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COMCEL TRUST (A Cayman Islands Trust) 6.875% Senior Notes Due 2024 Guaranteed by Comunicaciones Celulares, S.A

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COMCEL TRUST (A Cayman Islands Trust) 6.875% Senior Notes Due 2024 Guaranteed by Comunicaciones Celulares, S.A OFFERING MEMORANDUM CONFIDENTIAL US$800,000,000 COMCEL TRUST (a Cayman Islands Trust) 6.875% Senior Notes due 2024 guaranteed by Comunicaciones Celulares, S.A. and the other Note Guarantors named herein The 6.875% senior notes due 2024 offered hereby (the “Notes”) are being issued by Intertrust SPV (Cayman) Limited (the “Cayman Trustee”) acting as trustee of Comcel Trust (the “Trust”) established pursuant to a Declaration of Trust dated January 8, 2014 (the “Declaration of Trust”). The net proceeds obtained from the sale of the Notes will be used by the Cayman Trustee to acquire as an asset of the Trust, pursuant to a Participation Agreement (the “Participation Agreement”) between the Cayman Trustee and Credit Suisse AG, Cayman Islands Branch (the “Lender”), a 100% participation interest (the “Participation”) in a US$800,000,000 senior unsecured loan (the “Loan”) made by the Lender to Comunicaciones Celulares, S.A. (“Comcel” or the “Borrower”), a stock corporation (sociedad anónima) organized under the laws of the Republic of Guatemala, pursuant to a Credit and Guaranty Agreement (the “Credit and Guaranty Agreement”) among the Lender, the Borrower, and Comunicaciones Corporativas, S.A., Distribuidora Central de Comunicaciones, S.A., Distribuidora de Comunicaciones de Occidente, S.A., Distribuidora de Comunicaciones de Oriente, S.A., Distribuidora Internacional de Comunicaciones, S.A., Navega.com, S.A., Servicios Especializados en Telecomunicaciones, S.A. and Servicios Innovadores de Comunicación y Entretenimiento, S.A., affiliates of Comcel, as guarantors (together, the “Loan Guarantors”) (such guarantees, the “Loan Guarantees”). The principal asset of the Trust is the Participation and certain related rights described herein. The Trust is not a separate legal entity under Cayman Islands law; accordingly, references herein to the Trust should, where the context so requires, be construed as references to the Cayman Trustee acting in its capacity as trustee of the Trust pursuant to the Declaration of Trust and in relation to the assets forming the property of the Trust. Interest on the Notes is payable on February 6 and August 6 of each year, commencing on August 6, 2014. The Notes will mature on February 6, 2024. The Notes will be issued under an Indenture (the “Indenture”) entered into with The Bank of New York Mellon (the “Indenture Trustee”). The Notes will be limited recourse obligations of the Cayman Trustee referable solely to the Trust, secured by the Participation and certain other rights described herein. The Notes will be guaranteed (each a “Note Guarantee”) on a senior unsecured basis by Comcel, the Loan Guarantors and certain of Comcel and the Loan Guarantors’ future subsidiaries (together, the “Note Guarantors”), subject to certain exceptions, including the Note Guarantee being net of any amounts paid by Comcel to the Lender under the Loan. The Borrower may prepay the Loan, in whole or in part, on or after February 6, 2019 at the applicable prepayment prices set forth in this offering memorandum, plus accrued and unpaid interest. Before February 6, 2019, the Borrower may also prepay the Loan, in whole or in part, by paying the greater of 100% of the outstanding principal amount and a “make-whole” amount, in each case plus accrued and unpaid interest. In addition, the Borrower may prepay the Loan, in whole but not in part, at a price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest, upon the occurrence of specified events relating to tax law, as set forth in this offering memorandum. Upon any such prepayment of the Loan, the Trust will redeem an aggregate principal amount of Notes equal to the aggregate principal amount of the Loan that has been prepaid. The Loan, the Loan Guarantees and the Note Guarantees will constitute general senior unsecured obligations of the Note Guarantors, as applicable. The Loan, the Loan Guarantees and the Note Guarantees will rank pari passu in right of payment with all of the Note Guarantors’ existing and future senior unsecured indebtedness, except for liabilities preferred under mandatory provisions of Guatemalan law, and will be effectively subordinated to all of the Note Guarantors’ secured indebtedness with respect to the value of the assets securing such indebtedness and to all of the existing and future liabilities of any of the Note Guarantors’ subsidiaries that do not guarantee the Loan or the Notes. There is currently no market for the Notes. Application has been made to list the Notes on the Official List of the Luxembourg Stock Exchange and to trade on the Euro MTF Market of the Luxembourg Stock Exchange. Investing in the Notes involves risks that are described in the “Risk Factors” section beginning on page 32 of this offering memorandum. Offering Price: 98.233% plus accrued interest, if any, from February 6, 2014. The Notes and the Note Guarantees (together the “Securities”) have not been registered under the U.S. Securities Act of 1933 (the “Securities Act”) or the securities laws of any other jurisdiction. The Trust has not been registered and will not be registered as an investment company under the United States Investment Company Act of 1940 (the “Investment Company Act”), in reliance on the exemption set forth in Section 3(c)(7) thereof. The Securities are being offered and sold only to investors that are either (1) U.S. Persons (as defined in Regulation S under the Securities Act, or Regulation S) who are both qualified institutional buyers (“QIBs”) in reliance on Rule 144A and “Qualified Purchasers” within the meaning of Section 2(a)(51)(A) of the Investment Company Act or (2) non-U.S. Persons (within the meaning of Regulation S of the Securities Act) outside of the United States. Prospective purchasers are hereby notified that the sellers of the Notes may be relying on the exemptions from the provisions of Section 5 of the Securities Act provided by Rule 144A and the exemption from the Investment Company Act provided by Section 3(c)(7) thereof. Outside the United States, the offering is being made in reliance on Regulation S. For further details about eligible offerees and resale restrictions, see “Plan of Distribution” and “Transfer Restrictions.” The Notes will be ready for delivery in book-entry form only through the facilities of The Depository Trust Company for the accounts of its direct and indirect participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking, société anonyme,onor about February 6, 2014. Joint Bookrunners Citigroup Credit Suisse Morgan Stanley The date of this offering memorandum is January 30, 2014. TABLE OF CONTENTS Page Notice to Investors .................................................................................................................................................. i Notice to New Hampshire Residents ...................................................................................................................... iv Enforcement of Civil Liabilities ............................................................................................................................. iv Additional Information ........................................................................................................................................... v Cautionary Statement Regarding Forward-Looking Statements .............................................................................. vi Presentation of Financial and Other Information .................................................................................................. viii Summary................................................................................................................................................................ 1 Transaction Diagram .............................................................................................................................................. 8 The Offering ........................................................................................................................................................ 11 Summary Historical Financial and Other Information ............................................................................................ 26 Risk Factors ......................................................................................................................................................... 32 Use of Proceeds .................................................................................................................................................... 49 Exchange Rates and Currency............................................................................................................................... 50 Capitalization ....................................................................................................................................................... 51 Selected Financial and Other Information ............................................................................................................. 52 Management’s Discussion and Analysis of Financial Condition and Results of Operations .................................... 58 Results of Operations ........................................................................................................................................... 64 Trend Information ................................................................................................................................................ 69 Liquidity
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