GRUPO IUSACELL CONSOLIDATED BALANCE SHEET

COMPARISON OF SECOND QUARTER 2005 WITH SECOND QUARTER 2004

(figures in thousands of constant June 30, 2005 Pesos)

Growth

2Q04 2Q05 2Q05/2Q04

ASSETS

Current Assets

Cash and

marketable

securities 3,320 0% 4,110 0% 23.8%

Accounts

receivable, net 502,544 4% 378,185 4% -24.7%

Related

parties 60,331 1% 93,080 1% 54.3%

Recoverable taxes

and other 232,471 2% 572,370 5% 146.2%

Inventories 386,830 3% 96,786 1% -75.0%

TOTAL CURRENT

ASSETS 1,185,496 10% 1,144,531 11% -3.5%

Property and

equipment, net 7,492,008 64% 6,512,195 62% -13.1%

Excess of cost

of investments

in subsidiaries

over book value,

net 1,918,891 16% 1,806,508 17% -5.9%

Other assets 1,129,767 10% 1,069,572 10% -5.3%

TOTAL ASSETS 11,726,162 100% 10,532,806 100% -10.2%

LIABILITIES AND

SHAREHOLDERS' EQUITY

Current

Liabilities

Accrued

liabilities 2,071,254 18% 3,047,806 29% 47.1%

Related parties 38,362 0% 213,518 2% 456.6%

Accounts payable 512,615 4% 275,813 3% -46.2%

Short-term debt 9,500,553 81% 8,532,752 81% -10.2%

TOTAL CURRENT

LIABILITIES 12,122,784 103% 12,069,889 115% -0.4%

Noncurrent

liabilities 99,496 1% 24,354 0% -75.5%

TOTAL

LIABILITIES 12,222,280 104% 12,094,243 115% -1.0%

Minority interest -60,936 -1% -78,524 -1% 28.9%

Shareholders'

Equity

Capital stock 7,853,269 67% 7,859,372 75% 0.1%

Capital

contributions 1,545,409 13% 1,545,409 15% 0.0%

Legal reserve 22,071 0% 22,071 0% 0.0%

Net income (loss) -1,344,233 -11% -397,629 -4% -70.4%

Accumulated

earnings from

prior years -8,740,639 -75% -10,741,077 102% 22.9%

Excess from

restatement of

shareholders'

equity 228,941 2% 228,941 2% 0.0%

TOTAL SHAREHOLDERS'

EQUITY -435,182 -4% -1,482,913 -14% 40.8%

TOTAL LIABILITIES

AND

SHAREHOLDERS'

EQUITY 11,726,162 100% 10,532,806 100% -10.2%

GRUPO IUSACELL CONSOLIDATED INCOME STATEMENT

COMPARISON OF SECOND QUARTER 2005 WITH SECOND QUARTER 2004

(figures in thousands of constant June 30, 2005 Pesos)

Growth

2Q04 2Q05 2T05/2T04

REVENUE

Service 1,182,919 104.8% 1,520,714 106.8% 28.6%

Commissions (54,618) -4.8% (97,325) -6.8% 78.2%

NET REVENUE 1,128,301 100.0% 1,423,389 100.0% 26.2%

Cost of

services 461,592 40.9% 603,944 42.4% 30.8%

Handsets

subsidy 177,672 15.7% 139,335 9.8% -21.6%

TOTAL COSTS 639,264 56.7% 743,279 52.2% 16.3%

GROSS PROFIT 489,037 43.3% 680,110 47.8% 39.1%

Sales &

advertising

expenses 197,731 17.5% 258,688 18.2% 30.8%

General and

administrative

expenses 91,330 8.1% 120,959 8.5% 32.4%

TOTAL OPERATING

EXPENSES 289,061 25.6% 379,647 26.7% 31.3%

OPERATING INCOME

BEFORE DEPRECIATION

AND

AMORTIZATION 199,976 17.7% 300,463 21.1% 50.2%

Depreciation and

amortization 502,634 44.5% 387,511 27.2% -22.9%

OPERATING

LOSS (302,658) -26.8% (87,048) -6.1% -71.2%

(Profit) loss

from fixed

assets sales 4,859 0.4% (7,150) -0.5% -247.1%

Other (income)

expense (8,155) -0.7% (2,175) -0.2% -73.3%

Interest

expense,

net 259,003 23.0% 276,023 19.4% 6.6%

Foreign

exchange

loss (gain) 371,535 32.9% (413,507) -29.1% -211.3%

Gain from

monetary

position (896) -0.1% 47,756 3.4% -5429.9%

INTEGRAL

FINANCING

COST 629,642 55.8% (89,728) -6.3% -114.3%

LOSS BEFORE

TAXES (929,004) -82.3% 12,005 0.8% -101.3%

Equity

participation

in net loss

(income) of

subsidiaries 25 0.0% -- 0.0% -100.0%

Taxes 57,305 5.1% 42,941 3.0% -25.1%

LOSS BEFORE

MINORITY

INTEREST (986,334) -87.4% (30,936) -2.2% -96.9%

Minority

interest 2,348 0.2% (2,651) -0.2% -212.9%

NET LOSS (983,986) -87.2% (33,587) -2.4% -96.6%

GRUPO IUSACELL CELULAR CONSOLIDATED INCOME STATEMENT

COMPARISON OF FIRST SIX MONTHS 2005 WITH FIRST SIX MONTHS 2004

(figures in thousands of constant June 30, 2005 Pesos)

Growth

6M04 6M05 6M05/6M04

REVENUE

Service 2,381,332 107.2% 2,951,873 107.2% 24.0%

Commissions (160,452) -7.2% (198,443) -7.2% 23.7%

NET REVENUE 2,220,880 100.0% 2,753,430 100.0% 24.0%

Cost of

services 919,480 41.4% 1,185,706 43.1% 29.0%

Handsets

subsidy 428,266 19.3% 215,300 7.8% -49.7%

TOTAL COSTS 1,347,746 60.7% 1,401,006 50.9% 4.0%

GROSS PROFIT 873,134 39.3% 1,352,424 49.1% 54.9%

Sales &

advertising

expenses 371,037 16.7% 539,167 19.6% 45.3%

General and

administrative

expenses 164,043 7.4% 246,383 8.9% 50.2%

TOTAL OPERATING

EXPENSES 535,080 24.1% 785,550 28.5% 46.8%

OPERATING

INCOME BEFORE

DEPRECIATION

AND

AMORTIZATION 338,054 15.2% 566,874 20.6% 67.7%

Depreciation

and

amortization 1,019,047 45.9% 771,660 28.0% -24.3%

OPERATING

LOSS (680,993) -30.7% (204,786) -7.4% -69.9%

(Profit) loss

from fixed

assets

sales (94,115) -4.2% (6,981) -0.3% -92.6%

Other (income)

expense (8,155) -0.4% 30,150 1.1% -469.7%

Interest

expense,

net 515,099 23.2% 540,806 19.6% 5.0%

Foreign

exchange

loss (gain) 317,103 14.3% (393,822) -14.3% -224.2%

Gain from

Monetary

position (179,761) -8.1% (35,171) -1.3% -80.4%

INTEGRAL

FINANCING

COST 652,441 29.4% 111,813 4.1% -82.9%

LOSS BEFORE

TAXES (1,231,164) -55.4% (339,768) -12.3% -72.4%

Equity

participation in

net loss

(income)

of

subsidiaries 50 0.0% -- .0% -100.0%

Taxes 115,077 5.2% 56,589 2.1% -50.8%

LOSS BEFORE

MINORITY

INTEREST (1,346,291) -60.6% (396,357) -14.4% -70.6%

Minority

interest 2,058 0.1% (1,272) 0.0% -161.8%

NET LOSS (1,344,233) -60.5% (397,629) -14.4% -70.4%

GRUPO IUSACELL CELULAR CONSOLIDATED BALANCE SHEET

COMPARISON OF SECOND QUARTER 2005 WITH SECOND QUARTER 2004

(figures in thousands of constant June 30, 2005 Pesos)

Growth

2Q04 2Q05 2Q05/2Q04

ASSETS

Current Assets

Cash and

marketable

securities 3,198 0% 2,465 0% -22.9%

Accounts

receivable,

net 498,146 5% 377,378 4% -24.2%

Related

parties 219,979 2% 337,150 4% 53.3%

Recoverable

taxes and

other 184,738 2% 519,452 6% 181.2%

Inventories 386,830 4% 96,786 1% -75.0%

TOTAL CURRENT

ASSETS 1,292,891 12% 1,333,231 14% 3.1%

Property and

equipment,

net 6,712,557 64% 5,998,481 64% -10.6%

Excess of

cost of

investments

in subsidiaries

over book

value, net 1,728,516 17% 1,622,050 17% -6.2%

Other assets 676,769 7% 423,506 5% -37.4%

TOTAL

ASSETS 10,410,733 100% 9,377,269 100% -9.9%

LIABILITIES

AND SHAREHOLDERS'

EQUITY

Current

Liabilities

Accrued

liabilities 817,259 8% 1,319,795 14% 61.5%

Related

parties 38,317 0% 214,762 2% 460.5%

Accounts

payable 436,193 4% 249,179 3% -42.9%

Short-term

debt 4,983,948 48% 4,476,243 48% -10.2%

TOTAL CURRENT

LIABILITIES 6,275,717 60% 6,259,979 67% -0.3%

Noncurrent

liabilities 600 0% 479 0% -20.2%

TOTAL

LIABILITIES 6,276,317 60% 6,260,458 67% -0.3%

Minority

interest -60,936 -1% -78,524 -1% 28.9%

Shareholders'

Equity

Capital

stock 17,516,863 168% 17,516,863 187% 0.0%

Capital

contribution 107,930 1% 107,930 1% 0.0%

Legal reserve 31,191 0% 31,191 0% 0.0%

Net income

(loss) -869,763 -8% -281,507 -3% -67.6%

Accumulated

earnings from

prior

years -11,817,993 -114% -13,406,266 -143% 13.4%

Excess from

restatement

of

shareholders'

equity -772,876 -7% -772,876 -8% 0.0%

TOTAL

SHAREHOLDERS'

EQUITY 4,195,352 40% 3,195,335 34% -23.8%

TOTAL

LIABILITIES

AND

SHAREHOLDERS'

EQUITY 10,410,733 100% 9,377,269 100% -9.9%

GRUPO IUSACELL CELULAR CONSOLIDATED INCOME STATEMENT

COMPARISON OF SECOND QUARTER 2005 WITH SECOND QUARTER 2004

(figures in thousands of constant June 30, 2005 Pesos)

Growth

2Q04 2Q05 2T05/2T04

REVENUE

Service 1,201,008 104.8% 1,581,651 106.6% 31.7%

Commissions (54,618) -4.8% (97,325) -6.6% 78.2%

NET REVENUE 1,146,390 100.0% 1,484,326 100.0% 29.5%

Cost of

services 498,233 43.5% 613,114 41.3% 23.1%

Handsets

subsidy 177,672 15.5% 139,335 9.4% -21.6%

TOTAL COSTS 675,905 59.0% 752,449 50.7% 11.3%

GROSS PROFIT 470,484 41.0% 731,876 49.3% 55.6%

Sales &

advertising

expenses 195,208 17.0% 258,681 17.4% 32.5%

General and

administrative

expenses 86,352 7.5% 113,546 7.6% 31.5%

TOTAL OPERATING

EXPENSES 281,560 24.6% 372,227 25.1% 32.2%

OPERATING

INCOME BEFORE

DEPRECIATION

AND

AMORTIZATION 188,924 16.5% 359,649 24.2% 90.4%

Depreciation

and

amortization 462,314 40.3% 350,242 23.6% -24.2%

OPERATING

LOSS (273,390) -23.8% 9,407 0.6% -103.4%

(Profit) loss

from fixed

assets sales 4,817 0.4% (7,150) -0.5% -248.4%

Other (income)

expense (8,156) -0.7% (2,149) -0.1% -73.7%

Interest

expense,

net 94,568 8.2% 120,465 8.1% 27.4%

Foreign

exchange

loss (gain) 186,174 16.2% (202,484) -13.6% -208.8%

Gain from

monetary

position (850) -0.1% 14,213 1.0% -1772.1%

INTEGRAL

FINANCING

COST 279,892 24.4% (67,806) -4.6% -124.2%

LOSS BEFORE

TAXES (549,943) -48.0% 86,512 5.8% -115.7%

Equity

participation

in net loss

(income) of

subsidiaries 25 0.0% -- .0% -100.0%

Taxes 51,686 4.5% 42,796 2.9% -17.2%

LOSS BEFORE

MINORITY

INTEREST (601,654) -52.5% 43,716 2.9% -107.3%

Minority

interest 2,348 0.2% (2,651) -0.2% -212.9%

NET INCOME

(LOSS) (599,306) -52.3% 41,065 2.8% -106.9%

GRUPO IUSACELL CELULAR CONSOLIDATED INCOME STATEMENT

COMPARISON OF SIX MONTHS 2005 WITH SIX MONTHS 2004

(figures in thousands of constant June 30, 2005 Pesos)

Growth

6M04 6M05 6M05/6M04

REVENUE

Service 2,439,833 107.0% 3,035,212 107.0% 24.4%

Commissions (160,452) -7.0% (198,443) -7.0% 23.7%

NET REVENUE 2,279,381 100.0% 2,836,769 100.0% 24.5%

Cost of

services 962,692 42.2% 1,334,269 47.0% 38.6%

Handsets

subsidy 428,266 18.8% 215,300 7.6% -49.7%

TOTAL COSTS 1,390,958 61.0% 1,549,569 54.6% 11.4%

GROSS PROFIT 888,423 39.0% 1,287,199 45.4% 44.9%

Sales &

advertising

expenses 368,066 16.1% 538,878 19.0% 46.4%

General and

administrative

expenses 155,752 6.8% 234,467 8.3% 50.5%

TOTAL OPERATING

EXPENSES 523,818 23.0% 773,345 27.3% 47.6%

OPERATING

INCOME BEFORE

DEPRECIATION

AND

AMORTIZATION 364,605 16.0% 513,854 18.1% 40.9%

Depreciation

and

amortization 938,483 41.2% 697,902 24.6% -25.6%

OPERATING

LOSS (573,878) -25.2% (184,048) -6.5% -67.9%

(Profit) loss

from fixed

assets

sales (66,621) -2.9% (6,981) -0.2% -89.5%

Other (income)

expense (8,156) -0.4% 30,179 1.1% -470.0%

Interest

expense,

net 190,057 8.3% 230,360 8.1% 21.2%

Foreign

exchange

loss (gain) 165,135 7.2% (193,010) -6.8% -216.9%

Gain from

monetary

position (86,325) -3.8% (20,638) -0.7% -76.1%

INTEGRAL

FINANCING

COST 268,867 11.8% 16,712 0.6% -93.8%

LOSS BEFORE

TAXES (767,968) -33.7% (223,958) -7.9% -70.8%

Equity

participation

in net loss

(income) of

subsidiaries 50 0.0% -- 0.0% -100.0%

Taxes 103,803 4.6% 56,277 2.0% -45.8%

LOSS BEFORE

MINORITY

INTEREST (871,821) -38.2% (280,235) -9.9% -67.9%

Minority

interest 2,058 0.1% (1,272) 0.0% -161.8%

NET LOSS (869,763) -38.2% (281,507) -9.9% -67.6%