Contents:

Acronyms and abbreviations Companies mentioned in this report Section 1: Executive summary 1.1 The macro environment 1.2 Regulatory outlook 1.3 Market size and structure 1.4 Mobile service revenue trends 1.5 Mobile technology trends 1.6 Competitive landscape Section 2: Puerto Rico 2.1 Market developments to watch 2.2 Political and economic outlook Domestic politics International relations Fiscal policy Economic growth 2.3 Regulatory outlook Policymaking and regulatory authorities Telecommunications Act of 1996 Liberalization and competition 2.4 Market size and structure 2.5 Mobile technology trends 2.6 Competitive analysis 2.7 AT&T Mobility Ownership structure and history Plans and services Individual postpaid plans Family postpaid plans AT&T prepaid plans AT&T “Pick Your Plan” options AT&T data plans Network and coverage 2.8 Claro Puerto Rico Ownership structure and history Plans and services Network and coverage 2.9 Centennial de Puerto Rico Services and plans Network and coverage 2.10 SunCom Wireless SunCom voice plans 2.11 Open Mobile Network and coverage 2.12 Sprint Puerto Rico Voice and data packages Network and coverage 2.13 Puerto Rico mobile operator SWOT analysis Section 3: Dominican Republic 3.1 Market developments to watch 3.2 Political and economic outlook Political outlook International relations Fiscal policy trends Economic growth External sector Exchange rates 3.3 Regulatory outlook Regulatory authority Basic law governing the telecommunications industry State of privatization and liberalization Foreign ownership restrictions Spectrum licensing Number portability 3.4 Market size and structure 3.5 Mobile technology trends 3.6 Claro (América Móvil) Ownership structure and history Subscriber base and services and plans Claro’s voice service plans Claro’s data service plans Network and coverage 3.7 Orange Dominicana Ownership structure and history Subscriber base, services, and plans Network and coverage 3.8 Tricom Ownership and history Subscriber base, services and plans Network and coverage 3.9 Viva (Trilogy Dominicana) Ownership and history Subscriber base, services and plans Network and coverage 3.10 Dominican Republic mobile operator SWOT analysis Section 4: Jamaica 4.1 Market developments to watch 4.2 Political and economic outlook Political outlook International relations Fiscal policy trends Economic growth External sector Exchange rates 4.3 Regulatory outlook Regulatory framework Policymaking and regulatory authorities Ministry of Energy, Mining and Telecommunications The OUR State of privatization and liberalization 4.4 Market size and structure 4.5 Mobile technology trends 4.6 Bmobile (Cable & Wireless Jamaica) Ownership structure and history Operational and financial results Services, products and plans Network and coverage 4.7 Digicel Jamaica Ownership structure and history Operational and financial results Services, products and plans Network and coverage 4.8 América Móvil’s MiPhone (to be rebranded as Claro) Ownership structure and history Operational and financial results Services, products and plans Network and coverage 4.9 Jamaica mobile operator SWOT analysis Section 5: Trinidad & Tobago 5.1 Market developments to watch 5.2 Political and economic outlook Political outlook International relations Fiscal policy trends Economic growth External sector Exchange rates 5.3 Regulatory outlook Policymaking and regulatory authorities State of liberalization and competition 5.4 Market size and structure 5.5 Mobile technology trends 5.6 TSTT, dba bmobile Ownership structure and history Plans and services Network and coverage 5.7 Digicel Services and plans Network and coverage 5.8 Trinidad & Tobago mobile operator SWOT analysis Section 6: Haiti 6.1 Market developments to watch 6.2 Political and economic outlook Political outlook International relations Fiscal policy trends Economic growth External sector Inflation and exchange rates 6.3 Regulatory outlook Regulatory authority Basic law governing the telecommunications industry Market liberalization and competition 6.4 Market size and structure 6.5 Mobile technology trends 6.6 Digicel 6.7 Comcel 6.8 Haitel 6.9 Rectel 6.10 Haiti mobile operator SWOT analysis Section 7: Cuba 7.1 Market developments to watch 7.2 Political and economic outlook Political outlook International relations Fiscal policy trends The EIU expects gradual, rather than sudden, political (and economic) change in Cuba in the medium term. Economic growth The Cuban fiscal deficit was 3.1% of GDP in 2007. Exchange rates 7.3 Regulatory outlook Regulatory authority Legal framework State of liberalization and competition 7.4 Market size and structure under three scenarios Mobile and fixed penetration growth under the three scenarios Comparable experience with liberalization in the Caribbean Prepaid and postpaid subscribers Revenue growth under the three scenarios Average revenue per subscriber and minutes of use 7.5 Mobile technology trends 7.6 Cubacel Plans and services Network and coverage 7.7 Cubacel SWOT analysis Section 8: Cayman Islands 8.1 Market developments to watch 8.2. Political and economic outlook Political outlook International relations Fiscal policy Economic growth Exchange rates External sector 8.3. Regulatory outlook Regulatory authority Market liberalization 8.4 Market size and structure 8.5 Mobile technology trends 8.6 Cable & Wireless — bmobile 8.7 Digicel 8.8 Cayman Islands mobile operator SWOT analysis Section 9: Bermuda 9.1 Market developments to watch 9.2 Political and economic outlook Political outlook International relations Fiscal policy trends Economic growth External sector Exchange rates 9.3 Regulatory outlook Regulatory authority Regulatory reform Market liberalization 9.4 Market size and structure 9.5 Mobile technology trends 9.6 Competitive analysis 9.7 Digicel 9.8 Cellular One 9.9 M3 Wireless 9.10 Bermuda mobile operator SWOT analysis Appendixes: Mobile communications forecasts Appendix 1: Puerto Rico mobile communications forecast 2005-2013 Appendix 2: Dominican Republic mobile communications forecast 2005-2013 Appendix 3: Jamaica mobile communications forecast 2005-2013 Appendix 5: Haiti mobile communications forecast 2005-2013 Appendix 6: Cuba mobile communications forecast 2005-2013 Appendix 7: Cayman Islands mobile communications forecast 2005-2013 Appendix 8: Bermuda mobile communications forecast 2005-2013 Related resources Table of exhibits Exhibit 1-1: Caribbean mobile subscription CAGR in a global context 2007-2013 Exhibit 1-2: Caribbean — Mobile market opportunities; volume versus growth Exhibit 1-3: Caribbean — GDP per capita levels by country 2007 Exhibit 1-4: Caribbean region — Mobile penetration vs. GDP per capita 2007 Exhibit 1-5: Caribbean — Mobile service penetration, 2007 versus 2013 Exhibit 1-6: Caribbean — Mobile subscriptions by type 2005-2013 Exhibit 1-7: Caribbean — Total mobile service revenue and monthly ARPS 2005-2013 Exhibit 1-8: Caribbean region — Mobile subscriptions by technology, 2007 versus 2013 Exhibit 1-9: Major Caribbean operator footprints 2007 Exhibit 1-10: Major Caribbean operators’ actual and projected market shares in 2007 versus 2013 Exhibit 2-1: Puerto Rico — Macroeconomic indicators for 2005-2013 Exhibit 2-2: Puerto Rico — Mobile licenses awarded Exhibit 2-3: Puerto Rico — Mobile and fixed penetration 2005-2013 Exhibit 2-4: Puerto Rico — Mobile subscriptions by type of plan 2005-2013 Exhibit 2-5: Puerto Rico — Operational indicators 2005-2013 Exhibit 2-6: Puerto Rico — Mobile service revenue growth 2005-2013 Exhibit 2-7: Puerto Rico — Commercial mobile network systems Exhibit 2-8: Puerto Rico — Mobile subscriptions by network technology 2005-2013 Exhibit 2-9: Puerto Rico — Key statistics for mobile operators Exhibit 2-10: Puerto Rico — Operator market shares by subscriptions 2005-2013 Exhibit 2-11: Puerto Rico — AT&T’s individual postpaid plans Exhibit 2-12: Puerto Rico — AT&T’s postpaid family plans Exhibit 2–13: Puerto Rico — AT&T’s “pick your plan” offerings Exhibit 2-14: Puerto Rico — AT&T’s mobile data plans Exhibit 2–15: Puerto Rico — AT&T Mobility’s GSM network coverage Exhibit 2-16: Puerto Rico — AT&T Mobility’s 3G network coverage Exhibit 2-17: Puerto Rico — Claro’s individual national plan options Exhibit 2-18: Puerto Rico — Claro’s family plan options Exhibit 2-19: Puerto Rico — Claro’s GSM and CDMA coverage 2008 Exhibit 2-20: Puerto Rico — Centennial’s network coverage Exhibit 2-21: Puerto Rico — SunCom’s unlimited voice-only plans Exhibit 2-22: Puerto Rico — SunCom’s data offers Exhibit 2-23: Puerto Rico — SunCom’s coverage Exhibit 2-24: Puerto Rico — Open Mobile coverage Exhibit 2-25: Puerto Rico — Sprint’s Simply Everything plans Exhibit 2-26: Puerto Rico — Sprint’s Talk/Message plans Exhibit 2-27: Puerto Rico — Sprint’s Talk plans Exhibit 2-28: Puerto Rico — Sprint’s Basic plan Exhibit 2-29: Puerto Rico — Sprint’s coverage Exhibit 2-30: Puerto Rico — Sprint’s mobile broadband coverage Exhibit 2-31: Puerto Rico — Mobile operator SWOT analysis Exhibit 3-1: Dominican Republic — Macroeconomic indicators 2005-2013 Exhibit 3-2: Mobile penetration vs. nominal GDP per capita in 26 Latin American markets Exhibit 3-3: Dominican Republic — Mobile and fixed penetration 2005-2013 Exhibit 3-4: Dominican Republic — Mobile subscriptions by type of plan 2005-2013 Exhibit 3-5: Dominican Republic — Prepaid as percentage of total subscribers by operator in 2007 and 2013 Exhibit 3-6: Dominican Republic — Operational indicators 2005-2013 Exhibit 3-7: Dominican Republic — Mobile service revenue and growth 2005-2013 Exhibit 3-8: Dominican Republic — Mobile subscriptions by network technology 2005-2013 Exhibit 3-9: Dominican Republic — Key statistics for mobile operators Exhibit 3-10: Dominican Republic — Mobile subscription market share forecast 2005-2013 Exhibit 3-11: Dominican Republic — Claro’s mobile broadband offers Exhibit 3-12: Dominican Republic — Claro’s coverage in 2007 Exhibit 3-13: Dominican Republic — Orange’s Max and Flex plans Exhibit 3-14: Dominican Republic — Orange’s network coverage 2008 Exhibit 3-15: Dominican Republic — Tricom’s total and mobile service revenue 2004-2007 Exhibit 3-16: Dominican Republic — Tricom’s network coverage 2008 Exhibit 3-17: Dominican Republic — Trilogy’s network coverage 2008 Exhibit 3-18: Dominican Republic — Mobile operator SWOT analysis Exhibit 4-1: Jamaica — Macroeconomic indicators 2005-2013 Exhibit 4-2: Jamaica and the Caribbean region — Mobile penetration 2005-2013 Exhibit 4-3: Jamaica — Mobile and fixed penetration 2005-2013 Exhibit 4-4: Jamaica — Mobile user penetration versus mobile subscriber penetration 2005-2013 Exhibit 4-5: Jamaica — Mobile subscriptions by type of plan 2005-2013 Exhibit 4-6: Jamaica — Operational indicators 2005-2013 Exhibit 4-7: Jamaica — Mobile service revenue and growth 2005-2013 Exhibit 4-8: Jamaica — Mobile subscriptions by network technology 2005-2013 Exhibit 4-9: Jamaica — Key statistics for mobile operators Exhibit 4-10: Jamaica — Mobile subscription market share forecast 2005-2013 Exhibit 4-11: Jamaica — Financial results of C&W Jamaica 2005-2007 Exhibit 4-12: Jamaica — Cable & Wireless Jamaica’s revenue per product line in fiscal 2007 Exhibit 4-13: Jamaica — Bmobile TopUp advertisement Exhibit 4-14: Jamaica — Bmobile’s three distinct prepaid options Exhibit 4-15: Jamaica — Digicel’s network coverage 2008 Exhibit 4-16: Background data on Claro Exhibit 4-17: Jamaica — MiPhone network coverage 2007 Exhibit 4-18: Jamaica — Mobile operator SWOT analysis Exhibit 5-1: Trinidad & Tobago — Macroeconomic and demographic variables 2005-2013 Exhibit 5-2: Trinidad & Tobago — Main goals and responsibilities of the Telecommunications Authority Exhibit 5-3: Trinidad & Tobago — Mobile subscription penetration vs. mobile user penetration 2005 2013 Exhibit 5-4: Trinidad & Tobago — Mobile and fixed penetration 2005-2013 Exhibit 5-5: Trinidad & Tobago — Mobile subscriptions by type of plan 2005-2013 Exhibit 5-6: Trinidad & Tobago — Operational indicators 2005-2013 Exhibit 5-7: Trinidad & Tobago mobile service revenue growth 2005-2013 Exhibit 5-8: Trinidad & Tobago — Mobile subscriptions by network technology 2005-2013 Exhibit 5-9: Trinidad & Tobago — Key statistics for mobile operators Exhibit 5-10: Trinidad & Tobago — Expected subscription market shares of mobile operators 2005-2013 Exhibit 5-11: Trinidad & Tobago — TSTT’s revenue versus EBIT 2005-2007 Exhibit 5-12: Trinidad & Tobago — Bmobile versus Digicel prepaid rates Exhibit 5-13: Trinidad & Tobago — Bmobile postpaid plans Exhibit 5-14: Trinidad & Tobago — Per-minute rates of postpaid plans, Digicel vs. bmobile Exhibit 5-15: Trinidad & Tobago — SMS messages included in postpaid plans of Digicel and bmobile Exhibit 5-16: Trinidad & Tobago — TSTT’s GSM network coverage 2008 Exhibit 5-17: Trinidad & Tobago — Digicel’s prepaid and postpaid offerings Exhibit 5-18: Trinidad & Tobago — Digicel’s international rates Exhibit 5-19: Trinidad & Tobago — Digicel’s coverage Exhibit 5-20: Trinidad & Tobago — Mobile operator SWOT analysis Exhibit 6-1: Haiti — Macroeconomic indicators 2005-2013 Exhibit 6-2: Haiti — Mobile and fixed penetration 2005-2013 Exhibit 6-3: Haiti — Mobile subscriptions by type of plan 2005-2013 Exhibit 6-4: Haiti — Operational indicators 2005-2013 Exhibit 6-5: Haiti — Mobile service revenue growth 2005-2013 Exhibit 6-6: Haiti — Mobile subscriptions by network technology 2005-2013 Exhibit 6-7: Haiti — Key statistics for mobile operators Exhibit 6-8: Haiti — Subscriber market share forecast for mobile operators 2005-2013 Exhibit 6-9: Haiti — Mobile operator SWOT analysis Exhibit 7-1: Cuba — Macroeconomic indicators 2005-2013 Exhibit 7-2: Cuba — Snapshot of the mobile market in 2013 under three scenarios Exhibit 7-3: Cuba — Number of Internet, fixed and mobile telephony subscription 2005-2007 Exhibit 7-4: Year-end 2007 penetration ratios and GDP per capita for some comparable Latin American countries Exhibit 7-5: Cuba — Projected mobile and fixed penetration 2005-2013 under Scenario 1: Status quo 213 Exhibit 7-6: Cuba — Projected mobile and fixed penetration 2005-2013 under Scenario 2: Government cedes Cubacel to Telecom Italia by mid-2009 Exhibit 7-7: Cuba — Projected mobile and fixed penetration 2005-2013 under Scenario 3: Government opens the market to competition in 2010 Exhibit 7-8: Increases in mobile penetration rates two years after full market liberalization in Jamaica, Haiti and Trinidad & Tobago Exhibit 7-9: Cuba — Prepaid subscriptions as a percentage of total under three scenarios 2005-2013 . 217 Exhibit 7-10: Cuba — Projected mobile service revenue growth 2005-2013 under Scenario 1: Status quo Exhibit 7-11: Cuba — Projected mobile service revenue growth 2005-2013 under Scenario 2: Government cedes Cubacel to Telecom Italia in mid-2009 Exhibit 7-12: Cuba — Projected mobile service revenue growth 2005-2013 under Scenario 3: Government opens market to competition in 2010 Exhibit 7-13: Cuba — Operational indicators for 2005-2013 reflecting market liberalization in 2010 (Scenario 3) Exhibit 7-14: Cuba — Mobile subscriptions by technology under Scenario 3, 2005-2013 Exhibit 7-15: Cuba — Cubacel overview Exhibit 7-16: Cuba — ETECSA’s profits in 2005-2007 Exhibit 7-17: Cuba — Cubacel prepaid plans (US dollars) Exhibit 7-18: Cuba — Cubacel’s postpaid plans Exhibit 7-19: Cuba — Maps of Cubacel’s TDMA and GSM coverage Exhibit 7-20: Cuba — Cubacel SWOT analysis Exhibit 8-1: Cayman Islands — Macroeconomic indicators 2005-2013 Exhibit 8-2: Cayman Islands — Excerpt from the ICTA’s Decision 2008-1: Policy for the Management and Allocation of Spectrum Exhibit 8-3: Cayman Islands — Mobile and fixed penetration 2005-2013 Exhibit 8-4: Cayman Islands — Mobile subscriptions by type of plan 2005-2013 Exhibit 8-5: Cayman Islands — Operational indicators 2005-2013 Exhibit 8-6: Cayman Islands — Mobile service revenue growth 2005-2013 Exhibit 8-7: Cayman Islands — Mobile subscriptions by network technology 2005-2013 Exhibit 8-8: Cayman Islands — Key statistics for mobile operators Exhibit 8-9: Cayman Islands — Mobile market shares 2005-2013 Exhibit 8-10: Cayman Islands — Comparison of Digicel’s and bmobile’s smallest postpaid plans Exhibit 8-11: Cayman Islands — Comparison of Digicel’s and bmobile’s largest postpaid plans Exhibit 8-12: Cayman Islands — Mobile operator SWOT analysis Exhibit 9-1: Bermuda — Macroeconomic indicators 2005-2013 Exhibit 9-2: Bermuda — Overview of telecommunications regulatory reform process Exhibit 9-3: Bermuda — Summary of the proposed telecom policy changes Exhibit 9-4: Bermuda — Mobile and fixed penetration 2005-2013 Exhibit 9-5: Bermuda — Mobile subscriptions by type of plan 2005-2013 Exhibit 9-6: Bermuda — Markets with the highest aggregate mobile ARPS worldwide 2007 Exhibit 9-7: Bermuda — Operational indicators 2005-2013 Exhibit 9-8: Bermuda — Mobile service revenue growth 2005-2013 Exhibit 9-9: Bermuda — Mobile subscriptions by network technology 2005-2013 Exhibit 9-10: Bermuda — Key statistics for mobile operators Exhibit 9-11: Bermuda — Sample service plan comparisons 2008 Exhibit 9-12: Bermuda — Market share forecast by mobile operator 2005-2013 Exhibit 9-13: Bermuda — Mobile operator SWOT analysis Appendix 1: Puerto Rico mobile communications forecast 2005-2013 Appendix 2: Dominican Republic mobile communications forecasts 2005-2013 Appendix 3: Jamaica mobile communications forecasts 2005-2013 Appendix 4: Trinidad & Tobago mobile communications forecast 2005-2013 Appendix 5: Haiti mobile communications forecast 2005-2013 Appendix 6: Cuba mobile communications forecast 2005-2013 Appendix 7: Cayman Islands mobile communications forecast 2005-2013 Appendix 8: Bermuda mobile communications forecast 2005-2013

Companies Mentioned

- AACR (All America Cable & Radio) - Alcatel (TCL Communication) - Alcatel-Lucent - All America Cable & Radio (AACR) - Alvarion - América Móvil - Apple - AT&T Corp - AT&T Inc - AT&T Wireless - Atlantic Tele-Network (ATN) - Audiovox - Azure Seas Ltd - Banco Popular de Puerto Rico - Banque Nationale de Crédit - BDC (Bermuda Digital Communications) (Cellular One Bermuda) - Bell Atlantic - BellSouth - Bermuda Cablevision - Bermuda Digital Communications (BDC) (Cellular One Bermuda) - Bermuda Telecom Company - Bermuda Yellow Pages - Blackstone Group - bmobile (Telecommunications Services of Trinidad & Tobago; TSTT) - bmobile Cayman Islands - bmobile Jamaica - BTC Mobility - C&W (Cable & Wireless Plc) - Cable & Wireless (CALA Investments) Limited - Cable & Wireless Cayman Islands - Cable & Wireless Jamaica - Cable & Wireless Plc - Cable & Wireless West Indies - Cable Company Ltd - Cable Televisión Dominicana - Camana Bay Communications - Canal 27 UHF - Canales Progression - Cayman Adventist TV Network - Cayman Islands Telecommunications No. 1 - CaymanBuzz.com - C-Com - Cellular One - Cellular One Bermuda (Bermuda Digital Communications) - Cellular One Caribbean - Celulares Telefónica - Centennial Communications - Centennial de Puerto Rico - Centennial Dominicana - CERTV - Cingular Wireless - Clarity Communication Systems - Claro - Claro Dominican Republic - Claro Panama - Claro/Codetel - Codetel (Compañia Dominicana de Teléfonos) - Color Visión - Columbia Capital - Comcel (Communication Cellulaire d’Haïti; Voilà)