Am?rica M?vil?s (AM?s) growth since its inception three years ago has been relentless. Currently, AM has a presence in 10 Latin American countries, having just launched services in Uruguay. With just under one-third of the region?s total subscribers, AM closed 2004 with a market share slightly smaller than Telef?nica M?viles? (TEM?s) 33%. However, AM will regain its leadership position in 2005 and potentially build upon it through additional acquisitions in years to come.

A solid balance sheet, a foolproof marketing strategy, and a service portfolio that keeps getting stronger are among AM?s most important assets. We expect the operator will keep betting on these assets to improve its position in every market in which it operates, paying particular attention to Brazil. Though the Brazilian mobile market is controlled by TEM?s Vivo, AM?s Claro and Telecom Italia Mobile (TIM) are fiercely competing for the number two spot. Because it is close to having a nationwide presence and its mass-market strategy has always had stellar results, AM has the odds in its favor. Nonetheless, AM needs to invest in service and technological innovation. Otherwise, this Mexican player risks losing ground, especially among corporate users who are on the lookout for sophisticated applications that can help them run a more productive business.