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

Mexico City, July 21, 2008 - América Móvil, S.A.B. de C.V. (“América Móvil”) [BMV: AMX] [NYSE: AMX] [NASDAQ: AMOV] [LATIBEX: XAMXL], announced today its financial and operating results for the second quarter of 2008.

• In the second quarter we added 6.1 million subscribers to finish June with 165.3 million clients. These net adds exceeded both those registered in the prior quarter and the ones seen a year before.
  
  
• In Central America and the Caribbean we had 3.9 million fixed lines at the end of June, for a total of 169.2 million lines in the Americas.
  
  
• Brazil led the way in net additions, with 1.9 million, followed by Mexico with 1.3 million and Colombia with 1.1 million. They all surpassed those obtained the previous year. In Argentina we gained 410 thousand subs and in Peru 382 thousand subs.
  
  
• Revenues in the second quarter totaled 84.6 billion pesos. They were up 13.6% year-on-year, and 4.0% over the quarter. Sequentially, service revenue growth was stronger in Mexico (4.4%) and Colombia, Ecuador and Peru (6% on average).In the six months to June, revenues amounted to 165.9 billion pesos, 16.9% above those registered in the first half of 2007.
  
  
• ARPUs rose over the quarter in Mexico, Argentina and Colombia. Traffic has been growing rapidly driven by subscriber growth and reductions in airtime costs. In all our major operations MOUs have increased year-on-year, most notably in Mexico with nearly 40% growth, where we continue to see good elasticity of demand.
  
  
• EBITDA for the quarter was 34.7 billion pesos, 13.7% higher than in the second quarter of 2007. Our EBITDA margin for the period stood at 41.0%, with margins rising sequentially in most of our operations. Through June EBITDA came in at 68.6 billion pesos, which represents an annual increase of 15.7%.
  
  
• We made an operating profit of 24.6 billion pesos and a net profit of 17.7 billion pesos in the second quarter. They were up 13.6% and 25.3% year-on-year. Our net income was equivalent to 51 Mexican peso cents per share and 99 USD cents per ADR. In the first six months of the year our net income totaled 31.4 billion pesos.
  
  
• As of June our net debt stood at 84.9 billion pesos, equivalent to 0.63 times EBITDA (last twelve months), down from 92.7 billion in December. Our operating cash flow allowed us to fund capital expenditures of 26.7 billion pesos and share buybacks of 13.9 billion while at the same time reducing by 5.3 billion pesos our net debt.

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América Móvil Fundamentals
Constant Mex$
		2Q08		2Q07		Var.%		Jan - Jun' 08		Jan - Jun' 07		Var.%
EPS (Mex$)*		0.51		0.40		27.5%		0.91		0.81		11.6%
Earning per ADR (US$)**		0.99		0.74		33.7%		1.72		1.48		16.0%
Net Income (millions of Mex$)		17,659		14,094		25.3%		31,436		28,665		9.7%
EBITDA (millions of Mex$)		34,686		30,518		13.7%		68,629		59,339		15.7%
EBIT (millions of Mex$)		24,606		21,665		13.6%		48,372		43,023		12.4%
Shares Outstanding (billion)		34.59		35.21		-1.8%		34.69		35.31		-1.7%
ADRs Equivalent (billions)**		1.73		1.76		-1.8%		1.73		1.77		-1.7%
*Net Income / Total Shares outstanding      ** 20 shares per ADR

 

Relevant Events

On May 7th América Móvil was awarded a license to provide wireless services in Panama through its Panamanian subsidiary, Claro Panamá, S.A. Under the license, Claro has the right for the use and exploitation of 30 megahertz in the 1900-megahertz band over a 20-year period.

In the same month, we agreed with the Ecuadorean Government the renewal, for a new 15-year term, of our concession to provide wireless services in Ecuador.

In June, we announced that we had reached an agreement with Apple Inc. to commercialize the new iPhone 3G in Latin America. It was very successfully launched in Mexico on July 11th and will be available in the rest of our operations in the summer.

Beginning on July 12th, mobile number portability was implemented in Mexico. This is the first country in Latin America to adopt this new scheme by which subscribers may change carriers without losing their phone number.

América Móvil has led the reductions in airtime prices all throughout Latin America. Our average revenue per minute of voice has declined by 18.7% year-on-year to 8.3 US dollar cents, reflecting reductions in substantially all of our subsidiaries.

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América Móvil's Subsidiaries & Affiliates as of June 2008
Country		Company		Business		Equity  Participation		Consolidation Method
Subsidiaries
- Mexico		Telcel		wireless		100.0%		Global Consolidation Method
- Argentina		Claro		wireless		100.0%		Global Consolidation Method
- Brazil		Claro		wireless		100.0%		Global Consolidation Method
- Chile		Claro		wireless		100.0%		Global Consolidation Method
- Colombia		Comcel		wireless		99.4%		Global Consolidation Method
- Dominicana		Claro		wireless, wireline		100.0%		Global Consolidation Method
- Ecuador		Conecel		wireless		100.0%		Global Consolidation Method
- El Salvador		Claro		wireless, wireline		95.8%		Global Consolidation Method
- Guatemala		Claro		wireless, wireline		99.2%		Global Consolidation Method
- Honduras		Claro		wireless		100.0%		Global Consolidation Method
- Jamaica		Mi Phone		wireless		100.0%		Global Consolidation Method
- Nicaragua		Claro		wireless, wireline		99.3%		Global Consolidation Method
- Paraguay		Claro		wireless		100.0%		Global Consolidation Method
- Peru		Claro		wireless		100.0%		Global Consolidation Method
- Puerto Rico		Claro		wireless, wireline		100.0%		Global Consolidation Method
- Uruguay		Claro		wireless		100.0%		Global Consolidation Method
- USA		Tracfone		wireless		98.2%		Global Consolidation Method
Affiliate
- Mexico		Televista		other		45.0%		Equity Method

Subscribers

América Móvil added 6.1 million wireless subscribers in the second quarter, exceeding by 1.9% those obtained in the same period of 2007 and by 6.6% the ones gained in the previous quarter. In the first semester we added a total of 11.9 million subs, bringing our subscriber base to 165.3 million at the end of June, 20.4% more than a year before. Together with 3.9 million fixed lines in Central America and the Caribbean, we have a total of 169.2 million lines in the Americas.

Second quarter net additions for Telcel, 1.3 million, were 12.3% higher than those of the same quarter of last year. Through June, we obtained 2.8 million new subscribers, slightly less than the ones obtained in the first half of 2007, to finish the period with a total of 52.9 million clients, 14.6% more than a year before.

Our South American operations, which already account for 54% of our consolidated subscriber base, continued to show fast growth rates. A case in point is Brazil, which led the way amongst our operations with quarter net additions of 1.9 million subs, which surpassed by 17.4% the number registered the previous year. Through June we gained 2.9 million subs, 21.6% more than in the first half of 2007. Our share of net additions in the Brazilian market was 26.3% in the quarter and 23.7% in the six months to June. Our Brazilian subscriber base, 33.1 million in June, was up 26.1% year-on-year and 6.2% over the quarter.

In Argentina we gained 410 thousand new clients in the quarter—one million in the six months to June—bringing our subscriber base to 14.5 million, up 24.0% from a year before. At the end of the first quarter we had become the largest carrier by subscribers in that country.

Colombia maintained the rapid subscriber growth pace exhibited in the previous quarters as second quarter net additions rose 88.4% relative to the previous year to 1.1 million, bringing the number for the first semester to 1.9 million. By the end of the period, we had 24.2 million subscribers, which represented an annual increase of 17.4% ..

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Peru upheld its leading position amongst our subsidiaries in terms of the pace of subscriber growth, with a 46.7% year-on-year increase of our subscriber base, which stood in June at 6.4 million. We added 382 thousand clients in the quarter and 937 thousand in the six months to June. In Ecuador, we gained 197 thousand new clients in the period to finish June with 7.4 million subscribers, 18.9% more than a year before. Chile ended June with 2.7 million subscribers, after adding 33 thousand subs in the quarter.

Altogether, our operations in Central America obtained 306 thousand subscribers in the second quarter and 719 thousand in the first half of the year. Our combined subscriber base in the region ended June at 8.9 million, 31.1% more than in 2007. In addition to these, América Móvil has 2.2 million landlines in Central America.

Subscribers as of June 2008
Thousands
		Total(1)
Country		Jun'08		Mar'08		Var.%		Jun'07		Var.%
Mexico		52,852		51,540		2.5%		46,114		14.6%
Brazil		33,113		31,182		6.2%		26,252		26.1%
Chile		2,736		2,703		1.2%		2,694		1.6%
Argentina, Paraguay and Uruguay		15,704		15,267		2.9%		12,735		23.3%
Colombia		24,195		23,129		4.6%		20,607		17.4%
Ecuador		7,391		7,194		2.7%		6,216		18.9%
Peru		6,392		6,010		6.4%		4,357		46.7%
Central America		8,875		8,570		3.6%		6,771		31.1%
Caribe		3,926		3,679		6.7%		2,913		34.8%
USA		10,108		9,895		2.1%		8,576		17.9%
Total Wireless		165,292		159,168		3.8%		137,237		20.4%
Central America		2,179		2,212		-1.48%		2,229		-2.2%
Caribe		1,710		1,647		3.8%		1,632		4.8%
Total Fixed		3,889		3,859		0.8%		3,861		0.7%
Total Lines		169,182		163,027		3.8%		141,098		19.9%

As regards our operations in the Caribbean, in the second quarter we increased by 247 thousand subscribers our base in the region, which was up 34.8% year-on-year to 3.9 million subs. Dominicana was the fastest growing operation in the Caribbean. We have also increased, by 3.8% to 1.7 million, the number of fixed lines we have in this region.

Tracfone in the US gained 213 thousand subs in the quarter and 594 thousand in the six months to June to finish with 10.1 million clients. Tracfone’s subscriber base rose 17.9% as compared to a year before.

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América Móvil Consolidated Results

Strong subscriber growth characterized our second quarter, with net additions of 6.1 million subscribers that exceeded both those registered in the prior quarter and the ones seen a year before.

Consolidated revenues of 84.6 billion pesos in the quarter were up 4.0% sequentially and 13.6% annually, with service revenues rising at the same pace in annual terms. Quarter-over-quarter service revenue growth was particularly strong in Mexico (4.4%) and in Colombia, Ecuador and Peru, where it averaged 6%.

ARPUs rose over the quarter in Mexico, Argentina and Colombia, but fell slightly in Brazil and Peru, where subscriber growth was fastest (approximately 6.3% in the quarter). Traffic has been growing rapidly driven by subscriber growth and reductions in airtime costs. In all our major operations MOUs have increased year-on-year.

Second quarter EBITDA totaled 34.7 billion pesos, 13.7% more than a year before. The EBITDA margin, 41.0%, was identical to the one seen then. Margins rose sequentially in most of our operations.

America Movil's Income Statement
Millions of constant Mex$
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Service Revenues		72,528		63,857		13.6%		143,629		122,730		17.0%
Equipment Revenues		12,049		10,568		14.0%		22,277		19,145		16.4%
Total Revenues		84,577		74,424		13.6%		165,906		141,874		16.9%
Cost of Service		16,860		14,797		13.9%		33,593		28,113		19.5%
Cost of Equipment		18,241		16,783		8.7%		34,825		30,904		12.7%
Selling, General & Administrative Expenses		14,790		12,326		20.0%		28,859		23,519		22.7%
Total Costs and Expenses		49,891		43,906		13.6%		97,277		82,536		17.9%
EBITDA		34,686		30,518		13.7%		68,629		59,339		15.7%
% of Total Revenues		41.0%		41.0%				41.4%		41.8%
Depreciation & Amortization		10,081		8,853		13.9%		20,257		16,316		24.2%
EBIT		24,606		21,665		13.6%		48,372		43,023		12.4%
% of Total Revenues		29.1%		29.1%				29.2%		30.3%
Net Interest Expense		1,481		1,469		0.8%		3,350		2,774		20.8%
Other Financial Expenses		2,043		791		158.4%		3,778		1,123		236.3%
Foreign Exchange Loss		-3,758		-1,712		-119.5%		-4,115		-2,503		-64.4%
Comprehensive Financing Cost (Income)		-235		548		-142.9%		3,012		1,394		116.1%
Other Income and Expenses		1,038		900		15.3%		1,440		1,106		30.1%
Income & Deferred Taxes		6,122		6,118		0.1%		12,442		11,816		5.3%
Net Income before Minority Interest and Equity		17,681		14,099		25.4%		31,478		28,707		9.7%
Participation in Results of Affiliates
minus
Equity Participation in Results of Affiliates		12		23		-46.5%		29		39		-26.5%
Minority Interest		-34		-28		-20.4%		-71		-80		11.7%
Net Income		17,659		14,094		25.3%		31,436		28,665		9.7%

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Balance Sheet (in accordance with Mexican GAAP)*
América Móvil Consolidated
Millions of Mex$
		Jun '08		Dec'07		Var.%		Jun '07		Var%				Jun '08		Dec'07		Var.%		Jun '07		Var%
Current Assets												Current Liabilities
Cash & Securities		8,327		12,022		-30.7%		17,484		-52.4%		Short Term Debt**		23,318		19,953		16.9%		8,862		163.1%
Accounts Receivable		42,197		44,756		-5.7%		43,499		-3.0%		Accounts Payable		81,388		71,794		13.4%		65,330		24.6%
Other Current Assets		8,167		4,488		82.0%		6,803		20.0%		Other Current Liabilities		24,191		23,214		4.2%		29,842		-18.9%
Inventories		25,249		21,060		19.9%		17,220		46.6%				128,897		114,960		12.1%		104,034		23.9%
		83,941		82,327		2.0%		85,006		-100%
Long-Term Assets
Plant & Equipment		165,735		167,084		-0.8%		149,739		10.7%
Investments in Affiliates		613		590		4.0%		579		6.0%		Long-Term Liabilities
												Long Term Debt		69,939		84,799		-17.5%		83,723		-16.5%
Deferred Assets												Other Liabilities		21,521		22,504		-4.4%		13,858		55.3%
Goodwill (Net)		43,615		44,725		-2.5%		43,989		-0.8%				91,460		107,303		-14.8%		97,581		-6.3%
Brands, Patents & Licenses		49,389		42,165		17.1%		41,861		18.0%
Deferred Assets		13,606		12,231		11.2%		11,294		20.5%		Shareholder's Equity		136,542		126,858		7.6%		130,852		4.3%
Total Assets		356,899		349,121		2.2%		332,467		7.3%		Total Liabilities and Equity		356,899		349,121		2.2%		332,467		7.3%
* This presentation conforms with that of América Móvil's audited financial statements          ** Includes current portion of Long Term Debt

Through June América Móvil’s revenues totaled 165.9 billion pesos and EBITDA 68.6 billion pesos. They were up 16.9% and 15.7% respectively as compared to the prior year. The EBITDA margin, 41.4%, was virtually unchanged.

We obtained an operating profit of 24.6 billion pesos in the second quarter which, together with a comprehensive financing income of 0.2 billion, resulted in a net profit after taxes of 17.7 billion pesos, up 25.3% year-on-year. Our comprehensive financing income came about as foreign exchange gains surpassed our net interest and other financial expenses.

In the second quarter the Mexican peso appreciated against most Latam curencies and the US dollar. Whereas some of these movements generated foreign exchange gains, their aggregate impact on our consolidated operating flows was slightly negative quarter-over-quarter.

In the first half of the year our operating profit totaled 48.4 billion pesos and our net income 31.4 billion. They were up by 12.4% and 9.7% respectively in annual terms.

As of June our net debt stood at 84.9 billion pesos, down from 92.7 billion in December. Our operating cash flow allowed us to fund capital expenditures of 26.7 billion pesos (which include the purchase of spectrum in Brazil) and share buybacks in the amount of 13.9 billion, all the while reducing by 5.3 billion pesos our net debt.

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Financial Debt of América Móvil*
Millions of U.S. Dollars
		Jun-08		Dec-07
Peso Denominated Debt		3,470		2,962
Bonds and other securities		2,786		2,407
Banks and others		684		555
U.S. Dollar - denominated debt		4,255		5,518
Bonds and other securities		3,793		4,293
Banks and others		462		1,225
Debt denominated in other currencies		1,246		1,160
Bonds and other securities		510		488
Banks and others		736		672
Total Debt		9,068		9,640
Short term debt and current portion of long-term debt		2,267		1,836
Long-term debt		6,801		7,804
* This table does not include the effect of forwards and derivatives used to hedge the foreign exchange exposure

Mexico

Our Mexican operations added 1.3 million subscribers in the second quarter, 12.3% more than a year before, to finish the quarter with 52.9 million clients, a 14.6% increase over twelve months. Through June Mexico had gained 2.8 million subscribers, almost as many as it did in the first half of 2007.

Revenues rose 12.1% year-on-year and 5.3% sequentially to 33.9 billion pesos, with service revenues expanding by 4.4% quarter-over-quarter. In the six months to June revenues totaled 66.1 billion pesos, which represents an 11.3% increase in annual terms.

ARPU climbed to 178 pesos from 174 the previous quarter reflecting higher ARPUs in both the prepaid and the postpaid sectors, with the former rising in the quarter more than twice as fast as the latter on account of seasonal considerations. The increase was driven by a strong expansion of MOUs, which shot up 5.7% quarter-over-quarter to 181 minutes even in the face of strong subscriber growth, bringing to 39% the MOU expansion that has taken place over the last year.

Mexico is, amongst all our operations, the one that has exhibited the greatest increase in traffic per subscriber as we continue to see good elasticity of demand; in fact, it appears that outgoing traffic is becoming even more responsive to price stimulus. Our average revenue per minute of voice, 7.8 US dollar cents, ranks as the second lowest within the OECD block and is one of the lowest in the Americas. Over the last five years it has fallen 60.3% .

EBITDA reached 18.2 billion pesos in the second quarter, growing nearly twice as fast as service revenues on a sequential basis and bringing about a 1.5 percentage points increase in the EBITDA margin, to 53.6% . This expansion partly reflects cost reductions in links, maintenance and rental payments after the launch of our 3G network.

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On July 11th we launched the new iPhone 3G in Mexico. Since then, sales of this terminal have been outstanding.

The Comisión Federal de Competencia published their preliminary findings of their investigation regarding competitive conditions in the mobile market, according to which all mobile carriers in Mexico are deemed to have substantial power in the mobile termination market.

INCOME STATEMENT
Mexico
Millions of MxP
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		33,876		30,230		12.1%		66,058		59,327		11.3%
EBITDA		18,152		16,427		10.5%		34,923		32,162		8.6%
%		53.6%		54.3%				52.9%		54.2%
EBIT		16,061		14,469		11.0%		30,772		28,248		8.9%
%		47.4%		47.9%				46.6%		47.6%

Mexico´s Operating Data
		2Q08		2Q07		Var.%
Wireless Subscribers (thousands)		52,852		46,114		14.6%
Postpaid		3,826		3,387		12.9%
Prepaid		49,026		42,727		14.7%
MOU		181		130		39.0%
ARPU (MxP)		178		184		-3.4%
Churn (%)		3.3%		3.3%		0.0

Argentina, Paraguay and Uruguay

Our operations in Argentina, Paraguay and Uruguay added a total of 437 thousand subscribers in the second quarter, taking to 1.1 million the net subscriber gains for the first six months of the year. Our combined subscriber base of 15.7 million was up 23.3% relative to last year. Our postpaid subscriber base grew twice as fast as prepaid

Revenues for the quarter came in at 1.8 billion Argentinean pesos, having risen by 30.5% year-on-year and 4.6% sequentially. Service revenue growth was somewhat faster, at a 32.8% annual rate. With service revenue growth outpacing subscriber growth in the period, ARPU increased by 5.6% year-on-year and 0.3% quarter-over-quarter. In the first half of the year, our revenues totaled 3.4 billion Argentinean pesos, up 30.4% as compared to the same period of 2007.

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EBITDA for the period, 572 million Argentinean pesos, was up 8.3% over the quarter and 58.5% compared to last year, resulting in a margin expansion of almost six percentage points over twelve-months, to 32.7% of revenues. In the first semester, we generated 1.1 billion Argentinean pesos in EBITDA, 58.5% more than a year before. This represents a 32.1% margin, up 5.7 percentage points from 2007. The improvement in the EBITDA margin is reflective of greater scale and slower subscriber growth as Argentina’s wireless penetration is today in excess of 100%.

We have continued to expand our UMTS/HSDPA network in the region; by the end of June almost 60% of the population in these countries had access to our 3G services.

INCOME STATEMENT
Argentina, Uruguay & Paraguay
Millions of ARP
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		1,750		1,341		30.5%		3,423		2,625		30.4%
EBITDA		572		361		58.5%		1,100		694		58.5%
%		32.7%		26.9%				32.1%		26.4%
EBIT		448		264		69.7%		856		501		70.7%
%		25.6%		19.7%				25.0%		19.1%

Argentina, Uruguay & Paraguay Operating Data
		2Q08		2Q07		Var.%
Wireless Subscribers (thousands)		15,704		12,735		23.3%
Postpaid		1,928		1,311		47.1%
Prepaid		13,777		11,425		20.6%
MOU		127		121		5.2%
ARPU (ARP)		32		30		5.6%
Churn (%)		2.4%		2.3%		0.14

Brazil

Brazil has been showing very good momentum in subscriber growth. With 1.9 million net subscriber additions in the second quarter, we surpassed by 17.4% the figure registered the previous year, having captured 26.3% of the net adds of the market. In the six months through June we added a total of 2.9 million clients, bringing our subscriber base to 33.1 million, up 26.1% year-on-year. We gained more than 504 thousand postpaid clients, our best quarter ever, leading our postpaid sub base to 6.5 million subs for an increase of 35.9% relative to June 2007.`

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We obtained revenues of 2.8 billion reais in the second quarter, which were up 17.2% year-on-year and 7.7% sequentially. Service revenues expanded 18.7% from a year before, as revenues from value added services rose 57.8%, a testament to the great acceptance 3G services have had, especially mobile broadband. They now represent nearly 9% of service revenues. In the first semester, we registered revenues of 5.5 billion reais, 19.8% above last year, on the back of service revenues that increased 20.3% annually.

We have proceeded to reduce prices to take advantage of what we believe is a good elasticity of demand. As a result, in the second quarter average revenue per minute of voice declined 25.3% year-on-year, fostering a 22.7% increase in minutes of use. Notwithstanding the traffic expansion, the rapid pace of subscriber growth and the lags typically observed in revenue growth relative to the former have led to a decline in ARPU.

EBITDA in the second quarter of 650 million reais was up 8.2% annually, but our EBITDA margin declined vs. a year before to 22.8% . It was pressured by higher selling and marketing expenses brought about by the acceleration of subscriber growth. In the first six months of the year our EBITDA, 1.4 billion reais, exceeded the prior year’s by 20.7% . The margin for this period, 26.2%, was slightly higher than in 2007.

On July 15th, we started offering 3G services in the northern region of Brazil, we launched services in the states of Pará, Maranhão and Amazonas. As of today, we have coverage in over 70 cities in all 11 regions where approximately 45 million people live.

INCOME STATEMENT
Brazil
Millions of BrL
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		2,849		2,431		17.2%		5,494		4,586		19.8%
EBITDA		650		601		8.2%		1,438		1,192		20.7%
%		22.8%		24.7%				26.2%		26.0%
EBIT		93		174		-46.6%		345		342		0.8%
%		3.3%		7.2%				6.3%		7.5%

Chile

At the end of June, we had a total of 2.7 million subscribers in Chile after adding 33 thousand new clients in the second quarter and 64 thousand in the first half of the year. The quality of our subscriber base has improved significantly which has had a positive impact on our collection efforts, to the point that we practically do not have any past-due receivables at present.

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Second quarter revenues of 62.2 billion Chilean pesos declined 3.9% on an annual basis, but were slightly higher than in the preceding quarter. In the first six months of 2008 revenues totaled 124 billion Chilean pesos.

We have implemented very strict cost control policies which together with greater efficiencies in technical execution have brought down our costs of service and our general and administrative expenses, allowing our EBITDA to rise to 2.4 billion Chilean pesos, a 63.8% quarter-over-quarter and 124.4% year-on-year increase. Our EBITDA margin for the period stood at 3.8% of revenues.

We have recently launched 3G services in Punta Arenas and today we cover 65% of the population with our new network. We are the only carrier selling PC cards for wireless broadband access for which there has been great acceptance.

INCOME STATEMENT
Chile
Millions of ChP
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		62,217		64,719		-3.9%		124,020		131,421		-5.6%
EBITDA		2,365		-9,689		124.4%		3,809		-8,279		146.0%
%		3.8%		-15.0%				3.1%		-6.3%
EBIT		-6,965		-16,919		58.8%		-14,580		-22,702		35.8%
%		-11.2%		-26.1%				-11.8%		-17.3%

Chile Operating Data
		2Q08		2Q07		Var.%
Wireless Subscribers (thousands)		2,736		2,694		1.6%
Postpaid		366		568		-35.6%
Prepaid		2,370		2,126		11.5%
MOU		119		146		-18.6%
ARPU (ChP)		6,570		7358		-10.7%
Churn (%)		4.1%		3.6%		0.5

Colombia

Subscriber growth has again gained momentum in Colombia. Comcel obtained 1.1 million subscribers in the second quarter, 88.4% more than those obtained the previous year, bringing to nearly 1.9 million the net additions for the first half of the year. Our subscriber base reached 24.2 million, surpassing by 17.4% that of June 2007.

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Revenues rose 5.6% in the second quarter to 1.4 trillion Colombian pesos with service revenues growing at a similar pace. In the first half of the year revenues totaled 2.7 trillion for a 1.8% year-on-year increase, on the back of service revenues that expanded 3.2% . The most dynamic component of service revenues was data, as revenues from value added services were up 75.5% over the year.

With service revenues increasing more rapidly than subscribers in spite of the marked acceleration of subscriber growth, ARPU posted a 2.0% sequential increase in the quarter. MOUs have risen nearly 34% in annual terms, partly in reaction to a 33.2% reduction in the average revenue per minute of voice.

We generated 700 billion Colombian pesos in EBITDA in the quarter, 6.1% more than last year and 8.6% over the previous quarter. This resulted in an expansion of almost one percentage point in the EBITDA margin from a year before to 49.7%, in spite of much higher net adds. In the six months to June, we generated 1.3 trillion Colombian pesos of EBITDA, which represented 49.0% of revenues.

INCOME STATEMENT
Colombia
Billions of COP
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		1,410		1,349		4.5%		2,745		2,698		1.8%
EBITDA		700		660		6.1%		1,345		1,311		2.6%
%		49.7%		48.9%				49.0%		48.6%
EBIT		509		512		-0.6%		953		1,012		-5.8%
%		36.1%		37.9%				34.7%		37.5%

Colombia Operating Data
		2Q08		2Q07		Var.%
Wireless Subscribers (thousands)		24,195		20,607		17.4%
Postpaid		3,439		3,061		12.4%
Prepaid		20,756		17,546		18.3%
MOU		157		117		33.9%
ARPU (COP)		17,769		19,385		-8.3%
Churn (%)		2.4%		2.2%		0.2

Ecuador

In Ecuador, we added a total of 197 thousand wireless subscribers in the quarter, bringing to 455 thousand the net additions of the first semester. We ended the period with a total of 7.4 million clients, 18.9% more than in June of 2007. Our postpaid subscriber base grew even more rapidly: 25.6% in annual terms.

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Second quarter revenues increased 18.8% annually and 8.4% sequentially to 258 million dollars, backed by service revenue growth of 20.7% . Even with an annual decline of almost 25% in the average price per minute of voice, blended ARPU was up 1.1% as MOUs surged 35.4% year-on-year. In the six months to June we obtained nearly 500 million dollars in revenues, which exceed by 16.1% those registered a year ago.

At 118 million dollars, EBITDA for the period picked up 27.5% relative to the second quarter of 2007 and 11.6% sequentially. Our EBITDA margin—45.5% —climbed almost three percentage points in twelve months. Through June EBITDA totaled 223 million dollars, exceeding by 23.2% the previous year’s. The EBITDA margin in the first half of the year was 44.9% of revenues.

We have made important progress as regards the deployment of our new UMTS/HSDPA network in the country. Porta is today the only carrier offering 3G services and its 3G network already covers 40% of the population of Ecuador.

INCOME STATEMENT
Ecuador
Millions of Dollars
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		258		218		18.8%		497		428		16.1%
EBITDA		118		92		27.5%		223		181		23.2%
%		45.5%		42.4%				44.9%		42.3%
EBIT		97		68		42.5%		182		135		35.0%
%		37.5%		31.3%				36.5%		31.4%

Ecuador Operating Data
		2Q08		2Q07		Var.%
Wireless Subscribers (thousands)		7,391		6,216		18.9%
Postpaid		851		677		25.6%
Prepaid		6,540		5,539		18.1%
MOU		79		58		35.4%
ARPU (USD)		9		9		1.1%
Churn (%)		1.9%		3.4%		(1.5)

Peru

Claro Peru added a total of 937 thousand clients in the six months to June, of which 382 thousand were obtained in the second quarter. At 6.4 million clients, our subscriber base showed an expansion of 46.7% year-on-year. Postpaid subscribers have been growing at an even faster pace: 60% year-on-year.

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Second quarter revenues came in at 506 million soles, 18.5% more than in the same period of 2007 and 5.1% over the previous quarter, on the back of annual service revenue growth of 19.1% . Revenues for the first semester added up to 988 million soles having risen by 18.7% year-on-year. Average revenue per minute of voice declined by 25% relative to the second quarter of last year, contributing to a 6.4% increase in MOUs even in the face of very rapid subscriber growth, there being a lag between the activation of subscribers and their generation of traffic.

EBITDA for the quarter increased by 14.6% compared to last year to 158 million soles, equivalent to 31.2% of revenues. Our EBITDA in the first six months of the year came in at 288 million soles, 5.7% higher than in the first semester of 2007, with the EBITDA margin at 29.1% for the period.

INCOME STATEMENT
Peru
Millions of Soles
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		506		427		18.5%		988		833		18.7%
EBITDA		158		138		14.6%		288		272		5.7%
%		31.2%		32.2%				29.1%		32.7%
EBIT		109		88		24.4%		190		174		9.2%
%		21.6%		20.6%				19.2%		20.9%

Peru Operating Data
		2Q08		2Q07		Var.%
Wireless Subscribers (thousands)		6,392		4,357		46.7%
Postpaid		663		415		60.0%
Prepaid		5,729		3,942		45.3%
MOU		87		82		6.4%
ARPU (Sol)		22		28		-21.0%
Churn (%)		3.4%		2.3%		1.1

Central America

Our operations in Central America comprising Guatemala, El Salvador, Honduras and Nicaragua added a total of 306 thousand clients in the second quarter of the year, bringing to 719 thousand the total subscriber gains through June. Our subscriber base topped 8.9 million that month for an increase of 31.1% in relation to a year before.

Revenues totaled 365 million dollars in the second quarter and 731 million dollars in the first half of the year, slightly less than a year before.

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In the second quarter, our operations in the region generated 175 million dollars of EBITDA, which represents 48.0% of revenues. In the six months through June, their EBITDA came in at 354 million and the EBITDA margin ended up at 48.4% .

INCOME STATEMENT
Central America Consolidated
Millions of Dollars
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		365		369		-1.2%		731		738		-1.0%
EBITDA		175		191		-8.3%		354		383		-7.5%
%		48.0%		51.7%				48.4%		51.8%
EBIT		102		125		-18.8%		212		251		-15.5%
%		27.9%		33.9%				29.0%		34.0%

Central America´s Operating Data
		2Q08		2Q07		Var.%
Wireless Subscribers (thousands)		8,875		6,771		31.1%
Postpaid		434		395		9.9%
Prepaid		8,442		6,376		32.4%
Fixed Lines (thousands)		2,179		2,229		-2.2%
Total Lines (Wireless + Fixed, 000's)		11,055		9,000		22.8%
MOU		120		133		-9.5%
ARPU (USD)		7		9		-19.7%
Churn (%)		1.8%		1.1%		0.7

Caribbean

Our operations in the Caribbean added a total of 247 thousand wireless subscribers in the second quarter, almost three times as many as those obtained in the same period of 2007. At the end of June, we had a total of 3.9 million wireless subscribers, 34.8% more than last year and 6.7% more than in the preceding quarter. Together with our 1.7 million fixed lines in Puerto Rico and the Dominican Republic, we had a total of 5.6 million lines in the Caribbean islands.

We had revenues of 530 million dollars in the second quarter and 1.1 billion in the first half of 2008. There was a slight drop in service revenues associated with the contraction of fixed line revenues in Puerto Rico, which outweighed the rise in mobile income.

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EBITDA for the period was 200 million dollars (37.8% of revenues), with the total for the first six months at 424 million dollars.

In Dominicana and Puerto Rico, our 3G services are available for over 65% of the population. Amongst all our operations, Jamaica is today the only country in which we have not launched GSM / UMTS/HSDPA services, which will be offered in the third quarter.

INCOME STATEMENT *
The Caribbean
Millions of Dollars
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		530		541		-2.0%		1,072		1,085		-1.3%
EBITDA		200		209		-4.3%		424		417		1.7%
%		37.8%		38.7%				39.6%		38.4%
EBIT		127		117		8.6%		264		234		13.0%
%		24.1%		21.7%				24.7%		21.5%
* Historical Figures include Jamaica

Caribbean´s Operating Data
		2Q08		2Q07		Var.%
Wireless Subscribers (thousands)		3,926		2,913		34.8%
Postpaid		881		724		21.7%
Prepaid		3,045		2,189		39.1%
Fixed Lines (thousands)		1,710		1,632		4.8%
Total Lines (Wireless + Fixed, 000's)		5,636		4,545		24.0%
MOU		272		307		-11.5%
ARPU (USD)		16		19		-16.1%
Churn (%)		3.2%		4.1%		(0.9)

United States

Tracfone, our subsidiary in the US, gained a total of 213 thousand new subscribers in the second quarter to finish June with 10.1 million clients, up 17.9% year-on-year and 2.1% sequentially.

Our second quarter revenues of 371 million dollars were 8.4% higher than those obtained a year ago driven by service revenues which grew 12.1% in annual terms. In the first semester revenues were up 4.9% year-on-year to 728 million dollars in spite of a 25.4% decline in equipment revenues, with service revenues rising 9.0%

EBITDA for the quarter nearly tripled that of a year earlier, reaching 88 million dollars. Relative to revenues the margin climbed almost 15 percentage points in the period to 23.6% . The former figures do not include a one-time charge associated with the purchase of stock options held by Tracfone employees that under US GAAP is accounted for as compensation.

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Although ARPUs came down 6.7% year-on-year, the cost of the airtime has fallen at an even faster rate, driving the expansion of the EBITDA margin.

INCOME STATEMENT
United States
Millions of Dollars
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Revenues		371		343		8.4%		728		694		4.9%
EBITDA		88		30		195.7%		163		98		67.2%
%		23.6%		8.6%				22.4%		14.1%
EBIT		81		24		240.0%		150		87		73.8%
%		21.8%		7.0%				20.7%		12.5%

United States´ Operating Data
		2Q08		2Q07		Var.%
Wireless Subscribers (thousands)		10,108		8,576		17.9%
MOU		75		69		8.3%
ARPU (USD)		11		12		-6.6%
Churn (%)		3.7%		4.7%		(1.0)

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Exchange Rates
		2Q08		2Q07		Var.%		Jan - Jun 08		Jan - Jun 07		Var.%
Mexico
EoP		10.28		10.87		-5.4%		10.28		10.87		-5.4%
Average		10.36		10.86		-4.6%		10.56		10.97		-3.8%
Brazil
EoP		1.59		1.93		-17.4%		1.59		1.93		-17.4%
Average		1.64		1.96		-16.6%		1.68		2.03		-17.1%
Argentina
EoP		3.03		3.09		-2.2%		3.03		3.09		-2.2%
Average		3.10		3.09		0.3%		3.13		3.09		1.1%
Chile
EoP		526		527		-0.2%		526		527		-0.2%
Average		489		526		-7.0%		471		534		-11.8%
Colombia
EoP		1,923		1,958		-1.8%		1,923		1,958		-1.8%
Average		1,820		2,000		-9.0%		1,844		2,106		-12.5%
Guatemala
EoP		7.55		7.72		-2.2%		7.55		7.72		-2.2%
Average		7.49		7.68		-2.5%		7.60		7.70		-1.3%
Honduras
EoP		19.03		19.03		0.0%		19.03		19.03		0.0%
Average		19.06		19.03		0.2%		19.04		19.03		0.1%
Nicaragua
EoP		0.53		0.59		-9.9%		0.53		0.59		-9.9%
Average		0.54		0.59		-9.2%		0.55		0.60		-8.3%
Peru
EoP		2.97		3.17		-6.4%		2.97		3.17		-6.4%
Average		2.89		3.17		-9.0%		2.87		3.18		-9.7%
Paraguay
EoP		3,930		5,140		-23.5%		3,930		5,140		-23.5%
Average		4,033		5,097		-20.9%		4,295		5,132		-16.3%
Uruguay
EoP		19.43		23.97		-18.9%		19.43		23.97		-18.9%
Average		19.71		24.00		-17.9%		20.23		24.13		-16.2%
Dominican
EoP		34.39		33.40		3.0%		34.39		33.40		3.0%
Average		34.27		32.82		4.4%		34.17		33.00		3.6%
Jamaica
EoP		71.37		68.2		4.7%		71.37		68.2		4.7%
Average		71.24		67.9		4.9%		71.26		67.7		5.2%

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