Obbligazione América Móvil 6.45% ( XS0860706935 ) in MXN

América Móvil

100 MXN ▼

Messico

XS0860706935 ( in MXN )

6.45% per anno ( pagato 2 volte l'anno)

04/12/2022 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione America Movil XS0860706935 in MXN 6.45%, scaduta

2 000 000 MXN

22 500 000 000 MXN

América Móvil è una compagnia di telecomunicazioni multinazionale messicana che opera in Nord America, America Latina ed Europa, offrendo servizi di telefonia mobile, fissa, internet e televisione.

The Obbligazione issued by América Móvil ( Mexico ) , in MXN, with the ISIN code XS0860706935, pays a coupon of 6.45% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 04/12/2022

PROSPECTUS SUPPLEMENT
(To the Listing Prospectus Dated November 27, 2012)

América Móvil, S.A.B. de C.V.
Ps.15,000,000,000
6.45% Senior Notes due 2022

We are offering Ps.15,000,000,000 aggregate principal amount of our 6.45% senior notes due 2022 (the "notes"). We will pay
interest on the notes on June 5 and December 5 of each year, beginning on June 5, 2013. The notes will mature on December 5, 2022.
The notes will rank equally in right of payment with all of our other unsecured and unsubordinated debt obligations from time to
time outstanding. The notes will not be guaranteed by any of our subsidiaries.
In the event of certain changes in the applicable rate of Mexican withholding taxes on interest, we may redeem the notes, in whole
but not in part, at a price equal to 100% of their principal amount plus accrued interest to the redemption date.
The notes are concurrently being offered in Mexico pursuant to a prospectus approved by the Comisión Nacional Bancaria y de
Valores (the Mexican National Banking and Securities Commission, or "CNBV"). The notes will be registered with the Registro
Nacional de Valores (the "Mexican National Securities Registry") maintained by the CNBV.
Application has been made to list the notes on the Bolsa Mexicana de Valores S.A.B. de C.V. (the "Mexican Stock Exchange")
and on the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF Market.
This Prospectus Supplement and the Prospectus dated November 27, 2012 constitute a prospectus for the purpose of the
Luxembourg law dated July 10th 2005, as amended, on Prospectuses for Securities.
This Prospectus Supplement and the Prospectus dated November 27, 2012 may only be used for the purposes for which it has
been published.

Investing in the notes involves risks. See "Risk Factors" beginning on page S-6 of this prospectus supplement and page 5
of the accompanying prospectus.

Price to
Underwriting
Price to
Proceeds to
Public(1)
Discounts
Underwriters
América Móvil(1)

6.45% Senior Notes due 2022 ...........................
99.989%
0.250%
99.739%
Ps.14,960,850,000

(1) Plus accrued interest, if any, from December 5, 2012.
THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS ARE SOLELY OUR
RESPONSIBILITY AND HAVE NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV. THE TERMS AND
CONDITIONS OF THIS OFFER WILL BE NOTIFIED TO THE CNBV FOR INFORMATION PURPOSES ONLY AND
SUCH NOTICE WILL NOT CONSTITUTE A CERTIFICATION AS TO THE INVESTMENT VALUE OF THE NOTES
OR OUR SOLVENCY. THE REGISTRATION OF THE NOTES WITH THE MEXICAN NATIONAL SECURITIES
REGISTRY DOES NOT IMPLY ANY CERTIFICATION AS TO THE INVESTMENT VALUE OF THE NOTES, OUR
SOLVENCY OR THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND DOES NOT VALIDATE ANY
ACT DONE IN VIOLATION OF APPLICABLE LAWS.
Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
Delivery of the notes was made in book-entry form through the facilities of Clearstream Banking, société anonyme
("Clearstream"), and Euroclear Bank S.A./N.V. ("Euroclear"), for the accounts of their direct and indirect participants, including S.D.
Indeval Institución para el Depósito de Valores, S.A. de C.V., on or about December 5, 2012.

Joint Book-Running Managers

Deutsche Bank Securities
HSBC
Morgan Stanley
BBVA
Citigroup Credit Suisse
The date of this prospectus supplement is December 24, 2012

TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT

Page

IMPORTANT CURRENCY INFORMATION............................................................................................................................................
S-1
PROSPECTUS SUPPLEMENT SUMMARY ............................................................................................................................................
S-2
PRESENTATION OF FINANCIAL INFORMATION ..................................................................................................................................
S-4
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE .............................................................................................................
S-5
RISK FACTORS ...............................................................................................................................................................................
S-5
USE OF PROCEEDS .........................................................................................................................................................................
S-6
CAPITALIZATION ............................................................................................................................................................................
S-7
DESCRIPTION OF NOTES .................................................................................................................................................................
S-9
UNDERWRITING ............................................................................................................................................................................. S-12
VALIDITY OF NOTES ...................................................................................................................................................................... S-15
EXPERTS ........................................................................................................................................................................................ S-15
LISTING AND GENERAL INFORMATION ...................................................................................................................................................................................
S-16
DESCRIPTION OF THE ISSUER .....................................................................................................................................................................................................
S-17
PROSPECTUS

Page

ABOUT THIS PROSPECTUS ................................................................................................................................................................
1
IMPORTANT CURRENCY INFORMATION.............................................................................................................................................
2
FORWARD-LOOKING STATEMENTS ..................................................................................................................................................
3
AMÉRICA MÓVIL ............................................................................................................................................................................
4
RISK FACTORS ................................................................................................................................................................................
5
USE OF PROCEEDS ..........................................................................................................................................................................
7
DESCRIPTION OF MXN NOTES ........................................................................................................................................................
8
FORM OF MXN NOTES, CLEARING AND SETTLEMENT .....................................................................................................................
22
TAXATION ......................................................................................................................................................................................
25
PLAN OF DISTRIBUTION ...................................................................................................................................................................
30
EXPERTS .........................................................................................................................................................................................
31
VALIDITY OF MXN NOTES .............................................................................................................................................................
31
ENFORCEABILITY OF CIVIL LIABILITIES ...........................................................................................................................................
31
WHERE YOU CAN FIND MORE INFORMATION..................................................................................................................................
31
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE ..............................................................................................................
32
ANNEXES

Page

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2011 ....................................... A-1
UNDAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2012 ..................................................................................................................................................... B-1

We are responsible for the information contained in this prospectus supplement, the accompanying prospectus and the
documents incorporated by reference therein. Neither we nor any of the underwriters has authorized any person to give you
any other information, and neither we nor any of the underwriters takes any responsibility for any other information that
others may give you. This document may only be used where it is legal to sell the notes. You should not assume that the
information contained in this prospectus supplement, the accompanying prospectus 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 notes in any jurisdiction where the offer
is not permitted.

i

IMPORTANT CURRENCY INFORMATION
You are required to pay for the purchase of the notes in Mexican pesos. 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 notes. All conversions will be made by 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 notes.
We will make all payments on the 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 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 notes.

S-1

PROSPECTUS SUPPLEMENT SUMMARY
This summary highlights key information described in greater detail in this prospectus supplement or the accompanying
prospectus, including the documents incorporated by reference. You should read carefully the entire prospectus supplement, the
accompanying prospectus and the documents incorporated by reference before making an investment decision.
América Móvil
We provide telecommunications services in 18 countries. We are the largest provider of wireless communications services in
Latin America, based on the number of subscribers, with the largest market share in Mexico and the third-largest in Brazil, in each
case based on the number of subscribers. We also have major fixed-line operations in Mexico, Brazil and 12 other countries.
Summary of the Offering
The following summary contains basic information about the notes and is not intended to be complete. It does not contain all the
information that is important to you. For a more complete description of the terms and conditions of the notes, see "Description of
Notes" in this prospectus supplement and "Description of MXN Notes" in the accompanying prospectus.

Issuer
América Móvil, S.A.B. de C.V.

Notes Offered
Ps.15,000,000,000 aggregate principal amount of 6.45% Senior Notes due 2022.

Price to Public
99.989%, plus accrued interest, if any, from December 5, 2012.

Issue Date

The notes will be issued on December 5, 2012.

Maturity

The notes will mature on December 5, 2022.

Interest Rate
The notes will bear interest at the rate of 6.45% per year from December 5, 2012.

Interest Payment Dates
Interest on the notes will be payable on June 5 and December 5 of each year,
beginning on June 5, 2013.

Currency of Payment
All payments of principal of and premium, if any, and interest on the notes will be
made in Mexican pesos.

Calculation of Interest
Interest will be computed on the basis of the actual number of days during the
relevant interest period and a 360-day year.

Ranking

The notes will be our unsecured and unsubordinated obligations and will rank
equally in right of payment with all of our other unsecured and unsubordinated
debt. The notes will be effectively subordinated to all of our existing and future
secured obligations and to all existing and future liabilities of our subsidiaries. All
of our outstanding debt securities that were issued in the Mexican and international
markets through mid-September 2011 are unconditionally guaranteed by our
subsidiary Radiomóvil Dipsa, S.A. de C.V. ("Telcel"). Accordingly, the holders of
those outstanding debt securities will have priority over the holders of the notes
with respect to claims to the assets of Telcel. The notes do not restrict our ability or
the ability of our subsidiaries to incur additional indebtedness in the future.

As of September 30, 2012, we had, on an unconsolidated basis (parent company
only), unsecured and unsubordinated indebtedness of (a) approximately Ps.343.0
billion (U.S.$26.6 billion) excluding guarantees of subsidiaries' indebtedness and

(b) approximately Ps.359.6 billion (U.S.$27.8 billion) including guarantees of
subsidiaries' indebtedness. As of September 30, 2012, our subsidiaries had
indebtedness (excluding guarantees of indebtedness of us and our other
subsidiaries) of approximately Ps.68.1 billion (U.S.$5.3 billion).

Use of Proceeds
We intend to use the net proceeds from the sale of the notes for general corporate
purposes. See "Use of Proceeds" in this prospectus supplement.
S-2

Further Issuances

We may, from time to time without the consent of holders of the notes, issue
additional notes on the same terms and conditions as the notes, which additional
notes will increase the aggregate principal amount of, and will be consolidated and
form a single series with, the notes.

Payment of Additional Interest
If you are not a resident of Mexico for tax purposes, payments of interest on the
notes to you will generally be subject to Mexican withholding tax at a rate of 4.9%.
See "Taxation--Mexican Tax Considerations" in the accompanying prospectus.
We will pay additional interest in respect of those payments of interest so that the
amount you receive after Mexican withholding tax is paid equals the amount that
you would have received if no such Mexican withholding tax had been applicable,
subject to some exceptions as described under "Description of Notes--Payment of
Additional Interest" in this prospectus supplement and "Description of MXN
Notes--Payment of Additional Interest" in the accompanying prospectus.

Tax Redemption

If, due to changes in Mexican laws relating to Mexican withholding taxes, we are
obligated to pay additional interest on the notes in excess of the additional interest
attributable to a Mexican withholding tax rate of 4.9%, we may redeem the
outstanding notes, in whole but not in part, at any time, at a price equal to 100% of
their principal amount plus accrued interest to the redemption date.

Listings

Application has been made to list the notes on the Mexican Stock Exchange and on
the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF
Market. However, we will not be required to maintain such listings.

ISIN and Common Code

The ISIN for the notes is XS0860706935. The Common Code for the notes is
086070693.

Form and Denomination

The notes will be issued only in registered form without coupons and in minimum
denominations of Ps.2,000,000 and integral multiples of Ps.10,000 in excess
thereof.

Except in limited circumstances, the notes will be issued in the form of global
notes. See "Form of MXN Notes, Clearing and Settlement" in the accompanying

prospectus. Beneficial interests in the global notes will be shown on, and transfers
of beneficial interests in the global notes will be made only through, records
maintained by Clearstream and Euroclear.

Trustee, Registrar, Principal Paying Agent and
Transfer Agent

The Bank of New York Mellon.

London Paying Agent and Transfer Agent
The Bank of New York Mellon London Branch.

Luxembourg Paying Agent and

Transfer Agent

The Bank of New York Mellon (Luxembourg) S.A.

Luxembourg Listing Agent

The Bank of New York Mellon (Luxembourg) S.A.

Governing Law
The indenture, the supplemental indenture relating to the notes and the notes will
be governed by the laws of the State of New York.

Risk Factors

Before making an investment decision, prospective purchasers of notes should
consider carefully all of the information included in this prospectus supplement and
the accompanying prospectus and the documents incorporated by reference therein,
including, in particular, the information under "Risk Factors" in this prospectus
supplement and the accompanying prospectus.

S-3

PRESENTATION OF FINANCIAL INFORMATION
This prospectus supplement incorporates by reference our audited consolidated financial statements as of December 31, 2010
and 2011 and for each of the years ended December 31, 2009, 2010 and 2011 and our unaudited interim condensed consolidated
financial statements as of September 30, 2012 and for the three and nine months ended September 30, 2012 and 2011.
Our audited consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") as of December 31, 2011 and our unaudited
interim condensed consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB as of
January 1, 2012. Our audited consolidated financial statements and our unaudited interim condensed consolidated financial statements
are presented in Mexican pesos. Our date of transition to IFRS was January 1, 2009. The financial statements of our non-Mexican
subsidiaries have been translated to Mexican pesos. Note 2(b)(ii) to our audited consolidated financial statements describes how we
translate the financial statements of our non-Mexican subsidiaries.
References herein to "Mexican pesos" or "Ps." are to the lawful currency of Mexico. References herein to "U.S. dollars" or
"U.S.$" are to the lawful currency of the United States.
This prospectus supplement contains translations of various Mexican peso amounts into U.S. dollars at specified rates solely for
your convenience. You should not construe these translations as representations by us that the Mexican peso amounts actually
represent the U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, we have
translated U.S. dollar amounts from Mexican pesos at the exchange rate of Ps.12.9170 to U.S.$1.00, which was the rate reported by
Banco de México for September 30, 2012, as published in the Mexican Official Gazette of the Federation (Diario Oficial de la
Federación, or "Official Gazette").

S-4

INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
This prospectus supplement incorporates important information about us that is not included in or delivered with the prospectus
supplement. The SEC allows us to "incorporate by reference" 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 supplement, and certain later information that we file with the SEC will automatically update and supersede this
information. We incorporate by reference the following documents:
·
our annual report on Form 20-F for the year ended December 31, 2011, filed with the SEC on April 30, 2012 (SEC File
No. 001-16269) ("our 2011 Form 20-F");
·
our report on Form 6-K, filed with the SEC on November 27, 2012 (SEC File No. 001-16269), containing a discussion of
our results of operations for the nine months ended September 30, 2012 and 2011 and our financial condition as of
September 30, 2012;
·
our report on Form 6-K, filed with the SEC on November 27, 2012 (SEC File No. 001-16269), containing our unaudited
interim condensed consolidated financial statements as of September 30, 2012 and for the three and nine months ended
September 30, 2012 and 2011;
·
any future annual reports on Form 20-F filed with the SEC under the U.S. Securities Exchange Act of 1934, as amended
(the "Exchange Act"), after the date of this prospectus supplement and prior to the termination of the offering of the notes;
and
·
any future reports on Form 6-K that we file with, or furnish to, the SEC after the date of this prospectus and prior to the
termination of the offering of notes offered by this prospectus that are identified in such reports as being incorporated by
reference in our Registration Statement on Form F-3.
Any statement contained in any of the foregoing documents shall be deemed to be modified or superseded for purposes of this
prospectus supplement to the extent that a statement contained in this prospectus supplement modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
prospectus supplement.
You may request a copy of any and all of the information that has been incorporated by reference in this prospectus supplement
and that has not been delivered with this prospectus supplement, at no cost, by writing or telephoning us at Lago Zurich 245, Edificio
Telcel, Colonia Granada Ampliación, Delegación Miguel Hidalgo, 11529, México D.F., México, Attention: Investor Relations,
telephone (5255) 2581-4449.
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's web site at www.sec.gov.
RISK FACTORS
You should refer to the risk factors discussed under "Risk Factors" in the accompanying prospectus and "Item 3--Risk Factors"
in our 2011 Form 20-F, incorporated by reference in this prospectus supplement.

S-5

USE OF PROCEEDS
The net proceeds from the sale of the notes, after payment of underwriting discounts and transaction expenses, are expected to
be approximately Ps.14,956 million (or approximately U.S.$1,152 million). We intend to use the net proceeds from the sale of the
notes for general corporate purposes.

S-6

CAPITALIZATION
The following table sets forth our consolidated capitalization as of September 30, 2012 and as adjusted to reflect the issuance
and sale of the notes, but not the application of the net proceeds of the offering.
U.S. dollar amounts in the table are presented solely for your convenience using the exchange rate of Ps.12.9170 to U.S.$1.00,
which was the rate reported by Banco de México for September 30, 2012, as published in the Official Gazette.

As of September 30, 2012

Actual
As Adjusted

(millions of
(millions of
(millions of
(millions of
Mexican pesos)
U.S. dollars)
Mexican pesos)
U.S. dollars)

(unaudited)

Debt:

Denominated in U.S. dollars:

Export credit agency credits ...................................... Ps. 6,353
U.S.$
492 Ps. 6,353 U.S.$
492
Other bank loans ........................................................
9,435

730
9,435
730
5.500% Notes due 2014 .............................................
10,269

795
10,269
795
5.750% Notes due 2015 .............................................
9,199

712
9,199
712
3.625% Senior Notes due 2015 .................................
9,688

750
9,688
750
5.500% Senior Notes due 2015 .................................
7,167

555
7,167
555
2.375% Senior Notes due 2016 .................................
25,834

2,000
25,834
2,000
5.625% Notes due 2017 .............................................
7,532

583
7,532
583
5.000% Senior Notes due 2019 .................................
9,688

750
9,688
750
5.500% Senior Notes due 2019 .................................
4,875

377
4,875
377
5.000% Senior Notes due 2020 .................................
27,446

2,125
27,446
2,125
7.5% Senior Notes due 2020 .....................................
4,521

350
4,521
350
3.125% Senior Notes due 2022 .................................
20,667

1,600
20,667
1,600
6.375% Notes due 2035 .............................................
12,676

981
12,676
981
6.125% Notes due 2037 .............................................
4,769

369
4,769
369
6.125% Senior Notes due 2040 .................................
25,834

2,000
25,834
2,000
4.375% Senior Notes due 2042 .................................
14,855

1,150
14,855
1,150

Total ....................................................... Ps. 210,807
U.S.$ 16,320 Ps. 210,807 U.S.$ 16,320

Denominated in Mexican pesos:

Domestic senior notes (certificados bursátiles) ........
46,752

3,619
46,752
3,619
8.75% Senior Notes due 2016 ...................................
4,500

348
4,500
348
9.00% Senior Notes due 2016 ...................................
5,000

387
5,000
387
8.46% Senior Notes due 2036 ...................................
7,872

609
7,872
609
6.45% Senior Notes due 2022 offered hereby ...........
--

--
15,000
1,161

Total ....................................................... Ps. 64,124
U.S.$ 4,964 Ps. 79,124 U.S.$ 6,124
(Table continued on next page)
S-7

As of September 30, 2012

Actual
As Adjusted

(millions of
(millions of
(millions of
(millions of
Mexican pesos)
U.S. dollars)
Mexican pesos)
U.S. dollars)

(unaudited)

Denominated in euro:

Export credit agency credits ..................................................... Ps.
141 U.S.$
11 Ps.
141 U.S.$
11
3.75% Senior Notes due 2017 ..................................................
16,611
1,286
16,611
1,286
4.75% Senior Notes due 2023 ..................................................
12,458
965
12,458
965
4.125% Senior Notes due 2019 ................................................
16,611
1,286
16,611
1,286
3.000% Senior Notes due 2021 ................................................
16,611
1,286
16,611
1,286

Total ......................................................................
62,433
4,833
62,433
4,833

Denominated in pounds sterling:

5.75% Senior Notes due 2030 ..................................................
13,574
1,051
13,574
1,051
5.00% Senior Notes due 2026 ..................................................
10,441
808
10,441
808
4.375% Senior Notes due 2041 ................................................
15,662
1,213
15,662
1,213

Total ......................................................................
39,678
3,072
39,678
3,072

Denominated in Japanese yen:

1.23% Senior Notes due 2014 ..................................................
1,143
89
1,143
89
1.53% Senior Notes due 2016 ..................................................
845
65
845
65
2.95% Senior Notes due 2039 ..................................................
2,154
167
2,154
167
Other bank loans .......................................................................
3,296
255
3,296
255

Total ......................................................................
7,438
576
7,438
576

Denominated in Colombian pesos .....................................................
4,454
345
4,454
345
Denominated in Brazilian reais ..........................................................
3,657
283
3,657
283
Denominated in other currencies .......................................................
18,523
1,434
18,523
1,434

Total debt ...........................................................................................
411,113
31,827
426,113
32,987
Less short-term debt and current portion of long-term
debt .............................................................................
20,320
1,573
20,320
1,573

Total long-term debt .......................................................................... Ps.
390,793 U.S.$ 30,254 Ps.
405,793 U.S.$ 31,414

Equity:

Capital stock ...................................................................
96,416
7,464
96,416
7,464
Total retained earnings ....................................................
204,872
15,861
204,872
15,861
Other comprehensive income items ................................
(8,278)
(641)
(8,278)
(641)
Non-controlling interest ..................................................
10,273
795
10,273
795
Total equity ........................................................................................
303,283
23,479
303,283
23,479

Total capitalization (total long-term debt plus equity) ....................... Ps.
694,076 U.S.$ 53,733 Ps.
709,076 U.S.$ 54,893

As of September 30, 2012, we had, on an unconsolidated basis (parent company only), unsecured and unsubordinated
indebtedness of (a) approximately Ps.343.0 billion (U.S.$26.6 billion) excluding guarantees of subsidiaries' indebtedness and
(b) approximately Ps.359.6 billion (U.S.$27.8 billion) including guarantees of subsidiaries' indebtedness. As of September 30, 2012,
our subsidiaries had indebtedness (excluding guarantees of indebtedness of us and our other subsidiaries) of approximately Ps.68.1
billion (U.S.$5.3 billion).

S-8