Based on Q.3 2010 figures, developing markets accounted for 3.98 billion of the world's 5.15 billion total connections - almost four out of every five mobile connections are now made in the developing world, as handset and air time prices continue to fall. As Rwandan President Paul Kagame pointed out, "in ten short years, what was once an object of luxury and privilege, the mobile phone, has become a basic necessity in Africa. When private capital faces regulatory uncertainty - where the rules of the game can change overnight - a risk premium is priced into the cost of capital.