In 3Q 09 AMX continued to report robust growth in revenues, driven by higher-than-expected ARPU performance. Although, the subscriber-base growth is expected to decline until the end of FY 2009, we continue to anticipate strong performance in Brazil and TracFone (US) to drive subscriber-base growth, going forward. Moreover, despite lowering our subscriber-base growth estimates, we expect moderate revenue performance from Mexico, going forward, reflecting robust ARPU performance in 3Q 09 due to increased focus of AMX Management on high ARPU postpaid subscribers’ net additions. Furthermore, the focus of Management on 3G data services and its infrastructure continued to pay rich dividends for the company and data revenues achieved growth of approximately 50% y-o-y in 3Q 09. We continue to anticipate robust data growth for the next couple of years amid expanding 3G coverage and lower Internet penetration in the areas of operation. In addition, as we now anticipate a faster than earlier anticipated recovery in Latin and Caribbean economies from 1H 10, we have increased our revenue estimates for FY 2010.

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