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December 2nd 2008 - Investment of US$350 Million to Drive Mobile Penetration Growth with Superior Services, Reliable Coverage and High Value Offers

Digicel, the largest telecommunications operator in the Caribbean and recent entrant to the Central American market, today launched operations in Panama – its third Central American market and 31st market world-wide – with an investment of US$350 million. Digicel now offers seamless mobile telecommunication services across Central America, with operations to date in El Salvador, Honduras and Panama.

According to the Panama Ministry of Economy and Finance, the Panamanian economy is expected to grow 7.5% by 2009. With a population of 3.4 million, mobile penetration is currently at approximately 71%. Digicel is well positioned to maximize growth potential having built the most modern nationwide GSM network in the country offering service for the first time ever to many communities in Panama that were not previously served by incumbent operators.

The Digicel Panama network is underpinned by unprecedented 24/7 customer service, a nationwide network of more than 300 retail distributors and in excess of 15,000 recharge outlets nationwide. The company employs 300 people directly in its Panamanian operations as well as creating the indirect employment of 1,000 people.

"Panama promises to be a very exciting market for us and we are proud to offer the best coverage, best service and best value to the people of Panama” said Digicel Chairman Denis O’Brien. “Digicel is confident that it can stimulate growth in the mobile market in Panama by increasing mobile penetration within five years to 90 percent ensuring that more and more Panamanians have access to an affordable high quality mobile network.”

Digicel won a competitive bid process for a license to operate a GSM mobile network in Panama in May 2008. Digicel Panama is led by Raul Burgos, with 20 years experience in telecommunications, whose past accomplishments include senior management positions in SunCom Wireless, Nextel, Telecorp and AT&T Wireless.

With operations in 31 markets world-wide and more than 6.4 million customers, Digicel’s investment in the Caribbean, Central America and South Pacific now exceeds US$3.4 billion. As the largest mobile operator in the Caribbean, Digicel is renowned for reshaping the competitive landscape through revolutionary offers and promotions. In El Salvador, Digicel trebled its customer base in its first year of operation to move from the fourth to the second mobile operator in the market.

Digicel Central America Holdings Limited is owned by Denis O'Brien, as is Digicel Group Limited and Digicel South Pacific Limited.


About Panama
Location: Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica
Population: 3.4M
Telecommunications: Mobile penetration at approximately 71%, two operators Movistar (Telefonica) and Cable & Wireless. America Móvil also holds a license.