3 Q11 Colombia Mobile Operator Forecast Executive Summary

3Q.2011 Colombia Mobile OperatorForecastColombia to have 54 million mobile subscriber connections in 2015 with MovistarColombia taking 23.4% market shareOctober 2011

Subscriber growth increases in Colombia 8.4% industry average subscriber growth in 2Q.2011INDUSTRY AVERAGE Chart 1: Subscriber Growth (4Q08 – 2Q11), %SUBSCRIBER GROWTH INCOLOMBIA’S WIRELESS MARKET 30%INCREASED TO 8.4% The operator-wide average 20%subscriber growth (YoY) was 8.4% in2Q.2011, up from 5.7% in 2Q.2010. The largest operator, Comcel, saw 10%its subscriber growth (YoY) increasefrom 4.6% in 2Q.2010 to 8.1% in 0%2Q.2011. Movistar Colombia’s subscribergrowth decreased from 5.6% in -10%2Q.2010 to 4.3% in 2Q.2011. Subscriber growth at Tigo Colombia -20%continues to be higher than that of 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11Comcel and Movistar Colombia. In2Q.2011, subscriber growth at Tigo Comcel (America Movil S.A.B de C.V.) Movistar Colombia (Telefonica S.A.)Colombia was 20.9%, up from 14.7% Tigo Colombia (Millicom International Cellular S.A.)in 2Q.2010. Industry Total Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 2

ARPU growth in Colombia is increasing 6.8% industry average ARPU growth in 2Q.2011INDUSTRY AVERAGE ARPU Chart 2: ARPU Growth (4Q08 – 2Q11), %CONTINUES TO INCREASE INCOLOMBIA 30% The industry average monthly ARPU 20%was US$ 9.97 in 2Q.2011, up 6.8%YoY. 10% At the operator level, Comcel’s 0%monthly ARPU increased by 6.6%(YoY) to reach US$ 9.35 in 2Q.2011. -10% ARPU growth (YoY) at MovistarColombia increased from 1.8% in -20%2Q.2010 to 7.9% in 2Q.2011. -30% On the other hand, Tigo Colombia’sARPU growth declined from 18% in -40%2Q.2010 to 3% in 2Q.2011. 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Comcel (America Movil S.A.B de C.V.) Movistar Colombia (Telefonica S.A.) Tigo Colombia (Millicom International Cellular S.A.) Industry Total Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 3

Minutes of Use per Subscriber is increasing Industry average MOU/Sub is about 177 minutes per month The operator-wide average Minute of Chart 3: MOU/Sub Growth (4Q08 – 2Q11), % Use (MOU) per subscriber was 177 30% minutes per month in 2Q.2011, down - 6.6% YoY. 25% MOU/Sub growth (YoY) at Comcel 20% declined to -4.4% in 2Q.2011 (down 15% from 20.6% in 2Q.2010). 10% Movistar Colombia’s MOU/Sub growth (YoY) decreased to -6.6% in 5% 2Q.2011 (down from 23.7% in 0% 2Q.2010). -5% MOU per subscriber at Comcel and Movistar Colombia was 196 minutes -10% and 132 minutes respectively in -15% 2Q.2011. 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Comcel (America Movil S.A.B de C.V.) Movistar Colombia (Telefonica S.A.) Industry Total Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 4

Positive EBITDA growth at all of Comcel, Movistar and Tigo in 2Q.2011 27.1% INDUSTRY AVERAGE EBITDA Chart 3: EBITDA Growth (4Q08 – 2Q11), % GROWTH IN 2Q.2011 80% • The industry average EBITDA growth rate (YoY) increased from 25.9% in 70% 2Q.2010 to 27.1% in 2Q.2011. 60% • Comcel’s EBITDA growth (YoY) 50% jumped from 7.0% in 2Q.2010 to 32.0% 40% in 2Q.2011. 30% • EBITDA growth rate (YoY) at Tigo 20% Colombia was 25.2%, up from 20.6% in 10% 2Q.2010. 0% -10% -20% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Comcel (America Movil S.A.B de C.V.) Tigo Colombia (Millicom International Cellular S.A.) Industry Total Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 5

So what is IEMR’s Forecast? Total mobile subscriber connections in Colombia to reach 54 million in 2015 We forecast that the number of total Chart 4: Subscribers by operator (CY09 – CY15F) wireless subscriber connections in Colombia will increase from 43.7 million 40,000 in the end of 2010 to 54 million in the 35,000 end of 2015. Given the latest quarter numbers, our 30,000 model predicts that Comcel will have subscribers (000s) approximately 35.8 million mobile 25,000 subscribers in 2015. 20,000 In our view, Comcel will continue to hold a dominant position in Colombia 15,000 with a 66.3% market share in 2015. 10,000 We forecast that Movistar Clolombia will be growing steadily over the 5,000 forecast period. We forecast that it will have 12.6 million wireless subscribers 0 in 2015 (23.4% market share). CY09 CY10 CY11F CY12F CY13F CY14F CY15F We expect that Tigo Colombia will Comcel (America Movil S.A.B de C.V.) have 5.5 million mobile subscribers in Movistar Colombia (Telefonica S.A.) 2015 (10.3% market share). Tigo Colombia (Millicom International Cellular S.A.) Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 6

So what is IEMR’s Forecast? ARPU levels in Colombia to increase WE EXPECT THE OPERATOR-WIDE Chart 5: Average Revenue per User (ARPU) AVERAGE ARPU LEVEL TO per month (CY09 – CY13F), COP INCREASE OVER THE NEXT TWO YEARS 25,000 Our forecasting model predicts that the industry ARPU will be increasing 20,000 over the forecast period. We forecast that the industry ARPU (COP) average ARPU will be approximately 15,000 COP 19,400 per month in 2013. Tigo Colombia’s ARPU will continue 10,000 to be the highest among operators at about COP 23,120 over the next two years. 5,000 We expect that Comcel’s ARPU level will be approximately COP 19,190 in 0 2013. CY09 CY10 CY11F CY12F CY13F Comcel (America Movil S.A.B de C.V.) Movistar Colombia (Telefonica S.A.) Tigo Colombia (Millicom International Cellular S.A.) Average Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 7

So what is IEMR’s Forecast? Comcel to enjoy the highest profitability Comcel will continue to be the Chart 6: EBITDA margins (CY09 – CY13F), % operator with the highest level of profitability in Colombia’s wireless 70% market over the forecast period. 60% Our model is predicting that Comcel’s EBITDA margins (calculated 50% as EBITDA/service revenue) will be approximately 62% over the next two 40% years. On the other hand, we expect that 30% Movistar Colombia’s EBITDA margin will be approximately 37.6% in 2013. 20% Tigo Colombia’s EBITDA margins will continue to be lower than those of 10% Comcel and Movistar Colombia. 0% CY09 CY10 CY11F CY12F CY13F Comcel (America Movil S.A.B de C.V.) Movistar Colombia (Telefonica S.A.) Tigo Colombia (Millicom International Cellular S.A.) Average Source: IEMR© 2011 IE Market Research Corp.All rights reserved. 8

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3 Q11 Colombia Mobile Operator Forecast Executive Summary

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