<SEC-DOCUMENT>0001193125-15-327355.txt : 20150924
<SEC-HEADER>0001193125-15-327355.hdr.sgml : 20150924
<ACCEPTANCE-DATETIME>20150924152000
ACCESSION NUMBER:		0001193125-15-327355
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150924
DATE AS OF CHANGE:		20150924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICA MOVIL SAB DE CV/
		CENTRAL INDEX KEY:			0001129137
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			O5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-207092
		FILM NUMBER:		151123019

	BUSINESS ADDRESS:	
		STREET 1:		LAGO ZURICH 245
		STREET 2:		COLONIA GRANADA AMPLIACION
		CITY:			MEXICO DF
		STATE:			O5
		ZIP:			11529
		BUSINESS PHONE:		5255-2581-4449

	MAIL ADDRESS:	
		STREET 1:		LAGO ZURICH 245
		STREET 2:		COLONIA GRANADA AMPLIACION
		CITY:			MEXICO DF
		STATE:			O5
		ZIP:			11529

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICA MOVIL SA DE CV/
		DATE OF NAME CHANGE:	20010119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICA  MOBILE
		DATE OF NAME CHANGE:	20001221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN MOBILE
		DATE OF NAME CHANGE:	20001215
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>d73511d424b2.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
<HTML><HEAD>
<TITLE>Prospectus</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 424(b)(2) <BR> File No. 333-207092 <BR><BR> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g73511g20i27.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Am&eacute;rica M&oacute;vil, S.A.B. de C.V. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Debt Securities </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Denominated and Payable in Mexican Pesos </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may from
time to time offer debt securities denominated and payable in Mexican pesos (the &#147;MXN notes&#148;) pursuant to this prospectus. This prospectus describes some of the general terms that may apply to the MXN notes and the general manner in which
they may be offered. The specific terms of each series of MXN notes will be described in a prospectus supplement to this prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>We may also concurrently offer the MXN notes in Mexico pursuant to a prospectus that will be subject to approval by the Mexican
National Banking and Securities Commission (<I>Comisi&oacute;n Nacional Bancaria y de Valores</I>, or &#147;CNBV&#148;). The MXN notes will be registered with the Mexican National Securities Registry (<I>Registro Nacional de Valores</I>) maintained
by the CNBV.<I> </I></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman"><B>Investment in the MXN notes involves risks. See &#147;<A HREF="#rom73511_5">Risk Factors</A>&#148; beginning on page&nbsp;5 of this
prospectus. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus or any accompanying prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS PROSPECTUS IS SOLELY OUR RESPONSIBILITY AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV. THE TERMS AND CONDITIONS OF ANY OFFER OF
THE MXN NOTES OUTSIDE OF MEXICO WILL BE NOTIFIED TO THE CNBV FOR INFORMATIONAL PURPOSES ONLY AND SUCH NOTICE DOES NOT CONSTITUTE A CERTIFICATION AS TO THE INVESTMENT VALUE OF THE MXN NOTES OR OUR SOLVENCY. THE REGISTRATION OF THE MXN NOTES WITH THE
MEXICAN NATIONAL SECURITIES REGISTRY DOES NOT IMPLY ANY CERTIFICATION AS TO THE INVESTMENT VALUE OF THE MXN NOTES, OUR SOLVENCY OR THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND DOES NOT VALIDATE ANY ACT DONE IN VIOLATION OF APPLICABLE LAWS.
</B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">September&nbsp;24, 2015 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_1">A<SMALL>BOUT</SMALL> T<SMALL>HIS</SMALL> P<SMALL>ROSPECTUS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_2">I<SMALL>MPORTANT</SMALL> C<SMALL>URRENCY</SMALL> I<SMALL>NFORMATION</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_3">F<SMALL>ORWARD</SMALL><FONT STYLE="white-space:nowrap">-</FONT><SMALL>LOOKING</SMALL>
S<SMALL>TATEMENTS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_4">A<SMALL>M&Eacute;RICA</SMALL> M<SMALL>&Oacute;VIL</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_5">R<SMALL>ISK</SMALL> F<SMALL>ACTORS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_6">U<SMALL>SE</SMALL> <SMALL>OF</SMALL> P<SMALL>ROCEEDS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_7">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> M<SMALL>XN</SMALL> N<SMALL>OTES</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_8">F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> M<SMALL>XN</SMALL> N<SMALL>OTES</SMALL>, C<SMALL>LEARING</SMALL> <SMALL>AND</SMALL> S<SMALL>ETTLEMENT
</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_9">T<SMALL>AXATION</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_10">P<SMALL>LAN</SMALL> <SMALL>OF</SMALL> D<SMALL>ISTRIBUTION</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_11">E<SMALL>XPERTS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_12">V<SMALL>ALIDITY</SMALL> <SMALL>OF</SMALL> M<SMALL>XN</SMALL> N<SMALL>OTES</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_13">E<SMALL>NFORCEABILITY</SMALL> <SMALL>OF</SMALL> C<SMALL>IVIL</SMALL>
L<SMALL>IABILITIES</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_14">W<SMALL>HERE</SMALL> Y<SMALL>OU</SMALL> C<SMALL>AN</SMALL> F<SMALL>IND</SMALL> M<SMALL>ORE</SMALL> I<SMALL>NFORMATION
</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom73511_15">I<SMALL>NCORPORATION</SMALL> <SMALL>OF</SMALL> C<SMALL>ERTAIN</SMALL> D<SMALL>OCUMENTS</SMALL> <SMALL>BY</SMALL> R<SMALL>EFERENCE
</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>We are responsible for the information contained in this prospectus, any accompanying prospectus supplement
and the documents incorporated by reference herein and therein. We have not authorized any person to give you any other information, and we take no responsibility for any other information that others may give you. This document may only be used
where it is legal to sell the MXN notes. You should not assume that the information contained in this prospectus, any accompanying prospectus supplement and the documents incorporated by reference is accurate as of any date other than their
respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates. We are not making an offer of the MXN notes in any jurisdiction where the offer is not permitted. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_1"></A>ABOUT THIS PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus is part of a registration statement that we filed with the SEC using a &#147;shelf&#148; registration process. Under this
shelf process, Am&eacute;rica M&oacute;vil, S.A.B. de C.V. may from time to time offer debt securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this prospectus,
&#147;Am&eacute;rica M&oacute;vil,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer to Am&eacute;rica M&oacute;vil, S.A.B. de C.V. and its consolidated subsidiaries, unless the context otherwise requires or unless otherwise specified.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus only provides a general description of the MXN notes. Each time we offer MXN notes, we will prepare a prospectus
supplement containing specific information about the particular offering and the specific terms of the MXN notes. If any information in the prospectus supplement, including any changes in the terms of the MXN notes, is inconsistent with this
prospectus, you should rely on the information in the prospectus supplement. We may also add, update or change other information contained in this prospectus by means of a prospectus supplement or by incorporating by reference information we file
with the SEC. The registration statement that we filed with the SEC includes exhibits that provide more detail on the matters discussed in this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Before you invest in the MXN notes, you should read this prospectus, any related prospectus supplement and the related exhibits filed with the
SEC, together with the additional information described under the headings &#147;Where You Can Find More Information&#148; and &#147;Incorporation of Certain Documents by Reference.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_2"></A>IMPORTANT CURRENCY INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You are required to pay for the purchase of the MXN notes in Mexican pesos. The agents or the underwriters may, in their discretion and upon
your request, arrange for the conversion of your payment in U.S. dollars or another currency into Mexican pesos in order to facilitate the purchase of the MXN notes. All conversions will be made by the agents or the underwriters at the applicable
exchange rate quoted by them in their absolute discretion and on the terms that they may from time to time establish in accordance with their regular foreign exchange practice. You will be responsible for paying all commissions and fees for any
currency conversion related to the purchase of the MXN notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will make all payments on the MXN notes, including payments of interest
and the payment of principal at maturity, in Mexican pesos. Consequently, investors with accounts that cannot accept payments on the MXN notes in Mexican pesos must determine how to convert these payments into U.S. dollars or another currency. Your
financial institution may automatically convert payments from Mexican pesos into U.S. dollars or another currency if you do not arrange for account facilities denominated in Mexican pesos. You will be responsible for paying all commissions and fees
for any currency conversion related to any payment on the MXN notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_3"></A><FONT STYLE="white-space:nowrap">FORWARD-LOOKING</FONT> STATEMENTS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some of the information contained or incorporated by reference in this prospectus may constitute &#147;forward-looking
statements&#148; within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Although we have based these forward-looking statements on our expectations and projections about future events, it is
possible that actual events may differ materially from our expectations. In many cases we include, together with the <FONT STYLE="white-space:nowrap">forward-looking</FONT> statements themselves, a discussion of factors that may cause actual events
to differ from our <FONT STYLE="white-space:nowrap">forward-looking</FONT> statements. Examples of forward-looking statements include the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">projections of our commercial, operating or financial performance, our financing, our capital structure or our other financial items or ratios; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">statements of our plans, objectives or goals, including those relating to acquisitions, competition and rates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">statements concerning regulatory developments; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">statements about our future economic performance or that of Mexico or other countries in which we operate; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">statements about competitive developments in the telecommunications sector; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">other descriptions of factors and trends affecting the telecommunications industry generally and our financial condition in particular; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">statements of assumptions underlying the statements described above. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We use words such as
&#147;believe,&#148; &#147;anticipate,&#148; &#147;plan,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;target,&#148; &#147;estimate,&#148; &#147;project,&#148; &#147;predict,&#148; &#147;forecast,&#148; &#147;guideline,&#148;
&#147;should&#148; and other similar expressions to identify <FONT STYLE="white-space:nowrap">forward-looking</FONT> statements, but they are not the only way we identify such statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Forward-looking</FONT> statements involve inherent risks and uncertainties. We caution you that a number of
important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such <FONT STYLE="white-space:nowrap">forward-looking</FONT> statements. Some of these factors are
discussed under &#147;Risk Factors&#148; in our most recent annual report on 20-F, which is incorporated in this prospectus by reference, any reports on Form 6-K that may be incorporated in this prospectus by reference or a prospectus supplement.
They include economic and political conditions and government policies in the countries in which we operate, inflation rates, exchange rates, regulatory developments, technological improvements, customer demand and competition. See &#147;Where You
Can Find More Information&#148; for information about how to obtain a copy of these documents. We caution you that the foregoing list of factors is not exclusive and that other risks and uncertainties may cause actual results to differ materially
from those in <FONT STYLE="white-space:nowrap">forward-looking</FONT> statements. You should evaluate any statements made by us in light of these important factors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Forward-looking</FONT> statements speak only as of the date they are made. We undertake no obligation to
publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_4"></A>AM&Eacute;RICA M&Oacute;VIL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Am&eacute;rica M&oacute;vil provides telecommunications services in 25 countries. Am&eacute;rica M&oacute;vil is a leading telecommunications
service provider in Latin America. Our largest operations are in Mexico and Brazil, and we also have major wireless, fixed-line or Pay TV operations in 16 other countries in Latin America and seven countries in Central and Eastern Europe. As of
June&nbsp;30, 2015, we had 288.8&nbsp;million wireless subscribers and 78.9&nbsp;million fixed revenue generating units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Am&eacute;rica
M&oacute;vil, S.A.B. de C.V. is a <I>sociedad an&oacute;nima burs&aacute;til de capital variable </I>organized under the laws of Mexico with its principal executive offices at Lago Zurich 245, Plaza Carso&nbsp;/&nbsp;Edificio Telcel, Colonia
Ampliaci&oacute;n Granada, Delegaci&oacute;n Miguel Hidalgo, 11529, M&eacute;xico D.F., M&eacute;xico. Our telephone number at this location is (5255)&nbsp;2581-4449. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_5"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>We have set forth risk factors in our most recent annual report on Form 20-F, which is incorporated by reference in this prospectus. We
have also set forth below certain additional risk factors that relate specifically to the MXN notes. We may include further risk factors in more recent reports on Form 6-K incorporated in this prospectus by reference, or in a prospectus supplement.
You should carefully consider all these risk factors in addition to the other information presented or incorporated by reference in this prospectus. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to the MXN Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Creditors of our
subsidiaries will have priority over the holders of the MXN notes in claims to assets of our subsidiaries </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our MXN notes will be
obligations of Am&eacute;rica M&oacute;vil and not any of our subsidiaries. We conduct substantially all of our business and hold substantially all of our assets through our subsidiaries. Claims of creditors of our subsidiaries, including trade
creditors and bank and other lenders, will have priority over the holders of MXN notes in claims to assets of our subsidiaries. Our ability to meet our obligations, including under the MXN notes, will depend, in significant part, on our receipt of
cash dividends, advances and other payments from our subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of our outstanding debt securities that were issued in the Mexican
and international markets through mid-2011 are unconditionally guaranteed by our subsidiary Radiom&oacute;vil Dipsa, S.A. de C.V. (&#147;Telcel&#148;). Accordingly, the holders of those outstanding debt securities will have priority over the holders
of the unguaranteed MXN notes offered by this prospectus with respect to claims to the assets of Telcel. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Our obligations under the MXN notes would be
converted in the event of bankruptcy </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Mexico&#146;s Law on Commercial Reorganization (<I>Ley de Concursos Mercantiles</I>), if we
were declared bankrupt or in bankruptcy reorganization (<I>concurso mercantil</I>), our obligations under the MXN notes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">would be converted from Mexican pesos into inflation-adjusted units, called <I>Unidades de Inversi&oacute;n</I>; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">would be satisfied at the time claims of all our creditors are satisfied; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">would be subject to the outcome of, and priorities recognized in, the relevant proceedings; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">would cease to accrue interest; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">would not be adjusted to take into account any depreciation of the Mexican peso against the U.S. dollar or other currency occurring after such declaration. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>There may not be a liquid trading market </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an active market for our MXN notes does not develop, the price of the MXN notes and the ability of a holder of MXN notes to find a ready
buyer will be adversely affected. As a result, we cannot assure you as to the liquidity of any trading market for the MXN notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to
Mexican Pesos as Currency of Payments </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>There are risks inherent in investments in securities denominated and payable in Mexican pesos for an
investor whose home currency is not Mexican pesos </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should consult your financial, legal and tax advisers as to the specific risks
of investing in securities that are denominated and payable in a currency other than the currency of the country in which you are resident or in which you conduct your business. We refer to the currency of your home country as your &#147;home
currency.&#148; For U.S. investors, the U.S. dollar would be the home currency. The MXN notes are not appropriate investments for investors who do not understand foreign currency exchange risks. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Any depreciation of the Mexican peso against your home currency will reduce the effective yield on the MXN
notes in home currency terms, and the amount payable at maturity may be less than your investment in home country terms, resulting in a loss to you </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Exchange rates between the Mexican peso and other currencies vary significantly from period to period. Historical exchange rates are not
necessarily indicative of future changes in rates and should not be relied upon as indicative of future trends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Exchange rates can be
volatile and unpredictable. If the Mexican peso depreciates against your home currency, the effective yield on the MXN notes, measured in your home currency, will be less than the interest rate on the MXN notes, and the amount payable on the MXN
notes at maturity may be less than your investment in home country terms, resulting in a loss to you. Depreciation of the Mexican peso against your home currency could also adversely affect the market value of the MXN notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Mexican governmental policy and other factors could adversely affect the exchange rate between the Mexican peso and your home currency, which could
adversely affect your investment in the MXN notes </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mexican governmental policy or action could adversely affect the exchange rate
between the Mexican peso and other currencies, which may, in turn, negatively affect the market value of the MXN notes as well as, in home currency terms, the yield on the MXN notes and the amount payable on the MXN notes at maturity. Thus, a
special risk in purchasing the MXN notes is that their liquidity, trading value and amount payable could be affected by the actions of sovereign governments that could change or interfere with previously freely determined currency valuations,
fluctuations in response to other market forces and the movement of currencies across borders. There will be no offsetting adjustment or change made during the term of the MXN notes in the event that the exchange rate between Mexican pesos and any
other currency should become fixed. Nor will there be any offsetting adjustment or change in the event of any devaluation or revaluation or imposition of exchange or other regulatory controls or taxes or in the event of other developments affecting
the Mexican peso. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Exchange rate movements are also influenced significantly from time to time by political or economic developments, and
by macroeconomic factors and speculative actions related to the Mexican peso or other currencies. Changes in the exchange rate result over time from the interaction of many factors directly or indirectly affecting economic and political conditions
in Mexico and elsewhere, including: (i)&nbsp;existing and expected rate of inflation; (ii)&nbsp;existing and expected interest rate levels; (iii)&nbsp;levels of interest rate and exchange rate volatility, which impact currency bid/offer spreads;
(iv)&nbsp;balance of payments; and (v)&nbsp;the extent of governmental surpluses or deficits in Mexico and the United States. All of these factors are in turn sensitive to the monetary, fiscal and trade policies pursued by the governments of Mexico
and the United States and other countries important to international trade and finance. Fluctuations in the exchange rates between the Mexican peso and your home currency could affect the value of your interest and principal payments measured in
your home currency as well as the value of the MXN notes in the secondary market. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Exchange controls could impair our ability to make payments or
negatively affect payments on the MXN notes </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mexican government currently does not restrict, and for many years has not restricted,
the right or ability of Mexican or foreign persons or entities to convert Mexican pesos into another currency or to transfer other currencies out of Mexico. However, the government could institute restrictive exchange rate policies or regulations
which could result in depreciation of the Mexican peso against your home currency, resulting in a reduced yield to holders of the MXN notes, a possible loss on your investment in the MXN notes and a possible decline in the market value of the MXN
notes. In addition, any restrictive exchange controls could impair our ability to make payments on the MXN notes in accordance with the terms of the MXN notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_6"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise provided in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the MXN notes for
general corporate purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_7"></A>DESCRIPTION OF MXN NOTES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified in the applicable prospectus supplement, the MXN notes will be issued under a base indenture, dated as of
June&nbsp;28, 2012 (the &#147;base indenture&#148;), and supplemental indentures relating to particular series of MXN notes (collectively, the &#147;indenture&#148;). The indenture is an agreement among us, The Bank of New York Mellon, as trustee,
and any other applicable party thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following section summarizes the material terms that are common to all series of MXN notes
issued by Am&eacute;rica M&oacute;vil under the indenture, unless otherwise indicated in this section or in the prospectus supplement relating to a particular series of MXN notes. We will describe the particular terms of each series of MXN notes in
a supplement to this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because this section is a summary, it does not describe every aspect of the MXN notes and the indenture.
This summary is subject to and qualified in its entirety by reference to all the provisions of the indenture, including the definition of various terms used in the indenture. For example, we describe the meanings for only the more important terms
that have been given special meanings in the indenture. We also include references in parentheses to some sections of the base indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture and the documents relating to each series of MXN notes will together contain the full legal text of the matters summarized in
this section. We have filed a copy of the base indenture with the SEC as an exhibit to the registration statement of which this prospectus forms a part. We will file a copy of the supplemental indentures relating to particular series of MXN notes
with the SEC. Upon request, we will provide you with a copy of the indenture. See &#147;Where You Can Find More Information&#148; for information concerning how to obtain a copy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In this section, references to &#147;we,&#148; &#147;us&#148; and &#147;our&#148; are to Am&eacute;rica M&oacute;vil, S.A.B. de C.V. only and
do not include our subsidiaries or affiliates. References to &#147;holders&#148; mean those who have MXN notes registered in their names on the books that we or the trustee maintain for this purpose, and not those who own beneficial interests in MXN
notes issued in book-entry form or in MXN notes registered in street name. Owners of beneficial interests in MXN notes should refer to &#147;Form of MXN Notes, Clearing and Settlement.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MXN notes will be issued in one or more series. The following discussion of provisions of the MXN notes, including, among others, the
discussion of provisions described under &#147;&#151;Optional Redemption,&#148; &#147;&#151;Defaults, Remedies and Waiver of Defaults,&#148; &#147;&#151;Modification and Waiver&#148; and &#147;&#151;Defeasance,&#148; applies separately to each
individual series of MXN notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Trustee
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trustee has the following two main roles: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">First, the trustee can enforce your rights against us if we default in respect of the MXN notes. There are some limitations on the extent to which the trustee acts on your behalf, which we describe under
&#147;&#151;Defaults, Remedies and Waiver of Defaults.&#148; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Second, the trustee performs administrative duties for us, such as making interest payments and sending notices to holders of MXN notes. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Ranking of the MXN Notes </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a
holding company and our principal assets are shares that we hold in our subsidiaries. Our MXN notes will not be secured by any of our assets or properties. As a result, by owning the MXN notes, you will be one of our unsecured creditors. The MXN
notes will not be subordinated to any of our other unsecured debt obligations. In the event of a bankruptcy or liquidation proceeding against us, the MXN notes would rank equally in right of payment with all our other unsecured and unsubordinated
debt. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MXN notes will not be guaranteed by any of our subsidiaries. Claims of creditors of our
subsidiaries, including trade creditors and bank and other lenders, will have priority over the holders of the MXN notes in claims to assets of our subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of our outstanding debt securities that were issued in the Mexican and international markets through mid-September 2011 are
unconditionally guaranteed by Telcel. Accordingly, the holders of those outstanding debt securities will have priority over the holders of the MXN notes with respect to claims to the assets of Telcel. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Stated Maturity and Maturity </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The day on
which the principal amount of the MXN notes is scheduled to become due is called the &#147;stated maturity&#148; of the principal. The principal may become due before the stated maturity by reason of redemption or acceleration after a default. The
day on which the principal actually becomes due, whether at the stated maturity or earlier, is called the &#147;maturity&#148; of the principal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We also use the terms &#147;stated maturity&#148; and &#147;maturity&#148; to refer to the dates when interest payments become due. For
example, we may refer to a regular interest payment date when an installment of interest is scheduled to become due as the &#147;stated maturity&#148; of that installment. When we refer to the &#147;stated maturity&#148; or the &#147;maturity&#148;
of the MXN notes without specifying a particular payment, we mean the stated maturity or maturity, as the case may be, of the principal. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payments of
Interest </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MXN notes will bear interest at a fixed or floating rate. If the MXN notes bear interest at a floating rate, the floating
interest rate formula will be based on one or more base rates plus or minus a fixed amount or multiplied by a specified percentage. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Form and
Denominations </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>The MXN notes will be issued only in registered form without coupons and in minimum denominations of Ps.2,000,000
principal amount and integral multiples of Ps.10,000 in excess thereof, unless otherwise specified in the applicable prospectus supplement. <I>(Section 302) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except in limited circumstances, the MXN notes will be issued in the form of global debt securities. See &#147;Form of MXN Notes, Clearing and
Settlement.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Further Issues </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Unless otherwise specified in the applicable prospectus supplement, we reserve the right, from time to time without the consent of
holders of the MXN notes, to issue additional MXN notes on terms and conditions identical to those of the previously issued MXN notes of a series (except for issue date, issue price and the date from which interest will accrue and, if applicable,
first be paid), which additional MXN notes will increase the aggregate principal amount of, and will be consolidated and form a single series with, the MXN notes of that series. <I>(Section 203) </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment Provisions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payment of Purchase Price </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You are
required to pay for the purchase of MXN notes in Mexican pesos. The agents or the underwriters may, in their discretion and upon your request, arrange for the conversion of a payment in U.S. dollars or another currency into Mexican pesos in order to
facilitate the purchase of MXN notes. All conversions will be made by the agents or the underwriters at the applicable exchange rate quoted by them in their absolute discretion and on the terms that they may from time to time establish in accordance
with their regular foreign exchange practice. You will be responsible for paying all commissions and fees for any currency conversion related to the purchase of MXN notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Currency of Payments </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will pay
principal, interest, additional interest and any other amounts due in respect of the MXN notes in Mexican pesos. Investors with accounts that cannot accept payments on the MXN notes in Mexican pesos must determine how to convert these payments into
U.S. dollars or another currency. Your financial institution may automatically convert payments from Mexican pesos into U.S. dollars or another currency if you do not arrange for Mexican pesos denominated account facilities. You will be responsible
for paying all commissions and fees related to any currency conversion with respect to any payment on the MXN notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payments on MXN Notes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will pay interest on the MXN notes on the interest payment dates stated in the applicable prospectus supplement and at maturity. Each
payment of interest due on an interest payment date or at maturity will include interest accrued from and including the last date to which interest has been paid or made available for payment or, if none has been paid or made available for payment,
from the issue date, to but excluding the relevant payment date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>For interest due on MXN notes on an interest payment date, we
will pay the interest to the holder in whose name the MXN notes are registered at the close of business on the regular record date relating to the interest payment date. For interest due at maturity but on a day that is not an interest payment date,
we will pay the interest to the person or entity entitled to receive the principal of the MXN note. For principal due on MXN notes at maturity, we will pay the amount to the holder of the MXN notes against surrender of the MXN notes at the proper
place of payment. <I>(Section 306) </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified in the applicable prospectus supplement, we will compute interest on
MXN notes bearing interest at a fixed rate on the basis of a 360-day year of twelve 30-day months. <I>(Section 309)</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The regular
record dates relating to the interest payment dates for any series of MXN notes will be set forth in the applicable prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Payments on Global MXN Notes</I></B>. For MXN notes issued in global form, we will make payments on the MXN notes in accordance with the
applicable procedures of the depositary as in effect from time to time. <B><I></I></B><I>(Section 1002) </I><B><I></I></B>Under those procedures, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who
own beneficial interests in a global MXN note. An indirect holder&#146;s right to receive those payments will be governed by the rules and practices of the depositary and its participants.<B><I> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Payments on Certificated MXN Notes</I></B>. For MXN notes issued in certificated form, we will pay interest that is due on an interest
payment date by check mailed on the interest payment date to the holder at the holder&#146;s address shown on the trustee&#146;s records as of the close of business on the regular record date, and we will make all other payments by check to the
paying agent described below, against surrender of the MXN note. All payments by check may be made in next-day funds, that is, funds that become available on the day after the check is<B><I> </I></B>cashed. If we issue MXN notes in certificated
form, holders of MXN notes in certificated form will be able to receive payments of principal and interest on their MXN notes at the office of our paying agent maintained in New York City. <B><I></I></B><I>(Sections 202 and 306)</I><B><I>
</I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payment When Offices Are Closed </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>If any payment is due on a MXN note on a day that is not a business day, we will make the payment on the day that is the next business
day. Payments postponed to the next business day in this situation will be treated under the indenture as if they were made on the original due date. Postponement of this kind will not result in a default under the MXN notes or the indenture, and no
interest will accrue on the postponed amount from the original due date to the next day that is a business day. <I>(Section 114) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;Business day&#148; means each Monday, Tuesday, Wednesday, Thursday and Friday that is (a)&nbsp;not a day on which banking
institutions in New York City or Mexico City generally are authorized or obligated by law, regulation or executive order to close and (b)&nbsp;a day on which banks and financial institutions in Mexico are open for business with the general public.
<I>(Section 101) </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Paying Agents </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>If we issue MXN notes in certificated form, we may appoint one or more financial institutions to act as our paying agents, at whose
designated offices the MXN notes may be surrendered for payment at their maturity. We may add, replace or terminate paying agents from time to time; <I>provided </I>that if any MXN notes are issued in certificated form, so long as such MXN notes are
outstanding, we will maintain a paying agent in New York City. We may also choose to act as our own paying agent. Initially, we have appointed the trustee, at its corporate trust office in New York City, as a paying agent. We must notify you of
changes in the paying agents as described under &#147;&#151;Notices.&#148;<I> </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Unclaimed Payments </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>All money paid by us to the trustee or any paying agent that remains unclaimed at the end of two years after the amount is due to a
holder will be repaid to us. After that two-year period, the holder may look only to us for payment and not to the trustee, any paying agent or anyone else. <I>(Section 1003) </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment of Additional Interest </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are
required by Mexican law to deduct Mexican withholding taxes from payments of interest to holders of MXN notes who are not residents of Mexico for tax purposes as described under &#147;Taxation&#151;Mexican Tax Considerations.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will pay to holders of the MXN notes all additional interest that may be necessary so that every net payment of interest or principal or
premium to the holder will not be less than the amount provided for in the MXN notes. By net payment, we mean the amount that we or our paying agent will pay the holder after deducting or withholding an amount for or on account of any present or
future taxes, duties, assessments or other governmental charges imposed or levied with respect to that payment by a Mexican taxing authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our obligation to pay additional interest is, however, subject to several important exceptions. We will not pay additional interest to or on
behalf of any holder or beneficial owner, or to the trustee, for or on account of any of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any taxes, duties, assessments or other governmental charges imposed solely because at any time there is or was a connection between the holder and Mexico (other than the mere receipt of a payment or the ownership or
holding of a MXN note); </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any taxes, duties, assessments or other governmental charges imposed solely because the holder or any other person fails to comply with any certification, identification or other reporting requirement concerning the
nationality, residence, identity or connection with Mexico of the holder or any beneficial owner of a MXN note if compliance is required by law, regulation or by an applicable income tax treaty to which Mexico is a party, as a precondition to
exemption from, or reduction in the rate of, the tax, assessment or other governmental charge and we have given the holders at least 30 calendar days&#146; notice prior to the first payment date with respect to which such certification,
identification or reporting requirement is required to the effect that holders will be required to provide such information and identification; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any taxes, duties, assessments or other governmental charges with respect to a MXN note presented for payment more than 15 days after the date on which the payment became due and payable or the date on which payment
thereof is duly provided for and notice thereof given to holders, whichever occurs later, except to the extent that the holders of such MXN note would have been entitled to such additional interest on presenting such MXN note for payment on any date
during such 15-day period; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any estate, inheritance, gift or other similar tax, assessment or other governmental charge imposed with respect to the MXN notes; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any tax, duty, assessment or other governmental charge payable otherwise than by deduction or withholding from payments on the MXN notes; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any payment on a MXN note to a holder that is a fiduciary or partnership or a person other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary,
a member of such a partnership or the beneficial owner of the payment would not have been entitled to the additional interest had the beneficiary, settlor, member or beneficial owner been the holder of such MXN note; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any taxes, duties, assessments or other governmental charges that are imposed on a payment to an individual and are required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income
or any other directive implementing the conclusions of the ECOFIN Council meetings of November&nbsp;26 and 27, 2000,&nbsp;December&nbsp;13, 2001, and January&nbsp;21, 2003, or any law or agreement implementing or complying with, or introduced in
order to conform to, such a directive; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any combination of the items in the bullet points above. <I>(Section 1009)</I> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>The
limitations on our obligations to pay additional interest described in the second bullet point above will not apply if the provision of information, documentation or other evidence described in that bullet point would be materially more onerous in
form, in procedure or in the substance of information disclosed, to a holder or beneficial owner of a MXN note, taking into account any relevant differences between U.S. and Mexican law, regulation or administrative practice, than comparable
information or other reporting requirements imposed under U.S. tax law (including the United States/Mexico Income Tax Treaty), regulations (including proposed regulations) and administrative practice. <I>(Section 1009 (a)) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applicable Mexican regulations currently allow us to withhold at a reduced rate, provided that we comply with certain information reporting
requirements. Accordingly, the limitations on our obligations to pay additional interest described in the second bullet point above also will not apply unless (a)&nbsp;the provision of the information, documentation or other evidence described in
that bullet point is expressly required by the applicable Mexican regulations, (b)&nbsp;we cannot obtain the information, documentation or other evidence necessary to comply with the applicable Mexican regulations on our own through reasonable
diligence and (c)&nbsp;we otherwise would meet the requirements for application of the applicable Mexican regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In
addition, the limitation described in the second bullet point above does not require that any person, including any non-Mexican pension fund, retirement fund or financial institution, register with the Ministry of<I> </I>Finance and Public Credit
(<I>Secretar&iacute;a de Hacienda y Cr&eacute;dito P&uacute;blico</I>) to establish eligibility for an exemption from, or a reduction of, Mexican withholding tax.<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>We will remit the full amount of any Mexican taxes withheld to the applicable Mexican
taxing authorities in accordance with applicable law. We will also provide the trustee with documentation satisfactory to the trustee evidencing the payment of Mexican taxes in respect of which we have paid any additional interest. We will provide
copies of such documentation to the holders of the MXN notes or the relevant paying agent upon request. <I>(Section&nbsp;1009(a)) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In the event that additional interest actually paid with respect to the MXN notes pursuant to the preceding paragraphs is based on
rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the holder of such MXN notes, and as a result thereof such holder is entitled to make a claim for a refund or credit of such excess from the
authority imposing such withholding tax, then such holder shall, by accepting such MXN notes, be deemed to have assigned and transferred all right, title and interest to any such claim for a refund or credit of such excess to us. However, by making
such assignment, the holder makes no representation or warranty that we will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect thereto. <I>(Section 1009(d)) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Any reference in this prospectus, the base indenture, any applicable supplemental indenture or the MXN notes to principal, premium, if
any, interest or any other amount payable in respect of the MXN notes by us will be deemed also to refer to any additional interest that may be payable with respect to that amount under the obligations referred to in this subsection. <I>(Section
1009(e)) </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Optional Redemption </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>We will not be permitted to redeem the MXN notes before their stated maturity, except as set forth below. The MXN notes will not be
entitled to the benefit of any sinking fund&#151;meaning that we will not deposit money on a regular basis into any separate account to repay your MXN notes. In addition, you will not be entitled to require us to repurchase your MXN notes from you
before the stated maturity. <I>(Section 1101 (a)) </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Optional Redemption </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>If so indicated in the applicable prospectus supplement, we will be entitled, at our option, to redeem some or all of the outstanding
MXN notes of any series from time to time at the redemption price set forth in the applicable prospectus supplement. If the MXN notes of a series are redeemable only on or after a specified date or upon the satisfaction of additional conditions, the
prospectus supplement will specify the date or describe the conditions. In each case we will also pay you accrued and unpaid interest, if any, through the redemption date. MXN notes will stop bearing interest on the redemption date, even if you do
not collect your money. <I>(Sections 301, 1101 and 1104) </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Redemption for Taxation Reasons </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>If, as a result of any amendment to or change in the laws (or any rules or regulations thereunder) of Mexico or any political
subdivision or taxing authority thereof or therein affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations, which amendment to or change of such laws, rules or regulations
becomes effective on or after the date on which the MXN notes of any series are issued, we would be obligated, after taking such measures as we may consider reasonable to avoid this requirement, to pay additional interest in excess of the additional
interest attributable to a Mexican withholding tax rate of 4.9% with respect to the MXN notes of that series (see &#147;&#151;Payment of Additional Interest&#148; and &#147;Taxation&#151;Mexican Tax Considerations&#148;), then, at our option, all,
but not less than all, of the MXN notes of that series may be redeemed at any time on giving not less than 30 nor more than 60 days&#146; notice, at a redemption price equal to 100% of the outstanding principal amount of the MXN notes being
redeemed, plus accrued and<I> </I>unpaid interest, any premium applicable in the case of a redemption prior to maturity and any additional interest due thereon up to but not including the date of redemption; <I>provided</I>, <I>however</I>, that
(1)&nbsp;no notice of redemption for tax reasons may be given earlier than 90 days prior to the earliest date on which we would be obligated to pay such additional interest if a payment on the MXN notes of that series were then due and (2)&nbsp;at
the time such notice of redemption is given such obligation to pay such additional interest remains in effect. <I>(Section 1101(c)) </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the publication of any notice of redemption for taxation reasons, we will deliver to the
trustee: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a certificate signed by one of our duly authorized representatives stating that we are entitled to effect the redemption and setting forth a statement of facts showing that the conditions precedent to our right of
redemption for taxation reasons have occurred; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an opinion of Mexican legal counsel (which may be our counsel) of recognized standing to the effect that we have or will become obligated to pay such additional interest as a result of such change or amendment.
<I>(Section 1101(d))</I> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This notice, after it is delivered to the holders, will be irrevocable. <I>(Section 1102)</I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Covenants </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following covenants will
apply to us and certain of our subsidiaries for so long as any MXN note remains outstanding. These covenants restrict our ability and the ability of these subsidiaries to enter into certain transactions. However, these covenants do not limit our
ability to incur indebtedness or require us to comply with financial ratios or to maintain specified levels of net worth or liquidity. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Limitation on
Liens </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may not, and we may not allow any of our restricted subsidiaries to, create, incur, issue or assume any liens on our
restricted property to secure debt where the debt secured by such liens, plus the aggregate amount of our attributable debt and that of our restricted subsidiaries in respect of sale and leaseback transactions, would exceed an amount equal to an
aggregate of 15% of our Consolidated Net Tangible Assets unless we secure the MXN notes equally with, or prior to, the debt secured by such liens. This restriction will not, however, apply to the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">liens on restricted property acquired and existing on the date the property was acquired or arising after such acquisition pursuant to contractual commitments entered into prior to such acquisition; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">liens on any restricted property securing debt incurred or assumed for the purpose of financing its purchase price or the cost of its construction, improvement or repair; <I>provided</I> that such lien attaches to the
restricted property within 12 months of its acquisition or the completion of its construction, improvement or repair and does not attach to any other restricted property; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">liens existing on any restricted property of any restricted subsidiary prior to the time that the restricted subsidiary became a subsidiary of ours or liens arising after that time under contractual commitments entered
into prior to and not in contemplation of that event; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">liens on any restricted property securing debt owed by a subsidiary of ours to us or to another of our subsidiaries; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">liens arising out of the refinancing, extension, renewal or refunding of any debt described above, provided that the aggregate principal amount of such debt is not increased and such lien does not extend to any
additional restricted property. <I>(Section 1006)</I> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;Consolidated Net Tangible Assets&#148; means total
consolidated assets less (1)&nbsp;all current liabilities, (2)&nbsp;all goodwill, (3)&nbsp;all trade names, trademarks, patents and other intellectual property assets and (4)&nbsp;all licenses, each<I> </I>as set forth on our most recent
consolidated balance sheet and computed in accordance with International Financial Reporting Standards (&#147;IFRS&#148;). <I>(Section 101) </I></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;Restricted property&#148; means (1)&nbsp;any exchange and transmission equipment,
switches, cellular base stations, microcells, local links, repeaters and related facilities, whether owned as of the date of the indenture or acquired after that date, used in connection with the provision of telecommunications services in Mexico,
including any land, buildings, structures and other equipment or fixtures that constitute any such facility, owned by us or our restricted subsidiaries and (2)&nbsp;any share of capital stock of any restricted subsidiary <I>(Section 101) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Restricted subsidiaries&#148; means our subsidiaries that own restricted property. <I>(Section 101)</I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Limitation on Sales and Leasebacks </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
may not, and we may not allow any of our restricted subsidiaries to, enter into any sale and leaseback transaction without effectively providing that the MXN notes will be secured equally and ratably with or prior to the sale and leaseback
transaction, unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the aggregate principal amount of all debt then outstanding that is secured by any lien on any restricted property that does not ratably secure the MXN notes (excluding any secured indebtedness permitted under
&#147;&#151;Limitation on Liens&#148;) plus the aggregate amount of our attributable debt and the attributable debt of our restricted subsidiaries in respect of sale and leaseback transactions then outstanding (other than any sale and leaseback
transaction permitted under the following bullet point) would not exceed an amount equal to 15% of our Consolidated Net Tangible Assets; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we or one of our restricted subsidiaries, within 12 months of the sale and leaseback transaction, retire an amount of our secured debt which is not subordinate to the MXN notes in an amount equal to the greater of
(1)&nbsp;the net proceeds of the sale or transfer of the property or other assets that are the subject of the sale and leaseback transaction and (2)&nbsp;the fair market value of the restricted property leased. <I>(Section 1008)</I>
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;Sale and leaseback transaction&#148; means an arrangement between us or one of our restricted subsidiaries and
a bank, insurance company or other lender or investor where we or our restricted subsidiary leases a restricted property for an initial term of three years or more that was or will be sold by us or our restricted subsidiary to that lender or
investor for a sale price of U.S.$1 million (or its equivalent in other currencies) or more. <I>(Section 101) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>&#147;Attributable debt&#148; means, with respect to any sale and leaseback transaction, the lesser of (1)&nbsp;the fair market value
of the asset subject to such transaction and (2)&nbsp;the present value, discounted at a rate per annum equal to the discount rate of a capital lease obligation with a like term in accordance with IFRS, of the obligations of the lessee for net
rental payments (excluding amounts on account of maintenance and repairs, insurance, taxes, assessments and similar charges and contingent rents) during the term of the lease. <I>(Section&nbsp;101) </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Limitation on Sale of Capital Stock of Telcel </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may not, and we may not allow any of our subsidiaries to, sell, transfer or otherwise dispose of any shares of capital stock of Telcel if
following such sale, transfer or disposition we would own, directly or indirectly, less than (1)&nbsp;50% of the voting power of all of the shares of capital stock of Telcel and (2)&nbsp;50% of all of the shares of capital stock of Telcel.
<I>(Section 1007)</I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Provision of Information </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>We will furnish the trustee with copies of our annual report and the information, documents and other reports that we are required to
file with the SEC pursuant to Section&nbsp;13 or 15(d) of the U.S. Securities Exchange<I> </I>Act of 1934, as amended (the &#147;Exchange Act&#148;), including our annual reports on Form 20-F and reports on Form 6-K, within 15 days after we file
them with the SEC. In addition, we will make the same information, documents and other reports available, at our expense, to holders who so request in writing. <I>(Section 1005) </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In the event that, in the future, we are not required to file such information, documents
or other reports pursuant to Section&nbsp;13 or 15(d) of the Exchange Act, we will furnish on a reasonably prompt basis to the trustee and holders who so request in writing, substantially the same financial and other information that we would be
required to include and file in an annual report on Form 20-F and reports on Form 6-K. <I>(Section 1005) </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>If we become aware
that a default or event of default or an event that with notice or the lapse of time would be an event of default has occurred and is continuing, as the case may be, we will deliver a certificate to the trustee describing the details thereof and the
action we are taking or propose to take. <I>(Section 1004) </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Merger, Consolidation or Sale of Assets </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may not consolidate with or merge into any other person or, directly or indirectly, transfer, convey, sell, lease or otherwise dispose of
all or substantially all of our assets and properties and may not permit any person to consolidate with or merge into us, unless all of the following conditions are met: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">if we are not the successor person in the transaction, the successor is organized and validly existing under the laws of Mexico or the United States or any political subdivision thereof and expressly assumes our
obligations under the MXN notes or the indenture; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">immediately after the transaction, no default under the MXN notes has occurred and is continuing. For this purpose, &#147;default under the MXN notes&#148; means an event of default or an event that would be an event of
default with respect to the MXN notes if the requirements for giving us default notice and for our default having to continue for a specific period of time were disregarded. See &#147;&#151;Defaults, Remedies and Waiver of Defaults&#148;; and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we have delivered to the trustee an officer&#146;s certificate and opinion of counsel, each stating, among other things, that the transaction complies with the indenture. <I>(Section 801)</I> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the conditions described above are satisfied, we will not have to obtain the approval of the holders in order to merge or consolidate or to
sell or otherwise dispose of our properties and assets substantially as an entirety. In addition, these conditions will apply only if we wish to merge into or consolidate with another person or sell or otherwise dispose of all or substantially all
of our assets and properties. We will not need to satisfy these conditions if we enter into other types of transactions, including any transaction in which we acquire the stock or assets of another person, any transaction that involves a change of
control of our company, but in which we do not merge or consolidate, and any transaction in which we sell or otherwise dispose of less than substantially all our assets. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Defaults, Remedies and Waiver of Defaults </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You will have special rights if an event of default with respect to the MXN notes you hold occurs and is not cured, as described below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Events of Default </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the following
will be an &#147;event of default&#148; with respect to the MXN notes of any series: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we fail to pay interest on any MXN note of that series within 30 days after its due date; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we fail to pay the principal or premium, if any, of any MXN note of that series on its due date; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we remain in breach of any covenant in the indenture for the benefit of holders of the MXN notes of that series for 60 days after we receive a notice of default (sent by the trustee or the holders of not less than 25%
in principal amount of the MXN notes of that series) stating that we are in breach; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we or Telcel experience a default or event of default under any instrument relating to debt having an aggregate principal amount exceeding U.S.$50 million (or its equivalent in other currencies) that constitutes a
failure to pay principal or interest when due or results in the acceleration of the debt prior to its maturity; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a final judgment is rendered against us or Telcel in an aggregate amount in excess of U.S.$50 million (or its equivalent in other currencies) that is not discharged or bonded in full within 30 days; or
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we or Telcel file for bankruptcy, or other events of bankruptcy, insolvency or reorganization or similar proceedings occur relating to us or Telcel. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Remedies Upon Event of Default </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>If
an event of default with respect to the MXN notes of any series occurs and is not cured or waived, the trustee, at the written request of holders of not less than 25% in principal amount of the MXN notes of that series, may declare the entire
principal amount of all the MXN notes of that series to be due and payable immediately, and upon any such declaration the principal, any accrued interest and any additional interest shall become due and payable. If, however, an event of default
occurs because of a bankruptcy, insolvency or reorganization relating to us or Telcel, the entire principal amount of all the MXN notes of that series and any accrued interest and any additional interest will be automatically accelerated, without
any action by the trustee or any holder and any principal, interest or additional interest will become immediately due and payable. <I>(Section 502) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Each of the situations described in the preceding paragraph is called an acceleration of the maturity of the MXN notes. If the maturity
of the MXN notes of any series is accelerated and a judgment for payment has not yet been obtained, the holders of a majority in aggregate principal amount of the MXN notes of that series may cancel the acceleration for all the MXN notes of that
series, provided that all amounts then due (other than amounts due solely because of such acceleration) have been paid and all other defaults with respect to the MXN notes of that series have been cured or waived. <I>(Section 502) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any event of default occurs, the trustee will have special duties. In that situation, the trustee will be obligated to use those of its
rights and powers under the indenture, and to use the same degree of care and skill in doing so, that a prudent person would use under the circumstances in conducting his or her own affairs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Except as described in the prior paragraph, the trustee is not required to take any action under the indenture at the request of any
holders unless the holders offer the trustee reasonable protection, known as an indemnity, from expenses and liability. If the trustee receives an indemnity that is reasonably satisfactory to it, the holders of a majority in principal amount of the
MXN notes of any series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. These majority holders may also direct the trustee in performing any other action under
the indenture with respect to the MXN notes of that series. <I>(Sections 512 and 603(e)) </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Before you bypass the trustee and bring your
own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the MXN notes of any series, the following must occur: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you must give the trustee written notice that an event of default has occurred and the event of default has not been cured or waived; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the holders of not less than 25% in principal amount of the MXN notes of that series must make a written request that the trustee take action with respect to the MXN notes of that series because of the default and they
or other holders must offer to the trustee indemnity reasonably satisfactory to the trustee against the cost and other liabilities of taking that action; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the trustee must not have taken action for 60 days after the above steps have been taken; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">during those 60 days, the holders of a majority in principal amount of the MXN notes of that series must not have given the trustee directions that are inconsistent with the written request of the holders of not less
than 25% in principal amount of the MXN notes of that series. <I>(Section 507)</I> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>You will be entitled, however, at
any time to bring a lawsuit for the payment of money due on your MXN notes on or after its due date. <I>(Section 508) </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Book-entry and other indirect holders should consult their banks or brokers for information on
how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of the maturity. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Waiver of Default
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>The holders of not less than a majority in principal amount of the MXN notes of any series may waive a past default for all the
MXN notes of that series. If this happens, the default will be treated as if it had been cured. No one can waive a payment default on any MXN note, however, without the approval of the particular holder of that MXN note. <I>(Section 513) </I></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Modification and Waiver </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are three
types of changes we can make to the indenture and the outstanding MXN notes under the indenture. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Changes Requiring Each Holder&#146;s Approval
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following changes cannot be made without the approval of each holder of an outstanding MXN note affected by the change: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a change in the stated maturity of any principal or interest payment on a MXN note; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a reduction in the principal amount, the interest rate or the redemption price for a MXN note; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a change in the obligation to pay additional interest; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a change in the currency of any payment on a MXN note other than as permitted by the MXN note; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a change in the place of any payment on a MXN note; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an impairment of the holder&#146;s right to sue for payment of any amount due on its MXN note; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a reduction in the percentage in principal amount of the MXN notes of any series needed to change the indenture or the outstanding MXN notes of such series under the indenture; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a reduction in the percentage in principal amount of the MXN notes of any series needed to waive our compliance with the indenture or to waive defaults. <I>(Section 902)</I> </TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Changes Not Requiring Approval </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Some changes will not require the approval of holders of MXN notes. These changes are limited to specific kinds of changes, like the
addition of covenants, events of default or security and other clarifications and changes that would not adversely affect the holders of outstanding MXN notes under the indenture in any material respect. <I>(Section 901) </I></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Changes Requiring Majority Approval </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Any other change to the indenture or the MXN notes of any series will be required to be approved by the holders of a majority in
principal amount of the MXN notes of the series affected by the change or waiver. The required approval must be given by written consent. <I>(Section 902) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>The same majority approval will be required for us to obtain a waiver of any of our covenants in the indenture. Our covenants include
the promises we make about merging and creating liens on our interests, which<I> </I>we describe under &#147;&#151;Merger, Consolidation or Sale of Assets&#148; and &#147;&#151;Covenants.&#148; If the holders approve a waiver of a covenant, we will
not have to comply with it. The holders, however, cannot approve a waiver of any provision in a particular MXN note or the indenture, as it affects that MXN note, that we cannot change without the approval of the holder of that MXN note as described
under in &#147;&#151;Changes Requiring Each Holder&#146;s Approval,&#148; unless that holder approves the waiver. <I>(Section 1011) </I></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Book-entry and other indirect holders should consult their banks or brokers for information on
how approval may be granted or denied if we seek to change the indenture or the MXN notes or request a waiver. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Defeasance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>We may, at our option, elect to terminate (1)&nbsp;all of our obligations with respect to the MXN notes of any series (&#147;legal
defeasance&#148;), except for certain obligations, including those regarding any trust established for defeasance and obligations relating to the transfer and exchange of the MXN notes, the replacement of mutilated, destroyed, lost or stolen MXN
notes and the maintenance of agencies with respect to the MXN notes <I>(Sections 1201 and 1202)</I> or (2)&nbsp;our obligations under the covenants in the indenture, so that any failure to comply with such obligations will not constitute an event of
default (&#147;covenant defeasance&#148;) in respect of the MXN notes of that series <I>(Sections 1201 and 1203)</I>. In order to exercise either legal defeasance or covenant defeasance, we must irrevocably deposit with the trustee Mexican pesos,
government obligations of the Mexican government, Mexican governmental agency or Mexican central bank or any combination thereof, in such amounts as will be sufficient to pay the principal, premium, if any, and interest (including additional
interest) in respect of the outstanding MXN notes of the affected series on the maturity date, and comply with certain other conditions, including, without limitation, the delivery of opinions of counsel as to specified tax and other matters.
<I>(Sections 1201, 1204 and 1205) </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>If we elect either legal defeasance or covenant defeasance with respect to any MXN note of
any series, we must so elect it with respect to all of the MXN notes of that series. <I>(Section 1201) </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Special Rules for Actions by Holders
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When holders take any action under the indenture, such as giving a notice of default, declaring an acceleration, approving any change
or waiver or giving the trustee an instruction, we will apply the following rules. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Only Outstanding MXN notes are Eligible for Action by Holders
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Only holders of outstanding MXN notes will be eligible to vote or participate in any action by holders. In addition, we will
count only outstanding MXN notes in determining whether the various percentage requirements for voting or taking action have been met. For these purposes, a MXN note will not be &#147;outstanding&#148; if it has been surrendered for cancellation or
if we have deposited or set aside, in trust for its holder, money for its payment or redemption. <I>(Section 101) </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Determining Record Dates for
Action by Holders </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>We will generally be entitled to set any day as a record date for the purpose of determining the holders that
are entitled to take action under the indenture. In some limited circumstances, only the trustee will be entitled to set a record date for action by holders. If we or the trustee set a record date for an approval or other action to be taken by
holders, that vote or action may be taken only by persons or entities who are holders on the record date and must be taken during the period that we specify for this purpose, or that the trustee specifies if it sets the record date. We or the
trustee, as applicable, may shorten or lengthen this period from time to time. This period, however, may not extend beyond the 180th day after the record date for the action. In addition, record dates for<I> </I>any global MXN note may be set in
accordance with procedures established by the depositary from time to time. <I>(Section 104) </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transfer Agents </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>We may appoint one or more transfer agents, at whose designated offices any MXN notes in certificated form may be transferred or
exchanged and also surrendered before payment is made at maturity. Initially, we have appointed the trustee, at its corporate trust office in New York City, as transfer agent. We may also choose to act as our own transfer agent. We must notify you
of changes in the transfer agent as described under &#147;&#151;Notices.&#148; If we issue MXN notes in certificated form, holders of MXN notes in certificated form will be able to transfer their MXN notes, in whole or in part, by surrendering the
MXN notes, with a duly completed form of transfer, for registration of transfer at the office of our transfer agent in New York City. We will not charge any fee for the registration or transfer or exchange, except that we may require the payment of
a sum sufficient to cover any applicable tax or other governmental charge payable in connection with the transfer. <I>(Sections 304 and 1002) </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notices </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>As long as we issue MXN
notes in global form, notices to be given to holders will be given to Euroclear Bank S.A./N.V. (&#147;Euroclear&#148;) and Clearstream Banking, soci&eacute;t&eacute; anonyme (&#147;Clearstream&#148;), in accordance with their applicable policies as
in effect from time to time. If we issue MXN notes in certificated form, notices to be given to holders will be sent by mail to the respective addresses of the holders as they appear in the trustee&#146;s records, and will be deemed given when
mailed. <I>(Section 106) </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Neither the failure to give any notice to a particular holder, nor any defect in a notice given to a
particular holder, will affect the sufficiency of any notice given to another holder. <I>(Section 106) </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Governing Law </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>The indenture and the MXN notes will be governed by, and construed in accordance with, the laws of the State of New York, United States
of America. <I>(Section 113) </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Submission to Jurisdiction </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with any legal action or proceeding arising out of or relating to the MXN notes or the indenture (subject to the exceptions
described below), we have: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">submitted to the jurisdiction of any U.S. federal or New York state court in the Borough of Manhattan, The City of New York, and any appellate court thereof; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">agreed that all claims in respect of such legal action or proceeding may be heard and determined in such U.S. federal or New York state court and waived, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding and any right of jurisdiction in such action or proceeding on account of our place of residence or domicile; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">appointed CT Corporation System, with an office at 111 Eighth Avenue, New York, New York 10011, United States of America, as process agent. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>The process agent will receive, on our behalf, service of copies of the summons and complaint and any other process which may be served
in any such legal action or proceeding brought in such New York state or U.S. federal court sitting in New York City. Service may be made by mailing or delivering a copy of such process to us at the address specified above for the process agent.
<I>(Section 115) </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A final judgment in any of the above legal actions or proceedings will be conclusive and may be enforced in other
jurisdictions, in each case, to the extent permitted under the applicable laws of such jurisdiction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In addition to the foregoing, the holders may serve legal process in any other manner
permitted by applicable law. The above provisions do not limit the right of any holder to bring any action or proceeding against us or our properties in other courts where jurisdiction is independently established. <I>(Section 115) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>To the extent that we have or hereafter may acquire or have attributed to us any sovereign or other immunity under any law, we have
agreed to waive, to the fullest extent permitted by law, such immunity from jurisdiction or to service of process in respect of any legal suit, action or proceeding arising out of or relating to the indenture or the MXN notes. <I>(Section 115)
</I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Currency Indemnity </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Our
obligations under the MXN notes will be discharged only to the extent that the relevant holder is able to purchase Mexican pesos with any other currency paid to that holder in accordance with any judgment or otherwise. If the holder cannot purchase
Mexican pesos in the amount originally to be paid, we have agreed to pay the difference. The holder, however, agrees that, if the amount of Mexican pesos purchased exceeds the amount originally to be paid to such holder, the holder will reimburse
the excess to us. The holder will not be obligated to make this reimbursement if we are in default of our obligations under the MXN notes. <I>(Section&nbsp;1010) </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Relationship with the Trustee </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Bank of New York Mellon is initially serving as the trustee for the MXN notes. The Bank of New York Mellon or its affiliates may have other business relationships with us from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_8"></A>FORM OF MXN NOTES, CLEARING AND SETTLEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified in the applicable prospectus supplement, the following information relates to the form, clearing and settlement of
the MXN notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will issue the MXN notes as one or more global securities registered in the name of a common depositary for Clearstream
and Euroclear. Investors may hold book-entry interests in the global securities through organizations that participate, directly or indirectly, in Clearstream and/or Euroclear. Book-entry interests in the MXN notes and all transfers relating to the
MXN notes will be reflected in the book-entry records of Clearstream and Euroclear. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Holders of MXN notes may own beneficial
interests in the global security through the facilities of <I>S.D. Indeval Instituci&oacute;n para el Dep&oacute;sito de Valores, S.A. de C.V. </I>(&#147;Indeval&#148;), which is a participant in each of Clearstream and Euroclear. Indeval is a
privately owned securities depositary that is authorized and acts as a clearinghouse, depositary and central custodian for securities in Mexico. As such, Indeval provides settlement and transfer services and is the registration agent for Mexican
securities transactions, eliminating the need for physical transfer of securities. Holders who own beneficial interests in the MXN notes through Indeval may be required to certify as to their residency in accordance with the procedures of
Indeval.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The distribution of the MXN notes will be carried through Clearstream and Euroclear. Any secondary market trading of
book-entry interests in the MXN notes will take place through participants in Clearstream and Euroclear and will settle in same-day funds. Owners of book-entry interests in the MXN notes will receive payments relating to their MXN notes in Mexican
pesos. Clearstream and Euroclear have established electronic securities and payment transfer, processing, depositary and custodial links among themselves and others, either directly or through custodians and depositaries. These links allow
securities to be issued, held and transferred among the clearing systems without the physical transfer of certificates. Special procedures to facilitate clearance and settlement have been established among these clearing systems to trade securities
across borders in the secondary market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The policies of Clearstream and Euroclear will govern payments, transfers, exchange and other
matters relating to the investor&#146;s interest in securities held by them. We have no responsibility for any aspect of the records kept by Clearstream or Euroclear or any of their direct or indirect participants. We do not supervise these systems
in any way. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearstream and Euroclear and their participants perform these clearance and settlement functions under agreements they have
made with one another or with their customers. You should be aware that they are not obligated to perform or continue to perform these procedures and may modify them or discontinue them at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as provided below, owners of beneficial interest in the MXN notes will not be entitled to have the MXN notes registered in their names,
will not receive or be entitled to receive physical delivery of the MXN notes in definitive form and will not be considered the owners or holders of the MXN notes under the indenture governing the MXN notes, including for purposes of receiving any
reports delivered by us or the trustee pursuant to the indenture. Accordingly, each person owning a beneficial interest in a MXN notes must rely on the procedures of the Clearstream and Euroclear and, if that person is not a participant, on the
procedures of the participant through which that person owns its interest, in order to exercise any rights of a holder of MXN notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
description of the clearing systems reflects our understanding of the rules and procedures of Clearstream and Euroclear as they are currently in effect. These systems could change their rules and procedures at any time. We have obtained the
information in this section concerning Clearstream and Euroclear and their book-entry systems and procedures from sources that we believe to be reliable, but we take no responsibility for the accuracy of this information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Clearstream and Euroclear </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearstream has advised that: it is a duly licensed bank organized as a <I>soci&eacute;t&eacute; anonyme</I> incorporated under the laws of
Luxembourg and is subject to regulation by the Luxembourg Commission for the supervision of the financial sector (<I>Commission de surveillance du secteur financier</I>); it holds securities for its customers and facilitates the clearance and
settlement of securities transactions among them, and does so through electronic book-entry transfers between the accounts of its customers, thereby eliminating the need for physical movement of certificates; it provides other services to its
customers, including safekeeping, administration, clearance and settlement of internationally traded securities and lending and borrowing of securities; it interfaces with the domestic markets in over 30 countries through established depositary and
custodial relationships; its customers include worldwide securities brokers and dealers, banks, trust companies and clearing corporations and may include certain other professional financial intermediaries; its U.S. customers are limited to
securities brokers and dealers and banks; and indirect access to the Clearstream system is also available to others that clear through Clearstream customers or that have custodial relationships with its customers, such as banks, brokers, dealers and
trust companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Euroclear has advised that: it is incorporated under the laws of Belgium as a bank and is subject to regulation
by the Belgian Banking and Finance Commission (<I>Commission Bancaire et Financi&eacute;re</I>) and the National Bank of Belgium (<I>Banque Nationale de Belgique</I>); it holds securities for its participants and facilitates the clearance and
settlement of securities transactions among them; it does so through simultaneous electronic book-entry delivery against payments, thereby eliminating the need for physical movement of certificates; it provides other services to its participants,
including credit, custody, lending and borrowing of securities and tri-party collateral management; it interfaces with the domestic markets of several countries; its customers include banks, including central banks, securities brokers and dealers,
banks, trust companies and clearing corporations and certain other professional financial intermediaries; indirect access to the Euroclear system is also available to others that clear through Euroclear customers or that have custodial relationships
with Euroclear customers; and all securities in Euroclear are held on a fungible basis, which means that specific certificates are not matched to specific securities clearance accounts.<I> </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Clearance and Settlement Procedures </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
understand that investors that will hold their MXN notes through Clearstream or Euroclear accounts will follow the settlement procedures that are applicable to securities in registered form. MXN notes will be credited to the securities custody
accounts of Clearstream and Euroclear participants on the business day following the settlement date for value on the settlement date. They will be credited either free of payment or against payment for value on the settlement date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We understand that secondary market trading between Clearstream and/or Euroclear participants will occur in the ordinary way following the
applicable rules and operating procedures of Clearstream and Euroclear. Secondary market trading will be settled using procedures applicable to securities in registered form. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should be aware that investors will only be able to make and receive deliveries, payments and other communications involving the MXN notes
through Clearstream and Euroclear on business days. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States or Mexico. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, because of time zone differences, there may be problems with completing transactions involving Clearstream and Euroclear on the
same business day as in the United States or Mexico. U.S. and Mexican investors who wish to transfer their interests in the MXN notes, or to make or receive a payment or delivery of the MXN notes on a particular day may find that the transactions
will not be performed until the next business day in Luxembourg or Brussels, depending on whether Clearstream or Euroclear is used. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearstream or Euroclear will credit payments to the cash accounts of participants in Clearstream or Euroclear in accordance with the relevant
systemic rules and procedures, to the extent received by its depositary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearstream or Euroclear, as the case may be, will take any other action permitted to be taken by
a holder under the indenture on behalf of a Clearstream or Euroclear participant only in accordance with its relevant rules and procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of the MXN notes among participants of
Clearstream and Euroclear. However, they are under no obligation to perform or continue to perform those procedures, and they may discontinue those procedures at any time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Same-Day Settlement and Payment </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
underwriters will settle the MXN notes in immediately available funds. We will make all payments of principal and interest on the MXN notes in immediately available funds. Secondary market trading between participants in Clearstream and Euroclear
will occur in accordance with the applicable rules and operating procedures of Clearstream and Euroclear and will be settled using the procedures applicable to securities in immediately available funds. See &#147;&#151;Clearstream and
Euroclear.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certificated MXN Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will issue MXN notes to you in certificated registered form only if: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Clearstream or Euroclear is no longer willing or able to discharge its responsibilities properly, and neither the trustee nor we have appointed a qualified successor within 90 days; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we, at our option, notify the trustee that we elect to cause the issuance of certificated MXN notes; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">certain other events provided in the indenture occur, including the occurrence and continuance of an event of default with respect to the MXN notes. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any of these three events occurs, the trustee will reissue the MXN notes in fully certificated registered form and will recognize the
registered holders of the certificated MXN notes as holders under the indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that we issue certificated securities under
the limited circumstances described above, then holders of certificated securities may transfer their MXN notes in whole or in part upon the surrender of the certificate to be transferred, together with a completed and executed assignment form
endorsed on the definitive MXN note, at the offices of the transfer agent in New York City. Copies of this assignment form may be obtained at the offices of the transfer agent in New York City. Each time that we transfer or exchange a new MXN note
in certificated form for another MXN note in certificated form, and after the transfer agent receives a completed assignment form, we will make available for delivery the new definitive MXN note at the offices of the transfer agent in New York City.
Alternatively, at the option of the person requesting the transfer or exchange, we will mail, at that person&#146;s risk, the new definitive MXN note to the address of that person that is specified in the assignment form. In addition, if we issue
MXN notes in certificated form, then we will make payments of principal of, interest on, and any other amounts payable under, the MXN notes to holders in whose names the MXN notes in certificated form are registered at the close of business on the
record date for these payments. If the MXN notes are issued in certificated form, we will make payments of principal and any redemption payments against the surrender of these certificated MXN notes at the offices of the paying agent in New York
City. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless and until we issue the MXN notes in fully-certificated, registered form, </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you will not be entitled to receive a certificate representing our interest in the MXN notes; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all references in this prospectus or any prospectus supplement to actions by holders will refer to actions taken by a depositary upon instructions from their direct participants; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all references in this prospectus or in any prospectus supplement to payments and notices to holders will refer to payments and notices to the depositary as the registered holder of the MXN notes, for distribution to
you in accordance with its policies and procedures. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_9"></A>TAXATION </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summary of certain Mexican federal and U.S. federal income tax considerations contains a description of the principal Mexican
federal and U.S. federal income tax consequences of the purchase, ownership and disposition of the MXN notes, but does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase the MXN
notes. This summary does not describe any tax consequences arising under the laws of any state, locality or taxing jurisdiction other than the United States and Mexico, or U.S. federal taxes other than income taxes. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This summary is based on the tax laws of Mexico and the United States as in effect on the date of this prospectus (including the tax treaty
described below), as well as on rules and regulations of Mexico and regulations, rulings and decisions of the United States available on or before such date and now in effect. All of the foregoing are subject to change, which change could apply
retroactively and could affect the continued validity of this summary. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prospective purchasers of MXN notes should consult their own tax
advisors as to the Mexican, United States or other tax consequences of the purchase, ownership and disposition of the MXN notes, including, in particular, the application to their particular situations of the tax considerations discussed below, as
well as the application of state, local, foreign or other tax laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mexican Tax Considerations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>The following is a general summary of the principal consequences under the Mexican <I>Ley del Impuesto sobre la Renta </I>(the
&#147;Mexican Income Tax Law&#148;) and rules and regulations thereunder, as currently in effect, of the purchase, ownership and disposition of the MXN notes by a holder that is not a resident of Mexico and that will not hold MXN notes or a
beneficial interest therein in connection with the conduct of a trade or business through a permanent establishment in Mexico (a &#147;foreign holder&#148;).<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of Mexican taxation, tax residency is a highly technical definition that involves the application of a number of factors.
Generally, an individual is a resident of Mexico if he or she has established his or her home in Mexico, and a corporation is considered a resident if it has established its principal place of business management or its effective seat of business
management in Mexico. However, any determination of residence should take into account the particular situation of each person or legal entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>U.S./Mexico and Other Tax Treaties </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
United States and Mexico have entered into a Convention for the Avoidance of Double Taxation (collectively, with subsequent Protocols thereto, referred to as the &#147;tax treaty&#148;). Provisions of the tax treaty that may affect the taxation of
certain United States holders are summarized below. The United States and Mexico have also entered into an agreement that covers the exchange of information with respect to tax matters. Mexico has also entered into and is negotiating several other
tax treaties that may reduce the amount of Mexican withholding tax to which payments of interest on the MXN notes may be subject. Prospective purchasers of MXN notes should consult their own tax advisors as to the tax consequences, if any, of such
treaties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payments of Interest, Principal and Premium in Respect of MXN Notes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Under the Mexican Income Tax Law, payments of interest we make in respect of the MXN notes (including payments of principal in excess of
the issue price of such MXN notes, which, under Mexican law, are deemed to be interest) to a foreign holder will generally be subject to a Mexican withholding tax assessed at a rate of 4.9% if (1)&nbsp;the MXN notes are placed through banks or
brokerage houses (<I>casas de bolsa</I>) in a country with which Mexico has entered into a tax treaty for the avoidance of double taxation, which is in effect, (2)&nbsp;the CNBV has been notified of the issuance of the MXN notes pursuant to the
Mexican Income Tax Law and Article 7 of the<I> </I>Mexican Securities Market Law (<I>Ley del Mercado de Valores</I>) and its regulations, and (3)&nbsp;the information requirements specified in the general rules of the Ministry of Finance and Public
Credit (<I>Secretar&iacute;a de Hacienda y Cr&eacute;dito P&uacute;blico </I>or the &#147;SHCP&#148;) are satisfied. In case such requirements are not met, the applicable withholding tax rate will be 10%. We believe that because the conditions
described in (1)&nbsp;through (3)&nbsp;above will be satisfied, the applicable withholding tax rate will be 4.9%.<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A higher income tax withholding rate will be applicable when a party related to us, jointly or
individually, directly or indirectly, is the effective beneficiary of more than 5% of the aggregate amount of payments treated as interest on the MXN notes, as set forth in the Mexican Income Tax Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of interest we make with respect to the MXN notes to a non-Mexican pension or retirement fund will be generally exempt from Mexican
withholding taxes, provided that (1)&nbsp;the fund is the effective beneficiary of such interest income, (2)&nbsp;the fund is duly established pursuant to the laws of its country of origin, (3)&nbsp;the relevant interest income is exempt from
taxation in such country, and (4)&nbsp;the fund is duly registered with the SHCP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have agreed, subject to specified exceptions and
limitations, to pay additional interest to the holders of MXN notes in respect of the Mexican withholding taxes mentioned above. If we pay additional interest in respect of such Mexican withholding taxes, any refunds of such additional interest will
be for our account. See &#147;Description of MXN Notes&#151;Payment of Additional Interest.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders or beneficial owners of MXN
notes may be requested to provide certain information or documentation necessary to enable us to establish the appropriate Mexican withholding tax rate applicable to such holders or beneficial owners. In the event that the specified information or
documentation concerning the holder or beneficial owner, if requested, is not provided on a timely basis, our obligations to pay additional interest may be limited as set forth under &#147;Description of MXN Notes&#151;Payment of Additional
Interest.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Mexican Income Tax Law, payments of principal we make to a foreign holder of MXN notes will not be subject to
any Mexican withholding or similar taxes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Taxation of Disposition of MXN Notes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The application of Mexican tax law provisions to capital gains realized on the disposition of MXN notes by foreign holders is unclear. We
expect that no Mexican tax will be imposed on transfers of MXN notes between foreign holders effected outside of Mexico. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other Mexican Taxes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A foreign holder will not be liable for estate, gift, inheritance or similar taxes with respect to its holdings of MXN notes. There are no
Mexican stamp, issue, registration or similar taxes payable by a foreign holder with respect to MXN notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S. Federal Income Tax Considerations
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the principal U.S. federal income tax considerations that may be relevant to a beneficial owner of MXN
notes that is a citizen or resident of the United States or a domestic corporation or otherwise subject to U.S. federal income tax on a net income basis in respect of the MXN notes (a &#147;U.S. holder&#148;) and certain U.S. federal income tax
considerations that may be relevant to a beneficial owner of MXN notes (other than a partnership or other entity treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder (a &#147;non-U.S. holder&#148;). It does not
purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular investor&#146;s decision to invest in MXN notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This summary is based on provisions of the U.S. Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), and regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below. In
addition, except where noted, this summary deals only with investors that are U.S. holders who acquire the MXN notes in the United States as part of the initial offering of the MXN notes of that series, who will own the MXN notes as capital assets,
and whose functional currency is the U.S. dollar. It does not address U.S. federal income tax considerations applicable to investors who may be subject to special tax rules, such as banks, financial institutions, partnerships (or entities treated as
a partnership for U.S. federal income tax purposes) or partners therein, tax-exempt entities, insurance companies, traders in securities that elect to use the mark-to-market method of accounting for their securities, persons subject to the
alternative minimum tax, U.S. expatriates, dealers in securities or currencies, certain short-term holders of MXN notes, or persons that hedge their exposure in the MXN notes or will hold MXN notes as a position in a &#147;straddle&#148; or
conversion transaction or as part of a &#147;synthetic security&#148; or other integrated financial transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">U.S. holders should be
aware that the U.S. federal income tax consequences of holding the MXN notes may be materially different for investors described in the prior sentence. This summary does not address the Medicare tax on net investment income. This discussion also
does not address all of the tax considerations that may be relevant to particular issuances of MXN notes, such as MXN notes offered at a price less or more than their stated principal amount. For information regarding any such special tax
considerations relevant to particular issuances, you should read the applicable prospectus supplement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payments of Interest and Additional Interest
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Payments of the gross amount of interest and additional interest (as defined in &#147;Description of MXN Notes&#151;Payment of
Additional Interest&#148;) with respect to a MXN note, <I>i.e., </I>including amounts withheld in respect of Mexican withholding taxes, will be taxable to a U.S. holder as ordinary interest income at the time that such payments are accrued or are
received, in accordance with the U.S. holder&#146;s regular method of tax accounting. Thus, cash method U.S. holders will report interest on the MXN note when it is received or unconditionally made available for receipt, and accrual method U.S.
holders will report stated interest as it accrues. The amount of interest income realized by a cash method U.S. holder will be the U.S. dollar value of the Mexican peso payment based on the exchange rate in effect on the date of receipt, regardless
of whether the payment in fact is converted into U.S. dollars. A cash method U.S. holder will not recognize foreign currency gain or loss with respect to the receipt of such payment, but may have foreign currency gain or loss attributable to the
actual disposition of the foreign currency so received. An accrual method U.S. holder will accrue interest income on a MXN note in Mexican pesos and translate the amount accrued into U.S. dollars based on the average exchange rate in effect during
the interest accrual period (or portion thereof within the U.S. holder&#146;s taxable year), or, at the accrual method U.S. holder&#146;s election, at the spot rate of exchange on the last day of the accrual period (or the last day of the taxable
year within such accrual period if the accrual period spans more than one taxable year), or at the spot rate of exchange on the date of receipt, if such date is within five business days of the last day of the accrual period. A U.S. holder that
makes such an election must apply it consistently to all debt instruments from year to year and cannot change the election without the consent of the U.S. Internal Revenue Service (the &#147;IRS&#148;). An accrual method U.S. holder will recognize
foreign currency gain or loss, as the case may be, on the receipt of an interest payment made with respect to a MXN note if the exchange rate in effect on the date the payment is received differs from the rate applicable to a previous accrual of
that interest income. This foreign currency gain or loss will be treated as ordinary income or loss, and will not be treated as an adjustment to interest income received on a MXN note. Foreign currency gain or loss recognized by a U.S. holder
generally will be U.S. source gain or loss.<I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mexican withholding tax that is imposed on interest will be treated as a foreign
income tax eligible, subject to generally applicable limitations and conditions under the Code, for credit against a U.S. holder&#146;s federal income tax liability or, at the U.S. holder&#146;s election, for deduction in computing the holder&#146;s
taxable income (provided that the U.S. holder elects to deduct, rather than credit, all foreign income taxes paid or accrued for the relevant taxable year). Interest and additional interest paid on the MXN notes generally will constitute foreign
source passive category income. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The calculation and availability of foreign tax credits and, in the case of a U.S. holder that
elects to deduct foreign taxes, the availability of deductions, involves the application of complex rules (including, in the case of foreign tax credits, relating to a minimum holding period) that depend on a U.S. holder&#146;s particular
circumstances. U.S. holders should consult their own tax advisors regarding the availability of foreign tax credits and the treatment of additional interest. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Sale or Other Taxable Disposition of MXN Notes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A U.S. holder generally will recognize gain or loss on the sale or other taxable disposition of the MXN notes in an amount equal to the
difference between (i)&nbsp;the amount realized on such sale or other taxable disposition (other than amounts attributable to accrued but unpaid interest, including any additional interest thereon, which will be taxable as ordinary income to the
extent not previously included in income) and (ii)&nbsp;the U.S. holder&#146;s adjusted tax basis in the MXN notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A U.S. holder&#146;s
amount realized generally will be the U.S. dollar value of any Mexican pesos received, calculated at the exchange rate in effect on the date the MXN notes are sold or otherwise disposed of, and its adjusted tax basis in a MXN notes will be the U.S.
dollar value of the purchase price for that MXN note on the date of purchase. If the MXN notes of a series are traded on an established securities market, however, a cash method U.S. holder (and, if it so elects, an accrual method U.S. holder) will
determine its adjusted basis in, or amount realized on, a MXN note of that series by translating the amount paid or received at the spot rate of exchange on the settlement date of the purchase or disposition of the MXN note, respectively. The
election available to accrual method U.S. holders in respect of the purchase and disposition of MXN notes traded on an established securities market must be applied consistently to all debt instruments from year to year and cannot be changed without
the consent of the IRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as described below with respect to foreign currency gain or loss, gain or loss realized by a U.S. holder
on the sale or other taxable disposition of the MXN notes generally will be capital gain or loss and will be long-term capital gain or loss if, at the time of the disposition, the MXN notes have been held for more than one year. Certain
non-corporate U.S. holders (including individuals) may be eligible for preferential rates of taxation in respect of long-term capital gains. The deductibility of capital losses is subject to limitations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Gain or loss realized by a U.S. holder on the sale or other taxable disposition of a MXN note generally will be treated as foreign currency
gain or loss with respect to the principal amount of such MXN note, which will be taxable as ordinary income or loss, to the extent that the gain or loss is attributable to changes in exchange rates during the period in which the holder held such
MXN note. The foreign currency gain or loss will not be treated as an adjustment to interest income received on the MXN note. In addition, upon the sale or other taxable disposition of a MXN note, an accrual method U.S. holder may realize foreign
currency gain or loss attributable to amounts received in respect of accrued and unpaid interest. The amount of foreign currency gain or loss realized with respect to principal and accrued interest will, however, be limited to the amount of overall
gain or loss realized on the sale or other taxable disposition of the MXN note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capital gain or loss and foreign currency gain or loss
recognized by a U.S. holder on the sale or other taxable disposition of the MXN notes generally will be U.S.-source gain or loss. Consequently, if any such gain would be subject to Mexican income tax, a U.S. holder may not be able to credit the tax
against its U.S. federal income tax liability unless such credit can be applied (subject to applicable conditions and limitations) against tax due on other income treated as derived from foreign sources. U.S. holders should consult their own tax
advisors as to the foreign tax credit implications of a disposition of the MXN notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Reportable Transactions </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A U.S. holder that participates in a &#147;reportable transaction&#148; will be required to disclose its participation to the IRS. The scope
and application of these rules is not entirely clear. A U.S. holder may be required to treat a foreign currency exchange loss from the MXN notes as a reportable transaction if the loss exceeds $50,000 in a single taxable year if the U.S. holder is
an individual or trust, or higher amounts for other U.S. holders. In the event the acquisition, ownership or disposition of the MXN notes constitutes participation in a &#147;reportable transaction&#148; for purposes of these rules, a U.S. holder
will be required to disclose its investment by filing Form 8886 with the IRS. Prospective purchasers should consult their tax advisors regarding the application of these rules to the acquisition, ownership or disposition of the MXN notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Non-U.S. Holders </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A non-U.S. holder
generally will not be subject to U.S. federal income or withholding tax on interest received on the MXN notes or on gain realized on the sale or other taxable disposition of the MXN notes unless in the case of gain realized by an individual non-U.S.
holder, the non-U.S. holder is present in the United States for 183&nbsp;days or more in the taxable year of the sale or other taxable disposition and certain other conditions are met. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Information Reporting and Backup Withholding </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments on the MXN notes, and proceeds of the sale or other disposition of the MXN notes, that are paid within the United States or through
certain U.S.-related financial intermediaries to a U.S. holder generally are subject to information reporting and backup withholding unless (i)&nbsp;the U.S. holder is a corporation or other exempt recipient and demonstrates this fact when so
required or (ii)&nbsp;in the case of backup withholding, the U.S. holder provides an accurate taxpayer identification number, certifies that it is not subject to backup withholding and otherwise complies with applicable requirements of the backup
withholding rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed
as a refund or a credit against the U.S. holder&#146;s U.S. federal income tax liability provided the required information is timely furnished to the IRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although non-U.S. holders generally are exempt from information reporting and backup withholding, a non-U.S. holder may, in certain
circumstances, be required to comply with certification procedures to prove entitlement to this exemption. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_10"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the time of offering any MXN notes, we will supplement the following summary of the plan of distribution with a description of the
offering, including the particular terms and conditions thereof, set forth in a prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may sell MXN notes in any of
three ways: (1)&nbsp;through underwriters or dealers; (2)&nbsp;directly to one or a limited number of institutional purchasers; or (3)&nbsp;through agents. We may also concurrently offer MXN notes in Mexico through Mexican underwriters, dealers or
agents. Each prospectus supplement with respect to a series of MXN notes will set forth the terms of the offering of such MXN notes, including the name or names of any underwriters or agents, the offering price and the net proceeds to us, any
underwriting discounts, commissions or other items constituting underwriters&#146; or agents&#146; compensation, any discount or concessions allowed or reallowed or paid to dealers and any securities exchanges on which such MXN notes may be listed.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If underwriters are used in the sale, the MXN notes will be acquired by the underwriters for their own account and may be resold from
time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices to be determined at the time of sale. We may offer the MXN notes to the public either through underwriting syndicates
of investment banking firms represented by managing underwriters, or directly through one or more such investment banking firms or others, as designated. Unless otherwise set forth in the applicable prospectus supplement, the obligations of the
underwriters to purchase the MXN notes will be subject to certain conditions precedent and the underwriters will be obligated to purchase all of the MXN notes offered thereby if any are purchased. Any initial public offering price and any discounts
or concessions allowed or reallowed or paid to dealers may be changed from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may sell MXN notes either directly to one or
more institutional purchasers, or through agents designated by us from time to time. Any agent involved in the offer or sale of the MXN notes will be named, and any commissions payable by us to such agent will be set forth in the applicable
prospectus supplement. Unless otherwise indicated in such prospectus supplement, any such agent will be acting on a reasonable best efforts basis for the period of its appointment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If indicated in the applicable prospectus supplement, we will authorize agents, underwriters or dealers to solicit offers by certain specified
institutions to purchase the MXN notes from us at the public offering price set forth in the prospectus supplement plus accrued interest, if any, pursuant to delayed delivery contracts providing for payment and delivery on one or more specified
dates in the future. Institutions with which such contracts may be made include commercial and saving banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but in all such cases we must
approve such institutions. Such contracts will be subject only to those conditions set forth in such prospectus supplement and the prospectus supplement will set forth the commission payable for solicitation of those contracts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Agents and underwriters may be entitled under agreements entered into with us to indemnification by us against certain civil liabilities,
including liabilities under the U.S. Securities Act of 1933, as amended, or to contribution with respect to payments which the agents or underwriters may be required to make in respect thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Agents and underwriters may engage in transactions with us or perform services for us in the ordinary course of business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_11"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of Am&eacute;rica M&oacute;vil, S.A.B. de C.V. and its subsidiaries appearing in its annual report on
Form 20-F for the year ended December&nbsp;31, 2014, and the effectiveness of Am&eacute;rica M&oacute;vil, S.A.B. de C.V.&#146;s internal control over financial reporting as of December&nbsp;31, 2014, have been audited by Mancera, S.C., a member
practice of Ernst&nbsp;&amp; Young Global Limited, an independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are
incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_12"></A>VALIDITY OF MXN NOTES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified in the applicable prospectus supplement, Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP will provide an opinion
regarding the validity of the MXN notes under New York law, and Bufete Robles Miaja, S.C. will provide an opinion regarding the authorization of the MXN notes under Mexican law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Rafael Robles Miaja, our Corporate Pro-Secretary and formerly our Corporate Secretary and member of our Board of Directors, is a
partner at the firm Bufete Robles Miaja, S.C. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_13"></A>ENFORCEABILITY OF CIVIL LIABILITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>Am&eacute;rica M&oacute;vil is a corporation organized under the laws of Mexico, with its principal places of business (<I>domicilio
social</I>) in Mexico City. In addition, most of our directors, officers and controlling persons, as well as certain experts named in this prospectus, reside outside the United States, and all or a substantial portion of their assets and our assets
are located outside of the United States. As a result, it may be difficult for investors to effect service of process within the United States upon these persons or to enforce against them, either inside or outside the United States, judgments
obtained against these persons in U.S. courts, or to enforce in U.S. courts judgments obtained against these persons in courts in jurisdictions outside the United States, in each case, in any action predicated upon civil liabilities under the U.S.
federal securities laws. Based on the opinion of Bufete Robles Miaja, S.C., our Mexican counsel, there is doubt as to the enforceability against these persons in Mexico, whether in original actions or in actions for enforcement of judgments of U.S.
courts, of liabilities predicated solely upon the U.S. federal securities laws.<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_14"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus is part of a registration statement, including exhibits, which we have filed with the SEC on Form F-3 under the Securities Act
of 1933, as amended. This prospectus does not contain all of the information set forth in the registration statement. Statements made in this prospectus as to the contents of any contract, agreement or other document are not necessarily complete. We
have filed certain of these documents as exhibits to our registration statement and we refer you to those documents. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We file reports, including annual reports on Form 20-F, and other information with the SEC pursuant to the rules and regulations of the SEC
that apply to foreign private issuers. You may read and copy any materials filed with the SEC at its Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. Any filings we make electronically will be available to the public over the Internet at the SEC&#146;s web site at www.sec.gov. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom73511_15"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC allows us to &#147;incorporate by reference&#148; the information we file with it, which means that we can disclose important
information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and certain later information that we file with the SEC will automatically update and supersede earlier
information filed with the SEC or included in this prospectus or a prospectus supplement. We incorporate by reference the following documents: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our annual report on Form 20-F for the year ended December&nbsp;31, 2014, filed with the SEC on May&nbsp;1, 2015 (SEC File No.&nbsp;001-16269); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any future annual reports on Form 20-F filed with the SEC under the Exchange Act after the date of this prospectus and prior to the termination of the offering of the MXN notes; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any future reports on Form 6-K that we furnish to the SEC after the date of this prospectus and prior to the termination of the offering of MXN notes offered by this prospectus that are identified in such reports as
being incorporated by reference in our Registration Statement on Form F-3. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may request a copy of any and all of the
information that has been incorporated by reference in this prospectus and that has not been delivered with this prospectus, at no cost, by writing or telephoning us at Lago Zurich 245, Plaza Carso&nbsp;/ Edificio Telcel, Colonia Ampliaci&oacute;n
Granada, Delegaci&oacute;n Miguel Hidalgo, 11529, M&eacute;xico D.F., M&eacute;xico, Attention: Investor Relations, telephone (5255)&nbsp;2581-4449. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g73511g20i27.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g73511g20i27.jpg
M_]C_X  02D9)1@ ! @$ 8 !@  #_[0G(4&AO=&]S:&]P(#,N,  X0DE- ^T
M     !  8     $  0!@     0 !.$))300-       $    'CA"24T$&0
M    !    !XX0DE- _,       D           $ .$))300*       !   X
M0DE-)Q        H  0         ".$))30/U      !( "]F9@ ! &QF9@ &
M       ! "]F9@ ! *&9F@ &       ! #(    ! %H    &       ! #4
M   ! "T    &       !.$))30/X      !P  #_____________________
M________ ^@     _____________________________P/H     /______
M______________________\#Z     #_____________________________
M ^@  #A"24T$"       $     $   )    "0      X0DE-!!X       0
M    .$))300:      !M    !@              -@   +X    & &< ,@ P
M &D ,@ W     0                         !              "^
M-@                                             X0DE-!!$
M  $! #A"24T$%       !     (X0DE-! P     !RP    !    <    "
M  %0   J    !Q  &  !_]C_X  02D9)1@ ! @$ 2 !(  #_[@ .061O8F4
M9(     !_]L A  ," @("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,# P,
M#!$,# P,# P,# P,# P,# P,# P,# P,# P,# P, 0T+"PT.#1 .#A 4#@X.
M%!0.#@X.%!$,# P,#!$1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,
M# P,# S_P  1"  @ ' # 2(  A$! Q$!_]T !  '_\0!/P   04! 0$! 0$
M         P ! @0%!@<("0H+ 0 !!0$! 0$! 0         !  (#! 4&!P@)
M"@L0  $$ 0,"! (%!P8(!0,,,P$  A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$
M @(! @0$ P0%!@<'!@4U 0 "$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H # ,!  (1
M Q$ /P#U5)4F]:Z,^=F?C.V_2BUAC^M#O:G_ &OTG[,<O[;C_9@X,-_JL]/>
M>*_5W;-_N^BDIN)+/'U@Z"9CJ6(8 )B^O0'C\]&KZGTVW&=EU9=%F*P[7WML
M8:P=/:ZUKMC?I-24VDEA9?UNZ;5?55C.JRZ[##LEN5BLJ9KKN];)9>_9&YWH
M46K2R>K])Q'-;E9N/0ZQH>QMMK&%S3P]N]S=S/Y22FVDJ>/UGH^3<,?&SL>Z
M\\55VL>\P-WT&.+OHMW(>+U[I66S)LJO#:\*PTY#[0ZIK7@[8WWMK:[W?G-2
M4Z"2SO\ G']7H!_:F'!T!]>O4_YZ/=U7IF.6"_,HJ-K0^L/L8TN:?HO9N=[V
MN24VESG6^I9N1D6]/P3;331M&9DU,E[1:'MJNK_346OQJK:]F39C_P#"_IJO
MLUZV*^J]+LN;CUYE#[G_ $:FV,+S_5KW;ES'2<3UNH9-YI)N;E7!UC:Z=S7A
M[VO]&ZQSWO;;4VM^=A7_ .'_ %SI_P"K?9DE-AN+7BL:7AM5EGT6EP:27AGM
MIS7O9]K;O_28WZ]1E4T?H/Y"T>GYF1CVMQ<HO?6XAC7ODN;8XOVUN-H9:YCM
MG\X[U?TG^'M547O?9;11H==[*1#@#'])Z-G?X+_A,1_J7)L/"#K) J'O #:Z
M'L!#3N)H]5[OL_\ P^.BI__0ZKH_U+SNE56U,ZBW(%EIM#GUW5P2&M(-.)G8
M^/9]#_0_]\5,?XM?^QG*Z#^T1^M9@S3D>AHV&UU^EZ/K^[^:_G/57;I)*<"[
MZJMM^MF%]8QD!HP<;[,,7TAKID-]1MV_]'_2OH>E^8LRO_%VQO0NJ]'=G2.J
MY(RA:* !7#V6BKTO5=ZW\W^]6NR224\N[ZFV6],;TS*R&95+:V5N;9]K])PK
MV["<-O4FTMV[&.V5_P!A$_YG,_;O2.K-R&M9T?%&*W&%6CH9;4U[+76N=3L]
M;VL_3?0_G%TB22FO;T_ NRJ\RW&JLRZ!%.0]C76,!G2NUP]2OZ7YJY7_ ,;M
MIZ1UGIC\^1UC*&7Z@I ].+!?Z19ZKO6^CMW;JEV2XM_ULZ[9U+ZQ8U Q*Z>@
MU.NKWUV/?9M8;?3>6WU-K^A_.?\ @:2G4OZ#U>[H;.C'-P_39775ZEF%ZH+:
MMNV<6[*=C_X/_P @J^?]3;\K/Z9G5Y[:CTS';C^B*2QCR YGJ,.'?AVXS??_
M #%-GI?];]1C\EWUZZ]5T7I'6WU8CZ>IY)QK,9K;&O:&OLJ<^O(-SV.W^@_Z
M6/\ H_\ A5?ROK-FW?6G/^KK[<7IN)12US,K(]3U+2]M;G-I=7D87I[?6?\
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M+J\?8S2S]7]_J[/6_P +9_A$E/\ _]DX0DE-!"$      %4    ! 0    \
M00!D &\ 8@!E "  4 !H &\ = !O ', : !O '     3 $$ 9 !O &( 90 @
M %  : !O '0 ;P!S &@ ;P!P "  -@ N #     ! #A"24T$!@      !P (
M  $  0$ _^X #D%D;V)E &1      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,#
M P$! 0$! 0$! 0$! @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,# P,# P,# P,# P,#_\  $0@ -@"^ P$1  (1 0,1 ?_=  0
M&/_$ (T  0 " P$! 0             &" <)"@4$ @$! 0$!
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MJ:TW66W4$0E@7Q:?5D[9J382*-PN2Q*M95HWTQCDW/ NZ,;(^,9:\6<=+=]
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MK4;_ "OO\PFIW_1J:_\ .Y/$K73:IE_) _R<^K#_ (-D/_:VF.+4Z;UM@_\
..S=?^M+_Q3PX3^?W?_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
