Under these
circumstances, the Company classified its debt, originally issued at long-
term, as short-term liabilities, and as a result, current liabilities exceeded
current assets by Ps. As a result of the
above, and in conformity with accounting principles generally accepted in
Mexico, long-term debt, as described in Note 10 to the consolidated financial
statements, has been classified as short-term and, consequently, as of
December 31, 2004, current liabilities exceed current assets by Ps.com/reports/c16063

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets.

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Grupo Iusacell S.A. de C.V.: Transcription of the Report of Independent Accountants

A.

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and subsidiaries (the Company), as of December 31, 2004, and the related
consolidated statements of income, of changes in stockholders' equity and of
changes in financial position for the year then ended. The new report
looks in more detail at the entertainment business and the role of broadband
network operators within it.

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A.

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de
C. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statements presentation.

Despacho Freyssinier Morin , S. There are already some successful businesses in
this market, such as FastWeb in Italy, and many other operators are now
launching as the technology becomes affordable and the business becomes better
understood by the owners.

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The consolidated financial statements as of December 31, 2003, and for the
years ended December 31, 2003 and 2002, presented for comparison purposes
only, were audited by other independent accountants, whose report dated March
26, 2004, and for certain information April 19, 2004, expressed an unqualified
opinion on those statements, and included explanatory paragraphs describing
the following matters: 1) The Company adopted, in 2003, Statement C-8
"Intangible Assets" issued by the Mexican Institute of Public Accountants,
with the effects described in Note 4n. The consolidated financial statements did not include any
adjustments related to the recoverability and classification of the amounts
recorded as assets, and the amounts and classification of liabilities , deemed
necessary in the event the Company could not continue operating as a going
concern.V.

6
million approximately.

Legal Disclaimer
Grupo Iusacell, S.

Research and Markets: Broadband Entertainment - Where is the Market Headed?

literature introduction

(Vodafone), sold the majority equity
shares to Movil Access, S. On January 14, 2004, a group of holders of the Secured
Senior Notes Due 2004 , issued by the Company's main subsidiary, filed a
lawsuit in a New York Court against that subsidiary , for the immediate payment
of principal and interest; the lawsuit includes other aspects also described
in Notes 2 and 10 to the consolidated financial statements.researchandmarkets.

tales originated

V.

a) As more fully discussed in Notes 2 and 10 to the accompanying
consolidated financial statements, the Company has incurred in events of
default under the agreements and/or instruments governing the loans which
conform the Company's debt. The accompanying consolidated financial statements, due to the reasons
described in Note 4a.

c) In accordance with Note 4o.A. Santibanez Fajardo
Partner

Mexico City, Mexico
March 21, 2005

About Iusacell
Grupo Iusacell, S. Discussion of factors that may affect future
results is contained in our filings with the Securities and Exchange
Commission.newscom.

how headed

A. Such events relate, mainly, to the failure in the
payment of the principal and the corresponding interest, to technical defaults
and non compliance of financial ratios, and to the change of control of the
Company that occurred when the former shareholders, Verizon Communications,
Inc. de C.

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A.com
Fax: +353 1 4100 980

story adopted

Our
responsibility is to express an opinion on these financial statements based on
our audit . We believe that our
audit provides a reasonable basis for our opinion. The report includes forecasts of the
overall market size and compares sample business cases for:

- A pay-TV plus VOD and broadband offer over unbundled loops
- A pure broadband offer over unbundled loops
- A VOD on satellite business using storage on the customer premises.

The Business Case for Broadband Entertainment answers your key questions:

- Which countries offer a real opportunity for entertainment over
broadband?
- How does the market for TV work?
- Should a network operator attempt an aggregation business?
- Will music be a major opportunity for broadband network operators?
- How can a broadband provider make money from games?
- Do you need a fibre network to make a successful triple-play business?
- Is it really worth the extra risk to launch a triple-play business on
DSL?
- Are new entrants or incumbents best placed to launch TV on BB?

Who should read this report?

- Incumbent telecoms operators, who need to understand whether and how to
enter an entertainment on broadband business
- Cable operators, who need to understand how their competitive landscape
is developing
- New entrant broadband operators, who need to understand how
entertainment fits into their business model
- Broadband equipment vendors, who need to understand the services their
customers will wish to offer over their equipment
- Broadcasters and TV companies, who need to understand how the new
transmission media will alter the pay TV business

Topics covered in the report include:

- Entertainment over broadband is becoming a commercial reality
- TV pricing is established and leaves small margins for the broadband
operator
- The business case for entertainment is more strategic than financial
- The future role of telecom operators in entertainment

For more information visit
http://www.

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Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, and have been prepared in conformity with
accounting principles generally accepted in Mexico. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.
These circumstances, in addition to the description in paragraph a) above,
raise substantial doubt about the Company's ability to continue as a going
concern, which will depend, among other factors, on its debt restructure
and/or, as the case may be, on obtaining or generating the additional
resources necessary to settle its obligations and to cover its operating
needs. and subsidiaries as of December 31,
2004, and the consolidated results of its operations , changes in its
consolidated stockholders' equity (deficit), and changes in its consolidated
financial position for the year then ended, in conformity with accounting
principles generally accepted in Mexico.

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began adopted

b) The Company has incurred accumulated losses as of December 31, 2004,
which have originated the total loss of the Company's capital stock, and a
deficit in its stockholders ' equity at that date.V.
(Logo: http://www.

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V. to the consolidated financial
statements; 2) The Company incurred in certain events of default related to
its debt originally issued at long -term, which entitled the creditors with the
right to request the immediate payment of the principal and interest; also,
one subsidiary of the Company was sued before a New York Court. These defaults entitled the creditors of most of the Company's
debt to request the immediate payment of principal and corresponding
accessories, in accordance with the executed agreements. For those statements , the Company claims the protection of the
safe harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.

adopted mongolian

)

We have audited the consolidated balance sheet of Grupo Iusacell, S.researchandmarkets.

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(Verizon) and Vodafone Group Plc., as well as other defaults detailed in
such notes. to the consolidated financial statements,
beginning in 2004, the Company adopted Statement C-15 "Impairment of the Value
of Long-Lived Assets and Disposal ", issued by the Mexican Institute of Public
Accountants in order to value such assets.
The report examines in depth the issues involved in making a business case
for delivering entertainment services over broadband networks in Western
Europe and discusses the strategic importance of such offers to telecoms
operators. The report also looks
at the evolving market for online music download services, and the prospects
for generating revenue from online games.

introduction metternich

A.10,300.A. The main focus of the report is delivering TV and related services
such as video on demand (VOD); it provides an introduction to the issues
involved in acquiring such and examines whether it is worthwhile for a
telecoms operator to become an aggregator and the difficulties involved in
differentiating such a service from other pay-TV offers.

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(Subsidiary of Movil Access, S. These financial
statements are the responsibility of the Company's management.
We conducted our audit in accordance with auditing standards generally
accepted in Mexico.V. (Iusacell, NYSE and BMV: CEL) is a wireless
cellular and PCS service provider in Mexico encompassing a total of
approximately 92 million POPs, representing approximately 90% of the country's
total population.

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V.

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DUBLIN, Ireland, Research and Markets
(http://www.com/cgi-bin/prnh/20040820/RESEARCH )
The Business Case for Broadband Entertainment is a follow-up to the
acclaimed report 'Delivering the Broadband Home.

fairy story

MEXICO CITY,

REPORT OF INDEPENDENT ACCOUNTANTS

To the Stockholders and Board of Directors of
Grupo Iusacell, S.9 millions (constant Mexican pesos of December 31,
2004); 3) The Company reported accumulated losses representing more than two
thirds of its capital stock, which, in accordance with Mexican law is a cause
of dissolution, and could be among the assumptions provided by the Concurso
Mercantil Law in Mexico and; 4) The circumstances described in numerals 2) and
3) above, raise substantial doubt about the Company's ability to continue as a
going concern. to such financial statements , have been prepared
considering that the Company will continue as a going concern and, in
consequence , do not include any adjustments related to the recoverability and
classification of the amounts recorded as assets, and the amounts and
classification of the liabilities, which might be deemed necessary in the
event the Company would enter a liquidation process. de C.V. de C.

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de C. de C.11,068. The loss of capital stock,
in accordance with Mexican General Corporate Law, is cause of a possible
dissolution of the Company; furthermore, the Company might be instituted in a
reorganization proceeding under the Concurso Mercantil Law in Mexico.

In our opinion, the financial statements referred to in the first
paragraph present fairly, in all material respects, the consolidated financial
position of Grupo Iusacell, S.

CPC Jorge E.com/reports/c16063 ) has announced the addition
of The Business Case for Broadband Entertainment to their offering.

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de C.C. New Fixed and Mobile Services
and Devices: Forecasts 2003-2008', which examined the potential revenues from
a range of various possible services offered over broadband.

introduction among

Independent of the negotiations towards the restructuring
of its debt, Iusacell reinforces its commitment with customers, employees and
suppliers and guarantees the highest quality standards in its daily operations
offering more and better voice communication and data services through state-
of-the-art technology, such as its new 3G network, throughout all of the
regions in which it operate. quarterly reports and all other written
materials may from time to time contain statements about expected future
events and financial results that are forward -looking and subject to risks and
uncertainties.

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