Colombia 2007 Market Overview Page 1

Agenda

• Video “Colombia is Passion” • • • • • • • •

Introduction, Country Data Our Company Our Strategy Our Commercial Results Our Regions Value Added Services Technical Operations and Network Overview Finance

MARKET OVERVIEW - COLOMBIA

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Introduction Country Data

Colombia Key Data Population:

42.357.980 (Sep 2007 est.)

Population growth:

1.433%

Total Area:

1,138,910 sq km

GDP:

USD 374.4 billion purchasing power parity

Real GDP Growth (2006)

6.8%

GDP Per capita (PPP) (2006)

USD 8,600

Inflation:

4.48% (2006), 5.5% (2007 est.)

Population below poverty line:

49,2%

Mobile market operators:

3 GSM + 1 IDEN (PTT)

Source as for September 07: https://www.cia.gov/cia/publications/factbook/geos/co.html Page 4

Tigo Colombia Regions Population Distribution

Region

% Population

Center

30.28%

Caribbean

18.71%

East

14.10%

South West

22.03%

North West

14.89%

Total

42,357,980

Source: DANE (National Statistics Department) – Internal Estimations

Total Area:

1,138,910 sq km

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Economic Activity Colombia's economy has experienced strong positive growth over the past three years. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy and improved security situation in the country. This economic performance corroborates the country is strengthening as a stable and attractive foreign investment. Official reports show that the GDP grew 6.8% during 2006. The Economy's good behavior has also motivated a positive trend for FDI (Foreign Direct Investment) attraction. Colombia will consolidate itself as one of the most attractive countries in the region for foreign companies, thus generating a virtuous cycle of investment and growth. GDP Growth

6.8%

GNP Distribution Public Utilities 4%

5.1% 3.8%

Transport & Communic. 8%

3.9%

2.8% 1.5%

2000

2001

Agriculture 11% Industry 15%

Commerce 11%

1.9%

2002

Mining Industry 6%

2003

2004

Source: DANE (National Statistics Department)

2005

2006

Construction 7%

Services 38%

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Demographics Total Population (Thousand): 42’358 80+ 70 - 79

2,0%

60 - 69 50 - 59 40 - 49 30 - 39 20 - 29 10 - 19 0-9

Gender 48,60%

Age distribution

1,0%

51,40%

4,0% 8,0% 12,0% 15,0% 17,0% 20,0% 21,0%

None Specialization/Master/Ph

Female

8,0%

Technical

9,0%

Source: DANE (National Statistics Department)

Elementary

Education

1,0%

University

High school Male

9,0%

32,6% 40,6%

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Our Company

Organizational Chart Board

José Manuel Astigarraga General Manager

609

SOX Officer

Management Assistant

Supplying Projects Leader

Clara Salas

Ana. Jiménez Silvana Pezzano

HR Director

Legal Director

9

6

Interconnect & Regulatory Affairs Director

11

1

Security Officer

2

2

Process Management 2 Analyst

1

Alexis Carlos Huertas Zacharzewski Fraud & Revenue

Alvaro Bermúdez

José David Mantilla

Finance & Administration Director

Assurance Director

Ramiro Avendaño Commercial Director

Customer Operations Director

Network Director

73

8

126

86

177

MARKET OVERVIEW - COLOMBIA

Luis Feria

Marcelo Benítez

IT Director

VAS Director

Juan Manuel García Corporate Cust. Director

71

10

23

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Local Management Team

MARKET OVERVIEW - COLOMBIA

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Fixed - Mobile Penetration 65,8%

68,8%

52,8%

25,6% 19,6%

15,4%

2003

18,2%

18,5%

18,2%

18,0%

2004

2005

2006

2007

Mobile (000)

Fixed

2003

2004

2005

2006

2007

Population

40.086

40.743

41.412

42.091

42.358

Mobile lines

6.186

10.437

21.850

27.711

29.453

Fixed lines

7.850

7.400

7.660

7.680

7.700

Source: DANE (National Statistics Department) – Bureau of Industry & Commerce – Internal Estimations

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Market Share Evolution (Subscribers Base) Market Share Comcel Movistar TIGO Total TIGO´s growth % Market Share % Comcel Movistar TIGO

Q4-06

Q1-07

Q2-07

Q3-07

Q3 growth %

17.800.554 7.759.670 2.150.828 27.711.052

18.254.767 7.545.204 2.243.856 28.043.827 4,33%

18.532.860 7.611.845 2.403.775 28.548.480 7,13%

19.235.823 7.551.528 2.666.125 29.453.476 10,91%

8,06% -2,68% 23,96% 6,29%

64,24% 28,00% 7,76%

65,09% 26,91% 8,00%

64,92% 26,66% 8,42%

65,31% 25,64% 9,05%

1,67% -8,44% 16,62%

Source: Superintendence of Industry & Commerce

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What do customers want ? Importance for Customer

Availability Affordability Accessibility

37%

34%

29%

In order to acknowledge the importance of these three drivers (Affordability, Accessibility and Availability) for the customer, Tigo does a tracking every two months. Source: Marketing research; Ipsos Napoleón Franco, 3A Bimonthly tracking; August 2007. Page 13

Reasons for Activation Why have you purchased a mobile phone? # of surveys % prepaid Reasons of activation Onnet Tariffs Offnet Tariffs Greater of variety handsets More affordable handsets Coverage Quality of the signal Friends and familiy with this operator Best service More points of sale Better promotions

COMCEL MOVISTAR 300 200 87% 96% 10% 2% 1% 0% 40% 31% 26% 13% 0% 4%

31% 19% 4% 3% 9% 8% 26% 15% 2% 18%

TIGO 100 99% 47% 23% 0% 9% 3% 3% 38% 5% 0% 7%

Source: Internal Marketing Research Multiple answers

The leader of the market is positioned in Availability, Tigo is positioned in Affordability Page 14

Our Strategy

Our Strategy Implementation

Affordability

Market Overview - Colombia

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Affordability • • • • • • • •

Implementation of Carry Over (Only offered by TIGO) General tariffs reduction VAS tariffs reduction Implementation of low denomination top ups Welcome and double balance for new customers Low entry barriers (SIM cards and handsets) TIGO Days Promotional off peak tariffs

MARKET OVERVIEW - COLOMBIA

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Affordability Survey Results June 2007

August 2007

65

Total Subs

(+)

60

68 63

Subs Tigo

47

76

(+)

64

Subs Comcel

64

67

(+)

69

Subs Movistar

55

66 Tigo

Comcel

Movistar

(=)

Sample:1400 interviews in the year, 350 every two months

Note: The chart shows the percentage of subscribers who evaluated in a positive range each operator in the Affordability variables. The company has been doing this marketing research bimonthly; these are the two first results. Source: Marketing Research; Ipsos, Napoleón Franco, 3A bimonthly tracking June and August-07

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Our Strategy Implementation Accessibility

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Accessibility Activation and Reload POS 411% 319% 252%

157%

235% 177%

130% 100% 81% Q3-06

Q4-06 Activation Points

Q1-07

Q2-07

Q3-07

Reload Points

Source: Internal Data

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Accessibility AC Nielsen LSDA (%) 10

9

9

9

8

8

Apr-07

Aug-07

9 8 7 6 5

6

4 3 2 1 0 Dec-06

Tigo

Movistar

Comcel

Source: ACNielsen, October 2007.

Telecommunication products are sold in 54,908 of the total surveyed POS by AC Nielsen in Colombia (515,000). Not all formats of POS are considered by AC Nielsen. Page 21

Accessibility

Accesible

Share of reload value

7%

65,6%

21%

15,9% 19,2%

Tigo

7%

18,5%

19,8%

Movistar Oct-06

60,9%

Comcel Aug 07

Source: ACNielsen, October 2007.

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POS Material More than 400.000 flag banners and other POS material have been installed in groceries, pharmacies and Tigo dealers all over the country

MARKET OVERVIEW - COLOMBIA

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POS Material

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Our Strategy Implementation Availability

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Availability Survey Results

August 2007

June 2007 71

Total Subs

84

60 70

83

Subs Tigo 68 67

Subs Comcel

85

59 78

Subs Movistar

82

55 Tigo

Comcel

Movistar

Sample:1400 interviews in the year, 350 every two months

Note: The chart shows the percentage of subscribers who evaluated in a positive range each operator in the Availability variables. The company has been doing this marketing research bimonthly; these are the two first results. Source: Marketing Research; Ipsos, Napoleón Franco, 3A bimonthly tracking June and August-07

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Coverage and Network Quality

Growth 69%

The company has been doing a very strong effort in order to increase the coverage

MARKET OVERVIEW - COLOMBIA

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Coverage and Network Quality Call Success Rate & SMS Success Rate 97,6%

97,9%

98,5%

79,8%

98,0%

84,5%

65,9% 40,4%

Q4-06

Q1-07

Call Success Rate (%)

Q2-07

Q3-07

SMS Success Rate (%)

Call Drop Rate & Block Rate 0,86%

0,82%

0,36%

0,18% Q4-06

0,33%

Although the Regulator requires network block and drop call levels of 5% and 3% respectively, the company obtains less than 1% every month in each indicator.

0,25% 0,13% Q1-07

Call Drop Rate (TCH) (%) MARKET OVERVIEW - COLOMBIA

0,12% Q2-07

Q3-07

Block Rate (TCH) (%) Page 28

Our Commercial Results

Gross Adds

274%

178% 141% 100%

Q4-06

Q1-07

Q2-07

Q3-07

Source: Internal Data

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Closing Subscribers 124%

112% 104% 100%

4Q-06

1Q-07

2Q-07

3Q-07

Source: Internal Data

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Prepaid Reloads US$ 137%

120%

100%

Q4-06

97%

Q1-07

Q2-07

Q3-07

Source: Internal Data

Although the number of subscribers grew 24%, the reloads grew 37% thanks to the successful 3A implementation. MARKET OVERVIEW - COLOMBIA

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Our Regions

Colombian Regions Caribbean ™ 5 Departments ™ Population: 7.924.246 - 18.7% of country population ™ Km2: 98.422 ™ Region's main city : Barranquilla ™ Other important cities: Cartagena, Santa Marta ™ Key economic drivers: Tourism, Ports, Coal, Petrochemical. ™ International celebrities: Shakira, Carlos Vives, Gabriel García Márquez, El Pibe Valderrama, Edgar Rentería.

Source: Internal Data

MARKET OVERVIEW - COLOMBIA

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Our People

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Tigo Service Centers Caribbean Region ( 10 )

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Tigo Service Centers Caribbean Region ( 10 )

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Tigo Store in Store Caribbean Region ( 63 )

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Tigo Store in Store Caribbean Region ( 63 )

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Grocery Stores Caribbean Region (6,890)

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Painted Facades Caribbean Region (2.666) In order to create the strongest brand awareness, the company has painted more than 9.500 store fronts and facades across the country

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Painted Facades Caribbean Region ( 2.666 )

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Signs Caribbean Region (2.391)

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Billboards Caribbean Region ( 119 ) More than 500 billboards have been installed across the country. In every single town Tigo announces its presence with a billboard

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Events Caribbean Region Barranquilla’s Carnival

Barranquilla´s Carnival is one of the most popular festivals in Latin America.

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Events Caribbean Region Fiestas del Mar

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Events Caribbean Region Jorge Baron's Concert Jorge Baron’s concert is one of the most popular musical events in the country gathering more than 10.000 people in every show. This sponsorship helps Tigo stay close to people and increase brand awareness and perceived availability.

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Brand Visibility and Territory Domination Caribbean Region

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Brand Visibility and Territory Domination Caribbean Region Tigo days is a promotion to increase customers reloads.

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Sport Scenarios Caribbean Region Having presence in sport scenarios and sponsoring sport activities, have been successful creating brand awareness and staying close to people

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Colombian Regions North West ™ 3 Departments ™ Population: 6.306.156 – 14.89% Of country population ™ Km2: 110.955 ™ Region's main city: Medellín ™ Other important cities: Quibdó, San Andrés ™ Key economic drivers: Textiles, financial services, Agriculture (Banana) ™ International Celebrities: Fernando Botero, Juanes, Camilo Villegas, René Higuita, current Colombian President, Alvaro Uribe.

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Our People

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Tigo Service Centers North West Region ( 11 ) In order to improve Customer Care, opening Service Centers has been a priority to the Company. More than 25 Service Centers has been opened around the country and the number keeps growing.

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Tigo Store in Store North West Region ( 35 )

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Grocery Stores North West Region (6,582) POS material have been installed in more than 45.000 grocery stores all over the country , making sure the company increases brand visibility and product accessibility

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Grocery Stores North West Region (6,582) As an alternative to painting facades, the Tigo mosaic is used to provide long lasting visibility.

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Tigo Dealers North West Region ( 72 ) Tigo increased more than 300% the number of dealers all over the country.

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Tigo Dealers North West Region ( 72 )

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Signs North West Region ( 3.506 )

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Billboard North West Region ( 78 )

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Signs for Places Classified as Cultural Heritage Special signs are designed in order to maintain the style of places of cultural heritage

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Painted Facades & Walls North West Region (1.765)

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Brand Visibility and Territory Domination North West Region

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Brand Visibility and Territory Domination North West Region

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Colombian Regions South West ™ 6 Departments ™ Population: 9.330.142 – 22.03% of country population ™ Km2: 100.575 ™ Region’s main city : Cali ™ Other important cities: Buenaventura, Pereira, Pasto, Armenia, Manizales ™ Key economic drivers: Main port of Colombia (Buenaventura), Pharmaceutical, Cane industry and Coffee main producers.

Source: Internal Data

MARKET OVERVIEW - COLOMBIA

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Our People

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Tigo Service Centers South West Region ( 17 )

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Tigo Dealers South West Region ( 54 )

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Grocery Stores South West Region (4,487)

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Grocery Stores South West Region (4,487)

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Signs South West Region (3.395) More than 16.000 signs have been installed in the country. Co branding signs are a very strong strategy since it assures that the establishment owner will keep the sign that also has the name of his business.

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Painted Facades South West Region (1.716)

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Walls South West Region ( 1.716 )

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Walls South West Region ( 1.716 )

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Billboards South West Region ( 119 )

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Brand Visibility and Territory Domination South West Region To give useful merchandising material gets Tigo close to people

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Brand Visibility and Territory Domination South West Region

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Brand Visibility and Territory Domination South West Region

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Brand Visibility and Territory Domination South West Region

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Brand Visibility and Territory Domination South West Region

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Events South West Region Blancos y Negros Carnival

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Events South West Region Jorge Baron's Concert

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Sports South West Region Tigo is the main sponsor of “Atlético Quindío” a professional soccer team of the Region.

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Colombian Regions Center

™ 6 Departments ™ Population: 12.825.767 30.28% of Country population ™ Km2 : 288.489 ™ Region's Main City: Bogotá D.C. Nations Capital ™ Other important cities: Neiva, Ibagué, Villavicencio ™ Key economic drivers: Flowers, Industry, Finance

Source: Internal Data

MARKET OVERVIEW - COLOMBIA

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Our People

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Tigo Service Centers Center Region ( 21 )

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Tigo Service Centers Center Region ( 21 )

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Tigo Service Centers Center Region ( 21 )

POS material with current promotions is always available in all Tigo stores and dealers

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Tigo Store in Stores Center Region ( 114 ) Tigo has presence in almost 300 points through the main retails chains in the country

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Grocery Stores Center Region (8,672)

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Grocery Stores Center Region (8,672)

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Tigo Dealers Center Region ( 77 )

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Painted Facades Center Region (1.654)

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Painted Facades Center Region ( 1.654 )

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Signs Center Region (5.318)

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Billboards Center Region ( 119 )

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Brand Visibility and Territory Domination Center Region

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Brand Visibility and Territory Domination Center Region

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Events Center Region

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Events Center Region Catama´s Fair

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Sports Center Region Tigo is one of the sponsors of “Millonarios”, one of the most important professional soccer teams in the country and the one that has more national titles in the history of Colombian soccer.

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Co Branded Campaigns

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Colombian Regions East ™ 11 Departments ™ Population: 4.745.280 14,1%of country population ™ Km2: 427.067 ™ Region’s important City: Bucaramanga ™ Other principal cities: Cúcuta, Tunja, Valledupar, Barranca ™ Key economic drivers: Oil, Agriculture. Main border with Venezuela

Source: Internal Data

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Our People

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Tigo Service Centers East Region ( 10 )

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Tigo Service Centers East Region ( 10 )

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Store in Store East Region ( 23 )

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Grocery Stores East Region (4,855)

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Dealers East Region ( 40 )

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Dealers East Region ( 40 )

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Signs East Region (3.435)

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Billboards East Region ( 79 )

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Buses East Region

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Signs in Places Classified as Cultural Heritage

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Painted Facades East Region (2.180)

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Events East Region

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Events East Region Cattle Fair

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Events East Region Jorge Baron's Concert

At Jorge Baron's Concert there is always a Tigo sales representative who has the opportunity to address the general public about the company and its products.

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Brand Visibility and Territory Domination East Region

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Sport Scenarios East Region

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Value Added Services

VAS Revenue Evolution 184% 134% 117% 100%

Q4-06

Q1-07

Q2-07

Q3-07

Source: Internal Data

During the last year VAS has increased its revenue in a monthly average of 9% MARKET OVERVIEW - COLOMBIA

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SMS Traffic per Subscriber 227% 153%

169%

100%

Q4-06

Q1-07

Q2-07

Q3-07

Source: Internal Data

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SMS Penetration as a % of total customers

48% 31%

Q4-06

37%

Q1-07

38%

Q2-07

Q3-07

Source: Internal Data

TV Spot (Fingers) Paquete MARKET OVERVIEW - COLOMBIA

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Technical Operations and Network Overview

Current Coverage

2.081 Base Stations Rural Coverage 19% Urban Coverage 93% 2’666,125 Active Subs

Source: Internal Data MARKET OVERVIEW - COLOMBIA

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GSM Network Overview Sep 2007

Dec 2007

NUMBER OF MSC’S

5

5

NUMBER OF MSS Mobile Soft Switch

2

4

NUMBER OF MEDIA GATEWAYS

8

11

NUMBER OF BSC’S

33

33

NUMBER OF BASE STATION

2081

2325

NUMBER OF TRANSCEIVERS (TRX)

15703

15800

YEAR END POP COVERAGE PERCENTAGE-RURAL (%Cities with less than 20.000 inhabitants)

18.94

27.18

YEAR END POP COVERAGE PERCENTAGE-URBAN (%Cities with more than 20.000 inhabitants)

92.32

94.85

Source: Internal Data

MARKET OVERVIEW - COLOMBIA

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BTS

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BTS

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BTS

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BTS

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BTS

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BTS

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BTS

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BTS

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BTS

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Difficult Access Areas

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Customer Operations

Informe Trimestral SIC IIIQ-07 Customer Operations Results

Complaints Evolution 112% 100%

124%

104%

100% 88%

64%

4Q-06

1Q-07

Customer base

2Q-07

68%

3Q-07

Complaints

Source: Superintendence of Industry & Commerce

Mayo 2007

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Customer Service Centers 2 1 1

1 2 1 1

11 1

15 1

1 11

1

1

5 2 1

1

1

2

1

January 2007

21 14 2

1

1

1 4 52 1 12 1 1 1 1 2 5 19 1

11 1 6 1 5

1

1

1

1

12

1

1 1 1 1 1 1

1 1 3 1 1

1 1 1 1 3 1 3

21 1 9 4 1 1 17 2 18 1 1

September 2007

1

1 1

1

CSC: 60

CSC: 43

CSC: Custmer Service Centers

Dealer: 11 CSC In Dec. 2007: 59

Forecast- December 2007 43 Tigo Centers located in 21 cities of the country Coast Region: Central Region: East Region: North West Region: South West Region:

6 17 5 5 10

130 points covering 54 new sites where there is not Tigo presence yet Coast Region:

23

Central Region:

34

East Region:

20

North West Region: 25 South West Region: 28

Source: Internal Data Mayo 2007

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Financial Results

Customers, Revenues & EBITDA in US$ 200%

194%

137%

135% 121%

100%

104%

124% 112%

103% 4Q-06

1Q-07 Revenues

2Q-07 Customers

3Q-07

EBITDA

Source: Internal Data

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G&A Expenses as % of total revenues

Source: Internal Data MARKET OVERVIEW - COLOMBIA

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ARPU Trend

Index

ARPU Trend 140,0% 135,0% 130,0% 125,0% 120,0% 115,0% 110,0% 105,0% 100,0% 95,0% 90,0% Oct-06

Q406

Q107

ARPU - Pre

Q207

Q307

ARPU - Pos

Source: Internal Data Page 144

Quarterly CAPEX Growth 210%

148% 118% 100%

4Q-06

1Q-07

2Q-07

3Q-07

Source: Internal Data

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Debt / EBITDA Ratio Rating company Duff & Phelps for Debt 2005 rating was B+ (perspective in evolution), 2006 ranting changed to B+ (Positive)

6,7

4,8 3,8 3,3

Q406

Q107

Q207

Q307

Source: Internal Data

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Corporate Social Responsibility

CSR - Swing Latino Tigo Swing Latino is a Salsa Group; world champions of these music genre. It's members come from poor families and they have struggled to accomplished their goals. Tigo is now sponsoring them.

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CSR - Swing Latino Tigo

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CSR – Beach Tents

Beach tents are given to help local workers. They rent them to tourists and make a living out of it.

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CSR – Siloé South West Region Tigo paints walls in poor neighborhoods helping them to keep the walls clean and therefore embellishing the environment

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CSR – Siloé South West Region

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I Am Tigo I Am with you

Thank you MARKET OVERVIEW - COLOMBIA

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