<SEC-DOCUMENT>0001193125-15-360675.txt : 20160218
<SEC-HEADER>0001193125-15-360675.hdr.sgml : 20160218
<ACCEPTANCE-DATETIME>20151030171915
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-360675
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20151030

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:		CORRESP

	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>
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<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR CORRESPONDENCE </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">October&nbsp;30, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Larry Spirgel
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assistant Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Am&eacute;rica M&oacute;vil, S.A.B. de C.V. </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Form 20-F for the Year Ended
December&nbsp;31, 2014 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Filed May&nbsp;1, 2015 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>File No.&nbsp;001-16269 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><U>Response to Staff Comment Letter dated September&nbsp;25, 2015 </U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Spirgel: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By letter dated
September&nbsp;25, 2015, the staff (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission provided a comment on the annual report on Form 20-F of Am&eacute;rica M&oacute;vil, S.A.B. de C.V. (the &#147;Company,&#148; or
&#147;we&#148;) for the year ended December&nbsp;31, 2014 (the &#147;2014 Form 20-F&#148;). This letter sets forth our responses to this comment. For your convenience, we have reproduced below the comment in italics and have provided a response
immediately below. Any capitalized term that is used but not defined herein has the meaning assigned to it in the 2014 Form 20-F. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Comment:</U></I></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>1. Please provide us a
detailed analysis concerning your conclusion as to whether IFRIC 12 applied to each of your Mexico, Brazil and Columbia reportable segments. Include in your response the specific factors you considered in concluding that each concession arrangement
did not meet paragraph 5(a) of IFRIC 12. Refer to paragraphs 5 and AG3 of IFRIC 12. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B><I><U>Response:</U></I></B><I> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, we describe below our detailed analysis concerning the application of No.&nbsp;12&nbsp;<I>Service
Concession Arrangements</I>&nbsp;(&#147;IFRIC 12,&#148; or the &#147;Interpretation&#148;) to our concessions in our Mexico, Brazil and Colombia reportable segments. We have concluded that these concessions are outside of the scope of IFRIC 12 and,
as a result, we have applied International Accounting Standard No.&nbsp;16&nbsp;<I>Property, Plant and Equipment</I>&nbsp;(IAS 16) in accounting for the tangible fixed assets of our telecommunication concessions in Mexico, Brazil and Colombia. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Framework of Analysis </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We analyze the
applicability of IFRIC 12 separately for each concession or group of similar concessions in a given jurisdiction. As a threshold matter, we identify those services governed by a contract with the state that provides for the development, financing,
operation or maintenance of infrastructure used to provide a public service, and that sets out performance standards, mechanisms for adjusting prices and arrangements for arbitrating disputes, pursuant to paragraph 2 of IFRIC&nbsp;12. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We first evaluate whether the concession meets the criterion in paragraph 5(a) of IFRIC&nbsp;12 (the &#147;Services Criterion&#148;), which
requires that the grantor control or regulate (i)&nbsp;what services the operator must provide, (ii)&nbsp;to whom it must provide them and (iii)&nbsp;at what price. In evaluating whether the state, as grantor, controls the price at which we provide
our services, we look at the substance of the concession agreement, in light of all applicable regulations, and we ignore non-substantive features, pursuant to paragraph AG3 of Appendix A to IFRIC&nbsp;12. In the
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event that some, but not all, of the services we provide under the concession might be viewed as meeting the Services Criterion if taken alone, we evaluate the materiality of those services as
compared to the total services provided under the concession, by calculating what portion of our revenues and net profits we expect will derive from those services. If the concessionaire is expected, over the period of the concession, to derive a
majority of its revenues or net profits from services that the grantor does not control or regulate in a manner that, taken alone, could be viewed to meet the Services Criterion, we conclude the concession as a whole does not meet the Services
Criterion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we determine that the concession under analysis may meet the Services Criterion, we also evaluate whether the concession
meets the criterion in paragraph 5(b) of IFRIC&nbsp;12 (the &#147;Residual Interest Criterion&#148;). The Residual Interest Criterion requires that the state control a significant residual interest in the concession&#146;s infrastructure at the end
of the term of the arrangement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, we offer below a detailed analysis of our Mexico, Brazil and
Colombia reportable segments using the framework described above. In each case, we undertook the analysis described below considering the facts and circumstances that existed in 2009, when we first adopted IFRS, at the inception of each concession
we entered into thereafter and in 2014, in response to legal and regulatory developments in Mexico, the merger of our Brazilian subsidiaries, and the termination of our concessions in Colombia. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the specific factors discussed below, we highlight a common trend in the development of the telecommunications regulatory
regime in Mexico, Brazil and Colombia. During the 1990s, in the transition to a fully privatized telecommunications regime in these jurisdictions, the state imposed on private-sector concessionaires certain obligations over a subset of basic
telecommunications services. These obligations included, for example, coverage obligations or price caps that sought to advance universality of service and regulate the prices at which those services were provided to the public. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The liberalization of the telecommunications sector has rendered these safeguards increasingly obsolete, as telecommunications providers
pursue additional market penetration by expanding coverage and seek to remain competitive through a reduction in the prices they charge to the public. The trend has therefore been toward a model of competition in both the type of services and the
prices at which they are offered. This trend has reinforced the status of telecommunications providers as free market competitors, in contrast to that of concessionaires that provide a public service on behalf of the state. There has, consequently,
been a shift away from the regulation of telecommunications services themselves toward regulation of the telecommunications market in which those services are provided. One element of this shift has sometimes been the imposition of transitory
measures seeking to prevent potential abuse by economic participants deemed to have significant market power. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Arrangements within the
scope of IFRIC 12 typically involve a concession that regulates the provision of essential public services by a concessionaire on behalf of a public sector entity. Regulation under the prior model of telecommunications regulation, which governed the
provision of services to the public by a single participant in the market, more aptly fell under the scope of IFRIC 12. Under the current model, however, the regulatory focus has shifted to protecting a market that includes multiple competing
private participants against monopolistic practices. In our analysis, we therefore consider separately, where applicable, regulations that seek to protect competition in the telecommunications market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mexico </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have analyzed separately our
Mexican concessions under which we provide fixed services from those under which we provide wireless services. In each case, we have conducted our analysis taking into account the new legal framework for the regulation of telecommunications and
broadcasting services in Mexico. We address separately the effects of certain additional transitory measures that resulted from the IFT&#146;s declaration that we, together with our operating subsidiaries in Mexico, are part of an &#147;economic
interest group&#148; that constitutes a &#147;preponderant economic agent&#148; in the Mexican telecommunications sector (the &#147;Preponderance Measures&#148;). See &#147;Item 4.&nbsp;Information on the Company&nbsp;&#150;&nbsp;Regulation &#150;
Mexico&#148; in the 2014 Form 20-F. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Mexico &#150; Fixed </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Telmex holds a network concession to provide fixed-line services. Telmex&#146;s subsidiary, Telnor, holds a separate concession to provide
fixed-line services in two states in northwestern Mexico. The terms of the Telmex and Telnor concessions are similar and we refer to both concessions, together, as our &#147;Fixed Line Concessions&#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">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Services</I>. Our Fixed Line Concessions require that we offer certain limited basic telephone
services, which include, among others, certain local service and long-distance fixed voice services, certain network and equipment installation services, as well as the installation and maintenance of public phone booths (together, the &#147;Basic
Telephone Services&#148;). Our Fixed Line Concessions do not, however, limit the types of services we may offer to the Basic Telephone Services and, on the contrary, contemplate a series of additional services that we may provide at our discretion
and that are not regulated under the concession. Consequently, we offer a broad range of services under our Fixed Line Concessions that go beyond the Basic Telephone Services, including internet and value-added services. Because our Fixed Line
Concessions do not fix the type of services that we may provide, but instead permit us to offer a broad range of services in addition to Basic Telephone Services, and because the decision whether or not to offer certain types of services lies
entirely within our discretion, we have concluded that the Mexican state, as grantor, does not regulate or control what services we provide under our Fixed Line Concessions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Customers</I>. While our Fixed Line Concessions did impose certain minimum coverage goals, we met those goals more than a decade ago (and
have continuously met them since). Because our Fixed Line Concessions, at most, require a &#147;floor&#148; in terms of coverage by our Basic Telephone Services and do not regulate our service volume or limit our ability to increase or deepen our
coverage, we have concluded that the Mexican state, as grantor, does not regulate or control to whom we provide services under our Fixed Line Concessions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Prices</I>. Our Fixed Line Concessions only regulate the prices at which we provide the Basic Telephone Services by imposing a cap on
certain fixed-line rates, including installation and monthly payments. See &#147;Item 4.&nbsp;Information on the Company&nbsp;&#150;&nbsp;Regulation &#150; Mexico&#150; Fixed Line Rates.&#148; We have not, however, raised our nominal fixed-line
rates since March 2001, for local service, and since March 1999, for long-distance service. Furthermore, the new Federal Law on Telecommunications and Broadcasting of 2014 (<I>Ley Federal de Telecomunicaciones y Radiodifusi&oacute;n</I>, or the
&#147;2014 Law&#148;) abolished domestic long-distance rates for all telecommunications providers. For services extending beyond the Basic Telephone Services, we are free to set our rates under our Fixed Line Concessions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Materiality</I>. Under the analysis described above, we have concluded that the Mexican state does not control what services we must
provide under our Fixed Line Concessions, to whom we must provide them or at what price. Nevertheless, in light of the price cap and the minimum obligations with respect to service and coverage under the Basic Telephone Services, we have evaluated
what portion of the revenues under the concessions we expect to derive from the Basic Telephone Services. We expect a substantial majority of our revenues from our Fixed Line Concessions over the period of the concessions to be derived from services
outside the Basic Telephone Services. Additionally, based on our cost allocation methodology, we estimate that an even larger portion of our net profits from our Fixed Line Concessions will be derived from services outside the Basic Telephone
Services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the foregoing, we have concluded that our Fixed Line Concessions do not meet the Services Criterion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Mexico &#150; Wireless </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Telcel, either directly or through its subsidiary, holds eight concessions to utilize particular frequencies of radio-electric spectrum for the
provision of wireless services. Telcel also holds one concession to provide national and international long-distance and data-transmission services. Except where noted below, the terms of Telcel&#146;s concessions are similar for the purposes of our
IFRIC 12 analysis, and we refer to our wireless concessions together as our &#147;Wireless Services Concessions&#148;. We have conducted our IFRIC&nbsp;12 analysis with respect to our Wireless Services Concessions by first evaluating whether they
met the Services Criterion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Services.</I> Our Wireless Services Concessions do not impose any obligations with respect to the types of
services we must offer, and we are subject only to general regulations regarding quality and continuity of service, such as the 2011 Technical Plan. Instead, the concessions permit us generally to use, benefit from and develop particular frequencies
or networks over a given region and for a given period of time. They do not fix the type of services that we must provide and, consequently, we provide airtime use, as well as roaming, data transmission, instant messaging and content streaming,
among other services, under our Wireless Services Concessions, without a requirement to provide any one of them in particular. We have therefore concluded that the Mexican state, as grantor, does not regulate or control what services we provide
under our Wireless Services Concessions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Customers.</I> Some of our Wireless Services Concessions impose certain minimum coverage
goals in each of the regions that they cover. For instance, we have an obligation under some of our Wireless Services Concessions to offer the services we provide thereunder to 20% or more of the region&#146;s population as of the date of the
concession, </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>


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and to 50% of the region&#146;s population within five years thereafter. As in the case of our Fixed Service Concessions, these requirements are a &#147;floor&#148; in terms of coverage, which we
have met for several years, and they do not regulate our service volume or limit our ability to increase or deepen our coverage. Additionally, those coverage obligations have been phased out since 2009 as we renew or acquire new Wireless Services
Concessions. Accordingly, we have concluded that the Mexican state, as grantor, does not regulate or control to whom we provide services under our Wireless Services Concessions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Prices.</I> Under our Wireless Services Concessions and the new legislative framework, wireless services concessionaires are generally free
to establish prices they charge customers for telecommunications services. While, as discussed below, the prices we may charge the public for our services are subject to the Preponderance Measures so long as we are deemed preponderant, wireless
rates are not otherwise subject to a price cap or any other form of price regulation. In conclusion, under our Wireless Services Concessions, the Mexican state does not regulate or control the prices we may charge the public for our services. As a
result of the foregoing, we have concluded that our Wireless Services Concessions do not meet the Services Criterion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Mexico &#150;
Preponderance Measures </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to analyzing our concessions in light of the regulations applicable to the provision of
telecommunications services, we have evaluated the effects of the Preponderance Measures on our analysis of whether our fixed and wireless services meet the Services Criterion of IFRIC 12. We have concluded that these measures (i)&nbsp;do not have
the purpose or the nature that are contemplated under IFRIC 12 and (ii)&nbsp;do not result in a shift in control from us to the state, such as would impact the conclusions of our analysis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to the purpose and nature of the Preponderance Measures, we considered them in the context of a new legislative framework, whose
main features include: (i)&nbsp;a system of unified concessions (<I>concesi&oacute;n &uacute;nica</I>), which allows the concessionaire to provide all types of telecommunications and broadcasting services and (ii)&nbsp;an express provision that
telecommunications concessionaires shall freely set rates for their services. Against this legislative framework, the Preponderance Measures have as their express purpose to protect competition and free market participation in telecommunications and
broadcasting sectors and expressly provide that they are transitory and applicable only so long as we continue to be deemed a &#147;preponderant economic agent.&#148; In short, far from seeking to regulate our provision of telecommunications
services to the public, such as through the imposition of a price cap, the Preponderance Measures seek to address the perceived risks our market share may pose to competition in the telecommunications sector, for as long as those risks are deemed to
require it. We expect that, upon a declaration by the IFT that effective competition conditions exist in the telecommunications sector or if we cease to be considered a preponderant economic agent, the Preponderance Measures will no longer apply to
us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of our detailed analysis of the effects of the Preponderance Measures on the type and degree of control exerted by the
state under our Services Criterion, we look at the retail and wholesale markets separately. Regarding the retail market, the Preponderance Measures impose an obligation to register with the IFT and obtain its pre-approval of certain rates for the
provision of certain fixed-line and wireless services. The objectives of these registration and pre-approval obligations are to ensure transparency and fair competition and, in practice, approval has been granted as a matter of course in all cases.
Consequently, we have not experienced any substantive restrictions on our ability to set those rates and do not expect to do so in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to the wholesale market, the Preponderance Measures impose certain obligations to provide access to our infrastructure and
regulations as to the prices we may charge for our services in the wholesale market, which include the elimination of rates for interconnection services we offer other operators. See &#147;Item 4. Information on the Company &#150; Regulation &#150;
Mexico &#150; Asymmetric Regulation of the Preponderant Agent.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our primary business under our concessions is not the provision of
wholesale services, such as interconnection services to other operators, and we have not built or maintained our infrastructure for the purposes of charging other operators for using it. Our wholesale services are incidental to those services we
provide pursuant to our concessions. In short, the Preponderance Measures impose certain asymmetric obligations in our relations with other operators with the aim of promoting competition in the telecommunications market, but these have no effect on
the primary services we are obligated or permitted to provide to the public under any of our Fixed Services or Wireless Services Concessions. Moreover, the elimination of rates for interconnection services has no impact on the conclusion of our
materiality analysis, given that interconnection revenues will not, for the period of the concession and so long as we are considered a preponderant economic agent, make up any part of our total revenues. </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>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the above analysis, we have concluded that neither our fixed nor our wireless services meet
the Services Criterion of IFRIC 12, either before or after the Preponderance Measures are taken into account and, as a result, the Interpretation does not apply to any of our concessions in Mexico. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brazil </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Claro Brasil holds two
concessions to provide domestic and international long distance telephone services (respectively, the &#147;Domestic Concession&#148; and the &#147;International Concession,&#148; and together, the &#147;Long Distance Concessions&#148;). The
remaining telecommunications services provided by Claro Brasil fall under the private services regime and are governed by a system of licenses instead of public-to-private service concession arrangements. Such licenses lack the fundamental
characteristics of public-to-private concession arrangements in Brazil, such as the requirements of universality and continuity of service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Services</I>. The Long Distance Concessions require that the concessionaire offer certain basic telephone services pursuant to a specific
plan. In the case of the Domestic Concession, we must offer domestic long distance voice services under a domestic basic plan, while in the case of the International Concession, we must offer international long distance voice services under an
international basic plan (each, a &#147;Basic Plan&#148;). The Long Distance Concessions do not, however, limit the way we may offer our services outside the Basic Plans and, on the contrary, contemplate a series of additional plans under which we
may, at our discretion, provide those services (the &#147;Alternative Plans&#148;). Each Alternative Plan consists of a package of domestic or international long distance telephone services offered under various terms and promotions. Because our
Long Distance Concessions permit us to provide our services pursuant to a host of Alternative Plans, and the decision whether or not to offer certain types of services at certain prices lies entirely within our discretion, we have concluded that the
Brazilian state, as grantor, does not restrict what services we provide under our Long Distance Concessions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Customers</I>. Each of
the Long Distance Concessions specifies the geographic zone within which we must provide access to our Basic and Alternative Plans. However, no specific coverage floor is established, other than the requirement to install public telephones from
which domestic and international long distance calls may be placed in remote localities with a certain population size that are more than 30 km from areas where individual <FONT STYLE="white-space:nowrap">fixed-line</FONT> voice services are
available. Because the Long Distance Concessions do not regulate our service volume or limit our ability to increase or deepen our coverage, we have concluded that the Brazilian state, as grantor, does not regulate or control to whom we provide
services under our Long Distance Concessions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Prices</I>. The Long Distance Concessions do not fix the prices at which we must provide
the Alternative Plans, though the general structure and pricing of each Alternative Plan under the Domestic Concession is subject to the prior approval of the Brazilian Agency of Telecommunications (<I>Ag&ecirc;ncia Nacional de
Telecomunica&ccedil;&otilde;es</I>, or &#147;Anatel&#148;). Only the Domestic Concession regulates the prices at which we provide long distance services under the Basic Plan. Under that concession, the maximum per-minute rate for domestic long
distance telephone calls under the Basic Plan is calculated in accordance with a fixed rate schedule that may be updated annually. We are permitted to, and from time to time we do, offer prices below such cap. Under the International Concession, we
may set international long distance rates freely with respect to both the Basic and the Alternative Plans, as approved by Anatel in October 2011 and subject to Anatel&#146;s ongoing review of the structure and implementation of such plans, provided
we give Anatel and the public advance notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Materiality</I>. Under the analysis described above, we have concluded that the
Brazilian state does not control what services we must provide under the Long Distance Concessions, to whom we must provide them or at what price. Nevertheless, in light of the minimum obligations with respect to the installation of public
telephones as well as the price regulation under the Basic Plan of the Domestic Concession, we evaluated what portion of our revenues and net profits we expect to derive from services outside the Basic Plan under the Domestic Concession. Because we
expect, over the period of the concession, to derive an overwhelming majority of our revenues and net profits from services outside the Basic Plan, we have concluded that neither concession meets the Services Criterion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Significant Market Power Determination </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to analyzing the terms of the concessions, we evaluated the effects, if any, of the General Competition Plan (<I>Plano Geral de
Metas da Competi&ccedil;&atilde;o</I>, or &#147;PGMC&#148;) on our analysis of the Long Distance Concessions pursuant to IFRIC 12. Under the PGMC, approved by Anatel in November 2012, Embratel, which has since merged into Claro Brasil, was
determined to have significant market power in the wholesale markets for long distance leased lines and telecommunications infrastructure. As a result, Claro Brasil is required to publish, and </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">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Anatel must approve, its reference offers for the leasing of its infrastructure in each such market, which includes infrastructure used in connection with the Long Distance Concessions, and
related wholesale contracts must be overseen by independent third-party companies. Because the PGMC does not set the price at which we must we provide services under the Long Distance Concessions, we have concluded that this regulation does not
affect our analysis of such concessions with respect to the Services Criterion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moreover, our primary business under the Long Distance
Concessions is not the provision of wholesale services such as the leasing of infrastructure to other operators. Wholesale services are permitted by the Long Distance Concessions so long as they are offered to operators on a non-discriminatory
basis, but they are incidental to those services we are obligated or permitted to provide to the public. The measures imposed by Anatel under the PGMC apply to several of our competitors that were also determined to have significant market power in
such markets. In addition, the PGMC expressly provides that the measures are transitory and apply only so long as we continue to be deemed to have significant market power in the relevant markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the above analysis, we have concluded that the PGMC does not impact what services we provide under the Long Distance Concessions, to
whom we must provide them or at what price, or our materiality analysis with respect to total revenues and net profits and, as a result, the Interpretation does not apply to our concessions in Brazil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Colombia </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We no longer offer any services
in Colombia pursuant to concession arrangements. As disclosed in our 2014 20-F, under &#147;Item 4. Information on the Company &#150; Regulation &#150; Colombia,&#148; in November 2013, our subsidiary Comcel qualified under the provisions of Law
1341 of 2009 related to the general authorization for the provision of wireless services and was included in the register of networks and services administered by the Information and Communications Ministry (<I>Ministerio de Tecnolog&iacute;as de la
Informaci&oacute;n y las Comunicaciones</I>, or &#147;ICT Ministry&#148;). This general authorization superseded all of Comcel&#146;s concession contracts (the &#147;Former Concessions&#148;) and, consequently, such concessions were terminated.
Similarly, in October 2012, the National Television Authority (<I>Autoridad Nacional de Televisi&oacute;n</I>) issued a unified licensing system and allowing existing cable operators to apply for a unified license to provide Pay TV services. On
October&nbsp;7, 2013, an addendum was signed allowing us to provide Pay TV services under the DTH method. We do not view the above authorizations, licenses and the associated permits as arrangements governed by contracts with performance standards,
mechanism for adjusting prices and arrangements for arbitrating disputes, as such arrangements are defined under paragraph 2 of IFRIC 12, but instead consider them general authorizations for the provision of regulated services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, Colombian law prohibits any reversion of assets to the state, as set forth in Law&nbsp;422 of 1998 and in Law 1341 of 2009.
Consequently, none of our arrangements in Colombia would meet the Residual Interest Criterion and the Interpretation would not apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to our Former Concessions, as disclosed in our 2014 20-F, the Colombian Constitutional Court held in 2013 that reversion of
assets applied in their case because the date of their inception preceded the 1998 and 2009 laws. We are engaged in discussions with the ICT Ministry to seek mutual agreement with respect to compensation to the government for any assets of the
Former Concessions that would have reverted to the government upon their termination. These discussions, however, have no effect on our current arrangements in Colombia. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conclusion </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the analysis
summarized above, we have concluded that IFRIC 12 does not apply to any of our concessions in our Mexico, Brazil and Colombia reportable segments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>***** </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">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We acknowledge that we are responsible for the adequacy and accuracy of the disclosure in the
2014 Form 20-F, that the Staff&#146;s comments or changes to disclosure in response to the Staff&#146;s comments do not foreclose the Commission from taking any action with respect to the 2014 Form 20-F and that we may not assert the Staff&#146;s
comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or require any additional information with respect to the above, please do not hesitate to contact me at +52 55 2581
3700 or Nicolas Grabar of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP at +1 212 225 2414. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Carlos Jos&eacute; Garc&iacute;a Moreno Elizondo</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Carlos Jos&eacute; Garc&iacute;a Moreno Elizondo</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;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%" VALIGN="top" ALIGN="left">Cc:</TD>
<TD ALIGN="left" VALIGN="top">Nicolas Grabar </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP </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">7 </P>

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end
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