GRUPO IUSACELL CONSOLIDATED BALANCE SHEET

COMPARISON OF THIRD QUARTER 2004 WITH THIRD QUARTER 2004

(Figures in thousands of constant September 30, 2004 pesos)

Change

3Q04 3Q03 3Q04/3Q03

ASSETS

Current Assets

Cash and marketable

securities 2,241 0.0% 74,562 0.6% -97.0%

Accounts receivable,

net 460,563 4.2% 562,689 4.3% -18.1%

Related Parties 103,034 0.9% 0 0.0% 0%

Recoverable taxes

and other 178,688 1.6% 451,296 3.4% -60.4%

Inventories 282,288 2.6% 82,339 0.6% 242.8%

TOTAL CURRENT ASSETS 1,026,814 9.4% 1,170,886 8.9% -12.3%

Property and

equipment, net 7,032,830 64.2% 8,699,942 66.2% -19.2%

Excess of cost of

investments in

subsidiaries over

book value, net 1,823,210 16.6% 2,050,559 15.6% -11.1%

Other assets 1,075,462 9.8% 1,214,343 9.2% -11.4%

TOTAL ASSETS 10,958,316 100.0% 13,135,730 100.0% -16.6%

LIABILITIES AND

SHAREHOLDERS' EQUITY

Current Liabilities

Accrued liabilities 2,214,718 20.2% 1,115,659 8.5% 98.5%

Related parties 56,688 0.5% 33,712 0.3% 68.2%

Accounts payable 396,936 3.6% 530,931 4.0% -25.2%

Short-term debt 9,016,036 82.3% 8,980,880 68.4% 0.4%

TOTAL CURRENT

LIABILITIES 11,684,378 106.6% 10,661,182 81.2% 9.6%

Non-current

liabilities 49,512 0.5% 276,782 2.1% -82.1%

TOTAL LIABILITIES 11,733,890 107.1% 10,937,964 83.3% 7.3%

Minority interest -63,470 -0.6% -47,682 -0.4% 33.1%

Shareholders' Equity

Capital stock 7,656,817 69.9% 7,656,817 58.3% 0.0%

Legal reserve 21,519 0.2% 21,519 0.2% 0.0%

Capital contributions 1,506,750 13.7% 1,506,750 11.5% 0.0%

Net loss -1,598,415 -14.6% -3,497,458 -26.6% -54.3%

Accumulated earnings

from prior years -8,521,989 -77.8% -3,665,394 -27.9% -132.5%

Excess from

restatement of

shareholders' equity 223,214 2.0% 223,214 1.7% 0.0%

TOTAL

SHAREHOLDERS' EQUITY -712,104 -6.5% 2,245,448 17.1% -131.7%

TOTAL LIABILITIES AND

SHAREHOLDERS' EQUITY 10,958,316 100.0% 13,135,730 100.0% -16.6%

GRUPO IUSACELL CONSOLIDATED INCOME STATEMENT

COMPARISON OF THIRD QUARTER 2004 WITH THIRD QUARTER 2004

(Figures in thousands of constant September 30, 2004 pesos)

Change

3Q04 3Q03 3Q04/3Q03

REVENUE

Service 1,216,133 93.1% 1,000,085 89.5% 21.6%

Equipment sales

and other 90,809 6.9% 117,324 10.5% -22.6%

TOTAL REVENUE 1,306,942 100.0% 1,117,409 100.0% 17.0%

Cost of services 479,304 36.7% 409,749 36.7% 17.0%

Other costs 232,477 17.8% 546,543 48.9% -57.5%

TOTAL COSTS 711,781 54.5% 956,292 85.6% -25.6%

GROSS MARGIN 595,161 45.5% 161,117 14.4% 269.4%

Sales & Advertising

expenses 338,186 25.9% 344,383 30.8% -1.8%

General and

administrative

expenses 124,796 9.5% 230,721 20.6% -45.9%

Other income -46,887 -3.6% 0 0.0% 0.0%

TOTAL OPERATING

EXPENSES 416,095 31.8% 575,104 51.5% -27.6%

OPERATING INCOME

BEFORE DEPRECIATION

AND AMORTIZATION 179,066 13.7% -413,987 -37.0% -143.3%

Depreciation and

amortization 487,846 37.3% 298,497 26.7% 63.4%

OPERATING LOSS -308,780 -23.6% -712,484 -63.8% -56.7%

Other (income) expense 2,392 0.2% 519,325 46.5% -99.5%

Interest expense, net 277,510 21.2% 251,349 22.5% 10.4%

Foreign exchange

loss (gain) -151,103 -11.6% 524,552 46.9% -128.8%

Monetary gain -159,953 -12.2% -86,318 -7.7% 85.3%

INTEGRAL FINANCING COST -33,546 -2.6% 689,583 61.7% -104.9%

LOSS BEFORE TAXES

AND STATUTORY

PROFIT SHARING COST -277,626 -21.2% -1,921,392 -172.0% -85.6%

Equity in income

(losses) of

subsidiaries 23 0.0% 308 0.0% -92.5%

Taxes 55,564 4.3% 226,040 20.2% -75.4%

Extraordinary items -45,363 -3.5% 345,251 30.9% -113.1%

Intangible assets

valuation -- 0.0% 164,007 14.7% -100.0%

NET LOSS BEFORE

MINORITY INTEREST -287,850 -22.0% -2,656,998 -237.8% -89.2%

Minority interest -49 0.0% -26,209 -2.3% -99.8%

NET LOSS -287,801 -22.0% -2,630,789 -235.4% -89.1%

GRUPO IUSACELL CELULAR CONSOLIDATED BALANCE SHEET

COMPARISON OF THIRD QUARTER 2004 WITH THIRD QUARTER 2003

(Figures in thousands of constant September 30, 2004 pesos)

Change

3Q04 3Q03 3Q04/3Q03

ASSETS

Current Assets

Cash and

marketable securities 1,710 0.0% 20,752 0.2% -91.8%

Accounts receivable,

net 467,728 4.8% 523,478 4.5% -10.6%

Related parties 321,287 3.3% 105,474 0.9% 204.6%

Recoverable taxes

and other 125,902 1.3% 452,301 3.9% -72.2%

Inventories 282,153 2.9% 82,339 0.7% 242.7%

TOTAL CURRENT ASSETS 1,198,780 12.2% 1,184,344 10.2% 1.2%

Property and

equipment, net 6,296,540 64.2% 7,871,817 67.5% -20.0%

Excess of cost of

investments in

subsidiaries over

book value, net 1,640,424 16.7% 1,855,985 15.9% -11.6%

Other assets 669,187 6.8% 743,465 6.4% -10.0%

TOTAL ASSETS 9,804,931 100.0% 11,655,611 100.0% -15.9%

LIABILITIES AND

SHAREHOLDERS' EQUITY

Current Liabilities

Accrued liabilities 894,942 9.1% 437,423 3.8% 104.6%

Related parties 56,688 0.6% 33,712 0.3% 68.2%

Accounts payable 366,834 3.7% 411,298 3.5% -10.8%

Short-term debt 4,729,772 48.2% 4,805,267 41.2% -1.6%

TOTAL CURRENT

LIABILITIES 6,048,236 61.7% 5,687,700 48.8% 6.3%

Non-current

liabilities 501 0.0% 2,362 0.0% -78.8%

TOTAL LIABILITIES 6,048,737 61.7% 5,690,062 48.8% 6.3%

Minority interest -63,470 -0.6% -137,997 0.0% -54.0%

Shareholders' Equity

Capital stock 17,078,673 174.2% 17,078,673 146.5% 0.0%

Legal reserve 30,411 0.3% 30,411 0.3% 0.0%

Capital contributions 105,231 1.1% 105,231 0.9% 0.0%

Net loss -1,118,746 -11.4% -2,266,642 -19.4% -50.6%

Accumulated earnings

from prior years -11,522,362 -117.5% -8,090,584 -69.4% 42.4%

Excess from

restatement of

shareholders' equity -753,543 -7.7% -753,543 -6.5% 0.0%

TOTAL

SHAREHOLDERS' EQUITY 3,819,664 39.0% 6,103,546 52.4% -37.4%

TOTAL LIABILITIES AND

SHAREHOLDERS' EQUITY 9,804,931 100.0% 11,655,611 100.0% -15.9%

GRUPO IUSACELL CELULAR CONSOLIDATED INCOME STATEMENT

COMPARISON OF THIRD QUARTER 2004 WITH THIRD QUARTER 2003

(Figures in thousands of constant September 30, 2004 pesos)

Change

3Q04 3Q03 3Q04/3Q03

REVENUE

Service 1,254,535 93.3% 1,006,768 89.6% 24.6%

Equipment sales

and other 90,430 6.7% 117,346 10.4% -22.9%

TOTAL REVENUE 1,344,965 100.0% 1,124,114 100.0% 19.6%

Cost of services 498,918 37.1% 417,234 37.1% 19.6%

Other costs 232,477 17.3% 546,543 48.6% -57.5%

TOTAL COSTS 731,395 54.4% 963,777 85.7% -24.1%

GROSS MARGIN 613,570 45.6% 160,337 14.3% 282.7%

Sales &

Advertising expenses 337,968 25.1% 344,543 30.7% -1.9%

General and

administrative

expenses 117,941 8.8% 217,484 19.3% -45.8%

Other income -45,510 -3.4% 0 0.0% 0.0%

TOTAL OPERATING

EXPENSES 410,399 30.5% 562,027 50.0% -27.0%

OPERATING INCOME

BEFORE DEPRECIATION

AND AMORTIZATION 203,171 15.1% -401,690 -35.7% -150.6%

Depreciation and

amortization 448,570 33.4% 319,687 28.4% 40.3%

OPERATING LOSS -245,399 -18.2% -721,377 -64.2% -66.0%

Other (income) expense 5,109 0.4% 204,600 18.2% -97.5%

Interest expense, net 122,645 9.1% 92,921 8.3% 32.0%

Foreign exchange

loss (gain) -76,581 -5.7% 259,711 23.1% -129.5%

Monetary gain -75,926 -5.6% -38,130 -3.4% 99.1%

INTEGRAL FINANCING COST -29,862 -2.2% 314,502 28.0% -109.5%

INCOME (LOSS) BEFORE

TAXES AND STATUTORY

PROFIT SHARING COST -220,646 -16.4% -1,240,479 -110.4% -82.2%

Equity in losses

of subsidiaries 23 0.0% -294 0.0% -107.8%

Taxes 50,115 3.7% 190,640 17.0% -73.7%

Extraordinary items 0 0.0% 211,006 18.8% -100.0%

Intangible

assets valuation 0 0.0% 164,007 14.6% -100.0%

NET LOSS BEFORE

MINORITY INTEREST -270,784 -20.1% -1,805,838 -160.6% -85.0%

Minority interest -49 0.0% -16,019 -1.4% -99.7%

NET LOSS -270,735 -20.1% -1,789,819 -159.2% -84.9%