85
$86
$86
$86
$86
$70
$72
$74
$75
$77
$78
$79
$1
$1
$1
$1
$1
$1
$1
$9
$9
$8
$7
$6
$5
$4
$2
$2
$2
$2
$2
$2
$2
$92
$127
$168
$207
$250
$301
$364
$10
$11
$11
$11
$11
$10
$8
$2
$2
$2
$2
$2
$2
$2
$5
$5
$6
$7
$6
$6
$5
$45
$67
$97
$128
$165
$214
$276
$0
$0
$0
$1
$1
$1
$0
$0
$0
$0
$0
$0
$1
$1
$31
$42
$51
$59
$64
$69
$72
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
PARAGUAY
Units
2009A
2010A
2011A
Population
[000]
6,340
6,450
6,561
Households
[000]
1,544
1,580
1,617
DEMOGRAPHICS
Businesses
181
185
189
[US$m]
$15,934
$20,048
$25,100
[US$]
$2,513
$3,108
$3,830
[US$]
Nominal GDP

[000]
$5,248
$5,910
$6,190
[%]
2.59
4.65
8.25
[LCU / US$]
4,965
4,735
4,191

Main Lines
[%]
5%
5%
4%
Mobile Users
[%]
75%
77%
79%
[%]
87%
91%
97%
Prepaid
[%]
77%
79%
81%
Postpaid
[%]
10%
13%
16%
[%]
66%
71%
76%
[000]
5,497
5,900
6,365
Tigo
[000]
3,048
3,441
3,614
Nucleo
[000]
1,794
1,868
2,141
Vox
[000]
180
156
210
Claro
[000]
475
434
400
Others
[000]
[000]
Prepaid
[000]
4,892
5,084
5,305
Postpaid
[000]
605
815
1,059
36.7%
38.6%
32.9%
Mobile Data Users


MOBILE CHURN
Annual Churn Rate
2013
[%]
Client Confidential

[000]
5,497
5,900
6,365
Analog
[000]
[000]
GSM
[000]
3,386
3,449
3,407
TDMA
[000]
152
CDMA One
[000]
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
1,286
1,412
1,505
GSM/EDGE
[000]
385
503
617
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
155
205
281
HSPA
[000]
133
330
555
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
5,186
5,575
6,008
[000]
311
324
357
SMS
[000]
4,185
4,552
4,954
MMS
[000]
1,118
1,253
1,355
Email
[000]
288
360
450
Others
[000]
209
258
300
Ringtones
[000]
899
972
1,049
Graphics/Images
[000]
73
91
98
Games
[000]
225
304
361
Browsing/WAP
[000]
200
300
400
Music
[000]
56
73
91
Video
[000]
32
33
34

Messaging
Applications
2013
Client Confidential
Data cards/Modems
[000]
56
122
177
[units/month]
59
69
78
MOBILE USAGE
Prepaid
[units/month]
43
48
51
Postpaid
[units/month]
194
216
229
Average Monthly SMS
[units/month]
94
184
233
Average Monthly SMM
[units/month]
[US$/month]
$8.57
$9.52
$11.17
Tigo
[US$/month]
$11.12
$11.95
$14.02
Nucleo
[US$/month]
$5.11
$5.92
$6.96
Vox
[US$/month]
$6.21
$6.57
$7.34
Claro
Others
[US$/month]
[US$/month]
$7.08
$0.00
$7.73
$0.00
$8.99
$0.00
MOBILE ARPS

Prepaid ARPS
[US$/month]
$5.23
$5.92
$6.74
Postpaid ARPS
[US$/month]
$36.77
$34.77
$35.70
Voice ARPS
[US$/month]
$6.94
$7.23
$7.86
Data ARPS
[US$/month]
$1.62
$2.28
$3.31
Messaging
[US$/month]
$1.12
$1.42
$2.00
SMS
[US$/month]
$1.03
$1.29
$1.80
MMS
[US$/month]
$0.02
$0.03
$0.05
Email
[US$/month]
$0.07
$0.10
$0.15
Others
[US$/month]
$0.00
$0.00
$0.00
Applications
[US$/month]
$0.50
$0.86
$1.31
Ringtones
[US$/month]
$0.15
$0.17
$0.19
Graphics/Images
[US$/month]
$0.04
$0.05
$0.06
Games
[US$/month]
$0.05
$0.08
$0.12
Browsing/WAP
[US$/month]
$0.11
$0.15
$0.20
Music
[US$/month]
$0.04
$0.06
$0.09
Video
[US$/month]
$0.01
$0.01
$0.01
Data cards/Modems
[US$/month]
$0.11
$0.34
$0.63
3G
[US$/month]
$9.56
$10.63
$12.49
Non-3G
[US$/month]
$8.53
$9.43
$11.00
MOBILE REVENUES
2013
Client Confidential
[US$m]
$552
$651
$822
Voice Revenue
[US$m]
$447
$495
$578
Data Revenue
[US$m]
$105
$156
$244
Messaging Revenue
[US$m]
$72
$97
$147
SMS
[US$m]
$66
$88
$133
MMS
[US$m]
$1
$2
$3
Email
[US$m]
$5
$7
$11
Others
[US$m]
$0
$0
$0
[US$m]
$32
$59
$97
Ringtones
[US$m]
$9
$12
$14
Graphics/Images
[US$m]
$2
$3
$4
Games
[US$m]
$3
$6
$9
Browsing/WAP
[US$m]
$7
$10
$15
Music
[US$m]
$3
$4
$7
Video
[US$m]
$0
$1
$1
Data cards/Modems
[US$m]
$7
$23
$47
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
6,672
6,785
6,898
7,012
7,126
7,241
7,357
1,655
1,693
1,733
1,774
1,815
1,858
1,901
194
198
204
211
217
224
231
$24,595
$27,897
$29,533
$31,873
$34,192
$36,626
$39,396
$3,690
$4,110
$4,280
$4,550
$4,800
$5,060
$5,350
$6,120
$6,850
$7,160
$7,500
$7,830
$8,190
$8,610
3.68
2.30
4.20
4.10
4.60
3.80
3.80
4,425
4,315
4,498
4,580
4,705
4,805
4,892
2013
4%
4%
4%
4%
4%
4%
4%
83%
85%
87%
88%
89%
89%
90%
105%
111%
115%
118%
120%
121%
122%
86%
89%
90%
91%
91%
91%
91%
19%
23%
25%
27%
29%
30%
31%
80%
87%
92%
96%
98%
99%
101%
7,034
7,546
7,937
8,253
8,530
8,781
9,010
3,949
4,186
4,347
4,450
4,522
4,574
4,611
2,294
2,484
2,640
2,775
2,899
3,017
3,130
380
417
436
447
455
461
466
411
460
514
581
654
729
803
5,735
6,016
6,200
6,358
6,492
6,606
6,701
1,299
1,530
1,736
1,895
2,038
2,175
2,309
34.5%
36.8%
36.2%
35.7%
35.2%
34.7%
34.2%
Client Confidential
2013
7,034
7,546
7,937
8,253
8,530
8,781
9,010
3,389
3,124
2,784
2,280
1,689
973
281
1,618
1,665
1,681
1,679
1,663
1,626
1,538
730
785
823
853
873
865
830
384
511
667
880
1,154
1,502
1,842
913
1,403
1,843
2,302
2,788
3,335
3,925
58
140
258
364
479
594
6,645
7,130
7,495
7,788
8,041
8,269
8,477
389
417
441
466
489
512
534
5,344
5,886
6,349
6,727
6,980
7,203
7,410
1,482
1,660
1,825
1,981
2,133
2,239
2,343
650
868
1,032
1,238
1,471
1,742
2,056
347
391
431
471
511
553
595
1,110
1,207
1,270
1,321
1,365
1,405
1,442
108
121
127
132
136
140
144
451
558
595
619
631
641
649
650
981
1,349
1,733
2,114
2,480
2,825
139
219
262
292
314
329
345
97
151
214
263
304
338
364
Client Confidential
240
279
308
330
347
361
374
87
95
102
106
110
112
115
54
57
59
60
61
61
61
243
255
262
266
269
272
275
242
257
274
289
300
310
317
$10.35
$11.14
$11.24
$11.32
$11.39
$11.44
$11.56
$12.69
$13.19
$13.07
$12.98
$12.89
$12.83
$12.83
$6.92
$8.26
$8.64
$9.02
$9.35
$9.64
$9.99
$7.20
$7.50
$7.89
$8.34
$8.79
$9.13
$9.53
$9.54
$0.00
$11.06
$0.00
$11.69
$0.00
$11.77
$0.00
$11.76
$0.00
$11.56
$0.00
$11.43
$0.00
$6.54
$6.94
$6.80
$6.69
$6.49
$6.33
$6.11
$28.17
$28.57
$27.83
$27.34
$27.39
$27.34
$27.71
$6.85
$6.97
$6.72
$6.45
$6.17
$5.95
$5.76
$3.50
$4.17
$4.52
$4.87
$5.22
$5.49
$5.79
$1.93
$2.16
$2.33
$2.51
$2.70
$2.85
$3.01
$1.72
$1.90
$2.05
$2.20
$2.38
$2.50
$2.63
$0.05
$0.05
$0.05
$0.05
$0.05
$0.05
$0.05
$0.17
$0.21
$0.23
$0.25
$0.27
$0.30
$0.33
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$1.57
$2.00
$2.18
$2.36
$2.52
$2.64
$2.78
$0.20
$0.23
$0.22
$0.21
$0.21
$0.20
$0.21
$0.06
$0.07
$0.07
$0.07
$0.07
$0.07
$0.07
$0.12
$0.16
$0.16
$0.16
$0.15
$0.15
$0.15
$0.26
$0.38
$0.52
$0.66
$0.81
$0.95
$1.07
$0.10
$0.15
$0.17
$0.19
$0.20
$0.20
$0.20
$0.02
$0.03
$0.04
$0.05
$0.06
$0.06
$0.07
$0.81
$0.98
$1.00
$1.02
$1.02
$1.02
$1.01
$11.58
$12.48
$12.60
$12.71
$12.80
$12.87
$13.02
$10.11
$10.75
$10.65
$10.48
$10.18
$9.65
$8.77
2013
Client Confidential
2013
$832
$974
$1,044
$1,100
$1,147
$1,188
$1,234
$550
$609
$624
$626
$621
$618
$615
$282
$365
$420
$473
$525
$571
$618
$155
$189
$217
$243
$272
$296
$322
$138
$166
$190
$214
$239
$260
$281
$4
$4
$5
$5
$5
$5
$5
$13
$19
$22
$24
$28
$31
$35
$0
$0
$0
$0
$0
$0
$0
$126
$175
$203
$230
$253
$275
$297
$16
$20
$20
$21
$21
$21
$23
$5
$6
$6
$7
$7
$7
$7
$10
$14
$15
$15
$15
$16
$16
$21
$34
$48
$65
$81
$98
$115
$8
$13
$16
$18
$20
$21
$22
$1
$3
$4
$5
$6
$7
$7
$65
$86
$93
$99
$103
$106
$108
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
PERU
Units
2009A
2010A
2011A
Population
[000]
29,555
29,958
30,360
Households
[000]
6,486
6,560
6,635
DEMOGRAPHICS
Businesses
Nominal GDP
[000]
[US$m]
959
979
1,000
$126,950
$153,810
$176,550
[US$]
$4,295
$5,134
$5,810
[US$]

$8,420
$9,150
$9,830
[%]
2.94
1.53
3.37
[LCU / US$]
3.01
2.83
2.75

Main Lines
[%]
9%
9%
10%
Mobile Users
[%]
60%
66%
74%
[%]
70%
78%
88%
Prepaid
[%]
61%
63%
69%
Postpaid
[%]
9%
14%
18%
[%]
41%
47%
54%
[000]
20,610
23,321
26,687
Movistar
[000]
11,458
12,507
13,998
Claro
[000]
8,311
9,686
11,254
Olo
[000]
Nextel
[000]
841
1,128
1,435
Viettel
[000]
Others
[000]
[000]
Virgin Mobile
[000]
Others
[000]
Prepaid
[000]
17,897
18,982
21,097
Postpaid
[000]
2,713
4,339
5,590
Mobile Data Users

2013
Client Confidential
MOBILE CHURN
Annual Churn Rate
[%]
45.2%
42.6%
45.3%
[000]
20,610
23,321
26,687

Analog
[000]
[000]
839
1,077
1,291
GSM
[000]
5,302
5,066
3,995
TDMA
[000]
CDMA One
[000]
115
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
13,235
15,163
17,265
GSM/EDGE
[000]
914
1,453
2,701
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
176
415
1,069
HSPA
[000]
29
147
366
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
18,601
20,825
23,784
[000]
2,009
2,496
2,903
SMS
[000]
12,045
14,175
16,305
MMS
[000]
1,343
1,596
1,918
Email
[000]
685
741
930
Others
[000]
571
679
816
Ringtones
[000]
1,626
1,915
2,241
Graphics/Images
[000]
1,233
1,423
1,677
Games
[000]
642
742
874

Messaging
Applications
2013
Client Confidential
Browsing/WAP
[000]
171
640
1,025
Music
[000]
455
649
895
Video
[000]
204
301
482
Data cards/Modems
[000]
80
191
371
113
MOBILE USAGE
[units/month]
103
103
Prepaid
[units/month]
77
72
75
Postpaid
[units/month]
275
260
267
Average Monthly SMS
[units/month]
16
17
17
Average Monthly SMM
[units/month]
[US$/month]
$8.02
$8.77
$8.81
Movistar
[US$/month]
$7.41
$7.83
$8.21
Claro
[US$/month]
$7.08
$8.36
$8.07
Olo
[US$/month]
$0.00
$0.00
$0.00
Nextel
[US$/month]
$26.64
$23.87
$20.94
Viettel
[US$/month]
$0.00
$0.00
$0.00
Others
[US$/month]
$0.00
$0.00
$0.00
MOBILE ARPS
[US$/month]
Prepaid ARPS
[US$/month]
$5.41
$5.05
$4.67
Postpaid ARPS
[US$/month]
$25.70
$28.23
$25.51
Voice ARPS
[US$/month]
$7.05
$7.77
$7.51
Data ARPS
[US$/month]
$0.97
$1.00
$1.29
Messaging
[US$/month]
$0.75
$0.55
$0.58
SMS
[US$/month]
$0.71
$0.49
$0.53
MMS
[US$/month]
$0.01
$0.02
$0.02
Email
[US$/month]
$0.02
$0.02
$0.02
Others
[US$/month]
$0.01
$0.01
$0.01
Applications
[US$/month]
$0.22
$0.46
$0.71
Ringtones
[US$/month]
$0.03
$0.03
$0.03
Graphics/Images
[US$/month]
$0.01
$0.01
$0.01
Games
[US$/month]
$0.04
$0.05
$0.04
Browsing/WAP
[US$/month]
$0.02
$0.15
$0.28
Music
[US$/month]
$0.01
$0.02
$0.02
Video
[US$/month]
$0.01
$0.02
$0.02
Data cards/Modems
[US$/month]
$0.10
$0.18
$0.30
[US$/month]
$38.51
$36.83
$24.65

3G
2013
Client Confidential
Non-3G
[US$/month]
$7.83
$8.27
$8.15
[US$m]
$1,881
$2,311
$2,642
Voice Revenue
[US$m]
$1,653
$2,047
$2,254
Data Revenue
[US$m]
$228
$264
$388
Messaging Revenue
MOBILE REVENUES
[US$m]
$176
$144
$175
SMS
[US$m]
$167
$130
$160
MMS
[US$m]
$3
$5
$6
Email
[US$m]
$4
$5
$5
Others
[US$m]
$3
$3
$4
[US$m]
$51
$121
$213
Ringtones
[US$m]
$7
$7
$8
Graphics/Images
[US$m]
$3
$3
$4
Games
[US$m]
$9
$13
$13
Browsing/WAP
[US$m]
$5
$40
$85
Music
[US$m]
$3
$5
$6
Video
[US$m]
$2
$5
$7
Data cards/Modems
[US$m]
$23
$48
$89
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
30,770
31,170
31,570
32,000
32,320
32,640
32,950
6,711
6,787
6,865
6,943
7,022
7,102
7,183
1,021
1,043
1,067
1,091
1,116
1,143
1,170
$199,380
$208,700
$222,400
$239,000
$258,300
$276,800
$296,200
$6,480
$6,700
$7,050
$7,470
$7,990
$8,480
$8,990
$10,500
$11,090
$11,810
$12,600
$13,490
$14,480
$15,500
3.66
2.90
2.80
3.00
3.00
2.90
2.90
2.64
2.70
2.75
2.76
2.79
2.83
2.87
10%
10%
10%
10%
9%
9.2%
8.8%
79%
76%
80%
81%
82%
83%
85%
97%
96%
102%
107%
112%
116%
121%
73%
67%
71%
73%
76%
79%
82%
23%
29%
32%
34%
36%
38%
39%
60%
65%
70%
74%
78%
82%
86%
29,756
29,781
32,274
34,284
36,151
37,969
39,748
15,197
16,053
17,091
17,829
18,428
18,961
19,431
12,881
11,807
12,807
13,600
14,368
15,088
15,797
18
49
79
114
149
183
218
1,660
1,872
2,194
2,532
2,883
3,246
3,613
103
209
322
490
688
15
31
64
134
153
15
31
64
134
153
22,568
20,832
22,293
23,444
24,534
25,657
26,872
7,188
8,949
9,981
10,840
11,617
12,312
12,875
2013
Client Confidential
50.8%
56.8%
49.5%
47.8%
46.3%
45.4%
44.7%
29,756
29,781
32,274
34,284
36,151
37,969
39,748
1,444
1,535
1,582
1,512
1,310
1,010
633
3,607
1,948
17,846
16,698
16,148
13,970
9,881
5,635
3,656
3,864
4,605
5,750
4,896
4,634
3,736
1,420
2,204
3,464
5,634
8,361
11,631
15,189
17,204
773
1,482
2,939
5,059
7,867
10,910
14,067
18
49
79
114
149
183
218
142
372
680
1,306
2,550
26,493
26,321
28,329
29,852
31,201
32,482
33,704
3,263
3,459
3,945
4,432
4,950
5,487
6,043
18,545
20,416
22,148
23,762
25,307
26,819
28,300
2,046
2,085
2,033
1,944
1,640
1,206
757
1,232
1,394
1,495
1,572
1,641
1,707
1,769
1,092
1,147
1,306
1,456
1,612
1,778
1,955
2,395
2,469
2,488
2,379
2,132
1,792
1,407
1,879
1,824
1,878
1,796
1,704
1,432
1,049
1,013
1,034
1,087
1,040
987
933
879
2013
Client Confidential
1,666
3,401
5,159
7,125
9,767
12,310
14,755
1,374
1,664
1,749
1,672
1,411
1,037
651
698
978
1,325
1,689
2,137
2,693
3,524
733
953
1,239
1,514
1,772
2,010
2,230
115
126
134
137
140
142
142
74
75
77
78
79
80
80
258
261
265
269
274
276
275
22
24
26
26
27
26
26
$9.19
$9.68
$10.18
$10.26
$10.42
$10.55
$10.61
$8.64
$8.96
$9.18
$9.25
$9.44
$9.61
$9.71
$8.85
$9.78
$10.81
$10.99
$11.13
$11.23
$11.30
$23.31
$34.56
$32.77
$26.87
$23.26
$20.74
$17.47
$16.91
$14.84
$13.89
$13.35
$13.33
$13.27
$13.25
$0.00
$0.00
$4.37
$3.93
$3.96
$4.11
$3.99
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$4.73
$4.65
$4.39
$4.26
$4.14
$4.03
$3.95
$24.38
$23.05
$23.13
$23.18
$23.54
$23.88
$24.15
$7.39
$7.34
$7.26
$6.89
$6.60
$6.32
$6.09
$1.79
$2.34
$2.92
$3.37
$3.82
$4.23
$4.52
$0.72
$0.76
$0.77
$0.74
$0.71
$0.67
$0.61
$0.66
$0.69
$0.70
$0.69
$0.66
$0.62
$0.57
$0.03
$0.03
$0.02
$0.02
$0.01
$0.01
$0.01
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$0.02
$1.07
$1.58
$2.16
$2.62
$3.11
$3.56
$3.91
$0.03
$0.02
$0.02
$0.02
$0.02
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.00
$0.04
$0.04
$0.04
$0.03
$0.03
$0.03
$0.02
$0.48
$0.81
$1.25
$1.61
$2.01
$2.39
$2.68
$0.03
$0.04
$0.04
$0.04
$0.04
$0.03
$0.02
$0.03
$0.04
$0.05
$0.07
$0.08
$0.09
$0.11
$0.45
$0.62
$0.74
$0.85
$0.94
$1.00
$1.05
$20.21
$18.77
$17.41
$14.93
$13.03
$12.87
$12.20
2013
Client Confidential
$8.25
$8.27
$8.11
$7.84
$7.96
$6.31
$4.51
$3,112
$3,457
$3,790
$4,097
$4,405
$4,691
$4,946
$2,504
$2,621
$2,702
$2,751
$2,789
$2,810
$2,839
$607
$836
$1,088
$1,345
$1,616
$1,881
$2,107
$244
$271
$285
$297
$301
$297
$286
$222
$248
$262
$274
$278
$275
$266
$9
$9
$8
$7
$6
$5
$3
$7
$7
$7
$7
$7
$7
$7
$6
$7
$7
$8
$9
$10
$11
$363
$565
$803
$1,048
$1,315
$1,584
$1,821
$8
$9
$8
$8
$7
$6
$5
2013
$4
$4
$4
$4
$3
$3
$2
$14
$14
$14
$13
$13
$12
$11
$164
$290
$466
$642
$847
$1,063
$1,251
$10
$14
$16
$16
$15
$12
$9
$11
$15
$20
$26
$33
$41
$52
$152
$220
$275
$338
$396
$446
$490
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
PUERTO RICO
Units
2009A
2010A
2011A
Population
[000]
3,740
3,726
3,707
Households
[000]
1,357
1,377
1,390
DEMOGRAPHICS
Businesses
65
66
67
[US$m]
$95,708
$95,796
$95,884
[US$]
$25,588
$25,712
$25,864
[US$]
Nominal GDP
[000]
$20,682
$21,238
$21,809
[%]
4.20
7.00
7.07
[LCU / US$]
1.00
1.00
1.00
Main Lines
[%]
24%
25%
24%
Mobile Users
[%]
68%
72%
76%

[%]
73%
79%
83%
Prepaid
[%]
12%
17%
20%
Postpaid
[%]
61%
62%
64%
[%]
62%
69%
72%
[000]
2,716
2,934
3,108
Claro
[000]
664
745
788
Centennial
[000]
420
AT&T
[000]
894
1,358
1,416
Open Mobile
[000]
145
177
212
T-Mobile
[000]
409
461
504
Sprint
[000]
182
194
190
Others
[000]
Mobile Data Users

[000]
Movida
[000]
Others
[000]

Prepaid
[000]
448
619
739
Postpaid
[000]
2,268
2,315
2,369
2013
Client Confidential
MOBILE CHURN
Annual Churn Rate
[%]
43.1%
42.8%
43.0%

[000]
2,716
2,934
3,108
Analog
[000]
[000]
GSM
[000]
225
139
22
TDMA
[000]
CDMA One
[000]
536
284
188
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
622
735
794
GSM/EDGE
[000]
191
290
319
CDMA 1X
[000]
380
191
136
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
301
195
122
[000]
UMTS
[000]
294
719
977
HSPA
[000]
165
380
528
Mobile WiMAX
[000]
19
LTE
[000]
Others
[000]
[000]
2,426
2,537
2,660
[000]
290
397
448
SMS
[000]
2,309
2,582
2,672
MMS
[000]
760
851
921
Email
[000]
727
864
995
Others
[000]
300
421
574
Ringtones
[000]
1,091
1,408
1,622
Graphics/Images
[000]
479
704
848

Messaging
Applications
2013
Client Confidential
Games
[000]
407
587
676
Browsing/WAP
[000]
462
675
829
Music
[000]
225
270
308
Video
[000]
158
218
273
Data cards/Modems
[000]
120
170
234
MOBILE USAGE
[units/month]
1,154
1,275
1,358
Prepaid
[units/month]
144
144
146
Postpaid
[units/month]
1,335
1,539
1,710
Average Monthly SMS
[units/month]
35
37
39
Average Monthly SMM
[units/month]
MOBILE ARPS
[US$/month]
$42.88
$41.92
$41.78
Claro
[US$/month]
$51.00
$42.00
$40.70
Centennial
[US$/month]
$0.00
$0.00
$0.00
AT&T
[US$/month]
$57.37
$52.50
$46.26
Open Mobile
[US$/month]
$5.00
$5.10
$13.75
T-Mobile
[US$/month]
$48.99
$44.73
$39.93
Sprint
Others
[US$/month]
[US$/month]
$58.74
$0.00
$50.19
$0.00
$46.75
$0.00
Prepaid ARPS
[US$/month]
$10.11
$12.91
$24.48
Postpaid ARPS
[US$/month]
$48.76
$49.02
$46.79
Voice ARPS
[US$/month]
$36.82
$35.12
$32.54
Data ARPS
[US$/month]
$6.06
$7.81
$9.24
Messaging
[US$/month]
$3.15
$3.46
$3.66
SMS
[US$/month]
$2.30
$2.40
$2.46
MMS
[US$/month]
$0.30
$0.35
$0.39
Email
[US$/month]
$0.48
$0.54
$0.61
Others
[US$/month]
$0.06
$0.16
$0.21
Applications
[US$/month]
$2.91
$4.36
$5.58
Ringtones
[US$/month]
$0.30
$0.35
$0.40
Graphics/Images
[US$/month]
$0.24
$0.33
$0.41
Games
[US$/month]
$0.30
$0.44
$0.60
Browsing/WAP
[US$/month]
$0.91
$1.23
$1.66
Music
[US$/month]
$0.12
$0.20
$0.23
Video
[US$/month]
$0.06
$0.05
$0.06
Data cards/Modems
[US$/month]
$0.97
$1.76
$2.22
2013
Client Confidential

3G
[US$/month]
$55.74
$52.40
$50.13
Non-3G
[US$/month]
$38.86
$37.52
$33.84
[US$m]
$1,353
$1,455
$1,515
Voice Revenue
[US$m]
$1,162
$1,190
$1,180
Data Revenue
[US$m]
$191
$265
$335
Messaging Revenue
MOBILE REVENUES
[US$m]
$99
$117
$133
SMS
[US$m]
$73
$81
$89
MMS
[US$m]
$10
$12
$14
Email
[US$m]
$15
$18
$22
Others
[US$m]
$2
$5
$8
[US$m]
$92
$148
$202
Ringtones
[US$m]
$10
$12
$14
Graphics/Images
[US$m]
$8
$11
$15
Games
[US$m]
$10
$15
$22
Browsing/WAP
[US$m]
$29
$42
$60
Music
[US$m]
$4
$7
$8
Video
[US$m]
$2
$2
$2
Data cards/Modems
[US$m]
$31
$60
$81
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
3,688
3,681
3,676
3,672
3,670
3,667
3,663
1,403
1,414
1,424
1,432
1,441
1,455
1,470
68
69
70
71
72
73
74
$95,971
$96,059
$96,147
$96,236
$96,324
$96,412
$96,500
$26,023
$26,099
$26,157
$26,208
$26,245
$26,295
$26,345
$22,395
$22,997
$23,615
$24,250
$24,902
$25,572
$26,259
7.14
7.21
7.28
8.35
9.61
11.05
23.75
1.00
1.00
1.00
1.00
1.00
1.00
1.00
22%
21%
19%
18%
17%
15%
15%
77%
78%
79%
79%
80%
81%
82%
89%
94%
100%
106%
112%
119%
126%
23%
26%
29%
33%
36%
40%
45%
66%
68%
70%
73%
76%
78%
81%
75%
80%
85%
90%
95%
101%
107%
3,271
3,461
3,663
3,879
4,110
4,352
4,609
824
862
898
946
1,002
1,063
1,129
1,490
1,590
1,706
1,826
1,953
2,088
2,216
244
277
309
341
371
401
432
529
554
580
607
636
665
702
184
177
169
160
148
135
130
11
12
14
14
15
15
15
11
12
14
14
15
15
15
840
953
1,074
1,202
1,338
1,483
1,637
2,432
2,508
2,589
2,677
2,772
2,870
2,972
2013
Client Confidential
2013
43.9%
43.8%
43.7%
43.6%
43.6%
43.5%
43.5%
3,271
3,461
3,663
3,879
4,110
4,352
4,609
142
111
88
87
78
43
11
572
304
182
66
40
348
326
155
135
61
54
57
137
144
137
118
97
88
95
120
161
205
233
263
284
296
1,221
1,490
1,746
1,888
1,948
1,943
1,945
691
866
1,061
1,216
1,393
1,553
1,647
28
35
42
48
44
40
39
12
22
47
87
185
347
519
2,786
2,950
3,124
3,310
3,507
3,713
3,932
485
511
539
569
603
639
677
2,780
2,941
3,114
3,297
3,493
3,699
3,917
1,014
1,107
1,209
1,319
1,438
1,567
1,659
1,166
1,233
1,306
1,383
1,465
1,551
1,642
794
840
889
942
998
1,373
1,745
1,900
2,111
2,381
2,599
2,795
3,003
3,180
993
969
1,062
1,237
1,315
1,349
1,429
Client Confidential
785
900
1,062
1,293
1,534
1,799
1,905
1,014
1,246
1,403
1,552
1,685
1,828
1,936
353
396
409
427
452
479
507
333
393
455
519
585
653
723
324
440
555
665
774
1,005
1,064
1,335
1,318
1,302
1,287
1,273
1,261
1,248
147
149
150
152
153
154
155
1,726
1,743
1,760
1,778
1,795
1,814
1,832
40
40
41
42
43
44
45
$40.62
$40.34
$40.61
$40.78
$40.83
$41.23
$41.34
$40.16
$40.11
$40.72
$41.49
$42.04
$43.18
$43.45
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$1.00
$45.05
$44.50
$44.67
$44.65
$44.50
$44.66
$44.54
$13.72
$13.76
$13.70
$13.63
$13.56
$13.63
$13.62
$38.88
$39.46
$40.01
$40.51
$40.96
$41.72
$42.23
$45.80
$0.00
$46.97
$0.00
$48.88
$0.00
$49.86
$0.00
$50.66
$0.00
$51.21
$0.00
$54.45
$0.00
$28.27
$29.22
$31.42
$33.23
$34.09
$36.12
$36.54
$44.68
$44.37
$44.27
$44.04
$43.97
$43.79
$43.91
$29.98
$28.20
$27.12
$26.11
$25.11
$24.15
$23.23
$10.64
$12.14
$13.49
$14.67
$15.72
$17.08
$18.12
$3.80
$3.89
$3.93
$3.95
$3.98
$4.08
$4.21
$2.41
$2.37
$2.35
$2.32
$2.30
$2.27
$2.25
$0.43
$0.48
$0.53
$0.59
$0.65
$0.72
$0.80
$0.68
$0.72
$0.73
$0.72
$0.72
$0.71
$0.70
$0.28
$0.32
$0.32
$0.32
$0.32
$0.37
$0.46
$6.84
$8.24
$9.56
$10.72
$11.74
$13.00
$13.90
$0.44
$0.47
$0.50
$0.52
$0.53
$0.54
$0.54
$0.48
$0.49
$0.49
$0.54
$0.58
$0.59
$0.59
$0.73
$0.87
$1.03
$1.24
$1.46
$1.67
$1.78
$2.11
$2.64
$3.18
$3.65
$4.13
$4.65
$5.20
$0.26
$0.28
$0.29
$0.29
$0.29
$0.30
$0.31
$0.07
$0.08
$0.09
$0.10
$0.10
$0.11
$0.12
$2.76
$3.40
$3.98
$4.38
$4.64
$5.14
$5.36
2013
Client Confidential
$46.71
$44.78
$44.67
$43.63
$42.87
$42.67
$42.79
$32.09
$30.45
$24.68
$21.40
$18.98
$16.18
$5.49
$1,555
$1,629
$1,736
$1,845
$1,957
$2,093
$2,223
$1,148
$1,139
$1,159
$1,181
$1,204
$1,226
$1,249
$407
$490
$577
$664
$754
$867
$974
$146
$157
$168
$179
$191
$207
$227
$92
$96
$100
$105
$110
$115
$121
$17
$19
$23
$27
$31
$37
$43
$26
$29
$31
$33
$34
$36
$38
$11
$13
$14
$15
$15
$19
$25
$262
$333
$409
$485
$563
$660
$747
$17
$19
$21
$24
$26
$27
$29
$18
$20
$21
$25
$28
$30
$32
$28
$35
$44
$56
$70
$85
$95
$81
$107
$136
$165
$198
$236
$280
$10
$11
$12
$13
$14
$15
$16
$3
$3
$4
$4
$5
$6
$6
$106
$137
$170
$198
$222
$261
$288
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
URUGUAY
Units
2009A
2010A
2011A
Population
[000]
3,345
3,357
3,369
Households
[000]
1,380
1,386
1,390
DEMOGRAPHICS
Businesses
152
154
155
[US$m]
$30,229
$38,846
$46,435
[US$]
$9,037
$11,573
$13,785
[US$]
Nominal GDP

[000]
$12,677
$13,928
$15,460
[%]
7.06
6.70
8.09
[LCU / US$]
22.57
20.06
19.31

Main Lines
[%]
29%
29%
29%
Mobile Users
[%]
78%
82%
85%
[%]
123%
132%
141%
Prepaid
[%]
92%
96%
99%
Postpaid
[%]
30%
36%
42%
[%]
94%
108%
120%
[000]
4,112
4,437
4,757
Ancel
[000]
1,720
1,930
2,181
Movistar
[000]
1,615
1,708
1,819
Claro
[000]
776
799
758
Others
[000]
[000]
[000]
Prepaid
[000]
3,092
3,221
3,338
Postpaid
[000]
1,020
1,216
1,420
[%]
28.3%
28.3%
27.9%
Mobile Data Users


Others
MOBILE CHURN
Annual Churn Rate
2013
Client Confidential

[000]
4,112
4,437
4,757
Analog
[000]
[000]
GSM
[000]
2,551
2,466
2,140
TDMA
[000]
CDMA One
[000]
129
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
706
876
1,080
GSM/EDGE
[000]
586
725
857
CDMA 1X
[000]
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
[000]
UMTS
[000]
139
304
420
HSPA
[000]
67
260
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
3,865
4,169
4,470
[000]
246
268
288
SMS
[000]
3,130
3,631
4,031
MMS
[000]
41
35
32
Email
[000]
851
1,010
1,207
Others
[000]
84
93
103
Ringtones
[000]
825
917
959
Graphics/Images
[000]
227
270
280
Games
[000]
48
54
57
Browsing/WAP
[000]
180
240
354
Music
[000]
20
112
148
Video
[000]
22
31
44

Messaging
Applications
2013
Client Confidential
Data cards/Modems
[000]
179
305
431
[units/month]
92
99
104
MOBILE USAGE
Prepaid
[units/month]
59
59
59
Postpaid
[units/month]
201
212
218
Average Monthly SMS
[units/month]
101
102
104
Average Monthly SMM
[units/month]
[US$/month]
$12.87
$13.63
$13.86
Ancel
[US$/month]
$13.20
$13.50
$13.63
Movistar
[US$/month]
$13.38
$14.45
$14.40
Claro
Others
[US$/month]
[US$/month]
$11.20
$0.00
$12.22
$0.00
$13.22
$0.00
MOBILE ARPS

Prepaid ARPS
[US$/month]
$6.75
$6.60
$6.45
Postpaid ARPS
[US$/month]
$32.85
$33.49
$32.29
Voice ARPS
[US$/month]
$9.44
$9.29
$8.87
Data ARPS
[US$/month]
$3.44
$4.34
$4.99
Messaging
[US$/month]
$2.07
$2.18
$2.22
SMS
[US$/month]
$1.85
$1.91
$1.91
MMS
[US$/month]
$0.00
$0.00
$0.00
Email
[US$/month]
$0.03
$0.04
$0.05
Others
[US$/month]
$0.18
$0.23
$0.25
Applications
[US$/month]
$1.37
$2.16
$2.77
Ringtones
[US$/month]
$0.16
$0.20
$0.24
Graphics/Images
[US$/month]
$0.07
$0.10
$0.11
Games
[US$/month]
$0.04
$0.05
$0.05
Browsing/WAP
[US$/month]
$0.34
$0.44
$0.51
Music
[US$/month]
$0.04
$0.05
$0.06
Video
[US$/month]
$0.12
$0.14
$0.16
Data cards/Modems
[US$/month]
$0.60
$1.19
$1.62
3G
[US$/month]
$32.18
$34.08
$34.64
Non-3G
[US$/month]
$12.19
$12.34
$11.18
$590
$699
$764
MOBILE REVENUES
2013
[US$m]
Client Confidential
Voice Revenue
[US$m]
$432
$477
$489
Data Revenue
[US$m]
$157
$223
$275
Messaging Revenue
[US$m]
$95
$112
$122
SMS
[US$m]
$85
$98
$105
MMS
[US$m]
$0
$0
$0
Email
[US$m]
$2
$2
$3
Others
[US$m]
$8
$12
$14
[US$m]
$63
$111
$153
Ringtones
[US$m]
$7
$10
$13
Graphics/Images
[US$m]
$3
$5
$6
Games
[US$m]
$2
$2
$3
Browsing/WAP
[US$m]
$16
$22
$28
Music
[US$m]
$2
$3
$4
Video
[US$m]
$5
$7
$9
Data cards/Modems
[US$m]
$28
$61
$89
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
3,381
3,392
3,404
3,416
3,427
3,439
3,450
1,393
1,394
1,396
1,397
1,399
1,400
1,402
157
158
160
162
163
165
167
$49,919
$55,578
$57,042
$61,098
$66,220
$72,554
$79,274
$14,766
$16,383
$16,756
$17,887
$19,321
$21,099
$22,978
$15,880
$16,730
$17,630
$18,600
$19,710
$20,930
$22,230
8.10
8.30
7.80
7.10
6.60
6.70
6.40
20.31
20.58
22.54
23.50
24.16
24.59
25.04
30%
31%
32%
33%
33%
31%
28%
88%
89%
89%
89%
90%
90%
91%
148%
152%
156%
161%
165%
169%
173%
101%
104%
106%
108%
110%
112%
114%
2013
46%
49%
51%
53%
55%
57%
58%
132%
141%
146%
151%
156%
160%
165%
4,995
5,168
5,326
5,489
5,653
5,814
5,967
2,346
2,475
2,590
2,704
2,813
2,912
2,999
1,844
1,859
1,879
1,908
1,944
1,989
2,040
806
835
858
878
896
913
928
3,427
3,511
3,594
3,683
3,773
3,863
3,950
1,568
1,657
1,732
1,806
1,880
1,951
2,017
27.6%
27.2%
26.9%
26.6%
26.3%
26.1%
25.8%
Client Confidential
2013
4,995
5,168
5,326
5,489
5,653
5,814
5,967
1,658
1,208
745
393
92
37
1,228
1,284
1,288
1,288
1,278
1,263
1,160
1,005
1,088
1,109
1,073
1,102
1,028
955
560
733
902
1,012
1,092
1,134
1,170
539
832
1,204
1,583
1,886
2,110
2,380
25
79
140
203
241
292
4,690
4,849
4,993
5,142
5,292
5,439
5,579
305
320
333
347
361
375
388
4,450
4,775
4,982
5,160
5,341
5,515
5,682
31
31
31
30
30
30
29
1,448
1,688
1,914
2,169
2,458
2,780
3,139
115
124
130
137
144
151
158
959
879
799
714
622
523
447
252
207
160
110
68
41
12
61
64
64
65
66
66
66
511
697
908
1,146
1,417
1,719
2,064
177
206
233
253
273
295
318
53
56
56
57
57
58
58
Client Confidential
547
643
682
700
714
727
739
110
113
114
116
117
118
119
59
58
58
57
57
57
56
227
230
233
236
238
239
241
105
105
107
108
108
109
109
$13.22
$13.55
$13.44
$13.59
$13.71
$13.88
$14.13
$12.56
$12.78
$12.72
$12.82
$12.94
$13.17
$13.48
$14.22
$14.62
$14.49
$14.73
$14.88
$14.98
$15.12
$12.79
$0.00
$13.39
$0.00
$13.29
$0.00
$13.43
$0.00
$13.57
$0.00
$13.72
$0.00
$14.10
$0.00
$5.65
$5.49
$5.24
$5.13
$5.03
$4.97
$4.95
$30.35
$30.89
$30.65
$30.98
$31.26
$31.64
$32.23
$8.20
$8.13
$7.89
$7.85
$7.79
$7.74
$7.72
$5.02
$5.42
$5.55
$5.74
$5.92
$6.14
$6.41
$2.11
$2.12
$2.06
$2.05
$2.03
$2.01
$2.00
$1.81
$1.81
$1.74
$1.72
$1.69
$1.67
$1.64
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.05
$0.06
$0.06
$0.06
$0.07
$0.07
$0.08
$0.24
$0.26
$0.26
$0.27
$0.27
$0.28
$0.28
$2.91
$3.30
$3.50
$3.69
$3.89
$4.12
$4.41
$0.23
$0.19
$0.15
$0.13
$0.10
$0.08
$0.07
$0.11
$0.10
$0.08
$0.06
$0.04
$0.02
$0.01
$0.06
$0.06
$0.06
$0.05
$0.05
$0.05
$0.05
$0.59
$0.79
$1.00
$1.25
$1.53
$1.84
$2.18
$0.07
$0.07
$0.08
$0.08
$0.08
$0.09
$0.09
$0.14
$0.11
$0.08
$0.07
$0.05
$0.04
$0.04
$1.72
$1.97
$2.04
$2.05
$2.02
$1.99
$1.97
$31.99
$29.67
$25.61
$23.04
$21.74
$21.12
$20.76
$9.02
$7.73
$6.61
$5.70
$4.63
$3.82
$3.23
$774
$826
$847
$882
$917
$955
$999
2013
Client Confidential
2013
$480
$496
$497
$509
$521
$533
$546
$294
$330
$350
$373
$396
$422
$453
$123
$129
$129
$133
$136
$139
$141
$106
$110
$109
$111
$113
$115
$116
$0
$0
$0
$0
$0
$0
$0
$3
$3
$4
$4
$5
$5
$6
$14
$16
$16
$17
$18
$19
$20
$170
$201
$220
$240
$260
$284
$312
$13
$12
$10
$8
$7
$6
$5
$7
$6
$5
$4
$3
$2
$1
$3
$4
$4
$4
$4
$4
$4
$34
$48
$63
$81
$103
$127
$154
$4
$4
$5
$5
$6
$6
$6
$8
$7
$5
$4
$4
$3
$3
$101
$120
$129
$133
$135
$137
$139
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

or call
VENEZUELA
Units
2009A
2010A
2011A
Population
[000]
28,182
28,631
29,072
Households
[000]
6,395
6,498
6,603
DEMOGRAPHICS
Businesses
552
547
541
[US$m]
$329,420
$393,750
$316,500
[US$]
$11,572
$13,753
$10,887
[US$]
Nominal GDP
[000]
$12,420
$12,190
$12,760
[%]
27.08
28.19
26.09
[LCU / US$]
2.15
2.58
4.29
Main Lines
[%]
24%
24%
25%
Mobile Users
[%]
76%
77%
79%

[%]
105%
103%
105%
Prepaid
[%]
99%
97%
98%
Postpaid
[%]
6%
6%
7%
[%]
93%
93%
96%
[000]
29,625
29,472
30,417
Movistar
[000]
10,531
9,514
9,439
Movilnet
[000]
13,431
14,734
15,882
Digitel
[000]
5,663
5,224
5,096
Others
[000]
[000]
Prepaid
[000]
27,987
27,682
28,465
Postpaid
[000]
1,638
1,790
1,952
[%]
32.4%
31.9%
32.6%
Mobile Data Users


MOBILE CHURN
Annual Churn Rate
2013
Client Confidential

[000]
29,625
29,472
30,417
Analog
[000]
[000]
GSM
[000]
3,766
2,194
764
TDMA
[000]
CDMA One
[000]
2,149
1,915
1,588
CDMA One (WLL)
[000]
HSCSD
[000]
TD-SCDMA
[000]
TD-HSPA
[000]
PAS
[000]
PHS
[000]
PDC
[000]
GSM/GPRS
[000]
2,900
3,184
3,337
GSM/EDGE
[000]
8,219
7,862
7,557
CDMA 1X
[000]
8,020
8,183
7,939
CDMA 1X (WLL)
[000]
CDMA2000 (EV/3X)
[000]
2,981
2,373
1,961
[000]
UMTS
[000]
1,070
2,401
4,555
HSPA
[000]
520
1,360
2,715
Mobile WiMAX
[000]
LTE
[000]
Others
[000]
[000]
28,664
28,460
29,310
[000]
961
1,012
1,107
SMS
[000]
26,155
26,486
27,953
MMS
[000]
2,860
3,118
3,386
Email
[000]
1,486
1,577
1,681
Others
[000]
4,484
4,668
4,883
Ringtones
[000]
2,966
3,088
3,230
Graphics/Images
[000]
406
422
442
Games
[000]
659
686
718
Browsing/WAP
[000]
1,444
2,310
4,620
Music
[000]
647
976
1,321
Video
[000]
140
277
553
Data cards/Modems
[000]
811
1,210
1,348

Messaging
Applications
2013
Client Confidential
MOBILE USAGE
[units/month]
118
119
121
Prepaid
[units/month]
100
100
101
Postpaid
[units/month]
420
427
427
Average Monthly SMS
[units/month]
187
221
253
Average Monthly MMS
[units/month]
MOBILE ARPS
[US$/month]
$23.47
$19.55
$18.65
Movistar
[US$/month]
$31.15
$22.84
$29.30
Movilnet
[US$/month]
$19.52
$17.98
$13.28
Digitel
Others
[US$/month]
[US$/month]
$18.01
$0.00
$17.55
$0.00
$15.02
$0.00
Prepaid ARPS
[US$/month]
$22.51
$18.21
$17.10
Postpaid ARPS
[US$/month]
$39.43
$41.28
$41.87
Voice ARPS
[US$/month]
$17.05
$13.73
$12.95
Data ARPS
[US$/month]
$6.42
$5.83
$5.70
Messaging
[US$/month]
$5.23
$4.54
$4.21
SMS
[US$/month]
$4.75
$4.11
$3.72
MMS
[US$/month]
$0.05
$0.05
$0.05
Email
[US$/month]
$0.33
$0.30
$0.35
Others
[US$/month]
$0.09
$0.08
$0.09
Applications
[US$/month]
$1.20
$1.29
$1.49
Ringtones
[US$/month]
$0.16
$0.15
$0.13
Graphics/Images
[US$/month]
$0.15
$0.14
$0.14
Games
[US$/month]
$0.05
$0.05
$0.05
Browsing/WAP
[US$/month]
$0.45
$0.52
$0.63
Music
[US$/month]
$0.04
$0.04
$0.04
Video
[US$/month]
$0.02
$0.02
$0.02
Data cards/Modems
[US$/month]
$0.32
$0.37
$0.48
3G
[US$/month]
$28.16
$29.33
$22.38
Non-3G
[US$/month]
$22.74
$17.39
$17.36
[US$m]
$8,145
$6,933
$6,702
[US$m]
$5,916
$4,867
$4,654
MOBILE REVENUES
Voice Revenue
2013
Client Confidential
Data Revenue
[US$m]
$2,229
$2,066
$2,048
Messaging Revenue
[US$m]
$1,814
$1,609
$1,513
SMS
[US$m]
$1,650
$1,457
$1,338
MMS
[US$m]
$19
$17
$18
Email
[US$m]
$115
$106
$125
Others
[US$m]
$31
$29
$32
[US$m]
$415
$457
$535
Ringtones
[US$m]
$56
$52
$47
Graphics/Images
[US$m]
$52
$49
$51
Games
[US$m]
$18
$17
$17
Browsing/WAP
[US$m]
$156
$186
$225
Music
[US$m]
$15
$14
$15
Video
[US$m]
$7
$6
$8
Data cards/Modems
[US$m]
$110
$133
$171
2013
Client Confidential
or call +1.617.747.4134 or + 44.207.560.4471.
2012A
2013A
2014E
2015E
2016E
2017E
2018E
29,517
29,960
30,410
30,870
31,330
31,800
32,280
6,709
6,817
6,927
7,038
7,152
7,267
7,384
536
520
515
510
504
499
494
$382,450
$370,600
$465,900
$579,300
$530,100
$513,300
$494,700
$12,957
$12,370
$15,320
$18,770
$16,920
$16,140
$15,330
$13,500
$13,640
$13,790
$13,920
$14,290
$14,680
$15,110
21.07
38.80
36.10
29.10
29.80
29.10
27.40
4.29
6.29
6.54
6.79
9.28
12.38
16.50
25%
24%
24%
23%
23%
22%
21%
80%
81%
83%
84%
84%
85%
86%
108%
109%
112%
115%
117%
118%
120%
100%
100%
103%
105%
106%
107%
108%
7%
9%
9%
10%
11%
11%
12%
100%
105%
108%
111%
113%
114%
116%
31,732
32,659
34,144
35,354
36,527
37,631
38,581
10,549
10,829
11,427
11,964
12,519
13,077
13,599
15,956
16,271
16,855
17,274
17,653
17,972
18,192
5,227
5,560
5,862
6,115
6,355
6,581
6,790
29,603
30,078
31,263
32,281
33,202
34,101
34,850
2,129
2,582
2,881
3,073
3,324
3,530
3,731
29.0%
28.6%
28.1%
27.6%
27.1%
26.6%
26.1%
2013
Client Confidential
31,732
32,659
34,144
35,354
36,527
37,631
38,581
105
1,117
814
506
345
177
3,125
2,889
2,664
2,353
2,326
2,321
2,302
7,188
6,032
5,188
4,193
3,326
2,426
1,159
8,201
8,656
8,812
8,536
7,864
6,830
5,064
1,166
612
84
6,111
7,167
8,634
10,232
11,741
13,035
14,844
4,719
6,466
8,034
9,289
10,313
11,636
13,017
22
223
405
781
1,384
2,194
30,548
31,407
32,794
33,910
34,984
35,987
36,835
1,184
1,252
1,350
1,444
1,542
1,644
1,745
29,376
31,353
32,881
34,117
35,299
36,376
37,423
3,298
3,224
3,034
2,827
2,512
2,070
1,592
1,843
2,030
2,059
2,025
1,883
1,649
1,352
5,206
5,465
5,771
6,035
6,173
6,296
6,390
3,477
3,593
3,380
3,150
2,766
2,280
1,753
456
469
442
412
361
279
186
773
851
801
746
655
506
337
6,930
9,629
12,080
15,010
18,144
21,497
24,684
1,686
1,862
1,888
1,759
1,599
1,401
1,178
1,020
1,680
2,108
2,401
2,728
3,092
3,487
1,544
1,669
1,919
2,146
2,328
2,446
2,533
2013
Client Confidential
125
128
132
134
136
138
140
103
104
105
106
107
108
108
430
431
433
436
438
440
442
273
296
313
321
327
321
315
$21.41
$19.10
$23.29
$29.33
$27.81
$25.60
$24.14
$32.74
$30.53
$38.64
$48.52
$45.85
$42.35
$39.94
$15.25
$12.13
$13.81
$16.96
$15.52
$13.54
$12.21
$18.50
$0.00
$17.27
$0.00
$20.90
$0.00
$27.10
$0.00
$26.81
$0.00
$25.66
$0.00
$24.90
$0.00
$19.15
$16.38
$19.34
$23.93
$22.21
$19.43
$17.60
$53.69
$48.06
$60.94
$72.58
$67.95
$67.03
$64.56
$14.37
$12.46
$14.68
$17.75
$16.22
$14.25
$12.85
$7.04
$6.64
$8.62
$11.58
$11.59
$11.34
$11.30
$4.84
$4.19
$5.11
$6.66
$6.34
$5.82
$5.36
$4.23
$3.67
$4.53
$6.06
$5.80
$5.41
$5.04
$0.06
$0.06
$0.06
$0.06
$0.04
$0.03
$0.02
$0.43
$0.37
$0.41
$0.43
$0.38
$0.28
$0.21
$0.12
$0.09
$0.11
$0.12
$0.11
$0.09
$0.08
$2.20
$2.46
$3.51
$4.91
$5.25
$5.53
$5.94
$0.15
$0.14
$0.15
$0.16
$0.13
$0.09
$0.07
$0.18
$0.17
$0.17
$0.18
$0.15
$0.10
$0.06
$0.06
$0.05
$0.05
$0.05
$0.05
$0.03
$0.02
$0.99
$1.30
$2.13
$3.19
$3.59
$3.95
$4.39
$0.06
$0.05
$0.06
$0.06
$0.05
$0.04
$0.03
$0.03
$0.04
$0.06
$0.07
$0.08
$0.07
$0.07
$0.74
$0.71
$0.88
$1.20
$1.21
$1.24
$1.30
$29.98
$25.79
$30.75
$38.42
$35.59
$31.48
$28.49
$16.97
$14.50
$16.74
$19.04
$16.37
$14.21
$12.01
$7,985
$7,381
$9,337
$12,230
$11,993
$11,389
$11,040
$5,359
$4,814
$5,883
$7,403
$6,994
$6,341
$5,874
2013
Client Confidential
$2,626
$2,567
$3,453
$4,827
$4,999
$5,047
$5,165
$1,805
$1,617
$2,047
$2,779
$2,733
$2,588
$2,451
$1,578
$1,417
$1,817
$2,526
$2,503
$2,406
$2,307
$24
$22
$24
$24
$18
$14
$10
$161
$141
$164
$180
$164
$126
$96
$43
$36
$42
$49
$48
$42
$38
$821
$949
$1,407
$2,049
$2,266
$2,460
$2,714
$58
$56
$62
$65
$57
$42
$30
$68
$64
$69
$73
$64
$45
$30
$21
$19
$21
$23
$20
$14
$9
$368
$501
$853
$1,331
$1,548
$1,758
$2,007
$21
$20
$24
$26
$24
$18
$14
$11
$15
$24
$31
$33
$31
$31
$274
$274
$352
$499
$522
$551
$592
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential
2013
Client Confidential

PYRAMID Latin America Mobile 4Q2013

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INTRODUCTION

Exchange rate (Local Currency/US$)

PPP Adjusted GDP per Capita

included in consumer subscriptions.

gies are introduced,

se view of the mobile

ollected and updated

or each country and

ernment. This number

umer price inflation.

exchange rate for

exchange rate for

plain old telephone

f the calendar year as

f the calendar year

market shares are

ries. This section

es include public and

ess (CDMA). CDMA is

MA. The TD-SCDMA

C), the TDMA-based

(GPRS); assumes that

(GPRS); assumes that

es that all CDMA 1x

DMA 1xRTT standard;

A, and EV-DO Rev B.

A EV-DO, EV-DO Rev

igh Speed Packet

riptions using WiMAX

entially UMTS Release

at he/she works for.

less the corporate

less the corporate

SMS, MMS and Email

ce. The number of

ers and third-party

third party content

e providers and third

e. Includes all video

e providers and third

e. Includes all video

cards such as GPRS,

MOBILE DATA DECEMBER 2013

Subscription growth from 2013

Mobile subscriptions in 2013

Nextel's share of total

LTE subscriptions in 2013-2018

LTE subscriptions at year-end

Based on new data reported by operators in Q3 2013, we have

Based on third-quarter operator- and Anatel-reported data, we have

Based on NII's Q3 results, we have modified downward our total mobile

Build custom reports from your

MOBILE DATA TOTAL REGION DECEMBER 2013

Nominal GDP Per Capita

PPP Adjusted GDP per Capita

Consumer Price Inflation

Local Currency / US$

Mobile Data Users

Total Mobile Subscriptions - MVNOs

CDMA One (WLL)

MOBILE SUBSCRIPTIONS BY SEGMENT

MOBILE DATA USERS BY APPLICATION

Average Monthly SMS