Telefonica Celular de Chile, S.A.

Millicom, a Luxembourg company majority-owned by Swedish interests, will be operating a cellular telephone network throughout Chile. The service will increase the availability and improve the quality of telephone communication in Chile as well as increase competition in the communications sector. MIGA has insured Millicom for $5.4 million against currency transfer, expropriation, and war and civil disturbance for 15 years.